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1、H1 2024FINANCIAL RESULTS2 August 20242ENGIE AUGUST 2024CATHERINE MACGREGORCEO H1 2024FINANCIAL RESULTS3ENGIE AUGUST 2024H1 2024 HIGHLIGHTSH1 2024FINANCIAL RESULTSRobustH1 24 financial results and guidance upgradedFurther progress on ESGStrong execution in BESS and RenewablesBelgian nuclear on track4
2、ENGIE AUGUST 2024GOOD H1 2024 RESULTS IN A“BACK TO NORMAL”ENVIRONMENT,2024 GUIDANCE UPGRADED1Cash Flow From Operations=Free Cash Flow before Maintenance Capex and nuclear provisions fundingH1 2024FINANCIAL RESULTS2024 guidance upgradedNRIgsexpected between 5.0and5.6bnEBIT ex.Nuclear5.6bn vs.6.7bn in
3、 H1 2023CFF018.9bnvs.9.5bn in H1 2023Economic net debt45.8bndown 0.8bn vs end-2023NRIgs3.8bnvs.4.0bn in H1 20235ENGIE AUGUST 2024FURTHER PROGRESS ON ESGShare of renewables in total power generation capacity(%)20192021 2022 2023H1 202438284134GHG1emissions from energy production(Mt)1Greenhouse gases,
4、Scope1 and 3(MtCO2eq)20172021 2022 2023H1 202460522030TARGET43Mt651072030TARGET58%Conversion of the unit approved by theChilean regulator Greenhouse gasemissions RenewablesH1 2024FINANCIAL RESULTSCoal exitDisconnection of 2 units in Chile in 2025 and conversion of a third one23416ENGIE AUGUST 20244G
5、W ADDITIONAL RENEWABLE CAPACITY IN 2024 ON TRACKOcean Winds First turbines installed at Moray West Inauguration of the substation of the Yeu-Noirmoutier project 1.3 GW awarded in AustraliaH1 2024FINANCIAL RESULTS42.4GW total capacity of which 1GW added in H1 246.9GWunder construction 63 projects1.5G
6、Wof PPAs signedGlobal Pipeline(at 100%)95GW 5620202022DevelopmentAdvanced developmentSecured&in executionOffshorewindOnshorewindSolar202847Pipelinebreakdown123647AMEALatin AmericaNorthernAmericaEurope8095H1 2024212638107ENGIE AUGUST 2024VALUABLE INTEGRATED BUSINESS MODEL OF ENGIE IN TEXASH1 2024FINA
7、NCIAL RESULTSBESS are competitive and instrumental to the Texas grid reliability by providing Fast response ancillary services to the grid(frequency regulation,responsive reserve)Energy shifting from the midday hours with high solar generation,to the high load early evening hours BESS are a valuable
8、 addition to ENGIEs portfolio in Texas Ancillary Services provided by batteries offset the needs from the downstream customer load Optionality provided by batteries match the firming services required by the renewable assetsTexas energy market is in high need of flexible generation+75%demandexpected
9、 in Texas by 2030Realized hourly prices vs.baseload0%100%200%300%400%124Hour endingJuly 23 Jun 24July 22 Jun 238ENGIE AUGUST 2024A successful integration of BRP 90%+retention rate of former BRP employees BRP platform now used to optimize the full Engie grid-scale BESS fleet in North AmericaGood exec
10、ution of the forward hedging strategy Cash flows from BRP assets1hedged on average at 50%for the next 5 years Using a wide range of products(Ancillary services)and clients:electricity retailers,renewable developers,banksSTRONG EXECUTION IN BESS YEAR-TO-DATE 800MW of BRP batteries completed in the US
