GDF APPENDICES
Appendices - Contents Pages Business Lines Appendices - Energy Europe and International Business Line 4 - Benelux/Germany Energy Division 5 - Energy Europe Division 8 - Energy International Division 11 - Energy France Business Line 20 2
GDF BUSINESS LINES APPENDICES
GDF BUSINESS LINES APPENDICES Energy Europe and International Business Line
GDF BUSINESS LINES APPENDICES Benelux/Germany Energy Division
Benelux/Germany Energy Division Gaz de France Energy Europe Energy International Energy Services Environnement Division Energy Supply and Services Infrastructures Benedelux Segments Exploration -Production Purchase and sales of of energy Services Distribution --France Transmission Storage Transmission and Distribution -- International Benedelux Benelux/Germany Energy Division 6 Benelux/Germany Energy Division
Structure The division Benelux/Germany is active in power generation and sales of electricity, natural gas and related services. These activities are supported by Trading and Portfolio management on division and Business line level. Benelux/Germany Energy Division Generation Local Portfolio Management Marketing & Sales 7 Benelux/Germany Energy Division
GDF BUSINESS LINES APPENDICES Energy Europe Division
Energy Europe Division Gaz de France Energy Europe Energy International Energy Services Environnement Division Energy Supply and Services Infrastructures Other Europe Segments Exploration -Production Purchase and sales of of energy Services Distribution --France Transmission Storage Transmission and Distribution -- International Other Europe Energy Europe Division 9 Energy Europe Division
Electricity generation output breakdown*: 27 TWh Coal 28 % Natural gas 71 % Hydroelectricity 1 % * 2007 consolidated data 10 Energy Europe Division
GDF BUSINESS LINES APPENDICES Energy International Division
Energy International Division Gaz de France Energy Europe Energy International Energy Services Environnement Division Energy Supply and Services Infrastructures North America, Latin America, Middle-East- Asia Segments Exploration -Production Purchase and sales of of energy Services Distribution --France Transmission Storage Transmission and Distribution -- International International Energy International Division 12 Energy International Division
Zoom on Senoko Key messages Interesting asset combination with GDF position in Singapore LNG regas project Attractive price of 1,106 SGD/MW against 1,573 SGD/MW paid for Tuas Power (SGD4.2bn for 2,670 MW) SGD2.9bn of bridge loan + SGD750m repowering loan secured with 10 international banks Proportional consolidation with 30% equity interest Diversified output with limited exposure to pool prices 40% vesting contracts (55% in 2008) 40% retail sales 20% pool sales Value creation Expertise in liquid markets Ability to play counter cyclical Acquisition of 3,300 MW of installed power capacity in Singapore Acquisition price: SGD3.65bn ( 1.9bn) GDF (30%), Marubeni (30%), Kansai (15%), Kyushu (15%) and JBIC (10%) Date of first contribution: September 2008 13 Energy International Division
Zoom on First Light Key messages Turners Falls No. 1 Northfield Mountain Limited number of creditworthy players in the US market Acquisition price well below replacement cost for hydro plants alone (estimated around 3,500 $/kw) Mostly renewable with no direct exposure to CO 2 regulation Location of assets within focus regions for North America $1bn non-recourse financing in place - no need to refinance Diversified revenue 50% by Energy 40% by Capacity Fees 10% by Ancillary Services Value creation Expertise in liquid markets Ability to play counter cyclical Falls Village Bulls Bridge Rocky River Valuable resources (energy, capacity, & ancillary services) Cabot Robertsville Connecticut Bantam Shepaug Mt. Tom Stevenson Waterbury Massachusetts Scotland Taftville Rhode Island Tunnel / Tunnel ICU Hydroélectricité ***Stockage par accumulation*** Charbon Pétrole Opportunités de développement Bureau central Acquisition of 16 operating plants with a combined capacity of 1,538 MW in New England (>80% hydro pumped storage) Plus another 537 MW of advanced development projects GDF 100% ownership Date of first contribution: 1 st st Quarter 2009 ***Polycarburant*** 14 Energy International Division
Zoom on the Middle East Recent large projects Marafiq (Saudi Arabia) Ras Laffan C (Qatar) Suweihat II (UAE) Al Dur (Bahrain) Capacity TIC D/E 2,745 MW 31,667m³/h 2,730 MW 11,900m³/h 1,500 MW 18,900m³/h 1,234 MW 9,092m³/h Financial close $3.4bn 82/18 June 2007 20% $94m $3.8bn 83/17 September 2008 20% $110m $2.7bn 81.5/18.5 2009 40% $195m $2.1bn 80/20 2009 50% $200m Energy International Equity 15 Energy International Division
Zoom on Middle East Key messages All projects have secured fuel and offtake agreements with creditworthy entities Remuneration through equity return, development and management fees Equity consolidation and equity exposure between 20 to 50% Value creation Competitive advantages: Reputation from track record Local O&M synergies resulting from scale Synergies with Environnement on desalination side 16 Energy International Division
