PARGESA Information GBL at 30 September IMERYS TOTAL 2008 GDF SUEZ LAFARGE IBERDROLA SUEZ ENVIRONNEMENT PERNOD RICARD ARKEMA TRANSCOR ASTRA GROUP GRUPPO BANCA LEONARDO ENTREMONT ALLIANCE DISTRIPAR GO VOYAGES CHEVAL BLANC GROUPE FLO TIKEHAU BELGIAN ICECREAM GROUP TRASYS M6 This document is not IAS 34 compliant. AFFICHAGE HOLDING EIFFAGE FIDENTIA IRIS NPM/CNP Compagnie Nationale à Portefeuille Nationale PortefeuilleMaatschappij WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a Consolidated IFRS results as at 30 September Unaudited global data as at 30 September (in ,000 EUR) Consolidated IFRS Accounting presentation 2007 2008 Turnover .................................................................................................................................................................. 9,469,821 12,322,398 Raw materials, goods for resale and consumables (incl. changes in inventories) ............................................ (7,933,665) (10,805,234) Staff costs ............................................................................................................................................................... (559,141) (549,730) Depreciation and amortization .............................................................................................................................. (103,535) (111,018) Capital gains/(losses) and impairments on shareholdings and activities .......................................................... 60,307 73,454 Other operating income and expenses ................................................................................................................. (568,592) (644,953) Results of operating activities ......................................................................................................................... 365,195 -22% 284,917 Dividends and interests from long-term financial assets ................................................................................... 267,375 299,602 Other finance income and expenses ..................................................................................................................... (29,752) (21,949) Net finance income and expenses ................................................................................................................... 237,623 +17% 277,653 Profit from operating and finance activities ................................................................................................... 602,818 -7% 562,570 Income tax ............................................................................................................................................................... (87,677) (49,833) Income from associates ......................................................................................................................................... 20,604 131,640 Profit from continuing operations ................................................................................................................... 535,745 +20% 644,377 Profit from discontinued operations ..................................................................................................................... 45,679 29,645 Net profit .......................................................................................................................................................... 581,424 +16% 674,022 - attributable to minority interests .................................................................................................................... 264,236 334,125 - attributable to NPM/CNP shareholders .................................................................................................... 317,188 +7% 339,897 DATA PER SHARE AT 30 SEPTEMBER (IN EUR) Basic data 2007 2008 Profit from continuing operations (Group share) ........................................................................................... 2.51 +17% 2.94 Profit from discontinued operations (Group share) .............................................................................................. 0.40 0.20 Net profit (Group share) ................................................................................................................................... 2.91 +8% 3.14 Average number of shares considered (,000) ....................................................................................................... 109,002 108,275 Diluted data Profit from continuing operations (Group share) ........................................................................................... 2.47 +17% 2.89 Profit from discontinued operations (Group share) .............................................................................................. 0.39 0.19 Net profit (Group share) ................................................................................................................................... 2.86 +8% 3.08 Average number of shares considered (,000) ....................................................................................................... 110,990 110,213 The rise in turnover (+30% to EUR 12.3 billion) is largely due to TRANSCOR ASTRA GROUP (whose sales are up by EUR 2.6 billion and account for 76% of the group’s sales) and results from soaring oil prices. The results posted for the first nine months of 2007 have been adjusted to take into account the decision taken during the fourth quarter of 2007 to consider the shareholding of TRANSCOR ASTRA GROUP in the Pasadena refinery as an asset held for sale. Consequently, the results generated by this entity in 2007 have been reclassified as coming from discontinued operations. As a remind- er, on 1 July 2008, TRANSCOR ASTRA GROUP exercised its put option for this shareholding but its sale price is as yet unknown (see “Prospects”). In view of the diversified nature of the industrial and commercial activities conducted by the subsidiaries of NPM/CNP and the high per- centage of minority interests’ in the profit, the consolidated accounts prepared in accordance with IFRS accounting principles need to be supplemented by an economic analysis. This analysis provides a breakdown, in terms of the Group share, of the contribution of each shareholding to the results of the Group and presents the capital gains/losses from disposals of (and the recording of any impairments on) shareholdings or activities or specific transactions separately from ordinary operations. This analysis is performed both for the consoli- dated accounts and the restricted consolidation accounts. For the latter, the consolidation perimeter is limited and does not include either PARGESA or the industrial or commercial companies in which NPM/CNP has a shareholding, even if this is a controlling stake. Restricted consolidation is based mainly on cash flow elements towards holding companies included in this perimeter and allows shareholders and analysts to see, on a comparable basis, the development of the profits generated by the portfolio of activities, independently of the equity accounting or consolidation of one shareholding or another. It is in relation to the restricted consolidation operating profit that the level of NPM/CNP’s dividend should be assessed on an annual basis. It should be borne in mind, however, that the consolidated or equity-accounting shareholdings only represent a small proportion of the adjusted net assets, i.e. some 30% on 30 September 2008. The IFRS accounts as set out above could lead the reader to conclude that the operating income of NPM/CNP’s industrial and commercial subsidiaries has increased very significantly (a rise of 20% in the profit from continuing operations). Such a conclusion would ignore the distinction that must be made between the share of the profits that goes to third parties and the Group share, as well as the presence of a number of non-recurring items. The economic analysis shown above sets out, as group share, the operating profit of the shareholdings (up by 14%, or 9% excluding the effect of the announced payment of an interim dividend for 2008 by GDF SUEZ) and the capital profit and gives, in the light of the comments that follow it, the actual economic view of the results. WorldReginfo - 1cba42bc-5bc1-4ba1-ae65-ef5d7445d45a Contributive economic analysis CONTRIBUTIVE ECONOMIC ANALYSIS TO THE NET PROFIT (GROUP SHARE) AS AT 30 SEPTEMBER Restricted consolidation Consolidated IFRS (,000 EUR) 2007 2008 2007 2008 Results before capital operations AFFICHAGE HOLDING ......................................................................................... 3,318 3,693 3,318 3,693 BANCA LEONARDO ............................................................................................. 2,840 5,556 8,644 4,038 BELGIAN ICECREAM GROUP .............................................................................. 1,700 1,820 212 2,464 DISTRIPAR ........................................................................................................... 844 - 4,907 4,280 EIFFAGE ............................................................................................................... - 1,300 - 1,300 ENTREMONT ALLIANCE (UNIFEM) .................................................................... 5,390 5,384 19,211 (10,488) GDF SUEZ ............................................................................................................ - - 17,763 32,533 GROUPE FLO ........................................................................................................ 2,047 1,306 2,936 1,374 IBERDROLA .........................................................................................................