2010 Full-Year Results

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1 PRESS RELEASE Paris, 31 March Full-Year Results Results reflect losses of the Supply business as well as the gathering momentum of the Generation branch, which was divested early in 2011 in perspective of the on-going reform of the French power market Revenue rose by 23.3% to million, of which the Generation branch contributed million EBITDA remains slightly negative at million, in spite of the electricity generation facilities contributing 34.4 million EBIT loss of million factors in non recurring charges of 92.6 million, resulting in a net loss - Group share of million Customer base management costs reduced by more than one-third, material improvement of qualitative indicators (continuous reduction of churn rates) Generation branch sold early in 2011, with a buyback option, to give the Group the resources to keep up with the new momentum of the Supply business hoped from the NOME bill On-going preparation of a growth strategy in two phases, subject to satisfactory terms of implementation of the NOME bill POWEO, the leading independent electricity and gas operator in France, presents the highlights of its consolidated results for 2010: ( million) Change Electricity generation % Electricity sales % Gas sales % Services and other % Transport and taxes % Revenue excluding Energy Management % Energy Management 12.6 (12.7) % Consolidated revenue % 1

2 Gross margin % EBITDA(1) (6.7) (24.1) +72.3% EBIT (2) (146.2) (85.3) -71.4% Financial expense (18.2) (7.7) % Corporation tax 14.4 (0.9) n/s Consolidated net profit (loss) (150.1) (93.9) -59.9% Net profit (loss) minorities share (16.7) (0.4) n/s Net profit (loss) Group share (133.4) (93.5) -42.7% (1) Earnings before interest, tax, depreciation and amortisation (2) Earnings before interest and tax Note: Audit procedures on consolidated accounts have been carried out. The certification report shall be released once the management report is checked and procedures required for the financial report s release are completed. All data for 2010 presented in this document corresponds to a business scope including the Generation branch. Full-year revenue buoyed by electricity generation POWEO reported a 23.3% year-on-year increase in revenue in 2010 to million. Growth was driven chiefly by the generation facilities operated by the POWEO Group, i.e. the 412 MW CCGT (combined-cycle natural gas turbine) plant at Pont-sur-Sambre and renewable generation facilities representing 105 MW of capacity in service at end The CCGT plant contributed revenue of million in 2010, up from 45.1 million in 2009, and the renewable energy facilities 15.3 million compared with 13.0 million in Electricity sales were uneven from one segment to the next, with sales to residential and professional customers up sharply but volumes sold to network operators and other market counterparties declining, causing overall electricity sales to end the year down by 15.2%, as illustrated in the table below: Electricity sales by segment ( million) Year Change Profiled residential customers (1) % Profiled professional customers (1) % Remote metering customers (2) % Networks and other % Electricity sales % (1) Residential or professional customer sites for which consumption is estimated by reference to standard consumption profiles and corrected periodically by a visual reading of the meter (2) Professional or industrial customer sites for which consumption is significant and therefore determined on a real-time basis using remote metering 2

