Consolidated profit and loss accounts |
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| Year ended 31 December 2004 £m |
Year ended 31 December 2003 £m |
Year ended 31 December 2002 £m |
Year ended 31 December 2001 £m |
Year ended 31 December 2000 International Power Proforma £m |
Nine months ended 31 December 2000 £m |
|
| Turnover: Group and share of joint ventures’ and associates’ | 1,267 | 1,273 | 1,129 | 1,103 | 1,002 | 2,340 |
| Less: share of joint ventures’ and associates’ turnover | (499) | (421) | (412) | (546) | (606) | (483) |
| Group turnover | 768 | 852 | 717 | 557 | 396 | 1,857 |
| Net operating costs – ordinary | (658) | (727) | (509) | (392) | (323) | (1,680) |
| Net operating costs – exceptional | 11 | (404) | (103) | (2) | (71) | (227) |
| Operating profit/(loss) | 121 | (279) | 105 | 163 | 2 | (50) |
| Share of operating profit of joint ventures and associates – ordinary | 177 | 127 | 149 | 161 | 148 | 110 |
| Share of operating profit of joint ventures and associates – exceptional | – | 35 | – | – | – | – |
| Income from investments – ordinary | – | 33 | 31 | – | – | – |
| Income from investments – exceptional | – | – | 42 | – | – | – |
| Non-operating exceptional items | 4 | 27 | – | 32 | (99) | (105) |
| Net interest payable and similar charges | (123) | (111) | (132) | (123) | (104) | (111) |
| Net interest payable and similar charges – exceptional | (31) | (16) | – | (29) | – | – |
| Profit/(loss) on ordinary activities before taxation | 148 | (184) | 195 | 204 | (53) | (156) |
| Profit on ordinary activities before taxation and exceptional items | 164 | 174 | 256 | 203 | 117 | 176 |
| Exceptional items | (16) | (358) | (61) | 1 | (170) | (332) |
| Taxation | (45) | (28) | (76) | (64) | (37) | (37) |
| Profit/(loss) after taxation | 103 | (212) | 119 | 140 | (90) | (177) |
| Minority interests | (9) | (7) | (6) | (2) | (6) | (4) |
| Profit/(loss) for the financial year | 94 | (219) | 113 | 138 | (96) | (181) |
| Ordinary dividends | (37) | – | – | – | – | – |
| Demerger dividend | – | – | – | – | (392) | (392) |
| Retained profit/(loss) | 57 | (219) | 113 | 138 | (488) | (573) |
| Basic earnings/(loss) per share: | ||||||
| Excluding exceptional items | 8.3p | 9.1p | 13.8p | 11.0p | 5.9p | 12.1p |
| Including exceptional items | 7.2p | (17.6)p | 9.0p | 11.0p | (7.7)p | (14.5)p |
| Diluted earnings/(loss) per share including exceptional items | 7.1p | (17.6)p | 9.0p | 10.7p | (7.7)p | (14.5)p |
| The above five-year table sets out the consolidated numbers for International Power plc (formerly National Power PLC) except for the nine months ended
31 December 2000 which are those of National Power PLC. The earnings/(loss) per share, in the above table, have been adjusted for the Rights Issue during the second half of 2004. See note 12. The table below represents the historical summary of the International Power business: |
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International Power |
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Pre-exceptional items |
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| Year ended 31 December 2004 £m |
Year ended 31 December 2003 £m |
Year ended 31 December 2002 £m |
Year ended 31 December 2001 £m |
Year ended 31 December 2000 International Power Proforma £m |
Nine months ended 31 December 2000 £m |
|
| Turnover: Group and share of joint ventures and associates | 1,267 | 1,273 | 1,129 | 1,103 | 1,002 | 762 |
| Less: share of joint ventures’ and associates’ turnover | (499) | (421) | (412) | (546) | (682) | (478) |
| Group turnover | 768 | 852 | 717 | 557 | 320 | 284 |
| Net operating costs | (658) | (727) | (509) | (392) | (247) | (225) |
| Operating profit | 110 | 125 | 208 | 165 | 73 | 59 |
| Share of operating profit of joint ventures and associates | 177 | 127 | 149 | 161 | 148 | 108 |
| Income from investments | 33 | 31 | – | – | – | |
| Profit before interest and taxation | 287 | 285 | 388 | 326 | 221 | 167 |
Consolidated balance sheets |
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| As at 31 December 2004 £m |
As at 31 December 2003 (restated) £m |
As at 31 December 2002 (restated) £m |
As at 31 December 2001 £m |
As at 31 December 2000 £m |
||
| Fixed assets | 4,907 | 2,585 | 2,981 | 3,152 | 3,028 | |
| Stocks | 87 | 65 | 55 | 25 | 21 | |
| Debtors | 815 | 160 | 134 | 158 | 132 | |
| Investments | 201 | 70 | 43 | 47 | ||
| Cash at bank and in hand | 411 | 673 | 799 | 596 | 107 | |
| Current assets | 1,514 | 968 | 1,031 | 826 | 260 | |
| Creditors: amounts falling due within one year | (571) | (846) | (1,405) | (615) | (358) | |
| Net current assets/(liabilities) | 943 | 122 | (374) | 211 | (98) | |
| Total assets less current liabilities | 5,850 | 2,707 | 2,607 | 3,363 | 2,930 | |
| Creditors: amounts falling due after more than one year | (3,384) | (909) | (583) | (1,436) | (1,101) | |
| Provisions for liabilities and charges | (404) | (238) | (255) | (230) | (243) | |
| Net assets | 2,062 | 1,560 | 1,769 | 1,697 | 1,586 | |
| Net debt | 2,739 | 692 | 812 | 897 | 1,071 | |
| Gearing | 133% | 44% | 46% | 53% | 68% | |
| Debt capitalisation | 57% | 31% | 31% | 35% | 40% | |
| Capital expenditure (including acquisitions) | 1,469 | 130 | 319 | 467 | 566 | |
