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Our Vision: First in UK Power

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Our Vision: First in UK Power Operator: kevin Date: 02.06.2008 Server: studio 3 Set-up: Dave First Read/Revisions Our vision: First in UK power British Energy Group plc Annual Report and Accounts plc Annual ReportBritish Energy Group and Accounts 2007/08 British Energy Group plc GSO Business Park East Kilbride G74 5PG United Kingdom Registered in Scotland Number 270184 Annual Report and Accounts 2007/08 MM60056005 BBEE CCover.inddover.indd 1 99/6/08/6/08 007:24:147:24:14 Operator: kevin Date: 02.06.2008 Server: studio 3 Set-up: Dave First Read/Revisions British Energy is the lowest carbon emitter of the major electricity generators in the United Kingdom and the only low carbon baseload generator. BUSINESS SUMMARY Our Power Stations 01 Highlights 1 02 Our Strategy Torness Two advanced gas-cooled reactors 03 Key Performance Indicators 2 Hartlepool 04 Chairman’s Statement Two advanced gas-cooled reactors 3 Eggborough DIRECTORS’ REPORT – BUSINESS REVIEW Four coal-fi red units 06 Chief Executive’s Business Review 4 Sizewell B 14 Financial Review One pressurised water reactor 5 28 Corporate Social Responsibility ' Dungeness B / Two advanced gas-cooled reactors 6 Hinkley Point B DIRECTORS’ REPORT – CORPORATE GOVERNANCE 32 Board of Directors Two advanced gas-cooled reactors 7 1 34 Corporate Governance Heysham ( Two advanced gas-cooled reactors 42 Remuneration Committee Report 8 Heysham 2 49 Other Statutory Information . Two advanced gas-cooled reactors - ) 9 Hunterston B FINANCIAL STATEMENTS Two advanced gas-cooled reactors 51 Independent Auditors’ Report to the Members of British Energy Group plc 52 Consolidated Income Statement 52 Consolidated Statement of Recognised * Income and Expense 53 Consolidated Balance Sheet 54 Consolidated Statement of Cash Flows 55 Notes to the Financial Statements , 96 Parent Company Financial Statements – Independent Auditors’ Report to the + Members of British Energy Group plc 97 Parent Company Financial Statements – Balance Sheet 98 Parent Company Financial Statements – Notes to the Financial Statements 103 Financial Summary CORPORATE INFORMATION 104 Shareholder Information Environmental: 105 Glossary Printed on Mega Matt paper and board. Mega Matt has a content of 50% totally chlorine free pulp from sustainable forests and 50% recycled fi bre. Vegetable based inks were used 108 Index throughout. The printer meets Environment Agency Standards. All waste and recycling processes are managed by contractors who are ISO 14001 registered. MM60056005 BBEE CCover.inddover.indd 2 99/6/08/6/08 007:24:157:24:15 Job: 10795 British Energy R&A 08 FRT AW Proof: 02 Proof Read by: Operator: rich Date: 03.06.2008 Server: studio 3 Set-up: Dave First Read/Revisions BUSINESS SUMMARY British Energy Generation British Energy Trading and Sales Owns and runs our eight nuclear power stations Manages all our energy trading. Our energy and supplies businesses with electricity. reaches the market via several routes. Eggborough Power British Energy Direct Operates our coal-fi red power station. Our client-facing division is responsible for negotiating electricity supply contracts with commercial and industrial customers. Year ended Year ended Nuclear output and financial performance lower 31 March 31 March than last year, primarily reflecting the Boiler 2008 2007 Closure Unit (BCU) issue at Hartlepool Revenue (£m) 2,811 2,999 882 1,221 and Heysham 1 Adjusted EBITDA (£m)* Operating profi t (£m) 507 794 1,221 Adjusted EBITDA reduced from £ m in Adjusted net profi t attributable to FY 2006/07 to £882m shareholders (£m)* 470 770 Basic earnings per share (pence) 35.4 81.5 Continued improvement in underlying operating 29.6 48.2 metrics, with pronounced improvement in small Adjusted earnings per share (pence)* Realised price (£/MWh) 40.7 44.2 losses to 4.1TWh, the lowest recorded level Operating margin (£/MWh) 10.7 17.1 Sizewell B operating to world class standards, Output (TWh) 58.4 58.4 with a record 516 day run between refuelling Restricted cash and other fi nancial assets outages and cash and cash equivalents (£m) 1,314 1,247 Net cash (excluding restricted cash and other Five year plant life extensions to 2016 agreed for fi nancial assets) (£m) 512 528 Hinkley Point B and Hunterston B *Adjusted as described in the Financial Review. Proposed base dividend of 13.6p per ordinary share (FY 2006/07: 13.6p) Strong fundamentals with rising power prices, progress on BCU project and Nuclear New Build British Energy Group plc 01 Annual Report and Accounts 2007/08 MM60056005 BE frontfront.indd.indd 01 10/10/6/086/08 11:11:52:4952:49 Job: 10795 British Energy R&A 08 FRT AW Proof: 02 Proof Read by: Operator: rich Date: 03.06.2008 Server: studio 3 Set-up: Dave First Read/Revisions Our Strategy Is to achieve world class operational and safety excellence through investment in our plant and people and secure a pivotal role in the Nuclear New Build programme in the UK. We aim to: ACHIEVE WORLD With safety at the heart of