Revised 2016 targets reached
Good performance of operational activities
Performance plan consistent with announced trajectory
2017 targets confirmed

  • EBITDA: €16.4 billion, -4.8% organic variation1
  • Net income excluding non-recurring items: €4.1 billion, compared to €4.8 billion in 2015, -15.3%
  • Net income – Group share: €2.9 billion, 2.4x compared to 2015
  • Nuclear output:
    - France: 384TWh, -7.9% due primarily to additional controls resulting in outages or the extension of certain planned outages
    - United Kingdom: 65.1TWh, a record level since 2003, +4.5TWh compared to 2015
  • Renewable energies: Commissioning of 1.2GW of gross wind and solar power capacity by EDF Énergies Nouvelles. 1.8GW of capacity under construction

Performance plan

  • Continuation of Opex reductions2: -€0.3 billion compared to 2015
  • Rapid progress of the disposal plan: €6.7 billion in disposals signed or realised, 67% of the objective


  • Stabilised net financial debt: €37.4 billion
  • Net financial debt/EBITDA: 2.3x, in line with the target of below 2.5x
  • Proposed dividend for 2016: €2.1 billion, with an option of payment in new shares, with a payout ratio of 60%

2017 targets

  • Nuclear output: 390 - 400TWh
  • EBITDA3: €13.7 to 14.3 billion
  • Net financial debt/EBITDA4: = 2.5x
  • Payout ratio of Net income excluding non-recurring items5: 55% to 65%

2018 targets

  • Continuation of the Opex plan6 with a savings of €0.7 billion compared to 2015
  • EBITDA7: = €15.2 billion
  • Net investment excluding Linky8, new developments and asset disposals: ~€10.5bn
  • Cash flow7,9: = 0
  • Net financial debt/EBITDA7,9: = 2.5x
  • Payout ratio of Net income excluding non-recurring items5: 50%

EDF’s Board of Directors meeting on 13 February 2017, under the chairmanship of Jean-Bernard Lévy, approved the consolidated financial statements for the year ending 31.12.16.

Jean-Bernard Lévy, EDF’s Chairman and CEO, stated:
The 2016 financial results show that EDF’s fundamentals are robust. The Group's transformation is well under way, thanks to the commitment and remarkable effort of its employees. The CAP 2030 strategy is advancing at a steady pace and the performance plan is progressing according to the announced trajectory, a sure sign that the company is moving forward. We will continue this momentum in 2017 by launching new offers and innovative services for our customers, by developing low carbon projects and by exporting our expertise into targeted markets outside of Europe.

1 Organic variation at comparable scope and exchange rates
2 Sum of personnel expenses and other external expenses. At 2016 consolidation scope and exchange rates. At constant pension discount rates. Excluding change in operational expenditures of service activities
3 At 2016 exchange rate
4 At 2016 exchange rate and at an assumed discount rate on nuclear provisions of 4.1% in 2017
5 Adjusted for the remuneration of hybrid bonds accounted for in equity
6 At constant scope, exchange and hypothesis of pensions discount rates. Excluding change in operating expenses of service activities
7 At 2016 exchange rate and assumption for 2018 power prices in France on volumes not hedged as of 31.12.2016: = €36/MWh
8 Linky is a project led by Enedis, independant subsidiary of EDF under the provisions of the French energy code
9 At 2016 and exchange rates. Cash flow excluding Linky, new developments and asset disposals, with nuclear commitments discount rates at 4.1% for 2017 and 3.9% for 2018, excluding interim dividend for 2018, which will be decided in the second half of 2018

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