Annual Report 2011 - Analist.be

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Overview of the activities - GDF SUEZFinancial reportGDF SUEZ recorded solid results in 2011in spite of a context of unfavourableweather conditions, volatile energy pricesand difficult economic environment.All its business lines made a positivecontribution to its performance with theexception of the Energy France andInfrastructures business lines. Adjustedfor the impact of weather and regulation,the results are in line with targets.The group’s revenue for 2011 stoodat EUR 90.7 billion, a 7.3% increaseover 2010 (EUR 84.5 billion). Earningsgenerated in Europe and North Americaaccounted for 86% of the total (89%in 2010), of which 80% for the Europeancontinent alone. Excluding foreignexchange and group structure effects,revenue expanded by 2.1%.The group’s gross operatingincome (EBITDA) grew by 9.5%to EUR 16.5 billion, compared toEUR 15.1 billion in 2010.• The Energy France business linecontributed EUR 0.5 billion to thisresult, compared to EUR 1.0 billion in2010, reflecting unfavourable weatherconditions and the gas tariff freeze,despite higher production capacity.• The Energy Europe and Internationalbranch contributed EUR 7.5 billion,a 27.8% increase over 2010(EUR 5.8 billion) resulting mainly fromthe integration of International Power.The other main factors to this increasewere the commissioning of newinstallations and strong growthin South America, compensating fora decline in European activities.• The Global Gas & LNG businessline registered a 14.7% increasein its gross operating income toEUR 2.4 billion, compared toEUR 2.1 billion a year earlier, essentiallyas a result of strong performance inexploration and production and LNGactivities, and despite the evolution ofthe gas/oil spread.• The Infrastructures branch contributedEUR 3.0 billion, a 7.2% decreasefrom 2010 (EUR 3.2 billion). Thecommissioning of Fos Cavaouand tariff increases only partiallycompensated for lower volumes dueto weather conditions.• The Energy Services business lineincreased its gross operating resultto EUR 1.0 billion, compared toEUR 0.9 billion in 2010, demonstratingthe resilience of its activity in spite ofthe difficult economic environment.• The Environment branch registeredan EBITDA of EUR 2.5 billion, a 3.1%improvement over 2010 (EUR 2.3billion), in particular as a result of theincrease in secondary raw materialsprices and a favourable price/volume effect in foreign markets thatcompensated for additional costs atthe Melbourne site.Current operating income (EBIT)amounted to EUR 9.0 billion, anincrease of 2.1% over its 2010 level(EUR 8.8 billion), reflecting the operatingperformance of the different businesslines but also the negative impactof higher depreciation expenses relatedto the commissioning of new installations.Net income, group’s share, stoodat EUR 4.0 billion at the end of 2011,a decrease from 2010 (EUR 4.6 billion),under the combined effects of weatherconditions and gas tariff freeze in France.Gross operating cash flow beforefinancial expenses and taxes amountedto EUR 16.1 billion at the end of 2011,a gross increase of 9.4% comparedto 2010. Cash flow before divestmentsand development investments roseto EUR 8.8 billion (EUR 7.8 billionin 2010).Net investments in 2011 totalledEUR 4.5 billion and includedEUR 3.4 billion in maintenanceinvestments and EUR 5.4 billion indevelopment investments, and morethan EUR 6.3 billion in disposals.The group’s net financial debt at the endof 2011 amounted to EUR 37.6 billion,a decrease of EUR 4 billion compared toproforma net debt at the end of 2010,including International Power. This amountrepresents 46.8% of shareholders’ equity.The Board of Directors will propose tothe General Meeting of shareholders on23 April 2012 a dividend distribution ofEUR 1.50 per share for 2011 (equivalentpayout to 2010), on which an interimdividend of EUR 0.83 per share was paidon 14 November 2011.Breakdown of electrical capacitiesby nature (at 100%) - 115.8 GWGeographical breakdown of gassupplying sources - 662 TWhElectrical production by area (at 100%)Other non Other non Other nonrenewable renewable 5% renewable 5% 5%Nuclear Nuclear 5% Nuclear 5% 5%Coal 13% Coal 13% Coal 13%Wind 3% Wind 3% Wind 3%Biomass Biomass and Biomass and andbiogas biogas 1% biogas 1% 1%58% Natural 58% Natural gas 58% Natural gas gas Other Other Othersources sources 38% sources 38% 38%Egypt 5% Egypt 5% Egypt 5%14% Hydraulic 14% Hydraulic 14% Hydraulic Algeria Algeria 12% Algeria 12% 12%21% Norway 21% Norway 21% Norway 40353025201513% 13% 13%Russia Russia Russia 10511% Netherlands 11% Netherlands 11% Netherlands01840353025272015105018403530252720151058011182781616118161610118161610128171012368172112361721BenedeluxBenedeluxFranceBenedeluxFrance OtherEuropeFrance OtherNorth America EuropeOtherCentral North and America Europe SouthAmericaCentral North and America SouthMiddle America East,Central Asia, and Pacific SouthMiddle America East,Asia, Pacific2011 20103621Middle East,Asia, Pacific32 Annual Report 2011
Data on Stock Exchange and on GBL’s investment2011 2010 2009Stock Exchange dataNumber of shares in issue (in thousands) 2,252,636 2,250,296 2,260,976Stock market capitalisation (in EUR million) 47,576 60,420 68,485Closing share price (in EUR/share) 21.12 26.85 30.29Net income (in EUR/share) 1.80 2.11 2.05Dividend (in EUR/share) 1.50 1.50 1.47Overview of the activitiesGBL’s investmentPercentage of share capital (in %) 5.2 5.2 5.2Percentage of voting rights (in %) 5.2 5.2 5.2Market value of the investment (in EUR million) 2,475 3,146 3,549Dividends collected by GBL (in EUR million) 176 176 258Representatives in statutory bodies 3 3 3Other GDF non SUEZ’s contribution 58% Natural 58% Natural gasto gas GBL’s Otheradjusted net assets 21% and Norway 21% earningsNorway 40Other nonrenewable renewable 5% 5%sources sources 38% 38%Nuclear Nuclear 5% 5%The stock market value of GBL’s 5.2% stake in GDF SUEZCoal 13% Coal 13%amounted to EUR 2,475 million at the end of December 2011,compared to EUR 3,146 million a year earlier. This decreaseWind 3% Wind of EUR 3% 671 million was the result of a 21% decline in thecompany’s share price year-on-year; the GDF SUEZ shareprice closed 2011 at EUR 21.12, compared to EUR 26.85at the end of 2010.Egypt 5% Egypt 5%Biomass Biomass and andbiogas biogas GDF 1% 1% SUEZ’s