H RESULTS. August 10, 2010

Transcription

1 H RESULTS August 10, 2010

2 DISCLAIMER Forward-Looking statements This communication contains forward-looking information and statements. These statements include financial projections, synergies, cost-savings and estimates, statements regarding plans, objectives, savings, expectations and benefits from the transactions and expectations with respect to future operations, products and services, and statements regarding future performance. Although the management of GDF SUEZ believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of GDF SUEZ securities are cautioned that forward-looking information and statements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of GDF SUEZ, that could cause actual results, developments, synergies, savings and benefits to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the public filings made by GDF SUEZ with the Autorité des marchés financiers (AMF), including those listed under Facteurs de Risque (Risk factors) section in the Document de Référence filed by GDF SUEZ with the AMF on 6, April 2010 (under no: D ). Investors and holders of GDF SUEZ securities should consider that the occurrence of some or all of these risks may have a material adverse effect on GDF SUEZ. 2

3 H Results Introduction and strategic considerations Financial highlights Recent gas developments Conclusion 3

4 INTRODUCTION AND STRATEGIC CONSIDERATIONS Gérard Mestrallet Gournay-sur-Aronde, storage site 2010 First Half Results

5 Solid 2010 first half results supported by a diversified business model Key figures EBITDA: 8.2bn (+4.3%) Net Income, group share: 3.6bn (+9.3%) Efficio: 1.0bn Net Debt / EBITDA (1) = 2.3x Gearing: 48% Share buy-back program: 0.5bn Targets confirmed 2010 EBITDA > 2009 EBITDA (2) 2011 EBITDA +15% 2009 EBITDA (2) (1) Based on last 12 month EBITDA (2) These objectives assume average weather conditions, no significant regulatory and macro economic changes, underlying 2010/11 assumptions (average brent $/bbl 74/79 ; average electricity baseload Belgium /MWh 48/48 ; average Zeebrugge gas price /MWh 15/17) 5

6 Main achievements over the first half Gas market: agreements with most suppliers Gas tariff increase in France close to 15% since the beginning of the year Industrial development on track: +3GW of additional new projects (1) (1) Under construction 6

7 Agua Zaragoza Expo, Cofely Provalys, Snøhvit CCGT, Zandvliet - Belgium H1 10: continuing industrial development ELECTRICITY GAS New projects: 1,730MW in Saudi Arabia and 1,500MW in Oman World s largest Biomass Power Unit in Poland (190MW) New nuclear: partnership with E.ON in Italy Major supply electricity contracts: UK (9TWh) and Peru (662MW) Assets rotation: disposal of 24.2% stake in Elia 100% stake in Gaselys and project of unification of trading activities Commissioning of the LNG Mejillones regazification terminal in Chile Nord Stream project (9% stake in a 55bcm project) (1) Installing of the platform in the Gjoa production field Assets rotation: disposal of 38.5% stake in Fluxys Set up of a joint venture with Gazprom in energy efficiency Finalization of friendly takeover of AGBAR SERVICES (1) Closed on July

8 FINANCIAL HIGHLIGHTS Gérard Lamarche Marafiq power plant, Saudi Arabia 2010 First Half Results

9 Financial highlights Solid results well on track Strong balance sheet Targets confirmed 9

10 Solid results well on track In bn H H /09 Revenues % EBITDA % Current Operating Income % Net recurring income (1), Group share Net income, Group share % (1) Net recurring income = net income excluding MtM, impairment, disposals and others 10

11 EBITDA growth despite difficult gas market environment EBITDA in m (58) 8,194 7,857 (827) 424 Infrastructures Energy Services Environment Others Non recurring 519 Energy Europe & Intl Global Gas & LNG Energy France +4.3% H EBITDA H > EBITDA H H

12 From EBITDA to net result +9.3% growth of net income group share In m H H EBITDA 7,857 8,194 Depreciation, amortization and provisions (2,657) (2,817) Concessions & share based payments (239) (162) Current Operating Income 4,962 5,215 MtM, Impairment, Restructuring costs (354) (514) Asset disposals & others 621 1,413 Income from operating activities 5,229 6,114 Financial result (708) (1,070) Income tax (1,098) (1,086) Share in net income of associates Non controlling interests (1) (363) (581) Net income group share 3,263 3,565 (1) Previously «Minority Interests» 12

13 A strong balance sheet In bn H H Free Cash Flow (1) Net CAPEX (2) Net debt 30.0 As of 12/31/ Net debt/ebitda (3) 2.1x As of 12/31/09 Gearing 45.7% As of 12/31/09 2.3x 47.9% (1) Free Cash Flow = Operating Cash Flow Tax cash expenses Net interest expenses WCR maintenance capex (2) Net capex = industrial capex (maintenance and development) + financial capex (acquisitions) disposals (3) Based on last 12 months 13

14 2010 targets confirmed 2010 targets Actual H EBITDA growth 2010 EBITDA > % vs. H1 09 Net industrial Capex ~ 10bn 3.0bn Efficiency plan 1.25bn 1.0bn Dividend 2010 dividend 2009 dividend Interim dividend: 0.83 /share to be paid in Nov Rating Strong A S&P s: A (1) Moody s: Aa3 (2) (1) Watch negative following the announcement of potential transaction with International Power (2) Negative outlook 14

15 RECENT GAS DEVELOPMENTS Jean-François Cirelli Provalys 2010 First Half Results

16 A tough environment for gas during H Strong impact in H but recent positive signs Strong gas prices decrease: Q1 10/09 average NBP: -31% H1 10/09 average NBP: -11% Sharp increase of the gas / oil spread: peak > 10/MWh in April Increased competition on Key Accounts Gas market price recovery: NBP since end 2009: +39% (1) Narrowing of the gas / oil spread since April to ~ 5-6/MWh Beginning of the recovery in Industrial & Commercial demand Volumes sold: 86TWh vs. 95TWh Lower arbitrage opportunities vs. exceptional H LNG demand to increase, particularly in Asia (1) NBP day ahead: 19/MWh as of 07/02/10 vs /MWh as of 12/31/09 16

17 GDF SUEZ strategy to face the crisis An array of measures to mitigate tough environment Use of supply contracts downward flexibilities: Lowering offtakes to minimum levels Dynamic management of our gas balance with a view to reduce spread impact Review of commercial strategy: Preserving margin involving temporary market share decrease Capturing LNG arbitrage opportunities 2010 in line with expectations 17

18 Expected short term developments Agreements reached with suppliers Long Term contracts remain the backbone of European supply Long Term contracts review: Achieved for most of them Increased flexibility and market evolutions adjustment Further trigger in case of necessity starting 2011 Consequences: Lower off take commitments to offset the reduction of demand Spot price indexation E&P development Gas price decrease offset by brent in H1 Positive price effect expected in H2 Coming into production of a major project in Norway: Gjoa Impact expected from year end

19 CONCLUSION Gérard Mestrallet Hydro power plant, Villeneuve-les-Avignon, France 2010 First Half Results

20 2010 & 2011 financial targets confirmed Solid 2010 first half results supported by a diversified business model Ideal and flexible positioning to benefit from recovery on energy markets Industrial development well on track Sound financial structure Attractive and sustainable dividend policy 20

21 APPENDICES Provalys LNG carrier, Brest, France 2010 First Half Results

22 Appendices - Index Pages Financial appendices 3 - Number of shares 4 - Change in scope and FX 5 - Balance sheet, P/L and cash flow statement 10 - Breakdown by business line 15 - P/L details 23 - Tax position 36 - Efficio 38 - Cash flow generation details 40 - Credit appendices 48 Business appendices 56 - Generation capacity 57 - Gas Balance 63 - Energy France Business Line 66 - Energy Europe & International Business Line 76 Business area Energy Benelux & Germany 84 Business area Energy Europe 91 Business area Energy North America 96 Business area Energy Latin America 102 Business area Energy Middle East Asia Africa Global Gas & LNG Business Line Infrastructures Business Line Energy Services Business Line

23 FINANCIAL APPENDICES Snøhvit, Melkoya, Norway 2010 First Half Results

24 Change in number of shares Existing shares at 12/31/09 2,260,976,267 Capital increase 395,068 Existing shares at 06/30/10 2,261,371,335 Average number of shares 2,185 millions (1) (1) Undiluted, excluding treasury stock NUMBER OF SHARES 24

