Company Report Page 1/A

CENTRICA PLC
R/O Address : Millstream Maidenhead Road Registered No : 03033654
Windsor Type of Company : Public, Quoted
Berkshire SEDOL No : 0573438
ISIN No : GB0005734388
Date of Incorporation : 16/03/95
R/O Phone : 01753 - 494000 Accounting Ref. Date : 31/12
R/O Post Code : SL4 5GD Accounts Type : Group
Web Site : www.centrica.co.uk Company Status : Live

Latest Turnover : 17,931 mil GBP Number of Holdings :

Latest No of Employees : 42,573 Number of Subsid. : 149

Activities : The provision of gas, electricity and energy-related products and services, the operation of gas fields and
power stations, energy trading, roadside assistance and other motoring services, & the provision of financial
and telecommunication services.
UK SIC (2003) Codes : Primary Code : 4021 - Manufacture of gas
All Code(s) : 4011, 4012, 4013, 4021, 4022
Standard peer group : 4021 - Manufacture of gas ( VL : Very Large Companies)

Main Exchange : London Stock Exchange SETS Ticker Symbol : CNA

USED PEER GROUP: Standard PG 14 Companies

PROFILE
Cons. Cons. Cons. Cons. Cons. Cons. Cons.
31/12/03 31/12/02 31/12/01 31/12/00 31/12/99 31/12/98 31/12/97
12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months
mil GBP th GBP th GBP th GBP th GBP th GBP th GBP

Turnover 17,931 14,315,000 12,611,000 9,933,000 7,217,000 7,481,000 7,842,000

Profit (Loss) before Taxation 778 719,000 468,000 438,000 268,000 164,000 -623,000
Net Tangible Assets (Liab.) 3,085 2,757,000 1,828,000 1,458,000 1,567,000 2,315,000 2,639,000
Shareholders Funds 2,537 2,248,000 1,502,000 1,193,000 967,000 872,000 1,311,000
Profit Margin (%) 4.34 5.02 3.71 4.41 3.71 2.19 -7.95
Return on Shareholders Funds (%) 30.67 31.98 31.16 36.71 27.71 18.81 -47.53
Return on Capital Employed (%) 16.56 15.73 13.96 15.83 10.47 7.05 -23.62
Liquidity Ratio 1.02 0.93 0.85 0.75 0.80 1.18 1.50
Gearing Ratio (%) 96.96 135.28 187.82 149.12 193.38 173.51 102.36
Number of Employees 42,573 38,051 31,550 28,305 19,600 16,427 15,423

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PROFILE
Cons.
31/12/96 Average
12 Months 8 Years
th GBP mil GBP

Turnover 8,125,000 10,682

Profit (Loss) before Taxation -825,000 173
Net Tangible Assets (Liab.) 3,286,000 2,367
Shareholders Funds 2,187,000 1,602
Profit Margin (%) -10.16 0.66
Return on Shareholders Funds (%) -37.73 11.47
Return on Capital Employed (%) -25.12 3.86
Liquidity Ratio 1.88 1.11
Gearing Ratio (%) 58.34 137.10
Number of Employees 19,702 26,454

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PROFIT & LOSS ACCOUNT

Cons. Cons. Cons. Cons. Cons. Cons. Cons.
31/12/03 31/12/02 31/12/01 31/12/00 31/12/99 31/12/98 31/12/97
12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months
mil GBP th GBP th GBP th GBP th GBP th GBP th GBP

Turnover 17,931 14,315,000 12,611,000 9,933,000 7,217,000 7,481,000 7,842,000

UK Turnover 14,898 12,701,000 11,226,000 9,258,000 7,481,000 7,842,000
Overseas Turnover 3,033 1,614,000 1,385,000 675,000 0 0
Cost of Sales -14,572 -11,328,000 -10,224,000 -7,907,000 -5,570,000 -6,218,000 -7,239,000
Gross Profit 3,359 2,987,000 2,387,000 2,026,000 1,647,000 1,263,000 603,000
Other Expenses -2,522 -2,224,000 -1,921,000 -1,578,000 -1,308,000 -1,055,000 -1,036,000
Total Expenses -17,094 -13,552,000 -12,145,000 -9,485,000 -6,878,000 -7,273,000 -8,275,000
Operating Profit 837 763,000 466,000 448,000 339,000 208,000 -433,000
Other Income 97 60,000 68,000 55,000 59,000 85,000 69,000
Exceptional Items -67 -28,000 -60,000 -86,000 -229,000
Profit (Loss) before Interest 867 795,000 534,000 503,000 338,000 207,000 -593,000
Interest Paid -89 -76,000 -66,000 -65,000 -70,000 -43,000 -30,000
Profit (Loss) before Tax 778 719,000 468,000 438,000 268,000 164,000 -623,000
Taxation -266 -250,000 -155,000 -109,000 -86,000 -75,000 -168,000
Profit (Loss) after Tax 512 469,000 313,000 329,000 182,000 89,000 -791,000
Extraordinary Items
Minority Interests -12 9,000 10,000
Profit (Loss) for Period 500 478,000 323,000 329,000 182,000 89,000 -791,000
Dividends -229 -172,000 -124,000 -112,000 -100,000 -530,000
Retained Profit(Loss) 271 306,000 199,000 217,000 82,000 -441,000 -791,000

