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2011 EARNINGS CALL – Centrica Plc

Centrica Plc · Dec 31, 2011 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2011 EARNINGS CALL – Centrica Plc – slide 1
    For the year ended 31 December 2011 1
  2. 2011 EARNINGS CALL – Centrica Plc – slide 2
    Chairman 3
  3. 2011 EARNINGS CALL – Centrica Plc – slide 3
    Group Finance Director 4
  4. 2011 EARNINGS CALL – Centrica Plc – slide 4
    Preliminary Results Year ended 31 December 2011 Average oil and gas prices Oil NBP Gas 20 (/barrel) (p/therm) 110 Clean Dark Spread (/MWh) 15 78 10 58 39 5 Clean Spark Spread (/MWh) 0 2010 2011 2010 2011 2012 Average…
  5. 2011 EARNINGS CALL – Centrica Plc – slide 5
    Preliminary Results Year ended 31 December 2011 Year ended 31 December 2011 2010 Continuing operations: Revenue (m) 22,824 22,423 Adjusted operating profit (m) 2,415 2,390 Adjusted effective tax rate 40% 37% Group result:…
  6. 2011 EARNINGS CALL – Centrica Plc – slide 6
    Preliminary Results Year ended 31 December 2011 Year ended 31 December (m) 2011 2010 Downstream UK 1,005 1,216 Upstream UK 1,023 771 Storage UK 75 169 North America 312 234 Adjusted operating profit 2,415 2,390 Share of JV /…
  7. 2011 EARNINGS CALL – Centrica Plc – slide 7
    Preliminary Results Year ended 31 December 2011 Downstream UK Year ended 31 December (m) 2011 2010 Downstream UK 1,005 1,216 Upstream UK 1,023 771 Storage UK 75 169 North America 312 234 Adjusted operating profit 2,415…
  8. 2011 EARNINGS CALL – Centrica Plc – slide 8
    Preliminary Results Year ended 31 December 2011 Operating profit & key drivers Operating Profit Year ended 31 December (m) 2011 2010 Residential energy 522 742 Residential services 264 241 Business 219 233 Downstream UK 1,005…
  9. 2011 EARNINGS CALL – Centrica Plc – slide 9
    Preliminary Results Year ended 31 December 2011 Upstream UK Year ended 31 December (m) 2011 2010 Downstream UK 1,005 1,216 Upstream UK 1,023 771 Storage UK 75 169 North America 312 234 Adjusted operating profit 2,415…
  10. 2011 EARNINGS CALL – Centrica Plc – slide 10
    Preliminary Results Year ended 31 December 2011 Operating profit & key drivers Operating Profit Year ended 31 December (m) 2011 2010 Gas 769 566 Power 254 205 Upstream UK 1,023 771 Average sales price Gas & oil Power…
  11. 2011 EARNINGS CALL – Centrica Plc – slide 11
    Preliminary Results Year ended 31 December 2011 Storage UK Year ended 31 December (m) 2011 2010 Downstream UK 1,005 1,216 Upstream UK 1,023 771 Storage UK 75 169 North America 312 234 Adjusted operating profit 2,415…
  12. 2011 EARNINGS CALL – Centrica Plc – slide 12
    Preliminary Results Year ended 31 December 2011 North America Year ended 31 December (m) 2011 2010 Downstream UK 1,005 1,216 Upstream UK 1,023 771 Storage UK 75 169 North America 312 234 Adjusted operating profit 2,415…
  13. 2011 EARNINGS CALL – Centrica Plc – slide 13
    Preliminary Results Year ended 31 December 2011 Operating profit & key drivers Operating Profit Year ended 31 December (m) 2011 2010 Residential energy 161 177 Business energy 110 88 Services 28 15 Upstream & Wholesale 13…
  14. 2011 EARNINGS CALL – Centrica Plc – slide 14
    Preliminary Results Year ended 31 December 2011 Year ended 31 December (m) 2011 Impairment of UK power generation assets (226) Restructuring costs (154) Pensionable pay cap 333 Contract termination costs (63) European gas…
  15. 2011 EARNINGS CALL – Centrica Plc – slide 15
    Preliminary Results Year ended 31 December 2011 Year ended 31 December (m) 2011 2010 Opening net debt (3,312) (3,136) EBITDA 3,128 3,181 Working capital movements 165 (251) Margin calls (26) 466 Interest and tax (862) (819)…
  16. 2011 EARNINGS CALL – Centrica Plc – slide 16
    Preliminary Results Year ended 31 December 2011 Year ended 31 December (m) 2010 2011 2012e3 UK upstream gas and oil 475 613 750 UK upstream power1 233 300 300 North America 87 70 100 UK gas storage 63 59 50 British Gas 150 211…
  17. 2011 EARNINGS CALL – Centrica Plc – slide 17
