The Group confirms its annual targets for 2015:
 Including share in net income of associates
 Net income excluding restructuring costs, MtM, impairments, disposals, other non-recurring items and associated tax impacts and nuclear contribution in Belgium
 Cash Flow from Operations (CFFO) = Free Cash Flow before maintenance capex
 Targets assume average weather conditions in France, full pass through of supply costs in French regulated gas tariffs, restart of Doel 3 and Tihange 2 as of November 1st, 2015, no significant regulatory and macro-economic changes, commodity price assumptions based on market conditions as of December 31st, 2014 for the non-hedged part of the production, and average foreign exchange rates as follows for 2015 : €/$:1.22; €/BRL:3.23
 Based on on Net Recurring Income Group share
Reporting on first half results, Gérard Mestrallet, Chairman and Chief Executive Officer of ENGIE, stated: “The Group has recorded H1 2015 results in line with our annual objectives. In an economic climate that remains difficult for the energy sector in Europe, our Group has shown its financial robustness with increased cash flow generation and a further reduction in net debt. The results achieved on Perform 2015 and on the quick reaction plan are also in line with our objectives, proving our adaptability and agility. The period was marked by the Group’s change of name, approved today at the Shareholder’s meeting. ENGIE is a simple and strong name that accompanies new challenges of decentralization, decarbonization and digitalization of the new world of energy. We have accelerated our development into renewable energy, particularly through the announcement of our acquisition of Solairedirect, which marks a decisive step into solar for ENGIE. We have also continued to develop energy services across the globe with the acquisition of IMA, making ENGIE the leading player in energy services in Chile, and we have made three significant new investments in start-ups. The agreement that has just been reached with the Belgian Federal Government on the 10-year extension of the reactors at Doel 1 and 2 and the implementation of a fair and stable system for the nuclear contribution concludes the uncertainties on this subject. The Group is actively preparing the implementation its new structure, which will be effective early 2016, and it is more committed than ever to the success of its strategy of being the benchmark energy player in fast growing markets and being leader in the energy transition in Europe.”
Revenues of EUR 38.5 billion
Revenues of EUR 38,520 billion are in decrease of -1.9% (gross) compared to H1 2014 and in organic decrease of -5.4%. This decrease is notably due to the drop in commodity price, the unavailability of Doel 3 and Tihange 2 nuclear plants and Doel 1 being offline, partly compensated by the US dollar appreciation against the Euro and the positive weather impact in France, the first semester of 2014 being particularly warm.
Ebitda of EUR 6.1 billion
Group Ebitda reached EUR 6,122 million decreasing both on a gross basis (-4.8%) and on an organic basis
(-8.4%). As for revenues, H1 2015 Ebitda has been penalized by the impact from the drop in commodity prices, contraction in LNG activities and by the unavailability of Doel 3 and Tihange 2 nuclear plants and Doel 1 being offline, partly compensated by a favorable impact from foreign exchange, the positive impact from weather in France, the commissioning of new assets and the further performance measures taken on costs.
Ebitda for the Energy International business line increased by +10.3% on a gross basis and +1.4% organically to EUR 1,876 million. The organic increase reflects improved performances in Brazil, in Peru, in the Middle East and in the US and Australian retail activities. However, this favorable performance was depressed by lower results from merchant markets generation in the US, in Australia, and in the UK, as well as from LNG activities.
Ebitda for the Energy Europe business line, at EUR 1,124 million, decreased on a gross basis by -21.8% and organically by -19.7%. H1 2015 has been penalized by the unavailability of Doel 3 and Tihange 2 nuclear plants and by Doel 1 being offline since February 15, 2015 after reaching 40 years, by lower average sales price on electricity markets and by the unfavorable impact from lower gas prices in Asia on LNG sales. These impacts are partly compensated by a favorable weather impact on gas sales in France and improvement in gas supply conditions of the Group.
 Based on Net Recurring Income Group share
Global Gas & LNG business line reported an Ebitda of EUR 781 million, decreased organically by -32.4% reflecting the drop in oil and gas price on European and Asian markets and a lower LNG activity due, in particular, to supply disruption from Yemen since April 2015. For Exploration-Production, the unfavorable price impact has been largely compensated by total hydrocarbon production being higher by 4.0 Mboe (29.0 Mboe at end of June 2015 versus 25.0 Mboe at end of June 2014) thanks to contributions coming from fields commissioned in 2014, Juliet in the UK (January), Amstel in the Netherlands (February) and Gudrun in Norway (April).
