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 @ Stéphane de Bourgies |
In 2021, EDF met its commercial, operational and financial targets. The EDF Group's EBITDA grew significantly and reached its highest level since 2015. The deployment of the CAP 2030 strategy was a major success in 2021, testifying to the skills and mobilisation of all men and women of the Group.
The difficulties encountered at the beginning of 2022 have led EDF to implement an action plan aimed to continue this strategy in support of the energy transition and France's industrial and climate objectives for the 2030 and 2050 horizons.
Jean-Bernard Lévy, Chairman and Chief Executive Officer of EDF
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Financial targets achieved |
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Strong increase in EBITDA and Net income compared to 2020 and 2019 |
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Successful disposal and cost saving plans |
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Decrease in carbon intensity |
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2021 financial results |
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| Sales |
€84.5bn
+21.6% in organic terms (1) |
| EBITDA |
€18.0bn
+11.3% in organic terms (1) |
| Net income excluding non-recurring items (2) |
€4.7bn
x2.4 |
| Net income - Group share |
€5.1bn
~ x8 |
| Net debt/EBITDA |
2.4x |
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2021 Dividend
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Dividend proposed for 2021: €0.58 per share (3), i.e. a pay-out rate of 45% of current net profit (4) |
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Taking account of the interim dividend of €0.30 per share paid in December 2021, the balance of the dividend to be paid in respect of 2021 is €0.28 per share |
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With the option of being paid in new EDF shares. |
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Outlook and Action plan
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| Announcements by the French President on 10 February 2022 in Belfort |
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Support to the French nuclear sector
- Launch of a construction program of 6 EPR2 reactors and potentially 8 more
- Extented operations for all reactors, except for safety issues
- Development of the French SMR programmes including €500 million for NUWARDTM
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Acceleration of renewable energy development (solar, offshore and onshore wind and hydro) |
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Confirmation of the growing role of low-carbon electricity in France’s climate ambition, in a context of reduction in energy consumption |
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| Exceptional regulatory measures to limit increase in tariffs in 2022 (5) |
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Additional allocation of 20TWh of ARENH volumes (6) for 2022 |
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12-month postponement to February 2023 of part of the tariff increase relative to 2022 (7) |
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| Nuclear |
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Outages or extended outages of nuclear reactors owing to the detection of defaults on the pipes of the safety injection system |
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French nuclear output estimate updated (8) to 295 - 315TWh for 2022 and 300 - 330TWh for 2023 |
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| 2022 |
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EDF draws attention to the 2022 EBITDA. Starting from the 2021 actual of €18bn, this figure will include:
- around €6bn improvement in price effect
- around -€8bn related to exceptional regulatory measures (9)
- around -€11bn linked to nuclear output reduction
- and other effects related to the Group's performance
These estimates, which are highly sensitive to market prices, are presented for illustrative purposes (10) and are based on information that the Group has currently available.
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| Launch of an action plan |
As announced on 13 January 2022 (11), EDF presented to its Board of Directors’ meeting on 17 February 2022 an action plan aimed at strengthening its balance sheet structure in the context of the events of early 2022.
This plan aims at pursuing the Group's strategy, which is based on a balanced mix of nuclear and renewable energies, develops energy efficiency services and provides its customers with even more innovation.
In order to finance this strategy, EDF notified its intention to:
- Submit as soon as possible to the Board of Directors, and subject to market conditions, a proposed rights issue with preferential subscription rights leading to the issuance of approximately 510 million new shares for an amount of approximately €2.5bn, including issue premium (12).
- Propose an option to receive a scrip dividend (13) for fiscal years 2022 and 2023.
The French State, EDF's largest shareholder, has indicated its position to the Board of Directors on the two points above, which will be communicated separately.
- Carry out additional disposal of around €3bn (14) over 2022 - 2024.
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2023 ambitions (15) |
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| Net financial debt / EBITDA |
~3x |
| Adjusted net debt / Adjusted EBITDA (16) |
4.5x to 5x |
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2022 Agenda
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| 4 May |
Quarterly Financial Information at 31 March 2022 |
| 12 May |
Annual Shareholders’ Meeting* |
| 28 July |
2022 Half-year results |
| 27 October |
Quarterly Financial Information at 30 September 2022 |
*Subject to the convocation by the Board of Directors. |
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2021 Highlights |
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| (1) |
Organic change at comparable scope, standards and exchange rates vs 2020. |
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| (2) |
Net income excluding non-recurring items is not defined by IFRS, and is not readable directly in the consolidated income statement. It corresponds to net income excluding non-recurring items and net changes in fair value on Energy and Commodity derivatives, excluding trading activities, and excluding net changes in fair value of debt and equity securities, net of tax. |
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The French State committed to scrip for the dividend relating 2021 year. |
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Adjusted for the remuneration of hybrid bonds booked as equity. |
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See 13 January 2022 press release. |
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ARENH: Regulated access to historic nuclear power. Attribution of an additional 20TWh for the period from 1 April 2022 to 31 December 2022 at €46.2/MWh. |
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For residential regulated tariffs customers and “blue professionals” and for all customers (both residentials and professionals) located in the non-interconnected zones (ZNIs). |
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| (8) |
See 13 January 2022, 7 and 11 February 2022 press releases. |
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| (9) |
This amount includes an estimate of the impact of the tariff postponement on the 2022 cashflow amounting to approximately €1.5bn, based on market prices at 31 December 2021. |
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Based on the assumption of 2022 forward prices at 31 December 2021. |
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| (11) |
See 13 January 2022 press release "Exceptional measures announced by the French government". |
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Based on, purely for illustrative purposes, a reference share price of €8 per share and a discount in line with market practice. |
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Target payout ratio of net income excluding non-recurring items (adjusted for the remuneration of hybrid bonds accounted for in equity) for 2022 and 2023 of 45-50%. |
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Signed or completed disposals: impact on the Group’s economic debt reduction (S&P definition). |
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Based on scope and exchange rates at 1 January 2022. At stable regulatory environment (ARENH ceiling at 100TWh), with the assumption of 31 December 2021 forward prices for 2023, and considering an assumption of French nuclear output for 2022 and 2023 as announced in the press releases of 7 and 11 February 2022. |
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As per current S&P methodology. |
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