    Preliminary Results Year ended 31 December 2011 Year ended 31 December 2011 (m) Cash flow Debt % EBITDA / Net debt 3,128 (3,435) Interest / tax / dividends from JVs (715) - Lease adjustment - (950) Restricted cash - (344)…
  18. 2011 EARNINGS CALL – Centrica Plc – slide 18
    Preliminary Results Year ended 31 December 2011 Full year earnings growth Energy supply profit down due to higher wholesale prices, warmer weather; BGB also impacted by the economy BGS profit up 10% in a difficult economic…
  19. 2011 EARNINGS CALL – Centrica Plc – slide 19
    Chief Executive 20
  20. 2011 EARNINGS CALL – Centrica Plc – slide 20
    Preliminary Results Year ended 31 December 2011 Challenging market conditions in 2011 Rapidly rising wholesale prices in H1, post Fukushima and Arab Spring Global economic weakness Mild UK weather Low clean spark and storage…
  21. 2011 EARNINGS CALL – Centrica Plc – slide 21
    Preliminary Results Year ended 31 December 2011 British Gas Delivering for customers Accounts (000) Dec 11 Dec 10 Change 4 star rating from Consumer Focus Residential energy 15,881 15,978 -97 Residential services Nectar,…
  22. 2011 EARNINGS CALL – Centrica Plc – slide 22
    Preliminary Results Year ended 31 December 2011 Centrica Energy Good asset performance Upstream UK 2P Reserves (mmboe) Deploying distinctive capabilities further progress on gas and oil projects 175 production replacement…
  23. 2011 EARNINGS CALL – Centrica Plc – slide 23
    Preliminary Results Year ended 31 December 2011 February 2011 Production (mmboe) 80 70 60 50 40 Under development Exploration 30 Future developments Producing fields 20 10 0 2011 2012 2013 2014 2015 2016 2017…
  24. 2011 EARNINGS CALL – Centrica Plc – slide 24
    Preliminary Results Year ended 31 December 2011 February 2012 Production (mmboe) 80 70 60 Exploration Future developments 50 2011 Prelims 40 Under development production profile 30 Producing fields 20 10 0 2011…
  25. 2011 EARNINGS CALL – Centrica Plc – slide 25
    Preliminary Results Year ended 31 December 2011 North America Increased scale in residential energy North America residential Gateway, First Choice Power and customer accounts (million) Vectren acquisitions 4 US North East…
  26. 2011 EARNINGS CALL – Centrica Plc – slide 26
    Preliminary Results Year ended 31 December 2011 Maximise returns from existing assets Maintain efficiency and service levels downstream leadership through scale and brand Deploy distinctive capabilities upstream strong…
  27. 2011 EARNINGS CALL – Centrica Plc – slide 27
    Preliminary Results Year ended 31 December 2011 0.5bn cost reduction programme 0.4bn reduction in controllable cash 2.5 operating costs1 Further 0.1bn reduction in cost of 2.3bn 0.4bn sales 0.1bn 2.0 Half of total reduction…
  28. 2011 EARNINGS CALL – Centrica Plc – slide 28
    Preliminary Results Year ended 31 December 2011 British Gas 0.5bn cost reduction split by business 10% reduction in underlying operating costs1 over % next two years 100 Corporate Centre Reap benefits of systems investment,…
  29. 2011 EARNINGS CALL – Centrica Plc – slide 29
    Preliminary Results Year ended 31 December 2011 Build trust tariffs simplified, clearer bills making it easier for customers to check their tariff widest eligibility for Warm Home Discount Build understanding commodity costs,…
  30. 2011 EARNINGS CALL – Centrica Plc – slide 30
    Preliminary Results Year ended 31 December 2011 Significant investment required in the UK clarity and assurance over investment climate much to be resolved through EMR process Centrica well placed in an uncertain environment…
  31. 2011 EARNINGS CALL – Centrica Plc – slide 31
    Preliminary Results Year ended 31 December 2011 Good progress towards doubling profitability Organic and acquisition growth opportunities in energy supply increase scale and deliver cost efficiencies Leverage Clockwork and Home…
  32. 2011 EARNINGS CALL – Centrica Plc – slide 32
    Preliminary Results Year ended 31 December 2011 Delivering value in challenging external environment Good progress on our investment programme Upstream UK and North America geographic diversity attractive investment options,…

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