Edf: Substantially higher EBITDA and stabilisation of net financial
debt Gradual return to better nuclear fleet availability Good
overall operational performance
2023 HALF-YEAR RESULTS
Substantially higher
EBITDA and stabilisation
of net financial debt Gradual
return to better nuclear fleet availabilityGood
overall operational performance
Financial performanceSales:
€75.5 bn:
organic increase of +14.4% vs. H1 2022EBITDA:
€16.1 bn: x6
organic increase vs. H1 2022Net income
- Group share:
€5.8
bnNet financial debt:
€64.8 bn vs. €64.5 bn at
end-2022The strong growth in the Group's results is due to a good
operational performance in a favourable price environment and after
a year 2022 marked by an exceptional regulation with no equivalent
in 2023. Operational
performanceGroup’s Electricity
production totalled 232.1TWh in
H1 2023,
including:Nuclear output
for 179.3TWh, of
which:
- 158.1TWh
in France, up by
4TWh from H1 2022. This increase
is explained by better fleet availability and well-managed reactor
outages thanks to highly dedicated teams, despite the effects of
social movements.
Of the 16 reactors most sensitive to stress corrosion, to date, 11
have been repaired, 2 are being repaired, 2 will be repaired by the
end of 2023 and 1 during its next 10-year inspection. The estimate
of nuclear output in France is confirmed at 300-330TWh for 2023 and
315-345TWh for 2024. It is 335-365 for 2025 (1).
- 18.2TWh in
the United Kingdom, down by 5TWh from H1 2022, due to the
shutdown of Hinkley Point B in August 2022 (-3.7TWh) and a
busier maintenance programme in 2023.
Renewable output
for 34.8TWh, of
which:
-
19.4TWh of hydropower
in
France(2),
up by 0.5TWh vs. H1
2022. Hydro generation is still low, mainly because of poor
hydropower conditions. However, reservoir levels are above past
averages.
-
15.4TWh
excluding hydropower in
France, up
by 0.8TWh vs.H1 2022. At
30 June 2023, the Group had 13.5GW of net installed solar and wind
power capacity, and 7.2GW of gross capacity under construction. The
portfolio of wind and solar projects increased by 6GW gross vs.
end-2022 to 91GW gross, including the gain of an offshore wind
project in Ireland for 1.3GW in partnership.
Connections of renewable energy facilities
by Enedis were up by
125% vs.H1 2022. Volumes distributed totalled 169.1TWh,
down by -9.3TWh vs. H1 2022, reflecting lower
consumption.The
residential customer portfolio
for electricity in G4
countries(3)
stabilised during H1 2023. Market
offers in France continued to progress, increasing by 17% since
end-2022. Carbon intensity for H1
2023 was
40gCO2/kWh.
The 10gCO2/kWh decline vs. H1 2022 is mainly explained by the lower
thermal output.The 4 operational excellence
projects are in application increasing
productivity on operations and projects, industrialising digital,
developing skills and adapting operational performance management
systems.At its meeting of 26 July 2023, chaired by Luc Rémont,
EDF’s Board of Directors approved the consolidated financial
statements for the six months ended 30 June 2023. Luc Rémont,
Chairman and Chief Executive Officer of EDF, said: “The first half
of 2023 marks the company’s return to a good operational
performance in a favourable context of price, after a year 2022
impacted by industrial difficulties and unfavourable effects of an
exceptional regulation. Our results reflect the heightened effort
put in by EDF’s team. Competition is tough, but EDF’s business
dynamic is founded on tailored offers and quality of service for
our customers. The significant rise in results means that EDF is on
track for its financial objectives. The whole Group is deeply
engaged in improving efficiency and performance so we can continue
to provide increasingly effective support for domestic and business
customers in their energy transitions. Together with its industrial
partners, the EDF Group is well on the way to meeting all its
future
challenges.” HighlightsNuclear
- Requests have been filed for
authorisation to build the first pair of EPR2 reactors at the Penly
site
- Bugey has been chosen as the site
for 2 future EPR2 reactors, after Penly and Gravelines
- Flamanville 3: objective of fuel
loading maintained in Q1 2024, and vessel head replacement at the
end of the 1st operating cycle (H2 2025)
- Hinkley Point C: completion of
