2009 - GDF Suez

Paris - 4 mars 2010 

RESULTATS 

ANNUELS 

2009

Sommaire 

INTRODUCTION ET STRATEGIE 4 

COMPTES ANNUELS 14 

PERFORMANCE AU PLUS FORT DE LA CRISE 42 

CONCLUSION 52 

Résultats annuels 2009 - 4 mars 2010 

2

AVERTISSEMENT 

Déclarations prospectives 

La présente communication contient des informations et des déclarations prospectives. Ces déclarations 

comprennent des projections financières et des estimations, des déclarations portant sur des projets, des 

objectifs et des attentes concernant des opérations, des produits ou des services futurs ou les performances 

futures. 

Bien que la direction de GDF SUEZ estime que ces déclarations prospectives sont raisonnables, les 

investisseurs et les porteurs de titres GDF SUEZ sont alertés sur le fait que ces informations et déclarations 

prospectives sont soumises à de nombreux risques et incertitudes, difficilement prévisibles et généralement en 

dehors du contrôle de GDF SUEZ qui peuvent impliquer que les résultats et développements attendus diffèrent 

significativement de ceux qui sont exprimés, induits ou prévus dans les déclarations et informations 

prospectives. 

Ces risques comprennent ceux qui sont développés ou identifiés dans les documents publics déposés par 

GDF SUEZ auprès de l’Autorité des Marchés Financiers (AMF), y compris ceux énumérés sous la section 

«Facteurs de Risques» du document de référence 2008 de GDF SUEZ enregistré auprès de l’AMF le 6 avril 

2009 (sous le numéro D.09-197). L’attention des investisseurs et des porteurs de titres GDF SUEZ est attirée 

sur le fait que la réalisation de tout ou partie de ces risques est susceptible d’avoir un effet défavorable 

significatif sur GDF SUEZ. 


3

Résultats annuels 2009 

INTRODUCTION 

ET STRATEGIE 

Gérard Mestrallet

Croissance durable dans l’Energie 

et l’Environnement 

Un modèle d’entreprise robuste et équilibré : 

des résultats en croissance au plus fort de la crise 

Poursuite du développement industriel 

et clarification du cadre régulatoire 

Croissance dynamique, objectifs financiers clairs 

et politique de dividende compétitive 


5

Des résultats opérationnels et financiers 

dépassant le niveau record de 2008 

En Mds€ 


2008 (1) 

2009 09/08 ∆ 

EBITDA 13,9 14,0 +1% 

Résultat net récurrent, part du Groupe (2) 4,1 4,2 +2% 

Résultat net part du Groupe hors remèdes 4,5 4,5 +0,3% 

Cash flow libre (3) 4,2 9,6 x2,3 

Investissements nets 11,8 8,8 -3,0 Mds€ 

Ratio d'endettement 46,1% 45,7% -0,4 points 

Dividende ordinaire 

(en € par action) 

1,40 

1,47 (4) 

TCAM 2007-10 (5) : +10% 

(1) Données pro forma non auditées 

(2) Hors MtM, dépréciations, cessions, autres éléments fiscaux non récurrents et "remèdes" 2008 

(3) Cash flow disponible = cash flow opérationnel – impôts payés – intérêts nets payés + ∆ BFR – investissements de maintenance 

(4) Proposé lors de l'AG du 3 mai 2010 

(5) Taux de croissance annuel moyen entre le dividende payé en 2007 par Gaz de France (1,1€ par action) et celui à payer en 2010 

+5% 

6

2009 : un modèle d’entreprise robuste et 

équilibré, croissance de la rentabilité... 

Energie Europe 

& International 

36% 

(1) Dont Autres : -2 % 

Infrastructures 

21% 


Répartition par branche (1) 

Energie France 

3% 

Environnement 

15% 

Energie Services 

7% 

Global Gaz & GNL 

20% 

EBITDA 2009 : 14,0 Mds€ 

Croissance +1% 

Croissance par branche (Mds€) 

Energie 

France 

Energie 

Europe 


Global Gaz 

& GNL 


Energie 

Services 

Environnement 

+0,1 

+0,6 

-0,8 

+0,2 

~ 

~ 

7

… dans un environnement beaucoup 

plus difficile que prévu 

Contraction de la 

demande en Europe 

(énergie, services,...) 

Baisse du prix 

des énergies 

Décorrélation 

des prix spot du gaz 

et du pétrole 


• -4% pour l’électricité (1) et -6% pour le gaz (2) 

• -37% pour le brent, -51% pour le NBP et 

-44% pour l'électricité baseload en Belgique (3) 

• Baisse mondiale de la demande combinée 

à la mise en service de nouvelles capacités 

de production / liquéfaction… 

• … mais stabilisation de la situation et reprise 

attendue 

GDF SUEZ : croissance de l’EBITDA malgré la crise 

(1) Europe = UE27, Balkans, Norvège, Suisse et Turquie ; source : HIS Cambridge Energy Research Associates 

(2) UE21, Islande, Norvège ; source : HIS Cambridge Energy Research Associates 

(3) Moyenne annuelle 

8

2009 : renforcement des positions industrielles 


E&P, GNL, approvisionnement 

• Norvège (Gjoa), Algérie (Touat), Australie (Bonaparte LNG), Qatar, Azerbaïdjan, Chili (Mejillones) 

• Revue du contrat LT avec Gas Terra (NL), contribution majeure à la sécurité de l'approvisionnement 

en France et en Europe (crise russo-ukrainienne) 

Production d’électricité 

• Moyen Orient, Asie (Marafiq, Shuweihat 2, Ras Laffan, Al Dur, Glow) ; Brésil (Jirau) 

• Etats-Unis (Astoria, NY) ; Europe (France, Pays-Bas, Allemagne, Grèce, Hongrie) 

• Éolien 

Nucléaire 

• Extension de la durée de vie de réacteurs nucléaires en Belgique 

• EPR de Penly en France 

• Site nucléaire au R.U., Roumanie, accord de coopération au Brésil 


• Fos Cavaou 

• Nordstream 

Services & Environnement 

• Efficacité énergétique (hôpitaux et centres de données), chauffage urbain (Paris, Londres), 

éco-quartiers (F, P-B) 

• Montée dans Agbar 

• Plus grand PPP au monde pour une usine de dessalement à Melbourne

2009 : clarification du cadre régulatoire 

Nucléaire en Belgique 

Marché du gaz 

en France 

Ouverture des marchés 

à la concurrence 


• Accord global avec le gouvernement belge 

• Extension de 10 ans de la durée de vie de 3 réacteurs 

• Cadre stabilisé sur le long-terme 

• Réduction des pertes dans l’activité réglementée 

de commercialisation 

• Signature du contrat de service public pour 2010-13 

• Nouveau mécanisme tarifaire 

• Échange d'actifs avec E.ON 

• Ouverture accrue de l'accès des tiers au réseau de gaz 

naturel en France 

10

Objectif de croissance dynamique : ≥+15%sur2ans 

14 Mds€ 

2009 

EBITDA 

Effets prix 

des énergies 


Contribution 

investissements 

industriels 

≥ +15% 

Efficio 

(nouvel objectif) 

France 

Reprise 

économique 

Le nouvel objectif (1) intègre l’impact estimé : 

- des effets prix des énergies : max -0,8 Md€ 

- d’une reprise plus lente que prévue : max -0,4 Md€ (2) 

2011 

Objectif EBITDA 

(1) Vs guidance EBITDA 2011 de 17-18 Mds€ publiée début 2009. Ce nouvel objectif repose sur des hypothèses de climat moyen, d’absence de changement 

substantiel de la réglementation et de l'environnement macroéconomique et sur les hypothèses 2010/11 sous-jacentes suivantes : 

brent moyen 74/79 $/bbl ; prix moyen de l’électricité baseload en Belgique de 48/48 €/MWh ; prix moyen du gaz à Zeebrugge de 15/17 €/MWh 

(2) Vs précédente hypothèse d’une récupération totale de l’effet négatif de la crise 2009 sur les volumes 

11

Des investissements industriels de croissance 

Critères d’investissement : 

- TRI > CMPC + 2 % 

- Contribution positive au 

résultat net part du groupe 

et au cash flow libre (année 1 

ou 2 de mise en service) 

- Projet pouvant bénéficier 

de financements bancaires 


• Flevo 

• Mejillones 

• Amercoeur 

• Montoir 

• Fos Cavaou 

• Gjoa, … 

0,5 

0,3 

EBITDA des nouveaux projets (Mds€) 

• Gjoa 

• Estreito 

• Glow 

• Chili : centrales 

thermiques 1&2 

• … 

0,9 

0,1 

Acquisitions « Tuck-in » 

Projets futurs 

1,4 

• Jirau 

• Touat 

• Wilhelmshaven 

• Rotterdam 

• Autres projets en 

développement / 

construction 

2010e 2011e Post 2011e 

11 Mds€ d’actifs en construction au bilan fin 2009 

12

Des objectifs financiers clairs 

EBITDA (1) 

Plan de 

performance 

Investissements 

industriels nets 

Structure 

financière 

Politique de 

dividende compétitive 


2010 2011 

EBITDA 2010 > EBITDA 2009 

EBITDA 2011 ≥+15% EBITDA 2009 

1,25 Md€ 1,95 Md€ 

~10 Mds€ par an 

Strong A 

Dividende N+1 ≥ dividende N (2) 

(1) Ce nouvel objectif repose sur des hypothèses de climat moyen, d’absence de changement substantiel de la réglementation et de l'environnement 

macroéconomique et sur les hypothèses 2010/11 sous-jacentes suivantes : brent moyen 74/79 $/bbl ; prix moyen de l’électricité baseload en Belgique 

de 48/48 €/MWh ; prix moyen du gaz à Zeebrugge de 15/17 €/MWh 

(2) Dividendes 2010 et 2011 payables respectivement en 2011 et 2012 

13


COMPTES 

ANNUELS 

Gérard Lamarche

Résultats 2009 

Objectifs atteints dans un environnement 

difficile 

Résultats robustes en 2009 

Forte génération de cash flow et investissement 

maîtrisé 

Un dividende attractif 

Un bilan solide 

Un objectif de croissance dynamique 


15

Malgré une demande en matières premières 

et un environnement de prix défavorables… 

Evolution 

des prix 

(moyenne 2009 

vs. 2008) 

Evolution de 

la demande 

(∆ 2009 

vs. 2008) 

Climat 


Pétrole 

Gaz 

Électricité 

Gaz 

Électricité 

de à ∆ 

Brent ($) 97 62 -37% � 

NBP (€/MWh) 26 13 -51% � 

Prix baseload moyen 

en Belgique (€/MWh) 

France -2% � 

Allemagne -7% � 

Royaume-Uni -14% � 

Europe de l’Est (1) -15% � 

Etats-Unis -2% � 

France -2% � 

Belgique -8% � 

Royaume-Uni -5% � 

Etats-Unis -5% � 

Brésil -2% � 

Sources : CERA, National electricity Grids, DOE, Eurogas, MME (1) Hongrie, Roumanie, Slovaquie (2) Volume de gaz 

71 39 -44% � 

2009 vs 2008 France (2) -4.7TWh � 

16

... tous les objectifs 2009 sont atteints 

Croissance 

de l'EBITDA 


industriels nets 


Objectifs 2009 Réalisé 2009 

EBITDA 2009 > 2008 +1 % � 

30 Mds€ sur 

2008-2010 

20,6 Mds€ 

sur 2008-2009 

Plan de performance 650 M€ 750 M€ � 

Dividende 

TCAM du dividende par 

action : +10 % à 15 % (1) TCAM +10 % (1) � 

Rating Strong A Strong A � 

(1) Croissance entre le dividende payé en 2007 (1,1 € par action) par Gaz de France et celui à payer en 2010 

� 

17


Des objectifs atteints dans un environnement 

difficile 



maîtrisé 

Dividende attractif 

Bilan solide 



18

Une performance solide en 2009 

En Mds€ 

(1) Données pro forma non auditées. 

(2) Résultat Net Récurrent = résultat net hors MtM, dépréciations, cessions, autres éléments fiscaux non récurrents et « remèdes » 2008 

(3) Cash flow disponible = cash flow opérationnel – impôts payés – intérêts nets payés + ∆ BFR – invest. de maintenance 

(4) Investissements nets = investissements industriels (maintenance et développement) + investissements financiers (acquisitions) – cessions 


2008 (1) 


09/08 

∆ 

Chiffre d'affaires 83,1 79,9 -3,8% 

EBITDA 13,9 14,0 +0,9% 

Résultat opérationnel courant 8,6 8,3 -2,5% 

Résultat net part du Groupe hors remèdes 4,5 4,5 +0,3% 

Résultat net récurrent part du Groupe (2) 4,1 4,2 +2,1% 

Cash flow disponible (3) 4,2 9,6 x2,3 

Investissements nets (4) 11,8 8,8 -3,0 Mds€ 

Ratio d'endettement 46,1% 45,7% 

Dividende ordinaire par action 1,40€ 1,47€ +5% 

19

Grâce à un modèle d’entreprise équilibré 

EBITDA en M€ 

13 886 (1) 

(851) 

Global 

Gaz & 

GNL 


113 

Energie 

France 

639 

Energie 

Europe 

& Intl 


Energie 

Services 

Environnement 

Autres 

2008 2009 

(1) Données 2008 pro forma non auditées 

148 

+977 

17 

+7% 

Hors Global 

Gaz & GNL 

EBITDA 2009 > EBITDA 2008 

(42) 

102 

14 012 

20

Global Gaz & GNL : après une année 2008 

exceptionnelle, bonne résistance dans un environnement difficile 

EBITDA 

20% 

Facteurs de 

croissance 


En M€ 2008 (1) 

Chiffre d'affaires 

(y compris intragroupes) 

(1) Données 2008 pro forma non auditées (2) Y compris régies en France 

2009 ∆ 09/08 

22 394 20 470 -8,6% 

Chiffre d'affaires 10 827 10 657 -1,6% 

EBITDA 3 715 2 864 -22,9% 

Investissements 2 289 1 147 

Brent moyen $/bbl 97 62 

NBP moyen €/MWh 26 13 

Production d'hydrocarbures Mbep 51,3 52,9 

Ventes Grands Comptes (2) TWh 181 186 

2010 2011 

Prix du pétrole et du gaz � � 

Spread prix du pétrole / prix du gaz � � 

Opportunités globales d’optimisation � � 

Production d'hydrocarbures � � Gjoa 

21

Global Gaz & GNL : 

