Résultats

Those numbers show a strong operating performance, with EBITDA up organically by 6 5 % compared to 2013, together with a strong financial performance, explaining why the Net income, excluding nonrecurring items, is up by almost 18 %, exceeding our internal expectations... as I said, and growth is essentially driven by France.

CAP 2030 is this major exercise, launched by Jean Bernard Lévy when joining EDF, implemented throughout the Group and involving- I would say- all the EDF teams and I think it is very impressive, the way it has developed... We are making those comments in the schemes set forth by the law, but unfortunately I cannot answer your second question, which is to know if and when we expect any changes regarding this mechanism.

CAP 2030 is this major exercise, launched by Jean Bernard Lévy when joining EDF, implemented throughout the Group and involving- I would say- all the EDF teams and I think it is very impressive, the way it has developed... We are making those comments in the schemes set forth by the law, but unfortunately I cannot answer your second question, which is to know if and when we expect any changes regarding this mechanism.

We need, by the end of this year, to have the formula which will reflect the full economic cost of our nuclear fleet as stated by the NOME law. The third item on our agenda is the distributor business model... Thank you. Thomas Piquemal The ARENH formula and the decree should be taken by the end of the year, so there is nothing much I can tell you.

This is why net income excluding non items rose by 13 4 % on the year, as I told you earlier during the introduction- to 3 5 billion euros from 3 1 billion euros... Net income, group share is 3 billion euros, which is triple the amount reported the previous year, and was marked by a number of exceptional items.

I mentioned earlier in my introductory remarks that we expect an EBITDA number for this first half 2012 of around 8 .5bn. This is down by 100 million compared to the first half of 2011 due to several effects... I understand the question, what is the difference if we close it by the end of May instead of by the end of June.

EBIT is also impacted by impairments and other income and expenses which are non- recurring. Let me detail those non- recurring items, net of tax, on the following page: -3 6 billion... Brazil was penalised by a heavy maintenance programme and lower market prices, partly mitigated by sustained cost control efforts, which is, I think, a constant in all our businesses during 2015.

I will start by saying that Dalkia is the last complex partnership situation that we inherited when we joined EDF in 2009 that we had to clarify... Thomas PIQUEMAL On Edison, I confirm that the normalised EBITDA level is 1 billion, and that is the number that I confirmed for 2013, by the way... I think that the regulatory framework is a question that needs to be handled by CRE, the regulator, with whom we are of course in discussions today.

But as I said, this weather effect in Europe was partially offset by positive optimization, which is not so much trading by the way. 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.

All together, the Group share of net income is up 8 3 %, because we had a number of negative non- recurring items last year for- 191 million, and this year those are being offset by certain positive effects. That is why the net income from ordinary operations, restated for these non- recurring items, is up 2 8 %. II) Results from France As I said in my introduction, the good operating performance is tied to France and the United Kingdom.