interim results

Interim ResultsH1 2011

All numbers in this presentation exclude exceptional items and specific IAS 39 mark to market movements, unless stated otherwise

Astoria II

IntroductionDirk Beeuwsaert, Chairman

Astoria II

3INTERNATIONAL POWER Interim Results 2011

A strong position in high growth markets

Committed construction programme

Significant upside from merchant market recovery

Financial strength

Well positioned for growth

*Pro forma combined gross MW for IPR and GDF SUEZ Energy International

75,000

70,000

60,000

50,000

45,000

Gross (MW)*

2009 2010 2011

65,000

55,000

20132012

Significant growth in capacity

80,000

85,000

90,000


A well balanced portfolio

A diversified portfolio with strong track record

Leading positions in key markets

Operational expertise – asset management and construction

By fuel type (%) By contract type (%)

All GW numbers are on a net basis as at 30 June 2011 and represent operating assets only

By geography (%)

49

6

41

4

Gas

Coal

Renewable

Hydro

OilPumped storage

62

4

16

9

63

Short-term/uncontracted

Long-termcontracted

WindPumped storage

North America

AsiaLatin America

META

Europe

Australia

1579

16

22

31

H1 2011 ResultsMark Williamson, Chief Financial Officer

All numbers in this document are presented on pro forma basis, and exclude exceptional items and specific IAS 39 mark to market movements, unless stated otherwise

Astoria II


Introduction

2011 Interim highlights− before impact of purchase price adjustments (PPA)− comparable to consensus− results in Euro and Sterling

Purchase price adjustments− Fair value of IPR assets and liabilities on 3 February 2011

Reported results− compliance with accounting rules− combined business only from 3 February− comparability of underlying performance difficult

Pro forma results − assume acquisition on 1 January 2010− PPA included in 2010 and 2011− supports comparability between periods

Investor Conference


H1 2011 pro forma financial highlights- before the impact of purchase price allocation adjustments

Good financial performance

Adjusted Current Operating Income of €1,598m (H1 2010: €1,474m)

− improvement from Latin America and North America

− lower contribution from UK-Europe

EPS of 13.9c/12.1p (2010: 13.36c/11.7p)

Free cash flow of €1,048m (2010: €1,336m)

− working capital outflow €335m

Interim dividend of 4.4 cents per share

Adjusted COI

2010

2011 €1,598m

€1,474m

EPS

2010

2011 13.9 € cents

13.4 € cents


Purchase Price Adjustments (PPA)

IPR Pre-Combination

Book Value

Net Goodwill€1.6bn

IPR Fair Value

PP&E€0.6bn

Other(€0.2bn)

€5.0bn

€7.0bn

Balance Sheet adjustments3 February 2011

€m H1 2011

Pre PPAAdjustment

H1 2011

Impactof PPA

Adjustment

Post PPAAdjustment

EBITDA

Depreciation, amortisation, other

Current Operating Income

Interest

Tax

Income from Associates

Profit for the year

Non controlling interests

Net income Group share

EPS cents

Adjusted COI

2,182

(705)

1,477

(370)

(315)

121

913

(204)

709

13.9c

1,598

(12)

(127)

(139)

53

35

12

(39)

9

(30)

(0.6c)

(127)

PPA Adjustment Impact on EPS(cents)

Pro Forma Income Statement

(0.7c)

2,170

(832)

1,338

(317)

(280)

133

874

(195)

679

13.3c

1,471

2011

2012 2013 2014 2015

0.4c

0.6c

0.1c 0.2c

12 mths


Pro forma Income Statement(Post impact of Purchase Price Allocation adjustment)

Adjusted COI (€m)2,3

North America264

Asia178

Latin America663

META179

Europe149

Australia97

43%

6%

12%

12%

10%

17%

H1 2010€mSix months ended 30 June

% ChangeH1 2011€m

1 Current Operating Income (COI), 2 Adjusted COI is COI adjusted for underlying net income from Associates3 Percentages stated before Corporate costs