internal containment concrete for the unit 1 reactor building
Customers
- French regulated tariffs to rise by
10% on 1 August 2023 as the tariff shield is phasing out: no
significant impact in EBITDA as the tariff cap is funded by the
CSPE mechanism
Finalisation of the simplified
public tender offer
- All the shares of EDF were acquired
by the French State through the squeeze-out on 8 June
2023
Financing
- Implementation of the 2023
financing programme: ~€6 bn of senior bond issues on various
markets and a US$1.5 bn hybrid note issue during H1 2023
- Conversion in equity of all the
OCEANE bonds maturing in 2024, amounting to €2.4 bn
- Confirmation of credit ratings with
stable outlook by the three agencies S&P, Moody’s and Fitch
(4)
2023
targets
upgraded(5)Net financial debt / EBITDA:
≤ 2.5xAdjusted
economic net debt / Adjusted EBITDA (6): ≤
4x |
Key financial
results:
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
France - Generation and supply |
-4,988 |
8,641 |
n.a. |
France - Regulated activities |
3,171 |
1,176 |
-62.9% |
EDF Renewables |
500 |
433 |
-14.6% |
Dalkia |
185 |
220 |
20.0% |
Framatome |
186 |
110 |
-44.1% |
United Kingdom |
860 |
2,266 |
167.4% |
Italy |
622 |
828 |
30.2% |
Other international |
291 |
508 |
73.5% |
Other activities |
1,845 |
1,924 |
6.7% |
Total Group |
2,672 |
16,106 |
504.9% |
In a context of recovery of nuclear generation
in France, the significant €13.4 billion increase in EBITDA is
essentially explained by the higher electricity sale prices of the
first half of 2023. The impact of the exceptional regulatory
measures introduced in France in 2022 to limit price rises for
consumers had no equivalent in 2023. However, the cost of purchases
to cover network losses was driven up significantly by high market
prices. Operating expenses were also up due to the inflationary
environment.
The financial result for the first half of 2023
is an expense of €1.5 billion, an improvement of €1.4 billion over
the first half of 2022 explained by:
- a clear
€5 billion improvement in other financial income and expenses,
mainly thanks to the good performance by the dedicated asset
portfolio: its 5.5% return reflects trends on the financial markets
in the first half of 2023 (vs -8.9% in H1 2022);
- a
€2.5 billion increase in the cost of unwinding the discount,
principally owing to stability in the real discount rate applied
for nuclear provisions in first-half 2023 after the positive impact
of a 30bp rate increase in first-half 2022;
- a
€1.1 billion rise in the cost of gross financial indebtedness
in a period of significant interest rate increases, and a volume
effect related to financial debt, which is expected to stabilise in
2023.
The financial result excluding non-recurring
items, particularly the change in fair value of the dedicated asset
portfolio, was -€2.9 billion, a decrease of €3.5 billion.
The Group’s net income excluding non-recurring
items stood at €6.3 billion. The €7.6 billion increase
reflects the strong growth in EBITDA, mitigated by the lower
financial result excluding non-recurring items, and income tax
expense (an income tax credit was booked in the first half of
2023).EDF net income totalled €5.8 billion, up by
€11.1 billion year on year. In addition to the substantially
higher net income excluding non-recurring items, this increase is
explained by the following items after tax:
- the change in
the fair value of financial instruments: €3.5 billion;
- an exceptional
expense following the interim agreements between Engie and the
Belgian government on the transfer of back-end cycle obligations:
-€0.2 billion;
- a provision for
contingencies relating to the renegotiation of an amendment to the
processing and recycling contract with Orano: -€0.8 billion.
Group cash flow for the first half of 2023
amounted to -€1.6 billion. The €2.4 billion improvement
compared to the first half of 2022 was well below the
€13.4 billion increase in EBITDA and the €18.8 billion
increase in cash EBITDA, as a result of the deterioration in
working capital:
- During the first
half of 2022, working capital improved by €6.8 billion thanks to
reversals of high underlying positions in the trading activity
following rising volatility in 2021, and surplus CSPE compensation
in a high market price environment.
