|
|
|
|
PRESS RELEASE
28 July 2017 |
|
|
|
2017 half-year
results in line with expectations
Excellent execution of the performance
plan
Outlook confirmed
Key figures of the 2017 half-year
results |
|
Main
events |
|
EBITDA
|
€7.0bn
-20.6% org.[1] |
|
-
Renewable energies:
-
Takeover of FUTUREN (onshore wind power)
-
2.4GW under construction by EDF EN, of which
0.9GW solar power
-
EDF EN gross installed capacity greater than
10GW[2]
-
Energy services:
-
Success of the €4bn capital
increase
-
Finalisation of the sale of
49.9% of CTE, which holds 100% of RTE shares
-
Nuclear France: output in
line with forecasts given the outages of reactors for additional
controls started in 2016 following the quality control audit of the
Creusot Forge plant
-
New nuclear:
-
Approval of the Flamanville 3 vessel: draft
opinion of the French Nuclear Safety Agency (ASN) specifying that
the composition of the steel of the vessel head and bottom is not
likely to call into question its commissioning under certain
conditions and in particular the replacement of the vessel head by
the end of 2024 (see press release of 29 June 2017). System
performance tests are under way
-
Hinkley Point C: update of project costs to
£19.6bn (in 2015 sterling)[3] (see press
release of 3 July 2017)
-
Creation of EDVANCE: bringing together EDF and
AREVA NP's engineering teams (see press release of 17 May
2017)
-
Signature of binding agreements with strategic
investors for the acquisition of an equity stake in NEW NP (see
press release of 10 July 2017)
|
Net income excluding non-recurring
items
|
€1.4bn
-53.8% |
Net income - Group share |
€2.0bn
-3.7% |
Net financial debt |
€31.3bn
-€6.2 bn |
|
|
Electricity Output
Nuclear France: 197.2TWh
Nuclear United Kingdom: 32.2TWh
Hydropower France: 21.3TWh
EDF EN: 6.4TWh |
-3.9%
+4.2%
-16.5%
+5.0% |
|
|
Performance plan
Operating expenses[4]
Working Capital Requirement
Disposals signed or realised
Net investments[5] |
~70% total
of the target 2018 vs. 2015
~90% total
of the target 2015-2018
~80% total
of the target 2015-2020
-€0.3bn vs. H1 2016 |
2017 targets confirmed
- Nuclear output: 390 - 400TW
-
EBITDA[6]:
€13.7bn - €14.3 bn
-
Net financial debt/EBITDA[7]:
<= 2.5x
-
Payout ratio of Net income excluding
non-recurring items[8]: 55%
to 65%
|
|
2018 targets
confirmed
-
Operating expenses4: -€0.7 bn compared to 2015
-
EBITDA[9]:
>= €15.2 bn
-
Net investments5: ~ €10.5 bn
-
Cash flow9,[10]: >=
0
-
Net financial debt/EBITDA7,9: <=
2.5x
-
Payout ratio of Net income excluding
non-recurring items8:
50%
|
Targets beyond 2018 confirmed
compared to 2015
- Asset disposals in 2015-2020: at least €10
bn
- Payout ratio of Net income excl. non-recurring items8: 45% to
50% |
|
EDF's Board of Directors meeting
on 27 July 2017, under the chairmanship of Jean-Bernard Lévy,
approved the consolidated financial statements at 30 June 2017.
Jean-Bernard Lévy, EDF's Chairman
and CEO, stated:
"In an unfavourable market context and in line
with its forecasts, the Group is continuing to implement its
performance plan and maintains its annual objectives. Based on its
strengthened balance sheet, EDF is deploying its CAP 2030 strategy.
The first half of 2017 was marked by an acceleration in the area of
renewable energies, with, in particular, the takeover of Futuren
and the increase in installed net capacity. The reorganisation of
the French nuclear sector has also reached essential and positive
milestones in recent months. I would like to thank our teams for
their daily efforts to make EDF the leader in low-carbon
growth."
Change in EDF
group's half-year results
In millions of euros |
H1 2016 |
H1 2017 |
Change
(%) |
Organic change (%) |
Sales |
36,659 |
35,723 |
-2.6 |
-1.1 |
EBITDA |
8,944 |
6,996 |
-21.8 |
-20.6 |
EBIT |
4,512 |
3,882 |
-14.0 |
|
Net income - Group share |
2,081 |
2,005 |
-3.7 |
|
Net income excluding non-recurring
items[11] |
2,968 |
1,370 |
-53.8 |
|
Change in EDF
group's half-year EBITDA
In millions of euros |
H1 2016 |
H1 2017 |
Organic change (%) |
France -
Generation and supply activities |
3,450 |
2,453 |
-28.9 |
France -
Regulated activities |
2,791 |
2,400 |
-14.0 |
United
Kingdom |
1,118 |
627 |
-34.4 |
Italy |
328 |
426 |
+28.4 |
Other
International |
363 |
275 |
-21.5 |
Other
activities |
894 |
815 |
-9.4 |
Total Group |
8,944 |
6,996 |
-20.6 |
In a context of unfavourable
market conditions and a decline in nuclear generation in France,
the financial results for the first half of 2017 were down. During
this period, the Group continued to deploy its transformation plan
in accordance with the CAP 2030 strategy. In particular, it
successfully carried out a share capital increase of
€4 billion in 2017. The asset disposal plan continued to be
implemented and reached a total of approximately
€8.0 billion[12] in
disposals signed or realised for a target of at least €10 billion
between 2015 and 2020.
The actions undertaken within the framework of the performance plan
have resulted in a significant reduction in operating
expenses[13] by 2.2%
(-€225 million) compared to the first half of 2016, representing a
total of approximately 70% of the target of -€700 million in
savings between 2015 and 2018. The efforts to optimise the working
capital requirement, estimated at €200 million, have allowed more
than 90% of the target of €1.8 billion optimisation to be reached
over the period 2015-2018.
EBITDA of the France - Generation
and supply activities segment amounted to €2,453 million,
corresponding to an organic decline of 28.9%, due mainly to a drop
in nuclear and hydropower generation and unfavourable market
conditions.
EBITDA of the France - Regulated
activities[14] segment
recorded an EBITDA of €2,400 million, down 14.0% in organic terms
due to unfavourable weather and storm effects and to favourable
events in 2016 with no equivalent in 2017.
In the United Kingdom, EBITDA was
down organicaly 34.4% to €627 million, mainly due to the
significant impact of lower realised nuclear prices.
In Italy, EBITDA recorded an
organic increase of 28.4% to €426 million due to favourable
developments in electricity sales prices and an increase in
hydrocarbon exploration and production activities driven by higher
Brent and gas prices.
EBITDA of the Other International
segment was down in organic terms by 21.5%, in Belgium due mainly
to lower generation, and in Brazil due to the annual tariff
review.
In the Other activities segment,
EBITDA benefited from a 5% increase in renewable energy output and
from an increase of 0.8GW in EDF Énergies Nouvelles' net installed
capacity. Activity in Development and Sales of Structured Assets
was down, however, after a high volume of operations in the first
half-year of 2016. This led to a drop in EBITDA of 9.4% in the
segment in the first half of 2017.
The financial result improved by
€236 million compared to the first half of 2016, due in particular
to an increase in capital gains on the disposal of dedicated
assets, a reduction in the cost of debt and lower unwinding costs
related to the discount rate.
The Group's net income excluding
non-recurring items stood at €1,370 million for first-half 2017, a
decrease of 53.8% compared to first-half 2016.
The Group's share of net income
totalled €2,005 million in the first half of 2017, relatively
stable compared to the first half of 2016 (-3.7%), the positive
effect of the capital gain recorded for the sale of 49.9% of
CTE[15] and the
improvement of the financial result offsetting overall the decline
in EBITDA.
The Group continued to ensure the
control and selectivity of net investments excluding
Linky[16], new
developments[17] and assets
disposals, which totalled €4,913 million, including the investment
in Futuren. This corresponds to a decrease of €252 million, thanks
in particular to the rationalisation of the thermal power plant
fleet and efforts made across all of the operational segments.
Total net investments amounted to €1,480 million in the first half
of 2017, compared to €5,569 million in the first half of 2016,
taking into account the sale of 49.9% of CTE15.
Operating cash flow amounted to
€4,156 million in the first half of 2017 compared to €7,959 million
in the first half of 2016, a decrease of €3,803 million. This
change was due primarily to the decrease of €1,948 million in
EBITDA and to the increase in the income taxes paid.
