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 Throughout the public-health crisis, EDF’s employees poured all their energy into fulfilling their essential duties in support of our customers in all countries where we operate. Despite the economic downturn, the impact of the crisis on our main financial indicators remains contained, attesting to the resilience of our Group. These conditions require us to adopt a cost savings and disposal plan enabling us to pursue the deployment of our CAP 2030 strategy and keep our debt under control. The decarbonisation of the economy, which combines the fight against global warming and sustainable growth, is a real development opportunity for EDF.
Jean-Bernard Lévy,
Chairman and Chief Executive Officer of EDF |
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Strong mobilisation of the Group during the health crisis |
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Continued growth in renewables |
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Resilient EBITDA and limited decline in recurring net income in the first half of the year |
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Implementation of a cost reduction and disposal plan |
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Adoption of the Group’s “Raison d'être” |
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FINANCIAL RESULTS OF THE 1ST HALF OF 2020
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Sales: |
€34.7bn |
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| -4.9% in organic terms(1) |
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EBITDA: |
€8.2bn |
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| -1.6% in organic terms |
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Net income excluding
non-recurring items(2): |
€1.3bn |
| -9.6%
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Net income - Group share: |
-€0.7bn |
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DIVIDENDE
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Maintain its payout ratio target for net income excluding non-recurring items(3) between 45 - 50% for 2020 to 2022 |
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No interim dividend distribution in 2020 |
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French State commitment opting for script dividends relating to 2020 and 2021 fiscal year |
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IMPLEMENTATION OF A COST REDUCTION AND DISPOSAL PLAN
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| To mitigate the impact of the health crisis on the Group’s financial situation: |
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a further effort to cut costs, with a target of €500 million in reductions to operating expenses(4) between 2019 and 2022 |
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stabilisation of net investments to around €15.0 billion(5) on average per year over 2020-2022 |
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further asset disposals(6) will be initiated, with the aim of approximately €3 billion over the period 2020 to 2022 |
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| This action plan aims to sustain the continued deployment of the CAP 2030 strategy while ensuring the solidity of the Group’s balance sheet, by maintaining a ratio of financial debt to EBITDA of around 3x each year during the 2020-22 period |
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2020 TARGET
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EBITDA(7): €15.2bn - €15.7bn |
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2020-2022 AMBITIONS
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Reduction in operating expenses(4):
€500m between 2019 and 2022 |
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Group disposals 2020-2022(6):
~€3bn |
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Net financial debt/EBITDA(7):
~3x each year |
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SHAREHOLDERS’ CLUB
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| Given the current sanitary crisis, EDF is updating its approach regarding meetings with its shareholders: virtual visits and meetings, podcasts, videos… to keep a link with EDF. |
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| (1) |
Organic change at comparable scope, standards and exchange rates. |
| (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. |
| (3) |
Payout ratio, based on net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds accounted for in equity. |
| (4) |
Sum of personnel expenses and other external expenses. At constant scope, standards, exchange and pensions discount rates, and excluding inflation. Excluding costs of sales from Group Energy Service Activities, and nuclear engineering services of Framatome and specific projects such as Jaitapur. |
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Excluding disposal plan and excluding acquisitions. |
| (6) |
Signed or completed disposals: impact on Group’s economic debt. |
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On the basis of the scope and exchange rates at 1 January 2020 and nuclear output hypothesis in France of between 315TWh and 325TWh for 2020 and between 330TWh and 360TWh each year in 2021 and 2022. |
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