Quarterly financial information - First quarter 2011
- First-quarter 2011 sales: 19.6 billion euros, organic growth of 1.3% at constant scope and exchange rates
- Nuclear power generation in France increased 7.3 TWh, up 6.5% compared to Q1 2010
- Organic EBITDA growth target for 2011 confirmed at between 4% and 6%
Henri Proglio, Chairman and CEO of EDF, said: “The performance of the first quarter enabled the Group to confirm its 2011 financial targets and reflects, notably, an increase in nuclear power generation in France, which was up 6.5% compared to the first quarter of 2010. The strong performance of the nuclear fleet testifies to the effectiveness of measures the Group has undertaken, such as the renewal of major components. These improvements are carried out as we continually strive to ensure the highest safety standards, for which EDF is always vigilant.”
EDF Group's first-quarter 2011 sales totalled €19.6 billion, representing organic growth of 1.3% compared to the same period in 2010. This growth was due to excellent nuclear power generation in France in the first quarter – up by 7.3 TWh – which, given the particularly mild weather, enabled sales on the wholesale markets to be maximised (up €862 million). Excellent performance by the French nuclear division more than offset the 2.1 TWh drop in hydropower generation, due to exceptionally low rainfall. The 14% drop in sales within the "Other activities" segment (at constant scope and exchange rates) was mainly due to the decline in business at EDF Trading (down €228 million), caused by poor commodity market visibility, and high comps in the first quarter of 2010. Group sales were down 0.8% due to scope effects (-€487 million), notably in light of the sale of UK networks at end-2010.
EDF is confirming its financial targets for 2011:
- Organic EBITDA growth in 2011 between 4% and 6%
- Net debt/EBITDA ratio between 2 and 2.2x
- Dividend at least stable compared to 2010.
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