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The results for the first half of the year reflect the difficulties encountered in nuclear generation in France and, to a lesser extent, in hydropower generation, as well as the effect of the tariff shield introduced in France in 2022.
The operating results of the Group’s other businesses, however, are growing strongly for the most part, particularly as a result of higher and more volatile wholesale prices in Europe. Investments are continuing at a steady pace in order to further strengthen the group’s position as a champion of decarbonisation, on the basis of energy efficiency, nuclear generation and renewable generation.
Commercial performance was very good, reflecting the relevance of the offers and the quality of EDF’s relationship with all categories of customers. Despite the strong pressure, all EDF group’s teams are demonstrating a remarkable resilience and a constant commitment to the energy transition.
Jean-Bernard Lévy, Chairman and Chief Executive Officer of EDF
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2022 Half-year results |
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French state announces its intention to hold 100% of EDF’s share capital |
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| • |
Increased market price volatility exacerbated by the war in Ukraine |
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| • |
Strong decline in EBITDA due to lower output in France and exceptional regulatory measures |
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Significant level of investment towards the energy transition |
| • |
Inclusion of nuclear power in the European Taxonomy |
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2022 Half-year financial results |
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| Sales |
€66.3bn
+66.4% in organic(1) |
| EBITDA |
€2.7bn
-75.0% in organic(1) |
| Net income excluding non-recurring items(2) |
-€1.3bn
n.a |
| Net income - Group share |
-€5.3bn
n.a |
| Net financial debt |
€42.8bn
vs. €43.0bn at end-2021 |
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Highlights |
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| Intention of the French State to file a simplified public tender offer for EDF’s shares(3) |
| • |
Objective: to acquire 15.9%(4) of EDF’s capital, as well as the 60% of the OCEANE bonds that the State does not hold. Proposed price: €12.0 per EDF share (with dividend rights attached) and €15.64 per OCEANE(5) |
| • |
Mandatory delisting(6) if the implementation conditions are met |
| • |
Total amount of the Offer: approximately €9.7 billion |
| • |
Set up by EDF’s Board of Directors of an ad hoc committee tasked with issuing a recommendation to the Board of Directors on the interest of the offer for the Company, its shareholders and its employees |
| • |
Appointment of an independent expert by the Board upon the ad hoc committee’s proposal(7) |
| • |
Offer to be filed with the French Financial Markets Authority (the “AMF”) subject to enactment of a 2022 Supplementary Budget Bill |
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| War in Ukraine |
| • |
Increased market prices and volatility: extreme tensions on the electricity market in a context of lower nuclear output in 2022, requiring significant purchases on the market |
| • |
Supply disruptions and inflation on components and commodities create delays on some activities and major projects |
| • |
Limited impact on gas and uranium supply |
| • |
International sanctions: to date, no exposure to Russian companies, banks or individuals affected by international sanctions. Closure of the Moscow office |
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2023 Ambitions(8) |
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| Net financial debt/EBITDA |
around or slightly above 3x |
| Adjusted Economic Debt/Adjusted EBITDA(9) |
around 5x |
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EDF, 2022 winner of the ESG Information Transparency Award |
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On Monday, 4 July 2022, Xavier Girre, Group
Senior Vice President in charge of Group Finance,
received the “ESG Information” award on behalf
of EDF at the 13th annual Transparency Awards
2022 organised by the Labrador agency.
This award recognises the quality of extra-
financial information produced by the Group in its
communication media.
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Find out more about our next events |
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EDF Odyssélec: come and discover our sites!
2nd most visited company in France: Every year, more than 425,000 visitors get a behind-the-scenes look at electricity generation. Through an artistic, cultural and scientific programme, EDF Odyssélec invites both young and old alike to discover our expertise and professions, through fun and educational activities (an escape game, bike and scooter rides, a giant picnic, concerts, sailing races).
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Telethon: Attend the 2022 EDF Orchestra concert!
As it does every year, the EDF orchestra will give a
concert in aid of the Telethon on 27 November
2022. Made up of volunteer musicians, most of
whom are salaried employees of the Group, it will
perform on Sunday 27 November at 4:30 pm at the
Cité de la Musique.
Programme to come.
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| (1) |
Organic change at comparable scope, standard and exchange rates vs. 2021 |
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| (2) |
Net income excluding non-recurring items is not defined by IFRS, and is not directly visible in the consolidated income statement. It corresponds to the net income excluding non-recurring items and the net change 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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| (3) |
See press releases of 19 July 2022 issued by the French State and EDF |
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| (4) |
Before taking into account the share capital increase reserved for employees |
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| (5) |
OCEANE: bonds convertible and/or exchangeable for new or existing shares |
| (6) |
According to the provisions of Article L433-4 of the Monetary and Financial Code |
| (7) |
See press release of 27 July 2022 issued by EDF |
| (8) |
On the basis of the scope and exchange rates at 1 January 2022. In a constant regulatory environment (ARENH ceiling at 100TWh), with a 2023 forward price assumption on 13 July 2022, and taking into account 2022 and 2023 French nuclear output estimates as given in the press release of 18 May 2022 |
| (9) |
At constant Standard & Poor’s methodology |
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