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A particular region of international growth in Networks has been Latin America, where, in addition to gas, we are also building power transmission lines. 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. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. But that brings me to my question actually. So this is becoming real. Thank you, Catherine, and good morning, everybody. We support credit card, debit card and PayPal payments. Tout au long de cette priode, les quipes d'Elengy, Storengy - ENGIE, GRTgaz, GRDF Catherine Fiamma MacGregor on LinkedIn: nergie : la consommation de gaz a baiss de 6,2% en France en . Yes. Catherine MacGregor - Chief . These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. 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. And part of this feedstock sometimes continue to rely on coal. And Im going to pass it on to Judith now for the COI details on Renewables. 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. So thats a positive. What are you looking at? 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. I think thats clearly something the market will be expecting there. 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. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ETCompany Participants. No, thank you. 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. 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. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. But in short, we have big ambition, but we will be disciplined. This has been a concern for the market. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. And Judith? Long-time Schlumberger executive to join next year as French utility giant gears up in renewables. 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. Vocs conseguem nos apoiar? And still on the asset rotation, this leaves you probably, I dont know, 12 billion of total proceeds, maybe overall when we put everything all together. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. Last but not least, visiting BV head office in Mumbai and meeting SSC and SAR management team. Catherine MacGregor est elle-mme mre de deux filles 2 . As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! 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. Does this mean that Equans is now getting nothing? Now that doesnt mean that we should not have discipline. Il serait pertinent de se concentrer sur l'aprs nuclaire, 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. Lemjed Bouzekri Thuli MOLOTO Bhupendra Singh Francisca Iturrieta Amadori Berivan Szgn, So pleased that people liked my post on trim tabs. Catherine, the floor is yours. Overall, the average cost of gross debt was 2.38%, down 32 basis points compared with December 2019. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. Revenue declined on a gross basis by approximately 900 million for the full year. Thats a good clarification. Enel nearly tripled, Orsted quadrupled. Lets now move to our Supply, Nuclear and Other activities. A primeira anlise que feita pelo corpo tcnico do Senado j foi feita e agora a ideia est disponvel para votao popular. 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. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. MacGregor, an engineer . The 48-year-old MacGregor replaces Isabelle Kocher, who was ousted by the Engie board in February, ensuring that a woman maintains a place at the top table of a major European utility. 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 so our thermal fleet has a very, very important role to play there. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. You mentioned diversity of vast diversity of business line, et cetera. In our asset-light activities, we have a healthy order book and a project backlog of over 11 billion, offering good visibility for 2021. Our environment is changing. 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. Thats really clear. For cost savings, you can change your plan at any time online in the Settings & Account section. This is value neutral over time as D&A is integrated in the regulated revenue. Please go ahead. Our portfolio of wind and solar assets has an average age of five years with an average residual contract duration of 15 years, which offers us with good visibility of earnings. Select Accept to consent or Reject to decline non-essential cookies for this use. Judith, you want to answer the second question? Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. Now this is mainly provided by fossils, the reason CO2 emissions are increasing since 2015, not decreasing. I think there was another question, which was related to the calendar. Learn more in our Cookie Policy. CEO - Engie. or Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. Congratulations to all of our employees on the well-deserved bonus. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. 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. This is what I am committed to. Biography [ edit] Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Whilst the overarching priorities are clear, we now need to translate them into an action plan for consistent delivery. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. Next, a few words on the bridge from EBITDA to net recurring income group share. And second, its really focused and making sure that everybody pulls in the same direction. Thank you very much, Judith. Yes, Judith, just to follow up on the Nuclear, can I just ask setting aside the provisions and the cash payments against those which we know about, can I just ask, do you anticipate any positive free cash flow from the nuclear fleet now in the rest of its life, I mean, if you just look at operating cash flow and essentially operating CapEx that youve got to put in? 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. 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. 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. Operator? Now the markets are looking at the remaining energy services. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. "Until regulations happen," they muse, "there's really nothing I, or my company, can do to make a difference." And sometimes, its okay to lose auctions if we dont get the right returns. Thank you Renata Spada for being yourself and authentic. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. Notre lectricit est dj propre So can you be a little bit more specific about where the extra CapEx is being spent this year and how youve been able to ramp it up so quickly? Elle est ingnieur, diplme de l'cole centrale Paris, dont elle sort en 1995. We also invested in #RenewableEnergy with the acquisition of 6 GW of solar and storage capacity projects in the US and signed an MOU to develop 3 GW of #wind power in Egypt. Are you talking about Q3, Q4 for the end game? Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . This was due to higher contributions from entities with minorities, which fully contributed at EBITDA and COI levels but only contributed at share at net recurring income group share level. And this is something, obviously, that we are going to continue and push. 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. 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. And I can confirm that the whole executive committee is passionate about moving along our strategy and enhancing our performance culture. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. Obviously, well give you more color on our ambition on renewables in May. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. Indeed, we are reviewing, in a bit of a systematic manner, some of the minorities that we hold. This was also driven by higher operational contribution of Brazilian assets and by improved performance from Middle East gas contracted activities. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. 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. 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. I'm looking forward to continuing to make a difference together. 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. Ocean Winds to rival Orsted as Engie and EDPR unveil new offshore giant, Only female CEO of a major European utility sacked by board. And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. Yes. 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. The enshittification of apps is real. In green mobility, were a leading global provider of smart charging solutions for electric vehicles through EVBox, a start-up we acquired in 2017. Areas of expertise ; Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. As always, my team and I are here to assist you, so do please reach out. We completed the SUEZ transaction in October and launched further strategic reviews. Before I share my view on 2021, here are our 2020 financial highlights. 