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Share Name | Share Symbol | Market | Type |
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Impresa Sgps | EU:IPR | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.1335 | 0.1335 | 0.1375 | 0.1375 | 0.1325 | 0.1325 | 60,011 | 12:33:17 |
RNS Number:9090R International Power PLC 11 November 2003 International Power plc Results for the Nine Months ended 30 September 2003 (London - 11 November 2003) International Power today announces its results for the nine-month period ended 30 September 2003 and reports on key developments to date. Sir Neville Simms, Chairman of International Power said, "Our cash-backed earnings of 7.2p per share for the nine months ended 30 September mean that we remain on track to meet our 2003 earnings per share guidance." Sir Neville added, "In the UK, power prices have shown some improvement and we expect to benefit from this in the future. Our Australian assets and other contracted assets in Europe, the Middle East and Rest of the World continue to perform well and deliver good profitability and cash flow. The pricing environment in the US remains weak and in the absence of significant improvement in our US markets, we expect 2004 to be a difficult year." Financial and Operational Summary - Profit before interest and tax of #209 million (pre exceptional items) - Earnings per share of 7.2p (pre exceptional items, basic) - Operating cash flow of #213 million - Gearing 42%; Debt Capitalisation 29% - US$252 million (#158 million) senior convertible bond issued - US$450 million (#271 million) three-year Corporate Revolver facility secured Financial Summary Quarter ended Nine months ended 30 30 September September 2003 2002 2003 2002 #m #m #m #m Profit on ordinary activities before interest and tax Excluding exceptional items 71 83 209 312 Including exceptional items 78 90 224 298 Earnings per share - Basic (EPS) Excluding exceptional items 2.1p 2.9p 7.2p 12.8p Including exceptional items 2.5p 3.3p 8.4p 11.9p Operating cash flow from ordinary activities 82 96 213 317 In North America, for the nine months ended 30 September, the combination of a lower level of compensation payments from Alstom, which were down to #22 million from #78 million, and very low wholesale prices led to a fall in operating profit to #13 million. Our markets in the US continue to experience very weak spark spreads and low trading liquidity. Going forward, these factors could together put severe pressure on our profitability in Texas and New England. We are therefore actively considering mothballing part of our operational capacity in the US. As Blackstone and Hays near completion of their respective Performance Recovery Period, our US business will be compensated for the long term performance shortfall at these plants. This will be done through the payment of a lump-sum amount (Buy-down), which approximates to the commercial value of the performance shortfall over the remaining life of the asset. During the third quarter we booked Buy-down amounts totalling #66 million that reduce the carrying value of the fixed assets and will be used to repay debt on our US merchant fleet. These amounts have therefore not been recorded as income in the profit and loss account. Our European business generated an operating profit of #50 million for the nine months, underpinned by good performance at our long-term contracted assets in Portugal and Turkey, and from EOP in the Czech Republic. Profitability in the region was impacted by very low wholesale prices in the UK, particularly in the earlier part of the year. Year on year profitability in this region was down, as Rugeley had a tolling agreement with TXU Europe for the whole of the comparative period and Deeside had an off-take contract with Innogy for the first quarter of 2002. In the UK, we remain largely contracted through to the end of March next year. In order to provide additional support for our contracted capacity, in October we returned to service the 250MW mothballed unit at our 500MW CCGT Deeside plant. We expect this unit to remain in service for the winter period, at least through to the end of March 2004. The recent increase in power prices in the UK is reflected to some extent in the forward price curve. As we are largely contracted through the winter of 2003/ 04, this improvement will have a more significant impact on earnings in 2004 than in the rest of 