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Credit Report
Credit Report - Sample


Top Executive Summary
Credit Category: Red Credit Limit: 0
Top Header Information

Date Delivered: 13/09/2004 Report Name: Credit Report
Time Delivered: 15:43:00 Report Version: 1.2
Account Number: 10501 Report Currency: GBP

Top Statutory Information

Company Name: BRITISH ENERGY PLC
Company Number: SC162273 Date of Incorporation: 13/12/1995
Company Type: PLC Latest Accounts to: 31/03/2003
Accounts Type: Group Accounts Latest Return to: 13/12/2003

Legal Status: N/A
Company Secretary: ROBERT MALCOLM ARMOUR
Registered Office: 3 REDWOOD CRESCENT
PEEL PARK
EAST KILBRIDE
G74 5PR
Post Code: G74 5PR
Business Address: 14-16 Cockspur St
LONDON
London
SW1Y 5BL
Business Phone No: 020 7389 3408
Fax Number:
Names of Directors: IAN HARLEY,SALVATORE MARTIN GATTO,CLARE MARY JOAN SPOTTISWOODE,ADRIAN ALASTAIR MONTAGUE,MIKE ALEXANDER,PASCAL COLOMBANI,WILLIAM A COLEY,ROBERT WALMSLEY,JOHN J DELUCCA
Business Activities:
The generation and sale of electricity.
SIC Codes:
7415 HOLDING COMPANIES INCLUDING HEAD OFFICES
US SIC Codes:
4911 ELECTRIC SERVICES
4931 ELECTRIC AND OTHER SERVICES COMBINED
4910 ELECTRIC SERVICES
4939 COMBINATION UTILITIES NEC
CRO Activity:
11/01/1999 Annual Return Made Up Date
11/01/1999 SIC Codes
11/06/1999 Accounts Made Up Date
07/01/2000 Annual Return Made Up Date
07/01/2000 SIC Codes
01/09/2000 Accounts Made Up Date
21/12/2000 Registered Address Change
26/01/2001 Annual Return Made Up Date
26/01/2001 SIC Codes
26/07/2001 Accounts Made Up Date
21/12/2001 Accounts Made Up Date
21/12/2001 Annual Return Made Up Date
21/12/2001 SIC Codes
07/09/2002 Accounts Made Up Date
07/01/2003 Annual Return Made Up Date
07/01/2003 Annual Return Made Up Date
07/01/2003 SIC Codes
20/10/2003 Accounts Made Up Date
23/01/2004 Annual Return Made Up Date
23/01/2004 SIC Codes
Previous Names:
N/A

Top Company Capitalisation

Share Currency: GBP
Issued at date of report: 620,362,444 ordinary shares of 0.45 each    

Immediate Holding Company: Not Applicable
Ultimate Holding Company: Not Applicable

Up to 10 UK Subsidiaries:
SC138614 BRITISH ENERGY INTERNATIONAL HOLDINGS LIMITED
SC152227 BRITISH ENERGY TECHNICAL SERVICES LIMITED
SC201083 EGGBOROUGH POWER (HOLDINGS) LIMITED
SC172300 SLEAFORD POWER LIMITED
SC189408 SCOTTISH NUCLEAR LIMITED
SC200887 BRITISH ENERGY POWER AND ENERGY TRADING
03076445 BRITISH ENERGY GENERATION LIMITED
SC117121 BRITISH ENERGY GENERATION (UK) LIMITED
03782700 EGGBOROUGH POWER LIMITED
02362017 DISTRICT ENERGY LIMITED