Business case: Peru From single client plant toward diversified customer portfolio and fuel mix Step into gas business with 8% share in TGP (Camisea pipeline) + greenfield gas distribution concession in Lima Commissioning of ChilcaOne first unit and construction of second unit Acquisition of 245 MW capacity in ILO Acquisition of Yuncan 130 MW hydro plant and entry of local pension funds Enersur capital (21%) Sale of Calidda gas distribution Yuncan 2000 2003 Lima Chilca 1997/8 2002 2004 2005 2006 2007 Enersur starts multi-client program Commissioning of second unit and construction of a third unit Chilca Ilo ILO 21 new 135 MW coal plant enters in operation Start construction of ChilcaOne 173 MW gas fired power plant and IPO of 17% of Enersur capital 17 Energy International Division
Business case: ENERSUR With proven value creation record Key market figures 5,152 MW installed power capacity 6 to 7% annual growth rate ENERSUR M$ Total acquisition cost in 1997/8 56.5 1998-2005 dividends 58.9 Proceeds from 11/2005 offering 77.5 MW 1200 1000 850 1,028 Market value of 62% stake 289.6 Total shareholder return (*) 22.2 % 800 600 +347% 400 200 0 245 1998 2008 2009 (*) Assuming full divestment at market price in Dec 2007. Source: GSELA AIFA: IRR3 in sale with taxes 18 Energy International Division
Business case: Gulf countries Contribution from capital injected* in the region 900 $m 160 800 804 816 780 140 140 700 646 702 120 600 98 100 500 400 383 70 79 77 80 300 281 60 200 153 156 28 29 40 100 7 14 20 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Al Dur RLC Shuweihat 2 AL HIDD MARAFIQ B2/RUSSAIL GTTPC AL EZZEL SOHAR UPC Cash from operation * Injected capital includes cash equity bridge loans and shareholder loans 19 Energy International Division
GDF BUSINESS LINES APPENDICES Energy France Business Line
Energy France Business Line Gaz de France Energy Europe Energy International Energy Services Environnement Division Energy Supply and Services Infrastructures France Segments Exploration -Production Purchase and sales of of energy Services Distribution --France Transmission Storage Transmission and Distribution -- International Gas and electricity supply to to BtoB and BtoC customers Power production Energy services for individual customers Energy France Business Line 21 Energy France Business Line
New segmentation The Business line comprises: Entities that were formerly part of Gaz de France's Energy Purchases/Sales segment the Upstream Electricity Division, excluding electrical assets abroad (power plants in Teesside (938 MW) and Shotton (215 MW) in the UK and Cartagena (1,200 MW) in Spain) which were transfered to the Energy Europe and International Business Line - Europe Division the Sales Division the client services activities (Savelys, Solfea) Electrabel France and Group's shareholdings in CNR (49.9%), SHEM (99.7%), La Compagnie du Vent (56.8%) and Great (100%) It is now comprised of five business units: Electricity production Energy management - France Supply of BtoB customers Supply of BtoC customers Energy services for individual customers 22 Energy France Business Line
Electricity Production BU Roles and key figures Targeting operational excellence in using the unit's current assets and expanding production capacities to reach 10 GW by 2013 12.0 10.0 8.0 6.0 4.0 2.0 Solar Wind Hydro Thermal Nuclear 0.0 2008 2009 2010 2011 2012 2013 23 Energy France Business Line
Electricity Production BU A leading player in renewable energy in France La Haute Lys (100%) 38 MW in operation Nass & Wind (100%) 34 MW in operation (o/w 6 MW for Nass & Wind) 90 MW in construction Great (100%) 10 MW in operation Maia Eolis (49%) 78 MW in operation 72 MW in construction Erelia (95%) 68 MW in operation 92 MW in construction CNR (49.9%) 73 MW in operation 53 MW in construction La Compagnie du Vent (56%) 105 MW in operation 125 MW in construction GDF owns the largest installed fleet in France 337 MW in operation as at 30 Sept. 2008, i.e. market share of about 10% 395 MW in construction or for which a non recourse building permit has been obtained GDF owns a rich, diversified development portfolio over 8 GW in wind energy development allowing to reach 2 to 3 GW capacity by 2013 about 150 MW in solar energy development 24 Energy France Business Line
Energy Management France BU Roles and key figures Optimize upstream electrical portfolio of the Group in France Manage the supply of gas and electricity for the business line Key figures (est. 2008) 300 TWh of gas supplied 30 TWh of electricity supplied (own production, contracts and market) Outlook: contribute to the performance of the Energy France Business Line targeting operational excellence and valuing a diversified upstream portfolio 25 Energy France Business Line
