GDF SUEZ Reports Solid Results for 2011 (France)
GDF SUEZ continued to report solid results for 2011, with EUR 90.7 billion in revenues, up +7.3% despite highly unfavorable weather conditions and the gas tariff freeze in France.
EBITDA grew by +9.5% thanks to the contribution of International Power from February 2011, the commissioning of new assets in all business lines, very good performances from international activities in particular in Asia, Latin and North America, as well as from exploration & production and LNG activities and the contribution of the Efficio performance plan. This performance has been achieved in a tough economic environment on top of exceptional mild weather in Europe and gas tariff freeze in France.
Strict financial discipline and early advancement of the 3 year EUR 10bn asset optimization program led to a strengthened financial structure with a net debt down to EUR 37.6bn.
This solid performance allows GDF SUEZ to reaffirm its ambitious operational targets across all businesses :
- to increase installed capacity to 150 GW4 by 2016 of which 90 GW outside Europe
- to increase installed renewable capacity by 50% by 2015 (vs 2009)
- to produce ~ 65 Mboe in Exploration Production by 2014-2015
- to double external LNG sales to emerging markets by 2020 (vs 34 TWh in 2010)
- to increase energy efficiency revenues by 40% by 2016-2017 (vs 2010)
- to reach 2 million of smart water meters by 2014 (+150%)
- to reach a ratio of 2 million tons of waste recovered for every 1 million tons eliminated by 2017
Gérard Mestrallet, Chairman and Chief Executive Officer of GDF SUEZ commented : “Thanks to a balanced business model, GDF SUEZ achieved all its industrial and financial targets for 2011 in a very challenging environment. This solid performance demonstrates that we have the right long term strategy. We are confident that the strengths and flexibility of GDF SUEZ will enable the Group to address the coming challenges of the world economy successfully and to deliver sustained growth with focus on profitability in the coming years.”
Offshore WIND staff, February 09, 2012; Image: gdf suez