11、 in H1 2024,on time1 In operation and under construction at the time of the acquisition H1 2024FINANCIAL RESULTS10%20%50%30%40%60%2024202520262027 20282029Hedge cover ratio BRP assets19ENGIE AUGUST 2024PIERRE-FRANOIS RIOLACCIEVP in charge of Finance,ESG and Procurement H1 2024FINANCIAL RESULTS10ENGI
12、E AUGUST 2024H1 RESULTSbn,unaudited figures1Actual Gross Organic2EBITDA(excluding Nuclear)7.8-11%-12%EBIT(excluding Nuclear)5.6-16%-16%CFFO38.9-0.6NRIGs3.8-0.3-0.2Net Financial Debt30.2+0.7Economic Net Debt45.8-0.8Economic Net Debt/EBITDA3.1x-H1 2024FINANCIAL RESULTSFINANCIAL PERFORMANCE HIGHLIGHTSE
13、BIT down 16%vs record high EBIT(excluding Nuclear)below H1 2023 albeit less than expected Positive contribution from Renewables,Flex Gen and Energy Solutions Strong cash flow generation,CFFO at 8.9bn Stable Net Debt and credit ratiosUpgrading 2024 guidance1.Unaudited figures through the presentation
14、 2.Organic variation=gross variation without scope and foreign exchange effect3.Cash flow from Operations=Free Cash Flow before Maintenance Capex and nuclear provisions funding11ENGIE AUGUST 2024EBIT EVOLUTION BY GBUOrganic evolution impacted by energy market normalization-7+68-168+131+232-182-1,165
15、o/w-1,199 GEMSH1 2023H1 2024EnergySolutionsNetworksRenewablesOthersEBIT(excl.Nuclear)(m)Flex GenFX+9Scope-165,6236,713-1,083m organicRetail1,3251,1512669573041,620(o/w 1,946GEMS)RENEWABLESNETWORKSENERGY SOLUTIONSFLEX GENOTHERSRETAILup 531m to770m5,623H1 2024FINANCIAL RESULTS12ENGIE AUGUST 2024 Scope
16、&FX:no material FX impact,full consolidation of Kathu and acquisition of BTE Renewables in South Africa,tuck-in acquisitions in Latin America and Europe Prices:lower captured prices for hydro in France and Portugal,and increase in hydro taxes in France due to higher volumes Volumes:excellent hydrolo
17、gy in France and Portugal Commissioning:for all key geographies(US,Latin America and Europe)Others:lower one-off in Brazil on Hydro concessions extension,higher opex consistent with the growth in renewable activitiesRENEWABLES EBITHigher hydro volumes in Europe and contribution from new assets offse
18、tting price decrease121107H1 2023 H1 2024-11%ACHIEVED PRICES1HYDRO CNR FRANCE(/MWh)57.675.4H1 2023 H1 2024+17.8 TWhELECTRICITY OUTPUT 100%(TWh)0.70.30.7H1 2023 H1 2024CAPACITY ADDITIONS(GW)OrganicM&A1.Before hydro tax2.On revenue38945%43846%H1 2023 H1 2024+50mHYDRO TAXCNR FRANCE(m-%tax rate2)+6%orga
19、nic growth1,1921,2571,325788+65-265+252+184+24-128537Scope&FXCommissioningPricesOthersWind,solar,other renewablesHydro Volumes PerformanceH1 2023H1 2024EBIT(m)H1 2024FINANCIAL RESULTSRENEWABLES13ENGIE AUGUST 2024EBIT organic drivers:Lower volumes distributed by GRDF due to mild climate Lower revenue
