Press conference H Results August 10 th, LNG terminal Montoir, France

Transcription

1 Press conference LNG terminal Montoir, France

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 28 March 2011 (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.

3 H results in line with guidance H KEY FIGURES 2011 TARGETS CONFIRMED (1) EBITDA: 8.9bn + 8.2% vs H Net Income group share: 2.7bn 10bn portfolio optimization program well on track: over 60% announced 0.5bn performance gains o/w 0.3bn on EBITDA 2011 EBITDA: bn with average weather conditions and with no significant regulatory changes So far, unfavorable weather impact in domestic markets: 465m for H EPS 2010 EPS 2011 dividend (2) 2010 dividend A category rating (1) With IPR consolidated as of February 3rd, These targets assume average weather conditions, no significant regulatory and macro economic changes. The underlying assumptions are as follow for 2011: average brent $/bbl 92 ; average electricity baseload Belgium /MWh 50 ; average Zeebrugge /MWh 23 (2) Interim dividend of 0.83 per share will be paid on November 15th

4 An environment deeply changed by the Fukushima tragedy INCREASING CHALLENGES FOR THE ENERGY INDUSTRY More security requirements and capex for existing and future nuclear power plants Renewed attention on global security of energy supply More competition among the continents Risks of not meeting CO₂ targets as planned Upcoming recovery in power prices Increasing energy demand in emerging countries IN WHICH GDF SUEZ IS WELL POSITIONNED To take advantage of rebalanced power generation mix in favor of gas and renewables To respond to the increase in LNG demand in Asia and from recovery in gas prices through its flexible gas portfolio To capitalize on its demonstrated expertise across the whole nuclear value chain (from design and operation to waste management) To respond to the increasing energy demand in fast growing countries 4

5 Key developments since March 2011 ELECTRICITY GAS SERVICES Successful integration of IPR with rapid delivery of synergies Commissioning of Ras Laffan C, Qatar (2,730 MW) Commissioning of Estreito 1, hydro plant in Brazil (270 MW) Commercial commissioning of gas-fired Astoria Energy II in NY (575 MW) Commissioning of a new CCGT unit in Hungary (405 MW) Partnership with Areva and Vinci to develop offshore wind farms in France 3 geothermal power plants projects in Indonesia (3x220 MW) Long-term partnership with CNP- CDC to develop gas transmission in Europe Agreement with Petronas LNG to sell 2.5 million tons of LNG from 2012 Commissioning of Medgaz pipeline between Algeria and Spain E&P discovery in Indonesia Acquisition by Cofely of Ne Varietur/Soccram, 3 rd heating network in France Partnership agreement with the city of Tianjin in China for air conditioning services New contracts in water and wastewater treatment in Spain, Australia, UK, Qatar, France ENVIRONMENTAL AND SOCIAL RESPONSIBILITY Creation of «GDF SUEZ Rassembleurs d Energies» to sponsor up to 20 significant projects Human resources management: GDF SUEZ leader in the utilities sector according to Vigeo 5

6 Portfolio optimization: 6.2bn (1) out of 10bn already announced NON-CORE ASSET DISPOSALS STRATEGIC PARTNERSHIPS G6 Rete Gas (Italy) Belgium Intermunicipalities Atlantic LNG (Trinidad & Tobago) Elgin Franklin (E&P asset) 0.7bn 0.7bn 0.6bn 0.6bn With China Investment Corporation in Exploration & Production (2) With CDC / CNP in GRTgaz 2.3bn 1.1bn Noverco (gas distribution, Canada) 0.2bn (1) Impact on net debt (2) Excluding Elgin Franklin (3) As of today and as part of the portfolio optimization program VALUE CREATION AND IMPROVED FINANCIAL STRUCTURE Expected capital gain from those transactions (3) 1.5bn Net debt adjusted by announced transactions (3) 35bn Gearing adjusted by announced transactions (3) < 44% 6

