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2014 annual results

 
 

 
 

1. Data restated for the impact of IFRS 10 & 11
2. At constant scope and exchange rate
3. Net investments excluding Linky and strategic operations

 

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Sales

Sales are the total amount of EDF's products and services sales. They are mostly composed of energy, transmission and distribution services sales, in France and abroad.


Sales amounted to €72,874 million for 2014, up by 1,3% and down by 1,4% on an organic basis (at constant scope and exchange rates).

in millions of euros
Sales evolution - 2014

1. Data restated for the impact of IFRS 10 & 11

 

EBITDA

The EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) is equal to the balance of sales and cash operating charges (purchases, personnel expenses, taxes). This indicator measures the company's ability to be self-financing.


Consolidated EBITDA for 2014 amounted to €17,279 million, up by 7.3% from 2013, corresponding to an organic growth of 6.5%.


in millions of euros

EBITDA 2014

1. Data restated for the impact of IFRS 10 & 11


Net income

EDF net income is the net income including non-recurring items.


EDF net income reached €3,701 million for 2014, up by 5.2% compared to 2013.

Net income is the difference between Operating profit and net financial expense. Net income is computed after tax and excludes non-recurring items.


The Group net income excluding non-recurring items stands at €4,852 million for 2014, up by 17.9% compared to 2013.

Operating cash flow

Operating Cash flow came to €11,691 million in 2014 vs. €12,577 million in 2013, with a €678 million increase in income tax paid in 2014. This covers almost all the €12 billion in net investments.

Meanwhile, the change in working capital requirement came to -€1,041 million in 2014, driven by a number of exceptional factors: on the one hand, the increase in trade receivables due to the revision of 2012-2013 regulated tariffs for -€979 million which will not be cashed-in until 2015 and the increase in the CSPE operating receivable (-€699 million); and, on the other hand, the mild weather of 2014, which led to a decline in trade receivables. Meanwhile, the first effects of the WCR plan are beginning to impact positively the change in working capital requirement.

Hence, Cash flow after net investments came to -€1,395 million, down from -€964 million in 2013.

Cash flow after dividends came to -€4,007 million vs. -€314 million in 2013, which benefitted from the withdrawal of dedicated assets after the allocation of the CSPE receivable (€2.4 billion) and from disposals in strategic operations (€0.8 billion).



in € million
2013 restated(1)
2014
Δ %
Operating Cash Flow
12,577
11,691
-7.0
Δ WCR
  -1,711
-1,041 
 
Net investments excluding
strategic operations(2)
11,830
12,045
 
Cash Flow after net investments

-964

-1,395
 -44.7

1. Data restated for the impact of IFRS 10 & 11
2. Net investments excluding Linky and strategic operations

Contribution by country

Group sales amounted to €72,874 million for 2014 up by 1.3%, and down by 1.4% on an organic basis.

France accounted for 55% of Group Sales, against 56% for 2013.

The Group's EBITDA amounted to €17,279 million for 2014, up by +7.3% and by +6.5% on an organic basis.

in € million
Group
France
United Kingdom
Italy
Other International
Other activities
Sales
72,874
39,910
10,160
12,687
5,603
4,514
EBITDA
17,279
12,198
1,941
886
632  
1,622
 

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