We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. Read more about DN Media Group here. A short stay for a rich experience and deep learning. On May 18, 2021, ENGIE's Chief Executive Officer Catherine MacGregor unveiled the Group's strategic roadmap, to reaffirm ENGIE as a leader in the energy transition. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. And I look forward to leveraging their strengths to deliver on a full agenda in such critical times for the energy industry and for ENGIE. On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Iberdrola shares nearly doubled. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. personalising content and ads, providing social media features and to 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. We intend to retain a higher ownership of our renewables project where it is strategically and economically rational as we indicated in our strategic orientation. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. This was linked to a recovery of past energy costs, following the agreement on renegotiation of hydrological risk, which was finalized at the end of 2020. European utility giant Engie named oil & gas industry veteran Catherine MacGregor as its new CEO with a remit to lead the French groups ambitious renewables and energy transition plans. Maybe I will start with your second question, which relates to the coal used in DHC. That will put pressure on Ms MacGregor to make her mark . Find here the list of all the sessions presented by this speaker in order not to miss any of it. Aarti Singhal - Director of Investor Relations. The key here is really to give that business its own industrial project, its own identity. fusion, Yes. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Okay. So youve been talking about investment discipline. The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. Net income group share stood at negative 1.5 billion. Est 53 centrales nuclaires qui vous donnent l'lectricit la moins chre au monde, We are a media company, specifically facilitating the maritime and offshore industry. We will now take our next question from Emmanuel Turpin with Societe Generale. Catherine MacGregor is an engineer and graduate of cole Centrale de Paris (CentraleSuplec). We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. And I think, namely complexity is one thing. 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. [indiscernible] Sam, for putting more pressure on us. In her efforts to "simplify" Engie, MacGregor is moving from 25 business units to 4 globally, and . I think the team has done, so far, a really nice job. Renewable #Gas: We continue to make progress, with 459 #biomethane production units connected to our networks in France, and with 5 of our #hydrogen projects in Europe selected to benefit from public aid from the European Commission. Organically, these evolutions were slightly better. So on EVBox, were very happy to have announced this transaction. Here's a bit more, on climate change and from a few years ago, but still relevant. We think, in general, gas is going to be important in this energy transition. CEO Affiliation Engie Country France 2020 Rank 13 In her first year as CEO of the giant French power company, MacGregor, an oil and gas industry veteran, focused on simplifying the $63.5. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* They represent a key long-term growth engine for the group. Congratulations to all of our employees on the well-deserved bonus. Judith? We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. Head of Core Laboratories US - Alpharetta Site Manager, Thanks to Solvay Alpharetta employees Michael O'Keeffe and Edna Carbajal for reaching out to students in Dawson county GA for their junior high school career fair and mock interview days. The issue of having mtiers and activities that are so different from each other and I think weve talked a little bit about the multi-technical services, as an example, that require a management focus, a capital allocation policy, a system and attention to every cent that you have to spend, which is not necessarily something that is ENGIE DNA. This change led to an impairment, which Judith will cover shortly. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Yes. 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 . Sur cette version linguistique de Wikipdia, les liens interlangues sont placs en haut droite du titre de larticle. Aged 48 and an engineering graduate of cole Centrale Paris, Catherine MacGregor started her career at Schlumberger in 1995, where she spent 23 years in positions of international responsibility, notably as group HR director. ENGIE thanks you for your participation. Overall, these positive factors are expected to more than offset year-on-year negative evolutions. Non Madame We are assessing the situation, which mainly affects renewables and supply activities. So I think this is a key point Id be interested in. 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. Thank you very much for your attention, and I would like to turn now the line back to the operator for the Q&A session. Catherine MacGregor will join Engie as CEO. 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. Revenue declined on a gross basis by approximately 900 million for the full year. Judith, you want to start with the EVBox question? Now having said that, we are also very excited about transitioning our gas systems into renewable and by that, I mean, renewable gas. In this uncertain environment, ENGIE's strategy for a balanced, affordable, and resilient energy mix has proven its relevance and we have stayed on track! These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. Catherine MacGregor a t dcrite positivement par d'anciens collaborateurs: des articles de presses rapportent des propos qui la dsignent comme une personne trs simple aux loisirs sans surprise (cinma ou scrabble)[1], directe, mthodique, tenace, trs oprationnelle[4], humble et courageuse[3], efficace, mais elle sait couter (Thierry Pilenko)[2]. French giant Engie has concluded its search for the new chief executive officer, naming Catherine MacGregor to the position. Now from a also power system standpoint, gas today is also a very nice complement to renewables because it has brings the flexibility. And if you look at what we announced on January 14 is indeed a smaller executive team, less members. Please. Hopefully, thats an easy one, but would be very helpful. And maybe more importantly, where do you see subsidiary in five years and what it could contribute to your P&L considering the potential growth of these assets? This included 4 billion of growth CapEx, almost exclusively in our areas of strategic growth with approximately 40% in renewables, 40% in networks, and 15% in asset-based Client Solutions. And I was very pleased to hear that you put simplification at the center of your new vision for the group. Premium access for businesses and educational institutions. This is one of the largest renewable PPAs signed with an industrial group in Belgium and demonstrates the growing appetite for PPAs from a broader range of customers. In Latin America, COI was up significantly, driven by the scope in effect and higher organic contribution of TAG, which, Im very pleased to say, has outperformed our expectations. Hosted by His Excellency Ilham Aliyev, President of the Republic of Azerbaijan, my dear friend His Excellency Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, and Kadri Simson, EU Commissioner for Energy, this is an important forum for advancing Europes #cleanenergy ambitions. For the first part of the transactions, you mentioned the first buyout of or rather the buyout of a part of your minorities in Latin America. Thank you #HariPrasad #PulakPrakash #PallavGogoi #AmitGhosh, Player Representation and Scouting for F&F Sports, Two Cows Explain Economics Better Than Any Class Let me now turn to our ESG performance. And this is something, obviously, that we are going to continue and push. Thank you, Sam, for your welcome message and your welcome question. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. Now this is mainly provided by fossils, the reason CO2 emissions are increasing since 2015, not decreasing. Aged 48 and a graduate of cole Centrale Paris, Catherine MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. A warm welcome as well to you, Catherine MacGregor. Ocean Winds to rival Orsted as Engie and EDPR unveil new offshore giant, Only female CEO of a major European utility sacked by board. In Renewables, we expect growth from asset commissioning in the United States from higher achieved prices for French hydro and from the potential positive effect of the CNR concession extension. Turning to an update on the strategic review of part of our Client Solutions business that was launched in the second half of last year. In 2020, most of our newly commissioned assets were onshore wind followed by solar. And then your other question was related to the organization. As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? Together, let's continue to make a difference! Lets now move to our Supply, Nuclear and Other activities. university 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. This decrease in total COI was mainly driven by a negative 1.2 billion COVID impact, a negative 300 million pressure from foreign exchange mainly due to the depreciation of the Brazilian real and a negative 160 million impact from French temperatures. We support credit card, debit card and PayPal payments. 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. Elle y dirige des activits de forage au Congo, en Mer du Nord[3], aux tats-Unis, en Malaisie, au Royaume-Uni et en France[4]. #solvaylife #futureemployees #career #mockinterviews, Bringing some sun and fun to the Solvay Alpharetta site in February, employees and friends enjoyed an Hawaiian themed luau complete with ukulele music from Jason Chung and Ryan Carey. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. So Paulo, Ccile, Edouard and Sbastien will be obviously leading this organization effort, which I very, very much look forward to, indeed, seeing simplified over the coming months. Its youre obviously guiding for a significant improvement in Supply COI this year versus last year. And then the second question is more for Judith. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ETCompany Participants. We have in the U.S. the largest development pipeline. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. Next, a few words on the bridge from EBITDA to net recurring income group share. And in terms of the supply, were really expecting supply to recover mainly from less COVID impacts, also looking at the temperature, which will improve. And I was interested to get your philosophy about minorities. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . It honours and commits me. Her vision on ENGIEs transformation and development, her industrial and international track record as well as her leadership and managerial skills will fully contribute to the achievement of the strategic orientations announced at the end of July, the companys statement reads. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. You mentioned diversity of vast diversity of business line, et cetera. Excluding the scope out effect of SUEZ in the fourth quarter, the second half performance in 2020 was similar to previous year. And Judith, you want to comment, please, on the impairment? This impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. Harnessing 35 years of expertise to power the future of Energy and Water with data-driven solutions. On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. We invested 1.5 billion growth CapEx in 2020, mainly in Brazil, on power transmission lines and for the acquisition of the remaining 10% in TAG. 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 Ill ask two questions. We also benefited from higher contributions of GTT thanks to a strong past order intake. Our group remains committed to Belgium and to contributing to the countrys security of supply. We assume up to 100 million dilution effect at the COI level from approximately 2 billion disposals in addition to previously signed transactions. Our environment is changing. The renewables COI, could you break that down, if you dont mind, into the change in hydro versus wind and solar in the 2020 numbers? So here, generally, the question, how do you think about the future of the gas networks? Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. In the past Ms. MacGregor held the position of President-Drilling Group at Schlumberger NV and Personnel Director at Oilfield Services Co. Ltd. Ms. MacGregor received an undergraduate degree from cole Centrale Paris. 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. 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. If we basically look at simplification, we could cut it in two parts, what I would call transactional simplification, disposals buyout of minorities on maybe organizational simplification. Catherine Fiamma MacGregor is an Influencer, https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future, https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. And then, of course, in terms of Thermal, we will be very opportunistic. Catherine will then come back and share our priorities. Long-term growth drivers for asset-light activities are also strong, underpinned by major international actions plans, such as the European green deal towards making the EUs economy sustainable. https://www.linkedin.com/in/catherine-fiamma-macgregor-3008171/. On 14th of January, I announced a new executive committee, and Im very pleased that Paulo, Edouard, Ccile and Sbastien have started their new business roles. It honors and commits me. We are experts in sourcing projects, in dealing with permitting, land ownership issues, financing, partnering, environmental assessment and all that good stuff as well as aspects of social acceptability, which is really important in the development of renewables as you know. This really has two reasons. An example of the latter is the continued rollout of smart meters, where we installed an additional two million smart meters in France last year. Then potentially collaborate/partner with us for less than EUR 10 m in costs, together solving the crucially important 40% of the hours of the month. 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? We use When I think of hydrogen for ENGIE, I think all of our activities, all of our mtier benefit. 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 Board has reaffirmed the groups dividend policy and proposed for 2020 a payout ratio of 75%, which is at the top end of the range. Before I share my view on 2021, here are our 2020 financial highlights. How quickly can that new CapEx sort of translate into earnings? We expect EBITDA to be in the 9.9 billion to 10.3 billion range, COI to be in the 5.2 billion to 5.6 billion range, and net recurring income group share to be in the 2.3 billion to 2.5 billion range. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. From 2013 to 2016, she served as President Europe & Africa at Schlumberger, before being promoted in 2017 to President of the group's drilling activity, based in London. We currently have leadership positions in all of these activities, and recent successes include a 30-year contract signed in Monaco to design, build, own and operate a seawater heating and cooling network that will enhance energy efficiency. In France, we continued to invest into the gas smart meters rollout. Net recurring income group share was in line with guidance but at the bottom end of the range. In 2021, we already have hedged 80% of the production at 46. And it would be helpful if you could highlight for us any meaningful one-offs embedded in the 2020 results, whether positive or negative that we should bear in mind as we build our bridge to 2021? In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. We will now take the next question from Meike Becker with Bernstein. The COVID impact on our thermal activities was minimal with lower demand mainly in Chile and Peru. Okay. 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. Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 2019. In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. Thank you, Emmanuel, for your questions. But ENGIE shares have gone, lets say, sort of sideways and even down a bit in that time. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. With respect to the recent extreme weather events in Texas, we are assessing the situation. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. So its a huge project. A graduate of the Paris cole Centrale (CentraleSuplec), Catherine MacGregor has spent her entire professional career working in the energy sector, including 23 years with Schlumberger, the world's leading supplier of technologies for characterizing, drilling, producing and processing reservoirs for the oil and gas sector. Currently under construction is the 1,000-kilometer Gralha Azul project and the 1,800 kilometers Novo Estado project. 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. And so our whole plan that weve announced today, and obviously, very pleased to have made this announcement today, includes for each of these networks solution to convert the coal to other source of feedstock. And then, of course, now this partial sell down that were planning into a SPAC transaction. Previous to these positions, she has worked 23 years at Schlumberger, the world's leading provider of reservoir characterization, drilling, production and processing technologies for the oil and gas industry. Altogether, these units can contribute to a yearly production of up to 3.9 terawatt hours, equating to the annual gas consumption for hitting approximately one million new build homes in France. Its a geography refocus. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. 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. A key area of value creation from renewables is the ability to commercialize energy with new and innovative solutions for customers, and we have made great progress on this front. Regarding COVID, our projections assume restrictions similar to the fourth quarter 2020 and a gradual easing over 2021. And so we have assumed a very strong recovery like we have seen it in the second half. Although we were in crisis management most of 2020, we did not lose focus on our long-term objectives and continued to invest for the future. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! The enshittification of apps is real. The 281 million year-on-year COI decrease notably reflects warm temperatures and higher D&A in France. Yes. 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.. Welcome to the sector, indeed. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Lastly, COI for other activities decreased as 2019 benefited from a positive one-off related to partial sale of a gas supply contract, in 2020 was impacted by COVID mainly due to credit losses for GEM. And Im going to pass it on to Judith to comment maybe on the other questions. Within this guidance, we have included our current estimate of the potential impact. 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. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. Recharge is part of NHST Global Publications AS and we are responsible for the data that you register with us, and the data we collect when you visit our websites. https://noviocean.energy/documents/ Thank you. So our main working scenario right now is that it wont happen. Obviously, you did signal that youd be ramping up CapEx. In Nuclear, following the announcements of the Belgian government in Q4 2020, it has been decided to stop all preparation works that would allow a 20-year extension of two units beyond 2025, as it seems unlikely that such an extension can take place given the technical and the regulatory constraints. What an insightful stay in India this week starting with a technical conference on #hydrogen #certification at #IndiaEnergyWeek then meetings with 7 industrial players developing hydrogen projects across #India. Significant growth is also expected in the use of renewable gases to accelerate the energy transition. So the what is happening here in France on biomethane is actually quite real, and so we are now looking at potentially having sufficient volume to fully displace what will be needed in gas at the 2050 horizon. For a full comparison of Standard and Premium Digital, click here. 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. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Operator? We strengthened our leadership in green bonds having issued 2.4 billion green bonds in 2020 for a total of 12 billion since 2014. Yes, two topics that you were talking about, Peter. Thank you, Sam, for this question. Elle a t leve au Maroc[1]. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. But when you think about where that green hydrogen will be produced and where it will be consumed, the fact that we have infrastructure to transport this hydrogen, potentially to store this hydrogen will play to our strength. Were, in fact, very positive and excited about the opportunity of these businesses, very, very different from other more traditional mtier that we have in ENGIE, and the idea is really to form a very coherent entity, which Jrme Stubler is very busy doing right now. This was notably due to the discounting of liabilities related to hydro concessions in Brazil that are indexed to inflation and which increased significantly in 2020. Euro erzielen und am Vorhaben festhalten, jhrlich 65 . I think there was another question, which was related to the calendar. This is value neutral over time as D&A is integrated in the regulated revenue. Tax charges were 300 million lower mainly due to the decrease in profit. In addition, we had higher contributions from power transmission lines in Brazil as their construction is progressing well. I would love to hear from you. You can still enjoy your subscription until the end of your current billing period. So again, of course, I mean, it 2020 was heavily impacted. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Euro erzielen. Thank you very much, James, for your question. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. So let me start then with your question on Thermal. Now the guidance for 2021. Ladies and gentlemen, this concludes this conference call. And second, its really focused and making sure that everybody pulls in the same direction. Indeed, you can expect positive cash flow operation from our nuclear activities. Enel nearly tripled, Orsted quadrupled. Maybe some thoughts. We continued to put in place dedicated action plans, including OpEx reductions and G&A resizing. Its been a period in which the sector was exceptionally strong. Now the markets are looking at the remaining energy services. So first to reiterate on that, we are very pleased with our position on renewables, and we are leader in France. Biography [ edit] You mentioned the COVID impact and how to think about it in 2021. 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.
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