Charges/Debentures Registered
Full Mortgage Details

Charge: 1 Dated: 26/09/2002
Date Registered:11/10/2002
FLOATING CHARGE
Amount Secured:ALL SUMS DUE, OR TO BECOME DUE
Person(s) Entitled:THE SECRETARY OF STATE FOR TRADE AND INDUSTRY
Property Charged:UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE
OF THE COMPANY INCLUDING UNCALLED CAPITAL
Restricting Provisions:COMPANY ARE EXPRESSLY PROHIBITED FROM CREATING
SUBSEQUENT FIXED SECURITY HAVING PRIORITY OVER OR RANKING EQUALLY
THE FLOATING CHARGE
Notes:DEBENTURE CONTAINING FIXED AND FLOATINGCHARGES
Date(s) of Execution:20/11/2002
Executors:BRITISH ENERGY INVESTMENT LIMITED AND OTHERS
BRITISH ENERGY POWER AND TRADING LIMITED
BRITISH ENERGY GENERATION (UK) LIMITED
BRITISH ENERGY PLC
Charge Increased by:PLEASE REFER TO MORTGAGE DOCUMENT
Date(s) of Execution:28/11/2002
Executors:BRITISH ENERGY INVESTMENT LIMITED AND OTHERS
BRITISH ENERGY POWER AND ENERGY TRADING LIMITED
BRITISH GENERATION (UK) LIMITED
BRITISH ENERGY PLC
Charge Increased by:PLEASE REFER TO MORTGAGE DOCUMENT
Date(s) of Execution:26/02/2003
Executors:THE DTI
BRITISH ENERGY PLC
BRITISH ENERGY GENERATION (UK) LIMITED
Alterations to Order:PLEASE REFER TO MORTGAGE DOCUMENT

Charge: 2 Dated: 11/11/2002
Date Registered:28/11/2002
INTIMATION OF ASSIGNMENT
Amount Secured:THE FULL AND PUNCTUAL PAYMENT, PERFORMANCE AND DISCHARGE OF
ALL THE SECURED LIABILITIES
Person(s) Entitled:THE SECRETARY OF STATE FOR TRADE AND INDUSTRY
Property Charged:ALL INTRA GROUP RECEIVABLES WHICH ARE NOW OR MAY BE AT
ANY TIME HEREAFTER TO BE OR BECOME DUE AND OWING TO THE COMPANY FROM
EGGBOROUGH POWER (HOLDINGS) LIMITED, EGGBOROUGH POWER LIMITED, BRITISH
ENERGY LP, BRITISH ENERGY US HOLDINGS INC AND BRITISH ENERGY
RENEWABLES LIMITED TO THE LENDER AND ALL RIGHTS OF ACTION PAST, PRESENT
AND FUTURE RELATING THERETO

Bankers are:

Top Financial Analysis

Accounts Type: Group Accounts
Scale: Millions
Currency: GBP

Profit & Loss Extracts
No. of Months: 12 12 12 12
Period Ending: 31/03/2003 31/03/2002 31/03/2001 31/03/2000
Consolidated: Yes Yes N/S N/S
Turnover: 1,903.00 2,049.00 2,124.00 2,092.00
Interest Paid: 540.00 66.00 56.00 N/K
Exports: N/K N/K N/K N/K
Dividends: N/K 50.00 50.00 95.00
Directors Fees: 2.00 2.00 1.00 1,381.00
Wages: 322.00 28.00 210.00 256.00
Profit Before Tax: -4,292.00 -493.00 57.00 225.00
Profit After Tax: -3,924.00 -518.00 29.00 150.00

