Engie H1 Revenues Decline 9.3%; Issues FY20 Outlook - Quick Facts

Engie (ENGQF.PK,ENGIY.PK) reported a 9.3% decline in revenues, significantly impacted by COVID-19, particularly on Customer Solutions.

Revenues for the first-half period declined 9.3% to EUR 27.4 billion from EUR 30.2 billion generated in the same period of last year.

Net recurring income, Group share amounted to EUR 0.7 billion compared with EUR 1.5 billion in first-half 2019. This decrease was mainly driven by the decrease in current operating income, partly offset by lower tax expense, while financial costs remained stable.

Net income Group share amounted to EUR 0.02 billion, down EUR 2.1 billion, reflecting the decrease in net recurring income, lower income from disposals and negative impact arising from the mark-to-market of nuclear provision funds and financial derivatives, partly offset by the positive effect of commodity mark-to-market compared to first-half 2019.

Judith Hartmann, EVP member of ENGIE's executive leadership team and Group's Chief Financial Officer, commented: "During the first half, our Networks, Renewables and Thermal activities demonstrated their inherent resilience and the Group continued to deliver essential services without major disruption, even at the height of the pandemic..."

Looking ahead, the company anticipates 2020 net recurring income Group share to be between EUR 1.7 billion and EUR 1.9 billion.

Further, Engie expects fiscal 2020 CAPEX to be between EUR 7.5 billion and EUR 8.0 billion, including about EUR 4 billion of growth investments, about EUR 2.5 billion of maintenance CAPEX and about EUR 1.3 billion of nuclear funding.

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