25 Financial appendices CHANGE IN SCOPE AND FX 25

26 2010 / 2009: main changes in consolidation scope Changes in method Wuppertal (Energy Benelux & Germany) Equity method (33%) until 06/30/09 Proportional consolidation since 07/01/09 (1) Acquisitions Swap E.On (Energy Benelux & Germany) 11/04/09 Astoria (Energy North America) Equity Method (30.5%) until 01/01/10 Full consolidation (58.5%) as of 01/01/10 E-CL - Chile (Energy Latin America) Proportional consolidation (33.25%) until 01/29/10 Full consolidation (52.4%) since 01/29/10 Agbar (Suez Environnement) Proportional consolidation (51%) until 06/01/10 Full consolidation since 06/01/10 Unbundling of mixed companies (Suez Environnement) Proportional consolidation until of 01/01/10 Full consolidation since 01/01/10 Disposals Swap E.On (Energy Benelux & Germany) 11/04/09 Unbundling of mixed companies (Suez Environnement) Proportional consolidation until 01/01/10 Agbar - Adeslas (Suez Environnement) 06/01/10 Fluxys (Infrastructures) Equity Method until 01/01/10 Elia (Infrastructures) Equity Method until 01/01/10 (1) Proportional consolidation since 01/01/2009 in FY09 accounts CHANGE IN SCOPE AND FX 26

27 Impact of GBP evolution 1,5 1,4 1,3 1,2 1,1 1 GBP vs EUR The average rate applies to the income statement and to the statement of cash flows The closing rate applies to the balance sheet 0,9 0,8 01/01/2009 In m 10/09 Revenue +40 EBITDA +6 Total net debt (8) Total equity /30/2010 GBP H average rate 1.15 H average rate 1.12 aver. rate H1 2010/ % Closing rate at 06/30/ Closing rate at 12/31/ Closing rate +9% CHANGE IN SCOPE AND FX 27

28 Impact of USD evolution USD vs EUR 1 0,9 0,8 0,7 The average rate applies to the income statement and to the statement of cash flows The closing rate applies to the balance sheet 0,6 0,5 0,4 01/01/ /30/2010 USD H average rate 0.75 H average rate 0.75 In m 10/09 Revenue +8 EBITDA +2 Total net debt +1,120 aver. rate H1 2010/ % Closing rate at 06/30/ Closing rate at 12/31/ Closing rate +17% Total equity +831 CHANGE IN SCOPE AND FX 28

29 Impact of BRL evolution BRL vs EUR 0,5 0,45 0,4 0,35 The average rate applies to the income statement and to the statement of cash flows The closing rate applies to the balance sheet 0,3 0,25 0,2 01/01/ /30/2010 BRL H average rate 0.42 H average rate 0.34 In m 10/09 Revenue +137 EBITDA +77 Total net debt +213 aver. rate H1 2010/ % Closing rate at 06/30/ Closing rate at 12/31/ Closing rate +13% Total equity +314 CHANGE IN SCOPE AND FX 29

30 Financial appendices BALANCE SHEET, P/L AND CASH FLOW STATEMENT 30

31 Summary balance sheet In bn ASSETS 12/31/09 06/30/10 LIABILITIES 12/31/09 06/30/10 NON CURRENT ASSETS Equity, group share Non controlling interests CURRENT ASSETS TOTAL EQUITY o/w financial assets valued at fair value through profit/loss Provisions o/w cash & equivalents Financial debt Other liabilities TOTAL ASSETS TOTAL LIABILITIES BALANCE SHEET, P/L AND CASH FLOW STATEMENT 31

32 Details of some assets and provisions 9.3bn assets at 06/30/ bn provisions at 06/30/10 Available for sale securities 3.5bn Loans 3.7bn Others 2.0bn Pensions 4.1bn Dismantling 3.8bn Stakes in associates 2.1bn Recycling and storage & site rehabilitation 5.0bn BALANCE SHEET, P/L AND CASH FLOW STATEMENT 32

33 Summary income statement In m H H Revenues 42,212 42,346 Purchases (22,648) (22,401) Personnel costs (5,760) (5,882) Amortization depreciation and provisions (2,693) (2,817) Other operating incomes and expenses (6,150) (6,030) Current operating income 4,962 5,215 MtM, impairment, restructuring, disposals and others Income from operating activities 5,229 6,114 Financial result (expense) o/w cost of net debt (1) o/w discounting expense related to long term provisions o/w dividends and others Income tax o/w current income tax o/w deferred income tax (708) (623) (302) 217 (1,098) (820) (278) (1,070) (907) (300) 137 (1,086) (1,236) 150 Share in net income of associates Non controlling interests (363) (581) Net income group share 3,263 3,565 EBITDA 7,857 8,194 (1) Including capitalised borrowing costs transferred from dividends and others to cost of net debt in H ( 105m) BALANCE SHEET, P/L AND CASH FLOW STATEMENT 33

34 Cash flow statement In m Gross cash flow before financial loss and income tax Income tax paid (excl. income tax paid on disposals) Change in operating working capital H H ,721 (462) 1,044 8,027 (661) (598) CASH FLOW FROM OPERATING ACTIVITIES 8,303 6,768 Net tangible and intangible investments Financial investments (1) Disposals and other investment flows (1) (4,316) (980) 1,930 (4,228) (774) 2,170 CASH FLOW FROM INVESTMENT ACTIVITIES (1) (3,366) (2,832) Dividends paid Share buy back Balance of reimbursement of debt / new debt Interests paid on financial activities Capital increase Other cash flows (1) (2,035) 3 1,969 (820) 26 (1,312) (1,910) (396) (2,362) (941) (33) 210 CASH FLOW FROM FINANCIAL ACTIVITIES (1) (2,169) (5,432) Impact of currency and other CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 9,049 10,324 TOTAL CASH FLOWS FOR THE PERIOD 2,889 (1,220) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 11,939 9,104 (1) Reclassification of 201m from Cash flow from investment activities to Cash flow from financial activities due to the application of IAS27-R BALANCE SHEET, P/L AND CASH FLOW STATEMENT 34

35 Financial appendices BREAKDOWN BY BUSINESS LINES 35

36 Global Gas & LNG: tough market conditions and high H1 09 basis EBITDA 14% In m H H /09 Revenues (incl. Intra group) 12,070 10,714-11% Revenues 5,694 4,520-21% EBITDA 1,973 1,146-42% Total CAPEX Brent average $/bbl NBP average /MWh Hydrocarbon production Mboe Key account sales (1) TWh Improving brent and gas prices FY 2010 outlook Oil / gas spread impact in line with expectations Renegotiations of LT supply contracts (1) Key account sales excluding intra-group Stable hydrocarbon production 36

37 Global Gas & LNG: strong impact of lower prices on H EBITDA in m 1,973 (334) E&P 706 Supply & Market 1,267 Non recurring effects 1,639 E&P 706 Supply & Market (428) Scope & forex Commodity prices & others Lower volumes 1,146 H H H rebased (82) E&P 695 Supply & Market

38 Energy France: new tariff formula implemented as of April 1 st and favorable weather EBITDA In m H H /09 Revenues 8,334 8,089-3% 9% EBITDA 214 (1) % Total CAPEX Gas sales TWh Climate adjustment TWh Electricity generation TWh FY 2010 outlook Indicative seasonality of gas sales volumes: 60% H1 / 40% H2 Weather sensitivity on EBITDA: +/- 10m/TWh +9.6% at 4/1/10 Gas retail remuneration: tariff increases +4.8% at 7/1/10 New electricity capacity: 1.1GW (2) (1) Including - 363m tariff shortfall (2) Including Combigolfe (424MW), Montoir (435MW) and wind projects 38

39 Energy Europe & International: double digit growth of EBITDA EBITDA In m H H /09 Revenues 14,932 15, % 38% EBITDA 2,674 3, % Total CAPEX 2,568 2,139 FY 2010 outlook Electricity sales TWh Gas sales TWh Installed capacity GW Nuclear plants availability 90% 88% Proxy Benelux & Germany achieved price (1) /MWh 58 (2) 58.6 Demand recovery in BEEI markets New electricity capacities in H (3) : 5.8 GW Benelux & Germany hedge ratio % % % (1) Average previous years forwards for baseload price in Benelux & Germany, time weighted according to the Group hedging policy (2) For FY 2009 (3) Including Middle-East capacities of 3.8 GW 39

40 Infrastructures: sustainable growth enhanced by cold weather EBITDA 22% In m H H /09 Revenues (incl. Intra group) 2,958 3, % Revenues % EBITDA 1,646 1, % Total CAPEX Gas distributed by GrDF TWh Distribution RAB bn 13.5 (1) Transmission RAB bn 5.8 (1) LNG Terminals RAB bn 0.4 (1) Storage capacity sold (2) TWh Distribution as of 7/1/ % FY 2010 outlook Tariff increases Transmission as of 4/1/ % LNG terminals as of 1/1/10 New tariffs Fos Cavaou: full capacity expected in Q4 (1) Regulated Asset Base as of 12/31/09 (2) Total capacities including France for 107TWh in