contribution 14% to GBL’s Hydraulic 14% Hydraulic Algeria Algeria 12% 12%adjusted net assetsamounted to 21% on 31 December 2011, compared to 22%a year earlier.4035 35In 2011, GDF SUEZ contributed 30 30 EUR 176 million to GBL’searnings, unchanged from 25 the previous 25 year. The amountcollected by GBL in 2011 corresponds 20 20 to the 2010 balanceand the advance for 2011 on 15 GDF 15 SUEZ dividends, i.e.EUR 0.67 and 13% EUR 13% 0.83 per share respectively, equivalentRussia Russia 10 10to the 2010 distributions.5 511% Netherlands 11% Netherlands018270182781181616111616108101281712361721BenedeluxBenedeluxFranceFrance OtherEuropeOtherNorth America EuropeCentral North and America SouthAmericaCentral and SouthMiddle America East,Asia, Pacific3621Middle East,Asia, PacificGDF SUEZ’s contribution to GBL’s adjustednet assetsGDF SUEZ’s contribution to net dividendscollected on investments21.4% 21.4%31.0% 31.0%GDF SUEZ financial communicationAnne RavignonTel.: +33-1-44.22.67.59e-mail: anne.ravignon@gdfsuez.comToll-free number in France: 0800.30.00.30Toll-free number in Belgium: 0800.25.125www.gdfsuez.comAnnual Report 2011 33
Page 1: Annual Report2011 Groupe Bruxelles
Page 4 and 5: Responsible persons1 Responsibility
Page 6: Message to shareholdersLadies and G
Page 10 and 11: Stock Exchange dataShareholder info
Page 14: Selected Portfolio and financial ad
Page 17: Consolidated result analysisThe tab
Page 20 and 21: Consolidated figures IFRSIn 2011, t
Page 22 and 23: 20 Annual Report 2011
Page 24 and 25: Total is a global, integrated oil a
Page 30: GDF SUEZ is a world reference energ
Page 36 and 37: The world’s co-leader in Wine & S
Page 39 and 40: Main financial data30 June 2011 30
Page 42 and 43: With a presence in 64 countries, La
Page 45 and 46: Environment variables and operating
Page 47 and 48: Data on Stock Exchange and on GBL
Page 49 and 50: Percentage of share capital .......
Page 51 and 52: Environment variables and operating
Page 54 and 55: Suez Environnement is a global lead
Page 58 and 59: Overview of the activities - Suez E
Page 62 and 63: Overview of the activities - Arkema
Page 64 and 65: Overview of the activities - Arkema
Page 66 and 67: Other investmentsIberdrola(http://w
Page 68 and 69: 66 Annual Report 2011
Page 70 and 71: Consolidated balance sheet at 31 De
Page 72 and 73: Consolidated statement of changes i
Page 74 and 75: Accounting policiesGroupe Bruxelles
Page 77 and 78: Non-current assets held for sale an
Page 79 and 80: Pension liabilities and similar obl
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Changes in group structureThe most
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NotesFor the sake of consistency, t
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Accounts at 31 December 2011 - Note
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In EUR millionLand andbuildingsMine
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11. InventoriesIn EUR million 2011
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Bank loans (GBL)GBL drew on its cre
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16. ProvisionsIn EUR million Legal
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Asset plan distributionIn % 2011 20
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18. Other current liabilitiesIn EUR
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19.2. Change in net balance sheet p
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ImerysImerys has put in place an in
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Fair value and carrying amountTo re
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Statutory Auditor’s report116 Ann
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Non-consolidated summary balance sh
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Dividend policyThe profit appropria
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Accounts at 31 December 2011 - Hist
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Corporate governance statementIan G
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Corporate governance statement1.1.2
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Corporate governance statementGéra
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Corporate governance statementAmaur
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Corporate governance statementNumbe
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Corporate governance statementThe a
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Corporate governance statementThe t
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Corporate governance statement3.2.
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Corporate governance statement3.4.1
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6. Risk management and internal con
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Six specific risks have been identi
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7. Policy on conflicts of interestC
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Extract of the minutes of the meeti
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Chain of ownershipPaul G.Desmarais6
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9.3.3. Organisation chart of shareh
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11.9. Capital11.9.1. Issued capital
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Resolutions proposed to shareholder
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• Regent and Member of the Budget
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Paul DesmaraisVice-Chairman of the
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• Director of 152245 Canada Inc.
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List of activities and other mandat
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• Director of Pargesa Holding S.A
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• Director of Great-West Lifeco I
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Amaury de SezeDirectorList of activ
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• Director of 4400046 Canada Inc.
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Gross annual returnThe gross annual
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Groupe Bruxelles Lambertwww.gbl.be
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