SSE Financial Results. 6 months to 30 September 2014

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1 SSE Financial Results 6 months to 30 September 2014

2 Lord Smith of Kelvin Chairman 2

3 Today s SSE team 3

4 Safety comes first in SSE Total Recordable Injury Rate* 0.14 Total Recordable Injuries HY14 HY15 10 HY14 HY15 *TRIR per 100,000 hours worked 4

5 Strategy for long-term success Our core purpose Our strategy Our financial objective Provide the energy people need in a reliable and sustainable way Efficient operation of, and investment in, a balanced range of economicallyregulated and market-based energy businesses Annual dividend increases of at least RPI inflation Employees Customers Politicians Regulators Great Britain Ireland 5

6 Taking action for long-term success GB market s longest ever price freeze 5.5bn net investment in four years to 2018 Value programme delivery Beauly-Denny First financial objective an annual dividend increase that keeps pace with inflation Street lighting (PFI) 6

7 Gregor Alexander Finance Director Financial Overview Networks 7

8 Focusing on the key financial results HY14 m HY15 m % change Adjusted profit before tax % Fair value re-measurements (IAS 39) (42.1) (17.3) Exceptional items - - Interest on net pension liabilities (IAS 19R) (14.8) (14.3) Tax on JCEs and associates 39.3 (22.1) Reported profit before tax Adjusted earnings per share % Adjusted effective tax rate 16.4% 15.0% Interim dividend 26.0p 26.6p +2.3% 8

9 Summarising performance in SSE s businesses Operating Profit HY14 m HY15 m % change EPM and Generation Gas Production Gas Storage Total Wholesale % Electricity Distribution Electricity Transmission Gas Distribution (SGN)* Total Networks % Energy Supply (115.4) (16.9) Energy Related Services Enterprise Total Retail (71.4) 37.3 Corporate Unallocated (8.1) 7.4 Total Operating Profit % *SSE share 9

10 Focusing on adjusted earnings per share 100m efficiency programme progress Adjusted EPS HY (p) 15% Achieved to date 35 85% Target to complete HY14 HY15 Savings include: TEC reduction VER programme Coal closures Sector Issues: market conditions, geopolitical developments, weather patterns, legislative, regulatory and political change EPS in 14/15 now expected to be around 13/14 level; Also continuing risk to EPS growth in 15/16 and 16/17 Sustainable dividend underpinned by quality of operations, assets and investment opportunities 10

11 Making the right investment decisions (1) HY14 FY14 HY15 Capital expenditure and investment, m 804 1, Adjusted net debt and hybrid capital, m 7,722 7,643 7,907 Average interest rate 5.20% 4.71% 4.50% Investment and capital expenditure HY15 9% Networks 31% 50% Retail Wholesale Other 10% Increase in net debt less than expected due to: Working capital management 29% final dividend scrip uptake A- rating affirmed and outlook upgraded to stable by S&P 11

12 Making the right investment decisions (2) Split of FY15 c. 1.6bn capex forecast Split of bn (gross) capex forecast 1bn disposals Networks Wholesale Retail Other 11% 33% 7% 49% Commited Planned Optional 20% 10% 70% Agreement reached To be finalised 60% 40% 6.5bn gross ( 5.5bn net) capex split in Committed Planned Optional Regulated networks Caithness-Moray Onshore wind (ROCs) Assets in construction Other Maintenance Other 12

13 Focusing on value from disposals Target 1bn of proceeds and net debt reduction from the disposal of assets and businesses over next 4 years PFIs Gas Pipelines 1bn Recycling wind capital Data Centre Other Over 400m sold or disposal agreements reached 13

14 Maintaining a platform for dividend growth Dividend Per Share HY (p) HY99 HY00 HY01 HY02 HY03 HY04 HY05 HY06 HY07 HY08 HY09 HY10 HY11 HY12 HY13 HY14 HY15 At least RPI in future 14

15 Networks central to SSE strategy Operating Profit HY14 m HY15 m % change Distribution % Transmission % Gas Distribution (SGN) % Networks Operating Profit % Total Networks RAV, bn (net) 8 Transmission Distribution SGN FY10 FY11 FY12 FY13 FY14 HY15 Beauly-Denny Networks RAV increased by 50% since April 2009 to 7.08bn 15

