GDF Suez SA has reported sales revenues of €25.6bn for the first quarter of 2009, up 11.7% from €22.9bn in the same quarter 2008.
It has also reported EBITDA of €5.3bn for the first quarter of 2009, up 14.7%, compared with the EBITDA of €4.6bn last year.
The Group’s growth in EBITDA in the first quarter of 2009 was mainly due the sharp fluctuation in fuel prices and operational performance which includes energy sales, good availability level at the Group’s nuclear plants and a positive contribution from Infrastructures, the company said.
Net debt amounted to €27.8bn to the end of March 2009, improving over the €28.9bn posted on 31 December, 2008. Operating cash flow largely covered the Group’s net investment of €1.8bn. This includes the €800m proceeds from disposals, in particular the sale of SPE for €600m and the sale of 250MW nuclear drawing rights to SPE.
Electricity sales in the Netherlands fell by €22m and 0.6 TWh. This change primarily reflected the increase in the distributors segment (+€41m) and a decrease in sales on the wholesale market (€60m, or -0.9 TWh). The industrial customers segment experienced a 0.3 TWh decrease, partially offset by higher prices.
Electricity sales in Germany increased by €16m compared to 2008, without any change in volumes.
The decrease in volumes sold to medium-sized companies and key accounts (-0.3 TWh) was offset by an increase in sales on the wholesale market and to distributors.
By staff writer.