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Summarised BG Group annual results

BUSINESS PERFORMANCE (1)

  2010 2009
Restated		 2008
Restated
Dated Brent average ($/bbl) 79.47 61.51 96.98
FX rate ($/£) 1.55 1.55 1.89
Henry Hub ($/mmbtu) 4.39 4.16 8.85
BG Group E&P production (mmboe) 235.7 234.9 226.7
Group revenue and other operating income 17 363 15 667 23 270
Total operating profit      
Exploration and Production 3 766 3 223 6 708
Liquefied Natural Gas 2 449 2 405 2 992
Transmission and Distribution 711 721 395
Other activities(2) (1) (19) (36)
Total operating profit on ordinary activities 6 925 6 330 10 059
Net finance (costs)/income(3) (156) (192) 75
Profit on ordinary activities before taxation 6 769 6 138 10 134
Tax on profit on ordinary activities(4) (2 606) (2 595) (4 344)
Profit on ordinary activities after taxation 4 163 3 543 5 790
Non-controlling interest (150) (151) (48)
Earnings 4 013 3 392 5 742
Earnings per ordinary share 118.7c 100.9c 171.5c
Net cash flow from operating activities 6 386 5 532 8 283
Net (borrowings)/funds (6 973) (4 775) (1 397)
Capital investment(5) 9 219 8 032 9 610
ROACE after tax (%) 13.4 15.4 33.1
Gearing (%) 20.1 17.0 7.1
Finding and development costs 3 year rolling average ($/boe)(6) 16.10(7) 19.80(7) 13.20(7)
3 year organic average reserve replacement ratio (%) 190(7) 132(7) 121(7)

ADDITIONAL INFORMATION: EXPLORATION AND PRODUCTION

Lifting costs ($/boe) 4.79 3.69 3.67
Opex ($/boe) 7.28 5.97 6.40
Development expenditure ($ million) 4 359 3 415 3 607
Gross exploration expenditure ($ million) 2 342 2 898 4 793
– capitalised 1 959 2 508 4 405
– other expenditure 383 390 388
  • (1) Financial information is stated in $ million unless otherwise stated. BG Group changed its reporting currency to US Dollars with effect from 1 January 2010. Group revenue and other operating income has been restated on the application of IFRIC 12. Financial information excludes amounts relating to discontinued operations. From September 2010, following the decision to dispose of the majority of the Group’s Power Generation segment, these operations have been treated as discontinued operations. Power businesses that remain with BG Group have been allocated to other business segments based on their activity and location. A single amount is presented on the income statement for discontinued operations, comprising post-tax results of these businesses and the post-tax profit or loss recognised on re-measurement to fair value less costs to sell and on disposal of the businesses. Comparative information has also been restated to reflect the presentation of discontinued operations as a separate line item.
  • (2) Other activities include new business development expenditure and certain corporate costs.
  • (3) Includes share of joint ventures and associates net finance costs.
  • (4) Includes share of joint ventures and associates tax.
  • (5) Excludes capital investment relating to discontinued operations for 2010 of $38 million, for 2009 of $44 million and for 2008 of $63 million.
  • (6) The denominator uses the total net proved reserves changes over the three years excluding acquisitions, divestments and production.
  • (7) These figures are calculated on a SEC basis, which includes all reserves revisions and fuel gas. 2010 and 2009 figures are calculated using a 12-month average price in line with the revised SEC methodology effective for the year ended 31 December 2010 and 31 December 2009. 2008 figures include calculations based on year end prices for 2008.
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