Résultats

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... As an example, the windfarm Soma, in Turkey, was commissioned and Soma is the largest controlled windfarm that we operate in Turkey.

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... I would like to confirm the elements of our 2015 guidance that we presented back in February... On RTE, I think that what we put in our press release is self explanatory.

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... I would like to confirm the elements of our 2015 guidance that we presented back in February... On RTE, I think that what we put in our press release is self explanatory.

As you know, for 3 years, we have proven our capacity to solve, one by one, the main issues that were weighing on the future of EDF... By contrast, investments allocated to upgrading our facilities have undeniably paid off, since the number of unplanned outages, as you will see in the details that we will obviously give you, remained at a 10- year low.

We fulfilled our duties, complying with public health measures to ensure that also our personnel would enjoy safe working conditions, whether they worked remotely or on-site... However, let me state clearly that we consider these effects to be under control, which is an evidence of EDF' s' enormous resilience. H1 2020 KEY FIGURES Let me now turn to the key figures.

We will come back to that later... Based on these figures, we can tell you that we have reached and even exceeded the financial targets that we had set for 2011... first, in French nuclear generation we outstripped the ambitious targets that we had set- a particularly impressive achievement as the schedule for 10- year inspections was working against us, with nine inspections in 2011 compared to five in 2010.

We know that 2017 should be the low point in the cycle, and 2018 will see the start of an upward trend, what we call a rebound... I would also like to point out that the financial trajectory that we laid out in April is now followed in all respects: cost reduction, control of investments, disposal of assets and increase in equity.

With a total volume of planned outage days equivalent to that of 2014, we keep pushing with our efforts to control the durations of those outages... Beyond the EBITDA growth target, we also continue to aim for a net financial debt over EBITDA ratio between 2x and 2. 5x that I confirm today of course, and a pay-out ratio between 55 % and 65 %

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... During the presentation of the full-year results, I mentioned that 2013 nuclear output was hampered, as you recall, by longer than anticipated maintenance outages, and that we needed to put in place measures to prevent this from reoccurring in 2014.

Mrs Batho, has ordered an audit on our cost base and increased transparency which, we hope, will help in that effort. The second important issue is the ARENH formula... That said we had a good first quarter from an operational performance standpoint and also during this quarter... we' ve just confirmed that we' ve concluded the arbitration with Sonatrach for the review of the price of the Algerian long-term gas contract.