A Global Energy Player
May 2015
Strong leadership positions
2
POWER
• #1 Independent Power
Producer (IPP) in the world:
#1 in the Gulf States, in Brazil
and in Thailand, #2 in Peru,
#3 in Chile
• Generation: #1 in Belgium,
in France: #1 in wind and
#2 in hydro
• Power production capacity(1) :
115 GW installed,
~60% outside Europe
10 GW under construction,
~95% in fast growing markets
GAS
• #1 supplier of B2B energy
efficiency services in the world
#1 in France, Belgium,
Netherlands, Italy
• 230 urban heating and cooling
networks operated worldwide
• ~100,000 employees worldwide SERVICES
• #1 LNG importer in Europe,
#3 largest LNG supply portfolio
worldwide
• #3 seller of natural gas in Europe
• #1 distribution, #2 transmission
network in Europe
• #2 LNG terminal operator
in Europe
• #1 in storage capacity in Europe
(1) At 100% as of 12/31/2014
(2) Excluding restructuring costs, MtM, impairment, disposals, other non recurring items and associated tax impact and nuclear contribution in Belgium
(3) Cash Flow From Operations (CFFO) = Free Cash Flow before Maintenance Capex
(4) Net Capex = gross Capex - disposals; (cash and net debt scope)
(5) Including interim dividend of €0.50/share paid in October 2014
(6) S&P / Moody’s LT ratings with stable outlook
26%
7%
2
In €bn 2014
REVENUES 74.7
EBITDA 12.1
NET RECURRING INCOME
GROUP SHARE(2) 3.1
CFFO(3) 7.9
NETCAPEX(4) 3.9
DIVIDEND(5) €1/share
NET DEBT / EBITDA 2.3x
RATING(6) A / A1
Operations in ~70 countries
152,900 employees
2014 Key Figures
Well balanced business model with global reach
3
(1) Including Others: €-224m
7%
2014
EBITDA
€12.1bn(1)
30% Energy International
9% Energy Services
16% Energy Europe
26% Infrastructures
18% Global Gas
& LNG
ENERGY INTERNATIONAL
• Power generation
• Sale of natural gas and power
• Gas and LNG infrastructures
• 5 business areas: Latin America, North America, UK &
Turkey, SAMEA (South Asia, Middle East & Africa) and
Asia-Pacific
ENERGY EUROPE
• Power generation
• Sale of natural gas and power
• Energy management (gas supply, asset
optimization, risk management) and trading
• Exploration & production
• LNG portfolio management
GLOBAL GAS & LNG
GAS INFRASTRUCTURES
• Regulated activities:
• Natural gas transmission networks
• Gas distribution network in France
• LNG terminals in France
• Storage activities in and outside France
ENERGY SERVICES
• Engineering
• Installations (mechanical and electrical installation,
heating, ventilation, air-conditioning and systems
integration)
• Services (maintenance, district cooling / heating
networks, facility management and services integration)
3
Be the benchmark
energy player
in fast growing markets
Strategy of a global energy player
• Leverage on strong positions in IPP
• Develop our presence around
the gas value chain
• Grow energy services leadership
positions internationally
• Be the Energy Partner of choice for our
customers while promoting energy efficiency
• Be a vector of decarbonization
through renewable energy
• New businesses / digitalization
Strong ambition to create value
from the worldwide energy transition
Be leader
in the energy transition
in Europe
4
Kathu concentrated
solar project
Onshore LNG
storage tank
Thermal power
plant
TEN transmission
line
Major cooperation agreement
with Beijing Enterprise Group
Major cooperation MOU with Shenergy
CCHP project in Sichuan
Major successes fueling future growth
Services
Gas & LNG
Power(1)
1st long term LNG sales to Japan
1st long term LNG sales to Taiwan
Ecova
acquisition
West Coast Energy acquisition
Cofely UK signs £300m IFM contract
Official opening of the Stublach gas storage facility
MoU with Turkish government
Uch II
gas plant
Cameron LNG
RES capacity
Trairi wind farm
Jirau 24 turbines
535 MW in New Energy
