Key figures
2015 ANNUAL RESULTS

1. At constant scope and exchange rate
2. Excluding the impact of the regularisation of regulated tariffs for the period from 23 July 2012 to 31 July 2013, following the French Council of State’s decision of 11 April 2014
3. Including Linky and new developments net of disposals
4. 2014 data restated for strategic operations, transferred to net investments
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Sales
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Sales are the total amount of EDF's products and services sales. They are mostly composed of energy, transmission and distribution services sales, in France and abroad.
Sales amounted to €75,006 million for 2015, up by 2.2% from 2014 and down by 1.8% on an organic basis.
France accounted for 53% of Group Sales, against 54% for 2014.
(1) €509m of net power sales on the wholesale electricity markets (excluding trading activities) relating to the year ended 31 December 2014 have been reclassified from energy purchases to sales
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Sales - Contribution by country
in € million Group France United Kingdom Italy Other international Other activities Sales 75,006 39,619 11,618 11,677 5,634 6,458
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Sales are the total amount of EDF's products and services sales. They are mostly composed of energy, transmission and distribution services sales, in France and abroad.
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EBITDA
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The EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) is equal to the balance of sales and cash operating charges (purchases, personnel expenses, taxes). This indicator measures the company's ability to be self-financing.
Consolidated EBITDA(1) for 2015 amounted to €17,601 million, up by 6.4% from 2014, corresponding to an organic growth of 3.9%.
France accounted for 65% of Group Sales, against 71% for 2014.
(1) Excluding the impact of the regularisation of regulated tariffs for the period from 23 July 2012 to 31 July 2013, following the French Council of State’s decision of 11 April 2014
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EBITDA - Contribution by Country
in € million Group France United Kingdom Italy Other International Other activities EBITDA 17,601 11,517 2,242 1,345 609 1,888
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The EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) is equal to the balance of sales and cash operating charges (purchases, personnel expenses, taxes). This indicator measures the company's ability to be self-financing.
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Net income
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EDF net income is the net income including non-recurring items.
EDF net income stands at €1,187 million for 2015, down by 67.9% compared to 2014, due to the significant increase of non-recurring items and in particular of impairments.
Net income is the difference between Operating profit and net financial expense. Net income is computed after tax and excludes non-recurring items.
The Group net income excluding non-recurring items stands at €4,822 million for 2015, corresponding to a variation of -0.6% compared to 2014.
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EDF net income is the net income including non-recurring items.
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Operating Cash flow
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Operating cash flow at €13,502 million, strongly increased by 15.5%, due in particular to the increase in EBITDA and the decrease in the income tax paid. This allowed to cover €12,672 million of net investments.
Moreover, the change in working capital requirements was +€132 million in 2015, compared to -€1,041 million in 2014. 2014 had been marked in particular by an increase in trade receivables due to the regularisation of 2012 regulated tariffs, €979 million of which was not cashed before 2015, and by an increase in the CSPE operating receivable of -€699 million (compared to -€230 million in 2015). -
Key Figures - Operating Cash Flow
in € million 2014 restated (1) 2015 Operating Cash Flow 11,691 13,502 Δ WCR (1,041) 132 Net investments (2) (11,887) (12,672) Cash Flow after net investments (1,287) 962 -
(1) 2014 data restated for strategic operations, transferred to net investments
(2) Including Linky and new developments net of disposals
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Operating cash flow at €13,502 million, strongly increased by 15.5%, due in particular to the increase in EBITDA and the decrease in the income tax paid. This allowed to cover €12,672 million of net investments.