Fort impact de la baisse des prix 

EBITDA en M€ 

2 345 

E&P 

1,1 

Md€ 

Approvisionnement 

et marché 

1,2 Md€ 

3 715 

E&P 

1,8 

Md€ 


et marché 

1,9 Md€ 


254 (64) (1 314) 

Périmètre 

Change 

Prix des 

énergies 

362 (90) 

Effets 

non 

récurrents 

Baisse des 

volumes 

2 864 

2007 2008 2009 

E&P 

1,4 

Md€ 


et marché 

1,5 Md€ 

22

Energie France : amélioration des marges en 2009 

dans un contexte climatique défavorable, visibilité accrue en 2010 

EBITDA 

3% 

Facteurs de 

croissance 

(1) Données 2008 pro forma non auditées et avec Photovoltech auparavant dans Benelux et Allemagne 

(2) Dont Combigolfe (420MW) et Montoir (435MW) (3) Y compris capacité éolienne en développement 


En M€ 2008 (1) 

2010 2011 

Nouvelles capacités électriques (GW) 1,1 (2) 0,3 (3) 

Rémunération de l’activité 

de commercialisation de gaz 



EBITDA 253 366 +44,7% 

Investissements totaux 1 094 925 

Ventes de gaz TWh 294 274 

Correction climatique TWh +0,4 -4,3 

Production d'électricité TWh 29,8 29,2 

Retard tarifaire sur le gaz M€ -679 -177 

� 9 mois � 12 mois 

23

Energie Europe & International : 

forte croissance de l'EBITDA 

EBITDA 

36% 

Facteurs de 

croissance 


En M€ 2008 (1) 


Chiffre d'affaires 30 485 28 350 - 7,0% 

EBITDA 4 388 5 027 + 14,6% 

Investissements totaux 6 243 4 667 

Ventes d’électricité TWh 276 288 

Ventes de gaz TWh 293 273 

Capacité installée GW 60 63 

Disponibilité des centrales nucléaires 84,8% 87,6% 

(1) Données 2008 pro forma non auditées, hors Photovoltech transféré à Energie France 

(2) Y compris capacités Moyen Orient de 2,7 GW en 2010 et 4,9 GW en 2011 (mises en équivalence) 

2010 2011 

Nouvelles capacités électriques (2) (GW) 4,5 8,2 

Ratio de couverture Benelux & Allemagne ≈ 90% ≥ 60% 

Evolution de la demande mondiale en électricité � � 

24


une présence mondiale 

(1) Dont Autres : -1 % 


Energie Europe & International 

Répartition de l'EBITDA 2009 par division (1) 

Amérique du Nord 

0,6 Md€ 

MOAA 

0,3 Md€ 

Amérique 

Latine 

1,0 Md€ 

EBITDA 2009 : 5,0 Mds€ 

Benelux / 

Allemagne 

2,1 Mds€ 

Europe 

1,0 Md€ 

25


Un nombre important de projets engagés et générateurs de rentabilité 

Principaux projets en construction 

Description Pays 


Immos en 

cours en 

2009 (1) 

(Mds€) 

MSI 

Estreito Hydro 1,1GW Brésil 0,5 2010-11 

Wilhelmshaven Charbon 0,7GW Allemagne 0,5 2012 

Jirau Hydro 3,5GW Brésil 0,5 2012-13 

Flevo TGV 0,9GW Pays Bas 0,4 2010 

Glow & Gheco1 

Charbon & gaz 

1,1 GW 

Thaïlande 0,5 2010-11 

Rotterdam Charbon 0,7GW Pays Bas 0,2 2013 

Repowering 

Dunamenti 

TGV 0,4GW Hongrie 0,2 2011 

Autres 2,5 

Total 5,2 

(1) Montants au bilan au 31/12/09 (2) Terminal de regazéification de Mejillones 

Contribution estimée à l'EBITDA des projets 

BEEI 2009 en cours de construction 

(en Mds€) 

• Flevo 

• Amercoeur 

• Sidmar 

• Mejillones (2) 

• ... 

0,3 

• Estreito 

• Glow 

• Chile 

Thermal 

plants 1&2 

• ... 

0,2 

0,8 

• Jirau 

• Wilhelmshaven 

• Rotterdam 

• ... 

2010e 2011e Post-2011 

26

Infrastructures : croissance solide 

et durable 

EBITDA 

21% 

Facteurs de 

croissance 


En M€ 2008 (1) 


Chiffre d'affaires (y compris intragroupes) 5 498 5 613 + 2,1% 

Chiffre d’affaires 896 1 043 + 16,4% 

EBITDA 2 878 3 026 + 5,1% 

Investissements totaux 1 901 1 948 

Gaz distribué par GrDF TWh 327 315 

Distribution BAR (2) Mds€ 13,5 13,5 

Transport BAR (2) Mds€ 5,6 5,8 

Terminaux GNL BAR (2) Mds€ 0,4 0,4 

Capacité de stockage vendue (3) TWh 112 114 

2010 2011 

Fos Cavaou MSI 12 mois 

Besoins de capacités supplémentaires � � 

Nouvelle capacité de stockage � � 

(1) Données 2008 pro forma non auditées (2) Base d'actifs régulés au 31/12 (3) Capacités totales dont France 110TWh en 2009 

27

Energie Services : résistance de l'EBITDA 

au ralentissement économique 

EBITDA 

7% 

Facteurs de 

croissance 

(1) Données 2008 pro forma non auditées 


En M€ 2008 (1) 



EBITDA 904 921 +1,9% 

Investissements totaux 603 622 

Installations - Carnet de commandes (Mds€) 7,5 7,2 

Ingénierie - Prises de commandes 

en heures 

(‘000) 4 114 4 784 

2010 2011 

Plans de relance � � 

Externalisation / Partenariats Public-Privé � � 

Efficacité Energétique et Environnementale � � 

28

Environnement : résultats en ligne 

avec les priorités 

EBITDA 

15% 

Facteurs de 

croissance 


En M€ 2008 2009 ∆ 09/08 


EBITDA 2 102 2 060 -2,0% 

Investissements totaux 2 676 (1) 1 459 

Volumes d’eau vendus au détail (2) Mm3 655 656 

Volumes d'eau vendus 

en Espagne 

Volumes traités (valorisation 

énergétique + mis en décharge) 

Mm3 746 754 

Mt (3) 17,9 17.5 

Carnet de commandes DB (4) Mds€ 1,1 1,8 

2010 2011 

Reprise dans les Déchets � � 

Programme de réduction de coûts : Compass 2 � � 

Montée dans Agbar � � 

(1) Dont OPA sur Agbar : 708 M€ (2) Hors sociétés mixtes (3) Déchets non dangereux traités en Europe (4) Design & build: Conception et construction 

29

De l'EBITDA au résultat des activités 

opérationnelles 

En M€ 

Données 2008 pro forma non auditées 



EBITDA 13 886 14 012 

Dotations aux amortissements et provisions (4 885) (5 184) 

Concessions (241) (263) 

Paiements en actions et autres (199) (218) 

Résultat opérationnel courant 8 561 8 347 

MtM 555 (323) 

Dépréciation d’actifs (811) (472) 

Restructuration (187) (179) 

Cessions d'actifs et autres 84 801 

Résultat des activités opérationnelles 8 204 8 174 

30

Du résultat des activités opérationnelles 

au résultat net 

En M€ 

Données 2008 pro forma non auditées 



Résultat des activités opérationnelles 8 204 8 174 

Résultat financier (1 611) (1 628) 

dont coût de l'endettement net 

dont désactualisation des provisions 

dont dividendes et autres 

(1 342) 

(572) 

303 

(1 266) 

(601) 

239 

Impôts (1 765) (1 719) 

Part dans le résultat des entreprises associées 447 403 

Remèdes (2) 2 141 - 

Intérêts minoritaires (911) (753) 

dont intérêts minoritaires sur remèdes (99) - 

Résultat net part du Groupe 6 504 4 477 

Résultat net part du Groupe (hors remèdes) 4 462 4 477 

(1) Reclassement des intérêts capitalisés (+134 M€) en déduction du "coût de l’endettement net" (2) Contributions de Distrigaz, SPE et Coriance 

(1) 

(1) 

31



difficile 



maîtrisé 


Bilan solide 



32

Doublement du cash flow libre 

En Mds€ 

14,0 

(1,0) 

EBITDA Charges de 

renouvellement, 

restructuration, 

autres 

MBAO Impôts 

payés 


13,0 (1,4) 2,0 

(0,8) 

Charges 

financières 

nettes 

∆ BFR 

(3,2) 


de maintenance 

9,6 

Cash flow 

libre 


4,2 

Cash flow 

libre 

2008 

33

Cadrage strict du programme 

d'investissement et rotation d’actifs 

En Mds€ 

Développement 

Maintenance 

9,7 

6,5 

3,2 


industriels 


(2,4) 

SPE 0,6 

Actifs belges régulés 

• Intercommunales 0,5 

• Fluxys 0,1 

Pax Electrica 

• 250MW de capacité 0,2 

Autres 1,0 

Rotation des actifs / 

Cessions 

1,5 

Allemagne 

• Wuppertal 0,2 

Turquie 

• Izgaz 0,1 

Italie 

• Italcogim (Reti) 0,1 

• Energy Investimenti 0,1 

Grèce 

• Heron 0,1 

États-Unis 

• Astoria 0,1 

Autres 0,9 

8,8 

Acquisitions Investissements 

nets 

34



difficile 



maîtrisé 


Bilan solide 



35

Un dividende attractif 


2008 (1) 


Bénéfice net par action (BNPA) 2,06€ 2,05€ 

BNPA récurrent (2) 1,89€ 1,91€ 

+1% 

Dividende ordinaire par action 

% de croissance vs N-1 

Rendement : 5,4% (3) 

1,40€ 

+11% 

1,47€ 

+5% 

(1) Données pro forma non auditées hors “remèdes” 

(2) Sur la base du Résultat Net Récurrent = résultat net hors MtM, dépréciations, cessions, autres éléments fiscaux non récurrents et « remèdes » 2008 

(3) Sur la base du dividende ordinaire 2009 (1,47€ /action) et du cours de clôture au 1 er Mars 2010 

36



difficile 



maîtrisé 


Bilan solide 



37

Dette nette : investissements industriels et 

rémunération des actionnaires intégralement autofinancés 

En Mds€ 

28,9 (1) 

Dette nette 

31/12/08 

(1) Y compris IAS 39 

(9,6) 


5,6 

4,0 

1,1 

Dette nette / EBITDA = 2,1x 

dont 11 Mds€ d’actifs en construction 

30,0 (1) 

Cash flow libre Investissements Dividendes versés Change, périmètre Dette nette 

de croissance nets 

& autres 

31/12/09 

38

Un bilan solide : allongement de la maturité 

de la dette et réduction du coût de financement 

Dette financière nette au 31/12/09 : 30,0 Mds€ 

Dette brute en Mds€ (1) 39,7 

Trésorerie nette en Mds€ (2) 10,6 

Ratio d'endettement 45,7% 

Coût moyen de la dette brute 4,6% 

Dette nette à taux fixes et capés 84% 

Dette nette en € 56% 

Rating Strong A 

(1) Hors IAS 39 : 0,9 Md€ 

(2) Dont découverts bancaires 


Allongement de la maturité moyenne 

de la dette nette de 6,6 à 8 ans 

Réduction du coût moyen de la dette de 

4,9 à 4,6% 

Diversification des financements 

depuis la crise du crédit en 2008 

(émissions d'obligations en €, £, CHF, ¥) 

Financements de projets réussis 

(9,5 Mds€) et GDF SUEZ nommé 

« sponsor de l'année » 

39



difficile 



maîtrisé 


Bilan solide 



40

Profil de croissance de l’EBITDA 

14 Mds€ 

EBITDA 2009 EBITDA 2010e EBITDA 2011e 

(1) Sur la base des prix forward à fin janvier 2010 


≥ +15% 

• Contribution des invest. Industriels � 

• Contribution Efficio � 

• Contribution des invest. Industriels � � 

• Contribution Efficio � � 

• Reprise macro-économique � 

Hypothèses sous-jacentes Réel 09 2010 (1) 2011 (1) 

Baseload Benelux & Allemagne 

(€/MWh) 

39 48 48 

Brent ($/bbl) 62 74 79 

Gaz Zeebrugge (€/MWh) 12 15 17 

41


PERFORMANCE 

AU PLUS FORT 

DE LA CRISE 

Jean-François Cirelli

GDF SUEZ a continué de croître 

au plus fort de la crise 

Impact limité de la baisse des volumes sur l'EBITDA 

Efficio : en ligne avec des objectifs revus à la hausse 

Flexibilité et nombreux facteurs de croissance pour profiter 

de la reprise des marchés du gaz 

Forte augmentation des capacités électriques dans les zones 

en croissance 


43

GDF SUEZ a su résister à la crise 

Contraction 

de la demande 

énergétique 

Contraction 

de l'activité 

industrielle 

Augmentation 

des créances 

irrécouvrables 


• Moindres enlèvements des grands 

clients industriels de Benelux/Allemagne 

et de Global gaz & GNL 

• Moindre rémunération des centrales 

merchant en Europe et aux États-Unis 

• Services à l’énergie 

(installation et maintenance) 

• Tri & recyclage... 

• Augmentation des créances 

irrécouvrables des principales entités 

de commercialisation (Energie 

France, Benelux/Allemagne) 

Impact de la crise 

sur l'EBITDA 2009 

~ -0,4 Md€ 

~ -0,2 Md€ 

~ -0,1 Md€ 

Impact limité de la crise : 5 % de l'EBITDA total du Groupe 

~ -0,7 Md€ 

44

Objectifs Efficio revus à la hausse 

en réponse à la crise 

RESULTATS 

+15% 

750 

650 


Impact sur l’EBITDA (1) 

en M€ 

+150 

1 250 

1 100 

2009 2010 2011 

Efficio : un avantage compétitif 

(1) Gains récurrents de synergie et de performance, hors coûts ponctuels de mise en oeuvre 

dont environ 70% de contribution directe à l’EBITDA vs 2008, et 30% d’autres gains 

OBJECTIFS REVUS A LA HAUSSE 

+150 

1 950 

1 800 

Objectifs 

précédents 

45

Efficio : optimisation de tous les leviers 

du Groupe 

Performance opérationnelle 

des branches 

63% 

• Complémentarités commerciales 

• Optimisation du portefeuille 

• Simplification des processus 

• Optimisation des organisations 

• Innovation commerciale et industrielle 


Projets 

transverses 

26% 

• Renégociation ou sortie des contrats déficitaires 

Répartition des gains 2009 

Optimisation 

fonctions supports 

11% 

• Système d’information 

(convergence infrastructure, 

gestion des compétences, 

renforcement de la 

• Plan Achat Unique 

gouvernance) 

(massification, renégociation, • Siège 

développement d’accords cadres…) 

(simplification des processus, 

• Globalisation des assurances réduction des dépenses) 

(unification des polices, 

• … 

centralisation des contrats…) 

• ... 

