2017 annual results. 
2017 financial targets achieved. 2018 targets confirmed. 
Performance plan in advance.

2017 key figures

EBITDA: €13.7bn, -14.8% organic1, -10.0% excluding regulated tariff adjustment2 in France
Net income excluding non-recurring items3: €2.8bn, -31.0%
Net income – Group share: €3.2bn, +11.3%
Net financial debt6: €33.0bn
Net financial debt/EBITDA: 2.4x
Proposed dividend for 2017: €0.46/share, i.e. a payout ratio of 60%

Electricity Output

  • Nuclear France: 379.1TWh, -1.3%
  • Nuclear United Kingdom: 63.9TWh, -1.8%
  • Hydropower France: 37.1TWh, -12.5%
  • EDF Énergies Nouvelles: 12.6TWh, +10.9%

Performance plan

  • Operating expenses7: -€0.7bn compared to 2015, initial target reached one year early
  • WCR optimisation plan: €1.9bn compared to 2015, target exceeded one year early
  • Assets disposal plan realised (2015-2017): ~€8.1bn8, more than 80% of target reached at the half-way mark


  • Strengthening of the balance sheet and deployment of the performance plan
    • Capital increase and 2015-2017 dividends in shares: ~€9bn;
    • Asset disposals of €6.2bn over 2017 fiscal year: 80% of the
      2015-2020 target reached at the half-way mark (i.e. €8.1bn);
    • Reduction of Opex7 and optimisation of the WCR: targets reached one year early.
  • Acceleration in wind and solar energy
    • Growth in net installed capacity (+23%, i.e. +1.6GW)4 to 8.8GW, and in generated electricity (+13% to 13.8TWh)5;
    • EDF EN’s portfolio of projects under construction: 1.9GW gross;
    • EDF EN’s pipeline: 22.5GW (+22%);
    • Acquisition of Futuren (onshore wind power) and OWS (maintenance in offshore wind power);
    • EDF's Solar Plan in France: 30GW over the period 2020-2035.
  • Strategic priorities confirmed
    • Signing of the acquisition of Gas Natural Vendita Italia in Italy (expected closing date at the end of February 2018) and acquisition of Imtech in the United Kingdom;
    • Commercial offensive: new offers “Vert Electrique” and rapid adjustment of commercial costs in a context of heightened competition in France.
  • Strengthening of the French nuclear industry
    • Acquisition of Framatome - refocused as a designer & supplier of nuclear steam supply systems;
    • Resumption of the manufacturing of forged components at the Creusot site approved by the ASN;
    • Creation of Edvance: bringing together of EDF and Framatome’s engineering teams in order to improve efficiency and increase competitiveness;
    • Progress on track on the Flamanville 3 project.
  • First political and regulatory changes
    • Implementation of the capacity market in France in 2017 and authorisation received by the European Commission in Italy and in Belgium in 2018;
    • Simplification announced of the regulatory framework for the development of renewable energies in France;
    • Reform of the European Union’s CO2 emissions trading (scheme ETS);
    • In France, postponement of the 2025 target on reducing the share of nuclear power ahead of the PPE (multi-year energy plan).

2018 targets confirmed

  • Operating expenses7: -€0.8bn compared to 2015
  • EBITDA9: €14.6 - 15.3bn
  • Cash flow9,10 excluding Linky11, new developments and 2015-20 assets disposal plan: ~0
  • Assets disposal plan since 2015: ~€10bn12
  • Net investments excluding Linky11, new developments and 2015-20 assets disposal plan: ~€11bn
  • Total net investments excluding acquisitions and 2015-20 assets disposal plan: ≤ €15bn
  • Net financial debt/EBITDA9: ≤ 2.7x
  • Target payout ratio of net income excluding non-recurring items13: 50%

EDF’s Board of Directors meeting on 15 February 2018, under the chairmanship of Jean-Bernard Lévy, approved the consolidated financial statements at 31 December 2017.

Jean-Bernard Lévy, EDF’s Chairman and CEO, stated: “In line with our forecasts, the 2017 results demonstrate EDF’s solidity, once again profitable, in a difficult market context. Continuing the deployment of its CAP 2030 strategy and the successful execution of its performance plan, the Group strengthened its balance sheet and reduced its financial debt by €4.4bn in 2017. We are beginning an unprecedented acceleration in renewable energies with the launch of EDF’s Solar Plan, at the same time that we are strengthening our commercial initiatives. Supported by our staff dedicated to working in the service of the energy transition and by a newly reorganized nuclear industry, EDF now enjoys a solid basis to achieve the rebound expected in 2018.”

NB: see press release in the PDF file opposite

Footnotes to the first and second pages

1  Organic change at comparable scope and exchange rate
2  Excluding the impact related to the positive effect in 2016 of the regulated sales tariff adjustment for the period from 1 August 2014 to 31 July 2015 following the French State Council’s decision of 15 June 2016
3  Net income excluding non-recurring items is not defined by IFRS, and is not directly visible in the consolidated income statement. It corresponds to the Group net income excluding non-recurring items and net changes in fair value on Energy and Commodity derivatives, excluding trading activities, net of tax
4   Capacity representing the share owned by the Group
5   Generation by entities accounted for using the full consolidation method 
6  Net financial debt is not defined in the accounting standards and is not directly visible in the Group’s consolidated balance sheet. It comprises total loans and financial liabilities, less cash and cash equivalents and liquid assets. Liquid assets are financial assets consisting of funds or securities with initial maturity of over three months that are readily convertible into cash and are managed according to a liquidity-oriented policy
7  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
8  Impact on net financial debt
9  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
10 Excluding eventual interim dividend for the 2018 fiscal year
11 Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French Energy Code
12 Disposals signed or realised
13 Adjusted for the remuneration of hybrid bonds accounted for in equity


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