Auction
2 offshore wind farms (2x500MW)
Solar >100MW installed & 10 projects awarded
1000th LNG truck loading in Europe
Partnership with RATP to develop biogas buses
1st production from Amstel, H North & Gudrun fields (North Sea)
LNG Bunkering
SMP Pte Ltd acquisition
Keppel FMO acquisition
Lahmeyer acquisition
Facility management framework agreement with Alstom
H.G.S GmbH acquisition
Wilhelmshaven thermal plant
Ramones II
Award of “sustainable city simulator”
project Astainable® for Astana city
Mirfa PWPA signing
IPO of
Barka 3/Sohar 2 Feasibility study for LNG terminal
Tarfaya
wind farm
Safi power
project
Rotterdam thermal plant
Acquisition of a stake in
a facility management company
4.3 GW capacity commissioned in 2014 10.5 GW under construction including 4.4 GW of projects added in 2014
Chartering of world’s
largest FSRU
(1) Power capacity
figures at 100%
5
• Highly diversified supply and sales portfolio
~1,300 TWh managed yearly
16 mtpa LNG portfolio
759 mboe 2P reserves (75% gas, 25% oil & liquids)
Balanced sales portfolio
• Strong positions in gas infrastructures
€23bn RAB in France (distribution, transmission,
LNG terminals), 4-year period tariffs
14 bcm of storage capacity in Europe
14.0
14.7 14.7
1.0 1.0 1.0 1.1
0.6 0.7 0.7 0.8
12 000 12 200 12 400 12 600 12 800 13 000 13 200 13 400 13 600 13 800 14 000 14 200 14 400 14 600 14 800 15 000
2008 2012 2013 2014
Revenues
EBITDA
EBIT
5.0%
EBIT
margin
15.7
Building on good quality assets portfolio
6
Diversified portfolio along the GAS value chain Resilient contribution from ENERGY SERVICES in tough economic environment
Short-term/uncontracted
Long-term contracted
Power capacity by status:
LATIN AMERICA
ASIA-PACIFIC
14 GW
26 GW 12 GW
SAMEA
~90% long-term contracted
in fast growing markets(1)
(1) Long-term contracted: portion of operational capacity contracted for more than 3 years; based on capacity at 100% as of 12/31/2014 (2) including pumped storage
15%
85% 99%
38%
62%
Installed capacity at 100% as of 12/31/2014
Renewables(2)
Leadership positions in POWER with largely contracted portfolio
EUROPE
1%
48 GW
43%
21%
12%
24% Gas
Other
Nuclear
NORTH AMERICA
13 GW 77%
7%
16%
>90% low CO2
~80% low CO2
6
in €bn
Z
7
Resilient business portfolio
Infrastructures with guaranteed returns
Gas storage in France (minimal contribution)
and LT contracts in Germany
Power generation
in Latin America (PPA contracts in Brazil,
contracted power price indexed to inflation),
SAMEA, Asia
LNG: Medium term sales agreements
with major Asian players
Services: Public Private Partnerships
and long contract durations
Power generation
in Continental Europe, UK,
North America, Australia
E&P
LNG
Flexible fleet of tankers
Gas storage in France
(merchant capacity)
MERCHANT/UPSTREAM CONTRACTED/REGULATED
Strong & increasing share of regulated / contracted activities
Progressive
hedging
~45% ~55% EBITDA
2014
Regulated/contracted activities Merchant activities
7
2.5
2.2 2.3
Dec 12 Dec 13 Dec 14
36.6
28.8 27.5 4.18%
3.40% 3.14%
0
10
20
30
40
2,5
3
3,5
4
4,5
5
Net debt Cost of gross debt
Dec 14 Dec 12(1) Dec 13
-
1 000 000 000
2 000 000 000
3 000 000 000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ≥2027
Strong balance sheet actively optimized
Sound balance sheet structure in €bn
ACTIVE LIABILITY MANAGEMENT
A well spread-out corporate bonds maturity profile in €bn
CONTINUOUS DECREASE IN COST OF GROSS DEBT
• Early refinancing of €5bn revolving
credit facility
• Largest corporate green bond of €2.5bn
at an historic low coupon at 1.9%
• New hybrid bond issue for €2bn
strengthening the balance sheet
at a very low coupon of 3.4%
• Buy-back of €1.9bn of debt
with an average coupon of 3.8%
Net debt/EBITDA ≤ 2.5x
(1)