2003. Further to our offer to acquire an interest (in the form of debt and equity) in the Drax power station, we have posted a #100 million letter of credit in support of our offer. The ongoing financial restructuring of Drax continues to make progress and we expect to finalise our level of ownership in the asset on completion of this restructuring, which is expected by the end of December 2003. In the Middle East, operating profit for the nine months ended 30 September was comparable with 2002 performance, although it should be noted that 2002 benefited from the settlement agreement at Hubco. In 2003 we have expanded our asset portfolio in the Middle East with the Al Kamil and Umm Al Nar plants, which increased regional operating profits in the third quarter to #26 million from #14 million last year. Construction of the Shuweihat S1 power and water plant in Abu Dhabi continues on schedule towards commercial operation in the third quarter of 2004. In Australia, underpinned by our strong contractual position, operating profit increased to #78 million during the nine month period. We retain a very strong forward contracted position through 2004 and we are in the process of increasing our contract cover for 2005. In Rest of the World (comprising Malaysia and Thailand) operating profit for the nine months increased to #25 million. This increase in earnings was driven by higher profitability at Malakoff in Malaysia, where new operational capacity was added at the Lumut power plant site late last year. In October, Malakoff completed two acquisitions in Malaysia. It acquired a new 350MW CCGT plant - Prai Power - and 90% equity interest in the development of a 2,100MW coal fired plant - Tanjung Bin. The Tanjung Bin plant is expected to reach financial close in November 2003 and is due to commence commercial operation in a phased manner from 2006. Both acquisitions are backed by long term Power Purchase Agreements with Malaysia's leading utility, TNB. Cash Flow Cash flow - Nine months ended 30 September 2003 2002 #m #m Operating cash flow from subsidiaries 143 224 Dividends - JVs, associates and investments 70 93 ------ ------ Operating cash flow 213 317 Capex - maintenance (40) (40) Interest and tax (76) (85) Exceptional operating items - 6 ------ ------ Free cash flow 97 198 Capex - growth (48) (73) Acquisitions and Greenfield developments - (140) Disposals (Hubco) 21 - Share buyback (6) - Other movements* (43) 82 ------ ------ Net cash flow 21 67 Opening debt (812) (897) ------ ------ Closing debt (791) (830) ====== ====== *mainly FX The Group generated positive operating and free cash flow of #213 million and #97 million respectively, reflecting our continued focus on cash backed earnings. As expected, cash flow performance is down in comparison to last year due to lower operating profits in North America and the UK. Balance sheet Balance Sheet As at 30 As at 30 As at 31 September September December 2003 2002 2002 Fixed assets Intangibles and tangibles 2,481 2,554 2,474 Investments 506 497 507 ------ ------ ------ 2,987 3,051 2,981 Net current liabilities (16) (124) (138) Provisions and creditors > one year (280) (310) (262) Net debt (791) (830) (812) ------ ------ ------ Net assets 1,900 1,787 1,769 ====== ====== ====== Gearing 42% 46% 46% Debt capitalisation 29% 32% 32% Net assets as at 30 September 2003 have increased by #131 million since 31 December 2002. This increase reflects the #93 million of profit generated during the nine month period, together with an exchange gain of #38 million, reflecting the impact of foreign exchange on our net investment in foreign entities and their related borrowings. Our gearing of 42% and debt capitalisation of 29% remain at conservative levels. Capital Structure In August, we issued a new US$252 million (#158 million) convertible bond at an interest rate of 3.75% with a minimum seven year term, to partially refinance the existing US$357m (#228 million) convertible bond. The US$357 million (#228 million) convertible bond had a put date in November 2003, when US$254 million was put, leaving a balance of US$103 million (#62 million) remaining for a further two year period at an effective interest rate of 4.6%. In October, we signed a new three-year unsecured US$450 million (#271 million) Corporate Revolver to replace the previous US$540 million (#325 million) facility, which was due to expire in October 2004. Board change As announced on 