ENGIE Group announces Q3 2016 results

10 Nov 2016

Resilient results as of September 30, 2016

Highlights include:

  • Resilience of results at end September: results benefitted from nuclear volumes in Belgium, the commissioning of new assets and the impacts of the Lean 2018 performance plan, which enabled to compensate the adverse price impact on merchant activities:
    • slight organic decrease at Ebitda level (-2%);
    • strong organic growth at Current Operating Income level (close to +7%);
    • solid operational cash flow generation leading to a further reduction in net debt;
  • Confirmation of the 2016 financial targets1 on net recurring income group share (at the low end of the range), on net debt/Ebitda ratio and on dividend;
  • Progress in the execution of the transformation plan: EUR 6.1 billion2 of disposals already signed to date (41% of the target for end 2018), EUR 3.1 billion of growth capex invested and progress on the Lean 2018 program with EUR 0.4 billion Ebitda contribution.
In EUR billion Sep 30, 2016 Sep 30, 2015 Variation vs
09/30/15
gross
Variation vs
09/30/15
organic3
Revenue
47.5
53.5
-11.1%
-10.3%
Ebitda4
7.7
8.1
-5.4%
-2.0%
Current Operating income5
4.4
4.4
+1.3%
+ 6.6%
Cash Flow From Operations6
6.8
7.4
-8.3%
Net debt
25.8
EUR –1.9bn vs. 12/31/15


1 Assuming average temperatures in France, full pass through of supply costs in French regulated gas tariffs, no significant regulatory and macro-economic changes, commodity price assumptions based on market conditions as of December 31st, 2015 for the non-hedged part of the production, and average foreign exchange rates as follows for 2016: €/$: 1.10; €/BRL: 4.59.
2 Net debt impact.
3 Excluding scope and forex effects.
4 EBITDA new definition (excluding non-recurring contribution of share in net income of entities accounted for using the equity method)
5 Including share in net income of associates
6 Cash Flow From Operations (CFFO) = Free Cash Flow before Maintenance Capex

Download the full press release here