Impairment to come at Engie on the Nord Stream 2 gas pipeline

For the return of its “face-to-face” meeting, Engie innovated by opting for the Parc des Expositions at Porte de Versailles, better known for hosting the Salon de l’Agriculture than for shareholders. There is no shortage of space to bring them together in Pavilion 5, but the large rectangular room retained lacks bleachers for a better view of everyone and by bluish lighting, not conducive to reading documents or taking notes.

Invest received 206 mandates from its readers, for 104,877 shares and 108,317 votes. The shares held by the newspaper have disappeared into the abyss of the computer systems of the intermediaries…

The meeting was opened at 2:30 p.m. by President Jean-Pierre Clamadieu, whose mandate is up for renewal. He is followed at the podium by Catherine MacGregor, the managing director appointed in the midst of a health crisis and whom the shareholders are seeing for the first time.

After a summary of the refocusing operations of the energy company, which has come out of 18 countries and which will sell the services of Equans to Bouygues for 7 billion euros, in the second half, Catherine MacGregor returned to the consequences of the war in Ukraine . ” We are not operator in Russia or Ukraine “, specified the general manager.

Anticipated gas supplies for next winter

But, as Jean-Pierre Clamadieu reminded us shortly before: We are an importer of Russian gas! The band says ” respect the decisions taken by governments and the European Union on Russia “. Stopping Russian gas purchases cannot be a business decision. It can only come from a government and in this case from the European Union “said the president.

We have started to redirect our supplies, in anticipation of filling our gas storage for next winter “, detailed Catherine MacGregor, citing Norway, Algeria and the United States among the countries solicited more for these purchases.

Opinion of shareholders on the Climate strategy

In addition to the room, Engie is also innovating with resolution 15, which seeks the opinion of shareholders on the group’s climate strategy. As noted by Ross McInnes, administrator, one of the main objectives is carbon neutrality for the group by 2045. At this date, the energy company will only market gas of renewable origin.

Its electricity production capacities from renewable sources will have to be increased from 34 to 80 gigawatts by 2030. The group will also have completely abandoned coal, in Europe for 2025, in the rest of the world for 2027.

Depreciation on Nord Stream 2

There are many questions from the audience as well as from French and Belgian Internet users, particularly on green gas, but not only. Regarding Engie’s exposure to the Nord Stream 2 gas pipeline, the entry into service of which was blocked by Germany at the start of Russia’s invasion of Ukraine, ” there will be a depreciation which will impact the net profit but not the Ebitda, therefore not the dividend “Said Pierre-François Riolacci, the new Deputy Director General in charge of Finance.

Engie co-financed this gas pipeline passing through the Baltic, a loan and interest representing nearly one billion euros, an amount which should be depreciated in full, according to the response provided by the group on its site in the context of the 37 written questions posed before the assembly. Elements on Russia will be clarified on the occasion of the results of the first quarter.

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