Half-year 2013 results up

Good operating performance
New renegotiations of gas contracts concluded by Edison in July
2013 Group EBITDA targets raised

• EBITDA: €9.7 billion, +6.9% of which 6% organic growth
• Net income excluding non-recurring items: €3.1 billion, +3.8%
• Net income – Group share: €2.9 billion, +3.5%
• Edison: new renegotiations on Algerian and Qatari gas contracts in July 2013
• Spark: €360 million in cost savings, in line with 2013 projections
• Net financial debt/EBITDA: 2x vs. 2.4x⁽¹⁾ at 31 December 2012 
 
2013 operating performance targets raised 
• Group EBITDA: at least 3% in organic growth excluding Edison
• Edison EBITDA: around €1 billion 
 
Financial targets reiterated 
• Net financial debt/EBITDA: between 2x and 2.5x
• Payout ratio: 55% - 65% of net income excluding non-recurring items 
 
EDF’s Board of Directors met on 29 July 2013 under the chairmanship of Henri Proglio and approved the condensed consolidated financial statements for the half-year ending on 30 June 2013. 
 
Henri Proglio, Chairman and CEO of EDF said: “The first half-year 2013 was marked by good operating performance, which resulted from investments made in the past several years, particularly in the nuclear fleet and networks in France. This performance is reflected in the increase in financial results, which have also been boosted by successful renegotiations of Edison’s long-term gas contracts in Italy. Our major industrial projects also reached milestones during the period, with the reactor dome being installed on the Flamanville EPR plant and the inauguration of the Rizzanese dam in Corsica. In addition to these major investments contributing to French industry and employment, the Group is making its contribution to the collective effort with its cost savings plan totaling €1 billion in 2013.” 

⁽¹⁾ Pro forma after allocation of the CSPE deficit to dedicated assets on 13 February 2013 and subtraction of €2.4bn from dedicated assets portfolio, enabling 100% coverage of the EDF nuclear liabilities that are eligible for dedicated assets