(1) Proforma equity consolidation of SUEZ Environnement but excluding impact of IFRS 10/11
0
1
2
3 Average bonds redemption (2015-25) €1.7bn per year
Average net debt maturity 9.1 years
8
43%
15%
9%
12%
10% 11%
Perform: NRIgs target achieved one year in advance
€0.1bn
~€0.5bn
2012 2013 2014 2015
>€1bn
in €bn Cumulated 2012-2014 2014
EBITDA (gross) 2.6 OPEX 2.0
0.9 OPEX 0.7
Others 0.6 Others 0.2
Fixed cost drift (1.3) (0.2)
EBITDA (net, estimated) 1.3 0.7
Below EBITDA 0.2 Obj. 2015 achieved
Estimated NRIgs 0.9 0.4
Capex and WCR optimization 1.5 Obj. 2015 achieved
Program status at end 2014
• OPEX target fully on track, while all remaining performance levers have achieved targets by 2014
• Significant achievements in 2014:
Optimization of power generation assets in Europe
Introduction of mobile technologies to optimize planning activities within Cofely Services
Creation of the Direction for Shared Service Centers across all business lines
Additional levers in 2015
• Further focus on OPEX notably in Europe (staff and other costs) and Procurement
• Implementation of operational action plans developed in 2014 to drive performance and support
strategy implementation
Beyond 2015
• Perform 2015 has created a framework for driving operational performance
~€0.9bn
€0.9bn reached at end 2014
(vs initial target end 2015)
CUMULATIVE IMPACT ON NRIgs
The success of Perform 2015 has created a sustainable and systematic
momentum for monitoring operational performance
Gross EBITDA
contribution 2014
PERFORM CONTRIBUTIONS
ENERGY EUROPE
ENERGY
INTERNATIONAL
GLOBAL
GAS
& LNG
INFRA-
STRUCTURES
ENERGY
SERVICES CORPORATE
€0.9bn
9
Exposure to commodity price and quick reaction plan
EXPOSURE TO COMMODITY PRICE EBITDA 2014 BY BUSINESS LINE
BI
BES
BEE
BEI
B3G
E&P LNG Supply, Sales & Midstream Power Merchant Non sensitive to commo
2.2
3.7
2.0
1.1
3.3
ENERGY
SERVICES
INFRA-
STRUCTURES
ENERGY
INTERNATIONAL
ENERGY
EUROPE
GLOBAL
GAS & LNG
EBITDA
(0.9)
NRIgs
(0.35)
Progressive hedging of gas and power production
ACTIONS ON OPEX
EBITDA impact
+€0.25bn/year over 2015 & 2016
• Further actions on SG&A across the Group
• Detailed review & optimization of operating
costs (mainly in E&P and Energy Europe)
• Reinforce synergies between businesses
ACTIONS ON CAPEX
• Reduce E&P Capex
Capex cut of €0.4bn over 2015-16
• Adapt timing in M&A ambitions
Shift of M&A capex resulting in €1.6bn savings over 2015-16
QUICK REACTION PLAN
IMPACT OF DROP IN OIL & GAS PRICE IN 2015 VS 2014, TOTAL GROUP (in €bn)
10
Cash equation preserved by the “Quick Reaction Plan”
Maintenance Capex
Dividends to minorities
Dividends
Hybrids coupon
CFFO
B/S flexibility incl. hybrid 2014
Growth Capex including M&A
Disposals
Sources Uses
~2-3
~6-7
~1.0
~9.0
0.15
0.75
≥2.4
2.5
Dividend policy: payout ratio of 65-75% with a minimum of €1 per share
CFFO
to increase over
2014-2016
Large net Capex
program
of €6-7bn
B/S optimization
offering flexibility
Net debt /
EBITDA ≤2.5x
Quick Reaction Plan (P&L, CAPEX)
&
CASH EQUATION 2014-16 AVERAGE ANNUAL AMOUNTS
11
Capex program designed to seize growth opportunities
13%
27%
29%
22%
• GRTgaz including Arc de
Dierrey (France)
• GrDF (France)
• Storage GLOBAL GAS & LNG
ENERGY INTERNATIONAL ENERGY SERVICES
INFRASTRUCTURES
€4.0bn
growth Capex
excluding M&A
in 2014
Over 2014-2016: ~€6-7bn/year of growth CAPEX including M&A(1)
8%
ENERGY EUROPE
• Tarfaya (Morocco)
• Quitaracsa, Nodo energetico
(Peru)
• Meenakshi (India)
• Jirau, Trairi, Santa Monica,
Ferrari (Brazil)
• Laja, GNLM (Chile)
• Rantau Depap (Indonesia)
• Los Ramones, Mayakan
(Mexico)
• …
• Energy efficiency projects
( heating/cooling networks,
biomass…)
• Renewable projects
• …
• Cygnus & Juliet (UK)
• Jangkrik (Indonesia)
• Amstel, Orca (NL)
• E&P in Norway, Germany
• Touat (Algeria)
• ...
