2005/06 1st Quarter results to 30 June 2005
10 August 2005
Highlights
Continuing businesses pre IAS 39
- Operating profit* of £178 million, up 39%
- Profit before tax* of £147 million, up 41%
- Earnings per share* of 5.75 pence, up 31%
- Capital investment of £205 million
Total group pre IAS 39
- Earnings per share* of 8.79 pence, up 17%
- Dividend per share of 5.20 pence for the quarter, up 5%
Sale of PacifiCorp is on track
- Shareholder approval received
- Filings submitted to state utility commissions, FERC and NRC
The table below represents the results for our continuing businesses which exclude PacifiCorp.
| Full Year | Continuing Businesses | Quarter 1 |
|---|
| 2004/05 | £ Milion | 2005/06 | 2004/05 |
|---|---|---|---|
| 4,595 | Revenue | 1,084 | 956 |
| 580 | Operating profit, as adjusted* | 178 | 128 |
| 459 | Profit before tax, as adjusted* | 147 | 105 |
| 19.04 | Earnings per share, as adjusted* (pence) | 5.75 | 4.39 |
| 673 | Operating profit | 163 | 144 |
| 552 | Profit before tax | 114 | 121 |
| 22.60 | Earnings per share (pence) | 4,51 | 5.00 |
Note: The group's results have been prepared in accordance with IFRS for the first time. Comparative figures for the previous year have also been restated on this basis. IAS 39 ("Financial Instruments: Recognition and Measurement") has been applied prospectively with effect from 1 April 2005. As shown in the table above, the main focus of our results is on our three continuing businesses, as PacifiCorp is now reported as a discontinued operation.
Items marked * represent the results of our operations adjusted to (i) exclude the effects of IAS 39 on current quarter results; (ii) for 2004/05, exclude the impact on results of contracts which were previously marked to market or otherwise fair valued but are now subject to IAS 39; and (iii) in relation to PacifiCorp, include depreciation and amortisation charges on non-current assets held for sale, which under IFRS are not recognised in the group reported results from 24 May 2005. Reconciliations from the reported to the adjusted results are provided in Notes 7 and 10 to the quarterly Accounts. As a consequence of these adjustments, the results for both periods are presented on a comparable basis. ScottishPower believes that the adjusted measures provide a better comparison of underlying business performance.
Ian Russell, ScottishPower Chief Executive, said:
"The year has started well with earnings growth from our continuing businesses of 31%* compared with the same quarter last year. Both UK businesses have performed strongly in the quarter and we expect PPM Energy's full year profit to be ahead of last year. The process to approve the sale of PacifiCorp is on track to complete between May and November 2006. Our trading outlook for the full year remains unchanged."