Résultats 

EFFICIO (2009) 

750 M€ 

A partir de 2010, actions transverses 

supplémentaires prévues notamment sur 

les fonctions supports et les synergies 

opérationnelles entre les branches 

46

€/MWh 

Marché du gaz : vers un retour à l’équilibre 

50 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Historique prix du gaz spot 

vs. prix illustratif contrats LT 

Illustrative Prix long terme long term illustratif price 

Zeebrugge month ahead 


(2) 

Spread : 

durée ? 

(1) Source AIE, world Energy Outlook 2009 – scenario de référence 

(2) Source : Argus European Natural Gas 

Facteurs de croissance à long terme 

• Hausse attendue de la demande : 

TCAM de +1,5 % sur 2007 / 2030 (1) 

• Rôle clé pour satisfaire la demande 

énergétique croissante et faire face 

aux contraintes d'émissions de CO2 • Une énergie abondante et compétitive 

Facteurs de retour à l’équilibre 

offre / demande 

• Redressement de la demande 

à partir de 2010 

• Substitution au charbon et mise en service 

de nouvelles centrales au gaz 

• Discussion avec les fournisseurs 

sur les contrats d’approvisionnement 

• Report de projets de nouvelles capacités 

de production 

• Profondeur et liquidité des marchés spot 

européens

Balance gaz : un portefeuille dynamique 

et diversifié pour profiter de la reprise 

Approvisionnements long terme en gaz (717 TWh) (1) 

Trinidad 

etTobago 

8% 

Algérie 

13% 

Egypte 8% 

Part 

du GNL 

30% 

Norvège 25% 

Pays Bas 

11% 

Diversification géographique 

des approvisionnements de gaz 


Moyen Orient Asie 

7% 

Russie 

16% 

Royaume-Uni 2% 

Libye 3% 

Autres 7% 

(1) Données 2009 estimées, cohérentes avec les méthodes de consolidation comptables utilisées par le Groupe 

Balance gaz de GDF SUEZ en TWh, à fin 2009 

1 196 TWh* 

393 

69 

717 

17 

COURT TERME 

PRODUCTION E&P 

CONTRATS 

D’APPROVISIONNEMENT 

LONG TERME 

(y compris 216 TWh GNL) 

Autres 

Diversification structurelle 

du portefeuille 

d’approvisionnement 

48

Global Gaz & GNL : flexibilité et nombreux 

facteurs de croissance pour profiter de la reprise 

E&P 

Approvisionnements 

GNL 

Grands 

comptes 

Trading 


Facteurs de croissance 

• Prix du pétrole 

• Production d’hydrocarbures 

(entrée en production de nouveaux champs) 

• Optimisation globale du portefeuille 

• Spread pétrole / gaz, spread gaz LT / CT 

• Demande d’énergie/conditions climatiques 

• Opportunités d’arbitrage accrues, en fonction des différentiels 

de prix / de demande entre grandes régions : Asie / USA / 

Europe 

• Développement industriel : regazéification, liquéfaction, 

transport 

• Rebond de la demande d’énergie 

• Nouvelles offres concurrentielles 

• Stratégie marketing : nouvelle marque « GDF SUEZ Global 

Energy » 

• Base d’actifs / portefeuille de contrats 

• Flexibilité et diversité du portefeuille : origine géographique, 

fournisseurs, voies d’acheminement, points de livraison 

• Volatilité des prix 

Tendances 

2009 2010-11 

� � 

� � 

� � 

� � 

� � 

49

GDF SUEZ augmente ses capacités électriques dans 

les zones à forte croissance 

60 

31/12/2007 31/12/2008 31/12/2009 En 

construction 

à fin 2009 

(*) Donées à 100% 

Forte progression 

des capacités de production 

68 

73 

19 


+53% 

92 

installé fin 

2009 + en 

construction 

Capacités électriques installées en GW (1) 

Mises en service prévues de nouvelles capacités 

principalement dans les zones à forte croissance 

Moyen Orient 

Asie Pacifique 

9,6 

Non OECD 

2,5 Benelux/Allemagne 

0,8 France 

1,0 Autre Europe 

0,6 Amérique du Nord 

5,0 Amérique Latine 

Capacités en construction (en GW (1) par zone géographique) 

Biomasse et biogaz 1% 

Hydro 16% 

Gaz naturel 53% 

Mix énergétique équilibré et compétitif 

1% Eolien 

2% Autres non renouvelables 

16% Nucléaire 

11% Charbon 

Production 2009 

par combustible (1) 

Convergence gaz / électricité + faibles émissions de CO 2 

50

GDF SUEZ est prêt pour le retour 

de la croissance 


Impact limité de la crise sur l'EBITDA 

� Des objectifs Efficio revus 

à la hausse 

� Une flexibilité permettant 

de bénéficier de la reprise 

attendue des marchés gaziers 

� Les nouvelles capacités 

de production électrique 

… contribueront 

à la croissance future 

de l'EBITDA 

51


CONCLUSION 

Gérard Mestrallet

2009 Annual Results 

APPENDICES

Appendices - Index 

Financial appendices 55 

- Number of shares 56 

- Change in scope and FX 58 

- Balance sheet, P/L and cash flow statement 63 

- Financial indicators 68 

- Tax position 85 

- Credit appendices 87 

Business appendices 91 

- Generation capacity 98 

- Nuclear 104 

- Sustainable development 107 

- CO 2 position 115 

- Gas Balance 120 

- Energy France Business Line 122 

- Energy Europe & International Business Line 131 

Business area Energy Benelux & Germany 139 

Business area Energy Europe 146 

Business area Energy North America 151 

Business area Energy Latin America 156 

Business area Energy Middle East Asia Africa 161 

- Infrastructures Business Line 165 

- Global Gas & LNG Business Line 169 

- Energy Services Business Line 178 

2009 Annual Results – March 4, 2010 

Pages 

54


FINANCIAL 

APPENDICES

Change in number of shares 

Existing shares at 12/31/08 2,193,643,820 

Capital increase 67,332,447 

Existing shares at 12/31/09 2,260,976,267 

(1) undiluted, excluding treasury stock 


Average number of shares 2,189 millions (1) 

NUMBER OF SHARES 

56

A business model combining performance 

and Economic & Corporate Social Responsibility 

Capex (1) 

€8.8bn 

ca 25,000 new hires in 2009 

(1) Capex and acquisitions, net of disposals 

(2) Personnel expenses 


In 2009 

Dividends 

€4.0bn 

- o/w €0.6bn 

to minorities 

Personnel (2) 

€11.4bn 

Since 2007, all Group's 200,644 employees have benefited from a worldwide 

free share distribution program 

57

CHANGE IN SCOPE AND FX 

Financial appendices 

58

2009 / 2008: main changes 

in consolidation scope (1/2) 

Changes in method 

RETI (Energy Europe) 

Equity method (70%) until 12/31/08 

Full consolidation (100%) as of 01/01/09 

Gaselys (Global Gas & LNG) 

Proportional consolidation (51%) until 12/31/08 

Full consolidation (51%) since 01/01/09 

Acquisitions 

Wuppertal (Energy Benelux & Germany) 

Proportional consolidation (33%) since 01/01/09 

Elettrogreen (Energy Europe) 


Teesside (Energy Europe) 

Full consolidation(100%) since 04/01/08 

Scotia (Energy Europe) 


Izgaz (Energy Europe) 


Swap E.On (Energy Benelux & Germany) 

11/04/2009 


Acquisitions 

VPP Italy (Energy Europe) 


Heron 1 &2 (Energy Europe) 

Proportional consolidation (50%) as of 06/03/09 

FirstLight (Energy North America) 


Senoko (Energy MEAA) 

Proportional consolidation (30%) as of 10/01/08 

Econergy (Energy Latin America) 


New Exploration BV (Global Gas & LNG) 


NOGAT (pipe NAM) (Global Gas & LNG) 

Proportional consolidation (30%) since 12/31/08 

Co Energy Power (Energy Services) 


Utility Service Company (Environment) 



59

2009 / 2008: main changes 

in consolidation scope (2/2) 

Remedies 

Distrigas: disposal on 10/31/08 

Contribution until 10/31/2008 identified on a specific P&L 

line « Remedies » 2008 for 100% of the result. 

SPE 

Contribution identified on a specific P&L line 

« Remedies » in 2008 (25.5%) 

Disposal as at 01/20/09 

Coriance (Energy Services) 

Contribution identified on a specific P&L line 

« Remedies » in 2008 (100%). 

Fluxys (Infrastructures) 

Contribution in associates at 100% until 06/30/2008 

and at 44.8% since 07/01/2008 and at 38.5% since 



Disposals 

Electrabel Net Wallonie - ORES (Energy Benelux 

& Germany) 

Full consolidation until 12/31/08 

Chehalis (Energy North America) 

Full consolidation until 09/30/08 

Swap E.On (Energy Benelux & Germany) 



60

Impact of GBP evolution 

1,5 

1,4 

1,3 

1,2 

1,1 

1 

0,9 

0,8 

GBP vs EUR 

01/01/2009 12/31/2009 

In €m ∆09/08 

Revenue (425) 

EBITDA (70) 

Total net debt (27) 

Total equity +72 


The average rate applies to the income 

statement and to the statement of cash flows 

The closing rate applies to the balance sheet 

GBP 

2009 average rate 1.12 

2008 average rate 1.26 

∆ aver. rate 2009/2008 -11% 

Closing rate at 12/31/09 1.13 


∆ Closing rate +7% 


61

Impact of USD evolution 

1 

0,9 

0,8 

0,7 

0,6 

0,5 

0,4 

USD vs EUR 

01/01/2009 12/31/2009 

In €m ∆ 09/08 

Revenue 348 

EBITDA 55 

Total net debt (222) 

Total equity (95) 


The average rate applies to the income 

statement and to the statement of cash flows 

The closing rate applies to the balance sheet 

USD 

2009 average rate 0.72 

2008 average rate 0.68 

∆ aver. rate 2009/2008 +6% 



∆ Closing rate -3% 


62

BALANCE SHEET, P/L 

AND CASH FLOW STATEMENT 


63

In €bn 

Summary balance sheet 

ASSETS 12/31/08 12/31/09 LIABILITIES 12/31/08 12/31/09 

NON CURRENT ASSETS 115.2 122.3 


Equity, group share 57.7 60.3 

Minority interests 5.1 5.2 

CURRENT ASSETS 52.0 49.1 TOTAL EQUITY 62.8 65.5 

o/w financial assets valued 

at fair value through 

profit/loss 

0.8 1.7 Provisions 14.8 14.1 

o/w cash & equivalents 9.0 10.3 Financial debt 38.8 42.3 

Other liabilities 50.8 49.5 

TOTAL ASSETS 167.2 171.4 TOTAL LIABILITIES 167.2 171.4 

BALANCE SHEET, P/L AND CASH FLOW STATEMENT 

64

Details of some assets and provisions 

Available 

for sale 

securities 

€3.6bn 

€9.2bn assets at 12/31/09 

Stakes in 

associates 

€2.2bn 


Loans 

€3.4bn 

Dismantling 

€3.6bn 

€14.1bn provisions at 12/31/09 

Others 

€1.8bn 

Pensions 

€3.9bn 

Recycling and storage 

& site rehabilitation 

€4.8bn 


65

In €m 

Summary income statement 

Pro forma 2008 unaudited data 2008 2009 

Revenues 83,053 79,908 

Purchases (44,198) (41,303) 

Personnel costs (11,015) (11,365) 

Amortization depreciation and provisions (4,885) (5,183) 

Other operating incomes and expenses (14,394) (13,710) 

Current operating income 8,561 8,347 

MtM, impairment, restructuring and disposals (358) (173) 

Income from operating activities 8,204 8,174 

Financial result (expense) 

o/w cost of net debt (1) 

o/w discounting expense related to long term provisions 

o/w dividends and others 

Income tax 

o/w current income tax 

o/w deferred income tax 


(1,611) 

(1,342) 

(572) 

303 

(1,765) 

(1,737) 

(28) 

(1,628) 

(1,266) 

(601) 

239 

(1,719) 

(1,640) 

(79) 

Share in net income of associates 447 403 

Remedies 2,141 - 

Minority interests (911) (753) 

o/w minority interests on remedies (99) - 

Net income – group share 6,504 4, 477 

EBITDA 13,886 14,012 

(1) Including capitalised borrowing costs transferrred from dividends and others to cost of net debt in 2009 (€134m in 2008 and €249m in 2009) 


66

In €m 

Cash flow statement 

Pro forma 2008 unaudited data 12/31/08 12/31/09 

Gross cash flow before financial loss and income tax 

Income tax paid (excl. income tax paid on disposals) 

Change in operating working capital 


13,287 

(2,531) 

(3,030) 

13,016 

(1,377) 

1,988 

CASH FLOW FROM OPERATING ACTIVITIES 7,726 13,628 

Net tangible and intangible investments 

Financial investments 

Disposals and other investment flows 

(10,498) 

(4,628) 

950 

(9,646) 

(1,850) 

3,127 

CASH FLOW FROM INVESTMENT ACTIVITIES (14,176) (8,369) 

Dividends paid 

Share buy back 

Balance of reimbursement of debt / new debt 

Interests paid on financial activities 

Capital increase 

Other cash flows 

(5,137) 

(1,663) 

10,409 

(1,626) 

261 

840 

(4,028) 

- 

1,990 

(1,293) 

84 

(844) 

CASH FLOW FROM FINANCIAL ACTIVITIES 3,084 (4,091) 

Remedies 3,110 - 

Impact of currency, accounting practices and other 311 107 

CASH AND CASH EQUIVALENTS AT THE BEGINNING 

OF THE PERIOD 

8,995 9,049 

TOTAL CASH FLOWS FOR THE PERIOD (54) (1,274) 

