Centrica (CNA)

[idpickering]

Centrica plc Preliminary Results for the year ended 31 December 2022.

Chris O'Shea, Group Chief Executive

"Our performance in 2022 demonstrates the benefits of our balanced portfolio and our strong balance sheet. The energy crisis and cost of living pressures have created a challenging environment for customers and communities, but we have been able to provide much needed stability and support. We invested £75m in supporting our energy customers in 2022, which was greater than the £8 post-tax profit per customer earned by British Gas Energy. Whilst customers may see some relief given recent easing of prices, it remains clear that some will continue to need help and we will do what we can to support them in the year ahead."

Helping customers and communities through the energy crisis

• Invested over £200m in customer service, support and pricing across the Company.

• Supported and helped 650,000 customers manage their energy bills since the start of the energy crisis.

• Paid ~£1bn in tax relating to 2022 profits.

• Materially helped UK energy security of supply with the reopening of Rough, and a new gas supply agreement with Equinor sufficient to heat 4.5m homes.

Strong operational and financial performance from a balanced portfolio

• Adjusted basic EPS of 34.9p (2021: 4.1p); 34.2p excluding Spirit Energy disposed assets.

- Strong gas production and electricity generation against a backdrop of higher commodity prices.

- Strong management of increased commodity volatility in Energy Marketing & Trading (EM&T).

- Lower retail adjusted operating profit including a small loss in British Gas Services & Solutions, reflecting weak commercial performance and investment in customer service, support and pricing.

• Statutory basic EPS loss of 13.3p (2021: profit of 20.7p) including a £2.4bn loss on certain
re-measurements after taxation, largely reflecting the revaluation of UK energy supply hedging positions due to wholesale gas and power price falls towards the end of 2022.

• Group free cash flow from continuing operations of £2.5bn (2021: £1.2bn), including some big swings in working capital with £1.1bn inflow in British Gas Energy reflecting the short-term acceleration of cash flows from government support schemes and a £1.6bn build in EM&T and Centrica Storage.

• Statutory net cash flow from operating activities of £1.3bn (2021: £1.6bn) includes £1.2bn of margin cash and collateral outflow to support hedging and trading activity.

• Closing adjusted net cash of £1.2bn at the end of 2022 compared to £0.7bn at the end of 2021.

And later;

The Directors propose a final dividend of 2.00 pence per share (totalling £118 million) for the year ended 31 December 2022.

The Company has sufficient distributable reserves to pay dividends to its ultimate shareholders. Distributable reserves are calculated on an individual legal entity basis and the ultimate parent company, Centrica plc, currently has adequate levels of realised profits within its retained earnings to support dividend payments. At 31 December 2022, Centrica plc's company-only distributable reserves were c.£2.9 billion (2021: c.£2.5 billion). On an annual basis, the distributable reserve levels of the Group's subsidiary undertakings are reviewed and dividends paid up to Centrica plc as appropriate to replenish its reserves.

https://www.investegate.co.uk/centrica- ... 00050928Q/

PS, I tried unsuccessfully to find the ex dividend/payment dates for this dividend in the item. Maybe I missed it?

Ian (No holding).

[kempiejon]

18. Events after the balance sheet date

The Group updates disclosures in light of new information being received, or a significant event occurring, in the period
between 31 December 2022 and the date of this report.
The Directors propose a final dividend of 2.00 pence per ordinary share (totalling £118 million) for the year ended 31 December 2022. The dividend will be submitted for formal approval at the Annual General Meeting to be held on 13 June 2023 and, subject to approval will be paid on 20 July 2023 to those shareholders on the register at 9 June 2023.

[IanTHughes]

PS, I tried unsuccessfully to find the ex dividend/payment dates for this dividend in the item. Maybe I missed it?

How about .....

Financial calendar

Ex-dividend date for 2022 final dividend - Thursday 8 June 2023
Record date for 2022 final dividend - Friday 9 June 2023
Annual General Meeting (AGM) - Tuesday 13 June 2023
Payment of 2022 final dividend - Thursday 20 July 2023

Enjoy!


Ian

[idpickering]

PS, I tried unsuccessfully to find the ex dividend/payment dates for this dividend in the item. Maybe I missed it?

How about .....

