Quarterly Financial Information at 31 March 2018
Sales up 3.0%1
2018 targets confirmed

Key figures

  • Group sales: €20.4bn, +3.0% org.1
  • Electricity Output
    • Nuclear France: 112.9TWh, +4.1%
    • Nuclear United Kingdom: 15.1TWh, -5.2%
    • Group Renewables: 20.6TWh, +31.4%
        of which Hydropower France: 14.6TWh, +35.2%


  • Improved generation in France
    • Nuclear output up 4.4TWh benefiting from improved availability of the fleet. Performance consistent with the assumption of nuclear output greater than 395TWh in 2018.
    • Hydropower output in France up by more than 35% in a context of more favourable hydro conditions.
  • New developments in renewable energies
    • Launch of the Electricity Storage Plan with the goal of commissioning an additional 10GW by 2035.
    • Acquisition of the “Neart na Gaoithe” offshore wind power project in Scotland (450MW).
    • Inauguration of 200MW of solar capacity in the Emirate of Dubai, the first unit of the DEWA III (800MW) plant, a joint project between EDF, Masdar and DEWA.
    • Award of a Power Purchase Agreement (PPA) for a 114MW wind energy project in Brazil.
  • Client solutions & services
    • Completion of the acquisition of Gas Natural Fenosa Vendita Italia by Edison: increase in the customer base by circa +50%.
    • Acquisition by Dalkia of 25% of Tiru (specialist in waste recovery). Dalkia is now the sole shareholder of Tiru.
  • New Nuclear build
    • Jaitapur: Industrial Way Forward Agreement signed for 6 EPRs (almost 10GW) in India. EDF will participate as the supplier of EPR technology.
    • Taishan 1: start of fuel loading on 10 April 2018.
    • Flamanville 3: detection of quality deviations on the welding of the pipes of the secondary coolant system. Additional controls on the welds and report currently underway.

2018 targets confirmed

  • Operating expenses2: -€0.8bn compared to 2015
  • EBITDA3: €14.6 - 15.3bn
  • Cash flow excluding Linky5, new developments and 2015-20 disposal plan: ~0
  • Asset6 disposals since 2015 ~€10bn
  • Total net investments excluding acquisitions and 2015-20 assets disposal plan: ≤€15bn, of which Net investments excluding Linky5, new developments and 2015-20 assets disposal plan: ~€11bn
  • Net financial debt/EBITDA3: ≤2.7x
  • Target payout ratio of Net income excluding non-recurring items7: 50%

NB: see press release in the PDF file opposite

1 Organic change at comparable scope and exchange rates
2 Sum of personnel expenses and other external expenses. At comparable consolidation scope and exchange rates. At constant pension discount rates. Excluding change in operating expenses of the service activities
3 At comparable exchange rates and “normal” weather conditions, on the basis of a nuclear output in France assumption of >395TWh. At constant pension discount rates
4 Excluding any interim dividend for the 2018 fiscal year
5 Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French Energy Code
6 Disposals signed or realised
7 Adjusted for the remuneration of hybrid bonds accounted for in equity

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