EDF - Debt structure

Net indebtedness comprises total loans and financial liabilities, less cash, cash equivalents and liquid assets.

The Group's net indebtedness stood at € 33,285 million at December 31, 2011 compared to € 34,389 million at December 31, 2010, a decrease of € 1,104 million over the year.
The main factor in this decrease was the sale of EnBW (€ 7,091 million), offset by the negative free cash flow (- € 1,477 million), the negative impact of the purchase and exchange offer for EDF Energies Nouvelles shares (- € 1,462 million), payment of dividends (- € 2,383 million).

The average maturity of consolidated debt was thus 9.2 years at December 31, 2011 compared to 8.9⁽¹⁾ years at December 31, 2010.

On January 17, 2012, EDF and RTE were downgraded to A+/A-1 (stable outlook) by Standard & Poor's. This decision followed the downgrade of France's credit rating.

1.  Change of methodology at June 30, 2011: average maturity is calculated based on quarterly flows, instead of annual flows in 2010.

In  € billion

To find out more:

• Download the presentation - 02/16/2012 (PDF, 1.5 Mb)
• Download the Consolidated Financial Statements at December 31, 2012 (PDF, 1 Mb)
  

The Group's free cash flow at December 31, 2011 was negative at - € 1,477 million, compared to - € 170 million for 2010. The main factors were:

• operating cash flow of € 10,281 million;
• a decrease in working capital over 2011 (- € 1,121 million);
• gross capital expenditure of € 11,134 million.
  

The € 1,307 million difference from 2010 (adjusted) results mainly from the advance received in April 2010 under the contract with the Exeltium consortium (€ 1,747 million), which had no equivalent in 2011.

In € billion

The Group's debt after hedging instruments at December 31, 2011 comprised 80% of debt bearing interest at fixed rates and 20% at floating rates. A 1% uniform annual rise in interest rates would generate an approximate € 100 million increase in financial expenses at December 31, 2011, based on gross floating-rate debt after hedging.

The ratings of rating agencies - Moody's, Standard & Poor's and Fitch - are available on the rating pages

Breakdown Fixed Rate / Floating Rate at 12/31/2011	Breakdown by currency at 12/31/2011
	* Including PLN, HUF, BRL