41 Energy Services: improved profitability thanks to productivity efforts EBITDA In m H H /09 Revenues 6,893 6,693-3% 6% EBITDA % Total CAPEX Services - Net commercial development (1) ( m) Installations - Backlog ( bn) Engineering - Backlog in hours ( 000) 2,239 (2) 2,434 FY 2010 outlook FY 2010 organic EBITDA comparable to 2009 Stable engineering and installation backlog (1) Revenues from new contracts net of renegociated and lost contracts, excl. large contracts (2) 3,121 incl non recurring Brasilian orders 41

42 Environment: solid H performance delivering strong growth EBITDA In m H H /09 Revenues 5,867 6, % 13% EBITDA 951 1, % Total CAPEX 672 1,531 (1) Water volumes sold in France (2) mcm Water volumes sold in Spain mcm Treated volumes EfW (3) + landfill mtons (4) DB (5) Backlog (at 12/31/09 and 06/30/10) bn FY 2010 outlook Revenue growth 7% (6) at constant forex in 2010 vs EBITDA growth 9% (6) at constant forex in 2010 vs Net investments in 2010: 1.3bn + 0.6bn for AGBAR (7) 2010 Free Cash Flow 0.7bn (8) (1) Including Agbar acquisition in 2010 (2) Retail volumes, excluding mixed companies and impact of end of Paris contract (3) Energy from waste (4) Non hazardous waste treated in Europe (5) Design & Build (6) Based on maintained assumptions: GDP growth of 1% for the euro zone in 2010, stable average secondary raw material prices vs. 12/31/09 (7) excluding other strategic acquisition (8) 0.7bn = FCF 2009 excluding 2009 non recurring items 42

43 Financial appendices P/L DETAILS 43

44 Breakdown of revenues In m H H /09 Organic Energy France 8,334 8, % -3.0% Energy Europe & International 14,932 15, % +1.8% o/w Benelux & Germany 6,808 7, % +6.4% o/w Europe 4,268 4, % -7.4% o/w Latin America 961 1, % +15.2% o/w North America 2,085 2, % -5.1% o/w Middle East Asia Africa % +11.8% Global Gas & LNG 5,694 4,520 (1) -20.6% -20.9% Infrastructures (1) +19.5% +19.5% Energy Services 6,893 6, % -1.5% Environment 5,867 6, % +8.8% TOTAL 42,212 42, % -1.6% (1) Total sales revenue, including inter-companies, amount to 10,714m for the Global Gas & LNG business line and 3,085m for the Infrastructures business line P/L DETAILS 44

45 Breakdown of revenues by business line Breakdown of 2010 revenues: 42.3bn Energy France 8.1bn Environment 6.6bn 19% 16% 16% Energy Services 6.7bn Energy Europe & International 15.9bn 37% 11% Global Gas & LNG 4.5bn 1% Infrastructures 0.6bn P/L DETAILS 45

46 Revenues by geographic region In m H H /09 France 16,600 16, % Belgium 6,723 7, % Sub-total France-Belgium 23,323 23, % Other EU countries 12,656 11, % Other European countries % Sub-total Europe 36,513 35, % North America 2,466 2, % Sub-total Europe & North America 38,979 38, % Asia, Middle-East and Oceania 1,564 2, % South America 1,250 1, % Africa % TOTAL 42,212 42, % P/L DETAILS 46

47 Breakdown of EBITDA In m H H /09 Organic Energy France % +243% Energy Europe & International (1) 2,674 3, % +8.9% o/w Benelux & Germany 1,185 1, % +10.7% o/w Europe % +22.4% o/w Latin America % +12.3% o/w North America % -30.4% o/w Middle East Asia Africa % +47.9% Global Gas & LNG 1,973 1, % -42.3% Infrastructures 1,646 1, % +11.3% Energy Services % +2.9% Environment 951 1, % +2.7% Others (81) (139) -71.7% -73.3% TOTAL 7,857 8, % +1.1% (1) o/w Others -35m in 2009 and -52m in 2010 P/L DETAILS 47

48 Breakdown of EBITDA EBITDA Breakdown by business line (1) Geographic breakdown Energy France Environment Energy Services 6% 13% 9% Other Europe 27% Global Gas & LNG 14% 38% Energy Europe & International North America 5% 41% France 22% Rest of the world 13% 14% Infrastructures Belgium (1) incl. Other: -2% P/L DETAILS 48

49 Breakdown of current operating income In m H H /09 Organic Energy France % +100% Energy Europe & International (1) 1,927 2, % +10.0% o/w Benelux & Germany 909 1, % +18.1% o/w Europe % +31.6% o/w Latin America % +6.7% o/w North America % -51.7% o/w Middle East Asia Africa % +64.4% Global Gas & LNG 1, % -45.5% Infrastructures 1,112 1, % +12.4% Energy Services % +3.7% Environment % +1.7% Others (183) (187) -2.2% -12.1% TOTAL 4,962 5, % +1.7% (1) o/w Others -40m in 2009 and -54m in 2010 P/L DETAILS 49

50 In m Divisional reconciliation between EBITDA and current operating income Energy France Energy Europe & International Global Gas & LNG Infrastructures Energy Services Environ -ment Others H EBITDA 732 3,098 1,146 1, ,042 (139) 8,194 Depreciation (176) (779) (537) (583) (144) (443) (34) (2,696) Provisions (29) (60) (2) 3 0 (34) 1 (121) Concessions renewal expenses Share based payments CURRENT OPERATING INCOME (119) (119) (2) (6) (2) (2) (6) (10) (15) (43) 525 2, , (187) 5,215 P/L DETAILS 50

51 In m Divisional reconciliation between EBITDA and COI Energy Europe & International details Benelux & Germany Europe Latin America North America MEAA Others H12009 EBITDA 1, (35) 2,674 Depreciation (178) (209) (86) (115) (42) (1) (631) Provisions (92) (9) (2) (3) 0 2 (104) Share based payments (7) (1) (4) (12) CURRENT OPERATING INCOME (38) 1,927 Benelux & Germany Europe Latin America North America MEAA Others H12010 EBITDA 1, (52) 3,098 Depreciation (219) (226) (142) (143) (48) (1) (779) Provisions (29) (13) (3) (13) (1) (1) (60) Share based payments (3) (1) (1) (5) CURRENT OPERATING INCOME 1, ,254 P/L DETAILS 51

52 From EBITDA to income from operating activities In m H H EBITDA 7,857 8,194 Depreciation, amortization and provisions (2,656) (2,817) Concessions (128) (119) Share based payments & others (111) (43) Current Operating Income 4,962 5,215 MtM (280) (48) Impairment (13) (343) Restructuring costs (61) (124) Asset disposals & others 621 1,413 Income from operating activities 5,229 6,114 P/L DETAILS 52

53 Breakdown of share in the income of associates In m H H Energy France 0 1 Energy Europe and International o/w Intermunicipalities Global Gas & LNG 10 2 Infrastructures 48 5 o/w Fluxys & Elia 39 0 Energy Services 0 1 Environnement Others 1 1 Share in net income of associates P/L DETAILS 53

54 In m Reconciliation between EBITDA and operating cash flow H H EBITDA 7,857 8,194 Restructuring costs cashed out (53) (68) Concessions renewal expenses (128) (119) Dividends and others OPERATING CASH FLOW 7,721 8,027 P/L DETAILS 54

55 Reconciliation between H published by SUEZ Environnement and its GDF SUEZ contribution In m H published by SUEZ environment H in GDF SUEZ contribution Intercompanies operations Revenues 6,597 6,593-4 EBITDA 1,042 1,042 0 Current operating income P/L DETAILS 55

56 Financial appendices TAX POSITION 56

57 Tax position In m H H Consolidated income before tax and share in associates 4,521 5,044 Consolidated income tax (1,098) (1,086) Current income tax (820) (1,236) Deferred income tax (278) 150 Effective tax rate 24.3% 21.5% Adjusted effective tax rate (1) 28.2% 29.9% (1) Excluding disposals TAX POSITION 57

58 Financial appendices EFFICIO 58

59 Efficio in line with targets 750 RESULTS 1,000 (2) EBITDA impact (1) in m 1,250 TARGETS 1, Mid Transversal programs Value creation drivers examples of initiatives Information system optimization Shared services centers Global purchasing plan Operational performance Global Gas & LNG: Snøhvit production improvements Energy Europe & International: Fuel supply optimizations Environment: Restructuring of SITA France Energy Services: Synergies from Cofely creation Energy France: Customer service optimizations Infrastructures: Tighter control on customer data base Efficio sustainably improves the Group s performance (1) Recurring synergy & performance gains before one off implementation costs (2) H preliminary data ; FY data reviewed by auditors at year end 59