Discontinued Operations
Depreciation 405 390,000 357,000 326,000 267,000 203,000 211,000
Audit Fee 2 2,900 3,000 1,000 1,100 700 700
Non-Audit Fee 2 6,300 7,000 11,000 2,500
Amortisation of Goodwill 155 123,000 86,000 60,000 13,000
Remuneration 1,283 1,057,000 849,000 771,000 538,000 425,000 407,000
Wages & Salaries
Social Security Costs
Pension Costs
Directors' Remuneration 5 3,935 3,000 2,000 2,041 1,944 1,927
Directors' Fees 2,613
Pension Contribution
Other Emoluments 1,322
Highest Paid Director 1 1,098 1,000 1,000 674 543 493
Number of Employees 42,573 38,051 31,550 28,305 19,600 16,427 15,423

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PROFIT & LOSS ACCOUNT

Cons.
31/12/96 Average
12 Months 8 Years
th GBP mil GBP

Turnover 8,125,000 10,682

UK Turnover 10,568
Overseas Turnover 1,118
Cost of Sales -7,701,000 -8,845
Gross Profit 424,000 1,837
Other Expenses -1,303,000 -1,618
Total Expenses -9,004,000 -10,463
Operating Profit -879,000 219
Other Income 54,000 68
Exceptional Items -94
Profit (Loss) before Interest -825,000 228
Interest Paid -63
Profit (Loss) before Tax -825,000 173
Taxation -235,000 -168
Profit (Loss) after Tax -1,060,000 5
Extraordinary Items
Minority Interests 2
Profit (Loss) for Period -1,060,000 6
Dividends -211
Retained Profit(Loss) -1,060,000 -152

Discontinued Operations
Depreciation 226,000 298
Audit Fee 1,000 2
Non-Audit Fee 6
Amortisation of Goodwill 87
Remuneration 532,000 733
Wages & Salaries
Social Security Costs
Pension Costs
Directors' Remuneration 3
Directors' Fees 3
Pension Contribution
Other Emoluments 1
Highest Paid Director 1
Number of Employees 19,702 26,454

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BALANCE SHEET
Cons. Cons. Cons. Cons. Cons. Cons. Cons.
31/12/03 31/12/02 31/12/01 31/12/00 31/12/99 31/12/98 31/12/97
12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months
mil GBP th GBP th GBP th GBP th GBP th GBP th GBP

Fixed Assets
Tangible Assets 2,730 2,763,000 2,058,000 1,936,000 1,885,000 1,861,000 1,716,000
Land & Building 68 0 0 0 92,000
Fixtures & Fittings 0 0 0 0 0
Plant & Vehicles 867 0 0 0 271,000
Other Fixed Assets 1,795 2,763,000 2,058,000 1,936,000 1,522,000
Intangible Assets 1,614 1,813,000 1,524,000 1,309,000 992,000 10,000
Investments 114 102,000 167,000 57,000 28,000 33,000 26,000
Fixed Assets 4,458 4,678,000 3,749,000 3,302,000 2,905,000 1,904,000 1,742,000

Current Assets
Stock & W.I.P. 173 180,000 193,000 123,000 84,000 127,000 168,000
Stock 173 180,000 193,000 123,000 84,000 127,000 168,000
W.I.P. 0 0 0 0 0 0 0
Trade Debtors 771 1,600,000 1,131,000 353,000 208,000 225,000 477,000
Bank & Deposits 34 28,000 72,000 17,000 15,000 33,000 18,000
Other Current Assets 3,259 2,244,000 2,049,000 1,621,000 1,485,000 1,699,000 1,696,000
Group Loans (asset)
Directors Loans (asset)
Other Debtors 2,267 1,924,000 1,595,000 1,424,000 1,196,000 1,358,000 1,640,000
Investm. & Other Cur. Assets 992 320,000 454,000 197,000 289,000 341,000 56,000
Current Assets 4,237 4,052,000 3,445,000 2,114,000 1,792,000 2,084,000 2,359,000

Current Liabilities
Trade Creditors -1,441 -1,343,000 -1,141,000 -939,000 -541,000 -496,000 -476,000
Short Term Loans & Overdrafts -298 -719,000 -971,000 -205,000 -278,000 -60,000 -14,000
Bank Overdrafts -52 -13,000 -16,000 -60,000 -46,000 -38,000 -4,000
Group Loans (short t.)
Director Loans (short t.)
Hire Purch. & Leas. (short t.) -39 -36,000 -33,000 -29,000 -31,000 -17,000 -10,000
Hire Purchase (short t.)
Leasing (short t.) -39 -36,000 -33,000 -29,000 -31,000 -17,000 -10,000
Other Short Term Loans -207 -670,000 -922,000 -116,000 -201,000 -5,000
Total Other Current Liabilities -2,257 -2,098,000 -1,730,000 -1,505,000 -1,319,000 -1,107,000 -972,000
Corporation Tax 0 0 0 0 0 0
Dividends -157 -110,000 -76,000 -68,000 -60,000 -530,000
Accruals & Def. Inc. (sh. t.) -1,013 -850,000 -868,000 -811,000 -752,000 -335,000 -343,000
Social Securities & V.A.T. -260 -137,000 -127,000 -118,000 -111,000 -162,000 -251,000
Other Current Liabilities -827 -1,001,000 -659,000 -508,000 -396,000 -80,000 -378,000
Current Liabilities -3,996 -4,160,000 -3,842,000 -2,649,000 -2,138,000 -1,663,000 -1,462,000