3 The sharp rise in sales to residential customers compared with the previous year (+33.1%) reflects the gradual expansion of the customer base throughout 2009, which fed through to full-year results for the first time in This growth offset the 5.1% contraction in the number of active electricity customer sites in 2010, a result of the Group s decision to stop its customer acquisition policy ahead of the reform of the electricity market (see specific paragraph below). Consumption at profiled sites was also boosted in the first quarter by particularly cold weather. Gas sales rose by 10.1% overall, in spite of a 9.2% contraction in gas customer site numbers over the year, here again bolstered by the gradual expansion of the customer base in 2009 as well as by favourable weather conditions in the early months of 2010: Gas sales by segment ( million) Year Change Profiled residential customers (1) % Profiled professional customers (1) % Remote metering customers (2) and networks % Gas sales % (1) Residential or professional customer sites for which consumption is estimated by reference to standard consumption profiles and corrected periodically by a visual reading of the meter (2) Professional or industrial customer sites for which consumption is significant and therefore determined on a real-time basis using remote metering The contribution from the Energy Management business reached 12.6 million, compared with a 12.7 million loss in Forward electricity prices declined sharply in the first quarter of 2010 and rose thereafter, but had not rebounded to the end-2009 level by end-december 2010, resulting in a net loss of 7.4 million for the period. Moreover, several measures to optimise the gas portfolio, notably with regard to a supply contract that had resulted in the recognition of a 23 million charge at the end of 2009, allowed reaching an overall 19.8 million net gain in 2010 on the gas portfolio. Lastly, a net 0.2 million gain was recorded for the year on oil and carbon dioxide contracts. Depreciation and impairment charges weigh heavily on operating profit The consolidated gross margin ended 2010 at 68.1 million, up from 41.4 million in 2009, for a 64.5% year-on-year increase, bearing in mind that revenue advanced by 23.3% over the period. This sharp rise was driven chiefly by the contribution from the generation facilities, where gross profit reached 63.1 million in 2010 compared with 26.3 million in 2009, factoring in a favourable base effect, since the Pont-sur-Sambre facility only came on stream at end-september The Supply business contributed a gross margin of 7.1 million, compared with 26.8 million in Although revenue increased over the period, gross margin declined due to a steady rise in energy supply costs. This rise, combined with virtually flat regulated tariffs, is putting a price squeeze on new entrants to the French power market, making it impossible for them to compete with incumbent operators within current regulatory conditions. Operating expenses net of other operating income reached 74.8 million, compared with 65.6 million in 2009, when the figure had included 24.5 million of compensation received due to delays in commissioning the Pont-sur-Sambre facility. 3

4 These operating expenses included personnel charges, which fell sharply in 2010 to 24.2 million from 29.3 million in Toward the end of 2009, POWEO had adapted its organisational structure in response to operating losses and further delays in implementing the NOME bill, resulting in a sharp decline in staff numbers and payroll expenses in Rising maintenance costs of generation assets, from 4.5 million in 2009 to 14.0 million in 2010, are linked to full-year functioning of the Pont-sur- Sambre power plant. As regards marketing and communication expenses, they have been reduced at their minimum level, i.e. 1.5 million in 2010 against 3.3 million in Over 2010 as a whole, the EBITDA loss was 6.7 million, a significant improvement after all on the 24.1 million loss recorded in The EBIT loss reached million, compared with an 85.3 million loss in 2009, as one-off items once again took a major toll, driving depreciation, amortisation, provisions and other income and expenses up from 61.2 million in 2009 to million in This sharp increase was attributable mainly to a number of non-recurring expenses totalling 92.6 million (of which 4.4 million has directly impacted the Group s revenue), broken down as follows: The Gaz de Normandie project ( 21.4 million): After the concession for the use of the Port Autonome du Havre land failed to be renewed, POWEO decided to freeze its LNG terminal project, and has thus fully written down the value of its Gaz de Normandie subsidiary; The small hydro assets housed within subsidiary SEEG ( 2.9 million): a number of operating difficulties caused output estimates to be revised downward, resulting in an impairment of the value of these assets ahead of the disposal of SEEG late in December 2010; Profiled customer acquisition costs ( 12.0 million) and capitalised IT development costs relating to energy distribution to profiled customers ( 16.4 million): these intangible assets were removed in full from the balance sheet as of 31 December 2010, to reflect the lack of effective implementation of the reform of the electricity market as of that date; Wind power assets and projects ( 32.0 million): due to a more challenging business climate in 2010 (lengthier administrative processes, changes relating to the regulated tariff for resale of energy produced) and factoring in a downward revision of output estimates for some projects, POWEO recognised an impairment loss on the tangible and intangible assets associated with its wind power assets and projects. These assets are an integral part of the scope of consolidation of POWEO Production, of which POWEO SA held 60% at 31 December, and which was sold to VERBUND (see specific paragraph below) in February 2011; Receivables relating to profiled customers ( 7.9 million): in the second half of 2010, POWEO conducted a review of the methods used to estimate revenue to be generated with profiled customers, and analysed the difference between volumes billed to customers and amounts actually due once the system operator has read their meter. After this analysis, the Group decided to write down the value of these receivables, estimating that the probability of billing the corresponding volumes was low. These rationalisation efforts also revealed that amounts to be billed had been overestimated, resulting in a 4.4 million adjustment on the revenue line. The nature of these expenses is such that the large majority of them had no impact on the year-end cash position. Divisional EBITDA, which are not impacted by these non-recurring charges, reveal major discrepancies between the different businesses: The Supply division remained structurally and heavily in the red, recording an EBIT loss of 23.9 million in 2010 compared with a 16.7 million loss in 2009; 4

