EDF - 2009 EDF Group Results

EDF SA's Board of Directors, meeting on 10 February 2010 under the chairmanship of Henri Proglio, approved the Group's consolidated accounts for fiscal year 2009.

Strong growth in EBITDA and operating cash flow
The Group's 22.7% growth in EBITDA was driven by international businesses* (+53.5%). This increase reflected the successful integration of British Energy, as well as sustained organic growth (+18.8%).
In France, against an exceptionally difficult backdrop in 2009, EBITDA declined 9%** in organic terms.
Net income - Group share amounted to €3.9 billion, up 12.1%.
The Group's operating cash flow (FFO) was €12.1 billion, up 20.3%.

International acquisitions to underpin Group's future growth
In 2009, the Group made several major international acquisitions: it acquired British Energy and partnered with Centrica in Great Britain, took a majority stake in the number-two Belgian energy operator SPE, and acquired 49.99% of Constellation Energy's existing nuclear business in the United States.
These transactions contributed significantly to the Group's operating cash flow (€1.2 billion in 2009). The net cash consideration for these acquisitions in 2009 was €14.7 billion, and was the principal reason for the change in net financial debt. Net financial debt amounted to €42.5 billion at end-2009, which was better than targeted.
The Group's net debt/EBITDA ratio is in line with the sector's average financial ratios.

Outlook for 2010
The Group is aiming for significant growth in its EBITDA*** in 2010, driven by organic**** growth of 3% to 5% and the full 12-months effect in 2010 of the international acquisitions carried out towards the end of 2009.

Henri Proglio, EDF Chairman and CEO, stated: «After an overall solid year for the Group despite an exceptionally difficult year in France, EDF will aim at improving its operating performance in 2010. This priority given to operations will translate in particular into a dedicated organization around worldwide integrated businesses responsible for upstream (generation) and downstream (supply) activities as well as into a stronger management of priority geographical markets. The rebound in French nuclear generation together with the stability of its international activities will allow EDF to resume organic growth while pursuing its investment in maintenance program as well as in new generation capacity in France and abroad. »

*International businesses and Other Activities.
** Not including impact in 2008 of the TaRTAM extension; +4.2% including TaRTAM extension.
*** At 31 December 2009 scope.
**** At constant scope and exchange rate, not including IAS 39 impact and including the end of TaRTAM on 30 June 2009.

More information in the Press release


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