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 9,049 10,324 


67

FINANCIAL INDICATORS 


68

In €m 

Breakdown of revenues 

Pro forma 2008 unaudited data 2008 2009 ∆ 09/08 ∆ Organic 

Energy France 14,500 (1) 13,954 -3.8% -3.9% 

Energy Europe & International 30,485 28,349 -7.0% -9.3% 

o/w Benelux & Germany 14,113 (1) 13,204 -6.4% -4.5% 

o/w Europe 8,749 7,746 -11.5% -15.4% 

o/w Latin America 2,067 2,012 -2.7% -4.8% 

o/w North America 4,210 (2) 3,877 -7.9% -14.4% 

o/w Middle East Asia Africa 1,346 1,510 +12.2% -11.2% 

Global Gas & LNG 10,827 10,657 (3) -1.6% -4.1% 

Infrastructures 896 1,043 (3) +16.4% +16.4% 

Energy Services 13,993 13,621 -2.7% -3.4% 

Environment 12,352 12,283 -0.6% -1.8% 

TOTAL 83,053 79,908 -3.8% -5.3% 

(1) Including Photovoltech (+€43m) transferred from Benelux & Germany to Energy France 

(2) Including reclassification of gas transportation activities in Mexico in 2008 (€270m) 

(3) Total sales revenue, including inter-company services, came to €20,470m for the Global Gas & LNG business line 

and €5,613m for the Infrastructures business line 



69

Breakdown of revenues by business line 

Energy Europe 


€28.3bn 


Breakdown of 2009 revenues: €79.9bn 

Energy France 

€14.0bn 

36% 

18% 

15% 

13% 

1% 


€1.0bn 

Environment 

€12.3bn 

17% 

Energy Services 

€13.6bn 

Global Gas & LNG 

€10.7bn 


70

In €m 

Revenues by geographic region 

Pro forma 2008 unaudited data 2008 2009 09/08 ∆ 

France 30,345 30,724 +1.2% 

Belgium 13,027 11,557 -11.3% 

Sub-total France-Belgium 43,372 42,282 -2.5% 

Other EU countries 26,658 25,162 -5.6% 

Other European countries 1,267 1,197 -5.5% 

Sub-total Europe 71,298 68,641 -3.7% 

North America 5,018 4,642 -7.5% 

Sub-total Europe & North America 76,316 73,283 -4.0% 

Asia, Middle-East and Oceania 3,283 3,203 -2.4% 

South America 2,624 2,571 -2.0% 

Africa 831 851 +2.4% 

TOTAL 83,053 79,908 -3.8% 



71

In €m 

Breakdown of EBITDA 


Energy France 253 (1) 366 +44.7% +45.3% 

Energy Europe & International (2) 4,388 5,027 +14.6% +8.2% 

o/w Benelux & Germany 1,745 (1) 2,123 +21.7% +25.8% 

o/w Europe 844 1,011 +19.8% -0.9% 

o/w Latin America 1,006 1,026 +2.0% +0.1% 

o/w North America 593 (3) 657 +10.8% -9.1% 

o/w Middle East Asia Africa 268 286 +6.8% -1.6% 

Global Gas & LNG 3,715 2,864 -22.9% -28.5% 

Infrastructures 2,878 3,026 +5.1% +4.5% 

Energy Services 904 921 +1.9% +0.5% 

Environment 2,102 2,060 -2.0% -3.4% 

Others (354) (253) +28.3% +28.0% 

TOTAL 13,886 14,012 +0.9% -3.0% 


(2) o/w Others €-68m in 2008 and €-76m in 2009 

(3) Including reclassification of gas transportation activities in Mexico in 2008 (+€67m) 



72

Breakdown of EBITDA 

EBITDA 

Environment 


Global Gas 

& LNG 

(1) incl. Other: -2% 

Breakdown by business line (1) 

7% 

20% 

Energy France 

15% 3% 

21% 



36% 

Energy Europe 


Other Europe 

North 

America 

Rest of 

the world 

Geographic breakdown 

6% 

31% 

12% 

10% 

Belgium 

41% 


France 

73

In €m 

Breakdown of current operating income 


Energy France 96 (1) 288 +200.0% +198.6% 

Energy Europe & International (2) 3,092 3,534 +14.3% +10.6% 

o/w Benelux & Germany 1,183 (1) 1,574 +33.2% +39.7% 

o/w Europe 513 581 +13.2% -4.3% 

o/w Latin America 859 835 -2.8% -3.1% 

o/w North America 435 (3) 429 -1.3% -15.1% 

o/w Middle East Asia Africa 189 197 +4.3% -2.5% 

Global Gas & LNG 2,352 1,450 -38.3% -40.7% 

Infrastructures 1,891 1,947 +2.9% +2.1% 

Energy Services 586 598 +2.0% +0.3% 

Environment 1,084 926 -14.6% -14.5% 

Others (539) (395) +26.8% +24.1% 

TOTAL 8,561 8,347 -2.5% -4.9% 


(2) o/w Others €-87m in 2008 and €-82m in 2009 

(3) Including reclassification of gas transportation activities in Mexico in 2008 (+€50m) 



74

In €m 

Divisional reconciliation between EBITDA 

and current operating income 

Pro forma 2008 unaudited data 

Energy 

France (1) 


Energy Europe 


Global Gas 

& LNG 


Energy 

Services 

Environ 

-ment 

Others 2008 

EBITDA 253 4,388 3,715 2,878 904 2,102 (354) 13,886 

Depreciation (29) (1,076) (1,322) (1,026) (283) (793) (62) (4,591) 

Provisions (127) (199) (41) 40 11 16 6 (294) 

Concessions 

renewal 

expenses 

Share based 

payments 

CURRENT 

OPERATING 

INCOME 

(27) (213) (241) 

(1) (21) (18) (28) (130) (199) 

96 3,092 2,352 1,891 586 1,084 (539) 8,561 

(1) Including Photovoltech transferred from Benelux & Germany to Energy France (+€7m at EBITDA level and +€4m at COI level) 


75

In €m 

Divisional reconciliation between EBITDA 

and current operating income 

Energy 

France 


Energy Europe 


Global Gas 

& LNG 


Energy 

Services 

Environ 

-ment 

Others 2009 

EBITDA 366 5,027 2,864 3,026 921 2,060 (253) 14,012 

Depreciation (31) (1,310) (1,298) (1,083) (294) (838) (65) (4,919) 

Provisions (44) (162) (115) 5 26 (13) 38 (265) 

Concessions 

renewal 

expenses 

Share based 

payments 

CURRENT 

OPERATING 

INCOME 

(36) (227) (263) 

(3) (21) (1) (1) (19) (56) (115) (218) 

288 3,534 1,450 1,947 598 926 (395) 8,347 


76

In €m 

Divisional reconciliation between EBITDA and COI 

Energy Europe & International details 

Pro forma unaudited data 

Benelux & 

Germany 


Europe Latin America North America MEAA Others 2008 

EBITDA 1,745 844 1,006 593 268 (68) 4,388 

Depreciation (379) (312) (143) (161) (81) (1,076) 

Provisions (172) (19) (3) 3 3 (11) (199) 

Share based payments (12) (1) (8) (21) 

CURRENT OPERATING INCOME 1,183 513 859 435 189 (87) 3,092 

Benelux & 

Germany 

Europe Latin America North America MEAA Others 2009 

EBITDA 2,123 1,011 1,026 657 286 (76) 5,027 

Depreciation (381) (422) (187) (230) (90) (1,310) 

Provisions (155) (7) (4) 2 1 1 (162) 

Share based payments (13) (1) (7) (21) 

CURRENT OPERATING INCOME 1,574 581 835 429 197 (82) 3,534 


77

In €m 

Breakdown of share in the income 

of associates 




Energy Europe and International 247 265 

o/w Intermunicipalities 175 190 

Global Gas & LNG 46 8 

Infrastructures 131 89 

o/w Fluxys 99 55 

Energy Services (1) (7) 

Environnement 34 38 

Others (10) 9 

Share in net income of associates 447 403 


78

In €m 

Breakdown of remedies contributions 




Gain on sale – Distrigas 1,738 - 

Distrigas contribution 232 - 

Gain on sale - Fluxys 163 - 

SPE Contribution 8 - 

Remedies 2 ,141 - 


79

In €m 

Reconciliation between EBITDA and 

operating cash flow 




EBITDA 13,886 14,012 

Restructuring costs cashed out (188) (700) 

Concessions renewal expenses (241) (263) 

Dividends and others (170) (33) 

OPERATIONAL CASH FLOW 13,287 13,016 


80

In €m 

Breakdown of investments 

(1) Inc. Others €81m 



Maintenance 

investments 

Development 

investments 

Financial 

investments 

2008 

Energy France 148 550 396 1,094 

Energy Europe & International 638 3,578 2,025 (1) 6,243 (1) 

o/w Benelux & Germany 342 760 (110) 992 

o/w Europe 179 1,477 281 1,937 

o/w Latin America 46 759 355 1,160 

o/w North America 59 280 692 1,030 

o/w Middle East Asia Africa 12 303 728 1,043 

Global Gas & LNG 42 2,036 211 2,289 

Infrastructures 912 1,007 (18) 1,901 

Energy Services 220 160 223 603 

Environment 664 480 1,532 2,676 

Others 65 - 552 617 

TOTAL 2,689 7,811 4,921 15,421 


81

In €m 

Breakdown of investments 

(1) Inc. Others €-16m 


Maintenance 

investments 

Development 

investments 

Financial 

investments 

Energy France 159 703 63 925 


Energy Europe & International 880 3,038 750 (1) 4,668 

o/w Benelux & Germany 397 931 310 1,638 

o/w Europe 236 267 490 993 

o/w Latin America 94 1,287 72 1,453 

o/w North America 111 300 (35) 376 

o/w Middle East Asia Africa 42 253 (71) 224 

Global Gas & LNG 72 1,071 4 1,147 

Infrastructures 1,123 837 (12) 1,948 

Energy Services 221 301 99 621 

Environment 569 514 376 1,459 

Others 158 - 234 392 

TOTAL 3,182 6,464 1,514 11,160 


82

In €bn 

Detail of 2009 gross capex (1) 

(1) Net capex is €8,8bn 

Acquisitions 

Development 

Maintenance 


€11.2bn 

1.5 

6.5 

3.2 

• Gas Natural (€ 0.3bn) 

• Wuppertal (€ 0.1bn) 

• Italcogim (€ 0.1bn) 

• Izgaz (€ 0.1bn) 

• Gjoa (€ 0.5bn) 

• CCGT in the Netherlands (€ 0.4bn) 

• Jirau (€ 0.4bn) 

• Estreito (€ 0.3bn) 

• Glow (€ 0.3bn) 

• Grtgaz (€ 0.3bn) 

• E&P Gulf of Mexico (€ 0.2bn) 

• Wilhelmshaven (€ 0.2bn) 

• GrDF (€ 0.2bn) 

• Heron 1&2 (€ 0.1bn) 

• Energie Investimenti (€ 0.1bn) 

• Other investments < € 0.1bn each 

• Sidmar (€ 0.1bn) 

• Storengy (€ 0.1bn) 

• E&P UK (€ 0.1bn) 

• Montoir (€0.1bn) 

• Neptune (€0.1bn) 

• Coal power plants in Chile 

(€ 0.1bn) 

• Other investments < € 0.1bn each 


83

In €m 

Reconciliation between 2009 published by 

SUEZ Environnement and its GDF SUEZ contribution 


2009 published by 

SUEZ environment 

2009 in GDF SUEZ 

contribution 

Revenues 12,296 12,283 (13) 

EBITDA 2,060 2,060 - 

Current operating income 926 926 - 

∆ 

Intercompanies operations 


84

TAX POSITION 


85

In €m 

Tax position 


(1) Excluding disposals 

Consolidated income before tax 

and share in associates 



6,593 6,546 

Consolidated income tax (1,765) (1,719) 

Current income tax (1,737) (1,640) 

Deferred income tax (28) (79) 

Effective tax rate 26.8% 26.3% 

Adjusted effective tax rate (1) 25.1% 29.9% 

TAX POSITION 

86

CREDIT APPENDICES 


87

Debt situation 

(1) Without IAS 32/39 

(2) Including bank overdraft 

(3) Including IAS 32/39 


31/12/2008 31/12/2009 

Gearing 46.1% 45.7% 

Total equity €62.8bn €65.5bn 

Gross Debt (1) €37.0bn €39.7bn 

Net cash position (2) €8.6bn €10.6bn 

IAS 39 €+0.5bn €+0.9bn 

Net debt (3) €28.9bn €30.0bn 

Average cost of gross 

debt 

4.93% 4.58% 

CREDIT APPENDICES 88

In €bn 

Split of gross debt (1) 

Other bank 

borrowings 

11.1 

Leasing 

1.4 

Drawn credit 

lines 

1.2 

BT/CP 

4.3 

(1) Without IAS 39 (+€0.9bn) and bank overdraft (€1.5bn) 


€39.7bn 

Bonds 

21.7 


In €bn 

Group liquidity and debt maturity 

Undrawn 

credit lines (1) 

Net cash (2) 

10,6 

10,6 

Group Liquidity 

as of December 2009 


€21.2bn vs €23bn at december 31, 2008 

(1) Net of commercial paper (€4.2bn) 

(2) Cash and Cash equivalents (€12bn, including financial assets at fair value through income €1.7bn), net of bank overdraft (€1.5bn) 

3,3 

3,8 

Debt and credit line maturities 

for 2010 year end 

€7.1bn 

Expiration of 

undrawn credit lines 

Debt maturities 

0,7 

2 

Debt and credit line maturities 

for 2011 year end 

€2.7bn 


In €bn 

Debt maturity profile (1) 

4.2 BT / CP 

8.2 

2.0 

2010 2011 2012 2013 2014 2015 


Average gross debt maturity: 6.1 years 

4.1 

Gross debt total 

€39.7bn 

(1) Without IAS 39 (+€0.9bn) and bank overdraft (€1.5bn) 

Short-term drawings on confirmed credit lines are considered as repaid at credit line maturity 

2.8 

5.2 

2.8 

Average net debt maturity: 7.9 years 

14.6 

2015 

and beyond (1) 


91

Debt breakdown by rate and currency 

Fixed rates 

77% 

Floating rates 

15% 

(1) Excluding IAS 39 


Net debt (1) 


Capped rates 

8% 

GBP 

1% 

USD 

23% 

Others 

20% 


Euro 

56% 

92

A large scope of financing instruments 

on different markets 

(1) Maturity 2012 

(2) Maturity 2014 


Amount S&P Moody’s Issuer 

EMTN Program €25bn A Aa3 GDF SUEZ or Electrabel 

EMTN Program €5bn - A3 SUEZ Environnement 

French CP €5bn A-1 P-1 GDF SUEZ 

US CP USD 4.5bn A-1 P-1 GDF SUEZ 

Belgian CP €6bn P-1 Electrabel 

Syndicated facilities 

€4.5bn (1) 

€3bn (1) 

€1.4bn (1) 

€1bn (2) 

A 

n.a. 