7 A landmark partnership with CIC opening strong growth prospects for all businesses in the Group GDF SUEZ and China Investment Corporation CIC have signed a Memorandum of Understanding across all businesses, in particular in Asia Pacific related to: Joint investments Financing cooperation Commercial sponsorship Organization and Governance Cooperation on a non-exclusive basis Steering Committee co-chaired by GDF SUEZ and CIC CEOs Monitoring of existing co-operations and frequent review of opportunities FIRST MILESTONE Investment (1) by CIC in a 30% stake in Exploration & Production (2) to accelerate its development & Acquisition (1) by CIC of GDF SUEZ 10% stake in Atlantic LNG (Trinidad & Tobago) (1) Advanced exclusive talks (2) Excluding Elgin Franklin 7

8 CIC is currently the 4 th SWF in the World and 1 st in Asia-Pacific in terms of assets under management Top-25 sovereign wealth funds ranked by size and geographic area Assets under management ($bn) Europe Asia North Africa & Middle East Rest of the world * Source: SWF Institute (June 2011) 8

9 Overview and Investment Strategy of the China Investment Corporation ( CIC ) OVERVIEW OF CIC Headquartered in Beijing, CIC was created as a vehicle to diversify China s foreign exchange holdings and improve risk-adjusted returns on its investments. CIC seeks stable and long-term risk-adjusted financial returns on its global investment portfolio and is operated strictly on a commercial basis. CIC s asset under management as of 31 Dec was USD 409 billion Based on its asset allocation strategy and prudent risk management considerations, CIC s investments are broadly diversified by sector, geography and asset class INVESTMENT STRATEGY CIC invests on a commercial basis. The underlying investment objective is to seek longterm, sustainable, and high financial returns for its shareholder within acceptable risk tolerance. CIC is a financial investor and as such, it does not seek to control any sector or company * Source: SWF Institute (June 2011) 9

10 GDF SUEZ developing its presence in Asia Pacific An established presence in the region Power generation: strong foothold in Thailand, Indonesia, Australia and Singapore Power Environment LNG delivery or regas terminal LNG / E&P Energy Services ~ 11,000 employees 12.8 GW of installed capacity (1) 3.2 GW under construction (1) LNG: first cargoes delivered to China in 2010, significant commercial achievements in Korea and Malaysia Heating and cooling: first projects launched in China Environmental services: water and waste management services provided to more than 14 million people in China and strong presence in Australia Ambitious growth targets Capitalize on existing strongholds and continue expansion into Environmental services Increase positions in power generation: +25% of additional capacity in 2013 Pursue commercial development in LNG GDF SUEZ ALREADY HAS A PLATFORM FOR FUTURE GROWTH IN THE REGION (1) As of 6/30/2011, at 100% 10

11 Asia Pacific and China: key growth areas for the Group ENERGY CONSUMPTION CAGR 1.4% 2.5% 2.4% NATURAL GAS CONSUMPTION CAGR 3.5% 3.3% Emerging markets Asia Pacific China 5.1% Emerging markets Asia Pacific China Sources: FMI, US Energy Information Administration A fast growing energy consumption Expected growth of 3.3% p.a. in China and 2.4% in broader Asia until 2035, way above the average of mature economies and other emerging markets Shift to natural gas in China with growth of 5.1% p.a. until 2035 A significant development of energy infrastructures, notably in China Area of focus of China s 12 th five-year plan Massive investments programmes expected to drive growth of the power and natural gas chains 3 natural gas terminals under construction, 14 additional projected Additional opportunities in storage and downstream activities A strong demand for energy efficiency and environmental services Demand driven by fast-paced urbanization Planned investments of 80bn in waste treatment and 30bn in water treatment by 2015 in China GDF SUEZ IS IDEALLY POSITIONED TO OFFER SUSTAINABLE ENERGY AND ENVIRONMENTAL SOLUTIONS TO THE REGION 11

