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  • Glossary

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    Glossary

    SYM

     $

    Refers to US dollars unless specified otherwise

     <1 year

    Less than 1 year

     >1 year

    Greater than 1 year

     2P

    Proven and probable

    A

     AFS

    Available-for-sale

     Associate

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

    B

     BCF

    Billion cubic feet

     bbl

    Barrels of oil

    C

     CER

    Certified emissions reduction (carbon emissions certificate)

     CERT

    Carbon emissions reduction target

     CGU

    Cash generating unit

     CPI

    Consumer Price Index

    E

     EBITDA

    Earnings before interest, tax, depreciation and amortisation

     EUA

    European Union allowance (carbon emissions certificate)

    F

     FSA

    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

     FVLCS

    Fair value less costs to sell

    G

     g CO2/kWh

    Grammes of carbon dioxide per kilowatt hour

     GFRMC

    Group Financial Risk Management Committee

     GWh

    Gigawatt hour

    I

     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)

     IFRS

    International Financial Reporting Standard

    J

     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

    L

     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

     LNG

    Liquefied natural gas

    M

     mmboe

    Million barrels of oil equivalent

     mmth

    Million therms

     MWh

    Megawatt hour

    N

     NBV

    Net book value

     NGO

    Non-governmental organisation

    P

     PP&E

    Property, plant and equipment

     PRT

    Petroleum revenue tax

    R

     ROC

    Renewable obligation certificate

     RPI

    Retail Price Index

    S

     Securities

    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

     SCT

    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

    V

     VAT

    Value added tax

     VIU

    Value in use

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Performance Measures

British Gas

Downstream UK

  FY 2011 FY 2010 Δ% H2 2011 H2 2010 Δ%
Total customer accounts (period end) ('000) 25,742 25,740 0.0 25,742 25,740 0.0
Total customer households (period end) ('000) 11,997 12,206 (1.7) 11,997 12,206 (1.7)
Joint product households (period end) ('000) 2,207 2,164 2.0 2,207 2,164 2.0
Gross revenue (£m) 12,319 12,730 (3.2) 5,994 5,996 (0.0)
Operating cost (excluding bad debt) (£m) 1,425 1,358 4.9 678 661 2.6
Operating profit (£m)* 1,005 1,216 (17) 487 374 30

Residential energy supply

  FY 2011 FY 2010 Δ% H2 2011 H2 2010 Δ%
Customer accounts (period end)            
Gas ('000) 9,139 9,332 (2.1) 9,139 9,332 (2.1)
Electricity ('000) 6,742 6,646 1.4 6,742 6,646 1.4
Total ('000) 15,881 15,978 (0.6) 15,881 15,978 (0.6)
Estimated market share (%)            
Gas 41.2 42.2 (1.0) ppts 41.2 42.2 (1.0) ppts
Electricity 25.2 25.0 0.2 ppts 25.2 25.0 0.2 ppts
Average consumption            
Gas (therms) 443 564 (21) 181 245 (26)
Electricity (kWh) 3,805 3,982 (4.4) 1,858 1,970 (6)
Total consumption            
Gas (mmth) 4,099 5,291 (23) 1,669 2,294 (27)
Electricity (GWh) 25,602 26,002 (1.5) 12,600 13,016 (3.2)
Gross revenue (£m)            
Gas 5,086 5,570 (9) 2,348 2,460 (4.6)
Electricity 3,027 2,789 9 1,580 1,416 12
Total 8,113 8,359 (2.9) 3,928 3,876 1.3
Transmission and metering costs (£m)            
Gas 1,212 1,231 (1.5) 611 620 (1.5)
Electricity 782 714 10 401 378 6
Total 1,994 1,945 2.5 1,012 998 1.4
Total environmental costs (£m) 429 288 49 260 138 88
Total social costs (£m) 78 42 86 40 25 60
Operating profit (£m)* 522 742 (30) 252 157 61
Operating margin (%) 6.4 8.9 (2.5) ppts 6.4 4.1 2.3 ppts
Total environmental costs include ROCs, CERT and CESP
Total social costs include social and Warm Home discounts and winter rebate

Residential services

  FY 2011 FY 2010 Δ% H2 2011 H2 2010 Δ%
Customer product holdings (period end)            
Central heating service contracts ('000) 4,696 4,684 0.3 4,696 4,684 0.3
Kitchen appliances care (no. of customers) ('000) 476 438 9 476 438 9
Plumbing and drains care ('000) 1,884 1,781 6 1,884 1,781 6
Home electrical care ('000) 1,462 1,480 (1.2) 1,462 1,480 (1.2)
Other contracts ('000) 344 335 2.7 344 335 2.7
Total holdings ('000) 8,862 8,718 1.7 8,862 8,718 1.7
Domestic central heating installations ('000) 105 124 (15) 51 71 (28)
Gross revenue (£m)            
Central heating service contracts 807 774 4.3 411 403 2.0
Central heating installations 295 324 (9) 144 180 (20)
Other 402 366 10 200 190 5
Total 1,504 1,464 2.7 755 773 (2.3)
Engineering staff employed (period end) 9,800 9,954 (1.5) 9,800 9,954 (1.5)
Operating profit (£m)* 264 241 10 153 132 16
Operating margin (%) 17.6 16.5 1.1 ppts 20.3 17.1 3.2 ppts
 

Business energy supply and services

For the year ended 31 December FY 2011 FY 2010 Δ% H2 2011 H2 2010 Δ%

* Including share of joint ventures and associates before interest and taxation, and before depreciation of fair value uplifts to property, plant and equipment from Strategic Investments and exceptional items and certain re-measurements

Customer supply points (period end)            
Gas ('000) 363 389 (7) 363 389 (7)
Electricity ('000) 636 655 (2.9) 636 655 (2.9)
Total ('000) 999 1,044 (4.3) 999 1,044 (4.3)
Average consumption            
Gas (therms) 2,629 3,152 (17) 1,130 1,368 (17)
Electricity (kWh) 25,732 29,326 (12) 12,895 14,415 (11)
Total consumption            
Gas (mmth) 986 1,250 (21) 413 538 (23)
Electricity (GWh) 16,731 19,060 (12) 8,320 9,388 (11)
Gross revenue (£m)            
Gas 931 1,062 (12) 416 459 (9)
Electricity 1,771 1,845 (4.0) 895 888 0.8
Total 2,702 2,907 (7) 1,311 1,347 (2.7)
Transmission and metering costs (£m)            
Gas 188 189 0.5 94 88 7
Electricity 372 382 (2.6) 188 184 2.2
Total 560 571 (1.9) 282 272 3.7
Operating profit (£m)* 219 233 (6) 82 85 (3.5)
Operating margin (%) 8.1 8.0 0.1 ppts 6.3 6.3 0.0 ppts