Commodity prices and spreads 140 120 100 Oil (/boe) Power (/MWh) 80 60 40 20 Gas (p/th) 0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D 2008 2009 2010 60 50 40 30 Clean Dark Spread…
Financial headlines Year ended 31 December 2009 2008 CONTINUING OPERATIONS: Revenue (m) 21,963 20,872 Adjusted operating profit (m) 1,857 2,003 Effective tax rate 33% 52% GROUP RESULT: Earnings (m) 1,111 911 Earnings per share…
Operating profit analysis Year ended 31 December (m) 2009 2008 Downstream UK 1,011 712 Upstream UK 525 881 Storage UK 168 195 North America 153 215 ADJUSTED OPERATING PROFIT 1,857 2,003 Share of JV / associates interest and…
Operating profit analysis Downstream UK Year ended 31 December (m) 2009 2008 Downstream UK 1,011 712 Upstream UK 525 881 Storage UK 168 195 North America 153 215 ADJUSTED OPERATING PROFIT 1,857 2,003 Above figures include…
Downstream UK: operating profit & key drivers Residential energy Year ended revenue (m) & margin (%) 31 December (m) 2009 2008 Residential energy 595 376 7,779 7,843 Residential services 233 193 Business 183 143 7.6% 4.8%…
Operating profit analysis Upstream UK Year ended 31 December (m) 2009 2008 Downstream UK 1,011 712 Upstream UK 525 881 Storage UK 168 195 North America 153 215 ADJUSTED OPERATING PROFIT 1,857 2,003 Above figures include joint…
Upstream UK: operating profit & key drivers Gas & oil production volumes Year ended Gas Liquids 31 December (m) 2009 2008 (mmth) (mmboe) Upstream gas and oil 444 1,164 2,418 Power generation 147 11 I&C (93) (331) 1,708 Energy…
Upstream UK: Fair Value Accounting Gained controlling interest in Venture in August 2009 Completed acquisition of British Energy equity stake on 26 November 2009 Depreciation Depreciation impact uplift on earnings (m) 2009 2010e…
Upstream UK: Gas and oil reserves Full audit of Venture gas and oil reserves complete Reserves redefined using internationally accepted and prudent 2P recognition methodology Total Upstream UK 2P gas & oil reserves (mmboe) 500…
Operating profit analysis Storage UK Year ended 31 December (m) 2009 2008 Downstream UK 1,011 712 Upstream UK 525 881 Storage UK 168 195 North America 153 215 ADJUSTED OPERATING PROFIT 1,857 2,003 Above figures include joint…
Operating profit analysis North America Year ended 31 December (m) 2009 2008 Downstream UK 1,011 712 Upstream UK 525 881 Storage UK 168 195 North America 153 215 ADJUSTED OPERATING PROFIT 1,857 2,003 Above figures include…
North America: operating profit & key drivers Year ended Residential energy 31 December (m) 2009 2008 Revenue (m) Underlying Residential energy 94 137 margin (%)* underlying performance 155 137 one-off charges (61) - 2,652 2,644…
Cash flow Year ended 31 December (m) 2009 2008 OPENING NET DEBT (511) (795) EBITDA 2,538 2,622 Working capital movements 419 (687) Margin calls (79) (487) Interest and tax (700) (973) Net capex (4,072) (1,113) Dividends (635)…
Capital and acquisition expenditure (m) 2009 2008 2010e** UK upstream gas 333 121 550 UK upstream power 145 321 250 North America 103 111 100 UK gas storage 55 27 150 Europe 121 23 - British Gas / other 142 79 150 Total…
Balance sheet Strong, efficient balance sheet position Pension deficit payment profile agreed 31 December (m) 2009 2008 Capital employed (excluding cash) 9,237 6,555 Mark to market* / tax / other (1,281) (1,559) Pensions (565)…
Exceptional items and certain re-measurements (m) 2009 Termination of energy sales contract (139) Provision for North America wind PPA (55) UK restructuring costs (75) Profit on disposal wind farms 49 Provision for onerous gas…
Summary and outlook 2009 Good performance in low commodity price environment Strong UK downstream performance offsetting lower upstream profitability North American results impacted by one-off charges EPS unchanged at 21.7p despite…
2006-2009: The first stage in the journey Our Strategic Priorities 1 Transform British Gas 2 Sharpen the organisation and reduce costs 3 Reduce risk through increased integration 4 Build on our growth platforms
UK Downstream - British Gas 25 Customer satisfaction (%)* 2009 Significant operational improvements over 20 21 19 2007 15 17 the past three years 16 10 11 11 Call volumes down 40% 5 4 8 4 4 1 complaints to the ombudsman…
UK Downstream - British Gas British Gas restructured to combine energy and services Management team and support functions combined Enhanced customer propositions first bundled energy and services offering, EnergyExtra wide range of…
Energy hedge ratio 70% 60% 50% Venture 40% 20% of 30% British Energy Drax 20% Wind North Sea 10% Morecambe 0% 2006 2007 2008 2009 2010 2011 2012 2013 Note: proportion of UK floating gas and power demand covered by own…
UK - Upstream Gas and Oil Significantly enhanced scale and capability of gas and oil business through acquisition of Venture Sustainable and flexible portfolio of assets Integration of Venture complete. Upstream business aligned…
UK - Power Generation Differentiated generation mix; low carbon intensity fleet Increased UK power cover for residential and SME load Completed improved deal to acquire 20% equity stake in British Energy Langage CCGT plant now…
UK Storage bcf Historical profile (2004-2009) Rough operationally strong 140 98% reliability 120 increased storage capacity 80 through investment 60 40 Min - Max Range (2004-2008) Projects progressing 20 2009 Caythorpe…
North America - Direct Energy Established strong downstream position in key deregulated markets 3rd largest residential power supplier in Texas, larger than UK domesticmarket significant presence in US North East, with 0.5m…
The next stage: our vision Our vision is unchanged: To be the leading integrated energy company in our chosen markets
The Next Stage: Our Strategic Priorities 1 Grow British Gas . . . leading the transition to low carbon homes and businesses 2 Deliver value from our growing upstream business . . . securing sustainable energy for our customers 3…
1 Grow British Gas Distinctive capabilities Strategy Serving 12 million homes, half Grow British Gas by: of all UK households Optimising the business to . . . Ability to combine energy scale leverage scale for further with services…
2 Deliver value from our growing upstream business Distinctive capabilities Strategy Transformed scale and Deliver value from our existing capability in upstream gas assets . . . Only dual fuel hedged UK Leading consolidator of…
3 Build an integrated North American business Distinctive capabilities Strategy Strong downstream position in Improve returns from existing key residential deregulated business markets Develop leading positions in Large scale C&I…
4 Drive superior financial returns Achieve returns significantly above our cost of capital deliver returns on existing assets phase investments to achieve consistent earnings growth Continued financial discipline maintain strong…
Summary 2009 a transformational year for Centrica strong progress downstream sustainable upstream business model delivered Original priorities now delivered New strategy reflects integrated business model Well positioned for…
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