ENGIE 
January 23, 2023
ENGIE FY 2022 Pre-release of Selected Operational and Financial Data
ENGIE will report FY 2022 results before the opening of the Euronext market on 21 February 2023. This pre- release includes selected operational and financial data, published in advance, to assist the analysis of this financial information upon release.
FY 2022 Effect of Temperature - France significantly warmer than in FY 2021
FY 2022 was significantly warmer versus the previous year which resulted in lower volumes for French gas distribution activities (GRDF in Networks) and for French supply activities (B2C reported in Supply and B2B reported in Others).
Actual figures (positive effect figures indicate colder than average or vs. prior year period; negative figures indicate warmer than average or vs. prior year period):
Volume effect | Volume effect | Volume effect | ||||||||||
FY 2021 | FY 2022 | Delta | ||||||||||
Networks | +10.7 TWh | -17.4 TWh | -28.1 TWh | |||||||||
Supply | +3.4 TWh | -5.3 TWh | -8.7 TWh | |||||||||
Others | +0.9 TWh | -1.5 TWh | -2.4 TWh | |||||||||
Quarterly | Volume effect | Volume effect | Volume effect | Volume effect | Volume | |||||||
Q1 | Q2 | Q3 | Q4 | effect FY | ||||||||
Networks 2021 | -3.7 TWh | +10.1 TWh | +0.2 TWh | +4.1 TWh | +10.7 TWh | |||||||
Networks 2022 | -9.6 TWh | -0.1 TWh | +1.1 TWh | -8.6 TWh | -17.4 TWh | |||||||
Networks delta 22-21 | -6.0 TWh | -10.2 TWh | +0.8 TWh | -12.8 TWh | -28.1 TWh | |||||||
Supply 2021 | -1.2 TWh | +3.2 TWh | +0.1 TWh | +1.3 TWh | +3.4 TWh | |||||||
Supply 2022 | -2.9 TWh | -0.0 TWh | +0.3 TWh | -2.6 TWh | -5.3 TWh | |||||||
Supply delta 22-21 | -1.8 TWh | -3.2 TWh | +0.2 TWh | -3.9 TWh | -8.7 TWh | |||||||
Others 2021 | -0.3 TWh | +0.9 TWh | +0.0 TWh | +0.3 TWh | +0.9 TWh | |||||||
Others 2022 | -0.8 TWh | -0.0 TWh | +0.1 TWh | -0.7 TWh | -1.5 TWh | |||||||
Others delta 22-21 | -0.5 TWh | -0.9 TWh | +0.1 TWh | -1.1 TWh | -2.4 TWh | |||||||
Normative sensitivity at EBITDA / EBIT level:
- Supply / Others1(supply): ~EUR ±10 M/TWh
- Networks(distribution): ~EUR ±7 M/TWh
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Lower Outright European power generation volume but higher prices
Outright European power production was lower in FY 2022 compared to the prior year with lower nuclear availability at 83.6% for Belgian assets, mainly due to higher level of planned unavailabilities versus last year. In France, FY 2022 hydro power production was lower year-on-year due to hydrology.
Although nuclear and hydro activities were impacted by this negative volume effect, these assets captured higher prices leading to a positive price effect in FY 2022, which was partly offset by higher Belgian nuclear and French hydro taxes (including inframarginal rent cap).
Nuclear (Belgium + France): | |||||||||||||
FY 2021 | FY 2022 | Delta FY 22-21 | |||||||||||
Power production | 47.4 TWh | 42.1 TWh | -5.4 TWh | ||||||||||
(BE + FR, @share) | |||||||||||||
Availability | 91.8% | 83.6% | -820 bps | ||||||||||
(Belgium, @100%) | |||||||||||||
Quarterly | Q1 | Q2 | Q3 | Q4 | FY | ||||||||
2021 | 12.3 TWh | 11.2 TWh | 12.0 TWh | 11.9 TWh | 47.4 TWh | ||||||||
2022 | 11.8 TWh | 10.4 TWh | 9.9 TWh | 9.9 TWh | 42.1 TWh | ||||||||
Delta 22-21 | -0.5 TWh | -0.8 TWh | -2.1 TWh | -2.1 TWh | -5.4 TWh | ||||||||
Hydro (France): | |||||||||||||
FY 2021 | FY 2022 | Delta FY 22-21 | |||||||||||
Power production | 15.1 TWh | 12.7 TWh | -2.4 TWh | ||||||||||
(CNR + SHEM, @100%) | |||||||||||||
Quarterly | Q1 | Q2 | Q3 | Q4 | FY | ||||||||
2021 | 4.6 TWh | 4.0 TWh | 3.5 TWh | 3.0 TWh | 15.1 TWh | ||||||||
2022 | 3.9 TWh | 3.2 TWh | 2.1 TWh | 3.5 TWh | 12.7 TWh | ||||||||
Delta 22-21 | -0.7 TWh | -0.8 TWh | -1.4 TWh | +0.5 TWh | -2.4 TWh | ||||||||
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ENGIE CORPORATE HEADQUARTERS | engie.com |
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ENGIE - SA WITH CAPITAL OF EUR 2,435,285,011 - RCS NANTERRE 542 107 651 - Tel. : +33 (0)1 44 22 00 00 | |
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Adjusted FY 2021 EBIT
As announced previously, following the appointment of the new Excom in January 2021 towards Group simplification and organizing ENGIE around four strategic businesses, some internal reclassifications were made between activities that do not have any impact on the total EBIT.
