Preliminary Results for Nine Months ended 31 December, 2000
For more information about the 2001 Preliminary Results please go to the Results Announcements section.
INTERNATIONAL POWER plc
PRELIMINARY RESULTS FOR NINE MONTHS ENDED 31 DECEMBER, 2000
(London – 21 March 2001) International Power plc, one of the world’s leading independent power producers, today announces preliminary results for the nine-month period ending 31 December, 2000, and also reports on key accomplishments so far during the first three months of 2001.
"I am pleased to report that the results for the nine months to the end of December 2000 are in line with those predicted at the time of demerger," said Sir Neville Simms, Chairman of International Power. "For the future I believe that we have a strong team in place and a good platform from which to deliver our objective of growing the business and enhancing shareholder value," he added.
Highlights
| FINANCIAL SUMMARY (Continuing Operations) |
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9 Months to
31 Dec. 2000 |
9 Months to
31 Dec. 1999 |
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Pro-Forma
12 Months to
31 Dec. 2000 |
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(£ million) |
(£ million)3 |
Change |
(£ million)3 |
| (Excluding exceptional items1) |
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| Turnover2 |
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| Gross |
790 |
705 |
12% |
1,106 |
| Net |
312 |
245 |
27% |
424 |
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| Profit before interest and taxes |
167 |
137 |
22% |
221 |
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| Earnings per share |
5.5p |
n/a |
n/a |
7.3p |
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| 1 Exceptional items for the nine months ended 31 December 2000 comprise £74 million in connection with the demerger and associated reorganisation and £25 million relating to the withdrawal from China. |
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| 2 Gross turnover includes group’s share of turnover of joint ventures and associates; net turnover represents turnover of subsidiaries only. |
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| 3 The results for the 9 months to 31 Dec 1999 have been derived from the audited accounts for the year ended 31 Mar 2000 by deducting the result shown by the management accounts for the 3 months to 31 Mar 2000. The pro-forma results for the 12 months to 31 Dec 2000 have been derived by aggregating the preliminary results for the 9 months ended 31 Dec 2000 and the management accounts for the 3 months to 31 Mar 2000 and making pro forma adjustments to interest and tax to reflect the capital structure after demerger. These results are unaudited. |
- £576m capital expenditure in 9 months to 31 Dec 2000 – mostly for US construction
- Net debt at 31 Dec 2000 on target at £1,071 million; 62% gearing; 38% debt capitalisation; 2.1x interest cover
- North America: 2,200MW of new capacity on plan to produce power during the summer 2001 peak
- Europe/Middle-East (Q1 01): construction began on power plant in Oman; agreement signed with Ansaldo Energia to co-develop 3,200 MW of CCGT projects in Italy
- Australia (Mar 01): 487MW Pelican Pt. CCGT achieved full commercial operation on schedule, under budget and with environmental distinction
- Settlements in Pakistan for Hubco and Kapco moving toward
Media contact:
(Europe)
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Aarti Singhal
44-207-320-8681 |
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Investor contact:
(Europe)
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Grant Jones
44-207-320-8619 |
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Media/Investor contact:
(United States)
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Paul Parshley
1-508-922-3124 |
Notes to editors
International Power is one of the world’s largest independent electric generating companies with over 8,500 MW (net) in operation, 3,000 MW (net) under construction and approximately 8,000 MW (net) in advanced development. Among the countries where International Power has operating facilities are Australia, the United States, the United Kingdom, the Czech Republic, Portugal, Spain, Turkey, Malaysia, Pakistan, and Thailand. International Power was created from the demerger of National Power, and its shares began trading independently on the London Stock Exchange and as ADRs on the New York Stock Exchange on 2 October 2000. The ticker symbol on both stock exchanges is "IPR".
Full announcement including financials in PDF format.