Net Current Assets (Liab.) 241 -108,000 -397,000 -535,000 -346,000 421,000 897,000
Net Tangible Assets (Liab.) 3,085 2,757,000 1,828,000 1,458,000 1,567,000 2,315,000 2,639,000
Working Capital -497 437,000 183,000 -463,000 -249,000 -144,000 169,000
Total Assets 8,695 8,730,000 7,194,000 5,416,000 4,697,000 3,988,000 4,101,000
Total Assets less Cur. Liab. 4,699 4,570,000 3,352,000 2,767,000 2,559,000 2,325,000 2,639,000

Long Term Liabilities

Long Term Debt -781 -784,000 -598,000 -126,000 -153,000 -91,000 -19,000
Group Loans (long t.) 0 0 0
Director Loans (long t.) 0 0 0
Hire Purch. & Leas. (long t.) -30 -70,000 -105,000 -126,000 -153,000 -90,000 -19,000
Hire Purchase (long t.)
Leasing (long t.) -30 -70,000 -105,000 -126,000 -153,000 -90,000 -19,000
Other Long Term Loans -751 -714,000 -493,000 0 0 -1,000 0
Total Other Long Term Liab. -1,164 -1,384,000 -1,218,000 -1,448,000 -1,439,000 -1,362,000 -1,309,000
Accruals & Def. Inc. (l. t.) -24 -99,000 -32,000 -25,000 -25,000 -15,000 0
Other Long Term Liab. -80 -23,000 -2,000 -19,000 0 -63,000 -74,000
Provisions for Other Liab. -1,060 -1,262,000 -1,184,000 -1,404,000 -1,414,000 -1,284,000 -1,235,000
Deferred Tax -541 -673,000 -653,000 -792,000 -859,000 -856,000 -851,000
Other Provisions -519 -589,000 -531,000 -612,000 -555,000 -428,000 -384,000
Balance Sheet Minorities -217 -154,000 -34,000
Long Term Liabilities -2,162 -2,322,000 -1,850,000 -1,574,000 -1,592,000 -1,453,000 -1,328,000

Total Assets less Liabilities 2,537 2,248,000 1,502,000 1,193,000 967,000 872,000 1,311,000

Shareholders Funds
Issued Capital 237 236,000 223,000 223,000 222,000 222,000 222,000
Total Reserves 2,300 2,012,000 1,279,000 970,000 745,000 650,000 1,089,000
Share Premium Account 549 537,000 62,000 45,000 3,000 2,000
Revaluation Reserves 0 0 0 0 0 0
Profit (Loss) Account 1,284 1,008,000 750,000 458,000 275,000 181,000 622,000
Other Reserves 467 467,000 467,000 467,000 467,000 467,000 467,000
Shareholders Funds 2,537 2,248,000 1,502,000 1,193,000 967,000 872,000 1,311,000

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BALANCE SHEET
Cons.
31/12/96 Average
12 Months 8 Years
th GBP mil GBP

Fixed Assets
Tangible Assets 1,869,000 2,102
Land & Building 59,000 37
Fixtures & Fittings 0
Plant & Vehicles 1,810,000 491
Other Fixed Assets 2,015
Intangible Assets 1,210
Investments 10,000 67
Fixed Assets 1,879,000 3,077

Current Assets
Stock & W.I.P. 121,000 146
Stock 121,000 146
W.I.P. 0 0
Trade Debtors 543,000 664
Bank & Deposits 17,000 29
Other Current Assets 2,181,000 2,029
Group Loans (asset)
Directors Loans (asset)
Other Debtors 138,000 1,443
Investm. & Other Cur. Assets 2,043,000 587
Current Assets 2,862,000 2,868

Current Liabilities
Trade Creditors -663,000 -880
Short Term Loans & Overdrafts -177,000 -340
Bank Overdrafts -7,000 -29
Group Loans (short t.)
Director Loans (short t.)
Hire Purch. & Leas. (short t.) -10,000 -26
Hire Purchase (short t.)
Leasing (short t.) -10,000 -26
Other Short Term Loans -160,000 -326
Total Other Current Liabilities -615,000 -1,450
Corporation Tax 0
Dividends -167
Accruals & Def. Inc. (sh. t.) -174,000 -643
Social Securities & V.A.T. -147,000 -164
Other Current Liabilities -294,000 -518
Current Liabilities -1,455,000 -2,671

Net Current Assets (Liab.) 1,407,000 198

Net Tangible Assets (Liab.) 3,286,000 2,367
Working Capital 1,000 -70
Total Assets 4,741,000 5,945
Total Assets less Cur. Liab. 3,286,000 3,275

Long Term Liabilities

Long Term Debt -30,000 -323
Group Loans (long t.) 0 0
Director Loans (long t.) 0 0
Hire Purch. & Leas. (long t.) -30,000 -78
Hire Purchase (long t.)
Leasing (long t.) -30,000 -78
Other Long Term Loans 0 -245
Total Other Long Term Liab. -1,069,000 -1,299
Accruals & Def. Inc. (l. t.) -2,000 -28
Other Long Term Liab. -1,000 -33
Provisions for Other Liab. -1,066,000 -1,239
Deferred Tax -866,000 -761
Other Provisions -200,000 -477
Balance Sheet Minorities -135
Long Term Liabilities -1,099,000 -1,672

Total Assets less Liabilities 2,187,000 1,602

Shareholders Funds
Issued Capital 222,000 226
Total Reserves 1,965,000 1,376
Share Premium Account 200
Revaluation Reserves 0
Profit (Loss) Account 1,498,000 760
Other Reserves 467,000 467
Shareholders Funds 2,187,000 1,602

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CASH FLOW STATEMENT

Cons. Cons. Cons. Cons. Cons. Cons. Cons.
31/12/03 31/12/02 31/12/01 31/12/00 31/12/99 31/12/98 31/12/97
12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months
mil GBP th GBP th GBP th GBP th GBP th GBP th GBP

