March 20, 2020 / 9:22 AM / 10 days ago

BRIEF-Engie EPS FY Net Loss Widens To 14.6 Million Euros

March 20 (Reuters) - ENGIE EPS SA:

* SAID ON THURSDAY ITS FY REVENUE WAS EUR 19.7 MLN VS EUR 15.5 MLN YEAR AGO

* FY NET LOSS EUR 14.6 MLN VERSUS EUR 8.7 MLN YEAR AGO

* FY NET CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD EUR 6.4 MLN VERSUS 10.9 YEAR AGO

* PROJECT BACKLOG AS OF March 19 AMOUNTS TO EUR 29.5 MILLION, DOWN 18% COMPARED TO THE REVISED PROJECT BACKLOG COMMUNICATED ON 21 JUNE 2019 DUE REDUCTION IN ORDER INTAKE

* PIPELINE IS UP 127% AS OF MARCH 19, REACHING EUR 686 MILLION

* SOME PROJECTS WERE NOT AWARDED TO ENGIE, LIKE THE TENDER FOR NEW CAPACITY IN FRANCE, CERTAIN OTHERS ARE BEING DELAYED AND OTHERS HAVE NOT MATERIALIZED FOR ENGIE EPS

* GROSS MARGIN STANDS AT 26.5%, COMPARED TO 30% IN 2018, MAINLY DUE TO THE LOWER MARGINS OF THE PROJECT IN MEXICO

* CORONAVIRUS OUTBREAK IS IMPACTING BOTH THE INDUSTRIAL OPERATIONS OF ENGIE EPS AND ITS SHORT-TERM BUSINESS PROSPECTS BUT IT IS STILL TOO EARLY TO ASSESS ITS FULL IMPACT

* ENGIE EPS’ OPERATIONS AND THE MAJORITY OF THE SUPPLY CHAIN ARE BASED IN ITALY, THE COUNTRY CURRENTLY AT THE EPICENTER OF THE EUROPEAN OUTBREAK

* TRAVEL RESTRICTIONS ALL OVER THE WORLD ARE LIMITING THE ABILITY TO ENGIE EPS TO MATERIALIZE ITS PROJECT DEVELOPMENT EFFORT, PARTICULARLY IN LARGE TENDER PROCESSES

* DECIDES NOT TO CONFIRM 2020 REVENUE GUIDANCE GIVEN THE CURRENT HIGHLY VOLATILE CIRCUMSTANCES, CANNOT COMMIT TO AN ALTERNATIVE 2020 TARGET

* ENGIE EPS WILL UPDATE IF NECESSARY THIS GUIDANCE ONCE THE COVID-19 SITUATION HAS BEEN OVERCOME

* REMAINS COMMITTED TO THE IMPLEMENTATION OF THE LONG TERM STRATEGIC PLAN AND ITS 2025 EUR 400 MILLION REVENUE INDICATIVE AMBITION

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Further company coverage: (Gdansk Newsroom)

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