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  • Glossary





    Refers to US dollars unless specified otherwise

     <1 year

    Less than 1 year

     >1 year

    Greater than 1 year


    Proven and probable





    An entity in which the Group has an equity interest and over which it has the ability to exercise significant influence



    Billion cubic feet


    Barrels of oil



    Certified emissions reduction (carbon emissions certificate)


    Carbon emissions reduction target


    Cash generating unit


    Consumer Price Index



    Earnings before interest, tax, depreciation and amortisation


    European Union allowance (carbon emissions certificate)



    Financial Services Authority

     FTSE 100

    Financial Times Stock Exchange 100 share index, an average of share prices in the 100 largest, most actively traded companies on the London Stock Exchange


    Fair value less costs to sell


     g CO2/kWh

    Grammes of carbon dioxide per kilowatt hour


    Group Financial Risk Management Committee


    Gigawatt hour


     IAS 19

    The International Accounting Standard related to Employee Benefits. These financial reporting rules include requirements related to pension accounting

     IAS 39

    The International Accounting Standard related to financial instruments (recognition & measurement)


    International Financial Reporting Standard


     Jointly controlled entity

    A joint venture which involves the establishment of an entity to engage in economic activity, which the Group controls jointly with its fellow venturers


     Level 1

    Fair value is determined using observable inputs that reflect unadjusted quoted market prices for identical assets and liabilities, for example exchange-traded commodity contracts valued using close-of-day settlement prices. The adjusted market price used for financial assets held by the Group is the current bid price

     Level 2

    Fair value is determined using significant inputs that may be either directly observable inputs or unobservable inputs that are corroborated by market data, for example over-the-counter energy contracts within the active period valued using broker-quotes or third-party pricing services and foreign exchange or interest rate derivatives valued using market-based data

     Level 3

    Fair value is determined using significant unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management's best estimate of fair value, for example energy contracts within the inactive period valued using in-house valuation techniques


    Liquefied natural gas



    Million barrels of oil equivalent


    Million therms


    Megawatt hour



    Net book value


    Non-governmental organisation



    Property, plant and equipment


    Petroleum revenue tax



    Renewable obligation certificate


    Retail Price Index



    Comprised of Treasury gilts designated at fair value through profit or loss on initial recognition and available-for-sale financial assets. The fair values of securities are based on quoted market prices, when available. If quoted market prices are not available, fair values are estimated using observable market data


    Supplementary charge associated with UK Corporation Tax

     Spark spread

    The difference between the price of a unit of electricity and the cost of the gas used to generate it



    Value added tax


    Value in use

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Financial Statements

Company Balance Sheet

31 December Notes   2011
Fixed assets      
Tangible assets III   64   38
Investments in subsidiary undertakings IV   2,154   2,132
    2,218   2,170
Current assets      
Debtors V   10,522   10,134
Current asset investments VI   181   266
Cash at bank and in hand   164   93
  10,867   10,493
Creditors (amounts falling due within one year)      
Borrowings VII   (454)   (50)
Other creditors VIII   (5,695)   (5,606)
  (6,149)   (5,656)
Net current assets   4,718   4,837
Total assets less current liabilities   6,936   7,007
Creditors (amounts falling due after more than one year)      
Borrowings VII   (3,361)   (3,622)
Other creditors VIII   (92)   (69)
    (3,453)   (3,691)
Provisions for liabilities IX   (16)   (6)
Net assets   3,467   3,310
Capital and reserves – equity interests      
Share capital X   319   318
Share premium X   874   833
Capital redemption reserve X   16   16
Profit and loss account X   2,258   2,143
Shareholders' funds X   3,467   3,310

The Financial Statements were approved and authorised for issue by the Board of Directors on 23 February 2012 and were signed on its behalf by:

Sam Laidlaw
Chief Executive

Nick Luff
Group Finance Director

The notes form part of these Financial Statements, along with notes 26 and 32 to the Group Financial Statements.