Supply of BtoB customers BU Roles and key figures Selling gas, electricity and services to business customers and local communities. Key figures About 1,100 employees 150 TWh of gas sold to 260,000 different sites in 2007 9 TWh of electricity sold to 110,000 different sites in 2007 Well-known brands including Provalys and Energies Communes Outlook Sustain our leadership in the supply of natural gas Expand sales of electricity and energy-related services to meet customers requirements 26 Energy France Business Line
BtoC Sales BU Roles and key figures Selling energy and energy-related services to individual and professional customers Key figures About 2,500 employees 139 TWh of gas sold to 10.7 million customers in 2007 As at 30 September 2008 10.1 million individual gas customers, 400,000 of which chose to pay market prices; 300,000 individual electricity customers 300,000 professional gas customers, 80,000 of which chose to pay market prices; 80,000 professional electricity customers A network of 3,500 partners Outlook Sustain our leadership in natural gas supply Electricity market share: 20% in the medium term, depending on market conditions 27 Energy France Business Line
Volumes sold In TWh Natural gas sales 2007 H1 2008 Public Distribution 125 75 Market offering 0 1 BtoC customers 125 76 Public Distribution 96 52 Subscription tariff 24 13 Market offering 44 25 BtoB customers 164* 90 Total 289 166 Electricity sales 2007 H1 2008 Sales to customers 18 9 Market sales 13 10 Total 31 19 * o/w 14 TWh sold by BtoC BU 28 Energy France Business Line
Market share in terms of gas consumption for France as at 30 June 2008 Breakdown by type of offer Source: French energy regulation commission, French observatory of the electricity and gas markets, H1 2008 Alternative suppliers - market price Historic suppliers - market price Contracts under regulated tariffs 16% 56% 63% 55% 96% 30% 14% 29% 28% 3% 9% 1% All sites (517 TWh) Non-residential sites Transport (170 TWh) Non-residential sites Distribution (205 TWh) Residential sites (142 TWh) 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. 29 Energy France Business Line
A more favourable climate in Q3 2008 than in Q3 2007 Climate correction* in France In TWh COLDER 10.7 AVG. CLIMATE H1 2007 H2 2007 H1 2008 1.2 Q3 2008-7.7 WARMER * Distribution area: France -25.3 30 Energy France Business Line
Energy services for individual customers BU Roles and key figures Providing individual customers with eco-comfort solutions in their homes, integrating Renewable Energy solutions, and carrying out works associated with the thermal renovation of developed areas Key figures Solfea bank 15,000 partner companies (business providers) 2/3 of loans issued are eco-loans for sustainable development or energy saving projects 50,000 loan applications per year 171,000 active clients 76 employees Savelys 1.5 million individual heating systems under contract No. 1 in heating system maintenance/repairs in France; No. 2 in Europe 4,200 employees 250 branches and satellite centres 90% residential, 10% service sector and merchants Breakdown of clientele: 47% individual customers, 47% group customers (public and private sectors), 6% small group heating systems (public and private sectors) 7 training centres to prepare 400 new heating system maintenance/repair professionals per year Climasave Specializing in the renovation of energy systems based on renewable energies (heat pumps, photovoltaic energy, solar thermal energy, etc.) 31 Energy France Business Line
Consolidation scope: Subsidiaries (1/2) Subsidiaries and drawing rights Electricity Production BU (1) and Energy Management France BU (2) Thermal energy department Hydraulic energy dept Renewable Energies dept Drawing rights DK6, 100%, Fully consolidated Cycofos, 100%, Fully consolidated Combigolfe, 100%, Fully consolidated CNR, 49.98%, Fully consolidated SHEM, 99.62%, Fully consolidated Maïa Eolis, 49%, Partially consolidated Erelia, 95%, Fully consolidated Nass&Wind, 100%, Fully consolidated Haute Lys, 100%, Fully consolidated Chooz B, 650 MWe Tricastin, 458 MWe (4) SPEM, 100%, Fully consolidated Fraganlys, 100%, Fully consolidated LCV (3), 56.8%, Fully consolidated GREAT, 100%, Fully consolidated CN'AIR, 49.98%, Fully consolidated GDF Futures Energies, 100%, Fully consolidated (1) in its capacity as fleet operator (2) in its capacity as optimiser of capacity output (3) La Compagnie du Vent (4) contractually guaranteed power: 377 MWe 32 Energy France Business Line
Consolidation scope: Subsidiaries (2/2) Subsidiaries Supply of BtoB customers BU Electrabel France (1), 100%, Fully consolidated CNR (1), 49.98%, Fully consolidated Énergie du Rhône, 100%, Fully consolidated Energy services for individual customers BU Savelys Group, 100%, Fully consolidated Banque Solféa, 54.72%, Partially consolidated Climasave Group, 100%, Fully consolidated Consolidated in H2 2008 (1) as regards their sales activities 33 Energy France Business Line