GDF SUEZ: 1st Quarter 2013 Performance in Line with 2013 Expectations
OREANDA-NEWS. Revenues at March 31, 2013 were EUR 24,564 million with a stable gross variation and +2.3% organic growth. This expansion stemmed from the Group’s continued development in fast growing markets, colder weather conditions compared to 2012 supporting sales of natural gas in France, and progression of LNG sales with strong arbitrage activity in Asia and Europe.
EBITDA for the period reached EUR 4,989 million with gross decrease of -5.1% and organic decrease of -1.2% compared with March 31, 2012. Excluding the scope effect related to the asset optimization program (-EUR 173 million), the quarter’s organic performance reflects:
growth in Energy International business line results supported by the commissioning of new assets and operational performance improvements, mainly in North America, Latin America and Asia;
decrease in Energy Europe business line results due to the outage of the Belgian nuclear plants Doel 3 and Tihange 2, the decrease of electricity prices against the background of a more stringent regulatory and competitive environment, and despite favorable weather conditions and the positive impact of the decision of the “Conseil d’Etat” on 2012 gas tariffs booked in 2013;
lower Global Gas & LNG business line operating results, mainly resulting from the temporary decrease of exploration-production activity, impacted in particular by production shutdowns in Norway during first-quarter 2013;
growth in Infrastructures business line operating performance primarily thanks to the favorable impact of weather conditions;
a slight increase in Energy Services business line results in a still challenging environment.
Overall and at average weather conditions, operating performances are in line with the yearly outlook announced by the Group.
On IFRS figures, evolutions are of the same range :
IFRS consolidated figures1 with Suez Environnement fully consolidated
Revenues |
EUR 28.1 billion (-0.4% gross, +1.7% organic) |
EBITDA |
EUR 5.6 billion (-4.5% gross, -1.0% organic) |
Net debt |
EUR 41.6 billion (-EUR 2.3 billion compared to 12/31/12) |
For 2013, the Group maintains its financial objectives(2), with the following assumptions:
positive impact from the January 30, 2013 “Conseil d’Etat” decision on natural gas tariffs in France;
restarting of the Doel 3 and Tihange 2 Belgian power plants during 2nd quarter 2013;
update on commodity prices as of end of January 2013.
Based on these assumptions, the Group anticipates:
Net Recurring Income Group share(3) between EUR 3.1 and 3.5 billion, assuming average weather conditions and stable regulation. This target is based on an estimated EBITDA between EUR 13 and 14 billion, after pro forma equity consolidation of Suez Environnement
Gross capex between EUR 7 and 8 billion
Net debt/EBITDA ratio below or equal to 2.5x and an “A” category rating
In this context, the board is considering an interim dividend of EUR 0.83 per share for the 2013 period that would be paid on November, 20, 2013.
1st quarter significant events
The Group continued to implement its strategy and to develop its distinctive profile:
Accelerated expansion in fast growing countries
In Saudi Arabia, commissioning of Riyadh PP11, a gas-fired independent power project with a capacity of 1,729 MW
In Oman, commissioning of two gas-fired plants, Barka 3 and Sohar 2 with an installed capacity of 744 MW each
In Morocco, construction of Tarfaya wind farm, the largest in Africa, with a capacity of 300 MW
In Panama, launch of the commercial operation of Dos Mares hydro plant with a capacity of 118 MW
In China, discussions with a Chinese partner to convert six depleted deposits into gas storages
Transformation of the Group business model in mature markets
Continued implementation of the ambitious action plan, Perform 2015
Continued review of thermal plants in Europe with planned reorganization and optimization of French CCGT activity
Strengthening contributions from recurring income generating activities
Joint operation with Cyberview of district cooling networks in Cyberjaya, Malaysia’s premier cyber city
Development of LNG sales with 15 cargoes shipped to Asia in first-quarter 2013 compared to 12 cargoes in first-quarter 2012
In France, new tariffs for natural gas transmission and for LNG terminals providing a 4-year visibility
At March 31, 2013, net debt was EUR 34.1 billion and integrated in particular over the period :
EUR 2.7 billion of cash flow from operations (equivalent at EUR 2.1 billion of free cash flow) and
EUR 1.6 billion of gross capex
The net debt/EBITDA ratio was 2.4x in line with the target of ?2.5x.
At March 31,2013, the Group continued to post a high level of liquidity at EUR 18.8 billion, made up of EUR 10.3 billion in cash and EUR 8.5 billion in undrawn credit lines. The average cost of gross debt is now 3.8%.
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