CONSOLIDATED INCOME STATEMENTS
The following tables of the consolidated income statements and the pre-exceptional items for the years ended 31 December 2003, 31 December 2002 and 31 December 2001, and the balance sheets at 31 December 2003, 31 December 2002, 31 December 2001 have been prepared under UK GAAP. They have been re-presented under an IFRS format, in the table below, to aid comparability.
| Year ended 31 December 2005 (IFRS) |
Year ended 31 December 2004 (IFRS) |
Year ended 31 December 2003 (UK GAAP) |
Year ended 31 December 2002 (UK GAAP) |
Year ended 31 December 2001 (UK GAAP) |
|
|---|---|---|---|---|---|
| £m | £m | £m | £m | £m | |
| Revenue: Group and share of joint ventures and associates | 2,936 | 1,267 | 1,273 | 1,129 | 1,103 |
| Less: share of joint ventures’ and associates’ revenue | (1,003) | (499) | (421) | (412) | (546) |
| Group revenue | 1,933 | 768 | 852 | 717 | 557 |
| Cost of sales - pre-exceptional | (1,565) | (637) | (729) | (558) | (383) |
| Cost of sales - exceptional | 52 | - | (404) | (103) | (2) |
| Gross profit/(loss) | 420 | 131 | (281) | 56 | 172 |
| Other operating income - pre-exceptional | 64 | 56 | 66 | 134 | 80 |
| Other operating income - exceptional | 58 | - | - | - | - |
| Other operating expenses - pre-exceptional | (129) | (78) | (64) | (85) | (89) |
| Other operating expenses - exceptional | - | 11 | - | - | - |
| Share of results of joint ventures and associates - pre-exceptional | 198 | 113 | 160 | 180 | 161 |
| Share of results of joint ventures and associates - exceptional | - | - | 35 | 42 | - |
| Profit from operations | 611 | 233 | (84) | 327 | 324 |
| Disposal of investments - exceptional | 10 | 4 | 27 | - | 32 |
| Finance income - pre-exceptional | 53 | 30 | 42 | 24 | 24 |
| Finance expenses - pre-exceptional | (255) | (107) | (153) | (156) | (147) |
| Finance expenses - exceptional | - | (31) | (16) | - | (29) |
| Profit before tax | 419 | 129 | (184) | 195 | 204 |
| Income tax expense - pre-exceptional | (55) | (25) | (54) | (77) | (64) |
| Income tax expense - exceptional | (34) | - | 26 | 1 | - |
| Profit for the year | 330 | 104 | (212) | 119 | 140 |
| Attributable to: | |||||
| Minority interests - pre-exceptional | 45 | 8 | 7 | 6 | 2 |
| Minority interests - exceptional | - | (2) | - | - | - |
| Equity holders of the parent - pre-exceptional | 199 | 112 | 113 | 173 | 137 |
| Equity holders of the parent - exceptional | 86 | (14) | (332) | (60) | 1 |
| Basic earnings/(loss) per share: | |||||
| Excluding exceptional items | 13.5p | 8.6p | 9.1p | 13.8p | 11.0p |
| Including exceptional items | 19.4p | 7.5p | (17.6)p | 9.0p | 11.0p |
| Diluted earnings/(loss) per share including exceptional items | 18.5p | 7.4p | (17.6)p | 9.0p | 10.7p |
The share of results from joint ventures and associates under UK GAAP, in the above table, is shown before interest, taxation and minority interests.
With effect from 1 January 2004, we reverted to equity accounting for our 36% stake in KAPCO and now account for it as an associate. KAPCO had previously been accounted for as a trade investment with dividend receipts recorded in income from investments. To aid comparability the dividends received in 2003 and 2002 have been included in the share of results of joint ventures and associates in the above table.
International Power
| Pre-exceptional items | Year ended 31 December 2005 (IFRS) |
Year ended 31 December 2004 (IFRS) |
Year ended 31 December 2003 (UK GAAP) |
Year ended 31 December 2002 (UK GAAP) |
Year ended 31 December 2001 (UK GAAP) |
|---|---|---|---|---|---|
| £m | £m | £m | £m | £m | |
| Revenue: Group and share of joint ventures and associates | 2,936 | 1,267 | 1,273 | 1,129 | 1,103 |
| Less: share of joint ventures' and associates' revenue | (1,003) | (499) | (421) | (412) | (546) |
| Group revenue | 1,933 | 768 | 852 | 717 | 557 |
| Cost of sales | (1,565) | (637) | (729) | (558) | (383) |
| Gross profit | 368 | 131 | 123 | 159 | 174 |
| Other operating income | 64 | 56 | 66 | 134 | 80 |
| Other operating expenses | (129) | (78) | (64) | (85) | (89) |
| Share of results of joint ventures and associates | 198 | 113 | 160 | 180 | 161 |
| Profit from operations | 501 | 222 | 285 | 388 | 326 |
The comments set out below the preceding table also apply to the results presented above.
CONSOLIDATED BALANCE SHEETS
| As at 31 December 2005 (IFRS) |
As at 31 December 2004 (IFRS) |
As at 31 December 2003 (UK GAAP) (restated) |
As at 31 December 2002 (UK GAAP) (restated) |
As at 31 December 2001 (UK GAAP) |
|
|---|---|---|---|---|---|
| £m | £m | £m | £m | £m | |
| Non-current assets | 6,592 | 5,667 | 2,585 | 2,981 | 3,152 |
| Inventories | 110 | 91 | 65 | 55 | 25 |
| Other current asset receivables and derivatives | 676 | 238 | 160 | 134 | 158 |
| Cash and cash equivalents and assets held for trading | 672 | 612 | 743 | 842 | 643 |
| Current assets | 1,458 | 941 | 968 | 1,031 | 826 |
| Current liabilities | (1,300) | (545) | (846) | (1,405) | (615) |
| Non-current liabilities | (4,375) | (4,005) | (1,147) | (838) | (1,666) |
| Net assets | 2,375 | 2,058 | 1,560 | 1,769 | 1,697 |
| Net debt | 2,979 | 2,745 | 692 | 812 | 897 |
| Gearing | 125% | 133% | 44% | 46% | 53% |
| Debt capitalisation | 56% | 57% | 31% | 31% | 35% |
| Capital expenditure (including acquisitions) | 786 | 1,469 | 130 | 319 | 467 |