12 Considerable needs for LNG in China GROWING NEEDS FOR LNG MANY LNG TERMINALS EXPECTED ON CHINESE COASTS GNL imports (in million tons) 8,2 3 under construction 14 planned Dalian Caofeidian Qingdao 2,9 3,3 5,5 In operation Under construction Planned, awaiting final permitting Considered Jiangsu Shangai Zhenjiang Fujian Zhuhai Dapeng Dachan Diefu 12

13 GDF SUEZ a world leader in LNG ideally positionned to meet these needs A fleet of 17 LNG tankers - 3 rd LNG importer worldwide Snøhvit LNG Isle of Grain Zeebrugge Everett Montoir Fos Tonkin Fos Cavaou Sabine Pass Freeport Neptune Huelva Cartagena Triton Dahej Idku Penuelas Atlantic LNG NLNG Arzew Bethioua Skikda Yemen LNG Kochi Mejillones Cameroon (planifié) Bonaparte LNG (planifié) Liquefaction plants Long term LNG supply Planned Liquefaction plants Existing Regasification Terminal Under construction Regasification Planned Regasification Terminal Regas with equity without capacity Regas capacity without equity Regas with capacity and equity 13

14 A cooperation between GDF SUEZ and CIC across all businesses and regions KEY PRINCIPLES GDF SUEZ to offer numerous high quality investment opportunities in the utilities sector CIC to provide financing resources to accompany the development of GDF SUEZ across businesses and geographies Cooperation on a non-exclusive basis BUSINESS SCOPE GDF SUEZ Group s activities and core competencies: Natural gas chain, Power, Energy Efficiency Services, Environmental Services, Infrastructure Engineering GEOGRAPHICAL SCOPE Global, with focus on Asia Pacific including China ORGANISATION AND GOVERNANCE Steering Committee co-chaired by GDF SUEZ and CIC CEOs Equal representation at the Steering Committee Monitoring of existing cooperations and frequent review of opportunities 14

15 Significant opportunities already identified by the partners NATURAL GAS Development of natural gas imports and LNG sales Underground natural gas storage and other infrastructures Floating LNG terminal projects Provalys LNG carrier POWER GENERATION Attractive pipeline of quality projects in Asia Projects open to equity investments by CIC and by Chinese energy groups Gas power plant, Glow, Thailand ENERGY EFFICIENCY SERVICES Involvement in the development of sustainable cities in China Pipeline of existing projects in Malaysia,Thailand, Singapore Sustainable city, Tianjin, China ENVIRONMENT Management of global water cycle for municipalities and corporates Waste collection and treatment Water treatment plant, Shanghai, China 15

16 Partnership with CIC to accelerate the development of E&P, a core activity for GDF SUEZ E&P: 2010 KEY FIGURES Sales EBITDA Annual production 2P reserves 2.2bn 1.4bn 51 mboe 815 mboe 76% gas 24% oil WORLDWIDE DEVELOPMENT IN NEW MARKETS KEY TRANSACTION TERMS (1) Acquisition of a 30% minority stake in GDF SUEZ E&P International by CIC for 2.3bn Governance: Board member allocation proportional to equity stake 6-year lock-up period and pre-emption right for GDF SUEZ in case of an exit by CIC Historical focus on Europe and North Africa Recent development effort in other regions, such as the Caspian Sea and Australia Further expansion opportunities in Asia, a promising market representing 2/3 of worldwide LNG demand (1) Exclusivity granted on the basis of these principles and subject to usual conditions precedent and consultation of employee representative bodies 16

