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Centrica Plc Annual Report and Accounts 2002

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Centrica Plc Annual Report and Accounts 2002 Centrica ‘We continued to make progress by concentrating on what our customers want.’ Sir Michael Perry, Chairman Annual report and accounts 2002 Centrica’s vision is to be a leading supplier of essential services in our chosen markets. Our strategy is to retain and attract customers in our core businesses with continual improvements in service and value, while at the same time developing new opportunities in the UK and internationally. Contents Visit our websites 02 Centrica at a glance You can find out more about 04 Chairman’s statement Centrica and the businesses in our 05 Chief executive’s review group by visiting our websites. 07 Operating and financial review 16 Group financial review www.centrica.com provides 19 Corporate responsibility information about the group, 21 Board of directors including our corporate 22 Directors’ report responsibility activity and 25 Remuneration report shareholder services. 31 Statement of directors’ responsibilities You can find out more about the 31 Auditors’ report products and services we offer 32 Financial statements by visiting our customer sites: 68 Gas and liquids reserves 69 Five year summary www.theAA.com 70 Information for shareholders www.house.co.uk 72 Index www.britishgasbusiness.co.uk www.goldfish.com www.onetel.co.uk www.directenergy.com www.energyamerica.com www.luminus.be Throughout this document references to British Gas include Scottish Gas. Overview of the year Before exceptionals and goodwill amortisation including joint ventures and associates After exceptionals and goodwill amortisation including joint ventures and associates Earnings per share (pence) Operating profit (£m) Earnings per share (pence) Operating profit (£m) 02 15.2 02 932 02 11.4 02 809 01 12.1 01 679 01 8.1 01 511 00 10.2 00 526 00 8.4 00 452 99 7.9 99 424 99 4.3 99 275 98 4.0 98 213 98 2.1 98128 Operating profit: up 37%(58% after exceptionals and goodwill) Earnings: up 32% (48% after exceptionals and goodwill) British Gas residential: improved gas margins and growth in electricity and services Centrica Business Services: profit up 48% with organic growth supported by acquisitions AA: core business growth in roadside and personal finance Telecoms: losses reduced by two thirds and improving sector outlook Goldfish: credit card growth from renewed brand building North America: acquisitions of incumbent positions but slower organic growth Dividend: final dividend up 37%; up 29% for the year All operating profit numbers and earnings are stated, throughout the commentary, before exceptionals and goodwill amortisation unless otherwise stated. The directors believe this measure assists with understanding the underlying performance of the group. The equivalent amounts after exceptionals and goodwill amortisation are reflected in note 3 and are reconciled at group level in the group profit and loss account on page 32, with descriptions of the exceptional items in note 5. Centrica plc report 2002 01 Centrica at a glance Every day we touch the lives of millions of people. Through our leading brands, Centrica provides warmth, comfort and peace of mind. People know us through our brands but behind those brands lie the skill, knowledge and expertise of thousands of employees. Centrica has unrivalled experience in providing essential services to people in their homes and on the road. British Gas www.house.co.uk Gas: We supply gas to homes Telecommunications: British Gas throughout Britain, under the British Communications was launched Gas and Scottish Gas brands. in September 2000, and offers Against the background of a highly customers fixed line, mobile competitive energy market, millions and internet services. of customers continue to choose us as their gas supplier. Home services: We continue to be the largest provider of gas Electricity: Since the residential central heating installation electricity market opened to and servicing in the country. competition in 1998 we’ve We also offer our customers become one of the largest the reassurance of protection suppliers of electricity in Britain. in other areas of the home, providing services for kitchen We are committed to providing our appliances, plumbing and customers with excellent service drains, electrical wiring and and great value for money. home security systems. Centrica Business Services www.britishgasbusiness.co.uk During the year we created In addition to increasing our share Centrica Business Services. of the energy market for small and medium sized enterprises, we We supply gas, electricity and are creating broader bundled telecoms to industrial and offers. These build on emerging commercial customers across operational synergies, as well as Britain using the British Gas, our local and national presence. Scottish Gas and One.Tel brands. Centrica energy management group (CEMG) www.centrica.com Gas and electricity operations: wholesale UK energy market Our equity gas production and and is an active player in the electricity generation capabilities, emerging European markets. along with third party