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Scottishpower Annual Report & Accounts/Form 20-F 2000/01

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Scottishpower Annual Report & Accounts/Form 20-F 2000/01 L , ScottishPower ScottishPower Annual Report & Accounts/Form 20-F 2000/01 Contents Report of the Directors Annual Accounts 1 Financial Highlights Investor Information 68 Accounting Policies and Definitions 2 Chairman's Statement 120 Historical Share Prices 73 Group Profit and Loss Account 3 Chief Executive's Review 121 Exchange Rates 75 Notes to the Group Profit and 121 Dividends 6 Business Review Loss Account 37 123 Taxation of Dividends Summary of Key Operating Statistics 80 Group Cash Flow Statement 43 Financial Review 126 Financial Calendar 81 Notes to the Group Cash Flow 127 Shareholder 56 Board of Directors Statement Services 58 Corporate Governance 84 Group Balance Sheet 128 Index 60 Remuneration Report 85 Notes to the Group Balance Sheet 129 Glossary of Terms of the Directors 114 Company Balance Sheet 115 Notes to the Company Balance Sheet 116 Principal Subsidiary Undertakings and Other Investments 117 Independent Auditors' Report 118 Five Year Summary 119 Glossary of Financial Terms and US Equivalents Cross Reference to Form 20-F Item 1 Item 7 Identity of Directors, Senior Item 11 Major Shareholders and Related Party Management and Advisers n/a Quantitative and Qualitative Disclosures Transactions about Market Risk 64 Remuneration Report 51 Treasury of the Directors Item 2 52 Quantitative and Qualitative 106 Related Party Transactions Offer Statistics and Expected Timetable Disclosures about Market Risk n/a 120 Nature of Trading Market 121 Substantial Shareholdings Item 12 121 Control of Company Description of Securities Other Item 3 than Equity Securities n/a Key Information Item 8 118 Five Year Summary Financial Item 13 121 Exchange Rates Information Defaults, 121 Dividends 36 Litigation Dividend Arrearages and 54 Accounting Developments Delinquencies n/a 54 UK GAAP to US GAAP Reconciliation Item 4 58 Accounts Item 14 Information on the Company 121 Dividends Material Modifications to the Rights of 6 Business Review Security Holders and Use of Proceeds 75 Notes to the Group Profit and 120 Investor Information Loss Account tem 9 127 Agent for US 'he Offer and Listing Federal Securities Laws Item 15 (Reserved) n/a L20 Nature of Trading Market Item 5 Item 16 (Reserved) n/a Operating and Financial Review and tem 10 Prospects kdditional Information Item 17 18 Group Research and Development Business Review- Description of Financial Statements n/a 43 Financial Review Business -Wholesale Sales and Purchased Power Item 18 1 Business Review - Description of Financial Statements Item 6 Legislative and Regulatory 36 Litigation Directors, Senior Management and Background - Regional Transmission 54 Accounting Developments Employees Organisation ("RTO") 54 UK GAAP to US GAAP 15 Group 17 Independent Auditors' Report Reconciliation Employees 68 Accounts 56 Board of Directors 21 Dividends 58 Corporate Governance 1 22 Memorandum and Articles of Association Item 19 60 Remuneration Report of the Directors 122 Exchange Controls and Other Exhibits n/a Limitations 76 Employee Information Affecting Security Holders 23 Taxation of Dividends 1 -6 Financial Calendar U] Financial Highlights Operating Earnings per Total shareholder profit £rm share* .ence return pence Capital - C n 0 0 So o nlt :pLuatnd S- ,~ 97 9 0 I t h 1es &c w o•]Apil [' { Co Sto to I ~l~ In 97 98 99 00 01 97 S8 97 98 99 00 01 99 O00l 97 98 99 00 01 2001 2000 Turnover £6,349m £4,115m Operating profit* £970m £961m Profit before tax* £628m £736m Earnings per share* 27.9p 3 8 .0 p Dividends per share 26.Op 24.8p * before exceptional items and goodwill amortisation 021 ScottishPower An 1 , Reno & , ni,0 F 200, 0 1I Chairman's Statement Charles Miller Smith Chairman The true test of a business is not just its first with Manweb and more recently between food and fuel costs, enabling ability to prosper when conditions are at PacifiCorp. people to improve their prospects favourable but its resilience in adversity. through education and training, or The ScottishPower group during 2000-01 Substantial growth requires that maintaining exemplary work safety has amply demonstrated its will and ScottishPower exploits opportunities of regimes. The group's track record speaks capacity to succeed. We continued to scale to the full, but such opportunities for itself and our commitment to these implement the PacifiCorp Transition Plan, do not wholly exist in the UK, where the practices and goals remains as strong enhancing efficiency and reducing service sector is expanding much faster as ever. operating costs ahead of expectations, than manufacturing. In contrast, industrial even as the US market was rocked by activity in the northwestern US is I am confident that ScottishPower has extraordinary price volatility resulting booming, despite the current slowdown in the right direction, structure and depth from the energy crisis in California. the American economy, with strong of management expertise to lead to Meanwhile, our UK businesses have inward investment and high levels of improved returns for shareholders. done well to contain the impact of the business start-ups. These in turn bring latest round of regulation. new residential customers. But we forecast that this would be a Through the dedication and commitment demanding year and we were right. of Sir Ian Robinson, the group has Indeed, it proved even more challenging established the sound foundations than predicted. The UK regulatory review that will allow us to create a successful Charles Miller Smith was followed in short order by an position in the international energy Chairman unprecedented surge in US energy prices market. Following his retirement, 3 May 2001 which made the timing of the outage of I welcome Ian Russell to the post of our Hunter generation unit particularly Chief Executive. Shareholders can be unfortunate. The combination of two sure that Ian's close involvement in the Sir Ian Robinson major blows has inevitably affected group's progress, first as Finance Director profits and earnings. Under such and latterly as Deputy Chief Executive, Sir Ian Robinson, who stepped circumstances, financial performance was has given him the experience and down as Chief Executive in April, creditable with the results from the UK confidence to be an excellent leader for led the team that transformed businesses generally satisfactory. In line ScottishPower. He will bring knowledge, Scottish Power from a regional with the aim stated last year, the annual fresh ideas and a will to succeed. electricity company to among the dividend has been increased by 5%. world's top utilities. As the group sets out on the next stage After taking stock of the opportunities of its development, I want to reiterate our Sir Ian has made an outstanding available and the group's strengths, commitment to the highest standards of contribution to the company, to the Board has concluded that a strategy safety, health and environmental conduct, Scotland and focused on the integrated international and to the well-being of the communities to the engineering energy business offers the greatest which we serve. Part of management's profession. On behalf of shareholders, potential to achieve significant growth and responsibility is to ensure that the I thank him for his achievements. maximise shareholder value. group's prosperity is sufficient to We wish him every success in his The group has proven its expertise and discharge its social obligations properly, future endeavours. innovation skills in acquiring, integrating whether assisting lower-income and operating large energy businesses, households to find a practical balance 2 ScottishPower Annual Report & Accounts/Form 20-F 2C00/01 Chief Executive's Review Ian Russell Chief Executive During the six years of Sir Ian Robinson's transform new businesses. Delivering the three generation units at the Hunter leadership, the ScottishPower group has growth in value and earnings to plant in Utah on 24 November 2000. achieved much. However, the last 12 shareholders is a central objective in Suddenly, instead of using the spot months were tough for two reasons in all that we do. markets to balance its load and run its particular: the failure of a generation unit mixed generating portfolio at the most at our Hunter power plant in Utah at a US Division advantageous rates, PacifiCorp was time of crisis in the western US power purchasing power to meet contractual market, and new pricing regulations in When PacifiCorp joined the group, obligations. We are seeking to recover the UK. we told shareholders that our previous the extraordinary costs through state experience of transforming businesses regulatory procedures but this is a To meet these challenges, we are in the UK would serve us well. So it is complex process that involves multiple implementing a number of strategic proving. PacifiCorp is the largest submissions to individual states' decisions. We intend to focus squarely electricity generating business in the 14 commissions. In total, rate cases on energy markets, and will recycle western United States, outside California. requesting $292 million have been filed our capital into profitable, growing We serve approximately 1.5 million and $93 million has been awarded to activities. We will build on the value customers, mainly in Utah, Oregon, date. Meanwhile, tremendous effort went chain connecting fuel, generation, Wyoming, Washington and Idaho, with a into restoring Hunter to normal commercial and trading, and energy small number in northern California. operations as quickly as possible and the supply businesses in the US and the UK. unit was back on-line early in May 2001. We will also continue to make selective For most of the last decade, the western acquisitions that create value and growth US has been the fastest growing region We have instigated a number of through these activities and where we of the country. The growth that initially programmes to ease the short-term can deploy our skills at transforming centred on California's Silicon Valley difficulties, some with outstanding wires businesses.
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