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Satisfying the Changing Needs of Our Customers

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Satisfying the changing needs of our customers Annual Report and Accounts 2016 We are an energy and services company. Everything we do is focused on satisfying the changing needs of our customers. Group Highlights GROUP FINANCIAL SUMMARY (Year ended 31 December) Group revenue Adjusted operating profit Adjusted earnings Adjusted basic earnings per share (EPS) £27.1bn £1,515m £895m 16.8p 2015: £28.0bn 2015: £1,459m 2015: £863m 2015: 17.2p ▼ 3% ▲ 4% ▲ 4% ▼ 2% Adjusted operating Group net debt Return on average capital Growth revenue cash flow employed (ROACE) £2,686m £3,473m 16% £194m 2015: £2,253m 2015: £4,747m 2015: 12% 2015: £114m ▲ 19% ▼ 27% ▲ 4ppt ▲ 70% Statutory operating Statutory profit/(loss) Net exceptional items Basic earnings per share profit/(loss) for the year attributable after taxation included to shareholders in statutory profit/(loss) £2,486m £1,672m £27m 31.4p 2015: £(857)m 2015: £(747)m 2015: £(1,846)m 2015: (14.9)p ● nm ● nm ● nm ● nm GROUP KEY OPERATIONAL PERFORMANCE INDICATORS Total customer Total customer Total customer Total customer account holdings – account holdings – gas consumption electricity consumption Home Business (mmth) (GWh) 26,196 1, 3 4 8 12,022 144,810 2015: 27,069 2015: 1,396 2015: 12,177 2015: 151,595 ▼ 3% ▼ 3% ▼ 1% ▼ 4% *year end, ‘000s *year end, ‘000s Direct Group headcount1 Total recordable 1 Direct Group headcount excludes contractors, agency injury frequency rate and outsourced staff. 2015 has been restated to include North America DE&P. 36,494 0.98 2015: 39,389 2015: 1.10 ▼ 7% ▼ 11% *year end *per 200,000 hours worked At a Glance Iain Conn Group Chief Executive GOOD FINANCIAL INVESTING IN NEW “We delivered our key objectives PERFORMANCE TECHNOLOGIES AND including improved safety CAPABILITIES performance, better customer service, and more innovative Adjusted operating Enhanced ‘Internet of offerings and solutions, while profit and adjusted Things’ platform, data repositioning the portfolio, earnings both up 4%. science and analytics, building capability and driving ▲ 4% and digital capability. significant cost savings.” SAFETY Adjusted operating 527,000 Connected cash flow up 19% Home hubs installed; to £2,686 million, now selling Hive ▲19% including £357 million 527,000 products in working capital inflow North America. Safety, compliance and conduct remains in UK Business. our top strategic priority. The Group’s total recordable injury frequency rate reduced by 11% compared to 2015. Underlying adjusted Centrica builds However there were two Tier 1 process operating cash flow a pioneering local safety incidents across the Group growth was 14%, in energy market during the year, up from one last year. 14% excess of the Group’s in Cornwall. Improving our performance in this 3–5% per annum area remains a key focus. long-term target. CUSTOMER DELIVERY RESHAPING OUR PORTFOLIO BALANCE SHEET SIGNIFICANTLY MATERIALLY IMPROVED IN LINE WITH STRATEGY STRENGTHENED Investment in customer service and ENER-G Cogen and Neas Energy Net debt down digital capability resulted in UK Energy acquisitions add significant capabilities 27% to £3.5 billion. Supply & Services complaints down in distributed generation and asset ▼ 27% 31% and higher net promoter scores management. across all geographies in 2016. Launch of innovative Completed exit from wind power Net assets up 112% new product offers with GLID and Lincs wind farm sales to £2,844 million with the share placement for both Centrica and announced exit from Trinidad ▲ 112% Consumer and and Tobago. and current year Centrica Business profits offsetting the customers. movement in the pension deficit. COST EFFICIENCY PROGRAMME FOCUS ON CASH FLOW, CAPITAL DISCIPLINE AND NET DEBT REDUCTION Unless otherwise stated, all references to operating profit or loss, taxation, cash flow, We made strong earnings and earnings per share throughout the Adjusted operating progress with our Strategic Report are adjusted figures, reconciled cash flow expected £750 million per to their statutory equivalents in the Group Financial to exceed £2 billion £384m Review on pages 52 to 55. See also notes 2, 4 £2bn annum efficiency cost and 10 to the Financial Statements on pages 113 in 2017. programme delivering and 114, 118 to 123 and 132, for further details of £384 million of savings these adjusted performance measures. In addition in 2016. see pages 219 and 220 for an explanation and reconciliation of other adjusted performance measures used within this document. CONTENTS Great companies meet a need that Energy Supply Strategic Report is valued by customers and society. & Services 2 Our Businesses 4 Chairman’s Statement Read more in the Chairman’s Statement Read more on 6 Group Chief Executive’s on page 4 pages 36 