20、s from capacity subscribed for gas transit between France and Germany Lower spread for storage in the UK and Germany due to market normalization Increased performance of gas assets in Latin America,notably in Brazil Power International:tariff increase/indexation in Chile and BrazilNETWORKS EBITLower
21、 sales premium for transmission,lower spreads for storage in UK&Germany,growth in Americas(power&gas)-24-71-47mTEMPERATURE EFFECTIN FRANCE(m)H1 20231H1 20245,7205,439Dec.23Jun.24-5%POWER TRANSMISSIONNETWORK LENGTH(km)9.711.6Jun.23Jun.24+20%BIOMETHANE PROD.CAPACITY CONNECTED TO GRDF/GRTgaz(TWh/y)FREN
22、CH RAB2(bn)1.proforma following change in climatic reference in 2024 2.RAB as of January 1stwith 2024 RAB update not totally finalized yetNETWORKS1,3581,3181,151309-40-50-106-69+20+37210202317111Scope&FXGRTgaz&ElengyGasInternationalStorengyGRDFPowerInternationalGRDFStorengyGas InternationalGRTgaz&El
23、engyPower InternationalH1 2023H1 2024-13%organic decreaseEBIT(m)17.117.210.310.44.34.420232024GRDFGRTgaz&ElengyStorengy31.931.7H1 2024FINANCIAL RESULTS14ENGIE AUGUST 2024BACKLOG FRENCHCONCESSIONS(bn)ENERGY SOLUTIONS EBITYoY variance boosted by 2023 one-off recovery despite climate/price headwinds EB
24、IT MARGIN(%)5.1%5.4%H1 2023 H1 2024+27bpsEBIT MARGIN excl.one-offs(%)25.325.4Dec.23Jun.24+0.2GWINSTALLEDCAPACITY(GW)21.322.6Dec.23Jun.24+6%2.4%5.4%H1 2023 H1 2024+300bpsENERGY SOLUTIONS132135266192+3-9-11+1+1504727H1 2023H1 2024Scope&FXOn-site energy productionLocalenergy networks+39Energy performan
25、ce&managementLocal energy networksH1 2023one-offEnergy performance&managementOn-site energy production+131mEBIT(m)Local energy networks:operational performance offset by negative volume impacts due to warmer temperatures in 2024 On-site energy production:lower DBSO margins in the US as a change to a
26、 consolidated business model and lower solar production in Europe Energy performance management:operational performance from contract optimization and accrued selectivity in business development offset by lower energy sales in France due to drop in gas prices H1 2023 one-off:cost overruns on 2 speci
27、fic cogeneration installation contracts in the US+131m organic increaseH1 2024FINANCIAL RESULTS15ENGIE AUGUST 2024 Scope&FX:negative impact of Pampa Sul coal plant sale closed in May 2023 Prices:higher captured spreads in Europe,improvement in Chile with lower sourcing prices,partly offset by market
28、 normalization impacting load factor in Europe and inframarginal tax in France Volumes:positive impact of lower unplanned unavailability partly offset by stop of biomass operations in Rodenhuize in March 2023 Ancillaries&CRM:higher CRM in Mexico Others:several positive one-offs in H1 2024FLEX GEN EB
29、ITHigh captured spreads in Europe,favorable conditions in Chile&positive one-offsBESS commissioning in North America761725957523-36+62+13+54+6+9618616252-20PricesVolumesScope&FXEuropeAMEA363441398516H1 2023 H1 20244.3%3.2%H1 2023 H1 2024-110bps59.059.7Dec.23Jun.24CAPACITY 100%(GW)LOAD FACTOREUROPE(%
