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A World Leader in Natural Gas 8 B G G r o u p A n n u a l R e p o r t a n d A c c o u n t s 2 0 0 A world leader in natural gas 8 BG Group plc This Annual Report and Accounts is printed 100 Thames Valley Park Drive on think 4 bright. This paper is produced from Reading, Berkshire RG6 1PT 100% ECF (Elemental Chlorine Free) pulp that www.bg-group.com is fully recyclable. It has FSC (Forest Stewardship Council) certi fication and has been manufactured Registered in England & Wales No. 3690065 within a mill which is registered under the Annual Report and British and international quality standard of Designed and produced by Black Sun Plc. BS EN ISO 9001-2000 and the environmental Accounts 2008 Printed by St Ives Westerham Press. standard of BS EN ISO 14001-1996. Our vision Natural gas is our business. Directions to the AGM We are a rapidly growing company, with expertise throughout the gas chain. The 2009 AGM will be A 4 0 held at the Royal Berkshire 7 4 We are a leading natural gas company 5 4 3 Conference Centre, Madejski 3 Va B Stadium, Reading RG2 0FL at READING stern Road in the global energy market – operating CENTRAL READING 2.00 pm on Monday 18 May STATION TOWN CENTRE 2009. The map shows the Station Hill responsibly and delivering value to B479 location of the conference MUSEUM TOWN HALL d centre and details of how to oa s R our shareholders. ing Oxford Road K reach it are set out below. A329 et Stre ORACLE Kin ter gs R ins SHOPPING oad M CENTRE By Train d We do this by connecting competitively 5 oa 15 R A4 ns ee There will be a free bus service between Qu L Reading Central Station (bus stop SI) o A n 3 priced resources to high-value markets. 3 d A4 2 3 and the Madejski Stadium (journey o 7 A B n 3 time approximately 15 minutes). S 0 t ROYAL 3 r READING e 1 BERKSHIRE e UNIVERSITY Alternatively taxis are available from t HOSPITAL the rank outside the main entrance of Reading Central Station (journey time approximately 10-15 minutes). ROYAL A327 By Car From the M4 Junction 11, take the BERKSHIRE Rose Kiln A33 to Reading and follow the signs CONFERENCE Lane Operational highlights to the Madejski Stadium. Approximate d distance 1.9 miles. CENTRE a o 3 3 R A e From Reading Town Centre, take the k o t s A33 and follow signs to the Madejski g n net Road i Ben s Stadium and M4. Approximate distance a 3.0 miles. B MADEJSKI d Har Roa tland Road Free parking is available at the STADIUM Acre conference centre. ay l W eria The telephone number of the mp d I a o conference centre is 0118 968 1333. R e k o t s A g 3 n 3 i s M4 THE WEST a B & BRISTOL M4 SLOUGH M25 & LONDON M4 Exploration and Production Exploration and Production Lique fied Natural Gas M4 Success in the Santos Basin Acquisition of QGC Continued LNG success J.11 Offshore Brazil, the exploration success In 2008, BG Group acquired Queensland BG Group’s LNG business continued its success 3 Map not to scale 3 and scale of resources discovered have been Gas Company Limited (QGC), a leading coal in 2008, with total operating pro fit increasing A outstanding. BG Group and partners have seam gas player in Australia. This acquisition by 204%. Since 2005, BG Group has supplied now achieved a sequence of five discoveries enhances BG Group’s LNG strategy in a LNG to 18 of the 19 importing countries, with BG Group is a global natural gas BG Group was formed following the in the Santos Basin pre-salt play, with Tupi, stable and attractive investment setting. first-time supplies to Argentina, Brazil, China, business – we find, develop and demergers of British Gas and BG plc. BG Group is not British Gas Iara, Guará, Carioca and Parati. BG Group The Group’s aim is to grow production to Greece, Portugal and Turkey in 2008/09. The BG Group is not British Gas , the UK supplier of currently estimates its net share of reserves 225 000 boed by 2015, for both domestic Group has further developed its Paci fic Basin connect gas to markets. BG Group is Two other companies operate as a result gas, electricity and home services. The British Gas and resources from these discoveries at over and LNG markets, adding around 7.4 mtpa of LNG strategy with the QGC acquisition and one of the UK’s leading businesses of the demergers: Centrica plc and business in the UK is owned and operated by three billion boe. BG Group-operated Paci fic Basin LNG supply. an agreement to supply LNG to Singapore. and a leader in the field of natural National Grid plc. More information on Centrica plc. Any British Gas service or shareholder gas exploration and production. the demerger of British Gas, including enquiries must be directed to Centrica plc, not contact information for Centrica