Ebitda for Infrastructures business line came to EUR 1,867 million reflecting an organic increase of +4.8% compared to June 2014, mainly due to colder weather conditions compared to last year (+20.5 TWh) and higher tariffs, partly compensated by lower volumes and ancillary services revenues related to JTS (Joint Transport Storage) services and lower gas purchase and sale activities to maintain technical storage performance.
Energy Services business line Ebitda amounted to EUR 571 million, increased by +6.8% on a gross basis notably due to acquisitions made in H2 2014 (Lend Lease FM in the United Kingdom, Ecova in the United States, Keppel FM in Singapore and Lahmeyer) and increasing organically by +0.4%.
In addition all business lines contributed to the solid progress of Perform 2015 performance plan and of the “Quick Reaction Plan”. At the end of June 2015, results achieved on Perform 2015 represent more than 50% of the annual target, while for the “Quick Reaction Plan” the annual target of EUR 250 million is almost reached at 50% despite a start towards the end of Q1 2015.
Net Recurring Income of EUR 1.8 billion
and Net Income of EUR 1.1 billion
Net Recurring Income Group share, at EUR 1.8 billion, is in decrease by EUR 0.2 billion compared to end of June 2014. Decrease in current operating income after share in net income of entities accounted for using the equity method is significantly mitigated by lower recurring tax expenses and by lower contribution from non-controlling interests.
Net Income Group share, at EUR 1.1 billion, is in decrease by EUR 1.4 billion compared to end of June 2014 which was positively impacted by EUR 0.5 billion reevaluation gains. On the contrary, H1 2015 is penalized by EUR 0.7 billion impairments being split mainly between Global Gas & LNG and Energy International business lines.
Net debt at EUR 26.8 billion
At the end of June 2015, net debt reached EUR 26.8 billion, further reduced by EUR 0.7 billion from year-end 2014, despite a negative forex impact (depreciation of the euro mainly versus USD and GBP) of EUR 0.6 billion, thanks to a solid Cash Flow from Operations (EUR 6.0 billion) and after payment of the final dividend to ENGIE shareholders (EUR 1.2 billion).
Net debt /Ebitda ratio is stable at 2.3x still well below the target ≤ 2.5x.
Early March, ENGIE successfully launched a EUR 2.5 billion bond issue in four tranches at record-low coupons (notably 0% for 2 years and 1.5% for 20 years). The Group’s average cost of gross debt thus continues to decrease at 3.00%.
At the end of June 2015, the Group posted a high level of liquidity of EUR 18.6 billion, of which EUR 10.4 billion was held in cash.
In April 2015, S&P rating agency confirmed the A rating of GDF SUEZ with a stable outlook. In June 2015, Moody’s rating agency confirmed the long term A1 rating of GDF SUEZ and revised the outlook from stable to negative.
The Group has continued to implement its strategy along its two pillars:
To be the benchmark energy player in fast growing markets
To be leader in the energy transition in Europe
Early April, ENGIE introduced its new enterprise project to speed up implementation of its growth strategy. This enterprise project is based on the creation of 24 operational entities (Business Units – BU) according to a region-centered approach within a single country or a group of countries. More decentralized, these entities will help shorten response time and be more efficient.
In addition to this geographical approach, the planned organization will study the constitution of five strong “Métiers” lines tasked with operating the Group’s entities as a network and implementing its overall strategy within their spheres of influences: gas chain; centralized production of renewable and thermal electricity; decentralized solutions for cities and regions; solutions for businesses; and solutions for individuals and professionals.
Today, the Shareholder’s Meeting, decided to modify the corporate name of the company and to adopt the new corporate name ENGIE. The ticker of the company becomes « ENGI » as of July 31st 2015, in accordance with the notice published by Euronext.
ENGIE has just launched an Investor Relations app that can be downloaded on Google Play or in the Apple Store (iPad / iPhone).
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) reference document filed with the AMF on March 23, 2015 (under number D.15-0186). Investors and ENGIE shareholders should note that if some or all of these risks are realized they may have a significant unfavorable impact on ENGIE.
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: independent power production, liquefied natural gas, renewable energy and energy efficiency services. ENGIE employs 152,900 people worldwide and achieved revenues of EUR 74.7 billion in 2014. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges (GSZ until 30 July 2015 included, ENGI from 31 July 2015)and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone, Euronext Vigeo Eurozone 120, Vigeo World 120, Vigeo Europe 120 and Vigeo France 20.
Comparative H1 2014 figures have been restated following application of IFRIC 21 and change of consolidation method of Tirreno Power (IFRS 10-11)