This button displays the currently selected search type. We remain committed to a strong investment-grade credit rating and continue to target a ratio of below or equal to four times economic net debt to EBITDA over the long term. And Judith? And to this end, Im very pleased to announce our next event on the 18th of May, where Judith and I will cover both our Q1 results and provide you with a medium-term strategic plan and guidance. But we really want to focus on a return-based growth strategy. And my second question will be more accounting related regarding EVBox. You can update your choices at any time in your settings. [Foreign Language]. We also benefited from higher contributions of GTT thanks to a strong past order intake. I would say that some of the things that were decided last year with these strategic orientations, I am very, very convinced that well address some of the shortfalls that can explain some of the ENGIEs underperformance in the past few years. Lastly, no change on the rating since mid-November, in line with the strong investment grade we aimed for. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. But is it bad? Stay informed and spot emerging risks and opportunities with independent global reporting, expert We have not seen prices like this in many years. Revenue declined on a gross basis by approximately 900 million for the full year. ENGIE is a major player in the energy sector, and we are extremely well placed to tackle most of the challenges posed by this transition. She is the only female CEO in France's CAC-40 stock index; French Finance Minister Bruno. We will now take our next question from Peter Bisztyga with Bank of America. Recharge is part of DN Media Group. At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. Regarding Client Solutions project backlog, we recorded a total increase of 5% since December 2019, representing approximately 13 months of activity. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. Estabelecer as diretrizes legais e normativas para incentivar a contratao de pessoas com 50 anos ou mais nas organizaes privadas atravs da reduo de impostos sobre a folha destes empregados. Name: Katherine MacGregor Birth Year: 1925 Birth date: January 12, 1925 Birth State: California Birth City: Glendale Birth Country: United States Gender: Female Best Known For: Katherine. #beyou #beunique #beunited ENGIE Africa Aarti Singhal - Director of Investor Relations. MacGregor will take the helm at Engie in January 2021, joining from TechnipFMC Group where she has spent just over a year as head of Technip Energies. Chief Executive Officer at NOVIGE AB, Mission Innovation Champion, Innovator of the Year, Seal of Excellence European Commission, Propeller Prize - Stena Line, Glad to see all the progress Engie is doing in becoming a renewable leader. So really, in summary, three elements: complexity, sharper capital allocation, everybody pulling in the same direction and performance culture are three important elements, I think, that are going to make a difference and allow ENGIE, indeed, to strive in those strong tailwinds that continue to be there for us. 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However, our results were ahead of our expectations on both metrics, and this was driven by the fact that the second half confinements were lighter in our main markets and that we adapted our processes, contributing to improved activity levels. Tax charges were 300 million lower mainly due to the decrease in profit. As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. But now that we have officially become Equans for a few weeks, this message that all ENGIE employees worldwide will receive a bonus of 1500,- comes as a disappointment. The enshittification of apps is real. And of course, hydrogen as it gets developed, indeed, could be very much more linked to power than maybe gas was in the past. But really appreciate, thanks again ! In 2020, most of our newly commissioned assets were onshore wind followed by solar. Are you talking about Q3, Q4 for the end game? Finally, on Client Solutions, we see a strong growth potential driven by decarbonization and energy efficiency, especially in heating and cooling networks, on-site generation, and green mobility among other asset-based solutions. Yes. COI decreased mainly driven by a 600 million impact from the pandemic. This is what I am committed to. From 2013 to 2016, she also served as president Europe & Africa at Schlumberger, before being promoted in 2017 to president of the drilling business, while based in London. We have a very nice digital platform to help us manage our assets better. We also continued to benefit from the cost actions launched in the second quarter. Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. As always, my team and I are here to assist you, so do please reach out. The French group last year pledged to invest 12bn ($13.1bn) in its 2019-21 energy transition programme, and was on track to install 9GW of renewables in that period. Catherine was President of Technip Energies at TechnipFMC, and President of Drilling at Schlumberger. In addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. Its, for sure, a large part of the investment case. The second quarter was unprecedented and very, very stringent lockdown measures in our main countries. Net recurring income group share amounted to 1.7 billion, down 37% year-on-year. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. MacGregor will take the helm at Engie in January 2021, joining from TechnipFMC Group where she has spent just over a year as head of Technip Energies. And if so, what quantity? fusion, The first one regarding the network convergence. We support credit card, debit card and PayPal payments. Within this guidance, we have included our current estimate of the potential impact. currently to 4 GW p.a. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. Now Ill comment on the bridge from net recurring income group share to net income group share, which was negative 1.5 billion in 2020. Notre lectricit est dj propre ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. In terms of geography, we have a strong hold in Europe. This will mean a transition based on a combination of electrification and decarbonization of gas as well as on the development of flexible and resilient energy systems. Hopefully you can also take this into account? It is such an exciting time to have joined ENGIE, exciting time for the group and for the energy industry as a whole. Its two and probably a little bit more early. If we look at the long term, weve got an average of 20% of minority as part of group net income with large minority stakes in Latam, for instance. Have a nice day. These projects further cement Masdars position as a leading clean energy powerhouse, helping Azerbaijan to unlock its tremendous clean energy potential. What are you looking at? In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ We also continued our relentless pursuit of simplifying the group. So no specific things to be taken into account. Keep abreast of significant corporate, financial and political developments around the world. Yes. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. And the answer is yes. We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. Compared to 2020 guidance, Im pleased that both EBITDA and COI stood above the ranges we indicated last summer. Its been a period in which the sector was exceptionally strong. Even if you ten-double the installations of these sources, the 40% remains. Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. It will also require some infrastructure, maybe not with the same density at todays gas network. January 7, 2021. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. Also adding to national energy insecurity and dependence on fossil producing countries at colossal scale. Catherine will then come back and share our priorities. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. Obviously, we have made the decision to exit the coal, which is run under Thermal. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. We invested 7.7 billion of CapEx in total. When expanded it provides a list of search options that will switch the search inputs to match the current selection. This higher tax rate included notably the adjustment of carrying value of some deferred tax assets and the one-off effect of the tax rate change in the UK. Okay. MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. EBITDA and COI, at 9.3 billion and 4.6 billion, were down by 11% and 21%, respectively, on a gross basis. And I think the way I want to say this is I think we know the broad plan now for the business, but I think its also important to look back at the last 5 years and understand why essentially the investment thesis has not delivered so far for shareholders. Maybe some thoughts. Thank you, Sam, for this question. Premium access for businesses and educational institutions. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. We use cookies in a variety of ways to improve your experience, such as keeping NHST websites reliable and secure, personalising content and ads and to analyse how our sites are being used. The enshittification of apps is real. Yes, its hard to give any precise guidelines on that because, of course, it depends on the M&A and greenfield mix, and it depends on the type of projects that youre after. Its about 1% of French consumption that was injected, so and thats 2021 or 2020, rather. We have strict criteria, and we will stick to them. And we will now take our next question from Vincent Ayral with JPMorgan. Turning to our major focus areas starting with Renewables. This really has two reasons. I think on the question of network convergence between gas and power, I think were a bit obviously, different drivers behind this, one, which is the trend towards more electrification is something to stay. Curious as to what my Linkedin connections think. On the strength of our shared industry culture and my operational experience, I will work with all of our teams to achieve our goal of enabling Engie to accelerate the energy transition.. I look forward to working with her