Financial calendar

Ex-dividend date for 2022 final dividend - Thursday 8 June 2023
Record date for 2022 final dividend - Friday 9 June 2023
Annual General Meeting (AGM) - Tuesday 13 June 2023
Payment of 2022 final dividend - Thursday 20 July 2023

Enjoy!


Ian

Fair enough. I had other things to do too at the time.

Ian.

[Bouleversee]

Anyone else getting cheesed off hearing discussions about phenomenal profits made and huge dividends paid to shareholders of Centrica and talk of hiking windfall taxes etc?

I have had 2 holdings in CNA for quite a number of years and am still making huge % losses on them and the dividends have not been marvellous, for 2 recent years none at all. We don't all have cushy, index-linked work pensions and most pension funds will in any case have money in CNA and the like so it will be their shareholders who suffer as well. We take huge risks investing in equities and have to tighten our belts when companies go through bad times so it is not unreasonable to expect a decent return when there is sufficient dosh in the kitty, is it?

[88V8]

Anyone else getting cheesed off hearing discussions about phenomenal profits made and huge dividends paid to shareholders of Centrica and talk of hiking windfall taxes etc?

I have had 2 holdings in CNA for quite a number of years and am still making huge % losses on them ...

It's the usual Socialist guff that the media love to spout, secure in the knowledge that most of their listeners do not own shares.
Mind you, to be fair, Johnny Diamond did point out to some nationalising ranter this lunchtime that they only make a tenner profit per customer....

Was a time one could rely on the Tories to ignore suchlike drivel.... To me, an example of why utilities are no longer a safe bet.

I bought a full holding back when they were a 'good idea'. If the SP trebled I would be out of loss.

V8

[idpickering]

Centrica announces plans to extend the lives of two nuclear power stations.

Centrica plc has announced plans to extend the lives of the Heysham 1 and Hartlepool nuclear power stations, which are now expected to close in March 2026, two years later than previously forecast. These extensions are expected to add 6TWh to Centrica's electricity generation volumes between 2024 and 2026 which equates to around 70% of Centrica's total nuclear volumes in 2022.

Chris O'Shea, Centrica Group Chief Executive said:

"I'm delighted we've been able to work with EDF to strengthen the UK's energy security by extending the life of these critical power stations. This continues our action to bolster security of supply in our core markets which includes reopening the Rough gas storage facility in the UK, sanctioning new gas-fired electricity generation capacity in Ireland, and securing increased volumes of gas and renewable power for our customers. We will continue to focus on supporting energy security in our core markets during these uncertain times."

https://www.investegate.co.uk/centrica- ... 00048138S/

Ian (No holding).

[idpickering]

Commencement of Share Buy-Back Programme.

Centrica plc (the "Company") announced as part of its 2022 Preliminary Results on 16 February 2023 a plan to extend its share repurchase programme, by repurchasing up to an additional £300m of its ordinary shares (the "2023 Programme"), subject to market conditions at the time of completion of the original share repurchase programme of up to £250m of its ordinary shares previously announced on 15 November 2022 (the "2022-23 Programme"). As announced on 29 March 2023, the 2022-23 Programme completed on 29 March 2023.

The Company today announces the commencement of the 2023 Programme which is to be conducted over the next 6.5 months from 5 April 2023 to buy back ordinary shares of 614/81pence each (the "Shares") up to an aggregate price of up to £300,000,000 (exclusive of associated fees, expenses and stamp duty), representing an amount equal to the aggregate value of approximately 5% of the Company's issued share capital at today's share price.

https://www.investegate.co.uk/centrica- ... 00023785V/

Ian (No holding).

[idpickering]

Notice of Annual General Meeting.

Further to the digital release of the Company's 2022 Annual Report and Accounts (2022 Annual Report) on 22 March 2023, the Company announces that the following documents are being posted or have been made available to shareholders today on the Company's website:

· the Notice of Annual General Meeting (AGM); and

· Proxy Form for the AGM.

The Notice of AGM is available at: http://www.centrica.com/agm23.

The 2022 Annual Report continues to be available to view at: http://www.centrica.com/ar22.

https://www.investegate.co.uk/announcement/7523452

Ian (No holding).

[idpickering]

AGM Statement.

