Engie Sa Ord (ENGQF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. It's my pleasure to welcome you to Engie's FULIA 2023 video webcast. Catherine McGregor and Pierre-Francois Riolacci will present our FULIA performance and our medium-term outlook, following which we will open the lines for a 45-minute Q&A session. And with my polite request of limiting your question to one or two only, please. With that, over to Catherine. Good morning everyone. I'm very pleased to be here today and to share with you our presentation on our 2023 performance and medium-term outlook. In a constantly shifting environment in 2023, I am very happy to report another year of strong performance for ENGIE. We reached the middle of the earnings guidance range that we upgraded in November, in fact, beating the earnings in 2022, which was already an unprecedented year. We maintained a strong pace of our renewables rollout and we had a pivotal year in batteries, both through acquisition and organic growth. We made further good progress in major aspects of our ESG targets and net zero trajectory. And we fundamentally de-risk our group as we signed the final nuclear agreement with the Belgian government in December. I want to thank all of our teams for their instinting efforts in executing our strategy and delivering the energy transition. The results of your commitments are there to be seen in this presentation. Summarizing a few headlines 2023 numbers, the EBIT excluding nuclear grew by 18% organically to 9.5 billion euros, contributing to a 3% rise in net recurring income group share to 5.4 billion euros. Cash flow from operation was up sharply by almost two-thirds, in fact, to 13.1 billion euros, boosted by higher earnings and working cap improvement. And growth capex, which I repeat is always selective, always disciplined, is up by alm...