Net Cash In(Out)flow Operat. Activ. 992 717,000 825,000 1,063,000 1,318,000 659,000 375,000
Net Cash In(Out)flow Ret. on Invest. 13 32,000 1,000 -3,000 30,000 58,000 43,000
Taxation -181 -192,000 -109,000 -147,000 -163,000 -215,000 -112,000
Net Cash Out(In)flow Investing Activ.
Capital Expenditure & Financ. Invest. -282 -402,000 -337,000 -165,000 -143,000 -70,000 -87,000
Acquisition & Disposal 292 -935,000 -607,000 -590,000 -1,162,000 -101,000 3,000
Equity Dividends Paid -182 -138,000 -115,000 -103,000 -570,000 1,000 2,000
Management of Liquid Resources -669 134,000 -257,000 92,000 392,000 -285,000 -44,000
Net Cash Out(In)flow from Financing -13 747,000 686,000 -159,000 248,000 -42,000 -178,000
Increase(Decrease) Cash & Equiv. -30 -37,000 87,000 -12,000 -50,000 5,000 2,000

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CASH FLOW STATEMENT

Cons.
31/12/96 Average
12 Months 8 Years
th GBP mil GBP

Net Cash In(Out)flow Operat. Activ. -862,000 636

Net Cash In(Out)flow Ret. on Invest. 42,000 27
Taxation 4,000 -139
Net Cash Out(In)flow Investing Activ.
Capital Expenditure & Financ. Invest. -91,000 -197
Acquisition & Disposal -443
Equity Dividends Paid -158
Management of Liquid Resources -1,000 -80
Net Cash Out(In)flow from Financing 920,000 276
Increase(Decrease) Cash & Equiv. 12,000 -3

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FINANCIAL RATIOS
31/12/03 31/12/02 31/12/01 31/12/00 31/12/99 31/12/98 31/12/97

Current Ratio 1.06 0.97 0.90 0.80 0.84 1.25 1.61

Liquidity Ratio 1.02 0.93 0.85 0.75 0.80 1.18 1.50
Shareholders Liquidity Ratio 1.17 0.97 0.81 0.76 0.61 0.60 0.99
Solvency Ratio (%) 29.18 25.75 20.88 22.03 20.59 21.87 31.97
Asset Cover 11.13 11.14 12.03 42.98 30.70 43.82 215.84
Gearing (%) 96.96 135.28 187.82 149.12 193.38 173.51 102.36
Shareholders Funds per Empl. (Unit) 59,592 59,079 47,607 42,148 49,337 53,083 85,003
Working Capital per Employee (Unit) -11,674 11,485 5,800 -16,358 -12,704 -8,766 10,958
Total Assets per Employee (Unit) 204,237 229,429 228,019 191,344 239,643 242,771 265,902

FINANCIAL TRENDS & CHANGES

2003 - 02 2002 - 01 2001 - 00 2000 - 99 1999 - 98 1998 - 97 1997 - 96

Trends (%)

Fixed Assets -4.70 24.78 13.54 13.67 52.57 9.30 -7.29

Current Assets 4.57 17.62 62.96 17.97 -14.01 -11.66 -17.58
Stock -3.89 -6.74 56.91 46.43 -33.86 -24.40 38.84
Debtors -51.81 41.47 220.40 69.71 -7.56 -52.83 -12.15
Total Assets -0.40 21.35 32.83 15.31 17.78 -2.76 -13.50
Current Liabilities -3.94 8.28 45.04 23.90 28.56 13.75 0.48
Creditors 7.30 17.70 21.51 73.57 9.07 4.20 -28.21
Loans/Overdraft -58.55 -25.95 373.66 -26.26 363.33 328.57 -92.09
Long Term Liabilities -6.89 25.51 17.53 -1.13 9.57 9.41 20.84

Changes (th GBP)

Fixed Assets -220,000 929,000 447,000 397,000 1,001,000 162,000 -137,000

Current Assets 185,000 607,000 1,331,000 322,000 -292,000 -275,000 -503,000
Stock -7,000 -13,000 70,000 39,000 -43,000 -41,000 47,000
Debtors -829,000 469,000 778,000 145,000 -17,000 -252,000 -66,000
Total Assets -35,000 1,536,000 1,778,000 719,000 709,000 -113,000 -640,000
Current Liabilities -164,000 318,000 1,193,000 511,000 475,000 201,000 7,000
Creditors 98,000 202,000 202,000 398,000 45,000 20,000 -187,000
Loans/Overdraft -421,000 -252,000 766,000 -73,000 218,000 46,000 -163,000
Long Term Liabilities -160,000 472,000 276,000 -18,000 139,000 125,000 229,000

