Could you clarify how much COVID impact youve included in 2021 relative to the 1.2 billion hit in 2020? Ms MacGregor, an engineer by training who was born and raised in Morocco, will start in the CEO job on 1 January 2021, taking over a company that has been roiled over the past few years by a. So the 150 million I gave is correct. So thats a positive. We also rapidly launched strategic reviews of businesses, including part of Client Solutions, GTT and ENGIE EPS. And maybe the last point, which is around performance culture, which I think can be improved within ENGIE, and here again, I can assess that the first reaction to this discussion within the company leads me to believe that we can make some inroads on that topic as well. analyse how our Sites are used. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. So first to reiterate on that, we are very pleased with our position on renewables, and we are leader in France. And of course, hydrogen as it gets developed, indeed, could be very much more linked to power than maybe gas was in the past. And I just wanted maybe to clarify that the government has not explicitly made the decision. And we will now take our next question from Vincent Ayral with JPMorgan. or Check if your I look forward to working with her in the months and years to come to deliver the Groups strategic orientations. In that entity that we are forming, which is the object of the consultation weve talked about, there will be 34,000 roughly 74,000, sorry, 74,000 people. No, thank you. So yes. Engie board set to appoint Catherine MacGregor as new CEO. We also continued to benefit from the cost actions launched in the second quarter. So thats one aspect of it. Solvay Alpharetta celebrates Black History Month. Its two and probably a little bit more early. 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. Great post Catherine Fiamma MacGregor! This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. Catherine MacGregor, ne Catherine Fiamma le 7 aot 1972 au Maroc, est un ingnieur et chef d'entreprise de nationalit franaise. And then on your DBSO question, what were expecting for 2021 is roughly in line with what we had in 2020, so just below 100 million. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. This has been a concern for the market. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. Some of your peers there have convinced the market that they transitioned to hydrogen. So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. Or does it have its own game plan? More information, our agenda as well as the opportunity to register are available here: https://fusion.concur.com/. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. And finally, we also strengthened our position in the rapidly growing market of corporate PPAs with over 1.5 gigawatts of contracts signed in 2020. We have in the U.S. the largest development pipeline. You certainly have a lot of people out here who want you to be very successful. Its coal exits. And Ill turn to Judith maybe for the cash flow from Nuclear. Excellent example of circular economy ! 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]. On an organic basis, the business line saw 1% growth, which was a strong result considering that there were over 100 million of positive operational one-offs in 2019 from LDs on newly commissioned power plants in Brazil and Chile. Are you talking about Q3, Q4 for the end game? So to summarize, ENGIE made progress at pace in 2020. 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. Laut Konzernchefin Catherine MacGregor werde man im laufenden Geschftsjahr 2023 einen Gewinn zwischen 3,4 und 4 Mrd. Onshore wind can be 1.5 years. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. So let me start then with your question on Thermal. [Foreign Language]. Thank you. We assume up to 100 million dilution effect at the COI level from approximately 2 billion disposals in addition to previously signed transactions. Its, for sure, a large part of the investment case. La situation en France depuis plus de 50 ans We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. 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. 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. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ETCompany Participants. I think there was another question, which was related to the calendar. So on EVBox, were very happy to have announced this transaction. 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. A primeira anlise que feita pelo corpo tcnico do Senado j foi feita e agora a ideia est disponvel para votao popular. In addition to this strong organic growth, we also added 2 gigawatts through acquisition of operating assets. However, we claim we have a valid solution to the above problem,, inviting large corporations like Engie and others reading this, to scrutinize our numbers and concept very carefully. And with that, Im pleased to hand you over to Catherine. Yes. And Networks, given that we do, we continue to invest here in France into the RAB, you will see a relative quick turnaround into contribution. Welcome again to Catherine. 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. Notre lectricit est dj propre And so were confident to be able to invest in lots of opportunities that Catherine talked about. 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. Overall, the average cost of gross debt was 2.38%, down 32 basis points compared with December 2019. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. Networks were mainly impacted by warm temperatures and by higher D&A. 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. 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. This year is marked by the unprecedented energy crisis in Europe as a result of the tragic war in Ukraine. Precisamos de 20.000 apoios para que a ideia se transforme em lei. Thanks, everyone, for your welcome message and very much look forward Judith and I very much look forward to meeting you, extending with you in the future and again, very, very excited about turning those tailwinds that ENGIE has had into reality. 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. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. So 25% of your business is in Thermal, and its an area that youre not particularly resting hugely behind if you look at the growth CapEx numbers. And second, its really focused and making sure that everybody pulls in the same direction. And hopefully, we can share more of that in May when we come back to you. Ill start maybe with, again, the second one on renewables. Judith, you want to answer the second question? In addition, we had higher contributions from power transmission lines in Brazil as their construction is progressing well. 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. 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. And weve made some moves last year, and we will continue to do that. One was the CapEx. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. Indeed, we had an increase a temporary increase in 2020 to 32.5%. It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. 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. She is the only female CEO in France's CAC-40 stock index; French Finance Minister Bruno. Were going to really focus on a few geographies. These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. This change led to an impairment, which Judith will cover shortly. , Dear Catherine, Jean-Pierre Clamadieu, Chairman of the Board of Directors, declared: On behalf of the Board and employees of the Group, I am pleased to welcome Catherine MacGregor and wish her full success in her missions. Nothing much more structural than that really, James, on supply improvement. The ability to manage risk, we see mature risk increasing in the renewable arena, and we are really good at that. Firstly, Id like to share everyones sentiments in wishing Catherine well in her role. 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. Yes, two topics that you were talking about, Peter. Thats a good clarification. And the second one, if I may ask, around Client Solutions. For a full comparison of Standard and Premium Digital, click here. Before I share my view on 2021, here are our 2020 financial highlights. And if you look at what we announced on January 14 is indeed a smaller executive team, less members. But ENGIE shares have gone, lets say, sort of sideways and even down a bit in that time. We are expecting this to happen in a matter of weeks, following the closing of the SPAC transaction. commentary and analysis you can trust. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . When I think of hydrogen for ENGIE, I think all of our activities, all of our mtier benefit. You can see that on the recent months trading for renewable players. We have a strong position in Brazil, in Peru, in Chile. Let me start with your second question, and then I will hand over to Judith, who will go through the details of the impairment impact, if you dont mind, Rob. We have a lot of experience over the years developed through our generation and thermal activity. And Judith will give you a little bit of the background and more details on the rest. Problem: 40% of the hours of the month there is minimum wind and zero sun. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. 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. Within this guidance, we have included our current estimate of the potential impact. You will remember last year, we had close to 200 million, which was really driven by 2 things or 2019, sorry, we had roughly 200 million, 2 things. You can read more about how we handle your information in our privacy policy. And I suppose when we see you planning a CMD in May, I think lot of us are hoping that youll be able to do something similar at the May event. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. She has spent her entire professional career working in the energy sector. You may change or cancel your subscription or trial at any time online. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. or If so, do you have a view to what level? So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. I look forward to continuing to work closely with our brothers in Azerbaijan, and our partners across Europe and around the world, to deliver on our shared clean energy ambitions. You mentioned the COVID impact and how to think about it in 2021. To read more about DN Media Group, Check if your In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. 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.. The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. It honours and commits me. is its Ocean Winds joint venture with EDPR. Organically, these evolutions were slightly better. You can store it. 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. First, you will hear from our new CEO, Catherine MacGregor, on the highlights of 2020, followed by our CFO, Judith Hartmann, on our financial performance. Hydro had a strong increase organically but was down from a growth perspective because of the FX, of course, in the Brazilian real, and wind was an increase for the obvious reasons because we have been investing quite significantly in the past few years. Yes. And that will be something that we will be describing a bit more in details in May. Curious as to what my Linkedin connections think. We have progressed on simplifying the group. Lets now move to Thermal, which was impacted by scope and FX, notably, 90 million of disposals mainly in Thailand and close to 40 million negative FX impact. We will now take the next question from Meike Becker with Bernstein. The Board of Directors decided to appoint Catherine MacGregor as ENGIE Chief Executive Officer. Pour viter se gchis financier avec l'argent des franais Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. Net recurring income group share was within the guidance range, and Judith will cover financial performance in more detail shortly. Okay. And sometimes, its okay to lose auctions if we dont get the right returns. We strengthened our leadership in green bonds having issued 2.4 billion green bonds in 2020 for a total of 12 billion since 2014. Could you just give us an idea on the potential accounting impact of the operations that you are doing on this subsidiary? And then, of course, right after that, you have hydrogen. Officer of ENGIE SA since . cookies Lets now move to our Supply, Nuclear and Other activities. EBITDA and COI, at 9.3 billion and 4.6 billion, were down by 11% and 21%, respectively, on a gross basis. And then I also had a question on the coal phase out. Catherine MacGregor is currently Chief Executive Officer and Director at Engie - View - Engie org chart Create your alert to follow the career of Catherine MacGregor. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Please. Thank you, Sam, for this question. 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. And then just another one on guidance. And moving now to our international networks, where we are leveraging the deep networks experience we have in Europe. You may now disconnect. This growth will be partly offset by a lower benefit from the GFOM ruling in Brazil and by the assumed FX deterioration. For a full comparison of Standard and Premium Digital, click here. And Im going to pass it on to Judith to comment maybe on the other questions. Other generators like Uniper and Fortum have been very strong as well. We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. So that is roughly what you have to have in mind. Elle travaille pendant 23 ans chez Schlumberger. She occupied a number of roles within [] And obviously, it mitigates the intermittency, which is still quite an issue with renewables, as we know. Ms MacGregor is 48, she's been the Chief Exec. By Gwnalle Barzic and Geert De Clercq. Now the other aspect, of course, is that we are obviously and we have not talked too much about it yet, but the hydrogen opportunity for us is very, very material. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. 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. I have proper control over all inventory department with the skill of my Minimum and Maximum stock levels, Gerente Industrial | Gesto de Operaes e Servios | Supply Chain | Engenheiro de Produo | leo e Gs | Suporte Tcnico | Produo | Gesto da Qualidade, Pessoal, eu criei esta Proposta de Ideia Legislativa no Senado Federal que se transformada em lei criar as Poltica Nacional de Incluso das Pessoas 50+. Now that makes me and that makes the team, obviously, extremely motivated and optimistic that we are going to get the benefit from these tailwinds because, as a team, we are extremely focused in making sure that we do outperform, and outperform our peers, outperform the market. Elle est alors nomme prsidente New Ventures de TechnipFMC. 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 are a media company, specifically facilitating the maritime and offshore industry. We think, in general, gas is going to be important in this energy transition. 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. In green mobility, were a leading global provider of smart charging solutions for electric vehicles through EVBox, a start-up we acquired in 2017. Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. - Play an important role in ensuring security of supply for France and Europe I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. It will also require some infrastructure, maybe not with the same density at todays gas network. And first question is for Catherine MacGregor. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. To this end, we expect to invest between 5.5 billion to 6 billion growth CapEx, with over 90% of this in renewables, networks and asset-based client solutions. Is this happening to you frequently? Thank you, Sam, for your welcome message and your welcome question. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. First, operating cash flow was 1.1 billion lower, mainly reflecting the drop of EBITDA. On quick one on numbers, on guidance. We have also started to adopt the existing gas transport networks by commissioning three reverse flow installations in 2020, which allow biomethane to flow from the distribution grid to the gas storage units. Last but not least, visiting BV head office in Mumbai and meeting SSC and SAR management team. Select Accept to consent or Reject to decline non-essential cookies for this use. Net recurring income group share amounted to 1.7 billion, down 37% year-on-year. 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. So two questions, please. 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. 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. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. These projects could participate in the Belgium capacity remuneration market auctions in the second half of this year once approved by the European authorities.
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