2011€m

2010€m

1,338

133

1,471

COI1

Associates

Adjusted COI2

1,231

119

1,350

EBITDA

Depreciation, amortisation, other

Current Operating Income

Interest

Tax

Income from Associates

Profit for the year

Non controlling interests

Net income Group share

EPS (cents)

Effective tax rate

10%

12%

9%

4%

(37%)

12%

7%

(19%)

4%

2,170

(832)

1,338

(317)

(280)

133

874

(195)

679

13.3c

26%

1,973

(742)

1,231

(329)

(204)

119

817

(164)

653

12.9c

22%


NorthAmerica

€91m

€1,350m

Corporate€9m

€1,471mUK-

Europe (€120m)

META(€6m) Australia

(€29m)

Asia€17m

H1-on-H1 Adjusted COI change

H1 2011H1 2010

Latin America€159m

1 Pro forma and stated after the impact of fair value adjustments2 Current Operating Income (COI),, Adjusted COI is COI adjusted for underlying net income of associates


Latin America

Regional Adjusted COI contribution1

Adjusted COI €m1

43%

H1 2011€m


Change%

Pro forma

863

(199)

(2)

662

1

663

649

(143)

(3)

503

1

504

33

32

-

32

EBITDA

Depreciation & amort’n

Provisions & other

COI

Associates

Adjusted COI Strong performance in Brazil− contract escalation, including inflation− power purchase cost reduced through

optimisation− first unit at Estreito commissioned April

2011

First time full six month contribution from LNG, Chile

Panama coal conversion project - BLM− returned to service March 2011− US$36m liquidated damages H1 2011− loss in 2010 reflects BLM

1 Percentage of Adjusted COI stated before Corporate costs2 % of operational net capacity, where long term contracted > 3 years

504

663

H1 2010

H1 2011 75%

80%Brazil

9%Brazil

12%

15%Chile

ChilePeru

10%Peru

4%

Other

Other

-5%

Contract type2

Short term /Uncontracted

7%

Long term92%

Wind 1%



17%


North America

H1 2010

H1 2011

Adjusted COI €m1 H1 2011€m


Change%

Pro forma

502

(250)

7

259

5

264

415

(240)

(13)

162

11

173

21

60

(55)

53

EBITDA


Provisions & other

COI

Associates

Adjusted COI Gas significantly improved− higher LNG prices in Asia and Europe

markets with 10 additional cargo diversions

− positive tariff renewals for Mexican LDCs

Retail ahead of last year− low wholesale costs and higher

volumes

Generation in line with last year

17.6% equity interest and shareholder loan in Noverco sold for CAD$371m

40%

59% 173

264

Generation

15%Generation

45%

28%Gas

Gas Retail

13%Retail

Contract type2

Short term/Uncontracted

71%

Long term18%

Wind 2%PS 9%


UK-Europe

H1 2010

H1 2011

Adjusted COI €m1

180

H1 2011€m


Change%

Pro forma

336

(211)

5

130

19

149

416

(183)

5

238

31

269

(19)

(45)

(39)

(45)

EBITDA


Provisions & other

COI

Associates

Adjusted COI Lower achieved UK spreads − higher priced contracts rolled-off in

2010

Lower wind yields in Italy

Elecgas 420MW CCGT− first time contribution

Agreed sale of T Power in Belgium

269

14977%

88%Generation

Generation23%

Retail

12%Retail


10%

Contract type2

Long term22%Wind 13%

PS 17%



48%


Middle East, Turkey and Africa

H1 2010

H1 2011

Adjusted COI €m

185

179

H1 2011€m


Change%

Pro forma

158

(35)

(4)

119

60

179

182

(36)

2

148

37

185

(13)

(20)

62

(3)

