Son profil de spcialiste, sa connaissance des enjeux oprationnels et des mtiers de l'nergie, son exprience internationale sont autant d'atouts pour le groupe Networks were mainly impacted by warm temperatures and by higher D&A. Now that doesnt mean that we should not have discipline. Every Friday at a quarter past 10, the fire alarm. (Tech. Now having said that, we are also very excited about transitioning our gas systems into renewable and by that, I mean, renewable gas. At the event, we were pleased to highlight how #Masdar is working with our partners in Azerbaijan to develop world-class clean energy projects like the 230 MW Garadagh Solar PV Plant, with further agreements to develop up to 10GW of clean energy capacity across #onshorewind, #offshorewind, #solar, and #greenhydrogen projects. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. Chief Executive Officer at NOVIGE AB, Mission Innovation Champion, Innovator of the Year, Seal of Excellence European Commission, Propeller Prize - Stena Line 2mo Glad to see all the progress. 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 very much for your attention, and I would like to turn now the line back to the operator for the Q&A session. 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. But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? Welcome to the sector, indeed. or 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. 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. 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. But we really want to focus on a return-based growth strategy. So naturally, were landing more just below a 100 million figure for 2021. Curious as to what my Linkedin connections think. For a full comparison of Standard and Premium Digital, click here. I have one question for Judith and one for Catherine, please. So lots of enthusiasm around renewable. Sur cette version linguistique de Wikipdia, les liens interlangues sont placs en haut droite du titre de larticle. So let me start then with your question on Thermal. She was in charge of the entitys IPO. Very yes, good question. 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. organisation Engie will also capture opportunities resulting from recovery plans announced in Europe, notably related to the development of green gases (biogas and hydrogen). cookies A key part of that strategy is its Ocean Winds joint venture with EDPR, which has set out its stall as a global leader in offshore wind. Revenue declined on a gross basis by approximately 900 million for the full year. On the renewables COI for 2020 of about 1.1 billion, basically, you can assume that the main contributors were hydro and wind, hydro about 700 million of that and wind was the rest. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. And I was very pleased to hear that you put simplification at the center of your new vision for the group. They represent a key long-term growth engine for the group. Simply log into Settings & Account and select "Cancel" on the right-hand side. For cost savings, you can change your plan at any time online in the Settings & Account section. 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! Our environment is changing. The commitment and mobilization of all our teams at ENGIE is truly exceptional and it is an honor to be a part of such a dedicated and forward-thinking organization! 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 other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. This button displays the currently selected search type. 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. French giant Engie has concluded its search for the new chief executive officer, naming Catherine MacGregor to the position. H2, 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. But just one observation is a key part of success, I think, for some of your peers has been laying out quite detailed guidance over a 3-year period. This year is marked by the unprecedented energy crisis in Europe as a result of the tragic war in Ukraine. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? 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. We use Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. We also posted higher financial costs. Two questions from me. You mentioned that you would also phase out coal in district heating. So these are some of the things that we are excited about when we think about our network assets, and we like it. So our main working scenario right now is that it wont happen. Maybe some thoughts. Before that she had a 23-year career with oilfield services giant Schlumberger, ending as president of the drilling business. What you would be looking for? And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. Battery storage is expensive, produces no net power, has a very high LCA and basically impossible at the needed grid size. Its youre obviously guiding for a significant improvement in Supply COI this year versus last year. Nothing much more structural than that really, James, on supply improvement. How quickly can that new CapEx sort of translate into earnings? 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. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. And so we will not give specific assets, of course, at any given time. The final area of 2020 performance I would like to highlight is the groups continued progress in growing our renewable portfolio, which has grown significantly by 32% since the end of 2018. 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. You mentioned the COVID impact and how to think about it in 2021. 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. 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. Okay. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. And that will be something that we will be describing a bit more in details in May. Un article de Wikipdia, l'encyclopdie libre. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* https://www.linkedin.com/in/catherine-fiamma-macgregor-3008171/. 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. We completed the SUEZ transaction in October and launched further strategic reviews. Engie has been riven in the past by fights between chairman and CEO and is a company where the board plays a big role in shaping strategy. Problem: 40% of the hours of the month there is minimum wind and zero sun. With our experience, knowledge and reach we can optimally meet your businesses media needs and requirements in three cohesive ways: Network with the right people, Insight into the industry, and Talent to the right place. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. Excellent example of circular economy ! And I think, namely complexity is one thing. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. I just had indeed, I will stick to two questions as well, maybe a strategic 1 as well and a more detailed 1. In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. With our strong local presence in key geographies and leading capabilities across the power generation value chain, including in energy management, which is a key for commercializing renewable energy, we are confident in our ability to drive long-term value creation from this renewables growth. And then, of course, now this partial sell down that were planning into a SPAC transaction. 