(1) yearly average including the Quick Reaction Plan on Capex: Capex cut of €0.4bn over 2015-2016 shift of M&A Capex (€1.6bn saving over 2015-16)
€1.1bn
€1.1bn
€0.3bn
€0.9bn
€0.5bn
€0.6bn of M&A
including Ecova, Lahmeyer, Lend Lease UK
Strict and selective approach: project IRR > project WACC + 200bps
2014 growth CAPEX allocation
12
2.4 / 1.1
7.6 / 2.9 10.1 / 4.0
11.9 / 4.8
2015 2016 ≥ 2017 Including under advanced
development
52
59-63
2013 2014 2015 2016
55.5
Strong industrial ambition supported by growth Capex pipeline
Expected commissioning of additional capacity in GW at 100% / in net ownership
• LNG portfolio from 16mtpa (2013)
to 20mtpa (2020)
• Increase LNG sales to premium markets
• Potential selective acquisitions
GLOBAL GAS & LNG
E&P production in mboe
GAS INFRASTRUCTURES
+25%
• steady growth of €23bn RAB (France)
• Storage: to stabilize after low point in 2014
ENERGY INTERNATIONAL ENERGY SERVICES
Capacity under construction at end 2014 (4)
58
+3.5%(1)
ENERGY EUROPE
• RES capacity to be commissioned by 2017(2)
1.5 GW end 2014
• New target for Europe,
from 8 to16 GW(3)
≥2 GW
• Revenues organic growth =
• Reach EBIT/Revenues ≥ 5% in 2016:
5% in 2014
• Selective acquisitions in targeted markets:
Lahmeyer, Ecova, Keppel FMO
GDP growth +2%
• Selective acquisitions: Meenakshi end 2013
(1) CAGR over 2013-2016 (2) Over 2011-2017 at 100% (3) At 100% 8 GW installed end H1 2014 in Europe, excluding Energy Services business line
(4) Exclusive negotiations / preferred bidder or Investment Note approved by the Business Line Commitment Committee
x2 by 2025
+15%
13
Recent investments delivering attractive returns Mid-life ROCE analysis
14
Projects with COD between 2011 and 2013
Mid-life
ROCE
Thermal Renewables E&P Total
Capital
employed
(€bn)
Weighted
average
ENERGY INTERNATIONAL 13 2 15 4.5 15%
ENERGY EUROPE 4 7 11 2.4 10%
GLOBAL GAS & LNG 4 4 1.3 27%
INFRASTRUCTURES 4 6.5 7%
ENERGY SERVICES 2 0.4 20%
TOTAL 17 9 4 36 15.1 12%
Mid-life ROCE corresponds to: • Average actual NOPAT (2011-2014)
• Capital Employed at COD divided by 2
European merchant
9%
Regulated infrastructures
7%
Growth platforms
18%
Mid-life ROCE
97
FY2013 FY2014
27
22 21 22
2013 2014 2015e 2016e
26
2014 2015 2016
2014 2015 2016
2014 2015 2016
Energy merchant
activities in Europe
Growth platforms(3)
Regulated French
gas infrastructures(2)
Resilient medium term growth outlook despite drop in oil/gas price
15
D3 / T2 restart on July 1st 2015
2016: 50% remaining CWE outright
volumes to be hedged at ~41€/MWh
STEADY & PREDICTABLE CASH FLOWS
• Distribution
• Transmission
• LNG terminals
COI profile(1)
• Energy International(4)
• Global Gas & LNG
• Energy Services
RESILIENT GROWTH PERSPECTIVES
+
~3-4% CAGR
Net Recurring Income group share to increase 2016 onwards
COI profile(1)
COI profile(1)
LANDING OVER 2015-16 • Outright Europe
Portfolio risks well balanced
+
• Energy Europe
• UK-Turkey
• Gas storage • Drop in oil/gas price
~5-7% CAGR
(5)
(5)
(1) COI after share in net income of entities accounted for using the equity method. Targets
assume average weather conditions in France, full pass through of supply costs in French
regulated gas tariffs, restart of Doel 3 and Tihange 2 as of July 1st 2015, no significant
regulatory and macro economic changes, commodity prices assumptions based on
market conditions as of end of December 31, 2014 for the non-hedged part of the
production, and average foreign exchange rates as follow for 2015: €/$: 1.22, €/BRL: 3.23
(2) Infrastructures business line excluding gas storage
(3) Including Others
(4) Excluding UK-Turkey
(5) Adjusted for weather impact in France
• 5-7% based on 31/12/14
forwards ($67/bbl, €22/MWh)
• 8-10% prior to oil/gas price drop
($100/bbl, €26/MWh)
Brent in $/bbl (forward 31/12/14)
NBP in €/MWh, 2-3 year hedging (forward 31/12/14)
~-31%
UPDATED ASSUMPTIONS
€1.7bn
€1.8bn
€4.0bn
109
100
60 67
2013 2014 2015e 2016e
~-19%
Publication of the first Integrated Report in 2014
ENGIE integrated in the 4 Euronext Vigeo indices
<4
3%
>66%
25%
100%
68%
72%
22%
4.1
3.2%
Environmental and Social targets well on-track
16
(1) Emission ratio per power and energy production: 434 kgCO2eq/MWh in 2014 vs 443 kgCO2eq/MWh in 2012 excluding SUEZ Environnement
(2) At 100% 8 GW installed end H1 2014 in Europe, excluding Energy Services business line
Decrease in CO2 specific
emissions vs 2012
Selective development
in renewables
2,435 MW COD in 2014
of which Europe ~400 MW
New target RES for Europe x2 by 2025,
from 8 to16 GW(2)