5 The contribution from the Generation business rose sharply on the back of an increase in installed capacity: it recorded EBITDA of 34.4 million in 2010 against 15.8 million in 2009; The EBITDA loss at the Trading & Optimisation activities narrowed from 15.8 million in 2009 to 7.5 million in Taking into account net interest expenses of 18.2 million, up from 7.7 million in 2009 due in part to the commissioning of the Pont-sur-Sambre power plant, financing costs for which had been capitalised in 2009, and a tax credit of 14.4 million compared with a 0.9 million charge in 2009, the consolidated net loss reached million in 2010 against a 93.9 million loss in The share of the consolidated net loss attributable to the Group was million, factoring in the 16.7 million loss attributable to minority interests, mainly corresponding to the share of the Gaz de Normandie loss attributable to its minority shareholder. Financial position impacted by losses recorded in 2010, not factoring in the divestment of the Generation branch early in 2011 Cash flow was negative to the tune of 22.5 million in 2010, after a negative 22.1 million in Taking into account a positive 12.7 million change in working capital requirement, together with a 3.1 million increase in margin calls and initial margins, net cash flow from operations was a negative 12.9 million, compared with a positive 84.5 million in 2009, bearing in mind that POWEO had notably benefited last year from significant cash receipts in respect of the TarTAM tariff. Net investing cash flow rose from million in 2009 to million in 2010, chiefly comprising initial investments in the future thermal power plant in Toul and the development of the renewable energy generation fleet with the commissioning of the Auxois Sud wind power plant. Financing cash flow showed a net million inflow, against a net million inflow in To meet its significant cash needs, POWEO had to draw on two short term cash facilities late in 2010 for a total of approximately 40 million. Both lines were reimbursed in full in February 2011 following the sale of the 60% stake in POWEO Production for a total amount of 120 million (see specific paragraph below). Based on total negative cash flow of 69.7 million, the gross consolidated cash position stood at 97.2 million at the end of Financial debt as of 31 December 2010 was million, primarily comprising long-term project financing for generation facilities held by the subsidiaries dedicated to each project. Consolidated shareholders equity amounted to million at end-2010, including 77.2 million attributable to minority interests. Number of customer sites stable, sharp decrease in customer management costs In accordance with its strategy of optimising its supply businesses pending the reform of the electricity market, implementation of which has been delayed, POWEO kept customer recruitment at a low level throughout 2010 after the sharp increase seen in As a result, the number of active customer sites net of account closures fell by just 6.2% in 2010, taking the number of active sites down to 385,800 at 31 December 2010 from 411,400 a year earlier, broken down as follows: 5

6 Number of active customer sites 31/12/10 31/12/09 Change Electricity 281, , % o/w Residential 179, , % o/w Professional 102, , % Gas 104, , % o/w Residential 98, , % o/w Professional 6,500 6, % Total 385, , % o/w Residential 277, , % o/w Professional 108, , % Over the period, an anti-competitive regulatory framework prevailed in France, as evidenced by the fact that the number of residential customers switching to the market offering in the fourth quarter was virtually unchanged: according to data released by the Energy Regulation Committee, there were only 7,000 such requests, out of a total of more than 30 million consumption sites. In spite of these adverse conditions, POWEO kept up its efforts in terms of customer service while working on a significant reduction of its operating costs. Customer management full costs have been reduced by 33% for residential customers, and 40% for professional customers, in 2010 compared to Churn rates have continuously decreased, compared to their highs in 2009, to step down below 2% per month at the end of 2010, in line with defined targets. Lastly, qualitative actions initiated by the customer service allowed for a substantial reduction of inbound-call rate and problem-solving times. Generation branch divested early in 2011 to give POWEO the means to keep up with the expected development of its Supply activities Since 2005, POWEO has built up a portfolio of generation capacity projects mainly consisting of combined-cycle natural gas turbine (CCGT) power plants and renewable energy generation capacity. At the end of 2010, POWEO s generation branch had installed capacity of 517 MW, including 412 MW at the Pont-sur-Sambre power plant in service since September The construction of a second 413 MW CCGT plant got under way in the summer of 2010 in Toul (Meurthe-et-Moselle), and it is scheduled to come on stream in the first half of POWEO has just finalised (see press release of 22 February 2011) the sale to VERBUND, the Austrian national utility and POWEO s reference shareholder since 2006, of the 60% of POWEO Production VERBUND did not already own, for 120 million. VERBUND thus now owns 100% of POWEO Production. POWEO has been granted a call option, expiring on 30 June 2013, to buy back its 60% stake in POWEO Production based on a strike price of 120 million plus interest charges. If the call option is not exercised, the agreement provides for a potential additional payment on top of the initial selling price, to be based on POWEO Production s fair market value on the considered date. POWEO considers that this deal generates sufficient cash resources for it to meet its financial commitments at least for the next 12 months. Net proceeds of 120 million were primarily used to reimburse all drawn-down short-term financings for approximately 40 million, as well as some 35 million of due trade payables. 6

