GDF SUEZ (GDSZF.PK, GDFZY.PK) reported that its EBITDA for the first-quarter of 2015 was 3.557 billion euros, down 10.4% on a gross basis and down 13.0% on an organic basis compared to last year.
As for revenues, first quarter EBITDA has been penalized by the impact from the drop in oil and gas price on exploration-production activities and on LNG sales, by the unavailability of Doel 3 and Tihange 2 nuclear plants, in part compensated by a favorable impact from foreign exchange. These evolutions are in line with the Group's annual forecast, as the unfavorable events should weigh more on the first semester.
Current operating income reached 2.385 billion euros, down 17.2% on a gross basis and down 19.7% on an organic basis compared to last year.
Revenues for the quarter were 22.07 billion euros, down 3.0% on a gross basis and down 5.9% on an organic basis. This decrease was notably due to the drop in commodity price and the unavailability of Doel 3 and Tihange 2 nuclear plants, despite a more favorable weather compared to the first quarter of 2014.
The restart of Doel 3/Tihange 2 are expected on July 1st, commodity price very high on first semester 2014, strong LNG arbitrage activity on first quarter and progressive ramp-up of quick reaction plan over 2015.
The Group confirms its 2015 financial targets.
Net Recurring Income Group share is expected between 3.0 billion euros and 3.3 billion euros, at average weather and assuming no significant regulatory changes. This target is based on estimated EBITDA and COI respectively between 11.7 billion euros and 12.3 billion euros and 6.8 billion euros and 7.4 billion euros; a 2015 dividend with a 65%-75% payout, with a minimum of 1 euro per share, payable in cash.
For comments and feedback contact: editorial@rttnews.com
Business News