EBITDA


Provisions & other

COI

Associates

Adjusted COI Lower development fees relative to H1 2010

First-time contributions from Fujairah F2 and Marafiq

Low temperatures drive higher demand at Izgas


12%

Contract type2

Long term100%



Asia

H1 2010

H1 2011

Adjusted COI €m

161

178

H1 2011€m


Change%

Pro forma

172

(40)

(2)

130

48

178

158

(36)

-

122

39

161

9

7

23

11

EBITDA


Provisions & other

COI

Associates

Adjusted COI Improved retail and spot prices in Singapore

Glow Energy− lower industrial tariffs − hydro plant - drought in Laos − CFB3 Coal plant commissioned − TNP transfer to Glow in Q3 2011

Higher availability and dispatch at Paiton Energy


12%

Contract type2

Long term78%


22%



Australia

H1 2010

H1 2011

Adjusted COI €m

126

97

H1 2011€m


Change%

Pro forma

196

(97)

(2)

97

-

97

215

(86)

(3)

126

-

126

(9)

(23)

-

(23)

EBITDA


Provisions & other

COI

Associates

Adjusted COI Mild summer, no drought conditions and limited price volatility

Hazelwood Unit 5 returned to service in June 2011

SEAGas sold November 2010 Continued strengthening of AUD

6%


Contract type2

Wind 1%Long term25%


74%



Interest charge relating to debt

excludes derivatives, cash collateral and the impact of measurement at amortised cost

Gross debt Cash Net debt

Average debt / cash H1 2011

Financial expenses / income

Capitalised interest

Other profit adjustments

Interest related to cash and debt

Interest related to cash and debt

4,645

177

-

(131)

46

2.0%

(17,133)

(494)

(140)

142

(492)

5.7%

(12,488)

(317)

(140)

11

(446)

7.1%

€m


H1-on-H1 free cash flow change

Working capital movements − strong inflow in H1 2010− outflows in H1 2011

– Latin America - start of operations at BLM and timing of fuel payments across the region

– Asia - receivables in Thailand collected in early July– Australia – trading support requirements in falling market

Interest lower following refinancing at Coleto Creek and IPA Central

H1 2010

Dividendsfrom

Associates€17m

Working Capital(€500m)

€1,048m

€1,336m

Tax paid€9m

Net Interest

€81m

H1 2011

Other (€1m)

RestructuringCosts(€46m)

EBITDA €197m

Maintenance

Capex(€16m)

H1 2010 €165m

H1 2011

(€335m)

LT employee benefits(€29m)


H1 Capital expenditure

CASH FLOW GENERATION DETAILS

1 Negative financial investment figures represent net loan repayments by associates.

MaintenanceCapex€m

51

68

21

4

11

59

-

214

550

Latin America

North America

UK - Europe

META

Asia

Australia

Corporate costs

Total, H1 2011

Total, full-year forecast

GrowthCapex

685

74

51

2

155

1

-

968

2,600

FinancialInvestments1

(71)

(63)

3

(2)

6

-

(16)

(143)

-

H12011

665

79

75

4

172

60

(16)

1,039

3,150

Maintenance capex annual run-rate €550m


Capital structure & liquidity

Strong credit metrics at 30 June 2011− Net Debt/LTM1 EBITDA 2.9x− Debt Capitalisation 37%− interest cover 4.2x

Investment Grade credit rating confirmed by Moody’s (Baa3), Standard and Poor’s (BBB-)

GDF SUEZ financing facilities fully operational - £3.1bn Share of Associates Net Debt €3,653bn Corporate cash €1.2bn

1 Last Twelve MonthsDebt and net debt exclude derivatives, cash collateral and the impact of measurement at amortised cost

Analysis of Gross Debt by Type (€bn)

Analysis of Gross Debtby Region (€bn)