PROFITABILITY RATIOS
31/12/03 31/12/02 31/12/01 31/12/00 31/12/99 31/12/98 31/12/97

Profit Margin (%) 4.34 5.02 3.71 4.41 3.71 2.19 -7.95
Return on Shareholders Funds (%) 30.67 31.98 31.16 36.71 27.71 18.81 -47.53
Return on Capital Employed (%) 16.56 15.73 13.96 15.83 10.47 7.05 -23.62
Return on Total Assets (%) 8.95 8.24 6.51 8.09 5.71 4.11 -15.20
Interest Cover 9.74 10.46 8.09 7.74 4.83 4.81 -19.78
Stock Turnover 103.65 79.53 65.34 80.76 85.92 58.91 46.68
Debtors Turnover 23.26 8.95 11.15 28.14 34.70 33.25 16.44
Debtor Collection (days) 15.69 40.80 32.73 12.97 10.52 10.98 22.20
Creditors Payment (days) 29.33 34.24 33.02 34.50 27.36 24.20 22.16
Net Assets Turnover 3.82 3.13 3.76 3.59 2.82 3.22 2.97
Fixed Assets Turnover 4.02 3.06 3.36 3.01 2.48 3.93 4.50
Salaries/Turnover (%) 7.16 7.38 6.73 7.76 7.45 5.68 5.19
Gross Margin (%) 18.73 20.87 18.93 20.40 22.82 16.88 7.69
EBIT Margin (%) 4.84 5.55 4.23 5.06 4.68 2.77 -7.57
EBITDA Margin (%) 7.96 9.14 7.75 8.95 8.56 5.48 -4.88
Turnover per Employee (Unit) 421,182 376,206 399,715 350,927 368,214 455,409 508,461
Average Remun. per Employee (Unit) 30,136 27,779 26,910 27,239 27,449 25,872 26,389
Profit per Employee (Unit) 18,274 18,896 14,834 15,474 13,673 9,984 -40,394

PROFITABILITY TRENDS & CHANGES

2003 - 02 2002 - 01 2001 - 00 2000 - 99 1999 - 98 1998 - 97 1997 - 96

Trends (%)

Turnover 25.26 13.51 26.96 37.63 -3.53 -4.60 -3.48

Profit before Taxation 8.21 53.63 6.85 63.43 63.41 -126.32
Interest Paid 17.11 15.15 1.54 -7.14 62.79 43.33
Number of Employees 11.88 20.61 11.46 44.41 19.32 6.51 -21.72

Changes (th GBP)

2003 - 02 2002 - 01 2001 - 00 2000 - 99 1999 - 98 1998 - 97 1997 - 96

Turnover (th GBP) 3,616,000 1,704,000 2,678,000 2,716,000 -264,000 -361,000 -283,000

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FINANCIAL RATIOS
31/12/96 Average

Current Ratio 1.97 1.18

Liquidity Ratio 1.88 1.11
Shareholders Liquidity Ratio 1.99 0.99
Solvency Ratio (%) 46.13 27.30
Asset Cover 158.03 65.71
Gearing (%) 58.34 137.10
Shareholders Funds per Empl. (Unit) 111,004 63,357
Working Capital per Employee (Unit) 51 -2,651
Total Assets per Employee (Unit) 240,635 230,248

FINANCIAL TRENDS & CHANGES

Average

Trends (%)

Fixed Assets 16.94

Current Assets 8.85
Stock 5.48
Debtors 17.97
Total Assets 12.56
Current Liabilities 19.59
Creditors 17.67
Loans/Overdraft 45.31
Long Term Liabilities 10.31

Changes (th GBP)

Fixed Assets 368,429

Current Assets 196,429
Stock 7,429
Debtors 32,571
Total Assets 564,857
Current Liabilities 363,000
Creditors 111,143
Loans/Overdraft 17,286
Long Term Liabilities 151,857

PROFITABILITY RATIOS
31/12/96 Average

Profit Margin (%) -10.16 0.66

Return on Shareholders Funds (%) -37.73 11.47
Return on Capital Employed (%) -25.12 3.86
Return on Total Assets (%) -17.41 1.12
Interest Cover 3.70
Stock Turnover 67.15 73.49
Debtors Turnover 14.96 21.36
Debtor Collection (days) 24.39 21.28
Creditors Payment (days) 29.78 29.32
Net Assets Turnover 2.47 3.22
Fixed Assets Turnover 4.32 3.59
Salaries/Turnover (%) 6.55 6.74
Gross Margin (%) 5.22 16.44
EBIT Margin (%) -10.16 1.17
EBITDA Margin (%) -7.38 4.45
Turnover per Employee (Unit) 412,395 411,564
Average Remun. per Employee (Unit) 27,002 27,347
Profit per Employee (Unit) -41,874 1,108

PROFITABILITY TRENDS & CHANGES

Average

Trends (%)

Turnover 13.11
Profit before Taxation 11.54
Interest Paid 22.13
Number of Employees 13.21

Changes (th GBP)

Average

Turnover (th GBP) 1,400,857

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2003 - 02 2002 - 01 2001 - 00 2000 - 99 1999 - 98 1998 - 97 1997 - 96

Profit before Taxation (th GBP) 59,000 251,000 30,000 170,000 104,000 787,000 202,000
Interest Paid (th GBP) 13,000 10,000 1,000 -5,000 27,000 13,000 30,000
Number of Employees 4,522 6,501 3,245 8,705 3,173 1,004 -4,279

CREDIT SCORE & RATING

Current QuiScore (Year ending 31/12/03) 50 Normal

Previous Period's QuiScore (Year ending 31/12/02) 46 Normal

QuiRating (GBP) 100,000

The calculations are based on accounts for relevant periods.

The QuiScore and QuiRating have been devised by Qui Credit Assessment Ltd.
They must be interpreted and used in the light of the information provided by Qui Credit Assessment Ltd.

