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Satisfying the Changing Needs of Our Customers Enabling the Transition to a Lower Carbon Future

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Satisfying the Changing Needs of Our Customers Enabling the Transition to a Lower Carbon Future Centrica plc Annual 2019 Review Satisfying the changing needs of our customers Enabling the transition to a lower carbon future Annual Review 2019 Group Snapshot Centrica plc is a leading international energy services and solutions provider focused on satisfying the changing needs of our customers and enabling the transition to a lower carbon future. The world of energy is changing rapidly and Centrica is now equipped to help customers transition to a lower carbon future, with capabilities and technologies to allow them to reduce their emissions. Therefore, we announced in July 2019 our intention to complete the shift towards the customer, by exiting oil and gas production. The Company’s two customer-facing divisions, Centrica Consumer and Centrica Business, are focused on their strengths of energy supply and its optimisation, and on services and solutions, with a continued strong focus on delivering high levels of customer service. Centrica is well placed to deliver for our customers, our shareholders and for society. We aim to be a good corporate citizen and an employer of choice. Technology is increasingly important in the delivery of energy and services to our customers. We are developing innovative products, offers and solutions, underpinned by investment in technology. We are targeting significant cost efficiency savings by 2022 to position Centrica as the lowest cost provider in its markets, consistent with our chosen brand positioning and propositions. Alongside our distinctive positions and capabilities, this will be a key enabler as we target delivering growth in adjusted earnings, cash flow and the dividend over the medium term. Explore online Visit our website to find out more: centrica.com/ar19 @centricaplc Unless otherwise stated, all references to the Company shall mean Centrica plc; references to the Group shall mean Centrica plc and all of its subsidiary entities; and references to operating profit or loss, taxation, cash flow, earnings and earnings per share throughout the Strategic Report are adjusted figures, reconciled to their statutory equivalents in the Group Financial Review on pages 29 to 33. See also notes 2, 4 and 10 to the Financial Statements on pages 122, 125 to 128 and 138 in the Annual Report and Accounts 2019, for further details of these adjusted performance measures. In addition see pages 223 to 224 in the Annual Report and Accounts 2019 for an explanation and reconciliation of other adjusted performance measures used within this document. Everything we do is focused on satisfying the needs of our customers. Strategic Report 2 Centrica at a Glance 4 Chairman’s Statement 6 Group Chief Executive’s statement 12 Our Strategy Centrica Consumer 14 Our Business Model 16 Stakeholder Engagement 18 Key Performance Indicators 20 Divisional Review: Centrica Consumer is focused – Centrica Consumer on three areas, Energy Supply, – Centrica Business In-Home Servicing and – Upstream Home Solutions. 29 Group Financial Review 34 Our Principal Risks and Uncertainties 46 A Pathway to Net Zero 48 Delivering our Responsible Business Ambitions 20 – Non-Financial Reporting Statement Governance 55 Summary Directors’ and Corporate Governance Report Centrica Business 68 Summary Remuneration Report Financial Statements Centrica Business is focused 73 Independent Auditor’s Statement on three areas, Energy Supply, 74 Summary Financial Statements Energy Optimisation and Business Other Information Services & Solutions. 76 Shareholder Information 77 Glossary 24 Upstream Our Upstream division consists of our Exploration & Production (E&P) and Nuclear power generation businesses. 27 Centrica plc Annual Review 2019 1 Strategic Report Centrica at a Glance Our purpose We are an energy services and › ‘21st Century Energy Services and Solutions company’ solutions company, focused › Delivering long-term shareholder value through returns on satisfying the changing and cash flow growth needs of our customers, › Trusted corporate citizen enabling the transition to › Employer of choice a lower carbon future. Group highlights Group Operational Performance Group Financial Summary (Year ended 31 December 2019) Total recordable injury frequency rate Group revenue Return on average capital employed (per 200,000 hours worked) (ROACE)(3) 2019 DATA TO BE UPDATE1.06D £22.7bn 9% 2018 1.02 2018: £23.3bn(2) 3% 2018: 13% 4ppt Internal carbon footprint Adjusted operating profit(3) Statutory operating loss ) (tCOe2e 2019 55,145† £901m £(849)m 4 2018 66,566 2018: £1,392m 35% 2018: £987m profit Centrica Consumer total Adjusted earnings attributable Statutory loss for the year customers (‘000) to shareholders(3) attributable to shareholders 2019 DATA TO BE UPDA12,512TED £419m £(1,023)m 2018 12,518 2018: £631m 34% 2018: £183m profit Centrica Business total Adjusted basic earnings per share (EPS)(3) Statutory basic earnings per share (EPS) customers (‘000) 2019 512 7.3p (17.8)p 2018 503 2018: 11.2p 35% 2018: 3.3p Total customer energy Adjusted operating cash