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[waldron] 25/2/2016 07:51

France's Engie Pushed to Loss by Hefty Write-Downs
25/02/2016 7:16am
Dow Jones News

Engie (EU:ENGI)
Intraday Stock Chart

Today : Thursday 25 February 2016
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By Inti Landauro



PARIS--French power utility Engie (ENGI.FR) said Thursday that its earnings had missed the company's 2015 target because of pressure from falling energy prices.

The company, formerly known as GDF Suez, said its 2015 net recurring income--a measure that strips out restructuring costs and other impairments--was 2.6 billion euros ($2.86 billion), below its targeted range of EUR2.75 billion to EUR3.05 billion set in late 2015.

A group of analysts polled by FactSet expected net recurring income of EUR2.47 billion.

Engie wrote down EUR8.7 billion worth of assets because of current market pressure, mainly in the oil and gas extraction industry and on power generation assets supplying spot markets.

The impact of the write-downs on the company's bottom line was EUR6.8 billion. As a result, Engie posted a net loss of EUR4.6 billion in 2015, from a EUR2.4 billion net profit in 2014.

Engie's poor performance in 2015 is an example of how sluggish demand for energy and subsidies for renewable energy hit European utilities by making traditional power plants unprofitable. The company had two years ago already written down a massive $20 billion worth of assets.

Engie also decided to get rid of some of its assets exposed to commodity prices and plans instead to focus on businesses with regulated prices and on renewables.

Engie will sell assets worth EUR15 billion and invest EUR22 billion between 2016 and 2018 to bring its share of earnings before interest, taxes, depreciation and amortization from contracted and regulated activities to 85% from 50% at the end of 2015.

The company's deputy Chief Executive Isabelle Kocher said Engie sold its thermal power assets in the U.S. for EUR4.1 billion.

The company said its overall revenue in the year fell to EUR69.9 billion from EUR74.7 billion, while Ebitda fell 7.2% to EUR11.3 billion.

The company said it will keep its dividend at EUR1 a share this year and next and will lower it in 2017 and 2018 to EUR0.70 a share.



-Write to Inti Landauro at [e-mail]



(END) Dow Jones Newswires

February 25, 2016 02:01 ET (07:01 GMT)

[waldron] 23/2/2016 20:48

Engie Share News (ENGI)
Share Name Share Symbol Market Type
Engie EU:ENGI Euronext Ordinary Share
Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
-0.625 € -4.31% 13.865 € 13.855 € 13.865 € 14.38 € 13.82 € 14.35 € 6,440,807 17:36:30
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Engie SA Earnings: What to Watch
23/02/2016 7:08pm
Dow Jones News

Engie (EU:ENGI)
Intraday Stock Chart

Today : Tuesday 23 February 2016
Click Here for more Engie Charts.

By Inti Landauro

PARIS--French power utility Engie SA reports full-year earnings at 05:45 GMT on Thursday. Here is what will be in focus:

-- EARNINGS FORECAST: Analysts polled by FactSet expect an average net profit of EUR2.47 billion ($2.72 billion) compared with a net profit of EUR2.4 billion in 2014. The company has said it expected a net profit between EUR2.75 billion and EUR3.05 billion three months ago.

-- REVENUE FORECAST: Engie is expected to book revenue worth EUR72.64 billion, according to a FactSet analyst survey, down from EUR74.69 billion in 2014.

WHAT TO WATCH:

-- ASSET SALES: Engie's Chief Executive Gerard Mestrallet has said the company plans to sell assets exposed to energy spot prices to focus on businesses with regulated prices, services and renewable power generation.

-- MANAGEMENT CHANGE: Gerard Mestrallet is due to step down as CEO in the coming months and be replaced by Chief Operating Officer Isabelle Kocher. He may remain in the company as nonexecutive chairman of the board.

-- COST CUTTING: Engie is likely to announce further cost-cutting rounds to improve profitability. Analysts and investors will also pay attention to the dividend to be announced.

Write to Inti Landauro at [e-mail]



(END) Dow Jones Newswires

February 23, 2016 13:53 ET (18:53 GMT)
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[waldron] 23/2/2016 19:15

25
Feb
2016

FY 2015 results publication

[sarkasm] 10/2/2016 06:13

The US enters a brave new world as it begins LNG exports

By Chris Pedersen | February 10, 2016 12:01 AM Comments (0)

Next month, the US is set to export its first cargo of LNG from the continental US. Cheniere Energy, the company that won the highly-contentious race to be the first exporter out of the gate, will have some advantages over its US peers, but the global LNG landscape has changed significantly since the company first proposed to build its LNG export terminal over a half-decade ago.

Before diving into the current state of the world LNG market, let’s take a step back and see how we got to where we are today.

