Preliminary Results for the year ended 31 December 2011

Centrica Preliminary Results for the year ended 31 December 2011

Operating and financial overview

Resilient financial performance in challenging conditions
  • Adjusted earnings up 3% to £1,333 million; 25.8 pence adjusted basic earnings per share
  • British Gas Residential operating profit* down 30% to £522 million
  • Upstream UK operating profit* up 33% to £1,023 million
  • North America operating profit* up 33% to £312 million
  • Adjusted tax charge^ increased from £761 million to £891 million; 40% effective tax rate^
  • £500 million cost reduction programme underway to maintain competitiveness and enable growth
Delivering investment for growth
  • £1.6 billion invested in 2011; already announced a further £1.4 billion of acquisitions for 2012
  • Established long term strategic partnerships with Qatargas and Statoil
  • Commitments to secure gas for the UK now total over £50 billion
  • Upstream UK gas and oil production expected to increase by over 25% in 2012
  • Lincs offshore windfarm on track to produce first power this year
Delivering for customers
  • First of the major energy suppliers to cut prices in 2012
  • Cheapest standard electricity of any major supplier at average consumption
  • Actual household dual fuel bill £37 lower on average in 2011 at £1,024
  • Introduced tariff checker for customers
  • Widest eligibility for Warm Home Discount
Delivering for shareholders
  • Full year dividend up 8% to 15.4 pence per share, reflecting long-term growth through investment