1. Performance measures
  2. North America - Direct Energy
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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

Direct Energy

North America

  FY 2011 FY 2010 Δ% H2 2011 H2 2010 Δ%
* 2010 figures restated at 2011 weighted average exchange rate
North America            
Gross revenue (£m) 6,117 5,997 2.0 3,021 2,914 3.7
Operating profit (£m)* 312 234 33 138 95 45
Residential energy supply            
Customer numbers (period end) ('000) 3,364 2,855 18 3,364 2,855 18
Gross revenue (£m) 2,416 2,502 (3.4) 1,126 1,133 (0.6)
Operating profit (£m)* 161 177 (9) 56 67 (16)
Operating margin (%) 6.7 7.1 (0.4) ppts 5.0 5.9 (0.9) ppts
2011 year end customer numbers exclude 66,000 customers re-classified as business energy supply customers            
Business energy supply            
Gas sales (mmth) 714 633 13 297 272 9
Electricity sales (GWh) 46,350 39,722 17 24,159 21,442 13
Gross revenue (£m) 2,748 2,682 2.5 1,372 1,363 0.7
Operating profit (£m)* 110 88 25 52 44 18
Operating margin (%) 4.0 3.3 0.7 ppts 3.8 3.2 0.6 ppts
Residential and business services            
Contract relationships (period end) ('000) 2,283 2,300 (0.7) 2,283 2,300 (0.7)
On demand jobs ('000) 703 582 21 658 469 40
Gross revenue (£m) 520 485 7 271 277 (2.2)
Operating profit (£m)* 28 15 87 19 7 171
Operating margin (%) 5.4 3.1 2.3 ppts 7.0 2.5 4.5 ppts
Upstream and wholesale energy            
Gas production volumes (mmth) 567 409 39 287 232 24
Power generated (GWh) 5,247 3,851 36 2,924 1,661 76
Gross revenue (£m) 433 328 32 252 141 79
Operating profit/(loss) (£m)* 13 (46) – 11 (23) –
Estimated net proven and probable reserves of gas (BCF) 603 538 12 nm nm nm
Estimated net proven and probable reserves
of liquids (mmboe) 		8 6 33 nm nm nm

North America with comparator year of 2010 restated to remove effect of foreign exchange movements

  FY 2011 FY 2010 Δ% H2 2011 H2 2010 Δ%
* 2010 figures restated at 2011 weighted average exchange rate
Gross revenue (£m)            
Residential energy supply 2,416 2,488 (2.9) 1,126 1,126 0.0
Business energy supply 2,748 2,591 6 1,372 1,333 2.9
Residential and business services 520 479 9 271 275 (1.5)
Upstream and wholesale energy 433 316 37 252 138 83
North America revenue (£m) 6,117 5,874 4 3,021 2,872 5
Operating profit (£m)*            
Residential energy supply 161 174 (7) 56 65 (14)
Business energy supply 110 83 33 52 43 21
Residential and business services 28 15 87 19 8 138
Upstream and wholesale energy 13 (44) – 11 (23) –
North America operating profit* (£m) 312 228 37 138 93 48
 
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