HISTORICAL CREDIT SCORE & RATING

31/12/03 31/12/02 31/12/01 31/12/00 31/12/99 31/12/98 31/12/97

QuiScore 50 46 38 41 39 44 40
Comment Normal Normal Caution Normal Caution Normal Caution
QuiRating (GBP) 100,000 100,000 100,000 100,000 100,000 100,000 100,000

CURRENT DIRECTORS

Name First Name Date of Birth Position Shareholder

1. Mr M.S. Clare Mark 10/08/57 Director

2. Mr P.K. Bentley Phillip 14/01/59 Director
3. Mr P.S. Walsh Paul 01/05/55 Director
4. Mr R.G. Tobin Robert 13/07/38 Director
5. Mr R.M. Carr Roger 22/12/46 Director
6. Mr R.N. Wood Roger 21/07/42 Director
7. Ms H. Alexander Helen 10/02/57 Director
8. Ms P.K. Mann Patricia 26/09/37 Director
9. Sir M.S. Perry Michael 26/02/34 Chairman
10. Sir R.A. Gardner Roy 20/08/45 Director
11. Mr I.G. Dawson Ian Company Secretary

PREVIOUS DIRECTORS

Name First Name Date of Birth Position Shareholder

1. Mr P.J. Wood Peter 06/11/46 Director

CONTACTS

Name First Name Position Type

1. Mr R. Gardner Chief Executive Executive Contact

HOLDING COMPANIES (FROM JORDANS)

There is no holding company recorded by Jordans as shareholder of this company. [A holding company is a shareholder owning
more than 50% in its subsidiary.]

SHAREHOLDERS FROM THE ANNUAL RETURN

BULK LIST OF SHAREHOLDERS

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Average

Profit before Taxation (th GBP) 229,000

Interest Paid (th GBP) 12,714
Number of Employees 3,267

HISTORICAL CREDIT SCORE & RATING

31/12/96 Average

QuiScore 53 44
Comment Normal
QuiRating (GBP) 100,000 100,000

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UK SUBSIDIARIES (FROM JORDANS)

Company name Relationship LO Registered No

Help

1. AUTOMOBILE ASSOCIATION LTD Wholly Owned 01 CHANNEL ISL

2. CENTRICA AMERICA LIMITED Immediate 01 04118195
3. CENTRICA BARRY LIMITED Immediate 01 04815511
4. CENTRICA BETA HOLDINGS LIMITED Wholly Owned 01 04710850
5. CENTRICA GAMMA HOLDINGS LIMITED Wholly Owned 01 04710840
6. CENTRICA QUEST LIMITED Wholly Owned 01 03271974
7. CENTRICA RPS LIMITED Immediate 01 04713745
8. CENTRICA TRUSTEES LIMITED Wholly Owned 01 03254824
9. GB GAS HOLDINGS LIMITED Wholly Owned 01 03186121
10. VOLKSWAGEN ASSISTANCE LIMITED Wholly Owned 01 04823689
11. AA CORPORATION LIMITED Wholly Owned 02 03797747
12. ACCORD ENERGY LIMITED Wholly Owned 02 02877398
13. ALDBROUGH LIMITED Jointly Owned 02 03691628
14. AUTOGUIDE SERVICES LIMITED Wholly Owned 02 03911490
15. AUTOMOBILE ASSOCIATION SERVICES LIMITED Wholly Owned 02 00086655
16. BGE SERVICES LIMITED Wholly Owned 02 03200583
17. BRITISH GAS CONNECTIONS LIMITED Wholly Owned 02 03234745
18. BRITISH GAS DIRECT EMPLOYMENT LIMITED Wholly Owned 02 04187128
19. BRITISH GAS ENERGY LIMITED Wholly Owned 02 03159317
20. BRITISH GAS ENERGY TRADING LIMITED Wholly Owned 02 03078709
21. BRITISH GAS HOUSING SERVICES LIMITED Wholly Owned 02 01571833
22. BRITISH GAS PIPELINES LIMITED Wholly Owned 02 03226380
23. BRITISH GAS POWER GENERATION LIMITED Wholly Owned 02 04217941