60 Financial appendices CASH FLOW GENERATION DETAILS 60

61 From EBITDA to Free cash flow generation In bn 8.2 (0.2) 8.0 (0.7) (0.8) (0.6) (1.3) 4.7 EBITDA H Renewals, restructuring, others Operating cash flow H Tax cash expenses Net financial expenses WCR Maintenance capex Free cash flow H CASH FLOW GENERATION DETAILS 61

62 Free cash flow generation from H1 09 to H1 10 In bn 6.7 (0.5) (0.4) 0.3 (1.6) (0.1) 4.7 FCF H French Tax refund FCF H rebased Operating cash flow Tax cash expenses Net financial expenses WCR Maintenance capex FCF H CASH FLOW GENERATION DETAILS 62

63 Breakdown of total capex In m Maintenance capex Development capex Financial investments H12010 Energy France Energy Europe & International 317 1, (1) 2,139 o/w Benelux & Germany o/w Europe o/w Latin America o/w North America o/w Middle East Asia Africa Global Gas & LNG Infrastructures Energy Services Environment ,531 Others TOTAL 1,318 2,910 1,308 5,536 (1) Inc. Others -6m CASH FLOW GENERATION DETAILS 63

64 CAPEX program on track 2.5bn of assets disposals In bn Development 2.9 (2.5) 1.3 Maintenance 1.3 Regulated Belgian assets Fluxys 0.7 Elia 0.3 SUEZ Environment Adeslas 0.7 London Waste 0.1 Mixed companies 0.1 Others 0.6 Spain Agbar 0.7 Chile E-CL 0.1 USA Astoria 0.2 France Mixed companies 0.1 Others 0.2 Industrial Capex Asset rotation/ Disposals Acquisitions Net Capex CASH FLOW GENERATION DETAILS 64

65 Detail of H total capex In bn 5.5bn Acquisitions 1.3 Agbar ( 0.7bn) Astoria ( 0.2bn) Unbundling of mixed companies ( 0.1bn) Merger in Chile ( 0.1) Other investments < 0.1bn each Development 2.9 Gheco One-coal-fired plant ( 0.3bn) Jirau ( 0.3bn) CCGT in the Netherlands ( 0.2bn) E&P Norway ( 0.2bn) Estreito ( 0.2bn) Bonaparte E&P and GNL ( 0.2bn) Wilhelmshaven ( 0.1bn) Agbar ( 0.1bn) GRTGAZ ( 0.1bn) Storage ( 0.1bn) Erelia wind plant ( 0.1bn) Glow Energy Public Co ( 0.1bn) Other investments < 0.1bn each Maintenance 1.3 (1) Net capex is 8,8bn CASH FLOW GENERATION DETAILS 65

66 A significant pipeline of profitable projects under construction in line with guidance Main projects under construction Description COD H assets under construct. (1) ( bn) Global Gas & LNG 1.5 Gjoa (Norway) E&P 11/ Energy France 1.0 Montoir & Combigolfe (France) CCGT H Energy Europe & Int. 6.3 Flevo (The Netherlands) Wilhelmshaven (Germany) Rotterdam (The Netherlands) 0.9 GW CCGT H GW coal GW coal CTA (Chile) 0.3 GW coal Estreito (Brazil) 1.1 GW hydro Jirau (Brazil) 3.5 GW hydro Glow & Gheco 1 (Thailand) 1.1 GW coal & gas Infrastructures 2.1 Others 1.1 TOTAL 12 (1) B/S amounts at 6/30/10 (2) Including EBITDA contribution of projects commissioned and tuck-in in H ( 0.4bn) Flevo Mejillones Montoir & Combigolfe Gjoa, Committed projects estimated EBITDA build-up ( bn) Gjoa Estreito Gheco 1 Chile Thermal Plants 1&2 Montoir & Combigolfe «Tuck-in» acquisitions Future projects > 1.4 Jirau Touat Wilhelmshaven Rotterdam Other projects under development/ construction 2010e (2) 2011e Post 2011e CASH FLOW GENERATION DETAILS 66

67 Net debt stable excluding forex & scope impacts In bn 30.0 (1) (4.7) (1) Dividends: 1.9 Share buy-back: 0.4 Forex: 1.6 Scope: 2.0 MtM: 0.6 Net debt 12/31/09 Free Cash flow Net growth Capex (2) Dividends & shares buy-back FX, scope & others Net debt 06/30/10 Net Debt / EBITDA (3) = 2.3x 1.5x ex. assets under construction (1) Including IAS 39 (2) Excluding maintenance capex (3) Based on last 12 months EBITDA CASH FLOW GENERATION DETAILS 67

68 Financial appendices CREDIT APPENDICES 68

69 Debt situation 31/12/ /30/2010 Total equity 65.5bn 69.8bn Gross Debt (1) 39.7bn 41.2bn Net cash position (2) 10.6bn 8.8bn IAS bn +1.1bn Net debt (3) 30.0bn 33.5bn Average cost of gross debt 4.58% 4.42% (1) Without IAS 39 (+ 1.1bn) and bank overdraft ( 1.8bn) (2) Including bank overdraft (3) Including IAS 39 CREDIT APPENDICES 69

70 Split of gross debt (1) In bn Other bank borrowings 12.3 Leasing 1.5 Drawn credit lines 1.7 BT/CP bn Bonds 22.6 (1) Without IAS 39 (+ 1.1bn) and bank overdraft ( 1.8bn) CREDIT APPENDICES 70

71 Debt maturity profile (1) In bn Average gross debt maturity: 6.1 years Gross debt total 41.2bn BT / CP 4.4 ns BT and beyond (1) Average net debt maturity: 7.8 years (1) Without IAS 39 (+ 1.1bn) and bank overdraft ( 1.8bn) Short-term drawings on confirmed credit lines are considered as repaid at credit line maturity CREDIT APPENDICES 71

72 Debt breakdown by rate and currency Net debt (1) 06/30/2010 Fixed rates 77% NOK 6% BRL 5% GBP 1% Others 13% Euro 50% Floating rates 16% Capped rates 7% USD 25% (1) Excluding IAS 39 CREDIT APPENDICES 72

73 A large scope of financing instruments on different markets Amount S&P Moody s Issuer EMTN Program 25bn A Aa3 GDF SUEZ or Electrabel EMTN Program 5bn - A3 SUEZ Environnement French CP 5bn A-1 P-1 GDF SUEZ US CP USD 4.5bn A-1 P-1 GDF SUEZ Belgian CP 6bn - P-1 Electrabel Syndicated facilities Other facilities 4.5bn (1) 4bn (3) 1bn (2) 0.35bn (1) 1.5bn (3) 3.3bn - - A - - Aa3 Aa3 A2 A2 A3 GDF SUEZ GDF SUEZ Electrabel Electrabel SUEZ Environnement GDF SUEZ Electrabel SUEZ Environnement (1) Maturity 2012 (2) Maturity 2014 (3) Maturity 2015 CREDIT APPENDICES 73

74 Group bonds (issued or guaranteed by a Group company) Issuer Currency Coupon Issue date Maturity Outstanding amount (currency) (million) Listing market ISIN code Al Dur Holding Co USD 3.85% 12/16/ /16/ None - GDF EUR 4,750% 02/19/ /19/ Euronext Paris Bourse de Luxembourg FR GDF EUR 5,125% 02/19/ /19/ Euronext Paris Bourse de Luxembourg FR Belgelec EUR 5,125% 06/24/ /24/ Luxembourg FR Belgelec* EUR * Bond issued under the 25bn EMTN program 3m +12,5bp 05/03/ /03/ Luxembourg FR Belgelec CHF 3,250% 12/27/ /22/ SIX CH Electrabel EUR 4,750% 04/10/ /10/ Luxembourg BE GIE GDF SUEZ Alliance* EUR 5,500% 11/26/ /26/ Luxembourg FR GIE GDF SUEZ Alliance EUR 5,750% 06/24/ /24/ Luxembourg FR GDF SUEZ* EUR 6,250% 10/24/ /24/ Luxembourg FR GDF SUEZ* EUR 6.875% 10/24/ /24/ Luxembourg FR GDF SUEZ* EUR 4,375% 01/16/ /16/ Luxembourg FR GDF SUEZ* EUR 5,625% 01/16/ /18/ Luxembourg FR GDF SUEZ* EUR 6,375% 01/16/ /18/ Luxembourg FR GDF SUEZ* EUR 5,000% 02/23/ /23/ Luxembourg FR GDF SUEZ* GBP 7,000% 10/30/ /30/ Luxembourg FR GDF SUEZ* GBP 6,125% 02/11/ /11/ Luxembourg FR GDF SUEZ* CHF 3,500% 12/19/ /19/ SIX CH GDF SUEZ* JPY 3,180% 12/18/ /18/ None FR GDF SUEZ* JPY 3m + 120bp 02/05/ /05/ None FR GDF SUEZ JPY 1,17% 12/15/ /15/ None JP525007A9C3 Tractebel Finance Inc. EUR 4.5% 02/28/ /28/ Luxembourg XS SUEZ ENV. EUR 4,875% 04/08/ /08/ Luxembourg FR SUEZ ENV. EUR 5,2% 06/08/ /08/ Luxembourg FR SUEZ ENV. EUR 4,5% 10/12/ /12/ Luxembourg FR SUEZ ENV. EUR 6,25% 04/08/ /08/ Luxembourg FR SUEZ ENV. EUR 5,50% 07/22/ /22/ Luxembourg FR SUEZ ENV. EUR 4,125% 06/24/ /24/ Paris FR CREDIT APPENDICES 74

