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The first half of 2021 marks a return to growth in our sales and margins after the year 2020 in decline due to the health crisis. These significantly rising results reflect in particular a strong operational performance in France and give us confidence for the rest of the year, based on the recently raised 2021 estimate on nuclear generation in France and EBITDA target. The Group EDF is resolutely continuing to implement its CAP 2030 strategy, which is reflected in significant growth in our portfolio of renewable projects, strong commercial momentum and significant progress in all our main industrial projects. I would like to thank all the Group's employees for their outstanding commitment during the health crisis and for their professionalism to support our clients and the fight against climate change.
Jean-Bernard Lévy, Chairman and Chief Executive Officer of EDF
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Half-year results 2021 |
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Strong increase in EBITDA |
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10% growth in renewable projects portfolio to 66GW |
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Extension of 1,300MW French reactors depreciation period to 50 years |
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2021 targets upgraded |
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Financial results of the first half of 2021 |
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| Sales |
€39.6bn
+13.7% in organic (1) |
| EBITDA |
€10.6bn
+29.8% in organic (1) |
| Net income excluding non-recurring items (2) |
€3.7bn
x3 (1) |
| Net income - Group share |
€4.2bn
n.a. |
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2021 guidance upgraded (3) |
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| EBITDA (4) |
> €17.7bn |
| Net financial debt/EBITDA (4) |
< 2.8x |
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2022 ambitions confirmed (3) |
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| Operating expenses (5) reduction
between 2019 and 2022
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€500m |
| Group disposals 2020-2022 (6) |
~€3bn |
| Net financial debt/EBITDA (4) |
~3x |
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Dividend |
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Target payout ratio of 2021 & 2022 net income excluding non-recurring items (7)
The French State committed to option for a scrip dividend payment for 2021 fiscal year. |
45–50% |
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To learn more about |
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| (1) |
Organic change at comparable scope, standards and exchange rates vs H1 2020. |
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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 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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Subject to additional reinforced sanitary restrictions impacts. |
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On the basis of the scope and exchange rates at 1 January 2021. EBITDA target upgraded on 7 July 2021. |
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| (5) |
Sum of personnel expenses and other external expenses. At constant scope, accounting 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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Signed or completed disposals: impact on Group’s economic debt (Standard and Poor’s definition). |
| (7) |
Payout ratio based on net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds accounted for in equity. |
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