Five-year financial summary
CONSOLIDATED PROFIT AND LOSS ACCOUNTS
| Year ended 31 Dec 2003 £m |
Year ended 31 Dec 2002 £m |
Year ended 31 Dec 2001 £m |
Year ended 31 Dec 2000 IP Proforma £m |
Nine months ended 31 Dec 2000 £m |
Year ended 31 March 2000 £m |
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| Turnover: Group and share of joint ventures’ and associates’ | 1,273 | 1,129 | 1,103 | 1,002 | 2,340 | 4,421 |
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| Less: share of joint ventures’ and associates’ turnover | (421) | (412) | (546) | (606) | (483) | (670) |
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| Group turnover | 852 | 717 | 557 | 396 | 1,857 | 3,751 |
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| Net operating costs – ordinary | (727) | (509) | (392) | (323) | (1,680) | (3,185) |
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| Net operating costs – exceptional | (404) | (103) | (2) | (71) | (227) | (1,358) |
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| Operating (loss)/profit | (279) | 105 | 163 | 2 | (50) | (792) |
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| Share of operating profit of joint ventures and associates – ordinary | 127 | 149 | 161 | 148 | 110 | 140 |
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| Share of operating profit of joint ventures and associates – exceptional | 35 | – | – | – | – | – |
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| Income from investments – ordinary | 33 | 31 | – | – | – | – |
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| Income from investments – exceptional | – | 42 | – | – | – | – |
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| Non-operating exceptional items | 27 | – | 32 | (99) | (105) | 1,296 |
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| Net interest payable and similar charges – ordinary | (111) | (132) | (123) | (104) | (111) | (192) |
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| Net interest payable and similar charges – exceptional | (16) | – | (29) | – | – | – |
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| (Loss)/profit on ordinary activities before taxation | (184) | 195 | 204 | (53) | (156) | 452 |
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| Profit on ordinary activities before taxation and exceptional items | 174 | 256 | 203 | 117 | 176 | 514 |
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| Exceptional items | (358) | (61) | 1 | (170) | (332) | (62) |
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| Taxation | (28) | (76) | (64) | (37) | (21) | (17) |
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| (Loss)/profit after taxation | (212) | 119 | 140 | (90) | (177) | 435 |
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| Minority interests | (7) | (6) | (2) | (6) | (4) | (1) |
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| (Loss)/profit for the financial year | (219) | 113 | 138 | (96) | (181) | 434 |
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| Ordinary dividends | – | – | – | – | – | (175) |
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| Demerger dividend | – | – | – | (392) | (392) | – |
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| Retained (loss)/profit | (219) | 113 | 138 | (488) | (573) | 259 |
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| Basic earnings/(loss) per share: | ||||||
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| Excluding exceptional items | 10.2p | 15.5p | 12.3p | 6.6p | 13.5p | 38.0p |
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| Attributable to exceptional items | (29.9)p | (5.4)p | – | (15.2)p | (29.7)p | (2.3)p |
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| Including exceptional items | (19.7)p | 10.1p | 12.3p | (8.6)p | (16.2)p | 35.7p |
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| Diluted (loss)/earnings per share including exceptional items | (19.7)p | 10.1p | 12.0p | (8.6)p | (16.2)p | 35.6p |
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| The above five-year table sets out the consolidated numbers for International Power plc (formerly National Power PLC) except for the nine months ended 31 December 2000 and year ended 31 March 2000 which are those of National Power PLC. | ||||||
INTERNATIONAL POWER
| Pre-exceptional items | Year ended 31 Dec 2003 £m |
Year ended 31 Dec 2002 £m |
Year ended 31 Dec 2001 £m |
Year ended 31 Dec 2000 IP Proforma £m |
Nine months ended 31 Dec 2000 £m |
Year ended 31 March 2000 £m |
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| Turnover: Group and share of joint ventures and associates | 1,273 | 1,129 | 1,103 | 1,002 | 762 | 1,021 |
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| Less: share of joint ventures’ and associates’ turnover | (421) | (412) | (546) | (682) | (478) | (664) |
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| Group turnover | 852 | 717 | 557 | 320 | 284 | 357 |
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| Share of operating profit of joint ventures and associates | (727) | (509) | (392) | (247) | (225) | (303) |
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| Operating profit | 125 | 208 | 165 | 73 | 59 | 54 |
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| Share of operating profit of joint ventures and associates | 127 | 149 | 161 | 148 | 108 | 137 |
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| Income from investments | 33 | 31 | – | – | – | – |
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| Profit before interest and taxation | 285 | 388 | 326 | 221 | 167 | 191 |
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CONSOLIDATED BALANCE SHEETS
| As at 31 December 2003 £m |
As at 31 December 2002 £m |
As at 31 December 2001 £m |
As at 31 December 2000 £m |
As at 31 March 2000 £m |
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| Fixed assets | 2,587 | 2,981 | 3,152 | 3,028 | 4,320 |
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| Stocks | 65 | 55 | 25 | 21 | 57 |
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| Debtors | 160 | 134 | 158 | 132 | 647 |
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| Investments | 70 | 43 | 47 | – | 1,269 |
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| Cash at bank and in hand | 673 | 799 | 596 | 107 | 855 |
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| Current assets | 968 | 1,031 | 826 | 260 | 2,828 |
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| Creditors: amounts falling due within one year | (846) | (1,405) | (615) | (358) | (1,185) |
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| Net current assets/(liabilities) | 122 | (374) | 211 | (98) | 1,643 |
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| Total assets less current liabilities | 2,709 | 2,607 | 3,363 | 2,930 | 5,963 |
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| Creditors: amounts falling due after more than one year | (909) | (583) | (1,436) | (1,101) | (2,504) |
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| Provisions for liabilities and charges | (238) | (255) | (230) | (243) | (1,032) |
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| Net assets | 1,562 | 1,769 | 1,697 | 1,586 | 2,427 |
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| Net debt | 692 | 812 | 897 | 1,071 | 490 |
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| Gearing | 44% | 46% | 53% | 68% | 20% |
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| Debt capitalisation | 31% | 31% | 35% | 40% | 17% |
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| Capital expenditure (including acquisitions) | 130 | 319 | 467 | 566 | 1,296 |
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