- In the first
half of 2023, in contrast, working capital deteriorated by
€8 billion, including €4.3 billion attributable to the
trading activity in a context of decreasing volatility, and
€3.3 billion due to the CSPE compensation shortfall of the
receivable generated by France’s tariff cap by less revenues from
the purchase obligation in a context of lower prices.
Net investments in the first half of 2023
reached €9.1 billion, up slightly by €0.7 billion due
notably to the HPC project, extensive maintenance work on the
nuclear fleet, and growth in network activities.
The Group’s net financial debt (1) totalled
€64.8 billion at 30 June 2023, in line with the objective of
stabilisation and showing a slight increase of €0.3 billion
since the end of 2022(2). The negative cash flow was offset by the
€2.4 billion conversion of OCEANE bonds that reinforced EDF’s
equity.Also, the bond issues of first-half 2023 and the lower level
of short-term debt lengthened the maturity of the Group’s debt to
10.5 years at 30 June 2023 (vs. 9.4 years at 31 December 2022).
Financial results by
segment:
Segment sales are presented before elimination
of inter-segment operations.
- France
- Generation and
supply
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
23,762 |
34,622 |
45.7% |
EBITDA |
-4,988 |
8,641 |
n.a. |
The significant increase in EBITDA is explained
by the following factors:
- It was boosted
by a favourable price effect estimated at €10 billion, as
France’s tariff cap for 2023 has no significant impact in
EBITDA.
- In 2022,
exceptional regulatory measures introduced by the French government
to limit rises in sales prices to consumers during the year had an
adverse effect in EBITDA estimated at -€6.2 billion.
- Operating
expenses were up by €0.6 billion in a context of inflation in
2023.
- France
- Regulated activities
(3)
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
9,578 |
9,978 |
4.2% |
EBITDA |
3,171 |
1,176 |
-62.9% |
Including Enedis |
2,683 |
763 |
-71.6% |
The decrease in EBITDA is principally explained
by a negative price effect estimated at -€1.8 billion caused
by purchases of network losses being made at very high market
prices. However, changes in the TURPE network access tariff had a
favourable effect estimated at €0.3 billion (4).
The 10.9TWh decline in volumes distributed
(excluding the climate effect), comprising -5.1TWh in the business
market and -5.8TWh in the residential market, had a negative impact
in EBITDA estimated at €0.3 billion.
Enedis has become a “entreprise à mission” and
added its raison d’être to its bylaws: “Acting for an innovative,
effective, supportive public electricity distribution service.
Connecting society to the collective challenge of building a
sustainable world”.
- EDF Renewables -
Renewable
Energies
Group renewables excluding hydropower in France
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
1,796 |
1,705 |
-0.6% |
EBITDA |
723 |
763 |
4.1% |
Net investments |
-1,483 |
-1,375 |
-7% |
The rise in EBITDA is explained by higher output
thanks to new capacities installed. However, wind conditions, which
were favourable in Belgium but unfavourable in the United Kingdom
and the United States, led to a downturn in the EBITDA.
Investments were down, particularly in the
United States.
EDF Renewables
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
1,051 |
985 |
1.9% |
EBITDA |
500 |
433 |
-14.6% |
Including EBITDA for generation |
653 |
593 |
-7.6% |
The downturn in EBITDA for generation was caused
by operating expenses in the first half of 2023 that had no
equivalent in the first half of 2022. Output volumes
nonetheless increased by 5.6% thanks to the commissioning of new
plants in 2022.
Development expenses associated with growth in
the project portfolio also increased in a context of inflation.
In France, the first floating platform for the
Provence Grand Large wind turbines has been launched and the first
offshore wind turbine at Fécamp has been installed.
Group Energy Services (5)
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
4,122 |
4,506 |
8.3% |
EBITDA |
234 |
291 |
19.2% |
Net investments |
-148 |
-164 |
10.8% |
All the service activities in France contributed to
the increase in EBITDA.
The rise in investments mainly concerned
Dalkia.
Dalkia
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
3,211 |
3,411 |
5.0% |
EBITDA |
185 |
220 |
20.0% |
The rise in EBITDA is attributable to business
activity in France and the operation of co-generation plants over
the while of the first quarter in 2023 (in 2022 Dalkia was affected
by an early shutdown of co-generation due to a shortened winter
tariff period).
Inauguration of a low-carbon geothermal heat
network in the Paris region powered 77% by renewable energies,
avoiding 11,000 tonnes of carbon emissions per year.
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
1,977 |
1,959 |
-3.1% |
EBITDA |
321 |
307 |
-6.2% |
Contribution to EDF group EBITDA |
186 |
110 |
-44.1% |
The lower contribution to EDF group EBITDA
resulted from difficulties with an Instrumentation & Control
contract in the United States, and a decline in fuel sales.
Order intake amounted to approximately
€2.2 billion at 30 June 2023, a slight increase compared to 30
June 2022, notably attributable to the Installed Base business in
North America.
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
6,904 |
12,140 |
79.8% |
EBITDA |
860 |
2,266 |
167.4% |
The rise in EBITDA is essentially explained by a
recovery of margins in the supply business, driven mainly by
allowances in the UK domestic default tariff cap allowing suppliers
to recover costs incurred through the market turbulence of previous
years.
Sales performance was sound, consolidating
margins and market shares in the small and medium business segment,
as well as in the Generation business where the higher realised
nuclear prices were partially counterbalanced by lower power output
following the shutdown of Hinkley Point B in August 2022, and a
busier maintenance programme in the first half of 2023.
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
13,017 |
9,543 |
-27.3% |
EBITDA |
622 |
828 |
30.2% |
The increase in EBITDA is primarily explained by
the sales activity’s return to positive margins for residential
electricity customers, after the losses of 2022.
In the electricity generation activities, the
unfavourable price effect related to thermal plants, despite the
positive contribution of the capacity market, was partly offset by
the positive price effect related to renewable energies.
Finally, the gas business benefited from
portfolio optimisation and more favourable prices.
Renewable capacities totalled 606MW net (6) at
end-June 2023.
The Marghera Levante 780MW CCGT plant was
inaugurated. This plant produces 30% less carbon emissions than the
average for Italian thermal plants and has the technological
ability to run on up to 50% hydrogen.
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
2,585 |
3,099 |
19.2% |
EBITDA |
291 |
508 |
73.5% |
Including: - Belgium |
179 |
408 |
127.4% |
- Brazil |
114 |
107 |
-7.0% |
The rise in EBITDA in
Belgium (7) is due to increased output of
wind power (+15.1%), hydropower (+17.4%) and nuclear power (+5.1%),
and a favourable price effect.
Wind power capacities totalled 620MW
net (8) at end-June 2023.
In Brazil, EBITDA was down
slightly due to the downturn in system services.
Reservoir impoundment has begun at the Nachtigal
dam in Cameroon (420MW) and EDF in consortium was selected to
develop the Mphanda Nkuwa dam in Mozambique (1.5GW).
(in millions of euros) |
H1 2022 |
H1 2023 |
Organic change |
Sales |
7,697 |
4,655 |
-37.6% |
EBITDA |
1,845 |
1,924 |
6.7% |
Including: - gas activities |
20 |
7 |
-65.0% |
- EDF Trading |
1,749 |
1,866 |
9.5% |
EBITDA for the gas activities
decreased slightly. Volumes sold were down, due to the lower level
of business at the Dunkirk terminal, after an exceptional year in
2022 with very high prices on the wholesale markets. The downturn
was limited by purchases of LNG at lower prices in first-half 2023
than first-half 2022.
Despite the drop in prices and volatility on the
wholesale markets compared to last year, EDF
Trading’s EBITDA for the first-half 2023 is up vs. 2022.
The performance of trading and optimisation activities remains
strong, in a context of reduced market and counterparty risks.
Extract from the consolidated financial
statements
Consolidated income statement
(in millions of euros) |
|
H1 2023 |
H1 2022 |
Sales |
|
75,499 |
66,262 |
Fuel and energy purchases |
|
(48,899) |
(48,238) |
Other external purchases (1) |
|
(4,117) |
(3,919) |
Personnel expenses |
|
(8,201) |
(7,286) |
Taxes other than income taxes |
|
(2,714) |
(2,383) |
Other operating income and expenses |
|
4,538 |
(1,764) |
Operating profit before depreciation and amortisation
(EBITDA) |
|
16,106 |
2,672 |
Net changes in fair value on energy and commodity derivatives,
excluding trading activities |
|
(276) |
(993) |
Net depreciation and amortisation |
|
(5,472) |
(5,534) |
(Impairment)/reversals |
|
(48) |
(253) |
Other income and expenses |
|
(1,696) |
(388) |
Operating profit |
|
8,614 |
(4,496) |
Cost of gross financial indebtedness |
|
(1,857) |
(728) |
Discount effect |
|
(1,977) |
502 |
Other financial income and expenses |
|
2,304 |
(2,721) |
Financial result |
|
(1,530) |
(2,947) |
Income before taxes of consolidated companies |
|
7,084 |
(7,443) |
Income taxes |
|
(1,323) |
1,840 |
Share in net income of associates and joint ventures |
|
142 |
444 |
Net income of discontinued operations |
|
- |
4 |
CONSOLIDATED NET INCOME |
|
5,903 |
(5,155) |
EDF net income - Group share |
|
5,808 |
(5,293) |
EDF net income - Group share continuing operations |
|
5,808 |
(5,297) |
EDF net income - Group share discontinued operations |
|
- |
4 |
Net income attributable to non-controlling
interests |
|
95 |
138 |
Net income attributable to non-controlling interests - continuing
operations |
|
95 |
138 |
Net income attributable to non-controlling interests - discontinued
operations |
|
- |
- |
(1) Other external expenses are
reported net of capitalised production.
Consolidated balance sheet
ASSETS(in millions of euros) |
|
30/06/2023 |
31/12/2022 |
Goodwill |
|
9,717 |
9,513 |
Other intangible assets |
|
11,068 |
10,619 |
Property, plant and equipment used in generation and other tangible
assets owned by the Group, including right-of-use assets |
|
106,126 |
101,126 |
Property, plant and equipment operated under French public
electricity distribution concessions |
|
64,900 |
63,966 |
Property, plant and equipment operated under concessions other than
French public electricity distribution concessions |
|
6,769 |
6,816 |
Investments in associates and joint ventures |
|
9,047 |
9,421 |
Non-current financial assets |
|
44,878 |
48,512 |
Other non-current receivables |
|
2,088 |
2,165 |
Deferred tax assets |
|
8,742 |
8,696 |
Non-current assets |
|
263,335 |
260,834 |
Inventories |
|
17,621 |
17,661 |
Trade receivables |
|
24,641 |
24,844 |
Current financial assets |
|
46,954 |
58,033 |
Current tax assets |
|
689 |
497 |
Other current receivables |
|
8,328 |
15,165 |
Cash and cash equivalents |
|
8,074 |
10,948 |
Current assets |
|
106,307 |
127,148 |
Assets held for sale |
|
138 |
150 |
TOTAL ASSETS |
|
369,780 |
388,132 |
EQUITY AND
LIABILITIES(in millions of Euros) |
|
30/06/2023 |
31/12/2022 |
Capital |
|
2,085 |
1,944 |
EDF net income and consolidated reserves |
|
45,868 |
32,396 |
Equity (EDF share) |
|
47,953 |
34,340 |
Equity (non-controlling interests) |
|
13,712 |
12,272 |
Total equity |
|
61,665 |
46,612 |
Provisions related to nuclear generation - back-end of the nuclear
cycle, plant decommissioning and last cores |
|
56,455 |
56,021 |
Provisions for employee benefits |
|
15,507 |
16,231 |
Other provisions |
|
5,077 |
4,671 |
Non-current provisions |
|
77,039 |
76,923 |
Special French public electricity distribution concession
liabilities |
|
49,738 |
49,459 |
Non-current financial liabilities |
|
75,504 |
71,058 |
Other non-current liabilities |
|
5,492 |
4,968 |
Deferred tax liabilities |
|
2,810 |
1,533 |
Non-current liabilities |
|
210,583 |
203,941 |
Current provisions |
|
10,033 |
7,943 |
Trade payables |
|
15,901 |
