Engie Swings to Loss with Impairments, Nuclear Hit; Expects 2021 Improvement

By Giulia Petroni

Engie SA said Friday that it swung to a loss in 2020, but expects performance to improve significantly in the current year.

The French utility company said it booked a net loss of EUR1.5 billion from a profit of EUR1 billion in the previous year, partly due to high impairment losses and changes in the price scenario for nuclear assets. Net recurring income, which strips out one-offs, came in at EUR1.7 billion euros.

Revenue decreased 5.7% organically to EUR55.75 billion from EUR60.1 billion, mainly due to the pandemic, the company said.

Earnings before interest, tax, depreciation and amortization came in at EUR9.27 billion, down from EUR10.37 billion last year.

Looking ahead, Engie said performance should improve significantly assuming a gradual easing of restrictions during 2021. It anticipates net recurring income in the range of EUR2.3 billion and EUR2.5 billion.

The company said it will propose a dividend of EUR0.53 a share, which equates to a payout ratio of 75%.

It added it will provide medium-term guidance on May. 18.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 26, 2021 02:27 ET (07:27 GMT)

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