Centrica plc (the "Company") will hold its Annual General Meeting today at 10.30am at Leeds Marriott, 4 Trevelyan Square, Boar Lane, Leeds LS1 6ET.

The Company's performance over the first five months of the year, across its diverse and balanced portfolio, has been strong overall. Given our current outlook, we expect 2023 full year Group adjusted earnings per share to be around the top end of the range of recent sell side analyst expectations1, with adjusted earnings per share heavily weighted towards the first half.

In Retail, adjusted operating profit in the first half of 2023 is expected to be significantly higher than in previous years, the main driver of which is a material positive impact in British Gas Energy from allowances in the UK domestic default tariff cap relating to costs incurred in prior periods. In Optimisation, performance in Energy Marketing & Trading has remained strong to date. In Infrastructure, availability and volumes from our gas production, nuclear and gas storage assets have been good, helping to offset the impact of lower wholesale commodity prices.

Consistent with the strong first half earnings outlook, first half net cash generation is also expected to be robust. Working capital inflows in Energy Marketing & Trading relating to the continued cash realisation of 2022 profit are expected to be broadly offset by working capital outflows in British Gas Energy, reflecting seasonality and the changing price environment, and timing of government customer support scheme payments.

As always, uncertainties remain over the balance of the year including the impacts of weather, commodity prices, the economic environment, any changes to regulation or government policy, asset performance and the competitive backdrop for our energy supply businesses. This results in a range of possible outcomes for the full year.

The Company's 2023 Interim Results are scheduled for 27 July 2023, at which time the Company also intends to provide an update on its strategy and capital framework.

https://www.investegate.co.uk/announcem ... 571412/CNA

Ian (No holding).

[idpickering]

2023 Annual General Meeting - Poll Results.

https://www.investegate.co.uk/announcem ... 572751/CNA

Ian.

[idpickering]

Centrica extends Rough storage capacity.

Following further engineering work and investment, Centrica has announced increased gas storage capacity at Rough, the UK's largest gas storage facility.

The facility, which is 18 miles off the coast of East Yorkshire, stopped storing gas in 2017 but was re-opened for gas storage in October 2022. Rough now provides half of the UK's total gas storage.

At the time of reopening Rough for gas storage it was able to store approximately 30 billion cubic feet (bcf) of gas for UK homes and businesses. Further investment in the facility means Rough will now be able to store up to 54 bcf of gas, boosting the UK's energy resilience for the coming winter - this would provide the equivalent volume of gas to heat 2.4 million homes over winter.

The UK has diverse gas supplies with connections with Norway and other European countries and 3 LNG import terminals. However, it still has some of the lowest levels of gas storage in Europe at 12 days average or 7.5 peak winter days, compared to Germany at 89 days, France at 103 days and the Netherlands at 123 days.

Rough will help keep prices down for consumers by balancing the UK's gas market, injecting gas into the facility when there is excess supply and putting that gas back into the UK's gas network when customers need it most, keeping prices lower at that point of peak demand. The additional capacity means Rough can store up to 6 days of average UK gas use.

Centrica's long-term ambition is to turn the Rough gas field into the largest long duration low carbon energy storage facility in the world, capable of storing both natural gas and hydrogen.

https://www.investegate.co.uk/announcem ... ty/7604491

Ian (No holding).

[idpickering]

Centrica signs major LNG supply agreement.

Centrica and Delfin Midstream Inc. today announced the signature of a long-term Sale and Purchase Agreement for 1.0 million tonnes per annum (MTPA) of Liquefied Natural Gas ("LNG") for 15-years on a Free on Board ("FOB") basis at the Delfin Deepwater Port, located 40 nautical miles off the coast of Louisiana. This agreement will see Centrica take delivery of around 14 LNG cargoes per year and could provide enough energy to heat 5% of UK homes for 15 years.

The deal, with a market value of $8bn, marks an additional move by Centrica to build further resilience in the UK's energy security. It follows a three-year supply agreement with Equinor that will heat 4.5m UK homes through to 2024 and the reopening of the Rough gas storage facility in October 2022. Rough now provides half of the UK's total gas storage capacity with the potential to store over 50 billion cubic feet (bcf) of gas, enough to heat almost 10% of UK homes throughout winter.

https://www.investegate.co.uk/announcem ... nt/7624320

Ian (No holding).

