CONSOLIDATED PROFIT AND LOSS ACCOUNTS

		Year ended		Year ended		Nine months		Year ended		Year ended		Year ended
		31 December		31 December		ended		31 March		31 March		31 March
		2001		2000		31 December		2000		1999		1998
				Proforma		2000
				International
				Power
		£m		£m		£m		£m		£m		£m
Turnover: Group and share of joint ventures and associates		1,103		1,002		2,340		4,421		3,672		3,841
Less: share of joint ventures and associates turnover		(546)		(606)		(483)		(670)		(663)		(487)
Group turnover		557		396		1,857		3,751		3,009		3,354
Net operating costs - ordinary		(392)		(323)		(1,680)		(3,185)		(2,348)		(2,582)
Net operating costs - exceptional		(2)		(71)		(227)		(1,358)		-		11
Operating profit/(loss)		163		2		(50)		(792)		661		783
Share of operating profit of joint ventures and associates		161		148		110		140		81		129
Non-operating exceptional items		32		(99)		(105)		1,296		-		-
Net interest payable and similar charges		(152)		(104)		(111)		(192)		(171)		(173)
Profit/(loss) on ordinary activities before taxation		204		(53)		(156)		452		571		739
Profit on ordinary activities before taxation and exceptional items		203		117		176		514		571		728
Exceptional items		1		(170)		(332)		(62)		-		11
Taxation		(58)		(29)		(21)		(17)		(99)		(404)
Profit/(loss) after taxation		146		(82)		(177)		435		472		335
Minority interests		(2)		(6)		(4)		(1)		1		-
Profit/(loss) for the financial year		144		(88)		(181)		434		473		335
Ordinary dividends		-		-		-		(175)		(354)		(329)
Demerger dividend		-		(392)		(392)		-		-		-
Retained profit/(loss)		144		(480)		(573)		259		119		6
Basic earnings per share:
Excluding exceptional items		12.8p		7.3p		13.5p		38.0p		38.3p		48.5p
Attributable to exceptional items		0.1p		(15.2)p		(29.7)p		(2.3)p		-		(21.0)p
Including exceptional items		12.9p		(7.9)p		(16.2)p		35.7p		38.3p		27.5p
Diluted earnings per share including exceptional items		12.6p		(7.9)p		(16.2)p		35.6p		38.2p		27.4p
Dividends per share		-		-		-		15.0p		28.6p		27.0p

The above five-year table sets out the consolidated numbers for the National Power PLC group (now International Power plc) except forthe proforma year to 31 December 2000 (which is for the continuing operations of International Power). The proforma results include allexceptional items charged in the nine months to 31 December 2000 and one quarter of the exceptional items charged in the year ended31 March 2000.

The table below represents the historical summary of the International Power business:

INTERNATIONAL POWER
Pre exceptional items

		Year ended		Year ended		Nine months		Year ended		Year ended
		31 December		31 December		ended		31 March		31 March
		2001		2000		31 December		2000		1999
				Proforma		2000
		£m		£m		£m		£m		£m
Turnover: Group and share of joint ventures and associates		1,103		1,002		762		1,021		1,034
Less: share of joint ventures and associates turnover		(546)		(682)		(478)		(664)		(657)
Group turnover		557		320		284		357		377
Net operating costs		(392)		(247)		(225)		(303)		(356)
Operating profit		165		73		59		54		21
Share of operating profit of joint ventures and associates		161		148		108		137		76
Profit before interest and taxation		326		221		167		191		97

CONSOLIDATED BALANCE SHEETS

		As at		As at		As at		As at		As at
		31 December		31 December		31 March 2000		31 March 1999		31 March 1998
		2001		2000
		£m		£m		£m		£m		£m
Fixed assets		3,137		3,012		4,320		5,027		4,850
Stocks		25		21		57		147		167
Debtors		158		132		647		637		665
Investments		47		-		1,269		824		788
Cash at bank and in hand		596		107		855		341		281
Current assets		826		260		2,828		1,949		1,901
Creditors: amounts falling due within one year		(615)		(358)		(1,185)		(1,324)		(1,335)
Net current assets/(liabilities)		211		(98)		1,643		625		566
Total assets less current liabilities		3,348		2,914		5,963		5,652		5,416
Creditors: amounts falling due after more than one year		(1,436)		(1,101)		(2,504)		(2,849)		(2,824)
Provisions for liabilities and charges		(60)		(78)		(1,032)		(174)		(173)
Net assets employed		1,852		1,735		2,427		2,629		2,419
Net debt		897		1,071		490		1,858		1,721
Debt/equity ratio		48%		62%		20%		71%		71%
Debt capitalisation		33%		38%		17%		41%		42%
Capital expenditure (including acquisitions)		467		566		1,296		605		499