supply and transportation contracts are managed to optimise value and assure reliable supply for customers. Energy trading: Our trading and wholesaling business, Accord Energy, trades with all the major participants in the 02 Centrica plc report 2002 We aim to enhance the service we provide to our customers and the value we give to our shareholders by continually deepening our understanding of what our customers want. We do this by training our people, enhancing our systems and developing our brands. Centrica strives to ensure that all our experience and knowledge is shared across our businesses for the benefit of customers and shareholders alike. The AA www.theaa.com Roadside services: We provide are a growing provider of personal reassurance and services to loans and financial services. motorists in the UK and Ireland through the AA. The roadside Other AA services: AA Service assistance service remains at the Centres offer a range of maintenance core of our activities, with members and repair services to motorists choosing the level of cover that across Britain. best suits their needs. We are the only national driving Personal finance: We are the school exclusively using fully UK’s number one independent qualified driving instructors. insurance intermediary, and we One.Tel www.onetel.co.uk With a fresh and innovative Our mobile service offers one approach, we provide a range of the lowest monthly line rental of landline, mobile and internet charges in the country. services across the UK. www.goldfish.com Goldfish Bank Building on the success of the New products include a savings Goldfish card, we have launched account, personal loans and the Goldfish Bank in partnership a guaranteed savings bond. with Lloyds TSB to develop a wide range of financial services products. North America and Europe www.directenergy.com www.energyamerica.com North America: Through Direct ventilation installation and www.luminus.be Energy in Canada and Energy maintenance services. America in the US we supply energy to homes and businesses Europe: Our joint venture energy in several provinces and states. business, Luminus, is an active participant in the liberalising Our Direct Energy home services Belgian market. division provides heating and Centrica plc report 2002 03 Chairman’s statement Our strong brands, enhanced customer insight and asset management expertise will continue to enable us to create value for customers and shareholders. During 2002, Centrica continued to Dividend We recognise make progress towards our vision The board of directors is proposing of ‘taking care of the essentials’ for a final dividend of 2.6 pence per that creating customers in our chosen markets. share to be paid in June 2003. sustainable We have done this by concentrating When combined with the interim on what our customers want. This dividend of 1.4 pence per share shareholder value has led to top-line growth across paid in November 2002, the depends on a our business units and helped drive total dividend for 2002 would adjusted earnings per share up be 4.0 pence per share. This full understanding 26% (before exceptional items represents an increase of 29% of our impact and goodwill amortisation). on the previous year and reflects our positive medium term outlook on society. We took significant steps to for both earnings and cash flow. ensure that British Gas remains The future the market leader in residential The board of directors Centrica remains well placed energy and continues to improve We announced a number of to compete in an increasingly its performance in other home changes to the board during the international energy marketplace services. The AA had a year year. Sir Sydney Lipworth retired where we expect further of solid performance as we at the annual general meeting consolidation. Our strong brands, repositioned the AA brand to in May and we are most grateful enhanced customer insight and increase awareness of the wide for the significant contribution asset management expertise, range of products and services he made to the development combined with our financial and available to motorists. Our North of Centrica. In September we operational scale, will continue American business has made announced the appointment to enable us to create value for progress despite a challenging of Helen Alexander and in customers and shareholders alike. regulatory environment. October the appointment of Robert Tobin as non-executive The collective efforts of all Centrica directors with effect from employees have ensured that Centrica remains 1 January 2003. I am delighted we have made further progress well placed that Helen and Robert have joined towards our vision during 2002. us. Their considerable experience I would like to thank them for their to compete in will further strengthen the board. commitment and I look forward an increasingly to working with them to deliver the Corporate responsibility business performance, which will international energy We recognise that creating provide our customers with the marketplace where sustainable shareholder value service that they want and reward depends on a full understanding our shareholders appropriately.
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