everything we do, we are focused CLASS OPERATIONAL on producing more electricity, more reliably, by channelling our investment and resources into optimising our plant, and SAFETY AND achieving outstanding human performance. EXCELLENCE IMPROVE OUR We work to improve our fi nancial stability through careful FINANCIAL STABILITY management of the fi xed price trading book and management of our credit facilities. By contracting ahead the sale of electrical output, we achieve greater price certainty, minimising exposure to short-term market prices. PURSUE LIFE We are improving the condition of our stations and, subject EXTENSIONS FOR to economic and technical evaluation, extending their lives, creating value for our shareholders and extending the benefi ts OUR STATIONS of low carbon generation. POSITION FOR We are uniquely positioned to play a pivotal role in nuclear NUCLEAR NEW BUILD new build in the United Kingdom. 02 British Energy Group plc Annual Report and Accounts 2007/08 MM60056005 BE frontfront.indd.indd 02 10/10/6/086/08 11:11:52:4952:49 Job: 10795 British Energy R&A 08 FRT AW Proof: 02 Proof Read by: Operator: rich Date: 03.06.2008 Server: studio 3 Set-up: Dave First Read/Revisions BUSINESS SUMMARY Key Performance Indicators We measure our performance against our strategic priorities and by reference to a number of key performance indicators. JEJ7BEKJFKJ KDFB7DD;:97F78?B?JOBEII<79JEHDK9B;7H H;7B?I;:FH?9; JM^ -($, ,-$* ,.$* +.$* +.$* ') '. ') () (* %CM^ ',$/ (&$* )($& **$( *&$- &)%&* &*%&+ &+%&, &,%&- &-%&. &)%&* &*%&+ &+%&, &,%&- &-%&. &)%&* &*%&+ &+%&, &,%&- &-%&. Output is the amount of electricity produced by our fl eet of UCLF provides a measure of unplanned energy losses. Realised price is a measure of the price we achieve for power stations. Output for the year was 58.4TWh, the same In 2007/08 UCLF increased to 24% compared with 23% output sold. In 2007/08 we achieved a realised price as last year. Output in the year was adversely affected by in 2006/07, mainly refl ecting losses attributable to the of £40.7/MWh, down from £44.2/MWh in 2006/07. the Boiler Closure Unit issue at Hartlepool and Heysham 1 Boiler Closure Unit issue in 2007/08 and boiler issues and the boiler temperature restrictions at Hinkley Point B at Hinkley Point B and Hunterston B in both years. and Hunterston B, offset by a signifi cant improvement in the level of small unplanned losses and higher output from our coal-fi red power station, Eggborough. DK9B;7HH;FEHJ78B;;L;DJI KDFB7DD;:7KJEC7J?9JH?FIDK9B;7H BEIJJ?C;799?:;DJIÅDK9B;7HIJ7<<7D:9EDJH79JEHI De$ -- *- ), (( * De$ (+ '+ '( . De$ *' (( '/ (( '/ &)%&* &*%&+ &+%&, &,%&- &-%&. &)%&* &*%&+ &+%&, &,%&- &-%&. &)%&* &*%&+ &+%&, &,%&- &-%&. Nuclear Reportable Events (NRE) are events reported to the Unplanned Automatic Trips are a source of unplanned Our employees and contractors incurred 19 Lost Time Nuclear Installations Inspectorate in compliance with our losses, where a reactor shuts down through its inbuilt Accidents (LTA), resulting in one or more days off work, nuclear site licences. These reduced from a peak of 77 in safety system. Eight Unplanned Automatic Trips whilst working at our nuclear sites and support functions 2003/04 to four in 2007/08, a best ever record. occurred in 2007/08, sustaining the performance during the year, a reduction from 22 in 2006/07. achieved in 2006/07, down from 25 in 2003/04. ;DL?HEDC;DJ7B;L;DJI De$ (( '. '+ &)%&* &*%&+ &+%&, &,%&- &-%&. Environmental events arise from wastes or discharges above permitted levels or breaches of permitted conditions. We monitor our environmental performance conservatively, and in 2007/08, all of the 15 Environmental Events that we classifi ed as being of greatest signifi cance (our lowest annual total) were categorised by our environmental regulator as being minor or having no environmental impact. * No comparable information British Energy Group plc 03 Annual Report and Accounts 2007/08 MM60056005 BBEE ffront.inddront.indd 0033 110/6/080/6/08 111:52:501:52:50 Job: 10795 British Energy R&A 08 FRT AW Proof: 02 Proof Read by: Operator: rich Date: 03.06.2008 Server: studio 3 Set-up: Dave First Read/Revisions Chairman’s Statement Our objectives are clear: to maximise value in the existing asset base through careful stewardship and investment, while positioning ourselves for a pivotal role in the New Nuclear Build programme. Output from our nuclear power stations of the major electricity generators in the during the year was materially impacted United Kingdom and the only low carbon by boiler temperature restrictions at two baseload generator, the contribution that stations and a further two stations coming British Energy is making towards meeting offl ine to rectify the Boiler Closure Unit this complex challenge has become issue. As a result, total output for the increasingly clear. year masked positive progress in the management of small generation losses The case has now been made for nuclear and safety and environmental performance to play a role within a balanced energy across the fl eet.
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