30、)INTERNAL UNPLANNEDUNAVAILABILITY(%)EBIT BREAKDOWN(m)+0.7Ancillaries&CRMPerformanceOthersLatin AmericaRest of the worldH1 2023H1 202423.6%16.3%H1 2023 H1 2024-740bps+32%organic increaseFLEX GENMerchantContractedEBIT(m)North AmericaAVERAGE CAPTUREDSPARK SPREADS EUROPE(/MWh)3655H1 2023 H1 2024+53%H1 2
31、024FINANCIAL RESULTS16ENGIE AUGUST 2024RETAIL EBITHigh comparison basis,lower volumes vs positive impact from timing effects in H1 2024-9-25TEMPERATURE EFFECT IN FRANCE1(on gas portfolio,m)69611919H1 2023 H1 2024H1 2023H1 202410.710.49.29.22.32.4Jun.23Jun.24#B2C CONTRACTS(m)ServicesPowerGas(incl.1.9
32、m ex-regulated gas contracts in France by end of Jun.2024)GasPowerB2C SUPPLYVOLUMES(TWh)-0.2m22.222.0489 486304 189-2-31-220+129-61138-9-16Scope&FXTimingOthersFranceEurope excl.FranceOthersAMEAH1 2023H1 2024-182m organic varianceEBIT(m)RETAIL Volumes:mainly climate&client sobriety leading to lower v
33、olumes and long positions monetized at low prices in 2024,partly offset by protections taken Timing:non-recurring timing impacts in H1 2024 related to sourcing and tariff shield Others:mainly negative one-off on Energy Saving Certificates(CEE)valuationPriceVolumesH1 2024FINANCIAL RESULTS1.proforma f
34、ollowing change in climatic reference in 202417ENGIE AUGUST 2024239239 770-52-24+622-44+29 Plants shutdowns:net impact of Tihange 2 decommissioning(end Feb.23)Price:lower captured prices Belgian nuclear tax&Inframarginal tax:no inframarginal tax in Belgium in H1 2024 Volume:lower availability in Bel
35、gium due to planned revisions D&A and others:several positives partly offset by higher depreciation due to additional capex and short remaining lifeNUCLEAR EBITPositive YoY comparison with end of Belgian inframarginal tax111104H1 2023 H1 2024-7%88.7%88.0%H1 2023 H1 2024-70 bpsAVAILABILITYBELGIUM(%)1
36、6.316.0H1 2023 H1 2024-2%VOLUMES BE+FR SHARE(TWh)CAPTUREDPRICES1(/MWh)NUCLEAR TAXBELGIUM(m)1.before nuclear tax in Belgium and inframarginal rent cap.+531m organic growthNUCLEAR-102-103-1mH1 2023 H1 2024H1 2024FINANCIAL RESULTS970Scope&FXPricesVolumes excl.plant shutdownsD&A and OthersBelgian nuclea
37、r tax+IMH1 2023H1 2024EBIT(m)Plantshutdowns18ENGIE AUGUST 2024OTHERS EBITDecreasing result in normalizing markets2,7812,7851,620-326+4-1,199+341,946GEMSOthersOthersGEMSScope&FXH1 2023H1 2024-1.2bn organic decreaseEBIT(m)OTHERS1Average monthly values2Month aheadGEMS:H1 2024 EBIT excluding timing,mark
38、et reserve reversal and one-offs amounts to 1.0bn supported by high margins contracts in supply businesses.Strong performance in H1 2024 underpinned by non-recurring positives,including reversal of market reserves and timing effect.EBIT for 2024 close to 2.0bn confirmed(excluding market reserve reve
39、rsal)Key market drivers1(/MWh)H1 2023H1 2024Var.Prices&Spreads2Power Germany11467-46Gas TTF 4430-14Gas geographical spreads2Power DE-FR9-18-28Gas TTF-PEG(Netherlands-France)(1.8)(0.6)+1.2VolatilityBid-Ask spread0.10.0-0.1Gas intraday volatility(spread low-high)4.01.5-2.5H1 2024FINANCIAL RESULTS1.10.
