Engie, formerly called GDF Suez, (GDSZF.PK, GDFZY.PK), a natural gas and electricity supplier, reported that its net income Group share for fiscal year 2017 was 1.4 billion euros, compared to net loss of 0.4 billion euros last year.
Net recurring income Group share with E&P underlying contribution rose to 2.6 billion euros from 2.5 billion euros in the prior year. It includes 0.2 billion euros of net recurring income Group share of Engie E&P International underlying contribution and excludes 0.1 billion euros of D&A upside under IFRS 5.
Taking into account this upside, reported net recurring income, Group share amounted to 2.7 billion euros, including 0.3 billion euros related to discontinued operations.
EBITDA for the year declined 1.8 percent to 9.3 billion euros from 9.5 billion euros last year, but increased 5.3 percent on an organic basis.
Revenues for the year grew 0.3 percent to 65.0 billion euros from 64.8 billion euros last year. Organic revenue growth for the year was 1.7 percent.
Reported revenue growth was affected by changes in the scope of consolidation, or a negative impact of 583 million euros, due mainly to the disposal of the merchant power generation assets in the United States, Poland and the UK.
This was partially offset by the acquisition of Keepmoat Regeneration which designs, builds, refurbishes and regenerates residential buildings, and by a negative foreign exchange effect of 300 million euros, chiefly related to fluctuations in the pound sterling.
For fiscal year 2017, Engie confirmed the payment of a dividend of 0.70 euros per share, payable in cash.
Looking ahead to fiscal 2018, Engie anticipates net recurring income Group share between 2.45 billion euros and 2.65 billion euros. Based on a net recurring income Group share excluding E&P and LNG of 2.36 billion euros in 2017, this target implies a gross variation of 8 percent and a strong underlying organic increase.
This outlook is based on an indicative range for EBITDA of 9.3 billion euros to 9.7 billion euros, also growing strongly organically.
For fiscal year 2018, Engie announced a new dividend policy, with the dividend increased by 7.1 percent to 0.75 euros per share, payable in cash.
For comments and feedback contact: editorial@rttnews.com
Business News