and BG Group. BG Group cannot answer any questions regarding the British Gas business in the UK at National Grid can be found at: the BG Group Annual General Meeting. For more information visit www.bg-group.com/demerger www.bg-group.com/investors BG Group Annual Report and Accounts 2008 BG078_IFC-p01_vAW1.qxp:Layout 1 16/3/09 22:12 Page 1 1 Contents Directors’ Report – Our business 2 BUSINESS REVIEW REPORT DIRECTORS’ Business Review The Companies Act 2006 requires the Board Business Review Our performance for 2008 4 of Directors to produce a Directors’ Report Chairman’s statement 6 and a Business Review. The Disclosure and Transparency Rules require the Board of Chief Executive’s statement 8 Directors to produce a Management Report. Our strategy 11 On pages 2 to 39 we refer to the Business Review which incorporates the Management Principal risks and uncertainties 17 Report. The Directors’ Report sets out the matters required to be addressed by the Operating review 20 Directors by the Companies Act and is set Financial review 28 out on pages 2 to 63. The Board is required to provide certain information, including a The way we work 35 fair review of the business of the Group, a CORPORATE GOVERNANCECORPORATE REPORT DIRECTORS’ F discussion of the main trends and factors Directors’ Report – Board of Directors 40 likely to affect the future performance of the Group and a description of the principal risks Corporate Governance Group Executive Committee 42 and uncertainties it faces. Particular care Governance 44 should be taken when assessing elements of the Business Review that relate to future Other statutory information 50 developments and the principal risks and Remuneration report 54 uncertainties facing the Group. Whilst the Board has made every effort to identify, disclose and explain such matters, it cannot predict all events or circumstances that will actually affect the Group in the future. Where we refer in this report to other reports or material, such as a website address, this has been done to direct the reader to other sources of BG Group information which may Financial Statements Independent Auditors’ report 64 INANCIAL STATEMENTS be of interest to the reader. Such additional materials do not form part of this Report. Principal accounting policies 65 BG Group has interests in 27 countries. Primary statements 68 However, not all operations have been detailed in this Report. In the interest of Notes to the accounts 73 producing a concise Business Review certain Supplementary information 115 operations have been detailed for their particular relevance to the year under review. Five year financial summary 123 Information on each of BG Group’s assets is set out in the Company’s Data Book, which is updated annually and available on the BG Group website, www.bg-group.com Shareholder Information Shareholder information 125 INFORMATION SHAREHOLDER Notice of tenth Annual General Meeting 127 Index 134 Presentation of non-GAAP measures 135 Glossary of terms 136 Performance highlights Revenue and other operating income Total Results Business Performance* £12 759m £12 602m +51% 2007 £8 158m 2007 £8 330m Total operating profit* Total Results Business Performance* £5 488m £5 355m +65% 2007 £3 095m 2007 £3 248m Earnings per share Total Results Business Performance* 93.4p 91.6p +74% 2007 51.6p 2007 52.7p Dividend per share 11.23p +20% 2007 9.36p * Business Performance excludes disposals, certain re-measurements and impairments as exclusion of these items provides readers with a clear and consistent presentation of the underlying operating performance of the Group’s ongoing business. Unless otherwise stated, financial information for the Group and its business segments presented in the Business Review is based on BG Group’s Business Performance. Total operating profit includes BG Group’s share of pre-tax results from joint ventures and associates. See presentation of non-GAAP measures, page 135. See also Segmental analysis and results presentation, note 2, page 75, and Earnings per ordinary share, note 9, page 88, for a reconciliation of the differences between Business Performance and Total Results. BG078_p02-03_vAW1.qxp:13245_BG_ARA 18/3/09 12:34 Page 2 2 Directors’ Report – Business Review Our business Alaska Canada USA Trinidad and Tobago BG Group is engaged in the exploration, development, production, transmission, distribution and supply of natural gas and oil. The Group also has a number of power generation interests. BG Group’s operations are organised on a regional basis and BG Advance supports the Brazil regions in achieving technical excellence and building long-term competitive advantage.
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