Company News

Preliminary results for the year ended 31 December 2015


  • Resilient financial performance in a challenging environment.  Adjusted earnings per share of 17.2p, down 4%.
  • Adjusted operating cash flow up 2% to £2,253 million.
  • 9% reduction in net debt to £4,747 million.
  • Post-tax exceptional items of £1,846 million primarily as a result of falling commodity prices.
  • Group robust in a low commodity price environment (flat real $35/bbl Brent oil, 35p/th UK NBP gas, £35/MWh UK power prices) with sources and uses of cash flow more than balanced over 2016-2018.
  • Confident in delivery of at least 3-5% per annum adjusted operating cash flow growth from a 2015 baseline adjusted for the low commodity price environment*.  2016 adjusted operating cash flow expected to exceed £2 billion.
  • Proposed 2015 final dividend of 8.43p, resulting in a full year dividend of 12.0p and dividend cover of 1.4 times. Delivery of progressive future dividend tied to confidence in underlying operating cash flow.
  • Strategy implementation on track with growth focus on customer-facing activities; adjusted operating profit from energy and services businesses up 19% in 2015.  E&P free cash flow positive in 2015.
  • £750 million per annum by 2020 cost efficiency programme underpinned in our plans; £200 million of savings expected in 2016.

Group financial summary

Year ended 31 December








Adjusted operating profit




Adjusted effective tax rate




Adjusted earnings




Adjusted basic earnings per share (EPS)




Full year dividend per share




Adjusted operating cash flow




Return on average capital employed




Group operating costs




Group net investment




Group net debt





Statutory operating (loss)




Statutory (loss) for the year attributable to shareholders




Net exceptional items after tax included in statutory (loss)




Basic earnings per share




Adjusted operating profit, adjusted effective tax rate, adjusted earnings and adjusted basic earnings per share include fair value depreciation related to our investments in Venture and Nuclear.  2014 comparators have been restated accordingly. Unless otherwise stated, all references to operating profit or loss, taxation, cash flow, earnings and earnings per share throughout the announcement are adjusted figures, reconciled to their statutory equivalents in the Group Financial Review on pages 7 to 10.


“Centrica has delivered a resilient financial performance, with solid 2015 adjusted earnings despite the challenge of falling wholesale oil and gas prices.  Operating cash flow has been strong, and with capital discipline this has allowed the Group to reduce net debt.  In 2016 we expect operating cash flow also to be over £2 billion.

We have a clear strategy for delivering growth and returns built around the customer and I am encouraged by the progress we have made.  We remain confident that our plans and underlying performance momentum will allow us to more than balance cash flows and deliver at least 3-5% per annum underlying operating cash flow growth to 2020, even in the current environment, so underpinning a progressive dividend policy.”

* The low commodity price environment assumes flat real prices of $35/bbl Brent oil, 35p/th UK NBP gas and £35/MWh UK power.

Download the full announcement

Preliminary Results, find out more 


Investors and Analysts: Martyn Espley - tel: +44 (0)1753 494900 - email:

Media: Sophie Fitton - tel: +44 (0)1753 494105 - email:

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