1. Group segmental analysis

	Year ended 31 December 2004			Year ended 31 December 2003
	Subsidiaries £m	Share of joint ventures and associates £m	Total £m	Subsidiaries £m	Share of joint ventures and associates £m	Total £m
a) By class of business
Group turnover
Electricity generation	768	499	1,267	852	421	1,273
Profit/(loss) before interest and taxation (excluding exceptional items)
Electricity generation	143	177	320	153	160	313
Corporate costs	(33)	–	(33)	(28)	–	(28)
	110	177	287	125	160	285
b) By geographical area
Group turnover
North America	188	72	260	344	70	414
Europe	308	212	520	239	235	474
Middle East	24	30	54	21	12	33
Australia	223	8	231	224	–	224
Asia	25	177	202	24	104	128
	768	499	1,267	852	421	1,273
Profit/(loss) before interest and taxation (excluding all exceptional items)
North America	(29)	16	(13)	(13)	15	2
Europe	52	61	113	38	65	103
Middle East	13	16	29	18	5	23
Australia	98	6	104	101	–	101
Asia	9	78	87	9	75	84
	143	177	320	153	160	313
Corporate costs	(33)	–	(33)	(28)	–	(28)
	110	177	287	125	160	285

An analysis of exceptional items is given in note 8.

On 17 December 2004, International Power completed the acquisition of the international generation portfolio of Edison Mission Energy (see note 26). During the period since acquisition turnover of £22 million and operating profits of £9 million are included within the consolidated profit and loss account.

On 4 November 2004, International Power completed the acquisition of Turbogás (see note 26). During the period since acquisition turnover of £35 million and operating profit of £7 million are included within the consolidated profit and loss account.

The profit before interest and taxation after exceptional items are for Europe profit of £124 million and Asia profit of £91 million (2003: North America loss of £402 million; Europe profit of £110 million and Asia profit of £139 million).

North America loss before interest and taxation for subsidiaries includes other income in respect of the late commissioning and performance recovery of new power plants amounting to £3 million (year ended 31 December 2003: £27 million).

Sales of electricity generated in each geographic region are made solely to customers in the same geographical area.

With effect from 1 January 2004, we have reverted to equity accounting for our 36% stake in KAPCO and now account for it as an associated undertaking. KAPCO had previously been accounted for as a trade investment with dividend receipts recorded in income from investments. To aid comparability the dividends received in 2003 have been included in the share of joint ventures and associates column for the 2003 comparatives in the above table.

	Year ended 31 December 2004			Year ended 31 December 2003 (restated)
	Subsidiaries £ m	Share of joint ventures and associates £m	Total £m	Subsidiaries £ m	Share of joint ventures and associates £m	Total £m
c) Net assets employed by geographical area
North America	566	182	748	638	33	671
Europe	1,675	323	1,998	326	223	549
Middle East	144	45	189	69	3	72
Australia	1,704	33	1,737	968	8	976
Asia	60	582	642	53	262	315
Corporate and development	(93)	–	(93)	(58)	–	(58)
Net operating assets	4,056	1,165	5,221	1,996	529	2,525
Borrowings	(3,351)		(3,351)	(1,435)		(1,435)
Cash and short-term deposits	612		612	743		743
Deferred tax	(354)		(354)	(205)		(205)
Corporation tax	(83)		(83)	(86)		(86)
Goodwill on acquisition	17		17	18		18
Net assets per consolidated balance sheet	897		2,062	1,031		1,560

To aid comparability the investment in KAPCO in 2003 has been included in the share of joint ventures and associates column for the 2003 comparatives in the above table.

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