Engie Energía Perú announced earnings results for the first quarter ended March 31, 2016. Revenues as of March 31, 2016 were EUR 18,907 million, down negative 14.3% on a gross basis and negative 13.3% on an organic basis. This decrease is notably due to the drop in commodity prices which impact exploration/production activities, commercialization activities, gas and LNG purchase/sale activities and power production activities as well as to the mild temperatures in France over the first quarter while the first quarter of 2015 had been slightly cold.

EBITDA for the period was EUR 3,503 million, down -1.7% on a gross basis and up +2.3% on an organic basis compared to the end of March 2015. Excluding temperature impact in France, organic EBITDA growth is +5.0%. Current Operating Income (COI) reached EUR 2,395 million, increasing by +0.4% on a gross basis and by +5.9% on an organic basis compared with the end of March 2015, for the same reasons as for EBITDA, as well as due to the positive impact on depreciations from impairments booked in 2015.

As of March 31, 2016, net debt reached EUR 27.0 billion, down negative EUR 0.7 billion from year-end 2015. This improvement can be mainly explained by the operational cash generation of the quarter, a favorable exchange rate effect (EUR 0.4 billion) and by the first impacts of the portfolio rotation program (EUR 0.4 billion with mainly the creation of a partnership with the sale of 50% in the TEN project in Chile) with investments of EUR 1.4 billion over the period. The cash flow from operations, which amounts to EUR 1.4 billion over the first quarter, reflects on the one hand the solid generation of operational cash flow, and on the other hand the unfavorable evolution of WCR by negative EUR 1.5 billion mainly related to temporary effects related to margin calls and financial derivative instruments.