SUEZ Energy International’s turnover since 1999 shows a constant upward trend. The first three years this was mainly due to SEI’s strong external growth. The following years were characterized by fewer new investments and the turnover increase resulted mainly from the completion of the investment program and from the commercial dynamism around the existing activities. The exceptional growth level in 2003 can further be explained by the high number of new power stations being put into service and by the growth of our LNG business. The main growth drivers during the year 2004 were the commissioning of new electricity power stations, the continued expansion of liquefied natural gas (LNG) transport and regasification activities, as well as pro-active sales initiatives. These initiatives have enabled SEI to leverage its existing capacities, win more favorable contracts and increase sales to industrial and commercial customers against the backdrop of a more robust economic environment. In 2005 SEI turnover went up by around 20% from € 4,892 million to € 5,879 million. There were several factors driving SEI's growth. The most significant was the rapid economic expansion in those parts of the world where SEI has its strongest presence - most notably South America and Middle East-Asia. This led to increasing demand for energy in those regions, and had a good effect on the results.
The EBITDA increased from EUR 1,124 million in 2003 to 1,225 million in 2004. The main elements, which influenced this result, are the commissioning of new electricity generation facilities, the continued development of SEI’s liquefied natural gas (LNG) transmission and regasification business, and the vitality of its commercial activities, in particular in the United States, boosted by an improving economic environment. The US benefited from the increase in the volumes and margins of LNG sales, and from an acceleration in the development of SUEZ Energy Marketing NA electricity sales and a favorable renegotiation of the NELP contract, while growth in the Middle East was driven by the commissioning of the Baymina power plant. Latin America has profited from a replacement of its initial contracts with bilateral contracts with much more favorable margins and opportunities for sales to Argentina. In 2005 EBITDA improved by 13% to € 1,335 million.
The net income (group share) increased by 71% to € 420 million, representing nearly 17% of the SUEZ Group's total net income.
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