Adjust for the effects of combining GDF SUEZ with International Power and pro forma operating income grew by a healthy 9 per cent in 2011 to €3.06bn (£2.6bn). That reflects strong pricing in North America and robust growth in the key Latin American market.
Indeed, performance was boosted by a new hydro-electric power plant in Estreito, Brazil, as well as new projects in Chile and Panama, and Latin American pro forma operating profit grew 18 per cent to €1.33bn. Although cost overruns at the Brazilian Jirau hyrdo-electric power plant have reached BRL1.6bn (£0.58bn) - analysts estimate that at around 10p a share. Meanwhile, the North American business grew organic pro forma operating income 49 per cent of €575m, as liquefied natural gas (LNG) supplies delivered higher margins after being diverted to feed Asian demand. The European business, however, was hit by continued UK difficulties and pro forma operating income there fell 32 per cent to €341m. But the Middle East saw steady growth with a new plant opened in Turkey, helping to lift pro forma operating income here 7 per cent to €384m.
Deutsche Bank expects pre-tax profit of €2.49bn for 2012, giving EPS of 32¢.
INTERNATIONAL POWER (IPR) | ||||
|---|---|---|---|---|
| ORD PRICE: | 332p | MARKET VALUE: | £16.9bn | |
| TOUCH: | 331-332p | 12-MONTH HIGH: | 350p | LOW: 263p |
| DIVIDEND YIELD: | 2.8% | PE RATIO: | 14 | |
| NET ASSET VALUE: | 369¢* | NET DEBT: | 56% | |
| Year to 31 Dec | Turnover (£bn) | Pre-tax profit (£bn) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2007 | 2.33 | 0.43 | 44.2 | 10.16 |
| 2008 | 3.82 | 1.15 | 55.5 | 12.15 |
| 2009 | 3.68 | 1.29 | 64.5 | 12.53 |
| €bn | €bn | ¢ | p | |
| 2010** | 11.4 | 1.19 | 29.0 | 10.91† |
| 2011 | 16.2 | 2.14 | 28.1 | 9.17 |
| % change | +42 | +80 | -3 | -16 |
Ex-div: 23 May Payment: 29 Jun *Includes intangible assets of €5.46bn, or 107¢ a share †Excludes 92p special dividend paid after the GDF SUEZ takeover £1=€1.20 | ||||
