Résultats

We forecast that liquidity sources will exceed uses by more than 1. 5x over the 12- 24 months from Jan. 1, 2022. Our assessment is further supported by EDF' s consistently substantial cash balances, solid relationships with banks, and ample and proven access to capital markets, even under dire conditions.

We forecast that EDF' s' adjusted financial debt to EBITDA will stabilize at about 4. 5x- 4. 7x by 2023 thanks to the forecasted EBITDA growth, absent any material deviation in costs or timeframes for the the group' s new nuclear build projects... We forecast that its liquidity sources will exceed uses by more than 1. 5x over the next 12- 24 months.

We forecast that liquidity sources will exceed uses by more than 1. 2x over the 12 months from Jan. 1, 2022. However, EDF' s liquidity position is supported by its consistently substantial cash balances, solid relationships with banks, and track record of ample access to capital.

This explains why the IEA and WEC forecast that demand for electricity is due to increase twice as rapidly as other energies. Generation solutions For electricity generation, low-carbon technologies are already operational. EDF' s generation fleet in France is just one example.

By a prudent approach, provisions are booked unless earnings forecasts indicate that these assets are likely to be utilised in the near future. 1 4 Translation of foreign companies' financial statements The financial statements of foreign companies are converted into euros at the closing rate.

In our forecast, but we' ll know that much better obviously early 2012, we will hopefully come back to a more normalised level in 2012. I was mentioning climate change but that is not the real reason for the decrease in overall hydropower in France and you know that because we recently had a teaching session on our hydro business in France that there were some changes in the regulatory framework.