Engie S.a. · EURONEXT:ENGI
Engie — Q1 2021 Earnings Presentation
22 slides from Engie's earnings presentation, May 18, 2021
Slide 1: Q1 2021 Results
Q1 2021 Results 18 May 2021
Slide 2: Q1 2021 Performance
Q1 2021 Performance Catherine MACGREGOR CEO Q1 2021 | May 2021 2
Slide 3: Operational delivery alongside progress on Group simplification
Operational delivery Q1 EBITDA Q1 EBIT alongside progress on Group simplification €3.2bn €2.1bn Up 7% organically Up 10% organically • New organization launched • Strategic reviews on track FY 2021 NRIgs 2021 guidance reaffirmed €2.3-2.5bn Guidance range Q1 2021 | May 2021 3
Slide 4: Operational highlights by business
• c. 0.5GW of Renewables commissioned, including first fixed offshore wind project • Networks maintained high levels of safety and reliability • Client Solutions - Q1 activity levels in line with expectations • High availability of Belgian Nuclear at 95% Q1 2021 | May 2021 4
Slide 5: Q1 2021 Financials
Q1 2021 Financials Judith HARTMANN CFO Q1 2021 | May 2021 5
Slide 6: Q1 results: EBIT up 8% gross and 10% organically
• EBIT 1 up 8% on a gross basis and 10% organically Q1 RESULTS €bn, unaudited figures 2 Actual ∆ Gross ∆ Organic 3 − Negative FX effect €-77m, primarily due to BRL EBITDA 3.2 +5% +7% − Positive scope effect of €+49m, mainly driven by SUEZ disposal and hydro acquisition in Portugal EBIT 2.1 +8% +10%
Slide 7: EBIT organic change bridge
Renewables contribution from commissionings Texas extreme weather impact, €-80m in Renewables Networks: power lines and gas pipeline in Brazil Colder temperatures in France, mainly in Networks 95% Nuclear availability Normalization of GEM in Others EBIT €+186m organic (€m) of which €+128
Slide 8: Net financial debt and credit metrics
Net financial debt Credit metrics (€bn) -0.1 +0.1 +0.3 22.5 -1.7 +1.5 Scope 2 Dividends Others 22.5 4.0x 3.9x CFFO Gross Capex1 2.4x 2.4x Cost of 2.38% gross debt 2.56% Dec 2020 March 2021 Dec 2020 March 2021 Net financial debt / EBITDA Net economic debt / EBITDA 1. Net of sell down and tax equity p
Slide 9: Additional Material
Additional Mate
Slide 10: EBIT change by business line and key drivers
Y/Y change (€m) Gross Organic Key drivers for organic change Better hydro performance (France and Brazil) Texas extreme weather event (c. €-80m) Renewables -55 -20 2020 CODs Colder temperatures for French distribution (c. €+80m) Higher contribution from power transmission lines Networks +1
Slide 11: Q1 2021 EBIT by geography
1 Q1 2021 Rest of Latin USA & Middle East, (€m) France Europe America Canada Asia & Africa Others TOTAL Renewables 108 45 177 (71) 17 (4) 272 Networks 854 83 116 0 18 (2) 1,070 Client Solutions 143 31 1 (1) 1 (25) 149 Thermal 120 51 17 105 (7) 286 Supply 139 109 24 (5) (19) (22) 226 Nuclear 53 53 Ot
Slide 12: CFFO
(€bn) -0.2 Change in external 0.5 Taxes & WCR for GEM interest paid 1.7 Change in WCR excl. GEM 1.2 Operating cash flow 0.2 Stable CFFO CFFO Q1 2020 Q1 2021 Q1 2021 | May 2021 12
Slide 13: 2021 guidance and long-term targets
1 EBITDA indicative range Leverage Key assumptions €9.9-10.3bn “Strong investment grade” rating Covid-19: Projections based on Economic Net Debt / EBITDA ≤ 4.0x absence of additional stringent over the long term lockdowns and gradual easing of EBIT indicative range restrictions over 2021 €5.2-5.6bn
Slide 14: Nuclear and hydro outright hedges
Nuclear and hydro Outright hedges: volumes & prices (% and €/MWh) 100% 90% 57% 38% 10% 42 46 47 47 48 2020 2021 2022 2023 2024 As of 31 March 2021, Belgium and France Q1 2021 | May 2021 14
Slide 15: Changes in reporting
Changes in reporting CNGiIC Q1 2021 | May 2021 15 I
Slide 16: Internal reclassifications between business lines
Following the announcement of the new ExCom in January 2021 towards Group simplification and organizing ENGIE around four strategic businesses, some internal reclassifications were made between business lines that do not have any impact on the total EBITDA, EBIT and Gross Capex. List of internal rec
Slide 17: Activities, geographies and business units
Activities Details Geographies Business units Hydro (excl. pumped storage), wind ENGIE Solutions France, France BtoC, Renewables France (onshore and offshore), solar (incl. ENGIE Solar) France Renewables, GRDF, GRTgaz, Storengy, Elengy Gas and power infrastructures (distribution, Networks transport,
Slide 18: EBITDA actual FY 2020
1 (€m) EBITDA Middle East, France Rest of Europe Latin America USA & Canada Others Total ACTUAL FY 2020 Asia & Africa Renewables 391 140 921 91 77 (40) 1,580 Networks 3,289 114 445 2 4 (6) 3,848 Client Solutions 745 289 2 67 57 (62) 1,097 Thermal 606 615 46 475 (25) 1,718 Supply 256 186 31 39 9 (35)
Slide 19: EBIT actual FY 2020
1 (€m) EBIT Middle East, France Rest of Europe Latin America USA & Canada Others Total ACTUAL FY 2020 Asia & Africa Renewables 152 87 773 51 66 (41) 1,089 Networks 1,608 71 384 2 2 (6) 2,061 Client Solutions 358 69 (14) 36 40 (109) 380 Thermal 436 370 43 444 (25) 1,267 Supply 111 97 30 (8) (10) (39)
Slide 20: Gross Capex actual 2020
1 2 (€m) Gross Capex Middle East, France Rest of Europe Latin America USA & Canada Others Total ACTUAL 2020 Asia & Africa Renewables 222 75 649 137 (452) 973 1,604 Networks 1,767 83 672 4 2,527 Client Solutions 382 178 20 263 26 92 961 Thermal 119 170 1 (99) 3 194 Supply 125 104 4 49 23 27 332 Nucle
Slide 21: Important Notice
Important Notice The 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
Slide 22: Ticker: ENGI
Ticker: ENGI +33 1 44 22 66 29 ir@engie.com https://www.engie.com/en/financial-results FOR MORE INFORMATION ABOUT Q1 2021 RESULTS: https://www.engie.com/en/finance/results/2021 Q1 2021 | May 2021 22