21 October, David Crane has resigned from the Board and will be leaving the Company at the end of November 2003. The Board is currently reviewing the structure of the executive team and is considering internal and external candidates for the role of CEO. Outlook We reconfirm our earnings guidance of 9p to 11p per share for 2003. With respect to 2004, our businesses in Europe, the Middle East, Australia and the Rest of the World remain on track and should, in aggregate, generate earnings above 2003 levels. However, without a significant improvement in spark spreads in 2004, the US business is expected to have a lower financial performance than 2003. We are therefore providing earnings per share guidance of between 7p and 9p for 2004. For further information please contact: - Aarti Singhal +44 (0)207-320-8681 About International Power: International Power plc is a leading independent electricity generating company with 10,890MW (net) in operation and 300MW (net) under construction. Among the countries where International Power has facilities in operation or under construction are Australia, the United States, the United Kingdom, the Czech Republic, the UAE, Portugal, Turkey, Malaysia, Pakistan and Thailand. International Power was created from the de-merger of National Power, and its shares began trading independently on the London Stock Exchange and ADRs on the New York Stock Exchange on 2 October 2000. The ticker symbol on both stock exchanges is "IPR". International Power plc Consolidated Profit and Loss Account For the nine months ended 30 September 2003 Nine months ended 30 September Nine months ended 30 September Excluding Exceptional Including Excluding Exceptional Including exceptional items exceptional exceptional items exceptional items items items items 2003 2003 2003 2002 2002 2002 Note #m #m #m #m #m #m Turnover: Group and 2 997 - 997 859 - 859 share of joint ventures and associates Less: Share of turnover of: Joint ventures (98) - (98) (85) - (85) Associates (215) - (215) (228) - (228) ------ ------ ------ ------ ------ ------ Group turnover 684 - 684 546 - 546 Net operating costs 3 (592) - (592) (366) (45) (411) ------ ------ ------ ------ ------ ------ Operating profit 92 - 92 180 (45) 135 Share of operating profit of: Joint ventures 19 - 19 17 - 17 Associates 72 - 72 93 - 93 Income from fixed asset 3 26 - 26 22 31 53 investments ------ ------ ------ ------ ------ ------ Operating profit and 209 - 209 312 (14) 298 investment income Non operating 3 - 15 15 - - - exceptional items ------ ------ ------ ------ ------ ------ Profit on ordinary 2 209 15 224 312 (14) 298 activities before interest and taxation ------ ------ ------ ------ ------ ------ Net interest and similar charges Group (59) - (59) (76) - (76) Joint ventures and (24) - (24) (26) - (26) associates ------ ------ ------ ------ ------ ------ (83) - (83) (102) - (102) ------ ------ ------ ------ ------ ------ Profit on ordinary 126 15 141 210 (14) 196 activities before taxation Taxation (40) (2) (42) (63) 4 (59) ------ ------ ------ ------ ------ ------ Profit on ordinary 86 13 99 147 (10) 137 activities after taxation Minority interests - (6) - (6) (4) - (4) equity ------ ------ ------ ------ ------ ------ Profit for the 80 13 93 143 (10) 133 financial period ====== ====== ====== ====== ====== ====== Earnings per share Basic 7.2p 1.2p 8.4p 12.8p (0.9)p 11.9p ====== ====== ====== ====== ====== ====== Diluted 7.1p 1.2p 8.3p 12.4p (0.8)p 11.6p ====== ====== ====== ====== ====== ====== Consolidated Profit and Loss Account For the year ended 31 December 2002 Year ended 31 December Excluding Exceptional Including exceptional items exceptional items items 2002 2002 2002 Note #m #m #m Turnover: Group and share of joint ventures and 2 1,129 - 1,129 associates Less: Share of turnover of: Joint ventures (122) - (122) Associates (290) - (290) ------ ------ ------ Group turnover 717 - 717 Net operating costs 3 (509) (103) (612) ------ ------ ------ Operating profit 208 (103) 105 Share of operating profit of: Joint ventures 26 - 26 Associates 123 - 123 Income from fixed asset investments 3 31 42 73 ------ ------ ------ Operating profit and investment income 388 (61) 327 Non operating exceptional items 3 - - - ------ ------ ------ Profit on ordinary activities before interest and 2 388 (61) 327 taxation ------ ------ ------ Net interest and similar charges Group (97) - (97) Joint ventures and associates (35) - (35) ------ ------ ------ (132) - (132) ------ ------ ------ Profit on ordinary activities before taxation 256 (61) 195 Taxation (77) 1 (76) ------ ------ ------ Profit on ordinary activities after taxation 179 (60) 119 Minority interests - equity (6) - (6) ------ ------ ------ Profit for the financial year 173 (60) 113 ====== ====== ====== Earnings per share Basic 15.5p (5.4)p 10.1p ====== ====== ====== Diluted 15.5p (5.4)p 10.1p ====== ====== ====== Consolidated Balance Sheet As at 30 September 2003 30 September 30 September 31 December 2003 2002 2002 Note #m #m #m Fixed assets Intangible assets 2 1 1 Tangible assets 2,479 2,553 2,473 Investments 506 497 507 ------ ------ ------ Total fixed assets 2,987 3,051 2,981 ------ ------ ------ Current assets Stocks 61 31 55 Debtors 209 136 134 Investments 63 67 43 Cash at bank and in hand 885 783 799 ------ ------ ------ Total current assets 1,218 1,017 1,031 Creditors: amounts falling due within one year ------ ------ ------ Secured loans without recourse 4 (45) (118) (810) Other current liabilities (552) (330) (595) ------ ------ ------ Creditors: amounts falling due within one year (597) (448) (1,405) ------ ------ ------ Net current assets/ (liabilities) 621 569 (374) ------ ------ ------ Total assets less current liabilities 3,608 3,620 2,607 Creditors: amounts falling due after more than (1,434) (1,570) (583) one year Provisions for liabilities and charges (274) (263) (255) ------ ------ ------ Net assets employed 1,900 1,787 1,769 ====== ====== ====== Capital and reserves Shareholders' funds - equity 1,865 1,760 1,740 Minority interests - equity 35 27 29 ------ ------ ------ Total equity 1,900 1,787 1,769 Net debt (791) (830) (812) ====== ====== ====== Gearing 41.6% 46.4% 45.9% Debt capitalisation 29.4% 31.7% 31.5% The gearing percentage represents net debt as a proportion of net assets employed. The debt capitalisation percentage represents net debt as a percentage of net assets employed plus net debt. Consolidated Cash Flow Statement For the nine months ended 30 September 2003 Nine months Nine months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 Note #m #m #m Net cash inflow from operating activities 5 143 224 276 Dividends received from joint ventures and 44 71 84 associates Dividends received from fixed asset investments 26 22 31 Ordinary ------ ------ ------ Cash flow from ordinary operating activities 213 317 391 Dividends received from fixed asset investments - 31 42 Exceptional ------ ------ ------ Returns on investments and servicing of finance (63) (69) (88) Ordinary Exceptional - (25) (25) ------ ------ ------ (63) (94) (113) Taxation (13) (16) (20) ------ ------ ------ Capital expenditure and financial investment (88) (113) (144) Purchase of tangible fixed assets Other financial investments (6) - (15) ------ ------ ------ (94) (113) (159) Acquisitions and disposals 21 (140) (144) ------ ------ ------ Net cash inflow/ (outflow) before management of 64 (15) (3) liquid resources and financing activities Management of liquid resources (13) (22) - ------ ------ ------ Financing activities Share buy back (6) - - Debt financing 34 224 210 ------ ------ ------ 28 224 210 ------ ------ ------ Increase in cash in period 79 187 207 ====== ====== ====== Consolidated Reconciliation of Net Cash Flow to Movement in Net Debt For the nine months ended 30 September 2003 #m #m #m Increase in cash in period 79 187 207 Cash inflow from increase in debt financing (34) (224) (210) Cash outflow from increase in liquid 13 22 - resources ------ ------ ------ Change in net debt resulting from cash flows 58 (15) (3) Translation differences (31) 84 98 Other non-cash movements (6) (2) (10) ------ ------ ------ Movement in net debt in the period 21 67 85 Net debt at the start of the period (812) (897) (897) ------ ------ ------ Net debt at the end of the period (791) (830) (812) ====== ====== ====== Consolidated Statement of Total Recognised Gains and Losses For the nine months ended 30 September 2003 Nine months Nine months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m Profit for the financial period 93 133 113 Exchange differences on the retranslation of net 38 (43) (42) investments and borrowings Share of recognised loss of associated undertaking - - (1) ------ ------ ------ Total recognised gains and losses for the period 131 90 70 ====== ====== ====== Reconciliation of Movements in Shareholders' Funds - Equity For the nine months ended 30 September 2003 Nine months Nine months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m Profit for the financial period 93 133 113 Other recognised gains and losses relating to the 38 (43) (43) period (net) Share buy back (6) - - ------ ------ ------ Net addition to shareholders' funds 125 90 70 Opening shareholders' funds 1,740 1,670 1,670 ------ ------ ------ Closing shareholders' funds 1,865 1,760 1,740 ====== ====== ====== Notes to the Accounts For the nine months ended 30 September 2003 1. Basis of preparation The accounts for the nine months ended 30 September 2003 have been prepared under the historical cost convention and in accordance with applicable Accounting Standards, using the same accounting policies as those adopted for the year ended 31 December 2002. Minor adjustments have been made to comparative figures to make them consistent with the current period. These statements do not constitute statutory accounts of the group within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 December 2002 have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain statements under Section 237 of the Companies Act 1985. 2. Geographical segmental analysis Nine months Nine months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m Group turnover North America 368 236 315 Europe 318 323 440 Middle East 79 61 63 Australia 169 173 226 Rest of World 63 66 85 ------ ------ ------ 997 859 1,129 Less: Turnover of Joint ventures (98) (85) (122) Less: Turnover of Associates (215) (228) (290) ------ ------ ------ 684 546 717 ====== ====== ====== Profit before interest and taxation (excluding exceptional items) North America 13 88 99 Europe 50 80 100 Middle East 62 63 86 Australia 78 76 101 Rest of World 25 24 31 ------ ------ ------ 228 331 417 Corporate costs (19) (19) (29) ------ ------ 209 312 388 ====== ====== ====== Notes 1. North America profit before interest and taxation includes other income in respect of the late commissioning and performance recovery of new power plants amounting to #22 million (nine months ended 30 September 2002: #78 million; year ended 31 December 2002: #102 million). 2. During the nine months ended 30 September 2003, the Group also recorded #100 million (US$162 million) from contractors in relation to compensation for plants not achieving the long-term performance levels specified in the original contracts. These amounts have been recorded as a reduction in the cost of the plant and therefore not included in income. 3. Exceptional items Nine months Nine months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m Net operating exceptional items charged Deeside impairment - (45) (45) Rugeley impairment - - (58) ------ ------ ------ Net operating exceptional items - (45) (103) ====== ====== ====== Exceptional income from investments Backlog dividend received from Kapco - 31 42 ====== ====== ====== Non-operating exceptional items credited Profit on disposal of a 5% holding in Hubco 8 - - Profit on disposal of other fixed asset investment 7 - - ------ ------ ------ Non-operating exceptional items 15 - - ====== ====== ====== Total exceptional items before attributable taxation 15 (14) (61) Taxation on exceptional items (2) 4 1 ------ ------ ------ Total exceptional items after attributable taxation 13 (10) (60) ====== ====== ====== 4. Secured bank loans without recourse Secured bank loans without recourse are those where the obligation to repay lies solely with the subsidiary and are secured solely on the assets of the subsidiary concerned. At 31 December 2002, we were in discussions with bank groups in relation to non- recourse debt for Rugeley and the US merchant asset portfolio. As these issues were not formally resolved and documented at 31 December 2002, the debt at Rugeley and ANP was reported as current non-recourse debt in our accounts. In May 2003, our US bank group waived all claimed technical defaults on our US non-recourse financing and therefore this debt has now been redesignated to its original maturity. On 29 August 2003, we reached formal agreement with our Rugeley bank group and therefore this debt has now been redesignated to its contractual maturity. 