PARIS, March 2 French gas and power group Engie
said it had booked 3.8 billion euros ($4 billion)
worth of impairments due to low power prices and higher nuclear
provisions in Belgium, although 2016 current earnings were in
line with expectations.
Engie said the impairments included 1.9 billion euros
related to power production activities in merchant markets in
Europe, 1 billion euros for the revision of its nuclear
decommissioning provisions in Belgium and 600 million euros
related to the market environment on some of its global
Revenues fell 4.6 percent to 66.6 billion euros, core
earnings before interest, tax, depreciation and amortisation
(EBITDA) fell 5.2 percent to 10.7 billion, and net recurring
income fell 4.3 percent to 2.5 billion. The net loss narrowed to
400 million euros from a net loss of 4.6 billion in 2015.
Analysts polled by Thomson Reuters had expected revenue of
65.7 billion euros, EBITDA of 10.87 billion euros, and net
recurring income of 2.45 billion euros.
The company said it would pay a one euro dividend per share,
in line with expectations, and said that on the fiscal years for
2017 and 2018 it planned to pay 0.70 euros per share.
For 2017, Engie anticipates a net recurring income between
2.4 and 2.6 billion euros, based on an estimated Ebitda of 10.7
to 11.3 billion euros.
($1 = 0.9498 euros)
(Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta)