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EDF Group 2015 full year results

2015 full-year results: all targets reached
Strong operating performance
in adverse market conditions
2018 ambition reiterated

  • EBITDA: €17.6bn, +3.9% organic growth excluding 2012 tariff catch-up1, in line with the upgraded target of at least 3% growth
  • Net income excluding non-recurring items: €4.8bn, stable compared to 2014
  • Net income - Group share: €1.2bn compared to €3.7bn in 2014 due mainly to impairments announced in December 2015
  • Good performance in nuclear generation
    • France: 416.8TWh, exceeding the 410-415TWh target
    • United Kingdom: 60.6TWh, highest nuclear output in past 10 years
  • Ongoing control on Opex: -1.4%2 compared to 2014
  • Continued development of the Group in renewable energies
  • +1GW of net capacity installed by EDF Énergies Nouvelles
  • Success of the second Green Bond: $1.25bn dedicated to renewable energy projects
  • Net financial debt / EBITDA: 2.1x in line with the target of 2-2.5x
  • Dividend proposed for 2015: €1.10/share with the option for a payment in new shares, equivalent to a 56% payout ratio3 after deduction of Cigéo extra-cost

Financial perspectives

  • EBITDA4: €16.3 – €16.8 billion
  • Net financial debt / EBITDA: between 2x and 2.5x
  • Pay-out ratio of net income excluding non-recurring items5: 55% to 65%

2018 positive cash flow6 ambition confirmed

 
EDF’s Board of Directors, meeting on 15 February 2016 under the chairmanship of Jean-Bernard Lévy, approved the consolidated accounts of the financial year ending 31 December 2015.

Jean-Bernard Lévy, EDF’s Chairman and Chief Executive Officer, stated: "EDF achieved all its targets in 2015. The year was marked by strong operational performance, reflecting the significant efforts the teams made. With the end of the regulated Yellow and Green Tariffs, most clients turned to EDF. Nuclear output reached its highest level, since 2011 in France, and since 2005 in the United Kingdom. We are also continuing our significant development in renewable energy, with an additional 1GW of net installed capacity. The transformation of EDF Group is essential in the unfavourable market conditions. EDF has embarked on this transformation, and is accelerating innovation to serve the energy transition."


1. Impact of the regularisation of regulated tariffs for the period from 23 July 2012 to 31 July 2013, following the French Council of State’s decision of 11 April  2014
2. At constant scope and exchange rates
3. Payout ratio applied to Net income excluding non-recurring items adjusted for the remuneration of hybrid issues booked as equity
4. At constant scope and exchange rate
5. Adjusted for interest payments on hybrid issues booked in equity
6. Cash flow after dividends, excluding Linky and new developments net of disposals
 
EDF Group 2015 Full Year Results press release - PDF