By Inti Landauro And Sam Schechner
PARIS--Power utility Electricité de France SA said 2014 net
profit rose 5.2% as it increased production at its more profitable
nuclear reactors, but came in below expectations due to impairment
charges at businesses in the Benelux region and Switzerland.
Full-year profit for 2014 stood at 3.52 billion euros ($3.98
billion), compared with EUR3.52 billion in 2013. Full-year profit
came in below a median expectation for EUR4.29 billion, according
to 15 analysts polled by the company, and had impairment charges
for its business in Belgium, in addition to its minority stake in
Swiss firm Alpiq.
Earnings before interest, tax, depreciation and amortization
rose 7.3% to EUR17.28 billion, beating a median expectation for
EUR17.10 billion.
EDF "achieved solid operating and financial results,"
Jean-Bernard Levy, the recently appointed chief executive of the
state-controlled utility, said in a statement. Mr. Levy replaced
Henri Proglio in fall.
The company's efforts to make its nuclear reactors operate at a
higher capacity, in part by being more efficient about maintenance,
allowed EDF to boost profitability even though consumption and
prices were hurt by mild weather.
The world's largest nuclear power operator with 73 reactors said
its nuclear output in France rose to 415.9 terawatt hours, up from
403.7 TWh a year earlier. The company expects 2015 output of 410
TWh to 415 TWh.
When nuclear reactors are idle, EDF has to rely on traditional
thermal power plants that are more expensive to run to ensure the
electricity supply.
EDF said it expects 0% to 3% organic growth in its Ebitda,
assuming a constant scope and exchange rates, excluding the impact
of the continuation of 2012-2013 regulated tariffs.
The company's board proposed a cash dividend of EUR1.25,
compared with EUR1.25 last year.
On a conference call with journalists, Mr. Levy said the firm is
in full negotiations with the British government over the new
Hinkley Point nuclear power plant project in the U.K., but declined
to say when an accord could be reached.
Write to Inti Landauro at inti.landauro@wsj.com and Sam
Schechner at sam.schechner@wsj.com
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