Preliminary Results for the year ended 31 December 2013
Rick Haythornthwaite Chairman
Sam Laidlaw Chief Executive
Overview Robust actions in a challenging environment service level improvements and cost reduction downstream cost efficiency and tight capital allocation upstream New platforms for long term growth Sabine Pass LNG, Canadian E&P,…
Nick Luff Group Finance Director
Commodity prices and spreads Average month ahead Average temperature commodity prices (degrees Celsius) SNT = 12.9 Brent Oil 112 109 (/barrel) 12.9 SNT = 9.5 11.3 NBP Gas (p/therm) 8.5 66.7 58.3 7.3 UK Power 50.0 44.6…
Operating profit analysis Year ended 31 December (m) 2013 2012 British Gas 1,030 1,093 Direct Energy 276 310 Centrica Energy 1,326 1,251 Centrica Storage 63 89 Adjusted operating profit 2,695 2,743 Share of JV / associates…
British Gas Year ended 31 December (m) 2013 2012 British Gas 1,030 1,093 Direct Energy 276 310 Centrica Energy 1,326 1,251 Centrica Storage 63 89 Adjusted operating profit 2,695 2,743 Above figures include share of joint…
British Gas Operating profit Residential energy revenue (m) and post tax margin (%) Year ended 31 December (m) 2013 2012 Residential energy 571 606 9,487 9,121 Residential services 318 312 Business 141 175 British Gas 1,030…
Direct Energy Year ended 31 December (m) 2013 2012 British Gas 1,030 1,093 Direct Energy 276 310 Centrica Energy 1,326 1,251 Centrica Storage 63 89 Adjusted operating profit 2,695 2,743 Above figures include share of joint…
Direct Energy Operating profit Residential energy revenue (m) and post tax margin (%) Year ended 31 December (m) 2013 2012 Residential energy 163 156 2,517 Business energy 77 121 2,357 Services 36 33 Direct Energy 276 310 4.4%…
Centrica Energy Year ended 31 December (m) 2013 2012 British Gas 1,030 1,093 Direct Energy 276 310 Centrica Energy 1,326 1,251 Centrica Storage 63 89 Adjusted operating profit 2,695 2,743 Above figures include share of joint…
International gas Gas & oil production volumes Gas (mmth) Liquids (mmboe) Year ended 31 December (m) 2013 2012 3,557 2,990 Operating profit before tax 1,155 940 Americas Operating profit after tax 325 198 Europe 18.7 17.4…
UK power Operating profit/(loss) Power generation (TWh) Year ended 31 December (m) 2013 2012 0.5 0.8 Gas 1,155 940 Power 171 311 9.0 8.9 Renewables Gas-fired (133) (4) Gas-fired Renewables 25 56 Nuclear 250 237 12.0 12.1…
Centrica Storage Year ended 31 December (m) 2013 2012 British Gas 1,030 1,093 Direct Energy 276 310 Centrica Energy 1,326 1,251 Centrica Storage 63 89 Adjusted operating profit 2,695 2,743 Storage revenue () Forward price…
Exceptional items and certain re-measurements Year ended 31 December 2013 (m) Pre tax Post tax Rijnmond tolling contract1 (125) (125) E&P Impairments2 (699) (318) Gas storage projects 3 (240) (224) Total exceptional items (1,064)…
Cash flow Period ended 31 December (m) 2013 2012 Opening net debt (4,047) (3,292) EBITDA 3,799 3,650 Working capital movements 237 (51) Margin calls 82 114 Interest (219) (172) Tax (892) (524) Net capex (2,565) (2,727) Dividends…
Capex and acquisitions 1 4 Period ended 31 December (m) 2012 2013 2014e Centrica Energy gas and oil 906 1,078 950 2 Centrica Energy power 314 77 50 British Gas 161 204 150 Centrica Storage 37 50 25 Direct Energy 50 89 100 Other…
Summary and outlook 2013 EPS flat at 26.6p; scale and efficiency benefits offset by market headwinds 2014 outlook margin pressures in energy supply on both sides of the Atlantic new source of growth from Hess Energy Marketing;…
Sam Laidlaw Chief Executive
Our strategic priorities 1. Innovate to drive growth and service excellence 2. Integrate our natural gas business, linked to our core markets 3. Increase our returns through efficiency and continued capital discipline The…
Good strategic progress Validation of refreshed strategy; investing to secure gas for our customers Hess and Suncor transactions deliver enhanced scale and capability in North America Simplified tariffs and improved reporting…
Securing gas for the UK in an increasingly international market 14bn of new gas supply contracts US export deal with Cheniere, giving Centrica market optionality extension to Qatargas LNG contract Acquired 25% stake in Bowland UK…
Enhanced scale in North America C1bn gas and liquids acquisition doubles upstream scale in Canada and cements QPI relationship initial production ahead of expectations reserves and production upside potential NE BRITISH…
Working towards a transparent and affordable UK energy policy Prospect of political intervention has damaged investor 2012 Comparison of UK vs. EU domestic gas prices (p/kWh) 1 confidence 12 proposed price freeze and resetting the…
Working towards a transparent and affordable UK energy policy Detailed discussions with all stakeholders improved understanding of true cost of components of the bill proposals for more affordable ways to decarbonise First…
Positioning the Group for the future - operational and capital efficiency Group-wide 500m cost reduction programme completed Downstream focus on improving core operations new targets to deliver better service, lower costs and account…
Growth through differentiation in British Gas Targeting industry leading service levels for our customers improving key processes combined residential energy and services platform Reducing costs targeting 100m annual cost savings in…
Improving cost competitiveness in Direct Energy Targeting 100m cost reduction in 2014 Total US non-residential annualised sales volumes benefiting from synergies from enhanced scale TWh 250 800 bcf Differentiation through…
Positioning Centrica Energy for the future - adding value through selective investments Centrica 2P reserves (mmboe) 1 Adding value through reserve additions, reflecting quality of previous investments 56 711 56mmboe of organic 2P…
Positioning Centrica Energy for the future - adding value through selective investments Organic E&P capex reduced to around Global gas & oil production outlook (mmboe/a) 100 900m on average over next 3 years 80mmboe 85mmboe limited…
Summary Good strategic progress, robust actions in place across the Group in a challenging environment Engaging with political stakeholders to help reduce uncertainty Strong cash flow and balance sheet Platform for long term growth…
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