16 Preparing to work for customers this winter and beyond Operating profit, m Electricity distributed, TWh HY HY HY HY Distribution capex, m FY11 FY12 FY13 FY14 FY15 * *forecast Storm damage 2014 ED1 final determinations to be published in November: Working through key issues from draft determination with Ofgem Aim to secure settlement that s fair to customers and investors 16

17 Increasing the asset base in Transmission Operating Profit, m HY14 HY15 Transmission RAV, bn Under construction Beauly-Denny Beauly-Blackhillock-Kintore Beauly-Mossford Kintyre-Hunterston FY HY15 Caithness-Moray Cost allowance consultation under way Expected first revenue in 2015/16 Project on course for completion in

18 Achieving efficiencies in Gas Distribution Scotia Gas Networks Innovation Efficiency Outperformance Operating Profit*, m RAV*, bn HY14 HY HY14 HY15 CISBOT repairs gas mains from inside the pipe *SSE share 18

19 Alistair Phillips-Davies Chief Executive Retail Wholesale Outlook 19

20 Ensuring SSE is well positioned for the future Simplifying business and securing efficiencies Focusing on value and investment decision making 2020 and beyond Customer focus price freeze to 2016 Appetite for reform and a voice in UK energy market debate 20

21 Demonstrating SSE s appetite for reform Reforming Carbon Price Floor Financial reporting transparency Policy payments through taxation Bills and tariffs regulation review National charge for electricity transportation 21

22 Freezing GB prices for the benefit of customers Operating profit, m HY14 FY14 HY15 Energy supply Energy related services Enterprise Total retail Average temperature anomaly April-October 2014 Compared to climatology Every month except August warmer than 30 year average C Aged Debt, m Energy Customer Accounts, m Average April May June July August September October UK England Wales Scotland N. Ireland 22

23 Investing in the brand 23

24 Reforming our retail business for the long-term Costs New low cost operating model being developed Service Progressive shift towards digital excellence Products Easy to maintain/evolve products, adding value for customers Around 27m capex invested to enhance customer service and install smart meters 24

25 Operating a sustainable Wholesale business Operating profit HY14 HY15 % change EPM and Generation Gas Production Gas Storage Wholesale Operating Profit % Gas- and oil-fired output, TWh HY12 HY13 HY14 HY15 Coal-fired output, TWh HY12 HY13 HY14 HY15 Renewable output, TWh HY12 HY13 HY14 HY15 Gas production output, m therms HY12 HY13 HY14 HY15 25

26 Playing our part and keeping the lights on 10.1GW plant (GB) Most diverse fleet Flexible plant Strong engineering capability to maximise plant availability Commitment to work constructively with National Grid, Ofgem and DECC We are absolutely clear we are taking the measures necessary in order to have secure energy supplies this winter. Matthew Hancock, Energy Minister, October 2014 Fiddler s Ferry Sloy Hydro Dam Peterhead 26

27 Maintaining the right assets in electricity generation Ferrybridge unit 3 back in operation Fiddlers Ferry all four units available to operate Medway 48m* investment in reliability and flexibility Peterhead SBR contract secured Keadby 39m* investment in reliability and flexibility Over 1.4GW of hydro and storage capacity Medway Foyers pumped storage *in

28 Preparing for the implementation of market reforms in GB SSE prequalified 7.2GW* in Capacity Auction 3.6GW of gas-fired plant (including Abernedd) 2.6GW of coal-fired plant Just under 1GW of hydro and storage Ferrybridge Beatrice offshore secured CfD contract Onshore wind development opportunities 900MW of capacity in construction or with consent for development Greater Gabbard *de-rated Keadby wind farm 28

29 Developing new assets in Ireland Great Island CCGT First fire in September 2014 Commissioned around March 15 Cleanest, most efficient and reliable gas power plant on Irish grid New market expected to be supportive of modern efficient CCGTs and onshore wind Great Island 29

30 Taking the right action for the long term A number of challenges still ahead A balanced range of businesses ED1 final determination Capacity auction Operational and investment efficiency Strong financial management UK general election CMA provisional findings/potential remedies but opportunity for stable framework 30

31 Delivering dividend growth for the long-term Dividend Per Share FY (p) RPI FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 31

32 Value for customers and value for investors Q and A 32

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