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Engie FY18 Profit Declines; To Propose Exceptional Dividend - Quick Facts

Engie, formerly called GDF Suez, (GDSZF.PK, GDFZY.PK), a natural gas and electricity supplier, reported Thursday that its net income Group share for fiscal year 2018 declined to 1.03 billion euros from 1.32 billion euros last year.

The latest period's results reflect mainly impairment losses, partially offset by the gain on disposal of the upstream LNG business.

However, net recurring income Group share related to continuing activities rose 10.1 percent to 2.5 billion euros from 2.2 billion euros in the prior year.

EBITDA for the year rose 0.4 percent to 9.24 billion euros from 9.20 billion euros last year, and increased 4.7 percent on an organic basis.

Revenues for the year grew 1.7 percent to 60.6 billion euros from 59.6 billion euros last year. Organic revenue growth for the year was also 1.7 percent.

Reported revenue growth was impacted by an adverse foreign exchange effect of 929 million euros, mainly due to the depreciation of the Brazilian real and U.S. dollar against the euro, offset by an aggregate positive scope effect of 955 million euros.

For fiscal year 2018, Engie confirmed the payment of a dividend of 0.75 euros per share, payable in cash. The company noted that from 2020, the annual dividend will be paid in one time, at the end of the Ordinary General Meeting or OGM approving the annual accounts.

In order to offset the impact of this transition on shareholders in 2019, Engie said it will submit for shareholder approval at its OGM on May 17, an exceptional dividend of 0.37 euros per share, which will bring the total distribution decided by this General Meeting to 1.12 euros per share.

Looking ahead to fiscal 2019, Engie said it anticipates a net recurring income, Group share between 2.5 billion euros and 2.7 billion euros. This guidance is based on an indicative range for EBITDA of 9.9 billion euros to 10.3 billion euros, after IFRS 16 leases implementation.

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