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But we really want to focus on a return-based growth strategy. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. A key area of value creation from renewables is the ability to commercialize energy with new and innovative solutions for customers, and we have made great progress on this front. Let me know below A warm welcome as well to you, Catherine MacGregor. But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? Thats one thing. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. Judith? Also on the same point, risking up or risking down in the future strategy, what is your view on how the risk profile for ENGIE should change going forward? These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. We will then consider next steps and review future ownership options for the new entity in the second half, maximizing value and acting in the interest of all our stakeholders. This impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. As a leader in gas networks, we are playing a critical role in enabling an affordable and smooth energy transition, and we are promoting a progressive increase in the role of renewable gases. And I think the way I want to say this is I think we know the broad plan now for the business, but I think its also important to look back at the last 5 years and understand why essentially the investment thesis has not delivered so far for shareholders. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. And so we consider that these are going to be very important in the near term at least in order to maintain a power system that is both robust and affordable, which was some of the features that I described in my talk, as extremely, extremely important for this energy transition. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. Her vision on ENGIEs transformation and development, her industrial and international track record as well as her leadership and managerial skills will fully contribute to the achievement of the strategic orientations announced at the end of July, the companys statement reads. And to this end, Im very pleased to announce our next event on the 18th of May, where Judith and I will cover both our Q1 results and provide you with a medium-term strategic plan and guidance. Employee consultation on the proposed organization design started this month as planned, and we expect it to conclude by the end of the second quarter. Why the effort to reorganize this entity given the strategic review regarding a potential disposal? De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. I think there was another question, which was related to the calendar. We have ambitious goals to continue to simplify ENGIE at pace to play a key role in accelerating the energy transition and to focus on the long-term profitable growth of the group. La dernire modification de cette page a t faite le 22 fvrier 2023 19:40. Yes. And it would be helpful if you could highlight for us any meaningful one-offs embedded in the 2020 results, whether positive or negative that we should bear in mind as we build our bridge to 2021? Vocs conseguem nos apoiar? Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. We strengthened our leadership in green bonds having issued 2.4 billion green bonds in 2020 for a total of 12 billion since 2014. On 14th of January, I announced a new executive committee, and Im very pleased that Paulo, Edouard, Ccile and Sbastien have started their new business roles. Un article de Wikipdia, l'encyclopdie libre. So first to reiterate on that, we are very pleased with our position on renewables, and we are leader in France. university As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. So Paulo, Ccile, Edouard and Sbastien will be obviously leading this organization effort, which I very, very much look forward to, indeed, seeing simplified over the coming months. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. Thanks to Faye Kirby and Valencia Anderson for setting up the display and sharing books written by black authors. For example, in addition to the Amazon contract that I mentioned earlier, ENGIE will supply 3 terawatt hours of renewable energy to the global chemicals group, INEOS, through a 10-year corporate PPA. And first question is for Catherine MacGregor. Yes. In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. [Foreign Language]. Very yes, good question. We have a very nice digital platform to help us manage our assets better. Jusqu' l'arrive de Christel Heydemann la tte d'Orange en 2022, elle est la seule femme la tte d'une entreprise du CAC 40[7]. Finally, on Client Solutions, we see a strong growth potential driven by decarbonization and energy efficiency, especially in heating and cooling networks, on-site generation, and green mobility among other asset-based solutions. Weve seen peers in renewables showing a bit of a lack thereof of investment discipline, among other thing, the auction in UK offshore. On an organic basis, the business line saw 1% growth, which was a strong result considering that there were over 100 million of positive operational one-offs in 2019 from LDs on newly commissioned power plants in Brazil and Chile. Even if you ten-double the installations of these sources, the 40% remains. So naturally, were landing more just below a 100 million figure for 2021. But in short, we have big ambition, but we will be disciplined. How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Michelle Yeoh: Finally we are being seen, Our ski trip made me question my life choices, Apocalypse then: lessons from history in tackling climate shocks. On May 18, 2021, ENGIE's Chief Executive Officer Catherine MacGregor unveiled the Group's strategic roadmap, to reaffirm ENGIE as a leader in the energy transition. A graduate of the Paris cole Centrale (CentraleSuplec), Catherine MacGregor has spent her entire professional career working in the energy sector, including 23 years with Schlumberger, the world's leading supplier of technologies for characterizing, drilling, producing and processing reservoirs for the oil and gas sector. In the summer of 2019, she chose to pursue her career in the energy industry by joining the Executive Committee of the TechnipFMC Group to lead its onshore and offshore engineering and construction activities, Technip Energies. Although we were in crisis management most of 2020, we did not lose focus on our long-term objectives and continued to invest for the future. ENGIE thanks you for your participation. These factors, together with a track record in decentralized infrastructure and a fast-growing position in renewable gases, means we are very well placed indeed. If we look at the long term, weve got an average of 20% of minority as part of group net income with large minority stakes in Latam, for instance. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. And so our thermal fleet has a very, very important role to play there. Yes. From 2013 to 2016, she served as President Europe & Africa at Schlumberger, before being promoted in 2017 to President of the group's drilling activity, based in London. Please disable your ad-blocker and refresh. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. Hopefully, thats an easy one, but would be very helpful. En 2020, elle est pressentie pour diriger Technip Energies, une socit en cours de cration base Paris d'environ 12000personnes issue de la scission de TechnipFMC en deux entits spares. She has spent her entire career in the energy sector. So these are some of the things that we are excited about when we think about our network assets, and we like it. #mixedfeeling :D Following which, as usual, well open the lines for Q&A. Whilst the overarching priorities are clear, we now need to translate them into an action plan for consistent delivery. There is a very, very strong will power within the team to do that. Hosted by His Excellency Ilham Aliyev, President of the Republic of Azerbaijan, my dear friend His Excellency Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, and Kadri Simson, EU Commissioner for Energy, this is an important forum for advancing Europes #cleanenergy ambitions. Catherine MacGregor, ne Catherine Fiamma le 7 aot 1972 au Maroc, est un ingnieur et chef d'entreprise de nationalit franaise. We continued to put in place dedicated action plans, including OpEx reductions and G&A resizing. By Gwnalle Barzic and Geert De Clercq. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. Is it something that could be you realize value of and take advantage of low rates? This button displays the currently selected search type. I would love to hear from you. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. Notre lectricit est dj propre These positive effects were partly offset by lower volumes mainly due to a decrease in availability of our Belgian assets caused by the last planned LTO maintenance works on Doel 1, Doel 2 and Tihange 1. And maybe more importantly, where do you see subsidiary in five years and what it could contribute to your P&L considering the potential growth of these assets? Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. To Engie in my case. I would like to pay tribute to their mobilization, which has enabled us to: As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. Hydro had a strong increase organically but was down from a growth perspective because of the FX, of course, in the Brazilian real, and wind was an increase for the obvious reasons because we have been investing quite significantly in the past few years. So the 150 million I gave is correct. However, we claim we have a valid solution to the above problem,, inviting large corporations like Engie and others reading this, to scrutinize our numbers and concept very carefully. No, thank you. The second half showed a clear recovery with less stringent confinement measures but also with improved processes and protective equipment for our teams. The second quarter was unprecedented and very, very stringent lockdown measures in our main countries. Okay. We will now take our next question from Peter Bisztyga with Bank of America. This will mean a transition based on a combination of electrification and decarbonization of gas as well as on the development of flexible and resilient energy systems. Welcome also and again and similar thing for the CMD and midterm outlook, I would concur. To remind, the company said in July that it intends to implement a new capital allocation strategy, focusing on two growth areas servicing the energy transition. The reversal of a positive internal one-off from the fourth quarter of 2019 offset in supply as well as the first effect of the RAB remuneration rate decreases also contributed to this lower COI in France. You mentioned that you would also phase out coal in district heating. modifier - modifier le code - modifier Wikidata. In that entity that we are forming, which is the object of the consultation weve talked about, there will be 34,000 roughly 74,000, sorry, 74,000 people. We have also started to adopt the existing gas transport networks by commissioning three reverse flow installations in 2020, which allow biomethane to flow from the distribution grid to the gas storage units. The first one is on strategy. In Latin America, COI was up significantly, driven by the scope in effect and higher organic contribution of TAG, which, Im very pleased to say, has outperformed our expectations.