2023 HALF-YEAR RESULTS
Substantially higher EBITDA and stabilisation of net financial debt
Gradual return to better nuclear fleet availability
Good overall operational performance
| Financial performance Sales: €75.5 bn: organic increase of +14.4% vs. H1 2022 EBITDA: €16.1 bn: x6 organic increase vs. H1 2022 Net income - Group share: €5.8 bn Net financial debt: €64.8 bn vs. €64.5 bn at end-2022 The 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 performance Group’s Electricity production totalled 232.1TWh in H1 2023, including: Nuclear output for 179.3TWh, of which:
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).
Renewable output for 34.8TWh, of which:
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.” Highlights Nuclear
Customers
Finalisation of the simplified public tender offer
Financing
2023 targets upgraded(5) Net financial debt / EBITDA: ≤ 2.5x Adjusted economic net debt / Adjusted EBITDA (6): ≤ 4x |
Key financial results:
- EBITDA
| (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.
- Net income
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.
- Cash flow
- Cash flow
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.
- Net financial debt
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.
Dalkia - Energy Services
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.
- Framatome
| (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.
United Kingdom
| (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.
- Italy
| (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.
- Other international
| (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).
- Other activities
| (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.
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(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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