Cash flow after net investments
was up significantly to €3,158 million thanks primarily to the sale
of 49.9% of CTE15 and to a
favourable change in the working capital requirement. Group cash
flow[18] amounted
to +€1,482 million. It incorporates the payment in shares of the
majority of the final dividend for 2016 and regulatory
allocation[19] to the
dedicated assets.
|
31/12/2016 |
30/06/2017 |
Net financial debt[20] (in billions of euros) |
37.4 |
31.3 |
Net financial debt/EBITDA |
2.3x |
2.2x[21] |
The Group's net financial debt
amounted to €31,268 million at 30 June 2017. It was €37,425 million
at 31 December 2016. This improvement is mainly attributable
to the capital increase of €4 billion and to asset disposals
carried out in the first half of 2017. The ratio of net financial
debt/EBITDA was 2.2x at 30 June 2017, in line with Group's target
for 2017 of less than 2.5x.
Main Group results
by segment
France -
Generation and supply activities
|
H1 2016 |
H1 2017 |
Organic change (%) |
Sales |
18,683 |
18,564 |
-0.6 |
EBITDA |
3,450 |
2,453 |
-28.9 |
Sales in the first half of 2017 in
the France - Generation and supply segment amounted to €18,564
million, corresponding to a decline of €119 million (-0.6%)
compared to the first half of 2016.
EBITDA was down 28.9% organically
to €2,453 million in an unfavourable market environment.
In the first half of 2017, the
decrease in nuclear output and hydropower output compared to the
first half of 2016 had an unfavourable impact on EBITDA estimated
at -€514 million.
EBITDA was also affected by
negative market conditions and ARENH subscriptions in November 2016
(40.7TWh for the first half of 2017) for an estimated total of
-€504 million. Tariff changes, excluding the incorporation of the
capacity payment in the tariff "stacking" calculation, led to an
estimated decrease of -€221 million compared to the first half of
2016.
Intense competition and negative
price effects on new offers also affected downstream market
conditions, with a net unfavourable impact estimated at -€191
million.
The weather effect, in particular
in January 2017, as well as the leap year in 2016, had a negative
effect estimated at -€183 million in comparison to the same period
in 2016.
The introduction of the capacity
mechanism[22] had a
favourable +€286 million estimated impact on EBITDA for the first
half of 2017.
Under the EDF group's performance
plan, operating expenses[23] were
brought down by an estimated €272 million
(-6.0%) through operating performance action on purchases and
control of staff costs. These measures are being applied across all
entities, cutting the costs of support functions and commercial
activities, and optimising costs for the hydropower, nuclear and
thermal fleets.
Nuclear output reached 197.2TWh at
the end of June 2017, a level in line with forecasts.
The 8.0TWh (-3.9%) year-on-year
decrease is essentially explained at the fact that Gravelines 5 and
Fessenheim 2 were offline for the whole period for checks in
connection with the Creusot Forge manufacturing records, and also
by completion of tests on the steam generators concerned by the
carbon segregation issue during the first quarter of 2017.
The unplanned reactor outages at
Flamanville 1 and Cattenom 1 were largely counterbalanced by higher
dispatch of the reactors in operation.
Based on nuclear power output at
30 June, and the restart of operations by the Bugey 5 and the
Gravelines 5 reactors, the Group confirms its nuclear output target
of 390-400TWh for 2017.
Hydropower output[24] stood at
21.3TWh[25], down by
4.2TWh compared to the first half of 2016 due to less favourable
hydrological conditions.
Thermal generation facilities,
particularly gas-fired plants, were used more extensively. Their
output, up 3.6TWh compared to the first half of 2016, reached
7.8TWh.
France - Regulated
activities
|
H1 2016 |
H1 2017 |
Organic change (%) |
Sales |
8,125 |
8,174 |
+0.6 |
EBITDA |
2,791 |
2,400 |
-14.0 |
Sales in the first half of 2017 in
the France - Regulated activities segment amounted to €8,174
million, an organic increase of €49 million (+0.6%) compared to the
first half of 2016.
EBITDA was down organically by
€391 million (-14.0%) with in particular an unfavourable volume
effect estimated at €-91 million linked to weather effects,
overruns in subscribed capacity due to the significant cold spell
in January 2017 and the leap year effect in 2016. Exceptionally
forceful gales in mainland France were another significant factor
in the first half-year of 2017, with an estimated negative impact
of -€62 million on operating expenses and indemnities for power
cuts. All these unfavourable elements were only partially offset by
tariff rises (estimated at +€50 million). In addition, positive
factors in 2016 that had no equivalent in 2017 also adversely
affected EBITDA (-€240 million).