[idpickering]

Correction – interim dividend payment disclosure.

Correction to a date in Note 10 of the Company's half year results announcement released at 07:00am on 27 July 2023 under RNS number 3508H ("the Announcement"). The final sentence of Note 10 of the Announcement stated that the interim dividend will be paid to those shareholders registered on 5 October 2023. Consistent with the financial calendar set out in the Announcement, the interim dividend will be paid to those shareholders registered on 6 October 2023 (the record date), not 5 October 2023 (the ex-dividend date).

There are no other changes to the Announcement.

The corrected Note 10 is restated below for reference and a copy of the corrected Announcement will shortly be published on the Company's website: https://www.centrica.com/investors/resu ... m-results/

https://www.investegate.co.uk/announcem ... re/7662156

Ian (No holding).

[Bouleversee]

Thanks, Ian. I presume Ed Miliband has no holding either; otherwise he would know that Centrica has not exactly enriched its shareholders in the past few years. I have had 2 holdings for some years (different brokers) and am still losing quite a lot on both and dividends have been nil or negligible in recent years. It's time we did get a decent payout and it's good to see the s.p. recovering.

[idpickering]

Thanks, Ian. I presume Ed Miliband has no holding either; otherwise he would know that Centrica has not exactly enriched its shareholders in the past few years. I have had 2 holdings for some years (different brokers) and am still losing quite a lot on both and dividends have been nil or negligible in recent years. It's time we did get a decent payout and it's good to see the s.p. recovering.

You're welcome Lorna. I gave up on CNA years ago, but good luck with your holdings.

Ian.

[MrFoolish]

I'm a shareholder in Centrica though I must admit I struggle to understand the nature of this company. Apart from a minority stake in some nuclear power stations, it doesn't really seem to own anything substantial - certainly no oil rigs or pipe infrastructure.

Perhaps I'm old fashioned in thinking a company actually has to own things. Someone please reassure me this isn't another Enron!

[Bouleversee]

I'm a shareholder in Centrica though I must admit I struggle to understand the nature of this company. Apart from a minority stake in some nuclear power stations, it doesn't really seem to own anything substantial - certainly no oil rigs or pipe infrastructure.

Perhaps I'm old fashioned in thinking a company actually has to own things. Someone please reassure me this isn't another Enron!

Well, it has several subsidiary companies including British Gas but perhaps you don't count them as assets. Better tell Sid.

It remains to be seen whether the current upward trend in the s.p. continues; still a long way off 2013 high. Difficult to increase profits when you get landed with a windfall tax when the sun starts to shine again and corporation tax is increased to 25%. It also depends on how good the auditors are. I see they are Deloitte's in this case. Didn't I read that the latter are going through a bad patch at present, or did I dream that?

[idpickering]

Final Results

Including;

DIVIDENDS

Dividends represent the return of profits to shareholders. Dividends are paid as an amount per ordinary share held. The Group retains part of the profits generated to meet future investment plans or to fund share buyback programmes.

In addition to the interim dividend of 1.33p per share, the proposed final dividend is 2.67p per share for the year ended 31 December 2023, giving a total full year dividend of 4.0p per share (2022: 3.0p per share). The dividend will be submitted for formal approval at the Annual General Meeting expected to be held on 5 June 2024 and, subject to approval, will be paid on 11 July 2024 to those shareholders registered on Friday, 31 May 2024.

The Company has sufficient distributable reserves to pay dividends to its ultimate shareholders. Distributable reserves are calculated on an individual legal entity basis and the ultimate parent company, Centrica plc, currently has adequate levels of realised profits within its retained earnings to support dividend payments.

https://www.investegate.co.uk/announcem ... s-/8038830

Ex div 30 May 24, paid 11 Jul 24.

Ian (No holding).

[88V8]

...The Company has sufficient distributable reserves to pay dividends to its ultimate shareholders. Distributable reserves are calculated on an individual legal entity basis and the ultimate parent company, Centrica plc, currently has adequate levels of realised profits within its retained earnings to support dividend payments.

Interesting that they feel the need to justify paying divis. Wonder if they're expecting a tussle with their Labour masters.

V8