Résultats

First, on the CSPE receivable issue, let me say that we have several options which are currently under review... In view of the prevailing business conditions we are currently working on the assumption that Group EBITDA will be stable in 2013 and that growth will resume in 2014 and thereafter... we believe that we are better positioned than most of our competitors to withstand the difficult market environment that we are currently experiencing.

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... However, as I said in my introduction, our first quarter performance is consistent with our objectives for the full year, despite this weather effect that we are managing.

The in-depth work that we are currently carrying out with EDF teams and suppliers is ongoing and will show results later than initially expected... I would also remind you that we already have operations in this segment in Italy and Poland and some operations are starting in China... Due to the de-consolidation of our joint ventures that are proportionally accounted today, we would lose, as far as Dalkia is concerned, the EBITDA of Dalkia International with an effect of- 0 3 billion.

has taken forward reform of the electricity market introducing a progressive carbon floor price and establishing the framework that includes the Contract for Difference we are talking about today... The Hinkley Point C project that we are presenting today is certainly very different from a financial standpoint from the one we were considering three years ago when Centrica was still our partner.

and of all the projects and solutions that we are developing. We are convinced that instances such as Pulse are key so that, together with other market players, innovations materialize and allows progress in the energy transition and address the environmental challenges of the country and the world.

It is up to CONSOB to decide and then we' ll see if they decide that we are exempted or not... Our duty is to give technical information on the consequences of decisions that could be made and of course we are always doing that... We are part of this group of experts and I think there will be communication on that particular topic in the forthcoming weeks, or even days I think, and therefore I will refrain from commenting at this stage.

May I remind everybody that while we are at 15g of carbon, the European average is at 325g, 20 times more, due mostly to differences in the electricity mix... We have a difficult market but we believe, with our cautious selling strategy, that we are in a position to make strong commitments... which are lower due to the fact that we lowered the average cost of our debt during 2015; income tax paid.

Obviously, we are not overlooking the fact that these conditions... We are quite confident that we will once again meet this objective in 2014... Be that as it may, Italy remains a strategic priority, as we are familiar with the cyclical nature of global resource markets and energy choices... Positive cash flow for 2018: that' s' a highly significant commitment that we are stating unequivocally here today before you.

Strategic plan I will not repeat what are our major stakes for us in the long term, our main objectives of CAP 2030, our strategic plan, because we already discussed that very recently... This will help to further decarbonise and optimise EDF assets. 2015 guidance and 2018 roadmap confirmed I wanted to share with you that we are keeping all our 2015 guidance and our 2018 roadmap objectives.

We are also currently setting out the different components of the financing plan that will be submitted to EDF' s board as a basis for FID final investment decision approval... We have several issues that we are, of course, concentrating on... The second one is not to create any further deficit, in terms of CSPE and I think that we are making progress on that.