Balance Sheet Extracts
No. of months: 12 12 12 12
Period Ending: 31/03/2003 31/03/2002 31/03/2001 31/03/2000
Tangible Fixed Assets: 819.00 4,714.00 5,045.00 5,224.00
Intangible Assets: N/K N/K 0.00 192.00
Investments: N/K 195.00 200.00 204.00
Total Fixed Assets: 819.00 4,909.00 5,245.00 5,620.00
Stock: 360.00 514.00 560.00 587.00
Trade Debtors: 226.00 294.00 239.00 214.00
Cash & Equivalent: 87.00 N/K N/K N/K
Inter Company Balances: N/K N/K N/K N/K
Total Current Assets: 1,358.00 1,866.00 1,539.00 1,431.00
Total Assets: 2,177.00 6,775.00 6,784.00 7,051.00
Trade Creditors: 198.00 285.00 112.00 222.00
Overdrafts: 0.00 N/K N/K N/K
ShortTerm Loans: 152.00 N/K 0.00 565.00
Inter Company Balances: N/K N/K N/K N/K
Total Current Liabilities: 1,185.00 975.00 685.00 1,358.00
Net Current Assets: 173.00 891.00 854.00 73.00
Long Term Borrowings: 731.00 0.00 0.00 408.00
Other L.T. Liabilities: 3,644.00 5,217.00 4,931.00 3,972.00
Total L.T. Liabilities: 4,375.00 5,217.00 4,931.00 4,380.00
Paid Up Equity: 370.00 370.00 370.00 277.00
Reserves: -3,753.00 213.00 798.00 943.00
Shareholders Funds: -3,383.00 583.00 1,168.00 1,313.00
Number of Employees: 7,902 7,670 5,310 5,227


Top Ratio Analysis

Figures Stated in: Millions
Key Ratios
No. of Months: 12 12 12 12
Period Ending: 31/03/2003 31/03/2002 31/03/2001 31/03/2000
Profit Margin: -225.54 -24.06 2.68 10.76
Profit/Capital Employed: 126.87 -84.56 4.88 17.14
Profit/Assets: -197.15 -7.28 0.84 3.19
Current Debt: -0.35 1.67 0.59 1.03
Total Debt: -1.64 10.62 4.81 4.37
Long Term Debt: 4.41 0.90 0.81 0.77
Current Ratio: 1.15 1.91 2.25 1.05
Liquidity Ratio: 0.84 1.39 1.43 0.62
Stock/Turnover: 5.29 3.99 3.79 3.56
Collection Period: 43.35 52.37 41.07 37.34
Creditor Days: 37.98 50.77 19.25 38.73
Gearing (%): -23.53 0.00 0.00 74.11
Interest Coverage: N/K N/K 1.02 N/K
Credit Gearing: N/K N/K 1.71 1.52
Indicator Ratio: N/K N/K 11.30 11.47


Top Industry Comparison

Industry: 88 Utilities
No. of companies: 2,318
Last Updated: 01/09/2004

Industry Comparison/Average: Latest Previous Previous Previous
Scale: M M M M
Turnover: 160.18 158.92 149.23 156.63
Profit Before Tax: -13.73 -0.40 45.91 15.53
Debtors: 20.13 15.26 13.75 14.56
Total Assets: 295.00 329.46 324.82 354.58
Shareholders Funds: 27.69 54.03 78.30 96.90
Profit Margin (%): -8.57 -0.25 30.76 9.92
Liquidity Ratio: 0.87 0.94 0.94 1.03
Collection Period: 45.87 35.05 33.63 33.93
Stock/Turnover: 42.38 35.08 27.89 25.64
Creditor Days: 29.10 33.05 32.87 33.21
Solvency Ratio (%): 9.39 16.40 24.11 27.33
Gearing (%): 619.75 340.55 211.63 179.51

Top Auditors

Auditors are: PricewaterhouseCoopers LLP
Town:

Auditors Remuneration: 595,000
Auditors Comment on the latest Balance Sheet:
The Auditors note that the going concern basis may be inappropriate.
Auditors Qualified Accounts? no
Top Company Officers

Co Secretary: ROBERT MALCOLM ARMOUR
Nationality: BRITISH Date Appointed: 13/12/1995
Home Address: Date of Birth: 25/09/1959
88 RAVELSTON DYKES Occupation:
EDINBURGH
EH12 6HE Co Sec & Director: N
Other Directorships: Y


Director Details

Director: IAN HARLEY
Nationality: BRITISH Date Appointed: 01/06/2002
Home Address: Date of Birth: 30/04/1950
28 KINGSWOOD WAY Occupation:
SELSDON NON EXECUTIVE DIRECTOR
SOUTH CROYDON
SURREY CR2 8QP Other Directorships: Y