Aa3 

Aa3 

A2 

A2 

Other facilities €4bn n.a. n.a. 

GDF SUEZ 


Electrabel 

Electrabel 


Electrabel 

SUEZ Environnement 


93

Group bonds (issued or guaranteed by a Group company) 

Issuer Currency Coupon Issue date Maturity 

Outstanding amount 

(currency) (million) 

Listing market ISIN code 

Al Dur Holding Co USD 3.85% 12/16/2009 12/16/2014 238 None - 

GDF EUR 4,750% 02/19/2003 02/19/2013 1 250 

Euronext Paris 

Bourse de Luxembourg FR0000472326 

GDF EUR 5,125% 02/19/2003 02/19/2018 750 

Euronext Paris 

Bourse de Luxembourg FR0000472334 

Belgelec EUR 5,125% 06/24/2003 06/24/2015 750 Luxembourg FR0000475741 

Belgelec EUR 4,250% 06/24/2003 06/24/2010 650 Luxembourg FR0000475733 

Belgelec* EUR 3m +12,5bp 05/03/2007 05/03/2011 400 Luxembourg FR0010463646 

Belgelec CHF 3,250% 12/27/2007 12/22/2014 340 SIX CH0035844890 

Electrabel EUR 4,750% 04/10/2008 04/10/2015 600 Luxembourg BE0934260531 

GIE* EUR 5,500% 11/26/2002 11/26/2012 300 Luxembourg FR0000471054 

GIE EUR 5,750% 06/24/2003 06/24/2023 1 000 Luxembourg FR0000475758 

GDFS Finance* CZK 

3m 

+ 60bp 

04/24/2003 04/26/2010 500 Luxembourg FR0000474231 

GDF SUEZ* EUR 6,250% 10/24/2008 01/24/2014 1 400 Luxembourg FR0010678151 

GDF SUEZ* EUR 6.875% 10/24/2008 01/24/2019 1 200 Luxembourg FR0010678185 

GDF SUEZ* EUR 4,375% 01/16/2009 01/16/2012 1 750 Luxembourg FR0010709261 



GDF SUEZ* EUR 5,000% 02/23/2009 02/23/2015 750 Luxembourg FR0010718189 

GDF SUEZ* GBP 7,000% 10/30/2008 10/30/2028 500 Luxembourg FR0010680041 

GDF SUEZ* GBP 6,125% 02/11/2009 02/11/2021 700 Luxembourg FR0010721704 

GDF SUEZ* CHF 3,500% 12/19/2008 12/19/2012 975 SIX CH0048506874 

GDF SUEZ* JPY 3,180% 12/18/2008 12/18/2023 15 000 None FR0010697193 

GDF SUEZ* JPY 

3m 

+ 120bp 

02/05/2009 02/05/2014 18 000 None FR0010718205 

GDF SUEZ JPY 1,17% 12/15/2009 12/15/2014 65 000 None 


JP525007A9C3 

Tractebel Finance Inc. EUR 5% 01/08/2003 01/08/2010 100 Luxembourg XS0158955277 

Tractebel Finance Inc. EUR 4.5% 02/28/2003 02/28/2011 50 Luxembourg XS0162058423 

Tractebel Invest Intl. EUR Step up 02/22/2002 02/22/2010 100 Luxembourg XS0141883040 

S. ENV EUR 4,875% 04/08/2009 04/08/2014 1 300 Luxembourg FR0010745984 

S. ENV EUR 5,2% 06/08/2009 06/08/2017 250 Luxembourg FR0010765859 

S. ENV EUR 4.5% 10/12/2009 10/12/2017 150 Luxembourg FR0010785436 

S. ENV EUR 6,25% 04/08/2009 04/08/2019 800 Luxembourg FR0010745976 

S. ENV EUR 5.50% 07/22/2009 07/22/2024 500 Luxembourg FR0010780528 

* Bond issued under the €25bn EMTN program 


Group ratings 


Ratings Moody’s S&P 

GDF SUEZ SA 

SUEZ Environnement 

Electrabel 

GDF SUEZ CC 

Aa3/P-1 

(stable outlook) 

Aa3 


A2/P-1 


A2 


A/A-1 

(positive outlook) 

GDF SUEZ ratings have been confirmed once the merger was completed 

in July 2008 and, for Moody’s, re-affirmed in December 2009. 

Electrabel and SUEZ Environnement ratings are on a stand alone basis. 

GDF SUEZ CC rating has been attributed in July 2009. 

n.a. 

n.a. 

n.a. 


95

In €M 

Energy 

Europe & 

International 

4,839 

Debt breakdown by origin/destination 

Benelux & Germany 


Net debt by origin Net debt by destination 

Europe 

North America 

Latin America 

MEAA 

EEI Corporate 


France -44 

Services 

Environment 

Group Corporate 


-1,957 

0 

-2,385 

57 

383 

1,567 

1,235 

1,168 

2,325 

Energy 

Europe & 

International 

23,758 

5,008 


Europe 

North America 

Latin America 

MEAA 

EEI Corporate 



Services 

Environment 

22,110 Group Corporate 

France 3,168 

1,829 

1,160 

884 

-10,393 

3,782 

2,788 

2,936 

2,190 

10,234 

5,108 

6,282 

96


BUSINESS 

APPENDICES

GENERATION CAPACITY 

Business appendices

GDF SUEZ: generation capacity 

Total installed capacity as of 12/31/09 

At 100% in MW In operation Under construction TOTAL 

France (1) 7,128 770 7,899 

Energy Europe 

and International 

(1) Including Combigolf currently under testing period 


63,148 18,512 81,660 

Benelux & Germany 18,528 2,474 21,002 

Europe 14,539 911 15,449 

North America 7,391 575 7,966 

Latin America 10,671 5,041 15,712 

Middle East Asia Africa 12,020 9,511 21,531 

Energy Services 2,387 224 2,610 

TOTAL 72,663 19,505 92,168 


99

GDF SUEZ: generation capacity and output, 12/31/09 

By fuel 

Breakdown of installed capacity (at 100%) Breakdown of installed capacity (group share (1) ) 

18% 

6% 

3% 

1% 

8% 

72.7 GW 

54% 

Generation Output (2) 

10% 


Nuclear 

Coal 

Natural gas 

Hydro 

Biomass 

and biogas 

Wind 

Other nonrenewable 

21% 

1% 2%5% 

(1) % of consolidation for full and proportionally consolidated affiliates and % holding for equity consolidated companies (2) Including pump storage 

50% 

10% 

60.5 GW 

11% 

in TWh At 100% Group share (1) 

Nuclear 45.9 45.9 

Coal 32.4 26.7 

Natural gas 156.8 125.1 

Hydro (2) 48.3 44.5 

Biomass and biogas 3.6 3.6 

Wind 3.2 2.4 

Other non-renewable 5.3 4.8 

Total 295.6 253.1 


100

GDF SUEZ: generation capacity and output, 12/31/09 

By geographic area 

Breakdown of installed capacity (at 100%) Breakdown of installed capacity (group share (1) ) 

15% 

10% 

17% 

72.7 GW 

21% 

Generation Output (2) 

25% 


12% 

Benelux 

& Germany 

France 

Other Europe 

North America 

Latin America 

Middle East 

Asia-Pacific 

14% 

11% 

11% 

60.5 GW 

20% 

30% 

14% 

in TWh At 100% Group share (1) 

France 29.4 29.3 

Benelux & Germany 89.2 87.2 

Europe 50.2 41.0 

North America 25.9 22.2 

Latin America 44.4 36.5 

Middle East Asia-Pacific 48.2 29.0 

Energy & Services 8.3 8.0 

Total 295.6 253.1 

(1) % of consolidation for full and proportionally consolidated affiliates and % holding for equity consolidated companies (2) Including pump storage 


101

Renewable energy: ca. 20% of Group’s 

total installed capacity as of 12/31/09 

Biomass and biogas: 695 MW 

(of which the proportion of biomass in 

cogeneration, generally with coal, 408 MW) 

Wind: 

1,847 MW 

(1) Excluding pump storage 

At 100% 

Total 

13.4 GW 


Solar and incineration 

energy recovery: 21 MW 

Hydroelectricity (1) 

10,829 MW 

Hydro Biomass & biogas Wind Other renew. 

France 3.769 43 602 3 

Benelux & Germany 27 322 136 4 

Other Europe 196 172 765 13 

North America 173 131 207 

Latin America 6.512 26 131 

MEAA 153 6 

Total 10.829 695 1.847 21 

Wind: 

1,492 MW 

Group share 


(of which the proportion of biomass in 

cogeneration, generally with coal, 408 MW) 

Total 

12.2 GW 

Solar and incineration 

energy recovery: 14 MW 


9,981 MW 

Hydro Biomass & biogas Wind Other renew. 

France 3.769 43 513 3 

Benelux & Germany 27 322 136 4 

Other Europe 106 172 500 6 

North America 165 131 207 

Latin America 5.762 26 131 

MEAA 153 6 

Total 9,981 695 1.492 14 


102

Renewableenergy:5.2GWunderconstruction 

as of 12/31/2009 

Strong projects pipeline 

(at 100%) 

Wind: 

414 MW 

(1) Excluding pump storage 


Total 

5.2 GW 


Solar: 11 MW 


4.708 MW 

MW (at 100%) Projects Hydro Biomass 

& biogas 

Brazil 

Endrade 33 

Estreito 1.086 

Jirau 3.450 

Other TBLE 20 

Panama Dos Majes 115 

Chili Laja 37 

Belgium 

Wind 

EGPF 4 

Other EBL 5 20 

Other 

renew. 

Italy AEP 35 4 

Tirrenopower 7 

UK Shotton 20 

France 334 

Services 

France 9 

Italy 9 5 

TOTAL 4.708 56 414 15 


103

NUCLEAR 

Business appendices

GDF SUEZ’ nuclear ambition: 

Recent achivevements 

Belgium 

• 10 year life extension of 3 reactors 

in Belgium 

• 88% availability: operational performance 

close to historic average in 2009 

France 

• 33,33% participation in Penly future EPR 

project (75/25% combination with Total) 

• Recognition by French Government of GDF 

SUEZ’ will to manage and operate potential 

future reactor 

United Kingdom 

• Option on nuclear land in order to build up 

to 3.6 GW alongside with Iberdrola and 

Scottish and Southern Energy 


Brazil 

• GDF SUEZ signs nuclear cooperation 

agreement in Brazil with Eletrobrás and 

Eletronuclear 

Romania 

• GDF SUEZ chairs the Cernavoda 3 & 4 

Strategic Committee on Nuclear Safety 

• Tractebel Engineering is leader in 

Cernavoda 3 & 4 projects 

Jordan 

• The Jordan Atomic Energy Commission 

(JAEC) has awarded a $12 million site study 

contract for Jordan’s first nuclear power 

plant to Tractebel Engineering (GDF SUEZ) 

NUCLEAR 

105

The Group’s nuclear strategy 

Operate existing nuclear plants for as long as technical and economic 

conditions allow, with safety as absolute priority. Implement Belgian 

Government’s decision to extend life extension of Doel 1, 2 and Tihange 1 

from 40 to 50 years 

Develop new capacity: third-generation plant by 2020, grow in key markets 

in Europe (France, UK,...) and outside Europe as well (Brazil,...) 

Engineering and services: support the Group’s development 

and participate in major nuclear projects for external clients 

Maintain the share of nuclear power in the Group’s energy mix 

at approximately 20% over the long term 


NUCLEAR 

106

SUSTAINABLE DEVELOPMENT 

Business appendices

Strategic positioning in sustainable development 

� reducing our risk exposure 

Allowing our activities to 

be rolled out and operated 

over the long term 

Annual appraisals 


• Environmental management (environmental impacts 

assessment, resource protection, action against pollution 

and climate change, protection of biodiversity) 

• Social innovation (solidarity, diversity, insertion, access 

to essential goods for underprivileged people) 

• Wellbeing at work (Human capital development, talent 

retention, health & safety of our installations for our 

employees, our subcontractors and local residents) 

• Comprehensive financial/environmental/social reporting 

vetted by auditors 

• Sustainable development part of the middle term action 

plan, thus covering the entire Group 

• Strong links between the Entreprise Risk Management 

and the sustainable development approach 


108

Strategic positioning in sustainable development 

� creating opportunities 

Allowing us to provide our customers with innovative solutions 

and differentiating offerings 

Customised solutions integrating energy efficiency and renewable energies 

– Business market, industrial zones 

– Eco-districts, new towns 

– Individual offers 

Circular economy combining know-how from all business lines 

– Re-use, desalination 

– Biomethanation 

Research strongly focused on environmental and sustainable development issues 

– CCS 

– Smart grids 

– Energy efficiency 


An economic, environmental and social gain 

for local authorities and industries 


109

Sustainable cities: growing population 

& urbanization 

Percentage of the population in urban areas 


2007 

2025 

2050 

World population 

• 2007: 6 billion 

• 2025: 8 billion 

• Before 2050: 9 billion 

Urban population 

• 2007: 50% 

• 2025: 65% 

• New social issues 

• Environmental pressure 

• Infrastructures and 

buildings decay 

SUSTAINABLE DEVELOPMENT 110

Facts and trends 


City/district 

renovation 

Development 

of new districts 

Development 

of new cities 

• Energy 

• CO 2 

• Water 

• Waste 

• Mobility 

• Communication (ICT) 

• Quality of life 

• Social equity 

• Access to essential services 

• Governance 

GDF SUEZ can propose taylor-made solutions addressing 

each city’s specific needs and objectives 


GDF SUEZ approach to sustainable cities 


convictions 

• Approach & 

commitments 

•Circular economy 

•Functional 

economy 

•Social economy 


The city as 

a place to live 

• Diagnosis 

& Solutions 

• Energy mix 

• Water & Sanitation 

• Waste management 

• Beautification 

• Mobility 

The city as 

a place to work 

• Local services 

& jobs 

The city, opportunities 

for responsible citizenship 

• Governance 

• Risk prevention 

• Long-term 

commitment 


112


Our main assets 

Capacity to combine all our expertise on: 

• All kind of energy sources (centralized / decentralized; 

renewables / nuclear / gas) 

• Synergies between waste/water treatment, or waste treatment 

and energy, gas/electricity and mobility 

Know-how both on upstream offers (analysis) 

and implementation of operational solutions 

To support our ambition: 

• A dedicated organization 

• Strong research teams (smart grids, smart metering,…) 




References 

Eco-districts 

• Overhoeks, Osterdok 

& Mahler 4 (Amsterdam) 

• 2012 Olympic games 

(London) 

• Limeil Brevannes 

• Barcelona 22 

• … 


New cities 

• Qatari projects 

• Tianjin (China) 

New infrastructures : 

• Chonqing, 

• … 

GDF SUEZ was selected for both types of projects 


114

CO 2 POSITION 

Business appendices

Context 

Kyoto Protocol (KP) (1997, implemented in 2005): 

• 2008 – 2012: World Commitment to reduce GHG emissions by 5.2% in 2012 vs 

1990. It sets up emission quotas for developed countries excluding USA. 

European Commitment:-8%. 

