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Helping You Live Sustainably, Simply and Affordably Annual Report and Accounts 2020 Annual Report and Accounts 2020 Helping you live sustainably, simply and affordably Centrica plc Centrica Group Snapshot At Centrica, we put customers and colleagues at the heart of everything we do, to add value for all stakeholders. Through our trusted brands, we deliver innovative energy and services solutions to help solve customers’ needs, supported by around 7,500 engineers and technicians. We are committed to creating a cleaner and greener future. And we are making big changes to help us get there. That means cutting customers emissions and our own to reach net zero. And because our people are the beating heart of our business, we will continue to champion inclusivity, develop future skills and invest in our local communities to create a better world for everyone. Read more about Read more about our Read more about Stakeholder Engagement People & Planet Plan Diversity and Inclusion Pages 22 to 24 Pages 28 to 32 Pages 29, 48, 52 and 62 Strategic Report Financial Statements 1 Group Highlights 89 Independent Auditor’s Report 2 Chairman’s Statement 100 Group Income Statement 4 Group Chief Executive’s Statement 101 Group Statement of 7 Our Values Comprehensive Income 8 Our Strategy 102 Group Statement of Changes in Equity 10 Our Business Model 103 Group Balance Sheet 12 Key Performance Indicators 104 Group Cash Flow Statement 14 Business Review 105 Notes to the Financial Statements 17 Group Chief Financial Officer’s Report 194 Company Financial Statements – Our view on taxation – Company Statement of Changes in Equity 22 Stakeholder Engagement – Company Balance Sheet 25 Section 172 Statement 196 Notes to the Company 28 People and Planet Financial Statements – Non-Financial Information Statement 205 Gas and Liquids Reserves (Unaudited) 34 Our Principal Risks and Uncertainties 206 Five Year Summary (Unaudited) – Assessment of Viability Disclosure 207 Ofgem Consolidated Segmental Statement Governance Other Information 44 Directors’ and Corporate Governance 219 Shareholder Information Report 220 Additional Information 46 Board of Directors – Explanatory Notes (Unaudited) 49 Corporate Governance Statement 222 People and Planet 55 Committee Reports: – Performance Measures – Audit and Risk Committee IBC Glossary – Nominations Committee – Safety, Environment and Sustainability Committee – Remuneration Committee 84 Other Statutory Information 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 Chief Financial Officer’s Report on pages 17 to 21. See also notes 2, 4 and 10 to the Financial Statements on pages 107, 111 to 117 and 128, for further details of these adjusted performance measures. In addition, see pages 220 to 221 for an explanation and reconciliation of other adjusted performance measures used within this document. Group Highlights Group Operational Performance Group Financial Summary (Year ended 31 December 2020) Total recordable injury frequency rate Group revenue(1) Adjusted operating profit from (per 200,000 hours of work)(1) continuing operations 2020 1.03 Strategic Report Strategic 2019 1.06 £20.8bn £447m 2019: £22.7bn ▼8% 2019: £650m ▼31% Internal carbon footprint(1)(3) Group adjusted operating profit(1)(2) Statutory operating loss from (tCO2e) continuing operations 2020 38,368 2019 55,145 £699m £(362)m 2019: £901m ▼22% 2019: £(783)m ▼54% Brand net promoter score (NPS)(1)(4) Group adjusted earnings attributable Statutory profit/(loss) for the year to shareholders(1) attributable to shareholders(1) 2020 +13.8 2019 +15.1 £378m £41m 2019: £419m ▼11% 2019: £(1,023)m Employee engagement(1) Group adjusted basic earnings Statutory basic earnings per share (EPS)(1)(2) per share (EPS)(1) 2020 42% 2019 43% 6.5p 0.7p 2019: 7.3p ▼11% 2019: (17.8)p Total residential customers(5) Group free cash flow(1)(2) Statutory net cashflow from operating activities(1) 2020 9,217k 2019 9,440k £1,061m £1,400m 2019: £966m ▲10% 2019: £1,250m ▲12% Group net debt(1) Net exceptional charge after taxation included in statutory profit/(loss)(1) £2,769m £1,356m 2019: £3,181m ▼13% 2019: £987m ▲37% (1) Includes Direct Energy which is now classified as a discontinued operation. See notes 3 and 12 to the Financial Statements for further information. (2) See notes 2, 4 and 10 to the Financial Statements for definition and reconciliation of these measures. (3) Constitutes a reduction of 58% in 2020 and 39% in 2019 against the 35% reduction target of property, fleet and travel by 2025 (baseline: 2015). (4) Aggregated scores across British Gas Home, British Gas Business, Hive, Bord Gáis Energy, Direct Energy Home and Direct Energy Business, weighted by customer numbers. (5) Total residential customers excludes Direct Energy customers (2020: 2,578k, 2019: 2,782k) to ensure that it remains forward looking, Customers is a driver of long term value. Sustainability Centrica Stories Online Report Find our more about our Read more about our latest Read more about People & Planet Plan at thinking, case studies and our Annual Report centrica.com/sustainability insights on the issues that and Accounts at matter at centrica.com/ar20 centrica.com/stories Explore online: Visit our website to find out more: centrica.com Centrica plc Annual Report and Accounts 2020 1 Strategic Report Chairman’s Statement “ We are clear about the things we need to do to continue the turnaround of our business. We have made good early progress in simplifying our structure, but these are just the first steps in a marathon.” Scott Wheway Chairman Changing Centrica I am proud that our people rose to the challenge. Customer agents It was a great honour and privilege for me when asked by the swapped call centres for their kitchen tables to help our customers, Board to take up the Chairman’s role in April. On accepting this prioritising the vulnerable who needed extra support. Our engineers, responsibility, I had three priorities. Firstly, to ensure we navigated essential workers, played a crucial role in ensuring that our our way through the volatility caused by the impact of COVID-19, customers had heating and hot water, even at times of maximum protecting our employees and customers. This, of course, remains restrictions. Many of our colleagues went the extra mile, shopping critical for us. Secondly, to select and manage the transition to a for vulnerable customers, donating money, and using their skills to new Chief Executive. I am delighted that we secured Chris O’Shea make face masks to give to NHS workers. The crisis also saw the in this role. Thirdly, to face into and turbocharge our actions for launch of our collaboration with The Trussell Trust, to get food to turning around the Centrica business. In a nutshell, we are driving people who needed it most. To date, our engineers have delivered structural simplification to improve our efficiency and, ultimately, the equivalent of four million meals to foodbanks across the UK. deliver growth in our customer-facing businesses. I want to take this opportunity to pay tribute to our colleagues. This has necessitated a year of significant change for Centrica. Like many essential workers, they have been brilliant. Through We have faced and taken ownership of the hard issues that have their dedication, agility and compassion, we have helped caused our business to decline over the past decade. Although it to support customers and communities during these will take time and require further decisive actions, I am confident challenging times. that we can create a sustainable future for colleagues, customers and shareholders. Simplifying the business Beyond the COVID-19 crisis, our business needed to move quickly Our people went the extra mile during COVID-19 to address the fact that our UK energy supply business has been The Board appointed Chris O’Shea as Group Chief Executive in declining for ten years. We have now radically simplified our April. He is the right leader to navigate the Company through the business model. The modernisation of our terms and conditions COVID-19 crisis, ensure the Company’s financial resilience, drive was critical in enabling us to serve customers with the flexibility the recovery as we come out the other end of the pandemic, and they expect in a modern, digital economy. Our workforce has ensure the long-term welfare of colleagues and customers. shown great courage and adaptability in the changes we have needed to make, with over 80% embracing the new ways of COVID-19 is unlike any other global crisis that we have working by year end. I am sad that a small minority has pursued experienced in a generation. For the first time since the Second industrial action, but I am certain that the changes we are making World War, the needs of the communities we serve have rightly are key to our long-term sustainability and the interests of all had to take precedence over the financial performance of our colleagues. businesses, including Centrica. 2 Centrica plc Annual Report and Accounts 2020 The sale of our North American business, Direct Energy, allowed Working with governments and regulators us to realise significant value for our shareholders. As well as The past few years, including the introduction of the UK materially strengthening our balance sheet, the sale will enable energy price cap, have been a very turbulent and challenging us to focus on our core home markets – the UK and Ireland. time for energy suppliers, with most firms unable to make an It remains our intention to exit from our exploration and production economic return. (E&P) business Spirit Energy in a way and with a timing that We believe it is essential to work constructively in partnership with maximises value for our shareholders.
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