March 9 (Renewables Now) - French clean energy group Engie SA (EPA:ENGI) on Thursday reported 2017 financial results that are in line with its objectives, including a return to profitability, and said that for 2018 it expects sustained organic growth.
The company, which operates renewable energy and natural gas-fired power plants, has turned to a net profit of EUR 1.4 billion (USD 1.7bn) from a loss of EUR 400 million a year back, because of lower impairments compared to 2016.
The table below gives more details about the company’s 2017 performance.
|In EUR||2017||2016||y/y change (gross)||y/y change (organic)|
|Net recurring income, Group share including E&P||2.66bn||2.48bn||+3.4%||N/A|
|Net profit (loss), Group share||1.42bn||(415m)||--||--|
|Cash flow from operations||8.31bn||9.58bn||-1.3bn||--|
|Net financial debt||22.5bn||24.8bn||-2.3bn||--|
After going through a “vigorous” strategic repositioning, the company says it now has a less risky profile, with 89% of EBITDA being contracted or regulated, as well as a cleaner and more profitable portfolio of activities.
For 2018, Engie forecasts a net recurring income, Group share, excluding E&P and LNG, of between EUR 2.45 billion and EUR 2.65 billion. That is why the company has decided to announce a 7.1% higher dividend for fiscal year 2018, at EUR 0.75 per share.
The 2018 guidance is based on an indicative EBITDA range of EUR 9.3 billion-9.7 billion, the company noted.
(EUR 1.0 = USD 1.229)