Résultats

As you can see on the bar chart in grey... As you can see on slide 4, the French business posted 27bn sales during the first 9 months, or 4 3 % organic increase, compared to the comparable reporting period... As you can see on the table on slide 5, deregulated activities up 6 2 %, explained most of French sales growth.

As you can see, our nine months' sales amounted to 52 billion, up 10 2 % from last year... The deregulated activities experienced a more subdued sales performance which can be analysed with the upstream / downstream balance presented on the next slide, slide number six. You can see on the bar chart on the right.

up 12 1 %. As you can see... As you can see, the effect of higher tariffs was broadly offset by lower volumes because Page 2 of 14 of the leap year and the end of some long term contracts... We also recorded lower structured sales, as you can see above, due to the end of some long term contracts and the sharp decline of auction volumes as EDF has decided to put an end to this mechanism.

But we managed this weather effect, and today I can confirm our targets for 2014, and I can also confirm that we are progressing well on delivering our 2014 2018 vision for cash flows... Group sales fell to 21 2 billion on an organic basis, which is a reduction of 4 2 %, driven mainly, as you can see on that chart, by France as well as Belgium and Central Europe, mostly due to unfavorable weather conditions.

Despite a complex environment and economic conditions which can only be described as lacklustre, we remain committed to the same convictions as before namely, that industrial investment and employment are indispensable to healthy and profitable growth... As you can see, we kept our word... Vincent[ de Rivaz] can testify to this.

I am going to sum up the key events of 2012, the lessons we can draw for them and I would like to talk about the main challenges EDF will face in 2013 and the prospects the Group can offer... The fact that this receivable has been allocated to assets dedicated to dismantling nuclear plants means that maturities can be matched and.

Few groups can point to such a high level of industrial investment: 3 6 billion were devoted to nuclear maintenance, and 3 billion to upgrading and extending grids... As you can see, 2013 was a busy year, another year of progress and clarification that strengthened our Group... Thanks to this, we can look to the future with confidence.

Based on these figures, we can tell you that we have reached and even exceeded the financial targets that we had set for 2011... which means we can meet the debt ratio target with net debt of 2 2 times EBITDA and... We can see here the value of the kind of diversified energy mix that we advocate... Turning to another area, clarifying our investments, we can also say that we kept our promises.

In a difficult context, both from a global economic standpoint and in terms of operating constraints, I believe I can say that EDF turned out a good solid performance... As you can see, these operating results are up thanks to a portfolio of diversified businesses... As you can see, EDF, a leading player in France, Italy and the United Kingdom, continues to grow with the aim of developing a strong presence in those three countries to serve the whole of Europe.