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Engie withstands ‘vigorous strategic repositioning’ to return to growth

Engie has said it withstood the “impact of a vigorous strategic repositioning” last year, creating a cleaner, more profitable offering.

The French energy major has disposed of €13.2 billion (£11.7 billion) worth of assets and invested a further €13.9 billion (£12.3 billion) to clean up its act.

This has included the sale of its liquefied natural gas division to Total, expected to close later this year as well as its remaining stakes in UK-based thermal generators, and acquisitions in companies including EV charging provider EVBox, regeneration firm Keepmoat, French wind and solar developer La Compagnie du Vent, and a 30% stake in Chinese solar firm Unisun.

Meanwhile revenues have stood steady, and in fact rose by 1.7% on an organic basis throughout the 12 month period ended 31 December to €65 billion (£57.9 billion).

In addition, Engie reported that around 90% of its revenues were now derived from what it termed as “low CO2 activities”.

While earnings before interest, tax depreciation and amortisation (EBITDA) slid on a reporting basis, organically they climbed by more than 5% year-on-year to €9.3 billion (£8.3 billion).

Isabelle Kocher, chief executive at Engie, said that the good results confirmed the relevance of Engie’s strategy.

“We achieve [sic] an ambitious repositioning by reinvesting massively in low CO2 generation, networks and client solutions, laying the foundations for future growth. We now have a cleaner, less risky and more profitable portfolio of activities.

“The return to organic growth, which is the result of our teams’ work and engagement, is confirmed and allow us to anticipate strong results and a higher shareholder remuneration for 2018,” she said.