23,284 |
Current financial liabilities |
|
44,060 |
71,844 |
Current tax liabilities |
|
1,662 |
967 |
Other current liabilities |
|
25,841 |
33,504 |
Current liabilities |
|
97,497 |
137,542 |
Liabilities related to assets held for sale |
|
35 |
37 |
TOTAL EQUITY AND LIABILITIES |
|
369,780 |
388,132 |
Consolidated cash flow
statement
(in millions of euros) |
|
H1 2023 |
H1 2022 |
Operating activities: |
|
|
|
Consolidated net income |
|
5,903 |
(5,155) |
Net income from discontinued operations |
|
- |
4 |
Net income from continuing operations |
|
5,903 |
(5,159) |
Impairment/(reversals) |
|
45 |
253 |
Accumulated depreciation and amortisation, provisions and changes
in fair value |
|
9,389 |
5,713 |
Financial income and expenses |
|
1,096 |
96 |
Dividends received from associates and joint ventures |
|
384 |
98 |
Capital gains/losses |
|
157 |
103 |
Income taxes |
|
1,322 |
(1,841) |
Share in net income of associates and joint ventures |
|
(141) |
(444) |
Change in working capital |
|
(8,020) |
6,804 |
Net cash flow from operations |
|
10,135 |
5,623 |
Net financial expenses disbursed |
|
(1,083) |
(424) |
Income taxes paid |
|
(1,125) |
(202) |
Net cash flow from continuing operating
activities |
|
7,927 |
4,997 |
Net cash flow from operating activities relating to discontinued
operations |
|
- |
- |
Net cash flow from operating activities |
|
7,927 |
4,997 |
Investment subsidies: |
|
|
|
Acquisitions of equity investments, net of cash acquired |
|
33 |
(70) |
Disposals of equity investments, net of cash transferred |
|
62 |
122 |
Investments in intangible assets and property, plant and
equipment |
|
(10,052) |
(8,703) |
Net proceeds from sale of intangible assets and property, plant and
equipment |
|
79 |
26 |
Changes in financial assets |
|
(1,070) |
(11,553) |
Net cash flow from continuing investing
activities |
|
(10,948) |
(20,178) |
Net cash flow from investing activities relating to discontinued
operations |
|
- |
- |
Net cash flow from investing activities |
|
(10,948) |
(20,178) |
Financing activities: |
|
|
|
EDF capital increase |
|
- |
3,148 |
Transactions with non-controlling interests (1) |
|
862 |
581 |
Dividends paid by parent company |
|
- |
(72) |
Dividends paid to non-controlling interests |
|
(190) |
(139) |
Purchases/sales of treasury shares |
|
- |
(2) |
Cash flow with shareholders |
|
672 |
3,516 |
Issuance of borrowings |
|
9,465 |
15,370 |
Repayments of borrowings |
|
(10,498) |
(5,983) |
Issuance of perpetual subordinated bonds |
|
1,377 |
- |
Redemptions of perpetual subordinated bonds |
|
(820) |
- |
Payments to bearers of perpetual subordinated bonds |
|
(300) |
(332) |
Funding contributions received for assets operated under
concessions and investment subsidies |
|
101 |
169 |
Other cash flows from financing
activities |
|
(675) |
9,224 |
Net cash flows from continuing financing
activities |
|
(3) |
12,740 |
Net cash flow from financing activities relating to
discontinued operations |
|
- |
- |
Net cash flow from financing activities |
|
(3) |
12,740 |
Cash flows from continuing operations |
|
(3,024) |
(2,441) |
Cash flows from discontinued operations |
|
- |
- |
Net increase/(decrease) in cash and cash
equivalents |
|
(3,024) |
(2,441) |
CASH AND CASH EQUIVALENTS –
OPENING BALANCE |
|
10,948 |
9,919 |
Net increase/(decrease) in cash and cash equivalents |
|
(3,024) |
(2,441) |
Currency fluctuations |
|
36 |
(99) |
Financial income on cash and cash equivalents |
|
96 |
28 |
Other non-monetary changes |
|
18 |
11 |
CASH AND CASH EQUIVALENTS –
CLOSING BALANCE |
|
8,074 |
7,418 |
(1) Includes in 2023, an amount of €776 million
for the capital increases of CGN in NNB Holding (HPC) and HMG in
NNB Holding (SZC) Ltd. Includes in 2022, an amount of €613 million
relating to the share paid by CGN in respect of the capital
increases of NNB Holding (HPC) and NNB Holding (SZC) Ltd.
Main press
releases since announcement of the
Q1 2023 results
Governance
-
Appointment of Caroline Chanavas to the EDF Group’s Executive
Committee (PR of 09/06/2023)
Simplified Public Offer
Tender
-
Implementation of the squeeze-out procedure in respect of the
equity securities of EDF (PR of 08/06/2023)
-
Result of the reopened simplified public tender offer for the
equity securities of EDF (PR of 23/05/2023)
-
Decision of the Paris Court of Appeal dismissing the claim lodged
by minority shareholders seeking annulment of the AMF clearance
decision – Reopening of the simplified public tender offer for the
equity securities of EDF (PR of 02/05/2023)
-
OCEANEs due 2024: reopening of the simplified public tender offer
filed by the French State and adjustment of the conversion /
exchange ratio (PR of 02/05/2023)
Renewables
- EDF,
Meridiam and SIFCA lay the foundation stone of the largest biomass
power plant in West Africa (PR of 20/07/2023)
-
Fécamp offshore wind farm: Normandy's first offshore wind turbine
installed (PR of 04/07/2023)
- EDF
Group opens its first floating solar power plant on the Lazer hydro
power plant reservoir in the French Alps (PR of 20/06/2023)
- The
Provence Grand Large floating offshore wind farm reaches a major
milestone with the launch of its first float (PR of
22/05/2023)
- EDF
Renewables and Fred. Olsen SeaWind awarded the tender for Ireland's
first offshore wind park (PR of 16/05/2023)
Nuclear
- The
EDF Group files requests for authorisations to build the first pair
of EPR2 reactors on the Penly site (PR of 29/06/2023)
Customers
- EDF
and Trimet sign long-term contract for electricity supply (PR of
26/06/2023)
Enedis
-
Enedis becomes the first major “entreprise à mission” among energy
sector (PR of 28/06/2023)
- Jobs
and training: launch of the “schools of networks for the energy
transition” programme (PR of 20/03/2023)
Edison
-
Edison inaugurates the most efficient thermoelectric power plant in
Italy: an industrial excellence to support the country’s energy
transition (PR of 16/06/2023)
Financing
- EDF
announces the success of its senior multi-tranche bond issue for a
nominal amount of ¥33 billion (PR of 22/06/2023)
-
Conversion of the remaining outstanding EDF OCEANEs due 2024 (PR of
13/06/2023)
- EDF
announces the success of its hybrid notes issue for a nominal
amount of $1.5 billion and the ongoing tender offer to purchase
notes for cash announced on 6 June 2023 (PR of 09/06/2023)
- EDF
intends to issue new US dollar-denominated hybrid notes and
launches a tender offer on outstanding US dollar-denominated hybrid
notes (PR of 06/06/2023)
-
Conversion of EDF OCEANEs due 2024 (PR of 24/05/2023)
- EDF
announces the success of its senior multi-tranche bond issue for a
nominal amount of US$3 billion and CAD 500 million
(PR of 18/05/2023)
The EDF Group is a key player in the energy transition, as an
integrated energy operator engaged in all aspects of the energy
business: power generation, transmission, distribution, trading,
energy sales and energy services. The Group is a world leader in
low-carbon energy, with a diverse generation mix based mainly on
nuclear and renewable energy (including hydropower). It is also
investing in new technologies to support the energy transition.
