HIGHLIGHTS FIRST QUARTER Disclaimer This presentation does not - - PowerPoint PPT Presentation
HIGHLIGHTS FIRST QUARTER Disclaimer This presentation does not - - PowerPoint PPT Presentation
SALES AND HIGHLIGHTS FIRST QUARTER Disclaimer This presentation does not constitute an offer to sell securities in the United States or any other jurisdiction. No reliance should be placed on the accuracy, completeness or correctness of the
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Disclaimer
This presentation does not constitute an offer to sell securities in the United States or any other jurisdiction. No reliance should be placed on the accuracy, completeness or correctness of the information or opinions contained in this presentation, and none
- f
EDF representatives shall bear any liability for any loss arising from any use
- f this presentation or its contents.
The present document may contain forward-looking statements and targets concerning the Group’s strategy, financial position or
- results. EDF considers that these forward-looking statements and targets are based on reasonable assumptions as of the present
document publication, which can be however inaccurate and are subject to numerous risks and uncertainties. There is no assurance that expected events will occur and that expected results will actually be achieved. Important factors that could cause actual results, performance or achievements of the Group to differ materially from those contemplated in this document include in particular the successful implementation of EDF strategic, financial and operational initiatives based on its current business model as an integrated operator, changes in the competitive and regulatory framework of the energy markets, as well as risk and uncertainties relating to the Group’s activities, its international scope, the climatic environment, the volatility of raw materials prices and currency exchange rates, technological changes, and changes in the economy. Detailed information regarding these uncertainties and potential risks are available in the reference document (Document de référence) of EDF filed with the Autorité des marchés financiers on 14 April 2015, which is available on the AMF's website at www.amf-france.org and on EDF’s website at www.edf.com. EDF does not undertake nor does it have any obligation to update forward-looking information contained in this presentation to reflect any unexpected events or circumstances arising after the date of this presentation.
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First quarter 2015: operating and strategic highlights
(1) Subject to the approval of the relevant competition authorities
- EDF Luminus
□ Acquisition(1) of a majority stake in ATS SA announced on 24 April 2015,
to become a Belgian leading player in energy services
- Dalkia
□ Acquisition of the Cesbron group finalised on 24 March 2015, expert in energy
services related to industrial and commercial refrigerating
- EDF Énergies Nouvelles
□ Business development in Chile (partnership in a 146MWp solar project)
and Brazil (majority stake in a 800MW wind project portfolio)
Good
- perating
conditions Selective developments
- Group sales organic evolution: +1.8% vs. Q1 2014
□ French nuclear output: +3.3TWh, +2.9% vs. Q1 2014 □ Return to normal weather conditions, impacting Group sales vs. Q1 2014
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21,205 22,859 +369 +894 +623
- 3
- 312
+83
Group sales increase mainly driven by France
(1) Organic growth at constant scope and exchange rates
Q1 2014 Q1 2015
Organic growth: +1.8%(1)
Italy Forex France UK Other Mainly UK (+€321m)
- Other International: -€7m
- Other Activities: +€90m
Scope Mainly Dalkia (+€833m)
In millions of euros
5
12,181 12,714
- 90
+680 +208
- 265
Sales in France mainly driven by colder weather compared to a particular mild Q1 2014
(1) Organic growth at constant scope and exchange rates (2) French scope effect linked to the transfer of upstream gas portfolio management to “Other activities” with no impact at Group level
Tariffs Weather (+8.4TWh) Other
Organic growth: +5.1%(1)
- End-customers electricity: -€179m
- Wholesale markets
and ARENH supply : -€86m
- ERDF (TURPE): -€53m
- Tariffs energy component: +€261m
Scope(2)
In millions of euros
Q1 2014 Q1 2015
6
France: upstream/downstream electricity balance
EDF excluding French electrical islands business
112
12 8 15
