Dirk Beeuwsaert, Chairman of International Power, said: "I am pleased to report that International Power delivered a strong performance in the first year following the Combination with GDF SUEZ Energy International, with the integration largely complete and benefits being delivered ahead of target. Against a backdrop of economic weakness in many developed economies, these results demonstrate the strength of our international portfolio, underpinned by our attractive position in fast growing emerging markets.
"The Board has recommended a full year dividend of 11.0 euro cents per share, which represents a payout ratio of 40%. We remain well placed to create value from our existing portfolio and through multiple investment opportunities."
Pro forma financial highlights
· Revenue €16,502 million (2010: €15,950 million) - up 3%
· EBITDA €4,339 million (2010: €4,013 million) - up 8%
· Adjusted current operating income €3,055 million (2010: €2,810 million) - up 9%
· Underlying earnings per share 27.6 euro cents (2010: 24.9 euro cents), including purchase price allocation adjustments - up 11%
· Free cash flow of €2,691 million (2010: €2,586 million) up 4%. Up 7.5% before restructuring costs
· Synergies of €135 million delivered in 2011, 50% ahead of original target
· Full year dividend of 11.0 euro cents proposed (2010: 10.91 pence) - payout ratio of 40%