United
Kingdom
In millions
of euros |
H1
2016 |
H1 2017 |
Organic change (%) |
Sales |
4,988 |
4,427 |
-1.8 |
EBITDA |
1,118 |
627 |
-34.4 |
The United Kingdom contributed
€4,427 million to Group sales in the first half of 2017, down €561
million. EBITDA amounted to €627 million, down 34.4% in organic
terms compared to June 2016.
EBITDA was mainly affected by the
decline in the energy margin mainly due to lower realised nuclear
prices. The drop in consumption from residential customers
following milder weather also had an impact on EBITDA.
However, the number of customer accounts is quasi stable.
Nuclear output amounted to
32.2TWh, +1.3TWh compared to June 2016, thanks to good operational
performance driven by favourable scheduling of the refuelling
operations during the first half of 2017 and good availability of
the nuclear fleet.
Italy
In millions
of euros |
H1
2016 |
H1 2017 |
Organic change (%) |
Sales |
5,561 |
4,968 |
-10.8 |
EBITDA |
328 |
426 |
+28.4 |
In Italy, sales for the first half
of 2017 amounted to €4,968 million, an organic decrease of 10.8%
over the first of half 2016, without having a significant effect on
the margin. EBITDA recorded an organic increase of 28.4% to €426
million.
EBITDA for the Electricity
activities was up, essentially reflecting favourable trends in
average electricity sale prices. Also, the good performance in
thermal power generation made up for the lower hydropower
generation.
EBITDA for the Hydrocarbon
activities recorded organic growth, principally driven by
favourable movements in Brent oil and gas prices, and better
optimisation of maintenance costs for the exploration-production
activity. The downstream margin is improving.
Other
International
In millions
of euros |
H1
2016 |
H1 2017 |
Organic change (%) |
Sales |
2,708 |
2,537 |
-2.8 |
EBITDA |
363[26] |
275 |
-21.5 |
Sales in the Other International
segment amounted to €2,537 million, down by 2.8% in organic terms
compared to the first half of 2016. EBITDA recorded an organic
decrease of 21.5% to €275 million.
In Belgium, EBITDA recorded an
organic decrease of 40.4% to €69 million. This decline was
attributable to the downturn in electricity sale prices and lower
nuclear generation due to the maintenance programme. Unfavourable
weather factors (winds, water) also contributed to the decline in
renewable energy generation. Service activities were up and
installed wind power capacity continued to increase to reach 309MW
at the end of June 2017 (+3% compared with 31 December 2016).
In Poland[27], EBITDA
totalled €133 million, corresponding to an organic growth of 2.4%,
thanks to the increase in heat volumes and energy savings
certificates, combined with the fall in the price of coal consumed.
EDF Polska's assets are currently held for sale[28].
After an exceptional year in 2016,
Brazil's EBITDA has been negatively affected by the downward
revision of the annual PPA (power purchase agreement) price.
Other
activities
In millions
of euros |
H1
2016 |
H1 2017 |
Organic change (%) |
Sales |
3,528 |
3,811 |
+6.8 |
EBITDA |
894 |
815 |
-9.4 |
Sales in the Other activities
segment amounted to €3,811 million, up 6.8% in organic terms over
2016. EBITDA recorded an organic decrease of 9.4% to €815
million.
EDF Énergies Nouvelles'
contribution to consolidated EBITDA totalled €451 million,
corresponding to an organic decrease of €113 million (-20.4%) from
the first half of 2016. The net installed capacity was up by 0.8GW
to reach 6.7GW at 30 June 2017. Generation continued its organic
growth, rising by 5.0% over the first half of 2017. The portfolio
of projects under construction by EDF Énergies Nouvelles increased
significantly to 2.4GW gross at the end of June 2017 (of which
0.9GW in solar power). The significant volume of operations
relating to the Development and Sales of Structured Assets activity
in the first half of 2016 in Europe (Portugal, Greece), which had
no equivalent in 2017, had a negative impact on EBITDA.
Dalkia's EBITDA was €155 million,
corresponding to a year-on-year organic increase of €12 million
(+8.9%), notably thanks to conclusion or renewal of a large number
of commercial contracts, such as the energy management of municipal
buildings in Valence, France, over a period of seven years, or the
recovery of heat from the PSA site in Charleville-Mézières over 25
years. EBITDA of the first half of 2017 benefited from the
favourable trends in the indexes for revising service prices and
the positive effect of rising energy prices.
EBITDA at EDF Trading amounted to
€187 million in the first half of 2017, an organic increase of 3.2%
compared to first-half 2016. This increase resulted from a good
performance in January, partly counterbalanced by unfavourable
market conditions in particular on seasonal gas contracts in North
America.