€2.5bn Green Bond: the highest corporate amount
to date (projects eligibility based on Vigeo assessment)
Addressing risks linked to climate change
Support for a global carbon pricing
and carbon markets improvements
Promotion of innovative Climate friendly solutions
Involvement in the COP21 preparation (Paris 2015)
Health & Safety frequency rate
improved continuously,
7% reduction vs. 2013
2015 targets
2014 Targets
+50% (2015) +42%
-10% (2020)(1) -2%
installed capacity increase vs. 2009
Fighting against
climate change
Biodiversity % of sensitive sites in the EU
with a biodiversity action plan
Diversity % of women
in managerial staff
Training % of employees
trained each year
Employee
shareholding % of Group’s capital held
2014
Conclusion
17
Financial targets 2014-16
— Net Capex(4): €6-7bn yearly average
— Net debt/EBITDA ≤2.5x and “A” category rating
— Dividend: payout ratio(5) of 65-75% with a minimum of €1 per share
(1) Targets assume average weather conditions in France, full pass through of supply
costs in French regulated gas tariffs, restart of Doel 3 and Tihange 2 as of
November 1st 2015, no significant regulatory and macro economic changes,
commodity prices assumptions based on market conditions as of end of December
31, 2014 for the non-hedged part of the production, and average foreign exchange
rates as follow for 2015: €/$: 1.22, €/BRL: 3.23
(2) Excluding restructuring costs, MtM, impairment, disposals, other non recurring
items and associated tax impact and nuclear contribution in Belgium
(3) After share in net income of entities accounted for using the equity method
(4) Net Capex = gross Capex - disposals; (cash and net debt scope)
(5) Based on Net Recurring Income group share
Quick reaction plan to oil/gas price drop enabling resilient 2015 earnings(1)
— Net Recurring Income group share(2): €2.85-3.15bn
— Indicative EBITDA of €11.55-12.15bn / COI(3) of €6.65-7.25bn
Well anticipated top management succession
Confirmation of business model relevance
A Global Energy Player
Appendices
May 2015
Energy transition is the key challenge for our industry, worldwide
Solutions are now available to reconcile “energy for all” and “environmental
sustainability”
A much more decentralized energy world
ENGIE: an energy architect for countries, regions, cities, businesses, customers
ENTERPRISE PROJECT TO TACKLE THE ENERGY TRANSITION
By integrating ourselves into local
ecosystems
By being flexible and reactive
By anticipating and leveraging
technological changes
By digitizing solutions
By developing both centralized and
large scale infrastructures but also
downstream solutions for our different
types of clients
CLIENT-ORIENTED INNOVATIVE
19
New organization: “ENGIE Network”
‒ More decentralized structure with 24 BUs mostly based on a geographic principle
‒ 5 Lines of Business supporting the BUs and animating ENGIE Network
Effort on leadership development (to promote innovation and entrepreneurship)
Business initiatives to boost development (partnerships, acquisitions, new
business incubation)
New organization effective early 2016. No change in financial reporting before
full year 2015 results
ENTERPRISE PROJECT TO ACCELERATE TRANSFORMATION & GROWTH
More entrepreneurial, more innovative, more flexible and more
responsive with a direct link between HQ and BUs
Solutions for residentials
and professional
Solutions for businesses
Gas chain
Decentralized solutions
for cities and regions
Centralized production
of renewable
and thermal energy
20
Energy International Accelerating growth in emerging markets through IPP and gas infrastructure
21
2014
Installed capacity(2) 74 GW
Capacity installed outside Europe(2) 65 GW
Total gas sales 80 TWh
Gas sales outside Europe 45 TWh
Activities
• Power generation
• LNG import and regasification
• Gas distribution, transportation
• Power and gas retail, sales and
trading
• Desalinated water production
Key Characteristics
• World leading Independent Power
Producer with high quality asset
portfolio
• Strong position in fast growing
markets
• Significant pipeline of projects
under construction/development
• Most of the capacity under
construction contracted on a long-
term basis (1) including share in net income of associates
(2) At 100%, as of 12/31/2014 (3) exclusive negotiations/preferred bidder or Investment Note approved by the Business Line Commitment Committee
Estreito (Brazil)
• 10.1 GW under construction(2)
• ~1.8 GW under advanced development(2,3)
• Gas and LNG infrastructure development
projects
• Selective acquisitions
OUTLOOK