40、8H1 2024H1 20231.51.6GEMS EBIT(bn)Customer Risk Management&SupplyAsset Management&Optimization19ENGIE AUGUST 2024PERFORMANCE:CONTINUED IMPROVEMENTOn track to deliver 200m per year94(7)Loss-making activitiesOperational excellence Operational excellence:PPA renegotiations,asset optimizations,contracts
41、 portfolio cleaning,procurement Loss-making activities:good dynamic in Energy Solutions offset by negative performance on Retail Energy Saving Certificates(CEE)valuation87m2024 progressH1 2024FINANCIAL RESULTS2024 progressPeriodTargetFY 20240.2bnPeriodAchievedH1 20240.1bn20ENGIE AUGUST 2024OVERVIEW
42、OF P&L FROM EBITDA TO NET INCOME(bn)H12024NRIgs(continuing activities)3.8Impairment2(0.3)Restructuring costs(0.2)Commodities MtM(2.2)Non-recurring financial result(0.0)Non-recurring income tax0.4Others30.5NIgs1.9From NRIgs to NIgsFrom EBITDA to NRIgs(bn)H1 2024H1 2023DeltaEBITDA8.99.4-0.4D&A and oth
43、ers(2.5)(2.4)-0.1EBIT6.47.0-0.6Recurring financial result1(1.0)(1.1)+0.1Recurring income tax(1.2)(1.3)+0.2Minorities&Others(0.5)(0.5)-0.0NRIgs(continuing activities)3.84.0-0.31.Mainly cost of net debt+unwinding of discount on long-term provisions2.Mainly gas power plants in Pakistan3.Mainly remeasur
44、ement gain on Mayakan(gas network company in Mexico)and gain on the disposal of 15%of TAGH1 2024FINANCIAL RESULTS21ENGIE AUGUST 2024CASH FLOW FROM OPERATIONSStrong cash generation,slightly behind last year9.58.9-0.6-2.3+4.4-0.2+0.5-2.1-0.7-0.2+0.6H1 2024CFFOH1 2023CFFOTaxes&interestpaidOperatingcash
45、 flowMargincallsOtherchangesin WCRSupplyTariffshieldsInventoryNet receivablesUnbilledNuclearChange in WCR:-0.6(bn)H1 2024FINANCIAL RESULTS22ENGIE AUGUST 2024STRONG CREDIT RATIOS,RATING MAINTAINEDCFFO generation offset growth capex,nuclear funding and dividends2.0 x2.1x3.1x3.1xNet Financial Debt/EBIT
46、DAEconomic Net Debt/EBITDADec 23Jun 244.0 xRating:Strong investment grade maintained29.530.2-8.9+5.2+1.5+3.6-0.7DividendsOthersCFFOCapex1Net Financial Debt(bn)Average cost of gross debt46.545.8+0.7-0.3-1.5+0.4ARO3provisionsNuclearfunding&costs2Net FinancialDebtDec2023Jun20241 Growth+maintenance Cape
47、x,net of DBSO and US tax equity proceeds,including net debt acquired 2 Including Synatom funding and waste/dismantling expenses3 Asset Retirement Obligations for dismantling,decommissioning,nuclear waste managementLeverage ratiosEconomic Net Debt(bn)Dec20234.75%4.27%Jun2024Nuclearfunding&costs2Other
48、sH1 2024FINANCIAL RESULTS23ENGIE AUGUST 2024FY 2024 GUIDANCE UPGRADEDDividend 65-75%payout ratio based on NRIgsFloor of 0.65 Rating“Strong investment grade”Economic Net Debt/EBITDA 4.0 x 4.0 x over the long term2024:key assumptionsFX:/USD:1.08/BRL:5.64Market commodity forward prices as of 30 June 20
49、24Nuclear Belgium0.1bn contingenciesAverage weather conditions for H2Recurring net financial costs(1.9-2.2)bnRecurring effective tax rate26-28%12.8-13.8bn8.2-9.2bn5.0-5.6bnH1 2024FINANCIAL RESULTS24ENGIE AUGUST 2024SUMMARYH1 2024FINANCIAL RESULTSRobustH1 24 financial results and guidance upgradedFur
50、ther progress on ESGStrong execution in BESS and RenewablesBelgian nuclear on trackADDITIONAL MATERIAL26ENGIE AUGUST 2024H1 2024 EBIT CHANGE BY ACTIVITYY/Y change(m)RENEWABLES+133Mainly scope-in AMEA(Kathu consolidation,BTE Renewables acquisition)+68 Higher hydro volumes in Europe Commissioning of n
51、ew capacity Lower prices in Europe Lower one-offs&higher opexNETWORKS-208TAG:15%disposal-168 Increased performance of gas assets in Latin America Tariff increase/indexation in Chile and Brazil Less premium sales to Germany Warm climate,mainly France Lower spread for Storage activities in UK&GermanyE