Main
events[29]
since the 2017 first quarter press release
Major Events
- EDF partially waived one of the
conditions precedent contained in the NEW NP acquisition agreement
(see press release of 12 July 2017)
- Binding agreements were signed
with strategic investors for the acquisition of an equity stake in
NEW NP (see press release of 10 July 2017)
- Clarifications were made to the
Hinkley Point C project: update of project costs (see press release
of 3 July 2017)
- Approval of the Flamanville 3
vessel: draft opinion of the French Nuclear Safety Agency (ASN)
specifying that the composition of the steel of the vessel head and
bottom is not likely to call into question its commissioning under
certain conditions and in particular the replacement of the vessel
head by the end of 2024 (see press release of 29 June 2017)
- EDF announced the signing of an
agreement with PGE for the sale of EDF Polska's assets (see press
release of 19 May 2017 and note 2.5.2 to the condensed consolidated
half-year financial statements at 30 June 2017)
- EDF's Board of Directors approved
the creation of EDVANCE, a significant milestone in the
reconstruction of the French nuclear industry (see press release of
17 May 2017)
New investments, partnerships and
investment projects
Development of renewable energies,
EDF Énergies Nouvelles[30]
- On 20 July 2017, EDF Énergies
Nouvelles announced the success of its simplified tender offer for
FUTUREN (see note 3.1 to the condensed consolidated half-year
financial statements at 30 June 2017)
- On 13 July 2017, EDF Énergies
Nouvelles acquired a group of wind power projects in the United
Kingdom with capacity of over 600MW
- On 5 July 2017, EDF Énergies
Nouvelles acquired OWS, an offshore wind farm operations and
maintenance specialist
- On 22 June 2017, EDF Énergies
Nouvelles announced the strengthening of its positions in the
Auvergne-Rhône-Alpes region
- On 21 June 2017, EDF Énergies
Nouvelles signed a Power Purchase Agreement for a 100MW wind
project in the United States
- On 19 June 2017, EDF Énergies
Nouvelles announced that it would undertake a new solar project
(115MWp) in Brazil
- The EDF group, together with EDF
ENR, consolidated and diversified its position in the
self-consumption market in France (see press release of 7 June
2017)
- Finalisation of the financing of
Phase 3 of the 800MW Mohammed bin Rashid Al Maktoum Solar Park (see
press release of 14 June 2017)
Development of energy services
- On 6 June 2017, EDF Energy
Services acquired Imtech, a leading engineering services company
and provider of technical services to construction, industrial,
commercial and public sector clients in the UK and Ireland (see
note 22.1.2 of the Annex to the condensed consolidated half-year
financial statements at 30 June 2017)
- EDF is aiming to double its sales
by 2025 in energy services for businesses and local authorities
(see press release of 20 June 2017)
- On 11 May 2017, Sowee launched
its first connected charging station for electric vehicles
Sustainable development
- EDF received the ISO 14001
certification from AFNOR Certification for the fifth time (see
press release of 23 June 2017)
- EDF signed an innovative
bilateral Revolving Credit Facility with an interest rate that
depends on its sustainability rating (see press release of 22 May
2017)
Other significant events
- New Leadership roles announced at
EDF Energy (see press release of 27 July 2017)
- Results of the option for the
payment of the balance of the dividend to be paid for 2016 (see
press release on 28 June 2017 and notes 17.1 and 17.2 of the annex
to the condensed consolidated financial statements at 30 June
2017)
- Jean-Bernard Lévy, EDF's Chairman
and CEO, made several appointments within the Executive Committee,
which took effect on 17 July 2017 (see press release of 12 June
2017)
Innovation
- EDF and CEA consolidated their
R&D collaboration in the areas of nuclear, digital technology
and energy transition (see press release of 19 June 2017)
APPENDICES :
Consolidated income statement
(in millions of euros) |
|
H1 2017 |
H1 2016 |
Sales |
|
35,723 |
36,659 |
Fuel and
energy purchases |
|
(19,345) |
(18,764) |
Other
external expenses |
|
(3,733) |
(3,991) |
Personnel
expenses |
|
(6,286) |
(6,333) |
Taxes other than income taxes |
|
(2,687) |
(2,727) |
Other
operating income and expenses |
|
3,324 |
4,100 |
Operating profit before depreciation and
amortisation |
|
6,996 |
8,944 |
Net
changes in fair value on energy and commodity derivatives,
excluding trading activities |
|
(196) |
(77) |
Net
depreciation and amortisation |
|
(4,212) |
(3,916) |
Net
increases in provisions for renewal of property, plant and
equipment operated under concessions |
|
(41) |
(15) |
(Impairment)/reversals |
|
(32) |
(300) |
Other
income and expenses |
|
1,367 |
(124) |
Operating profit |
|
3,882 |
4,512 |
Cost of
gross financial indebtedness |
|
(879) |
(953) |
Discount
effect |
|
(1,283) |
(1,367) |
Other
financial income and expenses |
|
1,174 |
1,096 |
Financial result |
|
(988) |
(1,224) |
Income before taxes of consolidated companies |
|
2,894 |
3,288 |
Income
taxes |
|
(712) |
(960) |
Share in
net income of associates and joint ventures |
|
(93) |
(162) |
GROUP NET INCOME |
|
2,089 |
2,166 |
EDF net income |
|
2,005 |
2,081 |
Net income attributable to non-controlling
interests |
|
84 |
85 |
|
|
|
|
Earnings per share (EDF share) in Euros: |
|
|
|
Earnings
per share |
|
0.66 |
0.88 |
Diluted
earnings per share |
|
0.66 |
0.88 |
Consolidated balance
sheet
ASSETS
(in millions of euros) |
|
30/06/2017 |
31/12/2016 |
Goodwill |
|
8,750 |
8,923 |
Other intangible assets |
|
7,630 |
7,450 |
Property, plant and equipment operated under
French public electricity distribution concessions |
|
53,682 |
53,064 |
Property, plant and equipment operated under
concessions for other activities |
|
7,604 |
7,616 |
Property, plant and equipment used in
generation and other tangible assets owned by the Group |
|
71,187 |
70,573 |
Investments in associates and joint
ventures |
|
6,995 |
8,645 |
Non-current financial assets |
|
37,040 |
35,129 |
Other non-current receivables |
|
2,164 |
2,268 |
Deferred tax assets |
|
1,955 |
1,641 |
Non-current assets |
|
197,007 |
195,309 |
Inventories |
|
13,692 |
14,101 |
Trade receivables |
|
21,500 |
23,296 |
Current financial assets |
|
29,381 |
29,986 |
Current tax assets |
|
552 |
183 |
Other current receivables |
|
10,174 |
10,652 |
Cash and cash equivalents |
|
3,804 |
2,893 |
Current assets |
|
79,103 |
81,111 |
Assets classified as held for sale |
|
1,781 |
5,220 |
TOTAL ASSETS |
|
277,891 |
281,640 |
|
|
|
|
|
EQUITY AND LIABILITIES
(in millions of euros) |
|
30/06/2017 |
31/12/2016 |
Capital |
|
1,444 |
1,055 |
EDF net
income and consolidated reserves |
|
38,308 |
33,383 |
Equity (EDF share) |
|
39,752 |
34,438 |
Equity
(non-controlling interests) |
|
7,086 |
6,924 |
Total equity |
|
46,838 |
41,362 |
Provisions related to nuclear generation - back-end of the
nuclear cycle, plant decommissioning and last cores |
|
44,954 |
44,843 |
Provisions for decommissioning of non-nuclear facilities |
|
1,516 |
1,506 |
Provisions for employee benefits |
|
21,258 |
21,234 |
Other
provisions |
|
1,970 |
2,155 |
Non-current provisions |
|
69,698 |
69,738 |
Special
French public electricity distribution concession liabilities |
|
46,013 |
45,692 |
Non-current financial liabilities |
|
51,669 |
54,276 |
Other
non-current liabilities |
|
4,836 |
4,810 |
Deferred
tax liabilities |
|
2,927 |
2,272 |
Non-current liabilities |
|
175,143 |
176,788 |
Current
provisions |
|
5,632 |
5,228 |
Trade
payables |
|
10,983 |
13,031 |
Current
financial liabilities |
|
14,486 |
18,289 |
Current
tax liabilities |
|
164 |
419 |
Other
current liabilities |
|
24,155 |
24,414 |
Current liabilities |
|
55,420 |
61,381 |
Liabilities related to assets classified as held for sale |
|
490 |
2,109 |
TOTAL EQUITY AND LIABILITIES |
|
277,891 |
281,640 |
Consolidated cash flow
statement
(In millions of euros) |
|
H1 2017 |
H1
2016 |
Operating activities: |
|
|
|
Income before taxes of consolidated companies |
|
2,894 |
3,288 |
Impairment/(reversals) |
|
32 |
300 |
Accumulated depreciation and amortisation,
provisions and changes in fair value |
|
4,420 |
4,308 |
Financial
income and expenses |
|
429 |
462 |
Dividends
received from associates and joint ventures |
|
76 |
210 |
Capital
gains/losses |
|
(2,039) |
(447) |
Change in
working capital |
|
482 |
(1,720) |
Net cash flow from operations |
|
6,294 |
6,401 |
Net
