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Annual Review and Summary Financial Statements 2010 Shareholder Information Continued Centrica plc Registered office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD Company registered in England and Wales No. 3033654 www.centrica.com Annual Review and Summary Financial Statements 2010 Shareholder Information continued SHAREHOLDER SERVICES Centrica shareholder helpline To register for this service, please call the shareholder helpline on 0871 384 2985* to request Centrica’s shareholder register is maintained by Equiniti, a direct dividend payment form or download it from which is responsible for making dividend payments and www.centrica.com/shareholders. 01 10 updating the register. OVERVIEW SUMMARY OF OUR BUSINESS The Centrica FlexiShare service PERFORMANCE If you have any query relating to your Centrica shareholding, 01 Chairman’s Statement please contact our Registrar, Equiniti: FlexiShare is a ‘corporate nominee’, sponsored by Centrica and administered by Equiniti Financial Services Limited. It is 02 Our Performance 10 Operating Review Telephone: 0871 384 2985* a convenient way to manage your Centrica shares without 04 Chief Executive’s Review 22 Corporate Responsibility Review Textphone: 0871 384 2255* the need for a share certificate. Your share account details Write to: Equiniti, Aspect House, Spencer Road, Lancing, will be held on a separate register and you will receive an West Sussex BN99 6DA, United Kingdom annual confirmation statement. Email: [email protected] By transferring your shares into FlexiShare you will benefit from: A range of frequently asked shareholder questions is also available at www.centrica.com/shareholders. • low-cost share-dealing facilities provided by a panel of independent share dealing providers; Direct dividend payments • quicker settlement periods; Make your life easier by having your dividends paid directly into your designated bank or building society account on • no share certificates to lose; and the dividend payment date. The benefits of this service • a dividend reinvestment plan – your cash dividend can include: be used to buy more Centrica shares (for a small dealing • there is no chance of the dividend cheque going missing charge) which are then credited to your FlexiShare in the post; account. • the dividend payment is received more quickly as the Participants will have the same rights to attend and vote at cash is paid directly into the account on the payment date general meetings as all other shareholders. There is no without the need to pay in the cheque and wait for it to charge for holding your shares in FlexiShare, nor for 24 32 clear; and transferring in or out at any time. SUMMARY OF GOVERNANCE AND OUR WHAT YOU NEED TO KNOW • a single consolidated tax voucher is issued at the end of For further details about FlexiShare, please call the Centrica shareholder helpline on 0871 384 2985* or visit FINANCIAL PERFORMANCE IN 2010 TO MANAGE YOUR SHAREHOLDING each tax year, in March, in time for your self-assessment tax return. www.centrica.com/flexishare. 24 Board of Directors and Executive Team 32 Shareholder Information This report is printed on Greencoat 80 Silk which is made Design produced by 26 Summary Financial Statements from 80% recycled post-consumer fibre and 20% virgin fibre 28 Summary Reports that is Elemental Chlorine Free. This paper has been Photography by Mike Abrahams, David Hares, David Partner, independently certified according to the rules of the Forest Charlie Fawell and Andy Wilson. Stewardship Council (FSC). Printed by St Ives Westerham Press Ltd, ISO14001, FSC certified and ® ACCESSIBILITY CarbonNeutral . If you would like this Annual Review in an alternative format, such as large print, Braille or CD, you can request these in the following ways: Telephone: 0800 111 4371 Textphone: 18001 0800 111 4371 Please note that these numbers should be used to order copies of alternative formats only. For general shareholder enquiries, please use the shareholder helpline 0871 384 2985*. * Calls to these numbers are charged at 8 pence per minute from a BT landline. Other providers’ telephony costs may vary. Annual Review and Summary Financial Statements 2010 33 Chairman’s statement Centrica performed well in 2010 Performance review our customer base as far as possible, and I am pleased with the progress made this year. Wholesale gas prices in North America remained low due mainly to the impact of Our employees shale gas, while gas prices in the UK are Our people are central to the success of around 40% higher in 2011 than they were the Company and I thank each of them for in 2010. With domestic sources of gas in their hard work and dedication, particularly decline and rising levels of demand in the during the bad weather. I am very pleased Far East, liquefied natural gas (LNG) has an that