Quarterly Financial Information - 3rd quarter 2018

Quarterly Financial Information at 30 September 2018
Sales up 5.3%¹
2018 targets confirmed

Key figures

• Group sales: €49.6bn, +5.3 % org.¹
• Electricity Output
  • Nuclear France: 290.0TWh, +2.4%
  • Nuclear United Kingdom: 45.9TWh, -5.7%
  • Group Renewables: 54.8TWh, +28.9%
    of which Hydropower France²: 38.0TWh, +32.9%

Highlights and deployment of CAP 2030

• New developments in renewable energies
  • Commissioning of five solar photovoltaic facilities in Israel (100MWp)
  • Signing of two Power Purchase Agreements for a 128 MWac solar projet with storage in California
  • EDF Renouvelables awarded:
    - one wind energy project in India totalling 300 MW
    - two wind energy projects in Brazil totalling 276MW
    - two solar energy projects in France totalling 20MWp
  • Signing of binding agreements for the construction of the Nachtigal hydroelectric dam in Cameroon : 420 MW project
• Innovation at the service of customers
  • “Vert Electrique”:100,000 subscriptions one year after launch
  • Digiwatt: launch of the first fully digital electricity supply contract in France
  • “Plan lumière 4.0”: the consortium led by Citelum and EDF Luminus is selected as preferred tenderer for the smart lighting of major roads in Wallonia, Belgium
  • Electric Mobility Plan: objective to become the sector’s leading energy company in Europe by 2022
• Strengthened financial structure
  • Disposal plan realised for €9.6bn: completion of the disposal of Dunkerque LNG
  • Refinancing of €1.25bn hybrid bond notes
  • Senior bond offering of $3.75bn in three tranches of 10- to 30-year maturity and €1bn with a 12-year maturity

2018 targets confirmed

• Operating expenses³: -€0.8bn compared to 2015
• EBITDA⁴: €14.8 - 15.3bn
• Cash flow^4,5excluding Linky6, new developments and 2015-20 asset disposal plan: ~0
• Asset disposals⁷ since 2015: ~€10bn
• Total net investments excluding acquisitions and 2015-20 disposal plan: ≤ €15bn
  of which net investments excluding Linky⁶, new developments and 2015-20 disposal plan: ~€11bn
• Net financial debt/EBITDA⁴ : ≤ 2.5x
• Target payout ratio of net income excluding non-recurring items⁸ : 50%

NB: see press release in the PDF file opposite.

¹ Organic change at comparable scope and exchange rates.
² Hydropower, excluding island activities.
³ 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.
⁴ At comparable exchange rates and “normal” weather conditions, on the basis of a nuclear output in France assumption between 393-396TWh. At constant pension discount rates
⁵ Excluding eventual interim dividend for the 2018 fiscal year.
⁶ Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French Energy Code.
⁷ Disposals signed or realised.
⁸ Adjusted for the remuneration of hybrid bonds accounted for in equity.