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2018 Management Report and Annual Consolidated Financial Statements

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2018 Management Report and Annual Consolidated Financial Statements 2018 MANAGEMENT REPORT AND ANNUAL CONSOLIDATED FINANCIAL STATEMENTS CONTENTS 01 MANAGEMENT REPORT 1 ENGIE 2018 RESULTS .......................................................................................................................................... 6 2 REPORTABLE SEGMENT BUSINESS TRENDS ............................................................................................ 12 3 OTHER INCOME STATEMENT ITEMS ............................................................................................................. 19 4 CHANGES IN NET DEBT .................................................................................................................................... 21 5 OTHER ITEMS IN THE STATEMENT OF FINANCIAL POSITION ................................................................ 25 6 PARENT COMPANY FINANCIAL STATEMENTS ........................................................................................... 26 02 CONSOLIDATED FINANCIAL STATEMENTS INCOME STATEMENT ...................................................................................................................................................... 30 STATEMENT OF COMPREHENSIVE INCOME ............................................................................................................. 31 STATEMENT OF FINANCIAL POSITION ........................................................................................................................ 32 STATEMENT OF CHANGES IN EQUITY ........................................................................................................................ 34 STATEMENT OF CASH FLOWS ...................................................................................................................................... 36 03 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 1 ACCOUNTING FRAMEWORK AND BASIS FOR PREPARING THE CONSOLIDATED FINANCIAL STATEMENTS ...................................................................................................................................................... 39 Note 2 RESTATEMENT OF 2017 COMPARATIVE DATA ........................................................................................... 44 Note 3 MAIN SUBSIDIARIES AT DECEMBER 31, 2018 ............................................................................................. 55 Note 4 INVESTMENTS IN ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD ................................... 62 Note 5 MAIN CHANGES IN GROUP STRUCTURE ..................................................................................................... 70 Note 6 FINANCIAL INDICATORS USED IN FINANCIAL COMMUNICATION ........................................................... 75 Note 7 SEGMENT INFORMATION ................................................................................................................................. 79 Note 8 REVENUES ........................................................................................................................................................... 84 Note 9 OPERATING EXPENSES ................................................................................................................................... 89 Note 10 FROM CURRENT OPERATING INCOME AFTER SHARE IN NET INCOME OF ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD TO INCOME/(LOSS) FROM OPERATING ACTIVITIES .................. 90 Note 11 NET FINANCIAL INCOME/(LOSS) ..................................................................................................................... 94 Note 12 INCOME TAX EXPENSE ..................................................................................................................................... 96 Note 13 EARNINGS PER SHARE .................................................................................................................................. 101 Note 14 GOODWILL ......................................................................................................................................................... 102 Note 15 INTANGIBLE ASSETS ....................................................................................................................................... 111 ENGIE - 2018 CONSOLIDATED FINANCIAL STATEMENTS 3 Note 16 PROPERTY, PLANT AND EQUIPMENT ......................................................................................................... 116 Note 17 FINANCIAL INSTRUMENTS ............................................................................................................................. 120 Note 18 RISKS ARISING FROM FINANCIAL INSTRUMENTS ................................................................................... 138 Note 19 EQUITY ................................................................................................................................................................ 159 Note 20 PROVISIONS ...................................................................................................................................................... 163 Note 21 POST-EMPLOYMENT BENEFITS AND OTHER LONG-TERM BENEFITS ............................................... 170 Note 22 FINANCE LEASES ............................................................................................................................................. 179 Note 23 OPERATING LEASES ....................................................................................................................................... 181 Note 24 SHARE-BASED PAYMENTS ............................................................................................................................ 183 Note 25 RELATED PARTY TRANSACTIONS ............................................................................................................... 187 Note 26 EXECUTIVE COMPENSATION ........................................................................................................................ 189 Note 27 WORKING CAPITAL REQUIREMENTS, INVENTORIES, OTHER ASSETS AND OTHER LIABILITIES 190 Note 28 LEGAL AND ANTI-TRUST PROCEEDINGS ................................................................................................... 193 Note 29 SUBSEQUENT EVENTS ................................................................................................................................... 197 Note 30 FEES PAID TO THE STATUTORY AUDITORS AND TO MEMBERS OF THEIR NETWORKS .............. 198 Note 31 INFORMATION REGARDING LUXEMBOURG AND DUTCH COMPANIES EXEMPTED FROM THE REQUIREMENTS TO PUBLISH ANNUAL FINANCIAL STATEMENTS ...................................................... 199 ENGIE - 2018 CONSOLIDATED FINANCIAL STATEMENTS 4 01 MANAGEMENT REPORT 1 ENGIE 2018 RESULTS .......................................................................................................................................... 6 2 REPORTABLE SEGMENT BUSINESS TRENDS ............................................................................................ 12 3 OTHER INCOME STATEMENT ITEMS ............................................................................................................. 19 4 CHANGES IN NET DEBT .................................................................................................................................... 21 5 OTHER ITEMS IN THE STATEMENT OF FINANCIAL POSITION ................................................................ 25 6 PARENT COMPANY FINANCIAL STATEMENTS ........................................................................................... 26 ENGIE - 2018 CONSOLIDATED FINANCIAL STATEMENTS 5 MANAGEMENT REPORT 1 ENGIE 2018 RESULTS 1 ENGIE 2018 RESULTS The previously published financial data presented hereafter have been restated to take into account (i) impacts resulting from the application of the new standards IFRS 9 – Financial Instruments and IFRS 15 – Revenue from Contracts with Customers; and (ii) the presentation in the financial statements at December 31, 2017 (for the income statement, statement of comprehensive income and statement of cash flows) of ENGIE's upstream liquefied natural gas (LNG) activities sold in July 2018 as “Discontinued operations”, as they represent a separate major line of business under IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations. A reconciliation of the reported data with the restated comparative data is presented in Note 2 “Restatement of 2017 comparative data” to the consolidated financial statements. Main 2018 financial milestones 2018 results in line with targets: net recurring income Group share at €2.5 billion, net debt/EBITDA ratio at 2.3x. Stable EBITDA demonstrates ENGIE's robust business model, with positive underlying momentum in growth segments offsetting the unfavorable impacts of unscheduled maintenance at Belgian nuclear plants, negative foreign exchange effects and dilution from disposals. Solid organic(1) growth in EBITDA (5%), led by progress in the Group's key growth drivers: in particular Renewables and BtoB & BtoT Solutions. Net debt reduction (€1.4 billion vs. end 2017), due to a robust operating cash flow(2) and disposals. The Group's financial structure is solid, as confirmed by the rating agencies which position ENGIE as an industry leader in that respect. Recap of 2016-2018 strategic delivery: a reconfigured asset portfolio, reduced commodity exposure, lower carbon intensity, and an improved growth profile. Transformation driven by portfolio rotation (€16.5 billion(3) of disposals nearly closed), strategic investments (€14.3
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