EDF - Debt structure

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.

In  € billion

* after gross CAPEX of €12.4bn

To find out more:

• Download the presentation (02/11/2009) (PDF, 263Kb)
• Download the Consolidated Financial Statements at December 31 2009 (PDF, 700Kb)
• Download the Management Report 2009 (PDF, 1.1Mb)
  
  

The Group generated free cash flow of €0.9bn. This includes capital expenditure net of disposals of €12.1 billion, financed by the cash flow from operations (€12.1 billion) and the -€0,4 billion change in working capital. It also includes the exceptional tax reimbursement by the French state following cancellation of the European Commission's decision of December 16, 2003 (€1.2 billion).

In € billion


* Exceptional tax refund by the French State (€1.2bn) as a result of the cancellation of European Commission's decision dated December 16, 2003

EDF's financial debt is balanced between fixed rate (84%) and floating rate (16%) repayments. As of December 31, 2009, the average debt maturity is 7.4 years with an average coupon of 4.4%. The ratings of rating agencies - Moody's, Standard & Poor's and Fitch - are available on the rating pages

Breakdown Fixed Rate / Floating Rate at 12/31/2009	Breakdown by currency at 12/31/2009
	* Including PLN, HUF, BRL