EU ETS system: 

• 2005 – 2007: Period 1 ETS, 

– Implementation of CO 2 quotas market 

• 2008 – 2012: Period 2 ETS, 

– First Commitment period of the Kyoto Protocol 

– Free quotas to the electric industry reduced on average by 20% vs 2005-2007 period 

• 2013 – 2020: Period 3 ETS, 

– Total quotas reduced by 21% vs 2008-2012 period 

– All quotas to electric industry auctioned 

• Constraint softened by the possibility to use credits (on average 11% 

of all 2008-2012 allocated quotas in the EU countries) 


CO 2 POSITION

GDF SUEZ CO 2 emissions in 2009 

Unaudited figures 

Environment 


5% 

9% 

Infrastructures 2% 

Global Gas & LNG 1% 

2009e 

97t 


Energy France 

5% 

Energy Europe 


78% 

Coverage of CO 2 emissions 

under EU-ETS in 2009 

In Mt 

Direct emissions (scope 1) of greenhouse gases 97.4 

Direct emissions (scope 1) of greenhouse gases 

Under the EU-ETS system 

52.8 

Allocation of bonus quotas 43.3 

Purchases (allocations+CER) 9.5 

CO 2 POSITION 

117

CO 2 strategy 

GDF SUEZ strategy is to pursue a continuous balanced situation: 

Group is present both on the forward market and on the spot market 

GDF SUEZ is active and manages up to 80% of its CO 2 transactions 

on European CO 2 exchange markets: 

• Bluenext 

• ECX 

• Nordpool 

• Climex 

GDF SUEZ manages its CO 2 position and provides CO 2 management 

for its clients (Energy France, TPM, Energy Services) 


CO 2 POSITION

Competitive electricity generation 

with low CO 2 emissions 

In kg CO 2/MWh 

1006 

818 

742 

597 


503 500 496 

DEI Drax RWE CEZ Nuon EDP Scotish & Vattenfall Enel Union 

Southern 

Fenosa 

Source: PricewaterhouseCoopers 

Europe’s main electricity companies 

452 

422 416 411 404 

327 

EON Dong GDF 

SUEZ 

Europe 

Carbon factor 

Europe 2008: 350 kg CO 2/MWh 

283 

140 

101 

41 

Iberdrola EDF Verbund Fortum 

CO 2 POSITION 

119

GAS BALANCE 

Business appendices

Gas balance: GDF SUEZ’ diversified 

portfolios to profit from the upcoming rebound 

Algeria 

13% 

Netherlands 

11% 

Middle East-Asia 

7% 

Norway 25% 

Long term 

gas supply 

Russia 

16% 


Trinidad &Tobago 

8% 

Egypt 8% 

UK 2% 

Libya 3% 

Others 7% 

1,196 TWh (1) 

393 SHORT TERM 

Diversified supply portfolio 

provides flexibility 

GDF SUEZ gas balance in TWh, end 2009 

(1) 2009 estimated data (Group share) consistent with accounting consolidation methods used by the Group 

69 

717 

17 

E&P PRODUCTION 

THIRD PARTY 

LONG-TERM 

CONTRACTS 

Others 

1,196 TWh (1) 

617 

187 

70 

315 

7 

NON REGULATED 

Non regulated sales 

(key accounts, non 

regulated retail…) 

GAS TO POWER (INTERNAL) 

Gas to power - merchant 

Gas to power- PPA 

REGULATED 

Regulated sales 

(French retail & European 

regulated retail…) 

Others 

Balanced sales portfolio 

reduces volume risks 

GAS BALANCE 

121

ENERGY FRANCE BUSINESS LINE 

Business appendices

Volumes sold 

In TWh 

Sales of natural gas 2008 2009 

Public distribution 132 119 

Contracts at market price 2 7 

Residential customers 134 126 

Public distribution 93 88 

Subscription tariffs 23 18 

Contracts at market price 45 42 

Business customers 160 148 

Total 294 274 


Sales of electricity 2008 2009 

Retail customers 3 4 

Major customers 12 9 

Market sales 16 20 

Purchase obligations 1 1 

Total 32 34 

ENERGY FRANCE BUSINESS LINE 123

Unfavourable climatic conditions in 2009 

Climate adjustment in France 

In TWh 

COOLER 

AVERAGE 

CLIMATE 

WARMER 

Q1 08 


Q2 08 

Q3 08 Q4 08 Q1 09 

Q2 09 


124

Market share in terms of gas consumption 

for France as at 12/31/09 

Contracts under 

regulated tariffs 

Historic suppliers - 

market price 

Alternative suppliers 

- market price 


Gas consumption - breakdown by type of offer 

52% 

31% 

17% 

All sites 

(496 TWh) 

11% 

58% 

31% 

Non-residential sites 

Transport (153 TWh) 

57% 

29% 

14% 

Non-residential sites 

Distribution (204 TWh) 

Source: French energy regulation commission, French observatory of the electricity and gas markets, Q4 2009 

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. 

90% 

6% 

4% 

Residential sites 

(139 TWh) 

125

French energy markets opening up gradually 

5 

Electricity Gas 

6 

31 

54 

112128 


Number of residential customers 

who have switched to an alternative supplier 

288 

203 

515 

A similar pace in the opening up of both markets 

• ELECTRICITY 1,385,000 residential sites have 

switched to an alternative supplier and 14,000 

sites have chosen market offers from historic 

suppliers 

310 

• GAS 637,000 residential site have switched to 

an alternative supplier and 507,000 sites have 

chosen market offers from historic suppliers 

692 

416 

875 

508 

1035 

1202 

1385 

586 615 637 

Sep ‘07 Dec ‘07 March ‘08 June ‘08 Sep ‘08 Dec ‘08 March ‘09 June ‘09 Sep ‘09 Dec ‘09 

Regulated tariffs still clearly dominate 

• ELECTRICITY 94% of sites in all categories 

are still on regulated tariffs (including 

TarTAM, the transitory regulated market 

adjusted tariff) 

• GAS 88% of sites in all categories are still 

on regulated tariffs, 6% have chosen market 

offers from historic suppliers and 6% market 

offers from alternative suppliers 


126

Main assets 

A flexible electricity generation portfolio, using predominantly 

renewable sources with low CO 2 emissions 

7,128 (1) MW (+10% vs 2008) 

of installed capacity as of December 31, 2009 

CCGT 

1,698 (1) MW 

HYDRO 

3,720 MW 

769 MW under construction 

a growth of +11% expected 

CCGT 

435 MW 

WIND 

602 MW 

NUCLEAR (2) 

1,108 MW 

WIND 

334 MW 

(1) Including Combigolfe currently under testing period 

(2) Not including 555 MW nuclear release contract with EDF until 2022 


Montoir 

DK6 

Fos 

Chooz B 

Tricastin 

N°1 player in wind energy in France 

with an estimated 13% of the French market (Maïa 

Eolis, La Compagnie du Vent, Erelia, Eoliennes de la 

Haute Lys, Eole Generation, CN’Air, Great) 

N°2 player in hydroelectricity 

with more than 25% of France’s hydroelectricity 

generation (CNR and SHEM) 


Main assets 

The largest installed wind capacity in France 

Erelia + LHL (100%) 

106 MW installed 


Great (100%) 



Eole Generation (100%) 




Maia Eolis (49%) 



La Compagnie du Vent (56%) 



CN’Air (49,9%) 



Installed capacity at end 2009: +34% vs end 2008 

Capacity under construction: +55% growth expected vs installed capacity end 2009 


Breakdown of generation capacity 

and production by fuel as of 12/31/09 


at 100% by fuel type 

Wind & Solar 

8% 

Hydro 52% 

7.1 GW 


Nuclear 

16% 

CCGT 

24% 

Breakdown of electricity output 


Hydro 

50% 

Wind 3% 

Other non 

renewable n.s. 

29.4 TWh 

Above 75% of generation capacity is CO 2 free 

Nuclear 

26% 

CCGT 

21% 


Energy France 

Capacity under construction as of 12/31/2009 

(1) Estimate as of 12/31/09 

In MW at 100% 2010 2011 

Montoir CCGT 435 


Expected commissioning (1) 

Wind 272 62 

TOTAL 707 62 

Energy Division Benelux & Germany 

130

ENERGY EUROPE & INTERNATIONAL 

BUSINESS LINE 

Business appendices

Global presence 

NORTH AMERICA 

Capacity in operation: 7.4 GW 

Capacity in construction: 0.6 GW 

Electricity production: 26 TWh 

Electricity sales: 51 TWh 

Gas sold or transported: 93 TWh 

390,000 gas customers 

LATIN AMERICA 


Capacity in construction: 5 GW 



Gas sold or transported: 45 TWh 

596,000 gas customers 


GDF SUEZ Energy Europe & International 

EUROPE 



Electricity production: 50TWh 


Gas sold: 120 TWh 

3.6 million gas customers and 

0.6 million electricity customers 

BENELUX & GERMANY 





Gas sold: 76 TWh 

2.2 million gas customers 

4.1 million electricity customers 

Capacity in operation: 12 GW 




MIDDLE EAST - ASIA - AFRICA 


Energy Europe 


All information as of December 31, 2009 

Installed capacities and electricity production are consolidated at 100%; sales and transportation figures, and number of customers are consolidated 

according to accounting rules 

ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 

132

Latin America 

17% 

North 

America 

Power generation portfolio based on a triple 

balance: geographic mix, fuel mix, contract mix 

12% 

Middle East - 

Asia 

19% 

23% 

Geographic 

mix 

Europe 


29% 

Benelux 

& Germany 

• Diversified geographic 

presence to benefit from 

geographically independent 

energy markets 

• Attractive exposure to high 

growth markets 

Nuclear 

8% 

15% 

Hydro 

Operational electric capacity as of December 31, 2009, and consolidated at 100% 

(1) Not taking into account implementation of hedging policy 

3% 

11% 

5% 

Renewable Other 

ex. hydro 

Coal 

Fuel 

mix 

• Flexible and diversified 

generation asset base 

57% Gas 

• Strong presence in low-CO 2 

generation technologies 

• Potential to fully leverage gas / 

electricity convergence 

69% 

ST market (1) 

Contract 

mix 

MT/LT 

market 

31% 

• Significant presence 

in non – deregulated 

markets (mainly high 

growth emerging 

markets with LT 

contracts) 


133

Energy Europe and International 

Installed generation capacity as of 12/31/2009 

In MW (at 100%) In operation Under construction Total 

Benelux & Germany 18,528 2,474 21,002 

Europe 14,539 911 15,449 

North America 7,391 575 7,966 

Latin America 10,671 5,041 15,712 

Middle East Asia Africa 12,020 9,511 21,531 

TOTAL 63,148 18,512 81,660 



134

Market presence 

Electricity 

Mid / 

downstream 

gas 

Benelux & 

Germany 

Benelux, 

Germany 

Benelux, 

Germany 


Europe North America Latin America 

Italy, 

Hungary, 

Poland, UK, 

Spain 

Italy, Slovakia, 

Hungary, 

Romania, 

Turkey, UK 

US, Mexico, 

Canada 

US, Mexico, 

Canada 

Brazil, Peru, 

Chile, Panama, 

Costa Rica, 

Bolivia 

Middle East - 

Asia & Africa 

Thailand 

(+Laos), 

Singapore, 

GCC, Turkey 

Argentina, Chile Thailand 

ENERGY EUROPE & INTERNATIONAL BUSINESS LINE 135

Strong pipeline of projects to secure 

future earnings 

18.5 GW (1) of committed projects 

• Mainly in Middle-East and Brazil 

High greenfield activity resulting from 

strong capacity needs in many markets 

on a contracted basis 

• Brazil, Thailand, Middle East, Chile, 

Peru 

High value creation potential 

with limited downside risks 

• Contracted output 

• Limited fuel commodity exposure 

(cost pass through) 

(1) In construction electric capacity consolidated at 100% as of December 31, 2009 


GDF SUEZ BEEI capacity 

build-up (GW) (1) 

Significant pipeline with limited downside risk 


136

Energy Europe and International 

Capacity under construction as of 12/31/2009 

In MW at 100% 2010 2011 2012 2013 

Benelux & Germany 996 742 736 

Europe 501 410 

North America 575 

Latin America 262 1,292 3,487 

Middle East Asia Africa 2,774 5,877 860 

TOTAL 4,533 8,154 5,089 736 

(1) estimate as of 12/31/09 


Expected commissioning (1) 


137

World wide recognized project financing 

capabilities 

Strong volume of project 

financings: €9.5bn closed 

in 2009 

• In all business activities 

and in a variety of markets 

• Through a variety of financing 

instruments 

• With several innovations 

and unique deal features 

• Well received in the market 


Jirau 

Brazil 

Astoria II 

USA 

Shuweihat 

S2 

UAE 

Senoko 

refinancing 

Singapore 

Overview 

3,450 MW Hydro power 

plant, the largest plant 

under construction 

in Brazil today 

575 MW gas fired plant in 

New York with a 20 year 

tolling agreement with 

NYPA 

1,510 MW power plant 

and 100 MIGD 

desalination plant with a 

25 year PPA with ADWEC 

3,300 MW of power 

assets in a pool market, 

the largest IPP in 

Singapore, acquired in 

September 2008 

Debt amount 

(€m) 