Director: SALVATORE MARTIN GATTO
Nationality: BRITISH Date Appointed: 08/12/2003
Home Address: Date of Birth: 09/05/1950
11 CAVENDISH LODGE Occupation:
CAVENDISH ROAD ACCOUNTANT
BATH
AVON BA1 2UD Other Directorships: Y


Director: CLARE MARY JOAN SPOTTISWOODE
Nationality: BRITISH Date Appointed: 01/12/2001
Home Address: Date of Birth: 20/03/1953
39 LONSDALE SQUARE Occupation:
DIRECTOR
LONDON
N1 1EW Other Directorships: Y


Director: ADRIAN ALASTAIR MONTAGUE
Nationality: BRITISH Date Appointed: 02/12/2002
Home Address: Date of Birth: 28/02/1948
PEGSDON BARNS Occupation:
PEGSDON DIRECTOR
HITCHIN
HERTFORDSHIRE SG5 3JZ Other Directorships: Y


Director: MIKE ALEXANDER
Nationality: BRITISH Date Appointed: 03/03/2003
Home Address: Date of Birth: 17/11/1947
8 BEARSWOOD END Occupation:
BEACONSFIELD CHIEF EXECUTIVE
BUCKINGHAMSHIRE
Other Directorships: Y


Director: PASCAL COLOMBANI
Nationality: FRENCH Date Appointed: 01/06/2003
Home Address: Date of Birth: 14/10/1945
3 RUE DE LOGELBACH Occupation:
DIRECTOR
PARIS
75017 Other Directorships: N


Director: WILLIAM A COLEY
Nationality: AMERICAN Date Appointed: 01/06/2003
Home Address: Date of Birth: 24/04/1943
1231 WAREHAM COURT Occupation:
DIRECTOR
CHARLOTTE
NORTH CAROLINA 28207 Other Directorships: N


Director: ROBERT WALMSLEY
Nationality: BRITISH Date Appointed: 01/08/2003
Home Address: Date of Birth: 01/02/1941
41 BELTRAN ROAD Occupation:
NON-EXECUTIVE DIRECTOR
LONDON
SW6 3AL Other Directorships: Y


Director: JOHN J DELUCCA
Nationality: AMERICAN Date Appointed: 09/02/2004
Home Address: Date of Birth: 25/04/1943
314 ARDMORE ROAD Occupation:
COMPANY DIRECTOR
HO-HO-KUS
NEW JERSEY 07423 Other Directorships: N


Top Safeguard Information

Safeguard Score: -55
Safeguard Codes:
C8 External interest in subject predates 5 years.
H1 Caution.Director(s) and/or Secretary have been recorded as holding/having held 5 or more other directorships in a company/companies which have been subjected to voluntary or compulsory winding up procedures or administration orders.
H4 Caution.Current/previous Director(s) and/or current/previous Secretary have been recorded as being directors of a company/or companies which have been struck off the Register of Companies as a result of either a subject company voluntary application or due to non compliance.
H5 Current/Previous Director(s) and/or current/previous Secretary have been recorded as being directors of a company or companies which have been dissolved.
V6 The auditors audit 16 or more U.K. limited companies according to data on file from Companies Registration Office


Safeguard Guidance
Safeguard evaluates a company against approximately 50 indicators of credit/fraud risk, providing a simple summary rating (positive is good). There are no benchmark scores, as the score is mainly driven by three variables, the number of directors, the size of the company and the risk assessment of those directors. The highest risk profile would therefore be a small company, with a low number of directors and a significant negative score. If further investigation is required, our "Directors Investigation Report" will provide more detailed information.