financial expenses disbursed |
|
(828) |
(800) |
Income
taxes paid |
|
(827) |
638 |
Net cash flow from operating activities |
|
4,639 |
6,239 |
Investing activities: |
|
|
|
Acquisitions of equity
investments, net of cash acquired |
|
(115) |
(62) |
Disposals of equity
investments, net of cash transferred (1) |
|
1,822 |
284 |
Investments in intangible assets and property, plant and
equipment |
|
(6,535) |
(6,577) |
Net
proceeds from sale of intangible assets and property, plant and
equipment |
|
487 |
79 |
Changes
in financial assets |
|
(3,276) |
(584) |
Net cash flow used in investing activities |
|
(7,617) |
(6,860) |
Financing activities: |
|
|
|
EDF capital
increase |
|
4,005 |
- |
Transactions with
non-controlling interests (2) |
|
224 |
2 |
Dividends
paid by parent company |
|
(75) |
(81) |
Dividends
paid to non-controlling interests |
|
(102) |
(119) |
Purchases/sales of treasury shares |
|
- |
4 |
Cash flows with shareholders |
|
4,052 |
(194) |
Issuance
of borrowings |
|
1,870 |
638 |
Repayment
of borrowings |
|
(2,132) |
(1,019) |
Payments
to bearers of perpetual subordinated bonds |
|
(394) |
(401) |
Funding
contributions received for assets operated under concessions |
|
66 |
69 |
Investment subsidies |
|
344 |
405 |
Other cash flows from financing
activities |
|
(246) |
(308) |
Net cash flow from financing activities |
|
3,806 |
(502) |
Net increase/(decrease) in cash and cash
equivalents |
|
828 |
(1,123) |
|
|
|
|
CASH AND CASH EQUIVALENTS - OPENING BALANCE |
|
2,893 |
4,182 |
Net
increase/(decrease) in cash and cash equivalents |
|
828 |
(1,123) |
Effect of
currency fluctuations |
|
(33) |
(99) |
Financial
income on cash and cash equivalents |
|
11 |
7 |
Effect of
reclassifications |
|
105 |
17 |
CASH AND CASH EQUIVALENTS - CLOSING BALANCE |
|
3,804 |
2,984 |
A key
player in energy transition, the EDF Group is an integrated
electricity company, active in all areas of the business:
generation, transmission, distribution, energy supply and trading,
energy services. A global leader in low-carbon energies, the Group
has developed a
diversified generation mix based on nuclear power, hydropower, new
renewable energies and thermal energy. The Group is involved in
supplying energy and services to approximately 37.1 million
customers, 26.2 million of which are in France. It generated
consolidated sales of €71 billion in 2016. EDF is listed on the
Paris Stock Exchange.
Disclaimer
This presentation
does not constitute an offer to sell securities in the United
States or any other jurisdiction.
No reliance should be placed on the accuracy,
completeness or correctness of the information or opinions
contained in this presentation, and none of EDF representatives
shall bear any liability for any loss arising from any use of this
presentation or its contents.
The present document may contain forward-looking
statements and targets concerning the Group's strategy, financial
position or results. EDF considers that these forward-looking
statements and targets are based on reasonable assumptions as of
the present document publication, which can be however inaccurate
and are subject to numerous risks and uncertainties. There is no
certainty that the forecast events will take place or that the
expected results will actually be achieved. Important factors that
could cause actual results, performance or achievements of the
Group to differ materially from those contemplated in this document
include in particular the successful implementation of EDF
strategic, financial and operational initiatives based on its
current business model as an integrated operator, changes in the
competitive and regulatory framework of the energy markets, as well
as risk and uncertainties relating to the Group's activities, its
international scope, the climatic environment, the volatility of
raw materials prices and currency exchange rates,
technological changes, changes in the general economic
situation.
Des informations détaillées sur ces risques
potentiels et incertitudes sont disponibles dans le Document de
Référence d'EDF déposé auprès de l'Autorité des marchés financiers
le 6 mars 2017 (consultable en ligne sur le site internet de l'AMF
à l'adresse www.amf-france.org ou celui d'EDF à l'adresse
www.edf.fr).