24. BRITISH GAS RETAIL LIMITED Wholly Owned 02 03167149
25. BRITISH GAS SERVICE LIMITED Wholly Owned 02 03196725
26. BRITISH GAS SERVICES LIMITED Wholly Owned 02 03141243
27. BRITISH GAS SUPPLY LIMITED Wholly Owned 02 03103971
28. BRITISH GAS TRADING LIMITED Wholly Owned 02 03078711
29. BUSINESS GAS LIMITED Wholly Owned 02 03037646
30. CELSIA LIMITED Wholly Owned 02 03227537
31. CENTRAL RECOVERIES LIMITED Wholly Owned 02 03157224
32. CENTRICA 23 LIMITED Wholly Owned 02 04178790
33. CENTRICA 24 LIMITED Wholly Owned 02 03473736
34. CENTRICA 25 LIMITED Wholly Owned 02 03912356
35. CENTRICA 27 LIMITED Immediate 02 04146833
36. CENTRICA 28 LIMITED Wholly Owned 02 03226392
37. CENTRICA 6 LIMITED Wholly Owned 02 03019333
38. CENTRICA COMMON INVESTMENT FUND LIMITEDWholly Owned 02 03470911
39. CENTRICA CREDIT LIMITED Wholly Owned 02 04338671
40. CENTRICA DIRECTORS LIMITED Wholly Owned 02 03844287
41. CENTRICA ELECTRIC LIMITED Wholly Owned 02 03275458
42. CENTRICA ENERGY LIMITED Wholly Owned 02 03275441
43. CENTRICA ENGINEERS PENSION TRUSTEES Wholly Owned 02 03479986
LIMITED
44. CENTRICA FINANCE (CANADA) LIMITED Wholly Owned 02 04055254
45. CENTRICA FINANCE (US) LIMITED Wholly Owned 02 04140765
46. CENTRICA FUELS LIMITED Wholly Owned 02 03275409
47. CENTRICA GAS LIMITED Wholly Owned 02 03275443
48. CENTRICA KL LIMITED Wholly Owned 02 04262243
49. CENTRICA NO. 12 LIMITED Wholly Owned 02 02629371
50. CENTRICA NOMINEES NO.1 LIMITED Wholly Owned 02 03844247
51. CENTRICA OVERSEAS HOLDINGS LIMITED Wholly Owned 02 03922153
52. CENTRICA OVERSEAS LIMITED Wholly Owned 02 03275447
53. CENTRICA PB LIMITED Wholly Owned 02 04262250
54. CENTRICA PENSION TRUSTEES LIMITED Wholly Owned 02 03479981
55. CENTRICA RENEWABLE ENERGY LIMITED Wholly Owned 02 03275445
56. CENTRICA RESOURCES (ARMADA) LIMITED Wholly Owned 02 04181384
57. CENTRICA RESOURCES LIMITED Wholly Owned 02 02855151
58. CENTRICA RETAIL LIMITED Wholly Owned 02 03275460
59. CENTRICA SECRETARIES LIMITED Wholly Owned 02 04049225
60. CENTRICA SERVICES LIMITED Wholly Owned 02 03275440
61. CENTRICA STORAGE HOLDINGS LIMITED. Wholly Owned 02 04573558
62. CENTRICA TELECOMMUNICATIONS LIMITED Wholly Owned 02 04226697
63. CENTRICA TRADING LIMITED Wholly Owned 02 03275456
64. CENTRICA UK LIMITED Wholly Owned 02 03275449
65. CENTRICA UTILITIES LIMITED Wholly Owned 02 03275454
66. CHELTENHAM RENOVATORS LIMITED Wholly Owned 02 01760407
67. DOMESTIC ENERGY CENTRES LIMITED Wholly Owned 02 02997364
68. ENERGY CENTRES LIMITED Wholly Owned 02 02978239
69. EXCELSIA LIMITED Wholly Owned 02 03230845
70. GAS ENERGY CENTRES LIMITED Wholly Owned 02 02997365
71. GAS SCOTLAND LIMITED Wholly Owned 02 02674380
72. GB GAS LIMITED Wholly Owned 02 03006564
73. GF TWO LIMITED Immediate 02 03226394
74. GOLDBRAND DEVELOPMENT LIMITED Wholly Owned 02 03093542
75. HEATING ENERGY CENTRES LIMITED Wholly Owned 02 02997366
76. HOME ENERGY CENTRES LIMITED Wholly Owned 02 02997367
77. HUMBER POWER LIMITED Immediate 02 02571241
78. LPG GAS SCOTLAND LIMITED Wholly Owned 02 02674383