75 Group ratings Ratings Moody s S&P GDF SUEZ SA SUEZ Environnement Electrabel GDF SUEZ CC Aa3/P-1 (negative outlook) A3 (negative outlook) A2/P-1 (negative outlook) A2 (negative outlook) A/A-1 (CreditWatch Negative) n.a. n.a. n.a. CREDIT APPENDICES 75

76 BUSINESS APPENDICES Agua Zaragoza, Spain 2010 First Half Results

77 Business appendices GENERATION CAPACITY 77

78 GDF SUEZ: generation capacity Total installed capacity as of 06/30/10 At 100% in MW In operation Under construction TOTAL France 7, ,063 Energy Europe and International 63,176 21,008 84,184 Benelux & Germany 17,991 2,612 20,602 Europe 14,576 1,067 15,643 North America 7, ,966 Latin America 10,582 5,386 15,968 Middle East Asia Africa 12,637 11,368 24,005 Energy Services 2, ,610 TOTAL 73,446 21,411 94,857 GENERATION CAPACITY 78

79 GDF SUEZ: generation capacity and output, 06/30/10 By fuel Breakdown of installed capacity (at 100%) Breakdown of installed capacity (group share (2) ) 10% Free or low CO 2 emissions 11% 5% 3% 1% 8% 73.4 GW 55% Nuclear Coal Natural gas Hydro 5% 3% 1% 10% 63.3 GW 51% 18% Biomass and biogas Wind 19% Other non-renewable Generation Output (1) in TWh At 100% Group share (2) Nuclear Coal Natural gas Hydro (2) Biomass and biogas Wind Other non-renewable Total (1) Output from energy services business line not available for semester, including pump storage (2) % of consolidation for full and proportionally consolidated affiliates and % holding for equity consolidated companies GENERATION CAPACITY 79

80 GDF SUEZ: generation capacity and output, 06/30/10 By geographic area Breakdown of installed capacity (at 100%) Breakdown of installed capacity (group share (2) ) 14% 18% 73.4 GW 10% 20% 25% 13% Benelux & Germany France Other Europe North America Latin America Middle East Asia-Pacific 15% 10% 13% 63.3 GW 21% 27% 14% Generation Output (1) in TWh At 100% Group share (2) France Benelux & Germany Europe North America Latin America Middle East Asia-Pacific Total (1) Output from energy services business line not available for semester, including pump storage (2) % of consolidation for full and proportionally consolidated affiliates and % holding for equity consolidated companies GENERATION CAPACITY 80

81 Renewable energy: ca. 20% of Group s total installed capacity as of 06/30/10 At 100% Group share Biomass and biogas: 923 MW (of which the proportion of biomass in cogeneration, generally with coal, 883 MW) Wind: 1,970 MW Total 13.6 GW Solar and incineration energy recovery: 25 MW Biomass and biogas: 923 MW (of which the proportion of biomass in cogeneration, generally with coal, 883 MW) Wind: 1,628 MW Total 12.4 GW Solar and incineration energy recovery: 14 MW Hydroelectricity (1) 10,713 MW Hydro Biomass & biogas Wind Other renew. France Benelux & Germany Other Europe North America Latin America MEAA Total Hydroelectricity (1) 9,876 MW Hydro Biomass & biogas Wind Other renew. France Benelux & Germany Other Europe North America Latin America MEAA Total 9, (1) Excluding pump storage GENERATION CAPACITY 81

82 Renewable energy:5.2gwunderconstruction as of 06/30/10 Strong projects pipeline (at 100%) Biomass and biogas: 18 MW Wind: 330 MW Total 5.2 GW Solar: 56 MW MW (at 100%) Projects Hydro Biomass & biogas Wind Other renew. Brazil Estreito Jirau Panama Dos Mares 115 Peru Quitaracsa 112 Chili Laja 37 Belgium Monte Redondo 10 EGPF 4 Other EBL 24 Italy AEP 20 4 Portugal Portirinhos PV 6 Poland Jorogniew Moltowo 20 Wind projects 253 Hydroelectricity (1) 4,800 MW France Curbans PV 34 Boleyne PV 3 France 9 Services Réunion PV 5 Italy 9 5 TOTAL 4, (1) Excluding pump storage GENERATION CAPACITY 82

83 Business appendices GAS BALANCE 83

84 FY 2009 gas balance: GDF SUEZ diversified portfolios to profit from the upcoming rebound 1,196 TWh (1) 1,196 TWh (1) 393 SHORT TERM 69 E&P PRODUCTION 617 NON REGULATED Non regulated sales (key accounts, non regulated retail ) Algeria 13% Netherlands 11% Middle East-Asia 7% Norway 25% Russia 16% Trinidad &Tobago 8% Egypt 8% UK 2% Libya 3% Others 7% THIRD PARTY LONG-TERM CONTRACTS Others GAS TO POWER (INTERNAL) Gas to power - merchant Gas to power- PPA REGULATED Regulated sales (French retail & European regulated retail ) Others Long term gas supply Diversified supply portfolio provides flexibility Balanced sales portfolio reduces volume risks GDF SUEZ gas balance in TWh, end 2009 (1) 2009 data (Group share) consistent with accounting consolidation methods used by the Group GAS BALANCE 84

85 Geographic split of gas usage in H MEEA Other North America Latin America 2% 8% 4%2% Other Europe 8% 36% France Hungary Romania Slovakia 2% 3% 1% 630 TWh (1) Italy 7% The Netherlands 7% 3% Germany 4% UK 13% Belgium (1) H data (Group share) consistent with accounting consolidation methods used by the Group 85

86 Business appendices ENERGY FRANCE BUSINESS LINE 86

87 Volumes sold In TWh Sales of natural gas H H Public distribution Contracts at market price 4 6 Residential customers Sales of electricity H H Retail customers Major customers Public distribution Subscription tariffs Contracts at market price Business customers Total Market sales Purchase obligations Total ENERGY FRANCE BUSINESS LINE 87

88 More favourable climatic conditions in H1 10 Climate adjustment in France In TWh COOLER AVERAGE CLIMATE Q1 09 Q2 09 Q3 09 Q Q1 10 Q WARMER ENERGY FRANCE BUSINESS LINE 88

89 Market share in terms of gas consumption for France as of 03/31/10 Gas consumption - breakdown by type of offer 7% Contracts under regulated tariffs 50% 57% 55% 90% Historic suppliers - market price 31% 29% Alternative suppliers - market price 19% All sites (502 TWh) 36% Non-residential sites Transport (162 TWh) 16% Non-residential sites Distribution (201 TWh) 5% 5% Residential sites (139 TWh) Source: French energy regulation commission, French observatory of the electricity and gas markets, Q Historic suppliers: include Gaz de France, Tegaz, local distribution companies and their subsidiaries. A historic supplier is not considered as an alternative supplier outside of its historic service area. ENERGY FRANCE BUSINESS LINE 89

90 Slow down in the opening of French energy markets Electricity Gas Number of residential customers who have switched to an alternative supplier in 000 customers ,035 1,202 1,385 1, Sep 07 Dec 07 March 08 June 08 Sep 08 Dec 08 March 09 June 09 Sep 09 Dec 09 March 10 A slow down of the opening of both markets, very strong for the gas market (only 8,000 switches on average per month since June 09) ELECTRICITY 1,505,000 residential sites have switched to an alternative supplier and 15,000 sites have chosen market offers from historic suppliers GAS 655,000 residential sites have switched to an alternative supplier and 514,000 sites have chosen market offers from historic suppliers Regulated tariffs still clearly dominate ELECTRICITY 94% of sites in all categories are still on regulated tariffs (including TarTAM, the transitory regulated market adjusted tariff) GAS 87% of sites in all categories are still on regulated tariffs, 6% have chosen market offers from historic suppliers and 7% market offers from alternative suppliers ENERGY FRANCE BUSINESS LINE 90

