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Suez: targets sales of over E16bn in 2021

( - The utilities group reported FY 2020 sales of 17,209 million euros at 31 December 2020, down 806 million euros y-o-y.

EBITDA came in at 2,815 million euros for FY 2020. This includes 98 million euros in costs and provisions due to the economic environment, including the pandemic. In organic terms the fall reached -9.9%. EBIT amounted to 780 million euros, which included -303 million euros in costs and provisions relating to the economic situation, including the pandemic.

At the bottom line, the group made a loss of 228 million euros in 2020, compared with a profit of 352 million euros in 2019. Restated for non-recurrent items, the loss worked out at 38 million euros in 2020, representing a recurring loss per share of -0.06 euros.

Suez has improved its targets and outlook for 2021, now targeting revenues of over 16 billion euros, with a return to organic growth, EBIT of 1.4 to 1.6 billion euros, recurring EPS of 0.80 to 0.85 euro and recurring Free Cash Flow of over 500 million euros.

While it is pretty flat in early trading on Friday (+0.2%), the Suez share is outperforming the CAC 40 (-0.8%).

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