And lets now, indeed, look at our priorities for sustainable long-term value creation. 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 when you will reinvest? In other words, direct stable energy is needed these hours. These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ Are you talking about Q3, Q4 for the end game? Euro erzielen. And Judith will give you a little bit of the background and more details on the rest. 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. So I think this is a key point Id be interested in. 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. In terms of operational performance, I am pleased that the group made progress at pace despite the challenging backdrop. Last but not least, visiting BV head office in Mumbai and meeting SSC and SAR management team. COI decreased mainly driven by a 600 million impact from the pandemic. According to the IEAs latest sustainable development scenario, in Europe alone, energy from biomethane and hydrogen could potentially grow three times from 2019 levels to over 300 terawatt hours in 2030. And I think, namely complexity is one thing. The biggest, of course, remains Renewables. But ENGIE shares have gone, lets say, sort of sideways and even down a bit in that time. hosting the engineering activities. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ETCompany Participants. 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. Please. We are expecting this to happen in a matter of weeks, following the closing of the SPAC 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. And when we reflect about some of the trends around electrification, around the growth in renewables, we realize that flexibility, dispatchability are going to be very important to the future of the energetic mix. Within this guidance, we have included our current estimate of the potential impact. The first one is, following the impairment on Belgium Nuclear, could you indicate whether there will be any impact on depreciation and amortization going forward? Before that she had a 23-year career with oilfield services giant Schlumberger, ending as president of the drilling business. [indiscernible] Sam, for putting more pressure on us. So without going into any specific, youre right to say that it does contribute to the simplification efforts. We invested 7.7 billion of CapEx in total. Therefore, we do continue that we do think that gas will continue to play a very key role. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Yes. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. A primeira anlise que feita pelo corpo tcnico do Senado j foi feita e agora a ideia est disponvel para votao popular. We have a lot of experience over the years developed through our generation and thermal activity. In addition, we had higher contributions from power transmission lines in Brazil as their construction is progressing well. 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. She is the only female CEO in France's CAC-40 stock index; French Finance Minister Bruno. Access to customer sites was much reduced during the strict lockdowns of the second quarter 2020, and we were not able to perform various services. 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. 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. offers FT membership to read for free. Watch th. So there will be a capital gain on this. Siga o link abaixo e deixe seu apoio a esta poltica de incluso necessria ao nosso pas. But really appreciate, thanks again ! In recognition of their outstanding contribution in this energy crisis, given the inflationary context and our financial performance, we have decided to award an extraordinary bonus of 1500 to all ENGIE employees worldwide. And youre right to point out that some of our DHC networks rely on a mix of entrance of feedstock. 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? She occupied a number of roles in various geographies (Republic of Congo, the US, Malaysia, ): from Director of Business Entities (Wireline, Reservoir Characterization, Drilling, ) to Regional Division (Europe and Africa). These projects could participate in the Belgium capacity remuneration market auctions in the second half of this year once approved by the European authorities. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Thats a good clarification. Let me know below Welcome again to Catherine. Could you just give us an idea on the potential accounting impact of the operations that you are doing on this subsidiary? 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. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. You can read more about how we handle your information in our privacy policy. And Im sure thats a question youve been reflecting on as you took up the new role. So yes. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. I was happy to see so many enjoying each others company. The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. 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. The 281 million year-on-year COI decrease notably reflects warm temperatures and higher D&A in France. Thank you. And we will now take our next question from Ajay Patel with Goldman Sachs. We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. Also from my side, Catherine, a very warm welcome to the sector and wishing you all the best. And so the amount will be much lower than what you have seen in 2020. 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 included 1.7 gigawatt of hydro plants in Portugal, which benefit from long-term concession arrangements. - Contribute to measures to support purchasing power Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. Il serait pertinent de se concentrer sur l'aprs nuclaire, And does is your vision about full ownership versus minorities guiding your capital allocation going forward? Operator? Great post Catherine Fiamma MacGregor! These projects further cement Masdars position as a leading clean energy powerhouse, helping Azerbaijan to unlock its tremendous clean energy potential. And then, of course, right after that, you have hydrogen. Select Accept to consent or Reject to decline non-essential cookies for this use. And sometimes, its okay to lose auctions if we dont get the right returns. Excellent example of circular economy ! We completed the SUEZ transaction in October and launched further strategic reviews. You may change or cancel your subscription or trial at any time online. So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. 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. The first one is on strategy. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. or On quick one on numbers, on guidance. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. [1] She started her career on stage in New York City, in theatres off and on Broadway, credited as Scottie MacGregor . Good luck with the new role, Catherine. 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. 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. Obviously, well give you more color on our ambition on renewables in May. Could you clarify how much COVID impact youve included in 2021 relative to the 1.2 billion hit in 2020? 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. 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. Enel nearly tripled, Orsted quadrupled. With respect to the recent extreme weather events in Texas, we are assessing the situation. ENGIE thanks you for your participation. You can store it. We have a new business organization and leadership team who is focused on performance, and weve committed to executing our strategy to accelerating the group growth and to strengthening our commitment to the energy transition. I guess, whats the kind of your average period of sort of non-productive capital work in progress? I have a couple of questions, 1 for Catherine and 1 for Judith. We have progressed on simplifying the group. On the other hand, we, obviously, want stability in a power system. university So these are some of the things that we are excited about when we think about our network assets, and we like it. But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? Catherine MacGregor a rejoint le groupe ENGIE le 1. er. 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. Its a pleasure to welcome Catherine to ENGIE, and Im looking forward to executing our strategic plan together. I would love to hear from you. Thank you #HariPrasad #PulakPrakash #PallavGogoi #AmitGhosh, Player Representation and Scouting for F&F Sports, Two Cows Explain Economics Better Than Any Class Cheers! This is value neutral over time as D&A is integrated in the regulated revenue. 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. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. So I would like to hear your opinion, how maybe your story might be slightly different from electric renewables players, how we maybe think about the gas network as a funding option for the renewables growth. We had 1.2 billion total impact last year. Do you see eventually opportunities in the future going forward with the convergence between power network and gas network considering the evolution of the hydrogen, Catherine? Net recurring income group share was within the guidance range, and Judith will cover financial performance in more detail shortly. Learn more in our Cookie Policy. When I think of hydrogen for ENGIE, I think all of our activities, all of our mtier benefit. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. Thank you very much, Aarti, and good morning, everyone. Weve seen peers in renewables showing a bit of a lack thereof of investment discipline, among other thing, the auction in UK offshore. Soliane Varlet, gestionnaire de portefeuille de notre stratgie actions Women Leaders, s'entretient avec Catherine MacGregor, Directrice gnrale d'Engie, l'. A quick word on the agenda for this morning. This is particularly noteworthy in the context of the unprecedented pandemic. And so to in that respect, I think your comment might be valid. We have strict criteria, and we will stick to them. Congratulations Engie. Bereits 2025 wolle Engie wieder einen Gewinn von bis zu 4,7 Mrd. In addition, her appointment as a board member of Engie will be proposed for approval during the General Shareholders Meeting in 2021. In addition to this strong organic growth, we also added 2 gigawatts through acquisition of operating assets. EBITDA and COI were both down significantly from last year mainly due to the impact of the pandemic. So all of the work that we started last year and that we are doing as part of this consultation is to bring these activities into a coherent entity, and this is really happening now with a commonality in terms of mtier, activity type, expertise, purpose and also industrial project. It is important to say that our renewables growth ambition is not about entering a gigawatt race. 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. A very fine, humane gesture that you promised your ENGIE colleagues. Whilst the overarching priorities are clear, we now need to translate them into an action plan for consistent delivery. 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. Remember that for regulated activities, volume effects are recoverable in the short to medium term through the clawback mechanism and are, therefore, value neutral. Thank you very much, Judith. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. The COVID impact on our thermal activities was minimal with lower demand mainly in Chile and Peru. Or is it your budget of the COI for these businesses in 2021? These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. We support credit card, debit card and PayPal payments. We have a strong position in Brazil, in Peru, in Chile. 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. Compare Standard and Premium Digital here. And Im really I am personally convinced, enthusiastic about the idea of having a very sharp focus on capital allocation making sure that all of our managerial efforts go in the direction that weve announced, and well be able to show very positive results. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. And as in the past, we will be very mindful of timing. Here's a bit more, on climate change and from a few years ago, but still relevant. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. Name: Katherine MacGregor Birth Year: 1925 Birth date: January 12, 1925 Birth State: California Birth City: Glendale Birth Country: United States Gender: Female Best Known For: Katherine. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. En 2020, elle est pressentie pour diriger Technip Energies, une socit en cours de cration base Paris d'environ 12000personnes issue de la scission de TechnipFMC en deux entits spares. directrice gnrale d'un groupe industriel nergtique; 25 ans de services, Vincent Collen, David Barroux et Julie Chauveau, , Dcret du 31 dcembre 2020 portant promotion et nomination dans l'ordre national de la Lgion d'honneur, https://fr.wikipedia.org/w/index.php?title=Catherine_MacGregor&oldid=201657000, Portail:Biographie/Articles lis/Sciences, Portail:Biographie/Articles lis/Entreprises, licence Creative Commons attribution, partage dans les mmes conditions, comment citer les auteurs et mentionner la licence. And we will now take a last question from Louis Boujard with ODDO. 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. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. Judith, you want to answer the second question? We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. Moving to Networks, which were resilient despite the pandemic. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. Curious as to what my Linkedin connections think. 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. 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. So youve been talking about investment discipline. Judith, you want to start with the EVBox question? Catherine, the floor is yours. Katherine MacGregor (born Dorlee Deane McGregor; January 12, 1925 - November 13, 2018) was an American actress, best known for her role as Harriet Oleson in Little House on the Prairie. We want to develop and further our differentiation. 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. Good morning, everyone. And so we are working really hard on these networks to find alternatives to use preferably renewables, things like biomass for example. And so from a financial impact standpoint, unlikely to be a 2021 story. It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. The oldest executive at ENGIE SA is Francoise Malrieu, 73, who is the Independent Director. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. You certainly have a lot of people out here who want you to be very successful. One second, it will be over soon. And then, of course, now this partial sell down that were planning into a SPAC transaction. We continued to put in place dedicated action plans, including OpEx reductions and G&A resizing. Hopefully you can also take this into account? 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. 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. 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. Simply log into Settings & Account and select "Cancel" on the right-hand side. So in terms of creating an entity as part of our strategic review of Client Solutions, one of the things that is important to understand about this business is that it has grown within ENGIE as a series of acquisition and local development and so today, dont quite belong into a coherent entity and is not led as an independent or well-defined part of ENGIE. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. The 3 gigawatt that we commissioned last year is in our key growth market for renewables, namely the U.S., Europe and Latin America. or on the development of flexible and resilient energy systems. and other data for a number of reasons, such as keeping FT Sites reliable and secure, In 2021, we already have hedged 80% of the production at 46. Thank you. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. We will now take our next question from Sam Arie with Union Bank of Switzerland. And Judith? This translates to a dividend of 0.53, which will be proposed for shareholder approval at our AGM on the 20th of May. 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. And so we will not give specific assets, of course, at any given time. 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 will then come back and share our priorities. Catherine was President of Technip Energies at TechnipFMC, and President of Drilling at Schlumberger. Next, a few words on the bridge from EBITDA to net recurring income group share. You may change or cancel your subscription or trial at any time online. Elle est alors nomme prsidente New Ventures de TechnipFMC. Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. Solvay Alpharetta celebrates Black History Month. 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! Obviously, we have made the decision to exit the coal, which is run under Thermal. analyse how our Sites are used. And so every year, we will allocate capital to that, and thats 1.3 billion a year. But is it bad? We have made the decision to stop the work to prepare for this such an extension. Let me now turn to our ESG performance. 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. Catherine, you are in a ENGIE is in a unique position, I think, as a gas network operator with a very attractive Renewables business. Net recurring income group share was in line with guidance but at the bottom end of the range. Some of your peers there have convinced the market that they transitioned to hydrogen. Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call. Even if you ten-double the installations of these sources, the 40% remains. I think, as you pointed out, theres been a little bit of a race to gigawatts. 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. The reversal of a positive internal one-off from the fourth quarter of 2019 offset in supply as well as the first effect of the RAB remuneration rate decreases also contributed to this lower COI in France. So really, in summary, three elements: complexity, sharper capital allocation, everybody pulling in the same direction and performance culture are three important elements, I think, that are going to make a difference and allow ENGIE, indeed, to strive in those strong tailwinds that continue to be there for us. Minority interests were lower mainly due to lower contributions from our listed entities in Latin America and to the scope effect of Glow. The current total coupon of 100 million per year has been reduced by 28% since 2017. We do think that we have quite a specific signature within ENGIE, and we do like our gas assets. Now simplification is a bit of a general concept, and I was hoping for a bit more color from your part. Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. CEO - Engie. 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. Premium access for businesses and educational institutions. I have one question for Judith and one for Catherine, please. Yes. It will also require some infrastructure, maybe not with the same density at todays gas network.
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