2018 annual results
Rebound confirmation: double-digit growth in EBITDA
Cash Flow (1) largely positive
Excellent execution of the performance plan

2018 key figures

EBITDA: €15.3bn, +11.3% org.(2)
Net income excluding non-recurring items (4): €2.5bn, -13.1% (5)
Net income – Group share: €1.2bn, -62.9%

Dividend 2018: €0.31/share

Electricity Output

  • Nuclear France 393.2TWh, +3.7%
  • Nuclear United Kingdom 59.1TWh, -7.5%
  • Hydropower France 46.5TWh, +25.4%
  • EDF Renewables 15.2TWh, +15.0% (6)

CO2 emissions at their lowest historic level

  • Group: 57gCO2/kWh, -30.5%
  • EDF SA: 17gCO2/kWh, -32.0%

Rebound Confirmation

  • Double-digit growth in EBITDA (2) in line with targets
  • Nuclear output in France and renewable output up sharply
  • Continuation of the reduction of operating expenses (7) : €962m at end 2018 vs. 2015
  • Cash flow target (1) exceeded

Strengthened balance sheet

  • Finalisation of the disposal plan two years in advance
  • Refinancing of hybrid bonds and senior bond offering

Control of net financial debt
€33.4 billion, representing a net financial debt/EBITDA ratio of 2.2x

Deployment of CAP 2030

Customers and services

  • Commercial innovations in France:
    • “Vert Electrique” - strong acceleration with 210,000 customers
    • Launch of “Digiwatt”, a fully digital offer
    • Launch of “Mon Chauffage durable”
  • Services
    • Launch of the “IZI by EDF” private and professional services platform
    • Targeted acquisitions: Aegis (United States) and Zephyro (Italy)
    • Plan lumières 4.0: smart lighting contract on major roads in Wallonia, Belgium, managed by Citelum
  • In Europe
    • Consolidation of the customer portfolio in Italy, good resilience in Belgium, difficult context in the United Kingdom


  • Growth of 14% of the Group’s renewable output (3) (17.2TWh)
  • 1.6GW gross commissioned by EDF Renewables, of which 0.9GW solar power
  • New major developments in offshore wind power:
    • Commissioning of the Blyth Park in the United Kingdom (41.5MW)
    • Acquisition of the NNG project (450MW) in Scotland
    • Acquisition of rights for projects in the United States (potential 2.5GW in New Jersey and New York)
  • Solar Plan : entering into exclusive negociations for the acquisition of Luxel group (~1GWc gross capacity)
  • Launch of the Storage Plan: 10GW target by 2035


  • Commissioning of the first EPR at Taishan, in China
  • Continuation of the HPC project and freeze of the final design
  • Flamanville 3: continuation of the action plan on the welding of the main secondary circuit
  • Successful integration of Framatome

International development

  • Completion of the construction of the Sinop dam in Brazil (400MW)
  • Launch of the Nachtigal Dam Project in Cameroon (420MW)
  • Extension of the off-grid offer in Africa: Ghana, Togo, Kenya

2019 targets(8)

  • EBITDA (9): €15.3 - 16.0bn
  • Decrease in Opex (7): ~€1.1bn vs. 2015
  • Cash flow excluding HPC and Linky: >0

2019-20 Ambitions(8)

  • Total net investments (10) excluding acquisitions and “2019-2020 Group disposals”: ~€15bn/year
  • 2019-2020 Group disposals: €2bn to €3bn
  • Net financial debt/EBITDA (9): ≤2.5x
  • Dividend: Payout ratio based on Net income excluding non-recurring items (11): 45 – 50%
    French State committed to scrip for the balance of the 2018 dividend and dividends relating to FY2019 and FY2020

EDF’s Board of Directors meeting on 14 February 2019, under the chairmanship of Jean-Bernard Lévy, approved the consolidated financial statements at 31 December 2018.

Jean-Bernard Lévy, EDF’s Chairman and CEO, stated: “The rebound in our results in 2018 has occurred and is in line with our forecasts. We have achieved all our financial objectives and are exceeding all the targets of our performance plan. We have stabilised our net financial debt, strengthened our balance sheet, reached a record for generation in renewable energies, succeeded in overhauling the French nuclear sector and strengthened our supply business through several significant innovations. Our performance will not only continue but will be amplified in 2019. This is the result of the daily commitment of the Group’s employees, mobilised in the deployment of the CAP 2030 strategy. With its dynamism, EDF will play a leading role in the implementation of the Multi-Year Energy Plan, which provides the Group with a clear framework and growth opportunities for the coming years.

NB: see the whole press release in the PDF file opposite

Footnotes to the first and second pages

(1) Excluding Linky, new developments and disposal plan.
(2) Organic change at comparable scope and exchange rates.
(3) Excluding hydropower output.
(4) 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 and excluding net changes in fair value and equity, net of tax.
(5) IFRS 9 “Financial Instruments” is effective starting on 1 January 2018, with no retrospective application in 2017.
(6) Organic change.
(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) Before IFRS 16 application. At constant legal and regulatory framework in France.
(9) On the basis of the scope and exchange rates at 01/01/2019 and of an assumption of a 395TWh France nuclear output. At prevailing price conditions beginning of February 2019 (around €50/MWh) for the unhedged 2020 France volumes.
(10) In accordance with the Group’s anticipations regarding the Flamanville 3 project completion costs and schedule.
(11) Adjusted for the remuneration of hybrid bons accounted for in equity.
(12) The data published on 31 December 2017 has been restated for the impact of the application of the IFRS 15 standard on revenue (without impact on EBITDA) and the change in segmental reporting (IFRS 8).


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