The main internal reclassification for FY 2021 is:
- B2B international supply activities from Supply to Others
- Storage Northern America from Renewables to Energy Solutions
The following table provides FY 2021 EBIT figures per activity (pro forma, unaudited) after the internal reclassifications made from 1st January 2022 to 31st December 2022 and this IFRS 5 change in presentation.
In EUR million | FY 2021 |
Renewables | 1,191 |
Networks | 2,314 |
Energy Solutions | 350 |
Thermal | 1,183 |
Supply | 232 |
Nuclear | 959 |
Others | (85) |
o/w GEMS | 507 |
EBIT | 6,145 |
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ENGIE CORPORATE HEADQUARTERS | engie.com |
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ENGIE - SA WITH CAPITAL OF EUR 2,435,285,011 - RCS NANTERRE 542 107 651 - Tel. : +33 (0)1 44 22 00 00 | |
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Medium-term outright power production hedges in Europe (nuclear and hydro)
Hedged positions and captured prices (% and €/MWh)
As at 31 December 2022
Belgium and France
Captured prices are shown
- before specific Belgian nuclear and French CNR hydro tax contributions
- before inframarginal rent cap in Belgium and France
- excluding the mark-to-marketimpact of the proxy hedging used for part of Belgian nuclear volumes over 2023-2025, which is volatile and historically unwinds to close to zero at delivery
1 As communicated previously, Q1 2022 mild weather in Supply and Others led to a long gas position that was monetized in exceptional market conditions (as reported in Q1 2022), more than offsetting the normative sensitivity at EBITDA / EBIT level.
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ENGIE CORPORATE HEADQUARTERS | engie.com |
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ENGIE - SA WITH CAPITAL OF EUR 2,435,285,011 - RCS NANTERRE 542 107 651 - Tel. : +33 (0)1 44 22 00 00 | |
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Important notice
The figures presented here are those customarily used and communicated to the markets by ENGIE. This message includes forward-looking information and statements. Such statements include financial projections and estimates, the assumptions on which they are based, as well as statements about projects, objectives and expectations regarding future operations, profits, or services, or future performance. Although ENGIE management believes that these forward-looking statements are reasonable, investors and ENGIE shareholders should be aware that such forward-looking information and statements are subject to many risks and uncertainties that are generally difficult to predict and beyond the control of ENGIE, and may cause results and developments to differ significantly from those expressed, implied, or predicted in the forward-looking statements or information. Such risks include those explained or identified in the public documents filed by ENGIE with the French Financial Markets Authority (AMF), including those listed in the "Risk Factors" section of the ENGIE (ex GDF SUEZ) Universal Registration Document filed with the AMF on March 9, 2022 (under number D.22-079). Investors and ENGIE shareholders should note that if some or all of these risks are realised they may have a significant unfavourable impact on ENGIE.
About ENGIE
Our group is a global reference in low-carbon energy and services. Together with our 101,500 employees (excluding EQUANS), our customers, partners and stakeholders, we are committed to accelerate the transition towards a carbon- neutral world, through reduced energy consumption and more environmentally-friendly solutions. Inspired by our purpose ("raison d'être"), we reconcile economic performance with a positive impact on people and the planet, building on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers.
Turnover in 2021: 57.9 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Euro 100, MSCI Europe) and non-financial indices (DJSI World, Euronext Vigeo Eiris - Europe 120/ France 20, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG-X)
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ENGIE CORPORATE HEADQUARTERS | engie.com |
Tour T1 - 1 place Samuel de Champlain - Faubourg de l'Arche - 92930 Paris La Défense cedex - France | |
ENGIE - SA WITH CAPITAL OF EUR 2,435,285,011 - RCS NANTERRE 542 107 651 - Tel. : +33 (0)1 44 22 00 00 | |
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Engie SA published this content on 23 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2023 00:09:21 UTC.