91 Main assets A flexible electricity generation portfolio, using predominantly renewable sources with low CO 2 emissions 7,773 (1) MW (+8% vs 2009) of installed capacity as of June 30, 2010 DK6 Chooz B CCGT 2,133 (1) MW WIND 705 MW SOLAR 4 MW HYDRO 3,723 MW NUCLEAR (2) 1,208 MW Montoir 290 MW under construction a growth of +4% expected WIND 253 MW SOLAR 37 MW Fos Tricastin (1) Including Montoir (435 MW) currently under testing period (2) Including 100 MW swap with SPE, not including 555 MW nuclear release contract with EDF until 2022 N 1 player in wind energy in France with an estimated 15% of the French market (Maïa Eolis, La Compagnie du Vent, Erelia, Eoliennes de la Haute Lys, Eole Generation, CN Air, Great) N 2 player in hydroelectricity with more than 25% of France s hydroelectricity generation (CNR and SHEM) ENERGY FRANCE BUSINESS LINE 91

92 Main assets The largest installed wind capacity in France Erelia + LHL (100%) Maia Eolis (49%) Installed 184 MW Installed 150 MW Under construction 24 MW Under construction 50 MW Great (100%) La Compagnie du Vent (56%) Installed 10 MW Installed 189 MW Under construction 10 MW Under construction 25 MW Eole Generation (100%) CN Air (49,9%) Installed 49MW Installed 124 MW Under construction 97MW Under construction 47 MW Installed capacity at end H : +17% vs 31 December 2009 Capacity under construction: +36% growth expected vs installed capacity end H ENERGY FRANCE BUSINESS LINE 92

93 Energy France: breakdown of generation capacity and production by fuel as of 06/30/10 Breakdown of generation capacity at 100% by fuel type Breakdown of electricity output at 100% by fuel type Wind & Solar 9% Nuclear 16% Wind 3% Nuclear 24% 7.8 GW Hydro 53% 17.4 TWh Hydro 48% Natural gas 27% Natural gas 20% Above 70% of generation capacity is CO 2 free ENERGY FRANCE BUSINESS LINE 93

94 Energy France Capacity under construction as of 06/30/2010 Expected commissioning (1) In MW at 100% Wind Solar 37 TOTAL (1) Estimate as of 06/30/10, excluding Montoir & Combigolfe currently in testing period ENERGY FRANCE BUSINESS LINE 94

95 New tariff formula implementation A new tariff framework established end 2009 New regulatory framework for the setting of regulated tariffs Annual revision for non supply-related costs Implementation of a sales margin Quarterly supply cost adjustments according to the formula 2 increases during H Despite tough environment and low gas market prices 2 increases following GDF SUEZ request April 1 st 2010: +9.6% (1) July 1 st 2010: +4.8% (1) Next steps Ongoing audit of the formula: normal annual proceeding Regulator keen to inject some market prices in the formula as in other European countries GDF SUEZ open to this evolution GDF SUEZ ready to make residential customers benefit from price review in LT contracts (1) For heating customers 95

96 Business appendices ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 96

97 BEEI global presence NORTH AMERICA Capacity in operation: 7.4 GW Capacity in construction: 0.6 GW Electricity production: 12.1 TWh Electricity sales: 28 TWh Gas sold : 33 TWh 391,000 gas customers BENELUX & GERMANY Capacity in operation: 18 GW Capacity in construction: 2.6 GW Electricity production: 46.1 TWh Electricity sales: 65 TWh Gas sold: 53 TWh 2.1 million gas customers 3.8 million electricity customers EUROPE Capacity in operation: 14.6 GW Capacity in construction: 1 GW Electricity production: 25.9 TWh Electricity sales: 26 TWh Gas sold: 62 TWh 3.6 million gas customers and 0.6 million electricity customers LATIN AMERICA Capacity in operation: 10.6 GW Capacity in construction: 5.4 GW Electricity production: 27.2 TWh Electricity sales: 24 TWh Gas sold : 4 TWh 596,000 gas customers MIDDLE EAST ASIA - AFRICA Capacity in operation: 12.6 GW Capacity in construction: 11.4 GW Electricity production: 27 TWh Electricity sales: 13TWh All information as of June 30, Installed capacities and electricity production are consolidated at 100%; sales and transportation figures, and number of customers are consolidated according to accounting rules ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 97

98 North America Power generation portfolio based on a triple balance: geographic mix, fuel mix, contract mix Latin America 12% Middle East - Asia 17% Geographic mix 20% Europe Coal Other Free or low CO 2 emissions 23% 11% 4% Nuclear 39% 8% Renewable Fuel Contract ex. hydro 2% mix mix 60% Gas mix 15% 61% 28% Hydro Benelux & Germany ST market (1) MT/LT contracts Diversified geographic presence to benefit from geographically independent energy markets Attractive presence in high growth markets Flexible and diversified generation asset base Strong presence in low-co 2 generation technologies Potential to fully leverage gas / electricity convergence Significant presence in non deregulated markets (mainly high growth emerging markets with LT contracts) Operational electric capacity as of June 30, 2010, and consolidated at 100% (1) Not taking into account implementation of hedging policy ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 98

99 Energy Europe and International Installed generation capacity as of 06/30/10 In MW (at 100%) In operation Under construction Total Benelux & Germany 17,991 2,612 20,603 Europe 14,576 1,067 15,643 North America 7, ,966 Latin America 10,582 5,386 15,968 Middle East Asia Africa 12,637 11,368 24,005 TOTAL 63,176 21,008 84,184 ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 99

100 Market presence Benelux & Germany Europe North America Latin America Middle East - Asia & Africa Electricity Benelux, Germany Italy, Hungary, Poland, UK, Spain US, Mexico, Canada Brazil, Peru, Chile, Panama, Costa Rica Thailand (+Laos), Singapore, GCC, Turkey Mid / downstream gas Benelux, Germany Italy, Slovakia, Hungary, Romania, UK US, Mexico, Canada Argentina, Chile Thailand, Turkey ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 100

101 Market context short term Economic rebound is accompanied by a recovery in electricity consumption Real GDP growth forecasts for % Year-on-year electricity demand in selected BEEI markets Singapore 15% Thailand Peru 5% Brazil United States -5% Italy Belgium -15% Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 101

102 Mature & fast growing energy markets Different dynamics, challenges and opportunities BEEI development projects: MATURE ENERGY MARKETS FAST GROWING ENERGY MARKETS CHALLENGE: New capacity needs in Europe and the US, driven by ageing generation fleet and subject to renewable power generation requirements Replacement of old inefficient plants 2 supercritical and CCS ready coal plants in Germany and the Netherlands while closing old capacity in Belgium Astoria 2 - high efficiency CCGT in the US NY Repowering & adaptation of current units 860 MW repowering project in Singapore, Repowering of Doel 1 in Belgium MW Coal to biomass conversion Polaniec 190 MW plant in Poland Rodenhuize MW plant in Belgium Renewable power generation : Wind: in North America and Europe Close to 10 MW solar capacity in Italy and Portugal Customized client solution to offer on-site renewable power generation Volvo Trucks, Belgium Industrial scale post combustion pilot CCS project in Rotterdam with E.ON CHALLENGE: Strong new capacity needs to satisfy energy demand growth Development of the large hydro potential in Latin America Jirau MW, currently largest HPP under construction in Brazil & Estreito, 1086 MW Quitarasca MW in Peru 150 MW in construction in Chile and Panama More than 11 GW in construction or commissioning in the Middle East High efficiency conventional technologies in emerging countries to provide affordable power and a more diversified and cleaner power generation Thailand: some 1 GW in construction steam/ power cogeneration capacity from coal and gas 266 MW CCGT in Peru Sustainable solution to support a diversified energy mix ex. Chile: New LNG terminal of 5.5 MM m3/day of nominal send out capacity for gas supply diversification CTA and CTH coal fired plants 165 MW each Renewable power with Monte Redondo wind farm ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 102

103 Energy Europe and International Capacity under construction as of 06/30/10 In MW at 100% 2010 H Benelux & Germany Europe North America 575 Latin America 125 1,125 1,774 2,362 (1) Middle East Asia Africa 3,882 4,269 3,218 TOTAL 5,801 6,185 2,706 6,316 Expected commissionings, estimate as of 30/06/2010 (1) Including 112MW commissioned post 2013 ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 103

