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2020-02-17 11:25:00

EDF NET INCOME €5.2 BLN

EDF NET INCOME €5.2 BLN

EDF - 14 February 2020 - EDF's Board of Directors meeting on 13 February 2020, under the chairmanship of Jean-Bernard Lévy, approved the consolidated financial statements at 31 December 2019.

Jean-Bernard Lévy, EDF's Chairman and CEO, stated: "The rebound first seen in 2018 was confirmed and enhanced by our performance in 2019. EDF is a profitable company, which has achieved its financial targets. The unwavering commitment of Group's employees enabled us to further deploy our CAP 2030 strategy at a rapid pace, whilst making disciplined investments and reducing operational costs. We are forging ahead in all renewable energies, moving ahead with our commercial offensive in France and making strong progress with the implementation of our Solar, Electricity Storage and Electric Mobility plans and we are investing in nuclear existing assets and projects. By capitalizing on our expertise and our transformation capacity, we are determined to play a leading role to meet the French and European objective of becoming carbon neutral."

2019 EBITDA grew strongly compared to 2018. It benefitted from better price conditions in France and the United Kingdom and a strong performance from EDF Renewables, notably in its "Development and Sale of Structured Assets" operations. On the other hand, it was adversely affected by a decline in nuclear generation in France and the United Kingdom, and by poor hydropower conditions in France.

Operating performance

Nuclear output in France stood at 379.5TWh, down 13.7TWh compared to 2018 due in particular to a lower availability of the fleet caused by an increase in the extension of outages during a heavy campaign of ten-year inspections.

Hydraulic output in France amounted to 39.7TWh , down 14.7% (-6.8TWh) compared to 2018, due to very unfavourable hydraulic conditions over the first nine months of the year.

In the United Kingdom, nuclear output amounted to 51.0TWh, a decrease of 8.1TWh compared to 2018. This decline is attributable to the extension of the Hunterston B and Dungeness B outages.

In Italy, wind generation and ancillary services were up significantly.

In Belgium, both nuclear and wind generation increased.

EDF Renouvelables' output amounted to 14.7TWh. As expected, it was down slightly (-0.3TWh) compared to 2018 due to sales made in late 2018 and early 2019 (-3.1TWh compared to 2018). The gross portfolio of projects under construction doubled by the end of December 2019. It reached a record level of 5.0GW, with 3.4GW of wind power (including 0.9GW of offshore wind power in France and Scotland) and 1.5GW in solar.

Net income

The financial result represented an expense of €361 million in 2019, an improvement of €4,437 million compared to 2018, mainly due to the positive change in fair value of the portfolio of dedicated assets (€3.5 billion). The latter reflects the good performance of the equity and bond markets in 2019. As a reminder, this change in fair value is not included in the calculation of net income excluding non-recurring items.

Net income excluding non-recurring items amounted to €3,871 million at the end of December 2019, up by €1,419 million compared to 2018 thanks in particular to a strong operating performance and a lower drop in discount rates compared to 2018 (-10 bps at 2.3% in real figures at the end of 2019 against -20 bps at 2.4% in real figures at the end of 2018).

Net income - Group share amounted to €5,155 million at the end 2019, driven in particular by the improvement in the financial result.

Proposed dividend for 2019: €0.48/share, i.e. a payout ratio of 45%, with an option of payment in new shares

At its 13 February 2020 meeting, EDF's Board of Directors decided to propose to the Ordinary Shareholders' Meeting, convened to approve the accounts for the financial year ending 31 December 2019 and to be held on 7 May 2020 (hereafter the "Shareholders' Meeting"), the payment of a dividend of €0.48 per share for 2019. This would correspond to a payout ratio of 45% of net income excluding non-recurring items.

When subtracting the interim dividend of €0.15 per share paid out in December 2019, the balance of the dividend to be paid out on the 2019 financial year comes to €0.33 per share for shares receiving the ordinary dividend and to €0.38 per share for loyalty shares.

Subject to approval at the Shareholders' Meeting, in accordance with Article L. 232-18 of the French Commercial Code and Article 25 of the Company's articles of association, EDF's Board of Directors decided on 13 February 2020 to offer each shareholder the option of being paid in new EDF stocks on the remaining dividend to be paid. In case the option is exercised, the new shares will be set at a price equal to 90% of the average of opening prices of the EDF share on the Euronext Paris regulated market over the twenty trading days preceding the day of the Shareholders' Meeting, less the amount of the balance of the dividend to be paid for the 2019 financial year, rounded up to the nearest cent.

On 13 February 2020, EDF's Board of Directors set the terms of payment of the balance of the dividend for the 2019 financial year which will be submitted for approval during the Shareholders' Meeting:

- ordinary and loyalty dividend ex-date on 14 May 2020;

- exercise period for payment in new shares from 18 May to 04 June 2020 inclusive;

- payment date of the balance of the dividend and settlement/delivery of the shares on 10 June 2020.

If the option of payment in new shares is not exercised between 18 May and 4 June 2020 inclusive, the shareholder will receive the balance of the dividend in cash on the payment date, i.e. 10 June 2020.

 

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Tags: EDF