A year after these commitments are at a standstillIts referents and its history are not mutualAnd Havas as Publicis group continue to fearThe main character of the kindly ones is a homosexualin a way that it can not be open to criticism5 for sports betting and horse betting and 2 for pokerStack he won face it is the taxpayer who loses his shirtThe meeting yesterday of the Board of Directors of Accor finally gave rise to a crisis summit with double result the explosion of the said Council and the appointment of a new President in the person of Gilles Pélisson Director General of theToday the context has changed profoundlyRemains to hope that the painting will holdOn the occasion of the publication of its results 2008, GDF Suez has offset its financial targets for one year, while seeking to strengthen its liquidity. French energy giant abandoned its goal of identifying a gross operating income before amortization and exceptional charges (Ebitda) of EUR 17 billion in 2010, and is now 17-18 billion euros, but in 2011. This objective enough, with an average price of a barrel of brent to 62 dollars in 2011, and a price of electricity to 54 EUR / MWh.
GDF Suez also put an end to its 1 billion share buyback plan announced in September, after it to 43. Finally, the French group will accelerate the implementation of its plan of performance "efficio", to save 1.8 billion per year by 2011. These measures were rather well received by investors. The action grew 2.80 yesterday at the close, to 24,20 EUR, in a market down 3.96. In fact, the group released results 2008 very solid in the current context. GDF Suez has benefited from the quasi-doublement of the price of gas in Europe last year while releasing comfortable profits in trading of liquefied natural gas (LNG). Total gross operating income was EUR 13.9 billion, an increase of 10.7.
In 2009, the decline in the price of oil and gas will nevertheless impact on exploration-production and sale of LNG activities. The Group expects a decrease in the contribution of the "Global Gas & LNG" branch approximately 1.5 billion euros this year. In France, the decline in the price of gas in April will have heavy consequences on the pole distribution. "We believe that this activity will be just the balance in 2009," explained the President and CEO of GDF Suez, Gérard Mestrallet.
In this context, the Group sought to emphasize the weight of its activities regulated and trades in recurring revenues as energy services. According to GDF Suez, the evolution of gas and electricity prices affect less than one-third of its gross operating income. "We also have a hedging policy of the margins of power that protects us from fluctuations," said Jean-François Cirelli, Vice President of GDF Suez. These margins are now covered more than 90 in 2009, and more than 60 by 2010. The exploration-production of gas remains however very exposed. The group uses only "minor or" not of methods of coverage on this segment, as the major oil groups.
A very solid balance sheet
Of the diversity of its activities, GDF Suez is a 2009 Ebitda "in progress" from last year. The group is the advantage to grow through 12 billion of investments made in 2008. The impact on profits will be gradual but guaranteed. "Last year, the investment is contributed to the Ebita for less than 400 million euros", said Gerard Mestrallet. Finally, the Group has a strong balance sheet, after the placement of nearly 10 billion euros of bonds since the month of October. Its debt ratio rises to 46 and the average duration of the debt rose from 5 to 8 years. What attract the interest of investors in the current environment.
