2018 half-year results
Confirmation of the 2018 rebound
2018 targets for EBITDA and debt ratio upgraded

Key figures of the 2018 half-year results

EBITDA: €8.2bn, +18.9% org.1
Net income excluding non-recurring items2: €1.7bn, +27.0%3
Net income – Group share: €1.7bn, -13.9%
Net financial debt: €31.3bn, -€1.7bn4

Electricity Output

  • Nuclear France: 202.6TWh, +2.7%
  • Nuclear United Kingdom: 30.2TWh, -5.9%
  • Hydropower France: 29.3TWh, +37.6%
  • EDF Énergies Nouvelles: 7.9TWh, +37.6%, +14.8%5

Confirmation of the rebound

  • Strong growth in EBITDA in the first half
  • Nuclear and hydropower output up sharply in France
  • Progress of the reduction of operating expenses6 in line with the target of €1.1bn over 2015-2019

Strengthened balance sheet

  • Disposal plan expected to be completed before end-2018:
    - Sale of EDF’s stake in the Dunkirk LNG terminal7 signed on 12 July 2018
    - Sale in progress of a real estate asset portfolio
  • Control of net financial debt

Continuation of the deployment of CAP 2030

Renewable energies

  • Launch of the Electricity Storage Plan in addition to the Solar Power Plan
  • Confirmation of the three French offshore wind projects in Fécamp, Courseulles-sur-Mer and Saint-Nazaire
  • Acquisition of the “Neart na Gaoithe” offshore wind power project in Scotland (450MW)

Customers & Energy services

  • Regulated electricity tariff validated by the Conseil d’Etat, excluding large company sites
  • Reinforcement of Edison on downstream activities:
    - Purchase of Gas Natural Vendita Italia, increasing the Italian customer portfolio by ~ 50%
    - Acquisition of control of Zephyro (71.3% of company’s ordinary share capital), one of the Italian leaders on the energy efficiency


  • Flamanville 3: corrective actions on welds in the main secondary system and schedule and target construction costs adjustment
  • Taishan 1: first grid connection of the EPR
  • Jaitapur: signing of a strategic cooperation agreement with GE Power for the planned construction by NPCIL of six EPRs in India
  • Signing of a set of agreements consolidating the decommissioning and radioactive waste management industrial sector
  • Integration of Framatome following its acquisition end-2017

Innovation and transformation

  • “Parlons Énergies” (Let’s Talk Energies) dialogue to share and enrich the Group’s strategic vision (20,000 employees involved)
  • Signing of a partnership agreement with Dassault Systèmes and Capgemini to digitally transform EDF’s nuclear engineering
  • Signing of a partnership agreement with McPhy and equity investment (21.7%) for the development of carbon-free hydrogen

Sustainable development

  • Continuation of efforts to reduce the Group’s carbon footprint:
    - Commitment to reduce direct emissions of CO2 by 40% over the period 2017 - 2030 (-35% achieved over 2013 - 2017)

2018 targets

  • Operating expenses6: -€0.8bn compared to 2015
  • EBITDA8: €14.8-15.3bn
  • Cash flow8,9excluding Linky10, new developments and 2015-20 asset disposal plan: ~0
  • Asset disposals11 since 2015: ~€10bn
  • Total net investments excluding acquisitions and 2015-20 disposal plan: ≤ €15bn
    of which net investments excluding Linky10, new developments and 2015-20 disposal plan: ~€11bn
  • Net financial debt/EBITDA8: ≤ 2.5x
  • Target payout ratio of net income excluding non-recurring items12: 50%

EDF’s Board of Directors meeting on 30 July 2018, under the chairmanship of Jean-Bernard Lévy, approved the condensed consolidated financial statements at 30 June 2018.

Jean-Bernard Lévy, EDF’s Chairman and CEO, stated:

“ The half-year results confirm the rebound announced for 2018, thanks to a solid operational performance and to the continuation of the cost reduction efforts. This rebound has been supported by favourable hydrological conditions. Through the combined efforts of all its employees, the Group is pursuing its transformation and the deployment of CAP 2030 strategy in the service of the energy transition.”

1 Organic change at comparable scope and exchange rates
2 Net income excluding non-recurring items is not defined by IFRS, and is not directly visible in the Group’s consolidated income statement. It corresponds to the Group’s share of net income (EDF net income) excluding non-recurring items, net changes in the fair value of energy and commodity derivatives (excluding trading activities), and net changes in the fair value of debt and equity securities, net of tax
3 IFRS 9 “Financial Instruments” is effective starting on 1 January 2018, with no retrospective application in 2017
4 Compared to 31/12/2017
5 Organic change
6 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
7 Following this sale, the evaluation of the long-term LNG regasification capacity reservation contract between EDF and Dunkerque LNG should result in the recognition of an onerous contract provision. The result of the sale, net of the provision that would be recognised, should thus be limited
8 At comparable exchange rates and “normal” weather conditions, on the basis of a nuclear output in France assumption of >395TWh. At constant pensions discount rates
9 Excluding eventual interim dividend for the 2018 fiscal year
10 Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French Energy Code
11 Disposals signed or realised
12 Adjusted for interest payments on hybrid bonds booked in equity


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