52、NERGYSOLUTIONS+134-+131 2023 one-off recovery Performance actions in Energy Performance&Management activities Climate impact in France&drop in gas prices Lower DBSO margins in the US as a change to a consolidated business model FLEX GEN&RETAIL+196-185Disposal of Pampa Sul,acquisition of BRP-+232-182
53、 Prices:Chile,hedged spreads in Europe Positive one-offs in H1 2024 Higher CRM in Mexico Non-recurring timing impacts in H1 2024 related to sourcing and tariff shield Inframarginal tax in France Lower volumes(market normalization impacting load factors in Europe)Climate&client sobriety leading to lo
54、wer volumes and long positions monetized at low prices in 2024NUCLEAR+531-+531 No impact of inframarginal tax in H1 2024Volume:Tihange 2 plant retirement&lower availability in BelgiumOTHERS-1,161-1,165 GEMS:positive timing effect on seasonal salesGEMS:market normalization with lower prices and volat
55、ilityENGIE-560-7-552GrossOrganicKey drivers for organic changeFX/ScopeH1 2024FINANCIAL RESULTS ADDITIONAL MATERIAL27ENGIE AUGUST 2024EBIT BREAKDOWNH1 2024FINANCIAL RESULTS ADDITIONAL MATERIALH1 2024(m)FranceRest of EuropeLatin AmericaNorthern AmericaAMEAOthersTOTALRENEWABLES47418650612049(11)1,325NE
56、TWORKS644125391(2)(7)1,151ENERGY SOLUTIONS18386(0)(7)29(25)266FLEX GEN23828518616252(20)957RETAIL1891407(32)304OTHERS(1)03(0)1,6181,620o/w GEMS1,9461,946EBIT ex.NUCLEAR 1,7298191,0831303371,5245,623NUCLEAR220550770H1 2023(m)FranceRest of EuropeLatin AmericaNorthern AmericaAMEAOthersTOTALRENEWABLES40
57、51905237814(18)1,192NETWORKS782205378(3)(5)1,358ENERGY SOLUTIONS177108(2)(150)31(32)132FLEX GEN 763857825213(16)761RETAIL32313448(16)489OTHERS(3)08(0)2,7762,781o/w GEMS3,1423,142EBIT ex.NUCLEAR1,7631,018978(41)3052,6896,713NUCLEAR2132623928ENGIE AUGUST 2024H1 2024FINANCIAL RESULTS ADDITIONAL MATERIA
58、LOUTRIGHT POWER PRODUCTION IN EUROPE NUCLEAR AND HYDROAs of 30 June 2024Belgium and FranceCaptured prices are shown:Before specific Belgian nuclear and French CNR hydro tax contributionsOver 2023-2025:excluding the mark-to-market impact of the proxy hedging used for part of Belgian nuclear volumes,w
59、hich is volatile andhistorically unwinds to close to zero at deliveryStarting in 2026:nuclear volumes hedged are limited to French production,as Belgian nuclear production will not be merchantHedged positions and captured prices(%and/MWh)20232024202520261109896126100%89%45%31%29ENGIE AUGUST 2024DISC
60、LAIMERImportant NoticeThe figures presented here are those customarily used and communicated to the markets by ENGIE.This message includes forward-looking information and statements.Such statements include financial projections and estimates,the assumptions on which they are based,as well as stateme
61、nts about projects,objectives and expectations regarding future operations,profits,or services,or future performance.Although ENGIE management believes that these forward-looking statements are reasonable,investors and ENGIE shareholders should beaware that such forward-looking information and state
62、ments are subject to many risks and uncertainties that are generally difficult to predictand beyond the control of ENGIE and may cause results and developments to differ significantly from those expressed,implied or predictedin the forward-looking statements or information.Such risks include those e
63、xplained or identified in the public documents filed by ENGIEwith the French Financial Markets Authority(AMF),including those listed in the“Risk Factors”section of the ENGIE(ex GDF SUEZ)Universal Registration Document filed with the AMF on March 07,2024(under number D.23-0085).Investors and ENGIE shareholdersshould note that if some or all of these risks are realized,they may have a significant unfavourable impact on ENGIE.30ENGIE AUGUST 2024FOR MORE INFORMATION ABOUT ENGIEFOR MORE INFORMATION ABOUT H1 2024 RESULTS:https:/ 1 44 22 66 https:/