~100% in
fast growing markets
€3.7bn 30%
2014
EBITDA
COI(1): €2.7bn
21
(1) COI including share in net income of associates
Energy International Strongly positioned to benefit from attractive growth opportunities
22
Generation LNG/Gas Retail Water desalination
High demand growth
Strong regional experience €1.3bn EBITDA €1.0bn COI(1)
LATIN AMERICA
Short-term/uncontracted Long-term
15%
85%
Power capacity by status:
14GW
Merchant market recovery
“System play” approach €1.0bn EBITDA €0.7bn COI(1)
NORTH AMERICA
81%
19%
13GW
Asia: high demand growth
Strong regional experience
Australia: merchant market recovery
Scale player
€0.9bn EBITDA €0.6bn COI(1)
ASIA-PACIFIC
62%
38%
12GW
Strong power and water demand growth
Extensive regional experience €0.3bn EBITDA €0.3bn COI(1)
SOUTH ASIA, MIDDLE EAST
& AFRICA
1%
99%
26GW
Merchant market recovery
C&I retail business €0.4bn EBITDA €0.3bn COI(1)
8GW
UK & TURKEY
82%
18%
22
Energy Europe Integration and optimization of our European energy activities
23
Activities
• Power generation
• Sale of natural gas
(regulated & unregulated)
• Sale of power
• Energy management (gas
supply, asset optimization, risk
management) and trading
Key Characteristics
• Diversified energy mix
• Among the lowest CO2 emission
producer in Europe
• Strong presence in generation
in CWE
• No greenfield development in
merchant thermal on CWE
• Ability to mitigate gas to oil spread
impact
• Large sales portfolio
2014
Installed capacity 40 GW(2)
Capacity under construction 0.4 GW(2)
Gas sales 606 TWh
Customers (# of contracts) 22 million
(1) And other €(0.1)bn (2) At 100%, as of 12/31/2014
Herdersbrug (Belgium)
• Selective development in renewables: 2GW to
be commissioned over 2011-2017
• Nuclear and hydro expertise, 3-year rolling hedging policy
• Continuous review of the generation fleet
• Magritte initiative
OUTLOOK
€2.0bn
16% 2014
EBITDA
29%
Energy Europe EBITDA breakdown
71%
Central Western Europe(1)
including:
- France €0.6bn
- Benelux & Germany €0.8bn
Southern & Eastern Europe
23
Outright power generation in Europe Nuclear & hydro
As of 12/31/2014
France, Belgium without D1/2 extension
+/- €1/MWh in achieved price
n ca. +/- €50-57m EBITDA impact before hedging
3-year rolling hedging policy
CWE outright: forward prices and hedges
(1) 2015-2017 estimates excluding D1/D2 extension
CWE outright: EBITDA price sensitivity
France
~45%
Belgium
~55% ~50-57
TWh/year(1)
52 47
42 43 43
2013 2014 2015 2016 2017
Hedges: prices & volumes
(in €/MWh)
100%
100%
~85% ~50%
~25%
3-year rolling hedging policy
35
40
45
50
55
60
65
Cal13
Cal14
Cal15
Cal16
Cal17 Forward outright prices Belgium baseload
€52/MWh
€47/MWh
€42/MWh
€43/MWh
€/MWh
24
Update on Belgian situation
25
• Government decision (Dec 2014)
to extend by 10 years D1/2
• Extension subject to FANC(2)
authorization and amendment of
phase-out law
• 10-year extension decided
in November 2013 and
concluded in March 2014
• €0.6bn (2012-2019) Capex
to be shared with EDF at 50/50
• €0.16bn spent as of end of
December 2014 (@ 100%)
• Subject to FANC decision, restart expected on November 1st 2015
Outage impact is €40m per month on average for the 2 units(4)
• Final tests results and analysis have been submitted to FANC,
including additional irradiation tests, detailed methodology of the tests
• D4 restarted on December 19th 2014 (not subject to FANC decision)
• Optimization of maintenance planning in order
to promote best availability (T1, T3, D4) during winter
• 2014 net nuclear contribution paid by Electrabel was €397m
• Complaint submitted to the European Commission in September
2014 qualifying the nuclear contribution as “State Aid”
• CREG’s recent assessment of 2014 profits from nuclear
activities in Belgium (€435m) confirms that contribution is
confiscatory Operation Unavailable
(1) Excluding EON swap (2) Federal Agency for Nuclear Control (3) 10 year extension currently in negotiation (4) EBITDA, NRIgs
Nuclear
capacity MW
ENGIE
ownership
End of
operations
Doel 1 433 100% 15/2/2015(3)
Doel 2 433 100% 1/12/2015(3)
Doel 3 1,006 90% 1/10/2022
Doel 4 1,039 90% 1/7/2025
Tihange 1 962 50% 1/10/2025
Tihange 2 1,008 90% 1/2/2023
Tihange 3 1,046 90% 1/9/2025
Total 5,927 85%(1)
Security of supply
T1
D3/T2
D4
D1/2
Nuclear contribution
50%
EDF
10%
EDF Luminus
100%
Electrabel
Discussions with government are on-going and Group decision will
be based on nuclear contribution renegotiation for the whole fleet
Global Gas & LNG Successful growth strategy in upstream natural gas & LNG
26
• Exploration / Production(1)
- Operations in 17 countries
- 343 licenses o/w 56% operated
- 2P reserves: 759 Mboe
- Production: 55.5 Mboe (gas:
67%, oil & other liquids: 33%)
• LNG: Supply, transport, LT
regasification and sales
• Liquefaction projects: Cameron
LNG, Cameroon
• E&P to support supply of other Group’s activities: power generation, gas and LNG supply and infrastructures
• E&P is a natural hedge to midstream
• LNG represents ~30% of the Group’s long term gas supply
• Strategic Partnership with CIC (30% stake in E&P)
2014
Hydrocarbon production 55.5 Mboe
“Proven and Probable” reserves 759 Mboe
LNG sales to third parties 119 TWh
Total LNG supply portfolio 16 mtpa
Number of LNG vessels 14
Key Characteristics Activities
• E&P production target (Mboe)
2015: ~58, 2016: 59-63
• LNG supply portfolio to increase to 20
mtpa in 2020 vs. 16 mtpa in 2013
• Increase LNG sales to premium
markets
• Potential selective acquisitions
Gjøa platform
OUTLOOK
(1) As of 12/31/2014
€2.2bn 18%
2014
EBITDA
26
LNG value chain
~+4% growth in demand mainly in Asia(1)
Increase external sales
Regional prices spreads expected to decrease
but should remain / cyclical business
Develop medium/long term sales
Diversify supply sources: portfolio, own flexible
volumes, spot/trading, new suppliers
Reduced volatility
Increase visibility on earnings
through investments on liquefaction
2014
€1bn Infrastructures
& GTT
• Infrastructures
Europe
• Infrastructures
International
• GTT
Supply & Sales
• Supply & sales:
• Global Gas
& LNG / LNG
• Energy International
/ US LNG
• Energy Europe / CWE
• Supply: Global Gas & LNG
/ E&P / Snøhvit
Growth in supply and external sales with flexible
own LNG backed by MT/LT sales opportunities
Existing markets
~25%
New markets
~75%
mainly in
Asia, Middle East
Volu
mes in m
tpa
10 6
7 1
10
2000
13
20
2020 2014
• Flexible LNG supply & fleet
• Projects to access flexible LNG, notably with US
gas exports as from 2018
• Strong experience in supply contracts
management and diversified portfolio
• Global marketing skills
• Backlog of medium/long term sales contracts
Key advantages to seize growth opportunities
while facing the upcoming new LNG supplies
~60% ~40%
(1) CAGR over 2025 vs. 2013, source CERA Rivalry, October 2014
Our competitive advantages
LNG strategy TOTAL LNG EBITDA
27
Infrastructures Secured cash flows, visibility and steady growth
28
Key Characteristics
• Growing infrastructure needs in
Europe
• Attractive RAB return rate (6-10.5%)
• 4-year regulation period
• ~€2.9bn investments with visibility
on returns over 2015-2016 for
regulated gas infrastructures(4)
• Strategic partnership with CNP / CDC (25% stake in GRTgaz transmission network)
2014
Gas distributed 260 TWh
Storage capacity sold 99 TWh(1)
Distribution RAB(2)
Remuneration €14.3bn
6.0 %
Transmission RAB(2)
Remuneration €7.2bn
6.5 – 9.5%
LNG Terminals RAB(2)
Remuneration €1.2bn
8.5 – 10.5%
(1) Of which 78 TWh in France (2) Regulated Asset Base as of 01/01 (3) CAGR over 2013-2016 in France
(4) Indicative RAB investments in tariffs (distribution, transport, LNG terminals) in France
Distribution
France
Transmission
Storage
LNG terminals
€3.3bn
26% 33%
14%
46%
7%
Fos Tonkin (France)
2014
EBITDA
• ~ +3.5% steady growth of ~€23bn RAB(3)
• Visibility on 4 years with regulated tariffs
for distribution, transmission and LNG
terminals
OUTLOOK
Activities
• Natural gas transmission
network (33,320km in France and
Germany)
• Gas distribution network in
France (196,940km connecting
~9,530 municipalities)
• Storage activities in and
outside France (21 facilities and
13 bcm working capacity)
• LNG terminals in France (21.25 bcm regasification capacity
in 3 LNG terminals in France)
28
Energy Services Presence along the entire value chain
29
Key Characteristics
• Low capital intensity
• ~100,000 employees worldwide
• Wide range of energy efficiency
offers
2014
Revenues €15.7bn
Installations – Backlog €5.5bn
Engineering – Backlog €0.6bn
Services – Net commercial development (€m/y) 205
Districlima, Barcelona (Spain)
Perspectives
• Growing need in energy
efficiency in Europe
• Increasing international
development
• Services (58%): maintenance (34%), district cooling / heating networks(14%), outsourcing (10%). E.g: facility management, services integration, energy efficiency, multi-technical services, energy mix solutions, cogeneration, smart energy systems, public lighting, mobility…
• Revenues organic growth:
GDP growth +2%
• EBIT/revenues ≥ 5% in 2016
• Selective acquisitions in targeted
markets
OUTLOOK