to 39 Statement 10 Focused on Innovating to Satisfy the Changing Needs of our Customers 12 Focused on Pioneering a New Energy Future Connected 14 Focused on Cutting Energy Home Costs and Carbon Emissions Read more on 16 Our Business Model pages 40 and 41 18 Key Performance Indicators 20 Focused on Peace of Mind for our Customers 22 Focused on Engaging with our Customers Business Model 24 Responsible Business Distributed Update Read more on pages 16 and 17 31 Our View on Taxation Energy & Power 32 Focused on Training the Read more on Employees of the Future pages 42 and 43 34 Focused on Training our Employees 36 Business Review 52 Group Financial Review 56 Our Principal Risks and Uncertainties Energy Marketing & Trading Governance 66 Board of Directors Read more on 68 Senior Executives pages 44 and 45 69 Directors’ and Corporate Governance Report Smarter energy 83 Remuneration Report Read more on pages 20 and 21 100 Independent Auditors’ Report Financial Statements Exploration 108 Group Income Statement & Production 109 Group Statement of Responsible Read more on Comprehensive Income Business pages 46 and 47 109 Group Statement of Update Changes in Equity Read more 110 Group Balance Sheet 111 Group Cash Flow Statement on page 24 112 Notes to the Financial Statements Central Power 190 Company Financial Generation Statements 192 Notes to the Company Read more on Financial Statements pages 48 and 49 201 Gas and Liquids Reserves (Unaudited) 202 Five Year Summary (Unaudited) 203 Ofgem Consolidated Group Financial Review Segmental Statement Centrica Storage Read more on page 52 Read more on Shareholder Information pages 50 and 51 216 Managing Your Shares 219 Additional Information – Explanatory Notes Principal Governance IBC Glossary Risks Read more Read more on page 65 on page 56 Remuneration Report Read more on page 83 Centrica plc Annual Report and Accounts 2016 1 STRATEGIC REPORT FINANCIAL SHAREHOLDER OUR BUSINESSES GOVERNANCE STATEMENTS INFORMATION Our Businesses Our focus Centrica: a customer-facing energy and services company for the 21st century CUSTOMER-FACING BUSINESSES Energy Supply Connected Distributed Energy Marketing & Services Home Energy & Power & Trading Supplying energy and services Our Hive smart thermostat Providing industrial and Providing risk management to consumer and business and other products and commercial consumers with and wholesale market access customers in the UK, the services help our customers the ability to use energy more for the Group building on Republic of Ireland and in the areas of home energy intelligently, giving customers strong cross-commodity North America through our management, home tools to generate and manage trading capabilities and a new business units: UK Home; automation and peace their energy usage. global presence in LNG. UK Business; Ireland; of mind. North America Home; and North America Business. ASSET-BASED BUSINESSES Exploration Central Power Centrica & Production Generation Storage Targeting production of between The thermal power generation The Group operates the 40 to 50 million barrels of oil portfolio is being rationalised Rough gas storage facility, equivalent per year focused with a view to simplification and which is a strategic storage on the UK, the Netherlands cost reduction while retaining asset for the UK. and Norway. low cost optionality. We hold a 20% interest in eight nuclear power stations in the UK. 2 Our strategy The world of energy is changing and, with our Our areas of focus are Energy Supply engagement and loyalty. We are developing chosen businesses, distinctive positions and & Services, Connected Home, Distributed innovative products, offers and solutions, current capabilities, Centrica is well placed Energy & Power, Energy Marketing & Trading underpinned by investment in technology. to deliver for its customers and for society. and the optimisation around Central The role of Exploration & Production is Power Generation. We will satisfy our customers, deliver cash to provide diversity of cash flows and the flow growth and returns for our shareholders We supply energy and services to around balance sheet strength required to supply and be efficient and excellent in our operations. 28 million customer accounts mainly in the energy and services to our customers. UK, Ireland and North America through It continues to play an important role We are shifting investment towards our strong brands such as British Gas, Direct in our portfolio. customer-facing businesses – organised Energy and Bord Gáis supported by around around two global customer-facing divisions: We aim to be a good corporate citizen; 12,000 engineers and technicians. Centrica Consumer and Centrica Business employer of choice and to provide leadership focused on the residential consumer and We are focused on delivering high
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