flow(3) Statutory net cash flow consumption (TWh) from operating activities 2019 508 £1,830m £1,250m 2018 496 2018: £2,245m 18% 2018: £1,934m 35% Direct Group headcount(1) Group net debt Net exceptional charge after taxation included in statutory loss 2019 26,932 2018 30,520 £3,181m £987m 2018: £2,656m 20% 2018: £235m 320% (1) Direct Group headcount excludes contractors, agency and outsourced staff. (2) Restated for presentation of energy derivatives. See note 1 to the Financial Statements. Read more about our Key (3) See notes 2, 4 and 10 to the Financial Statements for definition and reconciliation of these measures. Performance Indicators (4) Restated mainly due to organisational changes which included divestments. Pages 18 to 19 † We engaged PricewaterhouseCoopers (PwC) to undertake a limited assurance engagement over 6 metrics highlighted with the symbol ‘†’ throughout the Annual Report and Accounts 2019. See page 225 in the Annual Report and Accounts 2019 or centrica.com/assurance for more details. 2 Centrica plc Annual Review 2019 The Group has redefined its The revised operating segments incorporate similar products and Centrica at a Glance operating segments during the services, as well as the major factors that influence the performance year to reflect the way in which of these products and services, such as regulatory environments within Centrica Consumer, and access to commodity markets and trading the business is now organised. counterparties within Centrica Business, across different geographical Operating segments are now locations in which the Group operates. Further information on the Our purpose defined as Centrica Consumer, operating segments of the Group is shown at note 4 on page 125 in the We are an energy services and › ‘21st Century Energy Services and Solutions company’ Centrica Business and Upstream. Annual Report and Accounts 2019. solutions company, focused › Delivering long-term shareholder value through returns on satisfying the changing and cash flow growth needs of our customers, › Trusted corporate citizen Centrica UK Home Centrica Home Solutions enabling the transition to › Employer of choice Consumer Supplying competitive and reliable energy Providing smart home products and to residential customers in the UK, and end-to-end solutions centred around a lower carbon future. providing innovative services and solutions energy for households in the UK & Ireland, that help to keep their homes warm and including offers around Home Energy working. Management and Electric Vehicle Integration. Group highlights Ireland Supplying competitive and reliable energy (Year ended 31 December 2019) Read more about Group Operational Performance Group Financial Summary and energy services to residential and Centrica Consumer on business customers across Ireland. Pages 20 to 23 Total recordable injury frequency rate Group revenue Return on average capital employed North America Home (per 200,000 hours worked) (ROACE)(3) Supplying competitive and reliable energy and providing home services to customers 2019 DATA TO BE UPDATE1.06D £22.7bn 9% in North America. 2018 1.02 2018: £23.3bn(2) 3% 2018: 13% 4ppt Internal carbon footprint Adjusted operating profit(3) Statutory operating loss ) (tCOe2e 2019 55,145† £901m £(849)m 4 2018 66,566 2018: £1,392m 35% 2018: £987m profit Centrica UK Business Centrica Business Solutions Business Supplying energy and services to a diverse Providing end-to-end design, installation, Centrica Consumer total Adjusted earnings attributable Statutory loss for the year range of business customers in the UK, maintenance and service solutions customers (‘000) to shareholders(3) attributable to shareholders using a variety of products tailored to including optimisation and covering meet their differing needs and help them a wide and expanding range of energy 2019 12,512 more effectively manage their energy technologies helping our customers DATA TO BE UPDATED £419m £(1,023)m consumption and costs. transition to a lower carbon future. 2018 12,518 2018: £631m 34% 2018: £183m profit North America Business Energy Marketing & Trading Supplying competitive and reliable electricity Providing risk management and (3) Centrica Business total Adjusted basic earnings per share (EPS) Statutory basic earnings per share (EPS) and natural gas and energy services to wholesale market access for the Group, customers (‘000) retail and wholesale customers across building on strong cross-commodity North America. trading capabilities and a global 2019 512 7.3p (17.8)p presence in LNG. 2018 503 2018: 11.2p 35% 2018: 3.3p Read more about Centrica Business on Total customer energy Adjusted operating cash flow(3) Statutory net cash flow Pages 24 to 26 consumption (TWh) from operating activities 2019 508 £1,830m £1,250m 2018 496 2018: £2,245m 18% 2018: £1,934m 35% Spirit Energy Centrica Storage (1) Upstream Direct Group headcount Group net debt Net exceptional charge after taxation Producing around 50 million BOE (barrels of Operating the Rough gas field in the UK included in statutory loss oil equivalent) a year, focused on the North North Sea, which has been converted 2019 26,932 Sea (the UK, the Netherlands, Norway and from a storage asset to a producing asset Denmark).
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