The beginning

In 2001, Cheniere Energy made an announcement to build four LNG import terminals in Louisiana, at a cost of $1.2 billion. As Charif Souki, Cheniere’s CEO at the time, hit the road to raise money, he told investors a simple message: The US is addicted to natural gas and we are running out of it. Therefore, we must import natural gas via LNG from abroad. After seven years, Souki and Cheniere’s vision became a reality, with the inauguration the Sabine Pass LNG import facility in April 2008.

But between 2001 and 2008, the forecast for US natural gas went from gas shortages to gas gluts. Showing off a sparkling new, state of the art LNG import facility, Cheniere was literally trying to sell natural gas into a sufficiently supplied market. It was like trying to sell ice in the North Pole or chocolate to someone in Hershey, Pennsylvania.

Cheniere then set out to do the complete opposite of what the planned to do a decade ago: export LNG. In September 2010, Cheniere was the first company to apply with the US Department of Energy for a permit to export LNG.

The art of a deal

By late 2011, Souki managed to work out a deal for Cheniere to sell $8 billion of LNG over 20 years to BG Group, which is now owned by Shell. In a nutshell, Souki’s pitch was this: US natural gas prices are forecast to stay low because of the abundance of newly-accessible shale gas resources, while natural gas and LNG prices are expected to remain high in Asia.

Why was Cheniere so confident that LNG prices were going to stay high in Asia? At the time, nearly all LNG prices in Asia were linked to oil.

This value proposition was successful, as Cheniere has been able to sell 80% of their LNG export capacity at Sabine Pass under take-or-pay contracts.

The sober start to 2016

Fast-forward to 2016. Cheniere is expected to export its first cargo of LNG out of Sabine Pass this March. As Cheniere, along with other hopeful LNG exporters, know all too well, market dynamics never stay constant and volatility is the name of the game. Commodities are cyclical. When Cheniere and other companies decided to build multi-billion dollar LNG export terminals, there was a large price difference between gas prices in the US and Asia.

pedersen-jkm-lngFor example, the average price for a spot cargo of gas in Asia in 2011, using the Japan-Korea Marker, JKM, was $14.02/MMBtu. A key reason prices spiked was the Fukushima nuclear disaster, which occurred in March 2011, leading Japan to shut 47.5 GW of nuclear generation capacity.

As new LNG facilities came online, prices have faced downward pressure. In 2015, the average JKM price was $7.45/MMBtu, and as of Feb. 3, the average price this year has been $5.73/MMBtu.

Awash in LNG

So how did we get to where we are today? Put simply, demand has recently failed to keep up with supply. Platts unit Eclipse Energy Group data shows global gas demand growth was insignificant in 2015, rising by a mere 700 MMcf/d, while at the same time roughly 2.2 Bcf/d of new export capacity was added. Over the next five years, total global export capacity is expected to grow by an exceptional 133.5 mtpa (17.8 Bcf/d), a 44% increase.

The US as a global swing supplier

Eclipse data shows that by 2020 the US will have become home to 15% of global liquefaction capacity and could become the world’s third largest exporter (behind Australia and Qatar). And due to the inherent flexibility of US LNG tolling agreements, American exporters have a good chance of becoming a swing supplier. Unlike other LNG contracts, US LNG tolling agreements do not have fixed destination clauses, allowing US-sourced LNG cargoes to show greater optionality in spot markets.
pedersen-gas-prices-forecast

The balance between global LNG demand growth and global LNG supply will be the two key variables in determining how quickly and to what extent American LNG plays a role in the global market of the future. Another key factor will be the price of US natural gas. Platts Analytics forecasts Henry Hub spot prices averaging $2.45/MMBtu in 2016 and increasing to $4.19/MMBtu in 2020.

Even though it appears to be a buyer’s market for now, the US is quickly becoming ready for when the tide turns. At this point, the world will find out just how capable the US can be in the LNG market. For now though, at least they can say something that they weren’t able to say a year ago: We are ready to play.

[sarkasm] 09/2/2016 10:43

posted on the FROG Thread


FROM ENGI THREAD

ANY OF YOU ANY EXPERIENCES REGARDING RECLAIMING FRENCH TAX AS A
UK RESIDENT


wipo1
9 Feb'16 - 10:11 - 5 of 8 0 0

I'm long here and Iberdrola. Any of you guys in?

Also does anybody know how to get dividends at 15 per cent withholding tax instead of 30 per cent?

sarkasm
9 Feb'16 - 10:27 - 6 of 8 0 0 edit



sarkasm
9 Feb'16 - 10:31 - 7 of 8 0 0 edit



sarkasm
9 Feb'16 - 10:33 - 8 of 8 0 0 edit

[wipo1] 09/2/2016 10:11

I'm long here and Iberdrola. Any of you guys in?Also does anybody know how to get dividends at 15 per cent withholding tax instead of 30 per cent?

[sarkasm] 09/2/2016 09:55

Britain's Rugeley coal plant will close this summer due to worsening market conditions for coal generation, with the potential loss of 150 jobs, operator Engie said on Monday.