in the months and years to come to deliver the Groups strategic orientations. You can still enjoy your subscription until the end of your current billing period. We want to develop and further our differentiation. ENGIE has developed a strong platform in Client Solutions from which we can tap into the growth in this space. The first is on the Supply business. Sure. We have a French-regulated asset base of 28 billion, which makes us one of Europes largest gas network operators and a growing footprint in networks internationally. I am very pleased that Jrme Stubler, who has more than 30 years' experience in the construction industry, joined us recently and will be leading this important project. Engie board set to appoint Catherine MacGregor as new CEO. Joe Biden teaches the EU a lesson or two on big state dirigisme, Elon Musks Twitter is dying a slow and tedious death, Who to fire? and other data for a number of reasons, such as keeping FT Sites reliable and secure, And so were excited about this transaction. Other generators like Uniper and Fortum have been very strong as well. And its hard to know theres obviously been some pretty big changes in competitive dynamics over the last couple of years. Included within this guidance is an estimated impact that follows the extreme cold weather in Texas earlier this month. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. Weve proven that over and over again in very, very recent past. It mainly affects our renewables and supply activities. You can read more about how we handle your information in our privacy policy. Yes. Simply log into Settings & Account and select "Cancel" on the right-hand side. MacGregor said: I would like to thank the board of directors for the confidence it shows in me. So all of the work that we started last year and that we are doing as part of this consultation is to bring these activities into a coherent entity, and this is really happening now with a commonality in terms of mtier, activity type, expertise, purpose and also industrial project. So yes, Thermal is a good fleet for us, good asset. Judith, you want to start with the EVBox question? The first one is on strategy. In the summer of 2019, she chose to pursue her career in the energy industry by joining the executive committee of the TechnipFMC group to lead its onshore and offshore engineering and construction activities, Technip Energies. Net recurring income group share was in line with guidance but at the bottom end of the range. Catherine MacGregor will join Engie as CEO. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. I would like to take this opportunity to thank all ENGIE employees who have worked so hard to deliver critical services for our customers in unprecedented conditions. Biography [ edit] https://waves-energy.co/maps/. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Solvay Alpharetta celebrates Black History Month. The current total coupon of 100 million per year has been reduced by 28% since 2017. Check if your So again, when you think about the business and the need to have a resilient power system, gas has actually a very critical role to play. Please go ahead. We also posted higher financial costs. Good morning, everyone. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. We expect to invest between 5.5 billion and 6 billion in growth CapEx with over 90% allocated to our strategic priorities. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. on the development of flexible and resilient energy systems. We do think that we have quite a specific signature within ENGIE, and we do like our gas assets. Organically, these evolutions were slightly better. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. And importantly, we reaffirm our dividend policy, which relies on a 65% to 75% payout ratio on the basis of net recurring income group share. Its coal exits. Because there was a time when that business was making around 600 million of COI. These headwinds were partly offset by a 700 million positive change in working capital requirements from energy management activities driven by dynamic management of margin calls in 2020 in a context of extreme volatility of commodity prices. By Gwnalle Barzic and Geert De Clercq. How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Michelle Yeoh: Finally we are being seen, Our ski trip made me question my life choices, Apocalypse then: lessons from history in tackling climate shocks, Smart data to help spot risk and opportunity, Lex, our agenda-setting business commentary (Premium only), Due Diligence, an exclusive M&A newsletter (Premium only). In Thermal, we expect a COI decrease due to the normalization of a strong 2020 performance in Europe, which was supported by high spark spreads and ancillary contributions. We delivered for our customers while continuing to invest in major capital projects. MacGregor joins Engie as it embarks on a major push into renewables and clean energy. Dans le SBF 120, on y trouve en tout 13 femmes DG et 12 . Overall, we currently estimate a potential net impact at the group COI and net recurring income group share level of between 80 million to 120 million. So naturally, were landing more just below a 100 million figure for 2021. In just eight weeks that I have been here, I can already see the tremendous potential ENGIE has in accelerating this energy transition. So and then maybe Ill add that there is also, I think, a lot of things we can do and we are doing, and we will continue to do and even increase around industrialization, procurement, supply chain, of course, digital. And then I also had a question on the coal phase out. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. Also on the same point, risking up or risking down in the future strategy, what is your view on how the risk profile for ENGIE should change going forward? I was very pleased to participate in the 9th Ministerial Meeting of the Southern Gas Corridor Advisory Council, and the 1st Ministerial Meeting of the Green Energy Advisory Council, held in #Azerbaijan last week. For a full comparison of Standard and Premium Digital, click here. EBITDA and COI were both down significantly from last year mainly due to the impact of the pandemic. Together, let's continue to make a difference! Precisamos de 20.000 apoios para que a ideia se transforme em lei. Now simplification is a bit of a general concept, and I was hoping for a bit more color from your part. In our asset-light activities, we have a healthy order book and a project backlog of over 11 billion, offering good visibility for 2021. Her main mission was to prepare for the spin-off and IPO of Technip Energies, for which she put the energy transition at the heart of the strategy. It is a great source, among others, of motivation and satisfaction to continue the (so essential) low-caborn transition in an extremely challenging environment , | Financial Reporting |Taxation| Month, Year-end Closings |Corporate Accounting| Financial Statement Analysis| SAP Hana FICO |IFRS. Are you working on a new organizational format? Before I share my view on 2021, here are our 2020 financial highlights. One second, it will be over soon. France's Engie appointed an oil services executive to execute its strategy of refocusing the utility on renewable energy and grids, overlooking the internal candidate behind its new green strategy.. Engie said in a statement it had appointed Franco-American oil services firm TechnipFMC executive Catherine MacGregor as new CEO, effective Jan. 1, 2021. You mentioned the COVID impact and how to think about it in 2021. And how quickly do you think it can actually contribute to your earnings, please? Obviously, you did signal that youd be ramping up CapEx. This decision, effective as from January 1st 2021, is the result of a selection process, led by Jean-Pierre Clamadieu, Franoise Malrieu and members of the Appointments, Compensation and Governance Committee, following the highest standards of governance. Aprs avoir t auditionne par les cabinets de recrutement Korn Ferry et NB Lemercier & Associs, elle est nomme directrice gnrale d'Engie le 2 octobre 2020, avec entre en fonctions le 1er janvier 2021. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. COI was adversely impacted by roughly 300 million due to foreign exchange and by an aggregate negative scope effect of 75 million. And so every year, we will allocate capital to that, and thats 1.3 billion a year. We strengthened our leadership in green bonds having issued 2.4 billion green bonds in 2020 for a total of 12 billion since 2014. Overall, we have 100 cooling networks with a total installed capacity of 6.1 gigawatts and 300 heating networks of various sizes that distribute 19 terawatt hours yearly. The oldest executive at ENGIE SA is Francoise Malrieu, 73, who is the Independent Director. I know weve heard from the Chairman very helpfully on this last year, but I think wed love to hear your thoughts on this. So lots of enthusiasm around renewable. So maybe I will start with your last question, which is around the decision on nuclear. This translates to a dividend of 0.53, which will be proposed for shareholder approval at our AGM on the 20th of May. ENGIE is a major player in the energy sector, and we are extremely well placed to tackle most of the challenges posed by this transition. En 2020, elle est pressentie pour diriger Technip Energies, une socit en cours de cration base Paris d'environ 12000personnes issue de la scission de TechnipFMC en deux entits spares. For example, we signed several corporate PPAs with Amazon for a 650-megawatt global portfolio of wind and solar projects across the U.S., Italy and France. These positive effects were partly offset by lower volumes mainly due to a decrease in availability of our Belgian assets caused by the last planned LTO maintenance works on Doel 1, Doel 2 and Tihange 1. You can store it. French energy group Engie's ENGIE.PA board is set to appoint Catherine MacGregor, a top executive at Franco-American oil services firm TechnipFMC FTI.N as CEO, eight months after the ouster of Isabelle Kocher, a source familiar with the situation told Reuters. I think thats clearly something the market will be expecting there. This was really driven by mix of the results, changes in some tax laws, including in the UK, and we are expecting to go to a more normal level at the 25% kind of range in 2021. Stepping back. A particular region of international growth in Networks has been Latin America, where, in addition to gas, we are also building power transmission lines. Does this mean that Equans is now getting nothing? Battery storage is expensive, produces no net power, has a very high LCA and basically impossible at the needed grid size. Thank you, Sam, for your welcome message and your welcome question. My first reaction with the bonus: Wow great ! And weve announced that there might be a second step, but we will obviously cross that bridge when it comes to it. This growth will be partly offset by a lower benefit from the GFOM ruling in Brazil and by the assumed FX deterioration. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Catherine MacGregor, ne Catherine Fiamma le 7 aot 1972 au Maroc, est un ingnieur et chef d'entreprise de nationalit franaise. We also rapidly launched strategic reviews of businesses, including part of Client Solutions, GTT and ENGIE EPS. . I mentioned earlier two things actually. That will put pressure on Ms MacGregor to make her mark . This was partly offset by a temporary higher effective recurring tax rate at 32.5% in 2020 versus 28.2% in 2019. Often, its actually a very small proportion of coal that is being used, but it is indeed the case that it is part of our feedstock. We will now take the next question from Rob Pulleyn with Morgan Stanley. This was partially offset by capital gains, the main one being 1.7 billion due to the sale of the 29.9% shareholding in SUEZ. We have ambitious goals to continue to simplify ENGIE at pace to play a key role in accelerating the energy transition and to focus on the long-term profitable growth of the group. And lets now, indeed, look at our priorities for sustainable long-term value creation. Delivering on decarbonization while ensuring reliability and affordability can only be achieved through a combination of centralized and decentralized solution and with a mix of energy sources. Today, I am very pleased to announce a commitment to exit all coal assets in Europe by 2025 and globally by 2027, in line with our purpose to drive carbon neutrality. Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! In addition, ENGIE also progressed geographic rationalization and strengthened its position in key regions. And I just wanted maybe to clarify that the government has not explicitly made the decision. Problem: 40% of the hours of the month there is minimum wind and zero sun. Thank you Renata Spada for being yourself and authentic. And then, of course, in terms of Thermal, we will be very opportunistic. As CEO, Catherine MacGregor will focus on defining and implementing the Group's strategic road map, in particular around the two priority areas announced in July 2020 by the Board of Directors: speeding up growth in renewable energies and energy infrastructure such as cooling and heating networks. And on these assets, if you assume the five remaining years until 2025, its about 150 million of impact a year positive. Let me give you the 2020 COI highlights. Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. Our group remains committed to Belgium and to contributing to the countrys security of supply. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. So in short obviously, its a topic we could talk for hours. These factors, together with a track record in decentralized infrastructure and a fast-growing position in renewable gases, means we are very well placed indeed. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. And hopefully, we can share more of that in May when we come back to you. And Judith will give you a little bit of the background and more details on the rest. We will now take the next question from Meike Becker with Bernstein. Welcome again to Catherine. But on defining the structure, does that mean we have a disposal in Q3, Q4? For example, we significantly enhanced our renewables footprint in the U.S. And so we consider that these are going to be very important in the near term at least in order to maintain a power system that is both robust and affordable, which was some of the features that I described in my talk, as extremely, extremely important for this energy transition. We have in the U.S. the largest development pipeline. We also suffer from the same crisis and have also contributed to this, especially in the Corona years. Im just wondering, youve identified sort of the identity of Renewables, Networks and across Client Solutions. Ladies and gentlemen, this concludes this conference call. And side comment also on this is that our employees are obviously very excited about renewable as being a growth center of a growth engine for us in ENGIE, so as well as obviously being a key goal of our ESG road map. And so our thermal fleet has a very, very important role to play there. Thats a good clarification. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters.