ENGIE H1 2023 Results

Source Press Release
Company ENGIE 
Tags Renewable Energy, Capital Spending, Financial & Operating Data, Strategy - Corporate
Date July 28, 2023

Significant operational progress across GBUs

Strong financial performance

Business highlights  Financial performance 
  • Fundamental de-risking of nuclear exposure through agreement on all waste liabilities and extension of Doel 4 and Tihange 3
  • Expected acceleration in Renewables with 6.6 GW under construction at the end of June
  • Reinforcement of ENGIE’s renewables platform in South Africa following the acquisition of BTE Renewables and full consolidation of Kathu
  • Commissioning of ENGIE’s largest battery energy storage system Hazelwood in Australia
  • Awarded a 30-year concession of 1,000 km of power lines in Brazil
  • 100% renewable power generation in Brazil after Pampa Sul coal plant disposal
  • EBIT of €6.7bn excluding Nuclear, up 53% organically, driven mainly by GEMS and Renewables
  • Strong growth in CFFO1 driven by EBITDA growth and improvement in Working Capital Requirements
  • Impact of Belgian nuclear transaction integrated in financial results at 30 June
  • Solid balance sheet and improving economic net debt to EBITDA ratio at 2.7x, including impact of the agreement on nuclear liabilities
  • Net financial debt decreasing to €23.0bn, down €1.1bn, economic net debt increasing to €41.4bn
  • FY 2023 guidance confirmed, with NRIgs2 expected in the range of €4.7-5.3bn

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd