Engie downgrades its 2022 stake in Nord Stream AG by 474M euros

The French Engie for 2022 reduced the assessment of its stake in Nord Stream AG by 474 million euros, to 90 million euros, due to damage to the gas pipeline, Report informs referring to TASS.

The group’s minority stake in Nord Stream AG is currently valued at 90 million euros, which is 474 million euros less than on December 31, 2021. This decrease is the result of pipeline damage and is associated with an increased risk profile of the sole supplier for Nord Stream - Gazprom, the report says.

According to media reports, the company received a net profit of 216 million euros last year, which is almost 17 times less than the profit of 3.661 billion euros a year earlier. EBIT (excluding nuclear division) is expected to be 6.6-7.6 billion euros in 2023, in the range of 7.2-8.2 billion in 2024, after which it will rise to 7.5-8.5 billion euros in 2025.