EDF - Net income & cash flow

Net Income (Group Share)

Net income excluding non-recurring items is the addition of EBIT and financial result. Net income excluding non-recurring items is computed after tax and excludes for instance impairments.

EDF net income was € 3,010 million at December 31, 2011, multiplied by 3 in comparison with the value published in 2010.

The Group's net income excluding non-recurring items stood at € 3,520 million for 2011, € 415 million (+ 13.4 %) higher than at December 31, 2010 (adjusted).

This change essentially reflects the rise in EBITDA (€ 668 million) and the decline in income taxes paid in 2011 (- € 483 million), mainly resulting from variances in payment of outstanding prior-year income taxes in France and the United Kingdom and the reimbursement of tax by RTE to EDF SA under the French tax consolidation system, which was higher in 2011. These positive impacts were offset by the increase in non-monetary items (-€ 739 million), mainly related to fair value adjustments on hedging instruments.

Operating cash flow increased of 3.9% compared to 2010 (adjusted). The Group's free cash flow at December 31, 2011 was negative at -€ 1,477 million, down by €1,307 million.

Despite the progression of operating cash flow, this variation was due to a decrease in working capital over 2011 (-€ 1,121 million) and an increase of gross capital expenditure of € 860 million compared to 2010 adjusted.

In € millions