Operating companies’ cash generation £567 million (31 December 2013: £817 million)
Continued strong cash generation of £567 million by the Group's operating companies enabled the Group to exceed its full year cash generation target for 2014 of £500 million to £550 million. The receipt of gross Ignis divestment proceeds generated a further £390 million of cash in the period. Management actions contributed £180 million to cash generation, through operational enhancements, restructuring and de-risking activities.
Group MCEV £2,647 million (31 December 2013: £2,378 million)
Group MCEV increased by £269 million at 31 December 2014, benefiting from £261 million of value-enhancing management actions delivered in the period and the positive impact of the divestment of Ignis. This has more than offset dividend payments and the adverse impacts of regulatory changes and increases in the market value of the Group's debt recognised in the period.
Group IFRS operating profit £483 million (31 December 2013: £439 million)
Group IFRS operating profit has increased by £44 million to £483 million due to one-off benefits generated from system and modelling improvements of £165 million (2013: £98 million) and the positive impact of assumption changes compared to the prior year.
IGD surplus (estimated) £1.2 billion (31 December 2013: £1.2 billion)
The estimated IGD surplus has remained stable at £1.2 billion with capital generation and the positive impact of management actions offsetting dividend payments and debt financing and repayments of £0.6 billion in the period. The surplus of £1.2 billion represents headroom of £0.5 billion (2013: £0.5 billion) over the Group’s IGD capital policy.
Financial Leverage 39.3% (31 December 2013: 49.6%)
Financial leverage reduced to 39.3% at 31 December 2014, reflecting the Group’s debt refinancing and the disposal of Ignis. The reduction below 40% has reduced the margin above LIBOR payable on the PGH Capital bank facility from 350bps to 312.5bps.
Dividend per share 53.4 pence per share (31 December 2013: 53.4 pence per share)
The Board has recommended a final dividend of 26.7p per share, bringing the total dividend for the year to 53.4p per share. The final dividend is due to be paid on 27 April 2015, subject to shareholder approval at the Company’s AGM.

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