7 Taking into account these cash flows, POWEO s net available cash position (excluding POWEO Production) exceeds 60 million as at mid-march, independently from the cash pledged as deposits and margin calls relating to trading & optimisation activities. It should be noted that POWEO will have to renew some bank guarantees expiring in the coming months, notably within the framework of its energy sourcing contracts. Supply activities poised to gather momentum in wake of NOME bill The NOME bill (New Organisation of the Electricity Market) was published in December 2010, giving new entrants regulated access to the incumbent utility s nuclear power generation (called ARENH), and the related decrees and ministerial orders are now expected to be published in April. These decrees will determine the key variables of POWEO s activities, i.e. the regulated prices at which new entrants will be able to buy power from nuclear plants as well as the hedging percentage of their customers consumption. POWEO estimates that the different phases of market reform provided for in the NOME bill will create a new competitive landscape for players every two years between now and 2015: 2011: regulated competition in segment for low levels of subscribed power (residential and professional); 2013: creation of a capacity market to stimulate investment in peak-load generation capacity, in response to structural increases in demand; Late 2015: full deregulation of the market for large electricity-intensive sites. Assuming that the terms of implementation of the NOME bill will leave sufficient room for competitors to generate profit margins, POWEO will introduce a growth strategy to be carried out in two phases: a first phase, during which it will take advantage of the new market dynamics the NOME bill is expected to create for the supply activities, and a second phase, during which POWEO intends to make its best efforts to rebuild its integrated operator model by exercising its call option on POWEO Production. Phase 1: new momentum for supply activities. POWEO aims to become the number three operator in the French market by 2016, leveraging its proven ability to generate solid customer growth and create innovative offerings in response to the rollout of smart meters or the increase in the number of fuel poor. Its Business division has all the expertise required to take advantage of full market deregulation late in 2015, post the elimination of yellow and green tariffs. Phase 2: planned reintroduction of generation to business mix in POWEO Production, which is no longer part of POWEO SA in terms of capital ownership, intends to continue to build its fleet of CCGT plants and lift its installed capacity to 825 MW by 2013, with an additional 840 MW project in the pipeline. POWEO will do all it can to exercise its call option by June 2013 and thus rebuild its integrated operator model, although this will require that the necessary capital be available ahead of time. POWEO s Trading & Optimisation activities will remain an integral part of the Group s integrated operator strategy, helping optimise its power plants, particularly once the capacity market is in place. This division will also contribute to the development of the offering for business users, helping to deliver innovative market access services. Within the next few months, POWEO will be forecasting trends and outlooks for the coming years based on the terms of implementation of the NOME bill. These will be communicated to the market as quickly as possible. 7

8 Next financial release POWEO will report sales for the first quarter of 2011 on Thursday 12 May 2011, before trading hours. About POWEO Poweo, the leading independent electricity and gas operator in France, supplies energy and energy efficiency and environmental services to close to 400,000 customer sites. POWEO is listed on the Alternext compartment of the Euronext Paris Stock Exchange (ALPWO / FR ). For more information please visit the company s website: groupe.poweo.com. Press Relations Ivan Roussin, Communication Director - ivan.roussin@poweo.com - Tel +33 (0) Servane Taslé, Citigate servane.tasle@citigate.fr - Tel +33 (0) Investor Relations Patrick Massoni - patrick.massoni@poweo.com - Tel +33 (0)

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