€1.1bn
9%
2014
EBITDA
• Engineering (3%): consulting, feasibility studies, engineering, project management and client support
• Installations (39%): mechanical
and electrical installation, heating,
ventilation, air-conditioning and
systems integration
Activities (% 2014 turnover)
29
SELECTIVE
ACQUISITIONS/GROWTH
ALONG THE VALUE CHAIN
South East Asia
Singapore
Keppel FMO
Subsidiary of Keppel
dedicated to FM
SMP
energy efficiency for
data centers
America
USA
Ecova
Technology-enabled
energy management
solutions
Brazil
Emac
Air conditioning systems
maintenance and multi-
technical services
~ €1.1bn incremental revenues
from 14 acquisitions closed in 2013/14(1)
0
200
400
600
800
1000
1200
2013 2014
Middle East
Qatar
Mannai
Creation of a JV for
energy efficiency & FM Australia
Trilogy Building
Services
energy efficiency
Energy Services Strengthening leadership in Europe and creating strong local position abroad
(1) Based on 12 months average contribution
Europe
United Kingdom
Balfour Beatty Workplace
Facility Management
services
Lend Lease FM
Portfolio of long-term FM
contracts in key public
sector and healthcare
markets
Germany
HGS
Technical services related
to cogeneration power
plants and special gases
Lahmeyer
Engineering company
Poland
Heating networks
in various cities
30
Governance
31
GBL 2.4%
French
State
33.3%
Other strategic investors 3.3%
Employee shareholding 3.2%
Treasury stocks 1.8%
Public
56.0%
Shareholding structure As at end of December 2014
• As of April 28, 2015 : 19 members
10 Directors elected by the General Shareholders’ Meeting out
of which:
8 independent
4 international
5 representing the French State
3 representing employees
1 representing employees shareholders
• 53% of independent(1),63% of women directors(2)
• 12 meetings in 2014, 83% attendance rate
• Board assisted by 4 committees:
Audit Committee
Strategy, Investment and Technology Committee
Appointments and Compensation Committee
Ethics, Environment and Sustainable Development Committee
Board of directors
(1) 8 independent members representing 53% pursuant to the Afep-Medef Code (excluding the number of Directors representing employees and
employee shareholders)
(2) 11 women representing 63% pursuant to the law and the Afep-Medef Code (excluding the number of Directors representing employees)
31
Disclaimer
Forward-Looking statements
This communication contains forward-looking information and statements. These statements include
financial projections, synergies, cost-savings and estimates, statements regarding plans, objectives,
savings, expectations and benefits from the transactions and expectations with respect to future
operations, products and services, and statements regarding future performance. Although the
management of GDF SUEZ believes that the expectations reflected in such forward-looking statements
are reasonable, investors and holders of GDF SUEZ securities are cautioned that forward-looking
information and statements are not guarantees of future performances and are subject to various risks
and uncertainties, many of which are difficult to predict and generally beyond the control of GDF SUEZ,
that could cause actual results, developments, synergies, savings and benefits to differ materially from
those expressed in, or implied or projected by, the forward-looking information and statements. These
risks and uncertainties include those discussed or identified in the public filings made by GDF SUEZ with
the Autorité des Marchés Financiers (AMF), including those listed under “Facteurs de Risque” (Risk
factors) section in the Document de Référence filed by GDF SUEZ with the AMF on 23 March 2015
(under no: D.15-0186). Investors and holders of GDF SUEZ securities should consider that the
occurrence of some or all of these risks may have a material adverse effect on GDF SUEZ.
32
GDF SUEZ ADR program American Deposit Receipt
Symbol GDFZY
CUSIP 36160B105
Platform OTC
Type of programme Level 1 sponsored
ADR ratio 1:1
Depositary bank Citibank, NA
FOR MORE INFORMATION, GO TO
http://www.citi.com/dr
33
For more information about ENGIE
+33 1 44 22 66 29
Presentation
http://www.gdfsuez.com/en/investors-area
FOR MORE INFORMATION ABOUT FY2014 RESULTS, YOU WILL FIND ON
http://www.gdfsuez.com/en/investors/results/results-2014
Analyst
pack(1)
Appendices Press
Release
Recorded
conference
audiocast
Conference
call transcript
Financial
report
2014
financial
(1) Including power generation fleet as of December 31th, 2014 and Key financial performance indicators
34