TopGazette or Detrimental Information

No Gazette Information

TopCredit Risk Information


CCJ's Registered
Information concerning County Court Judgements is provided in good faith; however we do not accept responsibility for the accuracy thereof
Exact Matches
CourtDateAmount of JudgementStatusDate Settled
BRADFORD06/09/2000751Judgement
Case No. BD006896
HAMILTON05/10/20011,299Judgement
Case No. SC631/01
STAINES08/11/2002275Judgement
Case No. JF237973
TUNBRIDGE WELLS18/12/2002109Judgement
Case No. JL226340
NORWICH28/08/2003235Judgement
Case No. NR305680


Gazette Information
No Gazette Information

Payment Profiles
Creditor Days
Sector Average: 29.10 Days
BRITISH ENERGY PLC: 37.98 Days
Liquidity Ratio
Sector Average: 0.87
BRITISH ENERGY PLC: 0.84
Vital Signs
Turnover decreased by: 7.1%
Pre Tax Profit decreased by: 770.6%
Gearing increased by: 0.0%
Working Capital decreased by: 80.6%

Credit Score:15
Credit Rating:I
Credit Category:Red
Credit Limit: 0

Credit Score Date:13/09/2004

Credit Rating Guidance
Credit Score Range: 0 (Poor) to 100 (Excellent)
Credit Rating Codes: A=Excellent, B=Very Good, C=Above Average, D=Average, E=Poor, F=Very Poor, G=Serious Gazette code present, I=Technically insolvent, O=Late filing of accounts, N=Dormant accounts filed, NA=No accounts filed yet, NR=No Report, NT=Does not trade

TopAnalyst Report

The latest year accounting figures in this report have been rounded to the nearest thousand (000). The Company's latest filed accounts are for the year ended 31/03/2003. Figures are taken from consolidated accounts. Turnover has fallen from GBP2.05bn to GBP1.90bn over the past year. Pre-tax losses have increased from GBP493.00m to GBP4.29bn. The company's liquidity appears to be healthy, with net current assets of GBP173.00m. (Previous accounts show net current assets of GBP891.00m). Bank and cash figures total GBP87.00m. There are accumulated losses of GBP4.18bn. Other reserves total GBP426.00m. On the basis of these accounts: We suggest that you seek suitable assurances from the Directors. For contracts, we suggest obtaining performance/indemnity bonding. For credit insurance purposes the credit limit is nil. Co has confirmed that it has approached the Secretary of State for an increase in the Government Facility and that discussions are continuing, but no agreement has yet been reached (RNS 26/11/2003). Unaudited interim results for the 6 months to 30/09/2003 disclosed pre -tax losses of GBP71m on turnover of GBP677m. (stated after exceptional charges) (TI 18/12/2003) Co's shareholders have approved the sale of its 50% stake in AmerGen, its US nuclear arm, for $277m. Proceeds will be used to repay part of a GBP275m government loan facility (FT 23/12/2003). Shares in the company dropped by almost a third yesterday after a US hedge fund revealed that it had sold the bulk of its 4.5% stake less than a week after disclosing its purchase. It's shares had more than doubled, reaching a peak of 10.25p on Wednesday after small investors piled into the stock after Appaloosa Investment Management disclosed its interest last Friday. Co's shares fell 3.35p to 6.9p valuing it at just GBP48.2m (FT 06/02/2004). Preliminary final results announced for 31/03/2004 show a pre tax profit of GBP232m on turnover of GBP1.66bn. (stated after exceptional income) Co warned yesterday that it's government backed rescue could be delayed until the end of the year, saying that it was taking longer than expected to complete the financial assessments needed to win EU approval. Patricia Hewitt, trade and industry secretary has warned that "contingency plans" remained in place to put the company into administration if the rescue failed (FT 18/06/2004). Company yesterday it was in "no position" to entertain any restructuring deal other than that already agreed with creditors and said it "can't help" shareholders who challenge the arrangement. (FT 06/08/2004) Having reviewed and analysed the latest information available: We would suggest setting a credit limit on monthly terms of GBP 0.00