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YEAR 2014 PRELIMINARY RESULTS – Centrica Plc

Centrica Plc · Feb 19, 2015 · 18 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. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 1
  2. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 2
    19/02/2015 IAIN CONN Chief Executive CENTRICA TEAM Rick Iain Conn Jeff Bell Jill Shedden Haythornthwaite Chief Executive Interim Chief Group Director, Chairman Financial Officer Human Resources Mark Hanafin Ian…
  3. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 3
    19/02/2015 2014 EARNINGS & RESPONSE Earnings down 30%; EPS of 19.2p Oil and gas prices and cash flow impact Cutting capex and opex Need for strong investment grade credit ratings Decision to rebase dividend by 30%…
  4. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 4
    19/02/2015 WEATHER 2014 average UK temperature (degrees Celsius) Warmer than normal 25 Colder than normal Average Q1 US North East Seasonal normal temperature temperature (degrees Celsius) 20 SNT - 2.9 2.6 15 10 0.2…
  5. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 5
    19/02/2015 FINANCIAL HEADLINES Year ended 31 December (m) 2014 2013 % Revenue (m) 29,408 26,571 11% Adjusted operating profit (m) 1,746 2,695 (35%) Adjusted effective tax rate 30% 43% (13ppt) Group result: Adjusted…
  6. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 6
    19/02/2015 OPERATING PROFIT Year ended 31 December (m) 2014 2013 % British Gas 823 1,030 (20%) Direct Energy 150 276 (46%) Bord Gis Energy 7 - nm Centrica Energy 737 1,326 (44%) Centrica Storage 29 63 (54%) Adjusted…
  7. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 7
    19/02/2015 DIRECT ENERGY Operating profit (m) Year ended 31 December 2014 2013 % Direct Energy operating profit m Residential energy (underlying) 122 163 (25%) 165 Business energy (underlying) 65 77 (16%) Services 28 36 (22%)…
  8. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 8
    19/02/2015 CENTRICA ENERGY - GAS Year ended 31 December (m) 2014 2013 % Operating profit before tax 606 1,155 (48%) Operating profit after tax 302 325 (7%) Average gas sales price Average liquids sales price Europe p/therm…
  9. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 9
    19/02/2015 CENTRICA ENERGY - POWER Operating profit (m) Year ended 31 December (m) 2014 2013 % Gas-fired (120) (133) nm Renewables 10 25 (60%) Nuclear 210 250 (16%) Midstream 31 29 7% Power 131 171 (23%) Gas-fired…
  10. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 10
    19/02/2015 GROUP OPERATING COSTS Centrica cash operating costs (bn) Cash operating costs up 4% year on year 3.0 Hess, Bord Gis acquisitions underlying costs broadly flat 2.0 Cost initiatives 1.0 100m DE programme…
  11. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 11
    19/02/2015 CASH FLOW Year ended 31 December (m) 2014 2013 Opening net debt (5,049) (4,047) EBITDA 2,811 3,799 Working capital movements (37) 237 Margin cash movement1 (640) 82 Interest and tax (968) (1,111) Net investment…
  12. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 12
    19/02/2015 UNDERLYING SOURCES AND USES OF CASH Low commodity prices will place additional EBITDA pressure on EBITDA post 2014 Remedial actions being taken EBITDA Dividends 40% reduction in E&P capex by 2016 additional cost…
  13. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 13
    19/02/2015 IAIN CONN Chief Executive ENERGY TRENDS Primary energy demand growth Falling energy intensity Divergence of CO2 from energy growth Energy efficiency; Natural gas; Nuclear; Renewables Changing customer…
  14. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 14
    19/02/2015 CENTRICA WELL PLACED Focused on serving customers UK, Ireland and North Sea 24m customer accounts 420bcf gas / 40TWh power sales volume Diverse energy portfolio 140mboe/d production; 398mmboe 2P reserves Providing…
  15. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 15
    19/02/2015 BUSINESS RESPONSE DOWNSTREAM Serve our customers competitively and with integrity Price cuts in British Gas and Bord Gis Continued focus on improving service levels Close attention to cost to serve 29…
  16. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 16
    19/02/2015 CONNECTED HOMES 31 Q1 DELIVERY AND MILESTONES Return to more normal weather patterns Valemon field on stream 3 January 2015 Morecambe 30 year anniversary CMA investigation and hearing Price cuts in…
  17. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 17
    19/02/2015 BRITISH GAS HOUSEHOLD BILLS AND PROFITS 1,400 LHS: Average British Gas dual fuel bill (/customer) 70 1,200 60 1,000 50 800 40 RHS: Average British Gas post tax profit (/customer) 600 30 400 20 200 10 0…
  18. YEAR 2014 PRELIMINARY RESULTS – Centrica Plc – slide 18
    19/02/2015 SUMMARY 2014 a difficult year for Centrica Expect 2015 earnings to be lower than 2014 Taking action now on capital and costs Strategic review to be concluded by July 2015 Decision to rebase the dividend Strong…

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