104 Business appendices BUSINESS AREA ENERGY BENELUX & GERMANY 104

105 Benelux & Germany A diversified, flexible and sustainable generation portfolio Installed capacity as of 06/30/10 Breakdown of generation capacity at 100% by fuel type Breakdown of electricity output at 100% by fuel type Renewables (ex hydro) 5% Hydro 8% Coal 10% Other 3% 18.0 GW Nuclear 27% Coal 11% Wind n.s. Biomass & Biogas 3% Hydro 2% Other non renewable 2% 46.1 TWh Nuclear 40% Natural Gas (1) 47% Free or low CO 2 emissions Natural Gas 42% (1) Of which 563MW from Blast Furnace Gas Belgium BUSINESS AREA ENERGY BENELUX & GERMANY 105

106 Benelux & Germany Installed generation capacity as of 06/30/10 In MW (at 100%) In operation Under construction Total Belgium 11, ,741 The Netherlands 3,974 1,608 5,582 Germany 2, ,903 Luxemburg TOTAL 17,990 2,612 20,602 Total capacities exclude planned retirements BUSINESS AREA ENERGY BENELUX & GERMANY 106

107 Benelux & Germany Optimization of gas supply & power generation portfolio and sales portfolio via a centralized portfolio management Electricity: 65 TWh Natural Gas: 97 TWh Coal consumption: 15 TWh Commodity market (Purchases) 21 TWh 15 TWh 34 TWh Retail: 28 TWh ECS gas (Proc.): 36 TWh Gas procurement 27 TWh Business: 21 TWh 63 TWh 53 TWh 44 TWh Portfolio Management Wholesale: 4 TWh GENERATION 15 TWh Retail: Business: 9 TWh 36 TWh 65 TWh 44 TWh (1) Wholesale: 20 TWh H data (1) Group share and including pumped storage losses BUSINESS AREA ENERGY BENELUX & GERMANY 107

108 Benelux & Germany Electricity Price Sensitivity (1) Benelux & Germany electricity sales portfolio JUNE 2010 YTD (M ) Wholesale Retail Market positions according to the hedging policy High sensitivity 23% 26% Pricing still coherent with former regulated prices. Nc fuel indexation with time delay (3-6 months) Low sensitivity Business & Resellers Contract price coherent w/market price at inception. Fixed or Nc indexed price 1 to 3 years duration 51% High sensitivity at inception. Afterwards: medium to low sensitivity (1) Including transmission costs BUSINESS AREA ENERGY BENELUX & GERMANY 108

109 Benelux & Germany Hedging: forward prices* in previous periods for full year 2009 and first half 2010, time weighted according to the group hedge policy 2009 forward price evolution in /MWh H forward price evolution in /MWh Average price : 58 /MWh Average price: 58,6 /MWh Belgium Benelux Belgium Benelux Weighted & Germany average & Germany weighted average Benelux Belgium Benelux Belgium & Weighted Germany average & Germany weighted average Proxy achieved prices for 2009 and H increased from ~58 /MWh to ~58.6 /MWh * Actual spot prices for the first half of 2010 BUSINESS AREA ENERGY BENELUX & GERMANY 109

110 Wilhelmshaven (Germany) & Maasvlakte (The Netherlands) Wilhelmshaven Factsheet Technology: 724 MW CFPP Coal Fired Power Plant CCS ready Ownership: GDF SUEZ 52 % Swiss BKW 33% Wuppertal StadtWerke 15% Total investment cost: 1,400m Timing: Construction started 2008 Expected COD 05/2012 Wilhelmshaven, Germany Maasvlakte, The Netherlands Maasvlakte Factsheet Technology: 736 MW CFPP Coal Fired Power Plant CCS ready and biomass co-combustion Ownership: GDF SUEZ 100 % Total investment cost: 1,300m Timing: Construction started 2009 Expected COD 07/2013 GDF SUEZ cost efficient contribution to environmental concerns in Europe: - New high efficient (45%) plants allow decommissioning of highly polluting old existing coal plants - High CO 2 -reduction through possibility for co-combustion with biomass (Maasvlakte) - Development of new Carbon Capture & Storage technology with E.ON in Netherlands. (CCS pilot project cofinanced by European Commission) Significant contribution to security of supply issues (complementary with gas generation portfolio) Very competitive sites (access to cape-size bulkers for coal supply) Synergies through partnerships Value creation BUSINESS AREA ENERGY BENELUX & GERMANY 110

111 Business appendices BUSINESS AREA ENERGY EUROPE 111

112 Europe: generation capacity and production by fuel as of 06/30/10 Predominance of natural gas and significant share of renewable Breakdown of generation capacity at 100% by fuel type Breakdown of electricity output at 100% by fuel type Other non renewable 1% Coal 14% Renewables (ex hydro) 7% Hydro 1% 14.6 GW Biomass & Biogas 1% Wind 4% Hydro 2% Coal 21% 25.9 TWh Natural Gas 77% Free or low CO 2 emissions Natural Gas 72% BUSINESS AREA ENERGY EUROPE 112

113 Europe: generation capacity breakdown by zone as of 06/30/10 In MW at 100% In operation Under construction Total West Europe 4, ,796 UK 2,105 2,105 Spain 1,989 1,989 Portugal Central Europe 3, ,953 Hungary 1, ,086 Poland 1, ,867 South Europe 6, ,893 Italy 6, ,327 Greece TOTAL 14,576 1,067 15,642 BUSINESS AREA ENERGY EUROPE 113

114 Europe Contribution to the portfolio balance 2009 revenue breakdown by geography 2009 revenue breakdown by activity East Europe 23% 42% South Europe Gas marketing & sales Gas infrastructures (1) 7% Power Central Europe 14% 39% 51% 21% 3% West Europe Other (1) Gas distribution, transmission, storage (after elimination of intra-group sales to M&S activity) BUSINESS AREA ENERGY EUROPE 114

115 Green Unit: the world s largest power station fuelled entirely by biomass Located in Polaniec next to GDF SUEZ co-fired power station (coal/biomass), and coming into operation by end of 2012, the Green Unit will strengthen Poland s renewable energy commitment. GDF SUEZ is currently the third largest renewable energy producer in Poland. The Green Unit project, as well as the wind farms currently under development, is a key element in GDF SUEZ s ambition to become the renewable energy market leader in Poland. GDF SUEZ Energia Polska Green Unit Warsaw Polaniec Fuel mix Wood 80% Ton/Year 890,000 Other agri-biomass 20% Ton/Year 220,000 (mainly agricultural waste) Dominant use of large available domestic resource Installed capacity 190 MW Projected green energy production 1,235 GWh/year Total investment 240m CO 2 emissions avoided = 1.2 million metric tons per year BUSINESS AREA ENERGY EUROPE 115

116 Business appendices BUSINESS AREA ENERGY NORTH AMERICA 116

117 North America A diversified, flexible and sustainable generation portfolio Installed capacity as of 06/30/10 Breakdown of generation capacity at 100% by fuel type Breakdown of electricity output at 100% by fuel type Coal 13% Coal 18% Biomass 2% Wind 3% Hydro* 17% 7.4 GW Biomass 4% Wind 2% Hydro 6% 12.1 TWh Natural Gas 65% Free or low CO 2 emissions Natural Gas 70% * Including pump storage BUSINESS AREA ENERGY NORTH AMERICA 117

118 Generation capacity breakdown by zone North America as of 06/30/10 In MW at 100% In operation Under construction Total Mexico Canada USA 6, ,368 Total North America 7, ,966 BUSINESS AREA ENERGY NORTH AMERICA 118

119 North America Optimization of gas supply & power generation portfolio and sales portfolio via a portfolio management (excl. gas activities in Mexico) (1) Natural Gas: 51 TWh Electricity: 29 TWh Wholesale Commodities Markets (Purchases) Coal: 8 TWh 22 TWh 8 TWh 17 TWh LNG Import Power Generation 29 TWh 29 TWh 22 TWh 8 TWh 12 TWh Portfolio Management 14 TWh Industrials: 17 TWh Business & Reseller: 6 TWh Wholesales: 6 TWh Power Wholesale: 5 TWh Power PPA Sales: 9 TWh 15 TWh GSERNA Retails (1) H data BUSINESS AREA ENERGY NORTH AMERICA 119

120 North America Retail activities Organically grown to become the 2nd largest national energy provider to industrial and commercial customers Diversified Retail Business Market Penetration one of a few suppliers providing service in 11 deregulated markets Customer Base delivering energy products to over 60,000 large and small industrial customer accounts Products offering a variety of fixed and variable priced products with flexibility to mix product types to meet customer risk management and budget goals Channels for Growth using direct sales to attract and retain regional & national accounts and indirect sales to secure customers through third parties including consultants and brokers Value Creation Source: KEMA Feb-10 report GDF SUEZ Territory in Competitive Markets Deregulation Active GDF SUEZ Sales Office Deregulation Suspended Deregulation Not Active Provides earnings diversity complementary to GDF SUEZ s North American generation assets Highly scalable business Low capital business with high return on capital employed Delivering $2.5 billion in annual revenue Gross Margin Backlog after 2010 $108m BUSINESS AREA ENERGY NORTH AMERICA 120

