2017 half-year results in line with expectations
Excellent execution of the performance plan
Outlook confirmed

Key figures of the 2017 half-year results

EBITDA : €7.0bn, -20.6% org(1).
Net income excluding non-recurring items: €1.4bn, -53.8%
Net income – Group share: €2.0bn, -3.7%
Net financial debt: €31.3bn, -€6.2 bn
Electricity Output
Nuclear France: 197.2TWh, -3.9%
Nuclear United Kingdom: 32.2TWh, +4.2%
Hydropower France: 21.3TWh, -16.5%
EDF EN: 6.4TWh, +5.0%
Performance plan
Operating expenses(2): ~70% total of the target 2018 vs. 2015
Working Capital Requirement: ~90% total of the target 2015-2018
Disposals signed or realized: ~80% total of the target 2015-2020
Net investments(3): -€0.3bn vs. H1 2016

(1) Organic change at comparable scope and exchange rate
(2) Sum of personnel expenses and other external expenses. At comparable consolidation scope and exchange rates. At constant pensions discount rates. Excluding change in operating expenses of service activities
(3) Net investments excluding Linky, new developments and disposals. Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French Energy Code

Main events:

  • Renewable energies:
- Takeover of FUTUREN (onshore wind power)
- 2.4 GW under construction by EDF EN, of which 0.9GW solar power
- EDF EN gross installed capacity greater than 10 GW(4)
  • Energy services:
- Acquisition of Imtech in the United Kingdom
  • Success of the €4bn capital increase
  • Finalisation of the sale of 49.9% of CTE, which holds 100% of RTE shares
  • Nuclear France: output in line with forecasts given the outages of reactors for additional controls started in 2016 following the quality control audit of the Creusot Forge plant
  • New nuclear:
- Approval of the Flamanville 3 vessel: draft opinion of the French Nuclear Safety Agency (ASN) specifying that the composition of the steel of the vessel head and bottom is not likely to call into question its commissioning under certain conditions and in particular the replacement of the vessel head by the end of 2024 (see press release of 29 June 2017). System performance tests are under way
- Hinkley Point C: update of project costs to £19.6bn (in 2015 sterling)(5) (see press release of 3 July 2017)
- Creation of EDVANCE: bringing together EDF and AREVA NP’s engineering teams (see press release of 17 May 2017)
- Signature of binding agreements with strategic investors for the acquisition of an equity stake in NEW NP (see press release of 10 July 2017)
(4) Net installed capacity: 6.7GW
(5) Excluding interim interest and excluding foreign exchange compared to a reference exchange rate for the project of 1 sterling = 1.23 euros ; net of action plans

EDF’s Board of Directors meeting on 27 July 2017, under the chairmanship of Jean-Bernard Lévy, approved the consolidated financial statements at 30 June 2017.

Jean-Bernard Lévy, EDF’s Chairman and CEO, stated:
In an unfavourable market context and in line with its forecasts, the Group is continuing to implement its performance plan and maintains its annual objectives. Based on its strengthened balance sheet, EDF is deploying its CAP 2030 strategy. The first half of 2017 was marked by an acceleration in the area of renewable energies, with, in particular, the takeover of Futuren and the increase in installed net capacity. The reorganisation of the French nuclear sector has also reached essential and positive milestones in recent months. I would like to thank our teams for their daily efforts to make EDF the leader in low-carbon growth.”

NB: see press release in the PDF file opposite

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