EDF does not undertake nor does it have any
obligation to update forward-looking information contained in this
presentation to reflect any unexpected events or circumstances
arising after the date of this presentation.
|
Only print what you
need.
EDF SA
22-30, avenue de Wagram
75382 Paris cedex 08
Capital de 1,443,677,137 euros
552 081 317 R.C.S. Paris
www.edf.fr |
|
CONTACTS
Press: +33(0) 1 40 42 46 37
Analysts and investors: +33(0) 1 40 42 40
38
|
[1] Organic
change at comparable scope and exchange rate
[2] Net
installed capacity: 6.7GW
[3] Excluding
interim interest and excluding foreign exchange compared to a
reference exchange rate for the project of 1 sterling = 1.23
euros ; net of action plans
[4] Sum of
personnel expenses and other external expenses. At comparable
consolidation scope and exchange rates. At constant pensions
discount rates. Excluding change in operating expenses of service
activities
[5] Net
investments excluding Linky, new developments and disposals. Linky
is a project led by Enedis, an independent EDF subsidiary as
defined in the French Energy Code
[6] At 2016
exchange rate
[7] At 2016
exchange rate and at an assumed discount rate on nuclear provisions
of 4.1% for 2017 and 3.9% for 2018
[8] Adjusted
for the remuneration of hybrid bonds accounted for in equity
[9] At 2016
exchange rate and assumption for 2018 power prices in France on
volumes not hedged as of 31.12.2016 >= €36/MWh
[10] At 2016
exchange rate. Cash flow excluding Linky, new developments and
asset disposals, with an assumed discount rate on nuclear
provisions of 4.1% for 2017 and 3.9% for 2018, excluding interim
dividend for 2018, which will be decided in the second half of
2018
[11] Net income
excluding non-recurring items is not defined by IFRS, and is not
directly visible in the consolidated income statement. It
corresponds to the Group net income excluding non-recurring items
and net changes in fair value on Energy and Commodity derivatives,
excluding trading activities, net of tax.
[12] Impact on
net financial debt
[13] Sum of
personnel expenses and other external expenses. At comparable
consolidation scope and exchange rates. At constant pension
discount rates. Excluding change in operational expenditures of
service activities
[14] Regulated
activities: Enedis, Électricité de Strasbourg and island
activities. Enedis is an independent EDF subsidiary as defined in
the French Energy Code
[15] The
company that holds 100% of RTE's shares (an independent EDF
subsidiary as defined in the French Energy Code)
[16] Linky is a
project led by Enedis, an independent EDF subsidiary as defined in
the French Energy Code
[17] New
developments: in particular the UK NNB and offshore wind farm
projects
[18] Cash flow
after dividends without taking into consideration the capital
increase
[19] Allocation
to the dedicated assets of €1,095 million in compliance with the
ministerial letter of 10 February 2017
[20] Net
financial debt is not defined by accounting standards and is not
directly visible in the Group's consolidated income statement. It
comprises total loans and financial liabilities, less cash and cash
equivalents and liquid assets. Liquid assets are financial assets
consisting of funds or securities with initial maturity of over
three months that are readily convertible into cash and are managed
according to a liquidity-oriented policy
[21] The ratio
at 30 June 2017 is calculated based on cumulative EBITDA for the
second half-year of 2016 and the first half-year of 2017
[22] The
introduction of the capacity mechanism on 1 January 2017 affected
tariffs, purchases and sales on the wholesale markets and market
price offers
[23] At
comparable consolidation scope and exchange rate. At constant
pension discount rates. Excluding change in operational
expenditures of service activities
[24]
Hydropower, excluding island activities before deduction of pumped
volumes
[25] After
deduction of pumped-storage hydropower volumes: 22.1TWh in H1 2016
and 17.6TWh in H1 2017
[26] EBITDA of
the first half of 2016, including the activities of EDF Demasz in
Hungary, sold on 31 January 2017
[27] EDF EN and
Dalkia's activities in Poland are incorporated in the "Other
activities" segment
[28] EDF Polska
assets currently held for sale, see press release published by EDF
on 19 May 2017
[29] For more
details see Section 2 of the Half-year Management Report at 30 June
2017, the full list of press releases is available on the website:
www.edf.fr
[30] A
full list of press releases is available from the EDF Énergies
Nouvelles website: www.edf-energies-nouvelles.com
EDF PR H1 2017
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: EDF via Globenewswire