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The health crisis has provided tangible evidence of the EDF Group’s resilience in both operational and financial terms. Despite an unprecedented recession, we have delivered solid financial results. The crisis has had a limited impact on our accounts, reflecting the strength of the Group’s fundamentals. The continued roll-out of our CAP 2030 strategy has earned us significant achievements and prompted a major acceleration in renewable energies. 2020 will be remembered as the year in which we adopted our Raison d’être and set ourselves ambitious climate targets that have placed us on the path towards carbon neutrality.
Jean-Bernard Lévy, Chairman and Chief Executive Officer of EDF  |
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Mobilisation and solidarity during the health crisis |
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Continued roll-out of CAP 2030 strategy across all business activities |
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Acceleration of Renewables, 2030 target upgraded |
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2020: Revised nuclear output target slightly exceeded |
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2020: Resilient EBITDA, 2020-2022 action plan on cost reduction and disposals undertaken |
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2021-2022: Financial targets confirmed (1) |
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2020 FINANCIAL RESULTS
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Revenue: |
€69.0bn |
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| -3.4% in organic terms (2) |
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EBITDA: |
€16.2bn |
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-2.7% in organic terms (2),
+6.2% excluding COVID (3) |
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Net income excluding
non-recurring items (4): |
€2.0bn
-49.1% |
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Net income Group share: |
€0.7bn
-87.4% |
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Net debt/EBITDA: |
2.61x |
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2020 DIVIDEND
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Dividend proposed for 2020: €0.21 per share, i.e. a pay-out rate of 45% of net income excluding non-recurring items (8), in accordance with the target announced (45-50%) |
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With the option of being paid in new EDF shares |
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Commitment of the French State to opt for a scrip dividend payment for 2020 fiscal year |
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Subject to additional reinforced sanitary
restrictions impacts |
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| 2021 TARGETS (1) |
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EBITDA (5): |
> €17bn |
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Net financial debt/EBITDA (5): |
< 3x |
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| 2022 AMBITIONS (1) |
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Reduction in operating expenses (6): |
€500m between 2019 and 2022 |
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Group disposals 2020-2022 (7): |
~€3bn |
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Net financial debt/EBITDA (5): |
~ 3x |
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| 2021-2022 DIVIDEND |
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Target payout ratio of 2021 and 2022 net income excluding non-recurring items (8): 45-50% |
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Commitment of the French State to opt for a scrip dividend payment for 2021 fiscal year |
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| 2021 AGENDA |
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6 May:
Annual Shareholders’ Meeting |
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12 May:
Quarterly Financial Information at 31 March 2021 |
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29 July:
2021 Half-year results |
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10 November:
Quarterly Financial Information at 30 September 2021 |
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| 2020 HIGHLIGHTS |
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Subject to additional reinforced sanitary restrictions impacts. |
| (2) |
Organic change at comparable scope, standards and exchange rates. |
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Estimated figures. See note 1.4. “Comparability of financial years (including consequences of the health crisis)” in the Group’s audited financial statements at 31/12/2020. |
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Net income excluding non-recurring items is not determined by IFRS. 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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On the basis of scope and exchange rates at 01/01/2021. |
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Sum of personnel expenses and other external expenses. At constant scope, standards, exchange rates and pension discount rate; excluding inflation. Excluding the cost of sales of energy services and Framatome’s nuclear engineering services and specific projects such as Jaitapur. |
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Signed or completed disposals: impact on the Group’s economic debt reduction. |
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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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