121 Mexican local distribution companies A solid, growing business ready to grow even more The 2nd Largest Private Player in Mexico GDF SUEZ Others GDF Suez operates six gas distribution companies in concentrated industrial areas of Mexico and has a presence in the two largest cities, Mexico City and Guadalajara Customer Base - June 2010 Residential customers 385,000 Commercial customers 5,100 Industrial customers 930 Improved regulatory visibility Value Creation Channels for Growth In the first half of 2010, tariffs have been defined for the coming 5 years in 2 of the largest LDCs, which provides good visibility on future profitability. Effectively leverage the scale realized through the combination of the GDF and SUEZ businesses: consolidated office and corporate function; single interface with regulator EBITDA of 60 Millions USD in 2009 Industrial customer base has been growing +13% annually Considerable potential in the residential market: Growth in customer base through substitution to natural gas BUSINESS AREA ENERGY NORTH AMERICA 121

122 Business appendices BUSINESS AREA ENERGY LATIN AMERICA 122

123 Latin America Installed capacity as of 06/30/10 Breakdown of generation capacity at 100% by fuel type Breakdown of electricity output at 100% by fuel type Coal 17% Natural Gas 13% Coal 18% Natural Gas 8% Other non renewable 8% Biomass 1% WInd 1% 10.6 GW Other non renewable 4% Wind 1% 27.2 TWh Hydro 60% Free or low CO 2 emissions Hydro 69% BUSINESS AREA ENERGY LATIN AMERICA 123

124 Generation capacity breakdown by zone Latin America as of 06/30/10 In MW at 100% In operation Under construction Total Brazil 7,437 4,536 11,973 Chile 1, ,076 Peru 1, ,421 Panama Costa Rica TOTAL 10,582 5,386 15,969 BUSINESS AREA ENERGY LATIN AMERICA 124

125 Jirau elected as one of the 100 world s most important infrastructure projects JIRAU HPP Factsheet Ownership: GDF SUEZ 50.1% CHESF 20% ELETROSUL 20% CAMARGO CORRÊA 9.9% Total investment at 100%: MBRL 11,400 (6,551 MUSD) not including 417 MBRL (290 MUSD) related to capacity increase Capacity: 3,450 MW + additional 300 MW under evaluation Assured Energy: MWavg 2,045.7 MWavg under evaluation + 99 JIRAU HPP CONSTRUCTION UPDATE The construction is at full speed and within schedule, with 15,000 workers presently at the site COD schedule: First unit: March 2012 Full COD: March 2014 At the end of May, the project was granted with the first Statement of Legal Compliance and Social and Environmental Responsibility certification, issued by Bureau Veritas on the compliance with the Equator Principles and the socio-environmental standards of the International Finance Corporation IFC 125

126 E-CL Leading power generator in Northern Chile GDF SUEZ 52.4% Codelco Minority investors 40% 7.6% 2009 revenues: 977m USD 2009 EBITDA: 341m USD Market capitalization: 2bn USD CTA and CTH, 165MW each, under construction Good market position to support growth potential Leading power generation company in the SING: gross capacity 1.8GW and 49% of market share Two coal fired plants in construction (combined net capacity 0.3GW) which will bring total installed capacity to 2.1GW in 2011 Gas transportation and distribution through Gasoducto Norandino and Distrinor 2,080 km of electricity transmission lines Access through long term contract to the new LNG terminal in northern Chile GNL Mejillones Support from GDF SUEZ for best practices, new technologies, know-how and financial Healthy financials and low volatility in cash flows Recently renewed/renegotiated PPAs with pass-through provisions Average remaining PPA term of 11 years ECL financial highlights for full year 2009 and according to Chilean GAAP ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 126

127 Business appendices BUSINESS AREA ENERGY MIDDLE EAST ASIA AFRICA 127

128 Middle East Asia Africa Natural gas dominates the fuel mix Installed capacity as of 06/30/10 Breakdown of generation capacity at 100% by fuel type Breakdown of electricity output at 100% by fuel type Other 5% Hydro 1% Coal 3% Other 1% Hydro 1% Coal 4% 12.6 GW 27 TWh Natural Gas 91% Free or low CO 2 emissions Natural Gas 94% BUSINESS AREA ENERGY MIDDLE EAST ASIA AFRICA 128

129 Middle East - Asia - Africa Generation capacity breakdown by zone as of 06/30/10 In MW at 100% In operation Under construction Total KSA 2,012 2,459 4,471 Oman 1,928 1,488 3,416 UAE 1,592 1,510 3,102 Qatar 2,730 2,730 Bahrain 1,908 1,234 3,142 Middle East 16,861 Singapore 2, * 3,410 Thailand 1,708 1,087 2,795 Laos Turkey China Asia 7,145 TOTAL 12,637 11,368 24,005 * Repowering BUSINESS AREA ENERGY MIDDLE EAST ASIA AFRICA 129

130 Business appendices GLOBAL GAS & LNG BUSINESS LINE 130

131 Geographic breakdown of oil and gas production and reserves Geographic breakdown of production Geographic breakdown of 2P reserves Germany Norway UK 36% 2% 20% 13% 17% 19% Netherlands Others 19% 23% 13% 38% Production 25,6 Mboe produced in H % gas, 25% oil Reserves 762,9 Mboe as of 12/31/09 76% gas, 24% oil GLOBAL GAS & LNG BUSINESS LINE 131

132 E&P reserves replacement Reserves replacement Strong efforts in exploration and reserves evaluation In 2009, 17 exploration wells were drilled of which 4 successes and 4 appraisal wells of which 3 successes The exploration expenses are 188m in 2009 versus 174m in 2008 Mboe RRR (%) Discoveries, Revisions & Acquisition/Divestitures Production sold Renewal Rate of the Reserves Strong efforts in exploration and reserves evaluation GLOBAL GAS & LNG BUSINESS LINE 132

133 E&P sales breakdown Sales portfolio breakdown (% production) 100% 80% 60% 2,0% 22,0% 26,0% 40% 20% 50,0% 0% Gas contracts based on oil and fuel indexes (gas) Market price NBP-TTF- ZBG (gas) Brent related (oil) PSC contracts GDF SUEZ mainly operates concession contracts PSC (1) account for approx. 2% of production, this share will grow in the future (1) PSC: Production Sharing Contracts GLOBAL GAS & LNG BUSINESS LINE 133

134 GDF SUEZ and the LNG value chain LT SUPPLY TRANSPORT LT REGASIFICATION / SALES mtpa: Algeria 7.5 Egypt (5% train 1) 3.6 Nigeria 0.8 (+1.7 (1) ) Norway (12% (equity gas)) 0.5 Trinidad & T. (10% train 1) 1.9 Yemen 2.55 Cameroon (project) Australia (project) GDF SUEZ operates 17 LNG carriers incl. 2 SRV Average age 7 years 5 owned/co-owned LNG carriers Matthew (100%) Tellier (100%) GDF SUEZ Global Energy (100%) Gaselys (40%) Provalys (100%) Marketing and Distribution Europe mtpa: Montoir (100%) 6.8 Fos Tonkin (100%) 5.6 Fos Cavaou (70%) 4.1 Zeebrugge 1.4 Huelva 0.4 Cartagena 1.2 Isle of Grain 2.4 Triton (project) Americas Everett (100%) 5 Neptune (100%) 3 GNL Mejillones (50%) 1.6 Puerto Rico (2) 0.5 Freeport 3 Sabine Pass 0.8 Assets in which GDF SUEZ holds a participation (%) India Dahej (10%), Kochi (10% - under construction) no regas capacity (1) Brass LNG: contract to be finalised (2) Puerto Rico: long-term sales contract GLOBAL GAS & LNG BUSINESS LINE 134

135 The LNG carrier fleet (Chartered for different lengths of time, from a few months up to 20 years) 17 LNG carriers in service GLOBAL GAS & LNG BUSINESS LINE 135

136 European Key Accounts: a market segment hit by economic downturn Large industries activity in Europe has been slowed down by global economic downturn, hence lower energy consumptions in 2009 and lower level of contractualizations in Stable gas sales on this segment in 2010 compared to 2009 excluding France. Due to tough competition our market share in France will decrease Gas sales In TWh (gas activity) France (1) Other target countries in Europe (1) (excl. UK) ,7 21, ,2 123,8 109,1 94,7 68,6 80,1 77,7 105, , ,6 38,3 55,4 52, H H (1) Sales in France including municipalities and intragroup sales Sales in Europe including intragroup sales GLOBAL GAS & LNG BUSINESS LINE 136