North America11%

Asia13%

LatinAmerica27%

META9%

Europe19%

Australia9%

1.91.5

2.1

1.4

3.11.8

4.5

Corporate12%

€16.3bn€16.3bn 10.8

1.1

0.8

3.6

Bonds

GDF SuezDebt

OtherBorrowings

Bank Loans


FX Hedging

FX hedging policy− transactions are fully hedged on committing the cash flows− translation exposure mitigated with debt− specific balance exposure hedged on an exceptional basis

Rationale for policy− IPR’s investment proposition includes currency exposure− asset base is diversified across a number of currencies− ability to mitigate earnings volatility is limited− specific currency exposures may be hedged− market will be updated on material positions hedged


Conclusion

Highly visible earnings and cash flow− half of capacity long term contracted− adjusted COI of €1,471m (2010: €1,350m)− free cash flow of €1,048m (2010: €1,336m)− working capital net out flow of €335m in H1

Strong balance sheet− Investment Grade rating achieved

Well positioned for continuing growth

Philip Cox, Chief Executive Officer Group update

Astoria II


Overview

Strong financial performance

Robust operational performance

Combination with GDF SUEZ progressing very well

Outperformance on synergies

Large scale construction programme

Active development programme to deliver further sustained growth


Outperformance on synergies

Strong progress on financial and operational synergies

Expect to outperform 2016 target of €197m by €18m to €215m

− €46m realised in H1 2011− total savings in 2011 expected at €103m

vs initial target of €90m − total savings in 2012 expected at

€167m vs initial target of €154m

No change to one-off implementation cost of €155m

Synergies (€m)

£ to € conversion rate of 0.8681 used for 2011£ to € conversion rate of 0.8368 for years 2012 to 2016

50

100

250

0

200

150

Original forecast

2011 20162012

Current forecast


Jirau – project background

1,728MW (net), 3,450MW (gross) project − under construction: 46 turbines x 75 MW each

− 1,975MW assured energy corresponding to 44 units− 69.8MW (minimum) assured energy corresponding

to 2 new units

70% contracted under 30 year PPA starting 2013− contracted output ramps up to maximum level of

1,383MW assured energy in 2016− contract price R$84/MWh (as at June 2011) indexed to

inflation 10% increase since January 2010

Energy to be sold − balance of energy (net of PPA) to be sold in the free

market− additional assured energy for units 45 and 46 to be sold

via new energy auction

Expansion - further 4 units under analysis for potential investment

− 75MW each; will take total number of units to 50− 139.5MW (minimum) assured energy allocated to 4

units

All 6 expansion units qualified for new energy auction (regulated)− represent 209MW (minimum) assured energy for 6 units− price cap of R$102/MWh

Energy sold to distribution companies (30yr PPA)

Energy to be sold in the free market

2012 2016201520142013

832

1,162 1,383

1,143 813 592

445

70%

30%

Free Energy Profile(illustrative only)

2012–2016 Assured Energy for 44 units (MW )


Jirau – project update

Construction has returned to normal levels− 15,000 workers back on site

River deviation – a key milestone on track for H2 2011

Negotiations ongoing with construction contractor− Project costs− Project timing project expected to start phased commissioning in H2 2012 full assured energy level expected to be reached in H2 2013

Transmission line environmental license issued in June 2011− construction underway

Impact on 2012 and 2013 EBITDA− EBITDA contribution from Jirau expected to be lower by €100m in 2012− no material impact in 2013


Jirau – attractive fundamentals

Market fundamentals and trends expected to drive up free market prices

− continued strong demand growth, fuelled by economic expansion

− potential reliance on more expensive thermal sources

− pricing to reflect overall rise in construction costs and stricter environmental requirements

− potential for expanded free market

CDM revenues

Commercial optimisation by Tractebel Energia− strong track record in pricing optimisation

Project expansion to provide additional assured energy

Jirau, project spillway


Construction programme progress

Major programme with 7.6GW (net) and 21.8GW (gross) under construction as at 10 August 2010