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79. LPG SCOTLAND LIMITED Wholly Owned 02 02676744

80. METERCO (UK) LIMITED Wholly Owned 02 03876982
81. MISTER GAS LIMITED Wholly Owned 02 03005700
82. NATURAL GAS SCOTLAND LIMITED Wholly Owned 02 02674385
83. NETWORK R LIMITED Wholly Owned 02 02997369
84. NORTH EASTERN GAS LIMITED Wholly Owned 02 02667000
85. NORTH THAMES GAS LIMITED Wholly Owned 02 02666990
86. NORTH WESTERN GAS LIMITED Wholly Owned 02 02666993
87. ONE.TEL LIMITED Wholly Owned 02 03055804
88. PETBOW CO-GENERATION LIMITED Wholly Owned 02 02700990
89. REGEN (UK) LIMITED Wholly Owned 02 03107458
90. REGIONAL POWER GENERATORS LIMITED Wholly Owned 02 02352390
91. REPAIR AND CARE LIMITED Wholly Owned 02 03667800
92. RETAIL ENERGY CENTRES LIMITED Wholly Owned 02 02997368
93. SCOTLAND GAS LIMITED Wholly Owned 02 02674387
94. SCOTTISH GAS LIMITED Wholly Owned 02 SC175628
95. SCOTTISH LP GAS LIMITED Wholly Owned 02 02674389
96. SF (UK) LIMITED Wholly Owned 02 03704978
97. SOUTH EASTERN GAS LIMITED Wholly Owned 02 02666989
98. SOUTH WEST GAS LIMITED Wholly Owned 02 02666996
99. SOUTH WESTERN GAS LIMITED Wholly Owned 02 02666997
100. THE GAS BOARD LIMITED Wholly Owned 02 02941908
101. THE METERING COMPANY LIMITED Wholly Owned 02 03076193
102. TROLHURST (SCOTLAND) LIMITED Wholly Owned 02 SC150018
103. UNITED KINGDOM GAS APPLIANCES ADVISORY Wholly Owned 02 02603350
SERVICES LIMITED
104. WALES GAS LIMITED Wholly Owned 02 02661519
105. WELSH GAS LIMITED Wholly Owned 02 02661523
106. WEST MIDLANDS GAS LIMITED Wholly Owned 02 02666991
107. ZYLICON LIMITED Wholly Owned 02 03873740
108. ACCORD ELECTRIC LIMITED Wholly Owned 03 02869629
109. ACCORD ENERGY (TRADING) LIMITED Immediate 03 02877397
110. ACCORD GAS LIMITED Wholly Owned 03 02877404
111. ACCORD OIL LIMITED Wholly Owned 03 02877399
112. AUTOMOBILE ASSOCIATION DEVELOPMENTS Wholly Owned 03 01878835
LIMITED
113. AUTOMOBILE ASSOCIATION FOUNDATION FOR Wholly Owned 03 02069723
ROAD SAFETY RESEARCH
114. AUTOMOBILE ASSOCIATION INSURANCE Wholly Owned 03 02414212
SERVICES LIMITED
115. CENTRICA 20 LIMITED Wholly Owned 03 03226383
116. CENTRICA 21 LIMITED Wholly Owned 03 03226381
117. CENTRICA 26 LIMITED Wholly Owned 03 03226391
118. CENTRICA 29 LIMITED Wholly Owned 03 04096155
119. CENTRICA 30 LIMITED Wholly Owned 03 03226390
120. CENTRICA ONSHORE PROCESSING UK LIMITED Wholly Owned 03 04037670
121. CENTRICA STORAGE LIMITED Wholly Owned 03 03294124
122. ELECTRICITY DIRECT (UK) LIMITED Wholly Owned 03 03174056
123. ENRON DIRECT LIMITED Wholly Owned 03 02777870
124. GF ONE LIMITED Wholly Owned 03 03226377
125. HUMBERLAND LIMITED Wholly Owned 03 02949541
126. HYDROCARBON RESOURCES LIMITED Wholly Owned 03 03115179
127. MOERAKI CORPORATION PLC. Wholly Owned 03 03486767
128. A.A. INSURANCE SERVICES LIMITED Wholly Owned 04 00912191
129. A.A. LIMITED Wholly Owned 04 01936707
130. AA BUYACAR LIMITED Wholly Owned 04 04327789
131. AA DISTRIBUTION SERVICES LIMITED Wholly Owned 04 02235277
132. AA FLEET SERVICES LIMITED Wholly Owned 04 02147104
133. AA ROAD SERVICES LIMITED Wholly Owned 04 04447909
134. AUTOMOBILE ASSOCIATION COMMERCIAL Wholly Owned 04 02328169
SERVICES LIMITED
135. AUTOMOBILE ASSOCIATION HOLDINGS LIMITED Wholly Owned 04 03237629
136. AUTOMOBILE ASSOCIATION INSURANCE Wholly Owned 04 02413321
SERVICES HOLDINGS LIMITED
137. AUTOMOBILE ASSOCIATION PROTECTION AND Wholly Owned 04 02023217
INVESTMENT PLANNING LIMITED
138. AUTOMOBILE ASSOCIATION TRAVEL SERVICES Wholly Owned 04 01013245
LIMITED
139. AUTOMOBILE ASSOCIATION UNDERWRITING Wholly Owned 04 01674675
SERVICES LIMITED
140. BAILEY TOON LIMITED Wholly Owned 04 02828528
141. CENTRICA OFFSHORE UK LIMITED Wholly Owned 04 04248952
142. CENTRICA PERSONAL FINANCE LIMITED Jointly Owned 04 01772586
143. DRIVE PUBLICATIONS LIMITED Wholly Owned 04 02495551
144. FANUM SERVICES LIMITED Wholly Owned 04 02388485
145. MOTORFILE LIMITED Jointly Owned 04 03009493
146. PERSONAL INSURANCE MORTGAGES AND Wholly Owned 04 01936715
SAVINGS LIMITED
147. AA FINANCIAL SERVICES LIMITED Wholly Owned 05 00912211
148. AA UNDERWRITING LIMITED Wholly Owned 05 03237594
149. CENTRICA 22 LIMITED Wholly Owned 05 03226387

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AUDIT DETAILS

Cons. Cons. Cons. Cons. Cons. Cons. Cons.

Statement Date 12/03 12/02 12/01 12/00 12/99 12/98 12/97
Qualified/Unqualified Accounts Unqualified Unqualified Unqualified Unqualified n.a. n.a. n.a.
Post Balance Sheet Event Yes Yes Yes Yes n.a. n.a. n.a.
Contingent Liabilities Yes Yes Yes Yes n.a. n.a. n.a.
Audit Exemption n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Auditors :
PRICEWATERHOUSE COOPERS LLP

Previous Auditors :
PRICE WATERHOUSE COOPERS (2002, 2001, 2000, 1999, 1998)
PRICE WATERHOUSE (1997, 1996)

FILING DETAILS

Last accounts filed : 31/12/03 Last accounts on Fame : 31/12/03

Last annual return filed : 01/02/04 Last annual return on Fame : 01/02/04
Last transaction at Companies House : 16/04/04
Last change of name : 19/12/96

Document filing dates :

19/12/96 Change of Name
03/03/97 Charge Lodged
20/08/97 Charge Lodged
20/06/01 Change in Mem & Arts
13/09/01 Change in Reg. Office
23/10/01 Charge Lodged
31/12/02 Accounts
20/05/03 Change of Directors
23/05/03 A/c filed at CRO
01/02/04 Annual Return
02/04/04 Change in Share Capital

Previous names :
19/12/96 YIELDTOP PUBLIC LIMITED COMPANY/CENTRICA PLC

TRADING ADDRESSES

Primary Trading Address :

1. Millstream Maidenhead Road

Windsor
Berkshire
SL4 5GD
Phone Number : 01753 - 494000

Other Trading Address(es) :

1. Charter Court
50 Windsor Road
Slough
Berkshire
SL1 2HA
Phone Number : 01753 - 758000

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AUDIT DETAILS

Cons.
Statement Date 12/96
Qualified/Unqualified Accounts n.a.
Post Balance Sheet Event n.a.
Contingent Liabilities n.a.
Audit Exemption n.a.

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