our British Gas engineers have increasingly important role to play. I was embraced new working arrangements therefore pleased we were able to which will enable us to provide a more conclude a contract that secures significant flexible service to our customers in future. volumes of LNG from Qatar. Community The Government’s consultation on Electricity Market Reform will lead to major Through our British Gas Essentials changes in energy policy and I believe programme we have been able to help Centrica will play a leading role in securing 340,000 of our most disadvantaged and reliable, lower carbon sources of energy vulnerable customers. We provided direct for the years ahead, while helping our financial support to help them through this customers take control of their energy use. winter, together with free insulation and other energy efficiency measures which will We were the first major supplier to reduce deliver lasting benefit. We also ran our 12th gas prices for residential customers early annual winter campaign, in partnership in the year. However, higher energy prices with Age UK, to help the elderly reduce and non-commodity costs required us to their winter fuel bills. raise prices in December. We recognise Centrica made great the impact that higher energy prices have, I am particularly proud of the contribution strides in 2010 towards and work with our customers to help by our employees of more than 50,000 hours them manage their energy consumption, of their time over the year, volunteering in achieving the goals set targeting assistance to the most vulnerable. local communities. Our North American employees gave over 10,000 hours in last year, through a I am pleased to say that, following the voluntary work. combination of operational investments in Venture and British Energy in 2009, we now have a more balanced The future excellence and carefully business. The considerable success of our targeted investment. gas and oil drilling programme during the Centrica has made real progress during year is testament to the skills and expertise 2010, delivering substantial growth from 2010, my seventh year of our upstream team. In North America, a more robust business. We will continue as Chairman, has seen we have taken important steps towards to drive improvements in the underlying delivering our strategy of building a larger, business and have a full programme of worldwide energy more vertically integrated energy business. investment planned for the year ahead. markets undergoing North America presents an important We will also consult closely with the opportunity for Centrica to build shareholder Government to ensure that an appropriate significant change. value by expanding our business in framework is developed to stimulate competitive markets outside the UK. investment in low carbon generation. Dividend Our integrated model leaves us well placed to manage the pressures from The Board is proposing a final dividend of lower consumption and higher commodity 10.46 pence per share, bringing our full-year prices. Our upstream activities will benefit dividend to 14.3 pence per share. from those higher prices, and we will look Board changes to our services and North American businesses to deliver further growth. Ian Meakins, chief executive of Wolseley Group, was appointed as a Non-Executive Director in October, and in December we announced that Margherita Della Valle would also become a Non-Executive Director. Margherita is group financial Controller for Vodafone Plc and is the third woman on Centrica’s Board. Sir Roger Carr, It is one of our key governance objectives to Chairman have a Board which, in its diversity, reflects 24 February 2011 Annual Review and Summary Financial Statements 2010 1 Adjusted earnings◊ £m FINANCIAL HIGHLIGHTS 2010 2009 Revenue ‡ £22.42bn £21.96bn 7 29 2 1, 12 ‡ ,111 1 1 Adjusted operating profit* £2,390m £1,857m 1, 91 Adjusted earnings ◊ £1,297m £1,111m 7 70 Full-year dividend per share 14.3p 12.8p Adjusted basic earnings per share◊ 25.2 21.7 06 07 08 09 10 Dividend per share STATUTORY RESULTS pence ‡ 0 Operating profit £3,074m £1,175m .3 0 0 14 .8 7 .2 .5 Earnings £1,942m £856m 12 12 11 92 Basic earnings per share 37.6p 16.5p 9. Operating profit‡ includes net exceptional charges of £283m (2009: £568m) * Including share of joint ventures and associates stated before interest and taxation, and before depreciation of fair value uplifts to property, plant and equipment from Strategic Investments and exceptional items and certain re-measurements. Strategic Investments are the acquisition of Venture and the investment in British Energy 06 07 08 09 10 ◊ As above, except joint ventures and associates stated net of interest and taxation ‡ Group revenue ‡ £m From continuing operations 23 63 72 ,4 ,9 22 21 20,8 65 93 ,0 ,8 16 15 Throughout
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