EDF’s raison d’être is to build a net zero energy future with
electricity and innovative solutions and services, to help save the
planet and drive well-being and economic development. The Group
helps provide energy and services to approximately 40.3 million
customers (1), 30.3 million of them in
France (2). In 2022, its consolidated sales
totalled €143.5 billion. |
(1) Customers have been counted by
delivery site. One customer may have two points of delivery, one
for electricity and one for gas.(2) Including ÉS
(Électricité de Strasbourg) and the island activities.
This presentation is for information purposes
only and does not constitute an offer or solicitation to sell or
buy instruments, any part of the company or assets described, in
the US or any other country.This document contains forward-looking
statements or information. While EDF believes that the expectations
reflected in these forward-looking statements are based on
reasonable assumptions at the time they are made, these assumptions
are intrinsically uncertain, with inherent risks and uncertainties
that are beyond the control of EDF. As a result, EDF cannot
guarantee that these assumptions will materialise. Future events
and actual financial and other results may differ materially from
the assumptions underlying these forward-looking statements,
including, but not limited to, differences in the potential timing
and completion of the transactions they describe.Risks and
uncertainties (notably linked to the economic, financial,
competition, regulatory and climate situation) may include changes
in economic and business trends, regulations, and factors described
or identified in the publicly-available documents filed by EDF with
the French financial markets authority (AMF), including those
presented in Section 2.2 “Risks to which the Group is exposed” of
the EDF Universal Registration Document (URD) filed with the AMF on
21 March 2023 (under number D.23-0122), which may be consulted on
the AMF website at www.amf-france.org or the EDF website at
www.edf.fr.
Neither EDF nor any EDF affiliate is bound by a
commitment or obligation to update the forward-looking information
contained in this document to reflect any events or circumstances
arising after the date of this presentation.
This press release is certified. Check
its authenticity on medias.edf.com
|
Only print what you need. EDF SA 22-30, avenue de Wagram
75382 Paris cedex 08Capital of 2,084,809,296.50 euros552 081 317
R.C.S. Paris www.edf.fr |
|
CONTACTS Press:
service-de-presse@edf.fr Investors:
edf-irteam@edf.fr |
(1) Net financial debt is not defined in the
accounting standards and is not directly visible in the Group’s
consolidated balance sheet. It comprises total loans and financial
liabilities, less cash and cash equivalents and liquid assets.
Liquid assets are financial assets consisting of funds or
securities with initial maturity of over three months that are
readily convertible into cash and are managed according to a
liquidity-oriented policy. (2) Excluding the €0.6 billion not
tendered to the offer for the $1.5 billion hybrid notes that
was still in process at 30 June 2023 (reclassified from equity
to other financial liabilities), net financial debt would have been
€0.3 billion lower at 30 June 2023 than at
31 December 2022.(3) Including Enedis, ÉS and the French
island activities.(4) Indexed adjustment to the TURPE 6
distribution tariff: +2.26% at 1 August 2022. (5) Group Energy
Services comprises Dalkia, IZI Confort, IZI Solutions, Sowee,
Izivia, and the service activities of EDF Energy, Edison, Luminus
and EDF SA. The services consist in particular of heating networks,
decentralised low-carbon generation using local resources, street
lighting, energy consumption management and electric mobility.(6)
For Edison’s scope.(7) Luminus and EDF Belgium. (8) For
Luminus’ scope
(1) Estimate of nuclear output from its
currently operating fleet(2) Hydropower output excluding the island
activities and before deduction of pumped-storage consumption.
Total cumulative hydropower output net of pumped-storage
consumption amounted to 16.6TWh in H1 2023 (vs. 15.5TWh in H1
2022).(3) France, United Kingdom, Italy, Belgium(4) Credit ratings
are stable after a 1-notch outlook upgrade in relation with support
from the French State, and a 1-notch downgrade of the standalone
rating. (5) Based on scope and exchange rates as at 1 January 2023,
and assuming a constant regulatory and tax environment, financing
of the tariff cap by the CSPE (contribution to the public energy
services), French nuclear output of 300-330TWh, and the current
power generation schedule. (6) Applying constant S&P
methodology on the ratio.
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