17 Exploration & production, a recent activity that has developed over the past 15 years through a combination of acquisitions and organic growth Reserves < 100 Mboe c. 500 Mboe 815 Mboe Production < 10 Mboe c. 30 Mboe 51 Mboe EBITDA < 100m c. 170m 1,439m STEP 1 : development via initial acquisitions STEP 2 : contribution of organic growth STEP 3 : << accelerated development Acquisition of EEG in Germany Creation of Gas-UK Acquisition of GDF Production Nederland Development in Algeria, Egypt and Norway Acquisition of Preussag Energie in Germany Acquisitions in the Netherlands Merger of EEG and PEG Licence in Alam El Shawish (Egypt), and in Mauritania Development of Gjoa (Norway) West El Burullus (Egypt) Touat (Algeria) Snohvit (Norway) Entered in Libya, Indonesia, Qatar, Australia, Kazakhstan, Russia, Azerbaijan Development of: Licences in Norway, Germany, the UK, etc. 2 nd licence in Algeria 4 th licence in Egypt Acquisitions in the Netherlands 17

18 thanks to a portfolio of holdings in different international assets Greenland Licences: 2 (Formalization underway) Norway Production 1 : 13.8 boe/day 2P 2 Reserves: Mboe Licences: 31 Netherlands Production 1 : 17.3 boe/day 2P 2 Reserves: 92.2 Mboe Licences: 40 Germany Production 1 : 9.5 boe/day 2P 2 Reserves: Mboe Licences: 202 Production Exploration US Licences: 10 Main stakes held in terms of reserves 3 UK Production 1 : 2P 2 Reserves: Licences : 56 Algeria Licences: 2 Mauritania Licences 2 Ivory Coast Licence: boe/day Mboe Libya Licences: 3 Egypt Licences: 4 Indonesia Licence : 1 Australia Licences: 4 Russia & Kazakhstan Projects under development Azerbaidjan Licence: 1 Qatar Licence: 1 AT THE END OF 2010, GDF SUEZ OWNED 362 EXPLORATION AND PRODUCTION LICENCES, 57% OF WHICH AS OPERATOR (1) 2010 production (2) On 31/12/2009 (3) 65% in Touat (Algeria), 12% in Snovhit (Norway), 30% in Gjoa (Norway), 22.5% in EFOG (UK), 25% in Alam El Shawish (Egypt), 25% in Gudrun (Norway), 38.75% in Cygnus (UK), 50% in Rohmerberg (Germany), 100% in Schneeren West (Germany), and 57% in K2ba (Netherlands) 18

19 A catalyst to the development of the E&P division AN AMBITIOUS INVESTMENT PROGRAMME A significant capex plan to pursue the development of the division s portfolio over the short to medium term Programme pertaining to c. 90 projects Significant amounts for exploration and pre-development Ambitious production and reserves targets NEW PROJECTS IN ASIA PACIFIC Two projects illustrating the division s expansion strategy Additional production and reserves In the case of Bonaparte, integration of natural gas fields and floating liquefaction plant Bonaparte Jangkrik THE LANDMARK PARTNERSHIP WITH CIC WILL HELP FUND AND ACCELERATE E&P ACTIVITY DEVELOPMENT 19

20 Advanced exclusive talks (1) on the sale of a 10% stake in Atlantic LNG liquefaction plant to CIC Non consolidated assets located in Trinidad and Tobago: OVERVIEW OF ASSETS A 10% stake in the Train 1 of the Atlantic LNG liquefaction plant Production payments contracts associated with Trains 2, 3 and 4 of the plant KEY TRANSACTION TERMS Transaction based on an enterprise value of 0.6bn for assets sold Closing of the transaction subject to conditions precedent LNG offtake contracts excluded from the scope of the transaction (1) Exclusivity granted on the basis of these principles subject to usual conditions precedent and consultation of employee representative bodies 20

21 Conclusion A strategic global partnership that will provide additional development opportunities in Asia Pacific and China A partnership in line with GDF SUEZ International development strategy, among others in emerging markets, that illustrates the Group s reactivity in implementing its business model A response to the major challenges of the E&P activity A reinforced financial strength offering new opportunities to the E&P teams 21