|
Six months ended 30 June |
2013 |
2012 |
|
Key financial performance measures |
|
|
|
EBITDA (£ million) (1) |
120 |
154 |
|
Underlying earnings per share (pence) (2) |
17.3 |
28.9 |
|
Interim dividend (pence per share) (3) |
8.7 |
14.4 |
|
|
|
|
|
Statutory accounting measures |
|
|
|
Profit before tax (£ million) |
206 |
141 |
|
Reported basic earnings per share (pence) |
41 |
33 |
|
|
|
|
Financial and Operational Highlights
H1 2013 underlying profits in line with expectations
Year on year reduction reflects increasing carbon costs - including UK carbon tax from April
Strong hedge - doubled 2014 forward sales in H1
Strong balance sheet - £245 million net cash at 30 June 2013
Biomass Transformation Highlights
First unit converted in April and performing to plan
Capital investments on schedule and budget
Construction of US-based pellet operations commenced
Dorothy Thompson, Chief Executive of Drax, said:
"In the first half of 2013 we have delivered good operating performance across the business during a period of extensive activity at the Drax site.
"The first converted unit was commissioned at the beginning of April, generating electricity from sustainable biomass in place of coal. The unit, which is the largest converted unit in the world, has been operating safely and delivered expected performance, using the interim storage and delivery systems in place. We will start commissioning the new bespoke systems later this year.
"We are investing significant capital this year and next to transform our business, with earnings during this period impacted by the increasing costs of carbon. However, as we move beyond this investment phase and replace substantial quantities of coal with sustainable biomass, we are confident that we will deliver attractive returns for our shareholders.