118 11
3 2
13
Nuclear Hydropower Thermal LT & structured purchases Purchase obligations Net market sales
Output/Purchases
147
+3.3 +1.1
- 0.7
- 1.3
+0.6
+3.0
∆ Q1 2015
- vs. Q1 2014
Structured sales, auctions & other End-customers ARENH supply
+3.0
∆ Q1 2015
- vs. Q1 2014
+5.4 +9.2
- 0.9
- 10.7
Sales
147
In TWh
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Increase in nuclear output in France thanks to good availability and return to normal weather conditions
In TWh
42.7 43.8 79.1 81.2 114.9 118.2
Cumulative output 2015 Cumulative output 2014
+2.6% +2.7%
January February March
Nuclear output: 410 - 415 TWh target reiterated for 2015 +2.9%
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3.8 3.4 7.9 7.2 12.0 10.7
Less favourable hydro conditions in France than in 2014
(1) Hydropower output net of pumping
- 10.5%
- 8.9%
- 10.8%
In TWh
Cumulative output(1) 2015 Cumulative output(1) 2014
January February March
20% 60% 100% 140% 180%
2014 2015
Seasonal mins. and maxs. 2004 -2014
January December March June September
Normal hydro levels
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United Kingdom: higher nuclear output partly offset by lower B2C product accounts
- Higher nuclear output (+0.8TWh vs. Q1 2014) thanks to good operational performance
- ffsetting expected reduced load at Heysham 1 and Hartlepool
- B2C decrease in electricity sales due to a lower product accounts average
at 5.5m (-3.8%), partially mitigated by a positive weather effect on gas sales
(1) Organic growth at constant scope and exchange rates
In millions of euros
Q1 2014 Q1 2015 ∆% ∆% Org.(1)
Sales 2,922 3,240 10.9%
- 0.1%
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Italy: sales decrease due to a lower price environment
- Electricity activity: decrease in sales due to unfavourable Italian power prices effects
- Hydrocarbons activity: positive weather effect on volumes sold to residential customers
and strong activity on wholesale markets, despite a negative evolution in prices
- Decline in hydro output (-0.3TWh i.e. -34%) due to weather conditions
(1) Organic growth at constant scope and exchange rates
In millions of euros
Italy
Fenice, Edison
Q1 2014 Q1 2015 ∆% ∆% Org.(1)
Sales 3,574 3,261
- 8.8%
- 8.7%
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213 232 467 451 1,023 1,035
Other International: decline in sales in Poland and Hungary, partly offset by favourable evolution in Belgium
- Belgium
□ Gas: positive weather impact on volumes sold,
balanced by decreasing prices
□ Electricity: decrease in volumes sold
- n wholesale markets
- Central and Eastern Europe
□ Poland
Higher wholesale market prices in electricity, more than offset by lower electricity volumes mostly due to modernisation work at Rybnik powerplant
□ Hungary
Sales impacted by decreasing tariffs
(1) Organic change at constant scope and exchange rates
Q1 2014 Q1 2015 ∆% ∆% Org.(1)
Sales 1,703 1,718 0.9%
- 0.4%
Central & Eastern Europe Other (Brazil, Asia, etc.) Belgium +1.2%(1)
- 3.6%(1)
- 0.9%(1)
1,703 1,718 Q1 2015 Q1 2014
In millions of euros
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Other Activities: increase in sales of renewable and gas
(1) Organic change at constant scope and exchange rates (2) With no impact on Group organic growth
- Dalkia
□ Favourable weather conditions(2)
- EDF Énergies Nouvelles
□ Growth in the Operation & Maintenance business
- EDF Trading
□ Positive price trend in Europe, broadly offset
by lower activity in the US compared to Q1 2014
- Other
□ Gas: positive weather impact on volumes sold
compared to 2014
□ ES (Électricité de Strasbourg): higher power
and gas volumes thanks to colder weather than in Q1 2014
Q1 2014 Q1 2015 ∆% ∆% Org.(1)
Sales 825 1,926 133.5% 10.9%
354 611 290 279 181 203 833 825 1,926
EDF Trading Other (Gas business, ES, etc.) +2.8%(1)
- 6.9%(1)
+29.7%(1)
Q1 2015 Q1 2014
EDF Énergies Nouvelles Dalkia
In millions of euros
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2015 guidance and 2018 roadmap confirmed
(1) At constant scope and exchange rates, and excluding the impacts on 2014 EBITDA of the adjustment in 2012-2013 regulated tariffs (2) Adjusted for interest payments on hybrid bonds booked in equity (3) Excluding Linky
- EBITDA growth(1)
- Net financial debt/EBITDA
- Payout ratio of Net income excluding
non-recurring items(2)
2015 2018 roadmap
- Cash flow after dividends(3)
0 to 3% 2x – 2.5x 55% – 65% Positive in 2018