Overall we are on track to deliver the 2013 EBITDA estimate included in our August 2010 disclosure

− £872m (€1.0bn)

Good progress on 2011 milestones

Several projects have commenced operation to date in 2011

In total over 2GW of new net capacity to be operational during 2011

HUBCO Narowal37MW

Synergen24MW

Estreito 137MW

Bahia las Minas Conventional4MW

IPR Europe Wind2MW

Dos Mares19MW

Glow Phase 5236MW

Estreito 237MW

Mejillones CTA79MW

Dos Mares 271MW

Shuweihat 2302MW

Pointe-Aux-Roches58MW

NorthfieldMountain2MW

Estreito 3-475MW

Al Dur373MW

H1 2011 H2 2011

Ras Laffan C179MW

Mejillones CTH47MW

T-Power140MW

Astoria 2173MW

Operational (net MW)1 August 2011

Asia

Australia

Latin America

Monte Redondo10MW

META

UK - Europe

North America

Elecgas210MW


New projects

1,181MW (net) – 1,426MW (gross) of additional projects won / entered construction

− incremental to the construction programme announced in August 2010− representing growth capex of €1.6bn

Gross MW

524

145

184

375

198

Peaker OCGT in Peru

Wind projects in Brazil

Wind projects in Canada

Gas/oil CCGT in Pakistan

New wind PPAs in Canada (Ontario)

Net MW Expected COD

324

100

184

375

198

2013

2012

2011-2013

2012

2013


Latin America

Output largely contracted mid to long-term with indexed PPAs

Strong economic growth and high electricity demand continues

Construction programme (net MW)− 2 units of Estreito online (75MW)− 2 new coal plants in Chile operational

(126MW)− Bahia Las Minas repowering in Panama

completed (4MW incremental)− Dos Mares to be fully commissioned by

end of 2011 (118MW)− peaker in Peru (324MW)− wind projects in Brazil (100MW)

Pipeline of development opportunities (gross MW)− hydro projects (1,200MW) and biomass

(30MW) in Brazil

− coal in Chile (375MW)

Brazil (installed capacity MW)160,000

4,000

8,000

20,000

0

16,000

12,000

120,000

2011 2012 2013 2014 20152010

Chile, Peru (installed capacity MW)

Projected Capacity Additions

2011 2012 2013 2014 2015

80,000

40,000

0

Brazil: 6,000-6,500 MW/year

2010

Chile: 500-600 MW/year

Peru: 550-650 MW/year

Source: CEEMS

H2 LD income in Panama $36m in

H1


North America

Generation

Well positioned to capture market upside in ERCOT, PJM and New England− PJM: stronger performance of peaking

plants in June, driven by hot weather– significant improvement in 2014/2015

forward capacity prices in PJM West, following recent auction

− Texas reserve margin expected to reach equilibrium levels in 2014

Growth (gross MW):− 198MW of new wind PPAs awarded in

Canada– further pipeline of opportunities (over

400MW)− Mexico: development projects over 300MW

Retail

Expanding customer base – entered Ohio market, with further growth in Pennsylvania

Gas

Taking advantage of wide international gas/oil spreads via cargo diversions primarily to Europe/Asia

LNG cargodiversions

H12010

H12011

2

12

Algonquin Basis* ($/mmBtu)

H12010

H12011

0.7

1.5

* Premium to Henry Hub

H2 Lower LNG diversions in H2 Insurance receipt $30m (Northfield

Mountain) Improved generation outlook


UK-Europe

UK

Dark spreads benefitting from higher gas price and lower CO2 price, although coal prices higher - but spark spreads remain weak

Temporary reduction of 3GW of capacity helping to reduce short-term oversupply (includes Teesside)

IPR plant performing well, providing high level flexibility to the system

Retail business focus on higher margin C&I customers

UK Electricity Market Reform White Paper: − greater clarity with capacity payment mechanism

to ensure security of supply− much will depend on the detailed design and implementation