Closing date 

€719m July 2009 

€1,350m October 2009 

€1,063m 

GDF SUEZ nominated “Sponsor of the Year 

2009” by Project Finance International 

€2,756m June 2009 

November 


Awards 

Americas 

Power Deal of 

the Year 2009 

Gulf Power 

Deal of the 

Year 2009 

Asia Pacific 

Power Deal of 

the Year 2009 


138

Business appendices 

BUSINESS AREA ENERGY BENELUX & GERMANY


A diversified, flexible and sustainable generation portfolio 

Installed capacity as of 31/12/2009 



Renewables 

(ex hydro) 

3% 

Hydro 8% 

Natural Gas (1) 

45% 

18.5 GW 

(1) Of which 563MW from Blast Furnace Gas Belgium 


Other 

5% 

Nuclear 

27% 

Coal 

12% 

Natural Gas 

44% 



Biomass 

Wind n.s. & Biogas 2% 

Hydro 2% 

89.2 TWh 

Coal 

8% 

Other non 

renewable 1% 

Nuclear 

43% 

BUSINESS AREA ENERGY BENELUX & GERMANY 140


Installed generation capacity as of 12/31/2009 

In MW (at 100%) In operation Under construction Total 

Belgium 11,957 91 12,048 

The Netherlands 4,068 1,608 5,676 

Germany 2,128 775 2,903 

Luxemburg 376 0 376 

TOTAL 18,528 2,474 21,002 


BUSINESS AREA ENERGY BENELUX & GERMANY 

141


E.On generation asset swap 

23% 

22% 

Installed capacity split 

3% 2% 

Pre-swap 

11% 2% 

Post-swap 

65% 

72% 

Belgium The Netherlands 

Germany Luxemburg 


Offshore 

projects 

Projects 

Existing assets / 


Wilhelmshaven 

Farge 

Wuppertal 

Saarbrücken 

Krümmel 

Unterweser 

Schwandorf 

Zolling 

Calbe 

Stassfurt 

Jansen 

Gundremmingen 

New assets 

Nuclear drawing rights 

Gera 

Belgian Side 

Belgian Conventional 941 MW 

Belgian Nuclear 

Drawing Rights 500 MW 

Dutch Drawing 

Rights (nuclearbased) 270 MW 

TOTAL 1,711 MW 

German Side 

German Conventional 991 MW 

German Nuclear 

Drawing Rights 700 MW 

TOTAL 1,691 MW 

• Swap of conventional generation assets and nuclear No drawing net exchange rights of cash. 

• A balanced transaction with no cash involved Swap done at equal values. 

• The transaction strengthens the Group’s presence in Germany and geographically 

diversifies assets over the BeNeLux & Germany area 

• Compliance with the Electrabel commitments with Belgian government 

(Pax Electrica II) to attract a third large player on the Belgian market 


142


Optimization of gas supply & power generation portfolio 

and sales portfolio via a centralized portfolio management 

Electricity: 119 TWh 

Natural Gas: 166 TWh 

Coal consumption: 25 TWh 


30 TWh 25 TWh 

67 TWh 

Retail: 45 TWh 

ECS gas (Proc.): 56 TWh 

Gas procurement 43 TWh Business: 28 TWh 

99 TWh 76 TWh 

Wholesale: 3 TWh 

GENERATION 

(1) Group share and excluding pumped storage 

90 TWh 

25 TWh 

89 TWh (1) 

Commodity market 

(Purchases) 

Portfolio 

Management 

119 TWh 

Retail: 22 TWh 

Business: 70 TWh 

Wholesale: 27 TWh 


143


Electricity Price Sensitivity (1) 

Market positions according 

to the hedging policy 

High sensitivity 

Wholesale 

Business & Resellers 

Contract price coherent w/market 

price at inception. 

Fixed or Nc indexed price 

1 to 3 years duration 

High sensitivity at inception. 

Afterwards: medium to low 

sensitivity 

(1) including transmission costs 


Benelux & Germany electricity sales portfolio 

December 2009 YTD (M€) 

55% 

15% 

30% 

Pricing still coherent 

with former regulated prices. 

Nc fuel indexation with time delay 

(3-6 months) 

Low sensitivity 

Retail 


144


Hedging: forward prices in previous years for respectively 2008 

and 2009, time weighted according to hedge policy 

2008 forward price evolution in €/MWh 


~53 €/MWh 

2009 forward price evolution in €/MWh 

+ 9% 

Belgian forward electricity market prices for 2008 and 2009 

increased substantially from ~53 €/MWh to ~58 €/MWh 

~58 €/MWh 


145

BUSINESS AREA ENERGY EUROPE 

Business appendices

Europe: generation capacity and production 

by fuel as of 31/12/2009 

Predominance of natural gas and significant share of renewable 



Renewables 

(ex hydro) 7% 

Hydro 1% 

14.5 GW 

Natural Gas 

77% 


Other non 

renewable 

1% 

Coal 14% 



Wind 3% 

Hydro 2% 

Biomass 

& Biogas 1% 

50.2 TWh 

Natural Gas 

76% 

Coal 

18% 

BUSINESS AREA ENERGY EUROPE 147

Europe: generation capacity breakdown 

by zone as of 12/31/2009 

In MW at 100% In operation Under construction Total 

West Europe 4,738 20 4,758 


UK 2,085 20 2,105 

Spain 1,957 1,957 

Portugal 696 696 

Central Europe 3,330 410 3,740 

Hungary 1,677 410 2,087 

Poland 1,654 1,654 

South Europe 6,470 481 6,951 

Italy 6,322 46 6,368 

Greece 148 435 583 

TOTAL 14,539 911 15,449 


148

Europe 

Contribution to the portfolio balance 

Geographical balance 

3 businesses (generation, infrastructure, marketing & sales) 

Western 

Europe 

22% 

Italy 

44% 

(1) Gas distribution, transmission, storage 

2009 revenue breakdown 

by geography 


Central & 

Eastern Europe 

34% 

Gas 

marketing 

& sales 

2009 revenue breakdown 

by activity 

Gas infrastructure (1) 

37% 

6% 

6% 

Other 

51% 

Power 


149

Focus on gas activities 

• Gas sales and infrastructure 

activities represent 43% of BA 

Europe revenues 

• Gas sales: 120 TWh in 2009 

(2/3 to businesses; 1/3 to mass 

market) 

• Gas infrastructures: 284 TWh 

in 2009 (173 TWh in transit 

network and 103 TWh in 

distribution networks, 8 TWh 

storage volume) 

• Network length: 556 km 

for transit and 64,214 km 

for distribution 


Geographic presence in gas activities 

Gas 

sales 

Gas 

distribution 

South Europe West Europe Central Europe East Europe 

Gas 

transport 

Gas 

storage 


150


BUSINESS AREA ENERGY NORTH AMERICA

North America 

A diversified, flexible and sustainable generation portfolio 

Installed capacity as of 12/31/09 



Hydro 17% 

Renewables 

(ex hydro) 5% 

Other n.s. 

7.4 GW 

Natural Gas 

65% 


Coal 13% 



Wind 

1% 

Hydro 7% 

Gas 

70% 

Biomass 

4% 

25.9 TWh 

Coal 

18% 

BUSINESS AREA ENERGY NORTH AMERICA 152

Generation capacity breakdown by zone 

North America as of 12/31/2009 

In MW at 100% In operation 


Under 

construction 

Total 

Mexico 279 279 

Canada 319 319 

USA 6,793 575 7,368 

Total North America 7,391 575 7,966 

BUSINESS AREA ENERGY NORTH AMERICA 

153

North America 

Optimization of gas supply & power generation portfolio and sales 

portfolio via a portfolio management (excl. gas activities in Mexico) 

Natural Gas: 95 TWh 

Electricity: 56 TWh 

Coal: 25 TWh 

LNG Import 

Power Generation 


Wholesale Commodities 

Markets (Purchases) 

55 TWh 60 TWh 

35 TWh 

25 TWh 

26 TWh 

40 TWh 

25 TWh 

Portfolio 

Management 

26 TWh 

GSERNA Retails 

30 TWh 

30 TWh 

Industrials: 36 TWh 

Business & Reseller: 12 TWh 

Wholesales: 12 TWh 

Power Wholesale: 12 TWh 

Power PPA Sales: 18 TWh 


154

Astoria Energy I and II 

Astoria Energy I Factsheet 

Ownership: 58.54% GDF SUEZ, 17.21% JEMB, 12.35% SNC-Lavalin, 11.91% EIF Funds 

Total Investment Cost: 1.008 BUSD at 100% 

PPA: 500MW of capacity and energy with Consolidation Edison, started May 2006 

Astoria Energy II Factsheet 

Ownership: 30% GDF SUEZ, 36% EIF, 20% SNC-Lavalin, 14% EIF 

Total Investment Cost: 1.238 BUSD at 100% 

PPA: 575 MW of capacity and energy with the New York Power Authority, starts June 2011 

Timing: Construction commenced July 2008, financing closed July 2009, COD expected June 2011 

GDF SUEZ has key roles in the two projects 

• GSENA provides Phase I asset management and is the plant 

operator 

• GSENA provides Phase II with project construction oversight 

during the construction phase and will provide asset 

management and be the plant operator after the plant starts 

commercial operation 

Value Creation 

• Two of the newest generating units in the high-value electricity market serving metropolitan New York City 

• Technology, location and long term contracts contribute to solid assets well positioned to meet a strong demand 

for environmentally sound, in-city power production 



155


BUSINESS AREA ENERGY LATIN AMERICA

Latin America 




Renewables 

(ex hydro) 1% 

Hydro 61% 

Other 9% 

10.7 GW 


Coal 16% 

Natural Gas 

13% 

Hydro 65% 



Other non 

renewable 

Renewables (ex hydro) ns 

4% 

44.4 TWh 

Coal 22% 

Natural Gas 

9% 

BUSINESS AREA ENERGY LATIN AMERICA 157

Generation capacity breakdown by zone 

Latin America as of 12/31/2009 


Brazil 7,378 4,589 11,967 

Chile 1,729 337 2,066 

Peru 1,043 1,043 

Panama 324 115 439 

Bolivia 147 147 

Costa Rica 50 50 

TOTAL 10,671 5,041 15,712 


BUSINESS AREA ENERGY LATIN AMERICA 

158

JIRAU HPP: 3,450 MW 

JIRAU HPP Factsheet 

Ownership: 50.1% GDF SUEZ; 20% CHESF; 20% ELETROSUL; 9.9% CAMARGO CORRÊA 

Total investment: MBRL 10,500 (6,142 MUSD) at 100% 

PPA start: January 2013 

Capacity: 3,300 MW + additional 150 MW 

Assured Energy: 2,045.7 MW 

Construction Works 

• Definitive Installation License was issued in June 2009 

• The construction is at full speed, with 8,500 people presently working at the site (100% recruited and trained locally; 

20% woman) 

• Concrete on spillway area started on Dec 2009 

Start of commercial operation: March 2012 

Value creation 

• High growth of electricity demand (4,500 MW per year) and low reserve margins 

• Major competitive advantage from innovative plant design (BRL 1bn or €343m excavation savings) 

• Upside from accelerated construction/earlier contributions 

• 70% of capacity contracted for 30 years at indexed price of 71.4 BRL/MWh (23.8€/MWh) 

• BNDES financing for 2/3 of the project 



159

LNG MEJILLONES 

GNLM Factsheet 

Ownership: 50 / 50 GDF SUEZ - Codelco 

Investment: 544 MUSD 

Timing: First LNG cargo received in February 2010 for cool-down 

Commercial Operation for second quarter (May) 2010 

Capacity: 5.5 MM m 3 /day of nominal send out capacity of natural gas, 

equivalent to 1,100 MW of electricity generation 

A new technical concept 

• Conventional LNG carrier to serve as a floating storage unit to advance project schedule by 16 months 

• Jetty platform to execute transfer of LNG from the supply vessel to the floating storage unit 

• Simultaneous loading and unloading of LNG without interrupting delivery of the natural gas for on shore regasification 

• On shore storage tank EPC in final negotiation for replacing FSU in 2013 (subject to Board approval) 

GDF SUEZ has a key role in the entire project & upstream process chain 

• BEEI – Terminal development and operation; development and operation of the adjacent gas power plant 

• B3G – Supply of LNG (30 TBTu/year during 2010 – 2012); volumes 2012 – 2026 in negotiation 

• FSU storage – newbuild BW GDF SUEZ BRUSSELS vessel of 162,000 m 3 

• Tractebel Engineering – Owners Engineer 

A sustainable solution to support maintaining a diversified energy matrix in the North of Chile, in harmony with the 

Environment and the Local Community, reducing carbon-emissions while establishing a reliable source of natural gas 



160

BUSINESS AREA ENERGY 

MIDDLE EAST ASIA AFRICA 

Business appendices

Middle East – Asia – Africa 

Natural gas dominates the fuel mix 




Hydro 1% 

Other 

11% 

12.0 GW 


Coal 

3% 

Natural Gas 

85% 

Natural Gas 

95% 



Other 0.6% 

Hydro 0.4% 

48.2 TWh 

Coal 4% 

BUSINESS AREA ENERGY MIDDLE EAST ASIA AFRICA 162

Middle East - Asia - Africa 

Generation capacity breakdown by zone as of 12/31/2009 


Middle East Asia 


KSA 660 2,090 2,750 

Qatar 2,730 2,730 

Turkey 763 763 

Oman 1,928 1,928 

Singapore 3,300 860 4,160 

Thailand 1,708 1,087 2,795 

Laos 153 153 

UAE 1,592 1,510 3,102 

Bahrein 1,892 1,233 3,125 

China 24 24 

TOTAL 12,020 9,510 21,531 

BUSINESS AREA ENERGY MIDDLE EAST ASIA AFRICA 

163

GDF SUEZ: leader in the Middle East 

Development model in the Middle-East 

• Group ownership from 20% to 50% by project, 

with project development leadership 

• EPC contract and financing in place prior to bid 

• Development strategy is based on partnership 

Competitive advantages 

• Reliability and reputation 

• Technical expertise: capability to make the best choices 

with respect to technical options, project configuration, equipment and suppliers 

• Operation and maintenance experience 

• Financial expertise: skills to put together the most suitable financial structure, even during financial 

crisis 

• Industrial synergies with the group’s business lines: 