5. Reconciliation of operating profit to net cash inflow from operating activities Nine months Nine months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m Operating profit 92 135 105 Impairment - 45 103 ------ ------ ------ 92 180 208 Depreciation and amortisation 81 77 112 Movement in working capital (27) (33) (47) Movement in provisions (3) - 3 ------ ------ ------ Net cash inflow from operating activities 143 224 276 ====== ====== ====== 6. Annual Report and Accounts Copies of the full Annual Report and Accounts for the year ended 31 December 2002 are available from the company's website www.ipplc.com or by calling or writing to International Power plc, Senator House, 85 Queen Victoria Street, London EC4V 4DP or sending an e-mail to ipinvestor.relations@ipplc.com. Telephone: 020 7320 8600. International Power plc Consolidated Profit and Loss Account For the quarter ended 30 September 2003 Quarter to 30 September Quarter to 30 September Excluding Exceptional Including Excluding Exceptional Including exceptional items exceptional exceptional items exceptional items items items items 2003 2003 2003 2002 2002 2002 Note #m #m #m #m #m #m Turnover: Group and 2 358 - 358 291 - 291 share of joint ventures and associates Less: Share of turnover of: Joint ventures (24) - (24) (22) - (22) Associates (70) - (70) (67) - (67) ------ ------ ------ ------ ------ ------ Group turnover 264 - 264 202 - 202 Net operating costs (223) - (223) (153) - (153) ------ ------ ------ ------ ------ ------ Operating profit 41 - 41 49 - 49 Share of operating profit of: Joint ventures - - - (1) - (1) Associates 22 - 22 30 - 30 Income from fixed 3 8 - 8 5 7 12 asset investments ------ ------ ------ ------ ------ ------ Operating profit 71 - 71 83 7 90 and investment income Non operating 3 - 7 7 - - - exceptional items ------ ------ ------ ------ ------ ------ Profit on ordinary 2 71 7 78 83 7 90 activities before interest and taxation Net interest and similar charges ------ ------ ------ ------ ------ ------ Group (25) - (25) (26) - (26) Joint ventures and (8) - (8) (9) - (9) associates ------ ------ ------ ------ ------ ------ (33) - (33) (35) - (35) ------ ------ ------ ------ ------ ------ Profit on ordinary 38 7 45 48 7 55 activities before taxation Taxation (12) (2) (14) (15) (2) (17) ------ ------ ------ ------ ------ ------ Profit on ordinary 26 5 31 33 5 38 activities after taxation Minority interests (3) - (3) (1) - (1) - equity ------ ------ ------ ------ ------ ------ Profit for the 23 5 28 32 5 37 financial period ====== ====== ====== ====== ====== ====== Earnings per share Basic 2.1p 0.4p 2.5p 2.9p 0.4p 3.3p ====== ====== ====== ====== ====== ====== Diluted 2.1p 0.4p 2.5p 2.8p 0.4p 3.2p ====== ====== ====== ====== ====== ====== Consolidated Balance Sheet As at 30 September 2003 30 September 30 September 2003 2002 #m #m Fixed assets Intangible assets 2 1 Tangible assets 2,479 2,553 Investments 506 497 ------ ------ Total fixed assets 2,987 3,051 ------ ------ Current assets Stocks 61 31 Debtors 209 136 Investments 63 67 Cash at bank and in hand 885 783 ------ ------ Total current assets 1,218 1,017 Creditors: amounts falling due within one year ------ ------ Secured loans without recourse (45) (118) Other liabilities (552) (330) ------ ------ Creditors: amounts falling due within one year (597) (448) ------ ------ Net current assets 621 569 ------ ------ Total assets less current liabilities 3,608 3,620 Creditors: amounts falling due after more than one year (1,434) (1,570) Provisions for liabilities and charges (274) (263) ------ ------ Net assets employed 1,900 1,787 ====== ====== Capital and reserves Shareholders' funds - equity 1,865 1,760 Minority interests - equity 35 27 ------ ------ Total equity 1,900 1,787 ====== ====== ------ ------ Net debt (791) (830) ====== ====== Gearing 41.6% 46.4% Debt capitalisation 29.4% 31.7% The gearing percentage represents net debt as a proportion of net assets employed. The debt capitalisation percentage represents net debt as a percentage of net assets employed plus net debt. Consolidated Cash Flow Statement For the quarter ended 30 September 2003 Quarter to Quarter to 30 September 30 September 2003 2002 #m #m Net cash inflow from operating activities 72 82 Dividends received from joint ventures and associates 2 9 Dividends received from fixed asset investments - ordinary 8 5 ------ ------ Cash flow from ordinary operating activities 82 96 Dividends received from fixed asset investments - - 7 exceptional Returns on investments and servicing of finance (26) (23) Taxation (3) (4) ------ ------ Capital expenditure and financial investment Purchase of tangible fixed assets (12) (24) Other financial investments (3) - ------ ------ (15) (24) Acquisitions and disposals - (7) ------ ------ Net cash inflow before management of liquid resources and 38 45 financing activities Management of liquid resources 1 (1) ------ ------ Financing activities Share buy back - - Debt financing 55 18 ------ ------ 55 18 ------ ------ Increase in cash in period 94 62 ====== ====== Consolidated Reconciliation of Net Cash Flow to Movement in Net Debt For the quarter ended 30 September 2003 #m #m Increase in cash in period 94 62 Cash inflow from increase in debt financing (55) (18) Cash (inflow)/ outflow from (decrease)/ increase in liquid (1) 1 resources ------ ------ Change in net debt resulting from cash flows 38 45 Translation differences 4 46 Other non-cash movements 1 - ------ ------ Movement in net debt in the period 43 91 Net debt at the start of the period (834) (921) ------ ------ Net debt at the end of the period (791) (830) ====== ====== Consolidated Statement of Total Recognised Gains and Losses For the quarter ended 30 September 2003 Quarter to Quarter to 30 September 30 September 2003 2002 #m #m Profit for the financial period 28 37 Exchange differences on the retranslation of net investments 3 (57) and borrowings ------ ------ Total recognised gains and losses for the period 31 (20) ====== ====== Reconciliation of Movements in Shareholders' Funds - Equity For the quarter ended 30 September 2003 Quarter to Quarter to 30 September 30 September 2003 2002 #m #m Profit for the financial period 28 37 Other recognised gains and losses relating to the period (net) 3 (57) ------ ------ Net addition to shareholders' funds 31 (20) Opening shareholders' funds 1,834 1,780 ------ ------ Closing shareholders' funds 1,865 1,760 ====== ====== Notes to the Accounts For the quarter ended 30 September 2003 1. Basis of preparation The accounts for the three months ended 30 September 2003 have been prepared under the historical cost convention and in accordance with applicable Accounting Standards, using the same accounting policies as those adopted for the year ended 31 December 2002. Minor adjustments have been made to comparative figures to make them consistent with the current period. 2. Geographical segmental analysis Quarter to Quarter to 30 September 30 September 2003 2002 #m #m Group turnover North America 144 105 Europe 99 92 Middle East 41 11 Australia 53 62 Rest of World 21 21 ------ ------ 358 291 Less: turnover of joint ventures (24) (22) Less: turnover of associates (70) (67) ------ ------ 264 202 ====== ====== Profit before interest and taxation (excluding exceptional items) North America 12 29 Europe 7 12 Middle East 26 14 Australia 23 27 Rest of World 9 7 ------ ------ 77 89 Corporate costs (6) (6) ------ ------ 71 83 ====== ====== Notes 1. North America profit before interest and taxation includes other income in respect of the late commissioning and performance recovery of new power plants amounting to #8 million (quarter ended 30 September 2002: #17 million). 2. During the quarter ended 30 September 2003, the Group also recorded #66 million (US$110 million) from contractors in relation to compensation for plants not achieving the long-term performance levels specified in the original contracts. These amounts have been recorded as a reduction in the cost of the plant and therefore not included in income. 3. Exceptional items Quarter to Quarter to 30 September 30 September 2003 2002 #m #m Exceptional income from investments Backlog dividend received from Kapco - 7 ====== ====== Non-operating exceptional items credited Profit on disposal of a 5% holding in Hubco - - Profit on disposal of other fixed asset investment 7 - ------ ------ Non-operating exceptional items 7 7 ====== ====== Total exceptional items before attributable taxation 7 7 Taxation on exceptional items (2) (2) ------ ------ Total exceptional items after attributable taxation 5 5 ====== ====== 4. Annual Report and Accounts Copies of the full Annual Report and Accounts for the year ended 31 December 2002 are available from the company's website www.ipplc.com or by calling or writing to International Power plc, Senator House, 85 Queen Victoria Street, London EC4V 4DP or send an e-mail to ir@ipplc.com. Telephone: 020 7320 8600. This information is provided by RNS The company news service from the London Stock Exchange END QRTGUGMCGUPWPGU
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