The one-gigawatt plant, located in Staffordshire, is jointly owned by French power and gas group Engie and Mitsui & Co. Ltd. It can provide enough electricity to power one million homes.

A surge in renewable energy production and cheap gas prices have effectively priced coal-fired power plants out of the market in Britain.
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"Unfortunately market conditions for UK coal plant have deteriorated rapidly in recent years, as a result of a continued fall in power prices on the back of a commodity market decline, and increases in carbon costs," Engie said in a statement.

"Under such conditions, there is no prospect of the power station recovering its future operating costs," it added.

Earlier this month, British power producer SSE said it would likely close most of the units at its 1,995-megawatt Fiddler's Ferry coal-fired plant from April 1.

Investment bank Jefferies said it expects more coal plant closures this year in Britain if the relative profitability of burning gas over coal by utilities continues.

Engie plans to sell 15 to 20 billion euros worth of assets over 2016-18, including 7 billion euros ($7.8 billion) in the short term, French newsletter La Lettre de l'Expansion‍​ reported on Monday.

The newsletter said Engie plans to sell 2.5 to 3 billion euros worth of exploration and production assets, 2 to 3 billion euros of coal-fired power plants, 5 billion euros worth of U.S. plants, and some infrastructure assets.

An Engie spokesperson was not immediately available to comment on that report.

(Reporting by Nina Chestney; Editing by Jan Harvey)

[waldron] 08/2/2016 11:59

By News reports

08 February 2016 10:37 GMT
French player Engie is planning to sell up to €20 billion ($22.3 billion) worth of assets over the next three years, as the gas and power group is also aiming to speed up its cost-cutting plans, according to a report.

[grupo guitarlumber] 16/1/2016 10:09

25
Feb
2016

FY 2015 results publication

At 8:00.
29
Apr
2016

Publication of 1st quarter 2016 financial information
03
May
2016

Shareholders’ meeting

[grupo guitarlumber] 16/1/2016 10:08

ENGIE HOLDS 9.75pc Approx of GTT

[the_alchemist] 19/8/2014 17:23

RIP Bill Weston

[the_alchemist] 25/6/2014 18:01

huge what looks like a sell 0f 2,000,0000 shares but no price movement at all.
wonder what is going on?

[the_alchemist] 22/5/2014 19:42

Posted on the Eirx (erx) bb :
FYI, the following statement has today been added to the Eirx website:

EiRx Therapeutics PLC

Chairman's Statement for the Annual Report for 2013

Shareholders will be aware from previous statements, that the Bank of Scotland reneging on their facility offer, gave the your directors no alternative but to put the wholly owned subsidiary, Eirx Therapeutics Ltd. into liquidation, resulting in a loss of jobs and intellectual property. At that time the directors would have been justified in closing the group down totally. However with sufficient potential licence income to cover statutory payments only, not including any fees or salaries, the decision was taken to support a major shareholder, who was the guarantor of the bank overdraft facility, in his legal action against the bank. Eirx were not in a position to support the legal action financially, so made no fiscal contribution but have an agreement that gave a share of the proceeds once a specific financial quantum had been overtaken in the event of winning the case.

In the light of this agreement and the positive legal opinions being stated, discussions were commenced to put three separate companies, all with synergistic therapeutic candidates, together and use the company as the vehicle to restore this more robust entity onto the AIM market to the benefit of existing shareholders. The process of negotiation and the amount each of the entities will input prior to the proposed IPO is currently in its last phase and so the hope is that this will make the last three years of austerity and frustration worthwhile. These discussions are yet to be finalised so are not definite and your directors, for very strict legal reasons, do not know the quantum of the settlement figure agreed by the bank at the beginning of the year. So we have done our best to maintain shareholders interest and now trust it will pay off to the benefit of the shareholders

John K Pool

Chairman


this may be of interest to ENGI shareholders as engi hold 12.5 % of Eirx currently with nil value on its books. A re-list of Eirx might impact on the fortunes of Engi.

[the_alchemist] 14/2/2014 18:48

interesting late trade correction (LTC) of 100,000 shares (3.0 p) at 0940.33 hrs this morning and an extended settlement ,what looks like a sell ,at 3.0 p (OC) for the same volume at exactly the same time.
someone expects something to happen either bad or good! unless this is just the broker correcting an error .Any comments from those more in the know about these things ?
the_alchemist

[the_alchemist] 13/2/2014 20:06

relatively small volume sells and down 9 % , perhaps always the way with such illiquid stock. I note recent Director buys and I am holding very tight indeed for the long term. Might even get some more in due course.

[the_alchemist] 21/1/2014 18:24

1. would love to know how Mr Malde bought this volume of shares at the bid price (3p ) prevailing for the last few weeks rather than at the offer(4 p )
2. The buy bodes well for the future of the company and shows Director confidence
regards
the_alchemist

[the_alchemist] 05/12/2013 19:11

ERX have their AGM on 16 th December.