Growth opportunities in onshore wind (over 300MW gross)

Continental Europe

Portfolio of long-term contracted assets performing well

T-Power (Belgium) – divestment of 33% interest expected Q4 2011

First Hydro, UK

H2 Saltend annual re-pricing in

H2 Higher margin contracts roll-

off in Q4

Peak retail demand in Q1


META

Operational assets performing well with high levels of availability for both power and water

Over 5.5GW (gross) and 148MIGD (gross) under construction

− Bahrain: Al Dur CCGT− Oman: Barka 3 and Sohar 2 CCGT − Saudi Arabia: Riyadh CCGT− U.A.E.: Shuweihat 2 CCGT

Strong further growth (gross MW)− preferred bidder for Tarfaya (300MW wind) and

Safi (1,200MW coal)− preferred bidder for oil-fired peaking plants in

South Africa (1,027MW)− 7GW of new tenders/bids under preparation− 20GW of bids visible in the medium term− further growth potential through 16GW

privatisation process in Turkey

Ras Laffan

GCC actual and projected nominal GDP ($bn)

20112010 2012 2013 2014 2015 2016 2017

Source: Global Insight, WM, MEED, Moody’s

180.8211.2

232.1255.0

277.7301.7

325.7349.0

10% p.a

Marafiq


Asia

Portfolio of largely long-term contracted assets performing strongly

Strong economic growth fuelling demand for power generation

Transfer of TNP business to Glow in Q3 2011

Construction programme progressing well− Hubco Narowal (oil-fired) commissioned

in H1 (37MW)− Glow Phase 5 (natural gas CCGT

cogeneration) expected to reach COD in H2 (236MW)

Growth (gross MW)

Indonesia− 3 X 220MW geothermal projects − 1,200MW coal project

Vietnam− coal projects over 1,000 MW− gas project 2,000 MW

Pipeline of further opportunities across the region

Average GDP growth 2011-15 (%)

Singapore Pakistan Thailand Indonesia Vietnam

8

0

Source: Economist Intelligence Unit

6

4

2


Australia

Proposed Climate Change Plan announced in July

Legislation to be tabled in Parliament in November 2011

Brown coal-fired power generation to be eligible for carbon allowances (cash and credits) for the first five years starting July 2012

Based on current proposal, impact of Plan expected to be cash flow positive and broadly earnings neutral over the initial five year period

Clearly a significant proposal for our Australian business, but not expected to be material in Group context

Potential ‘contract for closure’ to be reviewed for Hazelwood

Power market reaction: Forward prices are already reflecting a CO2 cost of around A$15-16 per MWh

FebJan Mar Apr May Jun Jul

50

40

25

30

2011

Victoria Baseload Forward Curve (A$/MWh)

45

35

H2 2012

H2 Largely contracted


FebJan Mar Apr May Jun Jul

Well positioned to capture recovery in Merchant Markets Key common trends

− spreads/prices well below new entrant levels

− very limited new build− ageing plants - need for replacement

capacity− capacity retirements driven by increasing

environmental regulation − tightening reserve margins

IPR has a flexible and efficient portfolio across the merit order

− deep market knowledge− skills across the value chain− growing ‘system player’ in all merchant

markets

Uplift in PJM Capacity Prices$/MW-day (Sharp Revision)

June 2013 –May 2014

140

0

40

120

100

80

60

20

June 2014 –May 2015

ERCOT North On-Peak Spark Spread ($/MWh)

40

30

25

35August 2012

20

2011


Access to fast growing emerging markets

Extensive development pipeline in key emerging markets

Over 17GW (gross) of projects under various stages of development

Opportunities to add incremental capacity at existing sites

Further growth potential through entry into new markets

Average GDP growth 2011-2015

Ele

ctri

city

consu

mp

tion k

Wh/h

ead

(2

01

0)

%

4,000

0

8,000

12,000

16,000

1 2 3 4 5 6 7 8

Electricity consumption and GDP growth forecast

UAE

Singapore

Saudi Arabia

US

UK

Australia

OmanChile

Peru

Indonesia

Thailand

Pakistan

TurkeyBrazil

Vietnam


Competitive strengths

Strong track record and experienced teams in all 6 core markets with operations in 31 countries

Excellent regional relationships with all key stakeholders

Enhanced development and construction teams with network of global expertise across key technologies

Increased global and regional scale providing economies of scale in procurement

Support from wider GDF SUEZ Group expertise in technologies and markets

Strong financial position with competitive cost of capital


Outlook

Continue to expect growth in 2011 with performance in H2 anticipated to be similar to H1

Excellent progress on combination realising greater synergies than initially expected

Overall construction programme progressing well and on plan to deliver the anticipated EBITDA growth in 2013

− despite the delay at Jirau

Greater integration in our merchant markets provides more resilience to portfolio

− merchant assets well positioned to capture anticipated recovery

Significant pipeline of development projects in emerging markets backed by strong competitive position

Confident of delivering sustained growth in shareholder value

Appendix

All numbers in this document are presented on pro forma basis, and exclude exceptional items and specific IAS 39 mark to market movements, unless stated otherwise


Key financial assumptions

Maintenance capex run rate €550m annually

Effective interest rate on gross debt− upward pressure in the medium term as construction programme

in Brazil is completed

Effective tax rate− migrate gradually towards 30% in the medium to long term

H1 2011Actual

€1.0bn

€214m

5.7%

26%

Growth capex1 - committed cash flow

Maintenance capex1

Effective interest rate on Gross Debt

Effective tax rate

£2.6bn

€550m

5.7%

26%

2011 FYForecast

1 Includes proportionate consolidation of JVs, excludes associates. Also excludes expenditure incurred by assets accounted for as finance leases or service concession arrangements


Interest and tax

H1 2011 €m Six months ended 30 June H1 2010 €m

4.2x

26%

3.8x

22%

Adjusted COIAssociates Interest Tax

PBIT

Total interest Subsidiaries & JVs Associates

Interest cover

Profit before total tax

Total tax Subsidiaries & JVs Associates

Effective tax rate

Profit after tax

1,471

56 26 82

1,553

(317)(56)

(373)

1,180

(280)(26)

(306)

874

1,350

40 24 64

1,414

(329)(40)

(369)

1,045

(204)(24)

(228)

817


Forecasting – sources of drivers for earnings Adjusted COI Contracted

AssetsConsistent contribution from our portfolio of long term contracted assets, mainly in META and Asia. Latin America profitability benefits from revenues indexed to inflation.

Merchant Markets

Generation – High quality information in the public domain and contracted position provided.

Retail – indication of volumes and profitability to be provided. Tends to mitigate generation volatility

LNG – contribution driven by Henry Hub-New England basis differential and US vs European/Asian spreads. Sustainability dependent on price dislocation.

Growth EBITDA – Investment, gearing and return criteria provided on Financial Close for all material projectsDepreciation + Amortisation – generally flat over life of plant and therefore only changes materially with new capacity

Interest Effective rates for debt and cash to be provided

Tax Effective tax rate in short and medium term to be provided

Non-controlling interests

Historic information will be provided. Extrapolate based on Adjusted COI


Forecasting – cash and financial position

Cash flow Maintenance Capex

Run rate to be provided

Growth Capex

Short term projection provided for committed capexIncremental capex on new projects are announced at inception

Dividend Targeting a 40% dividend payout ratio

FinancialPosition

Net Debt/EBITDA

< x3 targeted

Debt Capitalisation

within 45-50% range

Credit rating Baa3 Moody’sBBB- Standard and Poor’s

interim results

Documents

market movements

brl h1

specific ias

financial highlights

ppa adjustment impact

significant growth

gw numbers

exceptional items