BEEI – Project developer and operator 

Suez Environment – supplier of desalination equipment 

Tractebel Engineering – owners engineer 


15000 

12000 

9000 

6000 

3000 

0 

GDF SUEZ Gulf Cooperation Countries capacity 

(MW - 100%) 

Currently in operation To be comissioned 

2001 2002 2003 2004 2005 2007 2008 2009 2010 2011 2012 

BUSINESS AREA ENERGY MIDDLE EAST ASIA AFRICA 

164

INFRASTRUCTURES BUSINESS LINE 

Business appendices

Regulation in France 

Distribution 

Transmission 

LNG terminals 

Period of 

regulation 

1 July 2008 

1 July 2012 

1 Jan. 2009 

1 Jan. 2012 

1 Jan. 2010 

1 Jan. 2013 


2008 

investments 

(in €m) 


investments 

(in €m) 

RAB 

remuneration 

(real pre-tax) 

658 729 6.75% 

600 668 

146 140 

7.25% 

+ incentives up to 

300bp over 

10 years 

9.25% 

+ incentives 

125bp (for 

CAPEX decided 

in 2004-2008) 

and 200bp for 

extensions 

Type of tariff 

Tariff N+1: 

Inflation -1.3% 

OPEX N+1: 

Inflation 

+1.1% 

(+2.1% capacity; 

-1% efficiency) 

Average 2009 

regulated 

asset base 

(in €bn) 

13.8 

5.7 

Cost + 0.4 

TOTAL 1,404 1,537 19.9 

INFRASTRUCTURES BUSINESS LINE 166

In €bn 

A balanced business portfolio 


Storage 

Breakdown of 2009 EBITDA 

LNG terminals 

22% 

2% 

Total 

€3.0bn 

49% 

27% 

Distribution in France 

Transmission 


In €bn 

A balanced business portfolio 


Storage 

Breakdown of 2009 Capex 

21% 

LNG terminals 

7% 

Total 

€1.9bn 

38% 

34% 

Distribution in France 

Transmission 


GLOBAL GAS & LNG BUSINESS LINE 

Business appendices

Geographic breakdown of oil and gas 

production and reserves 

Germany 

Norway 

UK 

Netherlands 

Others 

34% 



of production 

20% 

2% 

Production 

20% 

24% 

52,9 Mboe produced in 2009 

73% gas, 27% oil 

13% 


of 2P reserves 

13% 

17% 19% 

Reserves 

38% 

762,9 Mboe as of 12/31/09 

76% gas, 24% oil 


170

E&P reserves replacement 

Strong efforts in exploration 

and reserves evaluation 

• In 2009, 17 exploration 

wells were drilled of which 

4 successes and 4 appraisal 

wells of which 3 successes 

• The exploration expenses 

are €188m in 2009 versus 

€174m in 2008 


Mboe RRR (%) 

120 

80 

40 

0 

-40 

-80 

-120 

Reserves replacement 

2005 2006 2007 2008 2009 

Discoveries, Revisions & Acquisition/Divestitures 

Production sold 

Renewal Rate of the Reserves 

Strong efforts in exploration and reserves evaluation 

300 

200 

100 


0 

171

E&P sales breakdown 

100% 

80% 

60% 

40% 

20% 

0% 


Sales portfolio breakdown (% production) 

GDF SUEZ mainly operates concession contracts 

PSC (1) account for approx. 2% of production, this share will grow in the future 

(1) PSC: Production Sharing Contracts 

2004 2005 2006 2007 2008 2009 

Gas contracts based on oil and fuel indexes (gas) Market price NBP-TTF- ZBG (gas) Brent related (oil) PSC contracts 


172

E&P contracts 

The State as franchisor owns the mining rights and the reserves; delegates to a franchisee 

(a company or consortium) its underground exploration and production rights. 

The franchisee: 

• conducts and finances exploration at his own risk 

• in the event of discovery, decides development and production in the legal framework 

of mining rights in the country and finances such 

• receives all of the production and may sell it at market price 

• owns the facilities 

• pays royalties and taxes to the State 

Production sharing contracts (PSC) 

The State is the sole owner of mining rights and reserves. It delegates its rights to the national company, 

which negotiates with a contractor to give value to the reserves. 

• It receives royalties and a portion of the production (its share of profit oil). 

The contractor: 

• conducts and finances exploration at his own risk; 

• when the decision to develop has been taken, conducts and finances development and production; 

• is reimbursed for his expenses (production costs and certain specific exploration and development 

costs) on the basis of a contractual percentage of production revenues after deduction of an annual 

royalty. This portion of production is called cost (recovery) oil. 

• is financially compensated for the risks taken and, if applicable, financial services rendered by a 

contractual percentage of the oil remaining, profit oil, after deduction of cost oil. 

• The national company owns the facilities. 

• It may sometimes participate in development. 


Norway: 78 % of taxable 

revenues (28% on on shore 

activities) 

NL, UK: 50% of 

taxable revenues 

Oil and gas tax rate (1) 

Germany: 

+29 % of taxable 

results, plus 3% 

to 40% royalties 

on revenue 

Service contracts 

The State is the sole owner of mining rights and reserves. 

• The national company is the only entity authorized to operate the field. It negotiates with a contractor to give value to the reserves.. 

The contractor: 

• conducts and finances exploration at his own risk; 

• in the event of the discovery of marketable reserves, conducts and finances development and production for the national company to which he trransfers operatorship 

after several years; 

• is reimbursed by the State for his exploration and production expenses with no interest, and for his development capital expenditures with interest in cash or in 

quantities of production; 

• receives taxable revenues. 

• The contractor does not have any hydrocarbons, but he may sometimes have access to a portion of the production at preferential prices. 

(1) Standard rate for E&P activities. Additional tax benefit can reduce these rates 


173

GDF SUEZ and the LNG value chain 

Directly owned positions 

E&P 


LIQUEFACTION TRANSPORT 

TERMINALS 

• Idku, train 1 (5%) 

• Snøhvit (12%) 

• Atlantic LNG, train 1 (10%) 

• Cameroon (project) 

• Bonaparte LNG(project, 60%) 

LNG carriers owned 

by GDF SUEZ 

• Tellier 

• Matthew 

• GDF SUEZ Global Energy 

• Provalys 

• Gaselys (40%) 

Marketing 

and 

Distribution 

Existing 

• Everett 

• Fos Tonkin 

• Montoir 

• Fos Cavaou (70%) 

• Zeebrugge (42%) 

• Dahej (10%) 

Under construction 

• Neptune 

• GNL Mejillones (50%) 

• Kochi (10%) 

Project under development 

• Triton 


174

GDF SUEZ and the LNG value chain 

Contractual positions at 12/31/09 

SUPPLY TRANSPORT 

REGASIFICATION / SALES 

mtpa: 

• Algeria 7.5 

• Egypt 3.6 

• Nigeria 0.8 (+1.7 (1) ) 

• Norway 0.5 

• Trinidad and T. 1.9 

• Yemen 2.6 

• Cameroon (project) 

• Australia (project) 


GDF SUEZ operates 

16 LNG carriers 

• Average age 8 years 

1 LNG carrier 


(regasification vessel) 

(1) Brass LNG: contract to be finalised (2) Puerto Rico: long-term sales contract 

Marketing 

and 

Distribution 

Europe mtpa: 

• Zeebrugge 1.4 

• Montoir 6.8 

• Fos Tonkin 5.6 

• Fos Cavaou 4.1 

• Huelva 0.4 

• Cartagena 1.2 

• Isle of Grain 2.4 

North America 

• Everett 5 

• Freeport 3 

• Sabine Pass 0.8 

• Puerto Rico (2) 0.5 


175

The LNG carrier fleet 

GDF SUEZ’ LNG fleet 

Ship Name Shipowner 

Existing vessels 


(Chartered for different lengths of time, from a few months up to 20 years) 

Capacity 

(LNG cm) 

Shipbuilder 

Year of 

Delivery 

Operator 

Tellier GDF SUEZ 40 081 La Ciotat (France) 1974 GAZOCEAN 

Matthew GDF SUEZ 126 540 Newport News (USA) 1979 Hoegh LNG 

LNG Lerici LNG Shipping S.p.A (ENI ) 65 300 Italcantieri Sestri (Italy) 1998 Carbofin Energia Trasporti 

BW Suez Boston BW Gas (51%) / Fluxys (49%) 138 000 Daewoo (Korea) 2003 BW Gas 

BW Suez Everett BW Gas 138 000 Daewoo (Korea) 2003 BW Gas 

Lalla Fatma N'soumer Sonatrach / Hyproc / Itochu / MOL 147 200 Kawasaki (Japan) 2004 Hyproc Shipping Company 

Provalys GDF SUEZ 154 500 Atlantique (France) 2006 GAZOCEAN 

GDF SUEZ Global Energy GDF SUEZ 74 130 Atlantique (France) 2006 GAZOCEAN 

Gaselys GDF SUEZ (40%) / NYK (60%) 154 500 Atlantique (France) 2007 GAZOCEAN 

Maran Gas Coronis Maran Gas 145 700 Daewoo (Korea) 2007 Maran Gas 

Grace Cosmos NYK 149 700 Hyundai Heavy Industries (Korea) 2008 NYK Shipmanagement 

Cheikh Bouamama Sonatrach / Hyproc / Itochu / MOL 75 500 Universal Shipbuilding Corp. (Japan) 2008 Hyproc Shipping Company 

BW GDF SUEZ Paris BW Gas 162 400 Daewoo (Korea) 2009 BW Gas 

BW GDF SUEZ Brussels BW Gas 162 400 Daewoo (Korea) 2009 BW Gas 

GDF SUEZ Neptune Hoegh LNG (50%) / MOL (50%) 145 000 (SRV) Samsung (Korea) 2009 Hoegh LNG 

GDF SUEZ Point Fortin Trinity LNG (MOL / Sumitomo / LNG Japan) 154 200 Imabari (Japan) Q1 2010 MOL 

Committed new orders 

GDF SUEZ Cape Ann Hoegh LNG / MOL 145 000 (SRV) Samsung (Korea) Q2 2010 Hoegh LNG 

16 vessels in service and 1 under construction at end February 2010 

GLOBAL GAS & LNG BUSINESS LINE 176

European Key Accounts: a market segment 

hit by economic downturn 

• Large industries’ activity in Europe has been 

slowed down by global economic downturn, 

hence lower energy consumptions 

• Stable gas sales on this segment in 2009 

compared to 2008, despite development 

in new countries 

• Reduction of volumes likely to be more 

severe in 2010 

In TWh (gas activity) 

France (1) 

Other target countries in Europe (1) 

(excl. UK) 

125 123 130 

0 7 5,7 21,9 


132 

Gas sales 

124 

43,2 

123,8 

109,1 

94,7 

68,6 80,1 77,7 

105,9 

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 

(1) Sales in France including municipalities and intragroup sales – Sales in Europe including intragroup sales 

92,9 

94 

106 


177

ENERGY SERVICES BUSINESS LINE 

Business appendices

Revenues and result by Business Units 

BU TBL 

Engineering: 3% 

BU 

International 

South: 13% 

Revenue breakdown 

by Business Units 

BU Power 

& Gas: 3% 

BU International 

North: 9% 

BU Netherlands: 9% 

€13.6bn 


BU France 

Energy 

Services: 25% 

BU Belgium: 12% 

BU France 

Inst. & Rel. 

Serv.: 26% 

Current operating income breakdown 

by geographic zone 

€m 

292 

93 

213 

BUs France BUs Benelux Other BUs 


179

Revenue breakdown by activities 


Energy Services 2009 Revenue 

€13.6bn 

Engineering 

3% 

Installation 

41% 

E&G 

3% 

Services 

53% 


180

Client portfolio of Energy Services 

business line 

Split of 2009 revenue by type of client 

• Gas network 

• Electricity network 

• Transport 

• Airports 


Public services 

• District cooling and heating 

• Municipalities: Paris 

• Ministry of Justice 


32% 

10% 30% 

€13.6bn 

28% 

• Utilities management 

• Industrial maintenance 

• Oil & Gas 

Industry 

• Estate management 

• Shopping malls 

• Facilities management 

• Data center 

Private sector 


181

Recent successes 

IBM (France, Belgium and Luxembourg) 

5-year renewal for the Facility Management contract with extension 

of the cope (e.g. data centers) and an Energy Performance Plan 

GSK (Belgium, France) 

Heating, ventilation and air conditioning installations in Rixensart, 

Saint-Amand-les-Eaux and a 3-year Facility Management contract 

for the ‘service desk’ of GSK Biologicals Belgium 

AREVA (France) 

Heating, ventilation, air conditioning installations and piping 

installations for the 2nd unit of Georges Besse II Nord 

PPP ALSACE HIGH SCHOOLS (France) 

1st Energy Performance Contract for 20 years within a Public Private 

Partnership for the design, financing, construction and management 

of energy equipments for 14 high schools in Alsace 

SATHONAY CAMP (France) 

Public Private Partnership for the design, financing, construction and 

management for 30 years of the future regional gendarmerie center 

in Sathonay-Camp 

DISTRICT LIGHTING BEAUNE AND VALLAURIS (France) 

1 st PPP of District Lighting in Vallauris-Golfe-Juan et 1 er PPP for 15 

years of municipal building illumination in Beaune 

CANCEROPÔLE TOULOUSE (France) 

Heating, ventilation, air conditioning installation and centralised 

technical management of the future University Cancer Clinic 

in Toulouse 


UK OFFSHORE WIND FARM ‘LONDON ARRAY’ (UK) 

Global management of electrical equipments for the offshore 

wind farm to be built in the Thames estuary by 2014. 

NORD REGION ROAD SYSTEM (Netherlands) 

Installation of road equipments for the Nord Region 

in the Netherlands for 5 years 

A-ROSA RESORT (Germany) 

Energy supply, HVAC management and seawater supply 

for the new luxury hotel on the Sylt island 

PASTIFICIO ANTONIO AMATO (Italy) 

Trigeneration (2,5 MW) et photovoltaic installation (1200 m²) 

on the Salerne food factory 

UNIVERSITY OF CATANE (Sicily) 

Power supply and technical management of photovoltaic 

systems for 78 hospital buildings (20-year contract) 

ELECTRICTY AND GAS CONCESSION (Monaco) 

20-year renewal for the public service delegation contract 

for the power and gas supply in Monaco 

NUCLEAR PLANT SITE SURVEY (Jordan) 

Site selection survey for the Jordan Atomic Energy 

Commission for the construction of a new nuclear power 

plant

2009 - GDF Suez

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