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. Posted mercredi, avril 14 2021 Last month, with her feet barely under the desk, Catherine MacGregor was required to appear before the French senate's economic affairs committee be grilled on Engie's strategy. And weve announced that there might be a second step, but we will obviously cross that bridge when it comes to it. To Engie in my case. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. We also continued to benefit from the cost actions launched in the second quarter. 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. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. Catherine Macgregor (Courtesy of Engie) MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. And my second question will be more accounting related regarding EVBox. 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. Compare Standard and Premium Digital here. [Operator Instructions] We will take our first question from James Brand with Deutsche Bank. Could you just give us an idea on the potential accounting impact of the operations that you are doing on this subsidiary? During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. personalising content and ads, providing social media features and to As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? And so the amount will be much lower than what you have seen in 2020. EBITDA and COI were both down significantly from last year mainly due to the impact of the pandemic. This very unusual year translated into a mixed set of numbers. Learn more in our Cookie Policy. These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. 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. Please. But time will tell. She has spent her entire career in the energy sector. Thanks to Faye Kirby and Valencia Anderson for setting up the display and sharing books written by black authors. Depending on opportunities, it could be this asset or another one. 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. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. And then your other question was related to the organization. Supplies offered a net COVID impact of roughly 290 million mainly due to lower consumption, bad debt and lower B2C services. 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. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? A primeira anlise que feita pelo corpo tcnico do Senado j foi feita e agora a ideia est disponvel para votao popular. 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. Catherine MacGregor joined the ENGIE group on January 1, 2021 as Chief Executive Officer. Organically, these evolutions were slightly better. Enel nearly tripled, Orsted quadrupled. Its coal exits. That will put pressure on Ms MacGregor to make her mark . A quick word on the agenda for this morning. And lets now, indeed, look at our priorities for sustainable long-term value creation. Its, quite frankly, one of the big wins, I think, of last year when you think about it because both operationally to take this company to a level and multiply by almost 10 times their revenue over the last two years. Thank you. What is the identity of the Thermal business? We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. Catherine was President of Technip Energies at TechnipFMC, and President of Drilling at Schlumberger. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. And moving now to our international networks, where we are leveraging the deep networks experience we have in Europe. Now the markets are looking at the remaining energy services. When expanded it provides a list of search options that will switch the search inputs to match the current selection. So first to reiterate on that, we are very pleased with our position on renewables, and we are leader in France. So thats one aspect of it. 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. Biography [ edit] Onshore wind can be 1.5 years. Catherine, the floor is yours. 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. Thank you very much, Aarti, and good morning, everyone. Currently, we have 3 gigawatts under construction for commissioning in 2021, and we are on track to achieve the 2019 target of commissioning 9 gigawatts in three years by the end of this year. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. And thank you, Catherine, too, for your answer, which I think we all appreciate, and we wish you with that, just final comment from my side, then Ill turn it over. 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. And first question is for Catherine MacGregor. Other generators like Uniper and Fortum have been very strong as well. Catherine MacGregor - Chief . The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. So the 150 million I gave is correct. You can still enjoy your subscription until the end of your current billing period. MacGregor said: I would like to thank the board of directors for the confidence it shows in me. And then I also had a question on the coal phase out. Do you have a vision about taking this proportion of minorities down for the group? 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.. Elle travaille pendant 23 ans chez Schlumberger. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. Cheers! I will now hand you back to Catherine for our 2021 priorities. All information you need to have a pleasant time during the event. Offshore wind is typically much longer. To read more about DN Media Group, A cycle, of course, could be 3, 4, 5 years depending on the country. Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. 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. We will make sure that we get the right price. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. More information, our agenda as well as the opportunity to register are available here: https://fusion.concur.com/. The 0.1 billion, is this a 2020 contribution of the businesses youre going to sell? A warm welcome as well to you, Catherine MacGregor. 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. We invested 7.7 billion of CapEx in total. 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. Its not like a 2020 event. COI decreased mainly driven by a 600 million impact from the pandemic. 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. Judith, you want to answer the second question? As we are reminded by extreme events, such as the recent ones in Texas, it is critically important that decarbonization of the energy mix is both reliable and affordable. 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. If you have an ad-blocker enabled you may be blocked from proceeding. The COVID impact on our thermal activities was minimal with lower demand mainly in Chile and Peru. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. janvier 2021 en qualit de Directrice Gnrale. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. So again, of course, I mean, it 2020 was heavily impacted. 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. I have a couple of questions, 1 for Catherine and 1 for Judith. 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. You have, of course, in mind, that we have committed to fund our waste provision until 2025. As always, my team and I are here to assist you, so do please reach out. I think these are really, really good questions. Its two and probably a little bit more early. Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call.