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. Okay. Welcome also and again and similar thing for the CMD and midterm outlook, I would concur. We assume up to 100 million dilution effect at the COI level from approximately 2 billion disposals in addition to previously signed transactions. [Foreign Language]. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* Elle a t leve au Maroc[1]. 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. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ET, Aarti Singhal Director of Investor Relations, Catherine MacGregor Chief Executive Officer, Judith Hartmann Chief Financial Officer. Yes. We are expecting this to happen in a matter of weeks, following the closing of the SPAC transaction. It honors and commits me. So thank you very much, and bye-bye. Its a pleasure to welcome Catherine to ENGIE, and Im looking forward to executing our strategic plan together. I think these are really, really good questions. So Ill ask two questions. Thats one thing. I have a couple of questions, 1 for Catherine and 1 for Judith. She is the only female CEO in France's CAC-40 stock index; French Finance Minister Bruno. Indeed, you can expect positive cash flow operation from our nuclear activities. 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. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. Is it something that could be you realize value of and take advantage of low rates? We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. What you would be looking for? Catherine was President of Technip Energies at TechnipFMC, and President of Drilling at Schlumberger. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. hosting the engineering activities. And then, of course, in terms of Thermal, we will be very opportunistic. We also benefited from higher contributions of GTT thanks to a strong past order intake. 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. 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 3 gigawatt that we commissioned last year is in our key growth market for renewables, namely the U.S., Europe and Latin America. Currently under construction is the 1,000-kilometer Gralha Azul project and the 1,800 kilometers Novo Estado project. Okay. French Networks had limited COVID impact also mainly on distributed gas volumes. So no impact there, of course, on G&A reduction and about 800 million of assets. On quick one on numbers, on guidance. 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. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. on the development of flexible and resilient energy systems. It honours and commits me. So we feel very good about [indiscernible]. 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! A warm welcome as well to you, Catherine MacGregor. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. currently to 4 GW p.a. Employee consultation on the proposed organization design started this month as planned, and we expect it to conclude by the end of the second quarter. Regarding the organizational simplification, you mentioned complexity of the group. Siga o link abaixo e deixe seu apoio a esta poltica de incluso necessria ao nosso pas. By 2050, over $15 trillion are expected to be invested in power generation globally with over 70% in renewables. In addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. 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. Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. 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. So no specific things to be taken into account. For this, I would like to say a big thank you to Judith, Paulo and Claire for their strong leadership in 2020, as they had the dual challenge of advancing the group simplification agenda whilst, at the same time, ensuring we continue to deliver essential services to our customers. Let me give you the 2020 COI highlights. Our group remains committed to Belgium and to contributing to the countrys security of supply. So there will be a capital gain on this. Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call. Keep abreast of significant corporate, financial and political developments around the world. 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And then just another one on guidance. Thank you very much, James, for your question. Thank you #HariPrasad #PulakPrakash #PallavGogoi #AmitGhosh, Player Representation and Scouting for F&F Sports, Two Cows Explain Economics Better Than Any Class So we really have some really nice differentiation that we want to use in order, for sure, to be competitive but without sacrificing the return. We have progressed on simplifying the group. And on gender diversity, we maintained 24% women in management of the group, and this must continue to be an area of focus for us in the coming years. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. The enshittification of apps is real. But the idea is that for the big production projects, we will give the Thermal people and the Thermal team, the responsibility to run those hydrogen production plans and projects because some of the skills are actually quite similar. And what is your philosophy there? You mentioned that you would also phase out coal in district heating. 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 G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. Operationally in 2020, the group continuously evolved processes to tackle COVID, and we maintained high health and safety standards for both occupational and process safety. Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. That will put pressure on Ms MacGregor to make her mark . The COVID impact on our thermal activities was minimal with lower demand mainly in Chile and Peru. So our main working scenario right now is that it wont happen. We have a team of about 300 developers who are really good at what they do. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. Simply log into Settings & Account and select "Cancel" on the right-hand side. H2, Is this happening to you frequently? You can update your choices at any time in your settings. 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. I want to take advantage also to clarify on a question that I was asked earlier on the nuclear impairments and the impact on D&A. modifier - modifier le code - modifier Wikidata. So for my question, the first is on the asset rotation. Im a lot looking forward to presenting the regional EMEA address on March 1st together with my dear colleague Ryan Demaray. And so we have assumed a very strong recovery like we have seen it in the second half. And then the second one, its for Catherine. We will now take our next question from Sam Arie with Union Bank of Switzerland. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. 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. 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. 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. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. And I was very pleased to hear that you put simplification at the center of your new vision for the group. You may change or cancel your subscription or trial at any time online. And then the second question is more for Judith. 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. What is the identity of the Thermal business? 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. And then, of course, right after that, you have hydrogen. 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? So youve been talking about investment discipline. We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. So lots of enthusiasm around renewable. So without going into any specific, youre right to say that it does contribute to the simplification efforts. Pour viter se gchis financier avec l'argent des franais Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. Now the 2021 guidance. In addition, we had higher contributions from power transmission lines in Brazil as their construction is progressing well. Maybe I will start with your second question, which relates to the coal used in DHC. But time will tell. In addition, her appointment as a board member of Engie will be proposed for approval during the General Shareholders Meeting in 2021. I think we are now about time, so I would like to thank you for your attention. We have a lot of experience over the years developed through our generation and thermal activity. Catherine MacGregor will join Engie as CEO. On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. She has spent her entire career in the energy sector. 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.