VPC Venture Prod.

|          -Reclassified and    |   24,637 |  (3,427) |        - |        - | 
|          reported in net      |          |          |          |          | 
|          profit (Note 26)     |          |          |          |          | 
+-------------------------------+----------+----------+----------+----------+ 
|                               |          |          |          |          | 
+-------------------------------+----------+----------+----------+----------+ 
| Total recognised income for   | 131,371  | 2,295    | 33,060   | 105,527  | 
| the year                      |          |          |          |          | 
+-------------------------------+----------+----------+----------+----------+ 
 
 
Group Balance Sheet 
As at 31 December 2008 
 
 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |        2008 |        2007 | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |Notes  |     GBP'000 |     GBP'000 | 
+--------------------------------------+-------+-------------+-------------+ 
| Assets                               |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Non-current assets                   |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Property, plant and equipment        |  10   |   1,024,261 |     818,648 | 
+--------------------------------------+-------+-------------+-------------+ 
| Intangible assets                    |  11   |      53,291 |      53,291 | 
+--------------------------------------+-------+-------------+-------------+ 
| Investments accounted for using the  |  12   |      33,409 |      16,341 | 
| equity method                        |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Convertible loan notes receivable    |  15   |       7,528 |       5,383 | 
+--------------------------------------+-------+-------------+-------------+ 
| Derivative financial instruments     |  22   |      27,358 |           - | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |   1,145,847 |     893,663 | 
+--------------------------------------+-------+-------------+-------------+ 
| Current assets                       |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Inventories                          |  14   |       4,552 |       1,721 | 
+--------------------------------------+-------+-------------+-------------+ 
| Trade and other receivables          |  15   |     118,916 |     107,324 | 
+--------------------------------------+-------+-------------+-------------+ 
| Derivative financial instruments     |  22   |      21,712 |         498 | 
+--------------------------------------+-------+-------------+-------------+ 
| Cash and cash equivalents            |  16   |     207,969 |     158,445 | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |     353,149 |     267,988 | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Total assets                         |       |   1,498,996 |   1,161,651 | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Liabilities                          |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Current liabilities                  |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Trade and other payables             |  17   |   (152,950) |   (118,824) | 
+--------------------------------------+-------+-------------+-------------+ 
| Derivative financial instruments     |  22   |    (13,386) |    (36,992) | 
+--------------------------------------+-------+-------------+-------------+ 
| Income taxes payable                 |       |       (974) |    (15,062) | 
+--------------------------------------+-------+-------------+-------------+ 
| Financial liabilities - bank         |  18   |     (9,017) |           - | 
| overdraft                            |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |   (176,327) |   (170,878) | 
+--------------------------------------+-------+-------------+-------------+ 
| Net current assets                   |       |     176,822 |      97,110 | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Non-current liabilities              |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Financial liabilities - borrowings   |  18   |   (456,445) |   (398,322) | 
+--------------------------------------+-------+-------------+-------------+ 
| Derivative financial instruments     |  22   |           - |    (30,999) | 
+--------------------------------------+-------+-------------+-------------+ 
| Deferred income tax liabilities      |  19   |   (343,924) |   (200,445) | 
+--------------------------------------+-------+-------------+-------------+ 
| Other non-current liabilities        |  20   |    (14,113) |     (9,392) | 
+--------------------------------------+-------+-------------+-------------+ 
| Provisions                           |  21   |    (83,669) |    (70,425) | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |   (898,151) |   (709,583) | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Total liabilities                    |       | (1,074,478) |   (880,461) | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Net assets                           |       |     424,518 |     281,190 | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Shareholders' equity                 |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Called up share capital              |  23   |         599 |         573 | 
+--------------------------------------+-------+-------------+-------------+ 
| Share premium                        |  24   |     136,242 |     107,207 | 
+--------------------------------------+-------+-------------+-------------+ 
| Other reserves                       |  26   |     161,206 |     105,070 | 
+--------------------------------------+-------+-------------+-------------+ 
| Retained earnings                    |  25   |     126,471 |      68,340 | 
+--------------------------------------+-------+-------------+-------------+ 
|                                      |       |             |             | 
+--------------------------------------+-------+-------------+-------------+ 
| Total shareholders' equity           |       |     424,518 |     281,190 | 
+--------------------------------------+-------+-------------+-------------+ 
 
 
The financial statements on pages 11 to 52 were approved by the Board of 
Directors on 16 March 2009 and were signed on its behalf by: 
 
 
 
 
Mike Wagstaff 
                                     Peter Turner 
Chief Executive 
                                     Finance Director 
 
 
  Company Balance Sheet 
As at 31 December 2008 
 
 
+-------------------------------------+-------+---------------------+---------------------+ 
|                                     |       |                2008 |                2007 | 
+-------------------------------------+-------+---------------------+---------------------+ 
|                                     |Notes  |             GBP'000 |             GBP'000 | 
+-------------------------------------+-------+---------------------+---------------------+ 
| Assets                              |       |                     |                     | 
+-------------------------------------+-------+---------------------+---------------------+ 
| Non-current assets                  |       |                     |                     | 
+-------------------------------------+-------+---------------------+---------------------+ 
| Property, plant and equipment       |  10   |                 372 |                 457 | 
+-------------------------------------+-------+---------------------+---------------------+ 
| Investments in subsidiaries         |  12   |             530,717 |             427,269 | 
+-------------------------------------+-------+---------------------+---------------------+ 
| Deferred tax assets                 |   19  |               6,941 |               1,019 | 

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