1. Group segmental analysis

	Year ended 31 December 2003 £m	Year ended 31 December 2002 £m
a) By class of business
Group turnover
Electricity generation	1,273	1,129
Less: turnover of joint ventures	(136)	(122)
Less: turnover of associates	(285)	(290)

	852	717

Profit before interest and taxation
(excluding all exceptional items)
Electricity generation	313	417
Corporate costs	(28)	(29)

	285	388


b) By geographical area
Group turnover
North America	414	315
Europe	474	440
Middle East	33	–
Australia	224	226
Rest of the World	128	148

	1,273	1,129
Less: turnover of joint ventures	(136)	(122)
Less: turnover of associates	(285)	(290)

	852	717

Profit before interest and taxation
(excluding all exceptional items)
North America	2	99
Europe	103	100
Middle East	23	9
Australia	101	101
Rest of the World	84	108

	313	417
Corporate costs	(28)	(29)

	285	388


c) Net assets employed by geographical area
North America	671	1,197
Europe	549	536
Middle East	72	75
Australia	976	787
Rest of the World	315	303
Corporate and development	(56)	(66)

Net operating assets	2,527	2,832
Borrowings	(1,435)	(1,654)
Cash and short-term deposits	743	842
Deferred tax	(205)	(219)
Corporation tax	(86)	(53)
Goodwill – on acquisition of associated undertakings	17	20
Goodwill – on acquisition of subsidiary undertakings	1	1

Net assets per consolidated balance sheet	1,562	1,769


An analysis of exceptional items is given in note 8. The loss before interest and taxation after exceptional items are for: North America loss of £402 million; Europe profit of £110 million and Rest of the World profit of £139 million (2002: Europe loss of £3 million, Rest of the World profit of £150 million). North America loss before interest and taxation includes other income in respect of the late commissioning and performance recovery of new power plants amounting to £27 million (year ended 31 December 2002: £102 million). Sales of electricity generated in each geographic region are made solely to customers in the same geographical area. The comparative figures for turnover and operating costs have been restated to conform with the current basis of presentation. The segmental reporting has been changed in the current period to better represent the way in which the business is now managed.