EDF - Results

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

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

Consolidated sales rose by +2.2% with organic growth of +2.7%, reaching € 65.3 Bn for 2011. Sales growth (+€ 1.4 Bn), comprised negative foreign exchange effects of € 302 million and negative effects of changes in the scope of consolidation of € 37 million. Excluding these effects, organic growth stood at +€ 1.7 Bn. Growth concerned mainly France where growth stood at +€ 1.2 Bn (+3.4%) but also Italy (+16.0%, i.e +€ 0.9 Bn), in both electricity and hydrocarbon businesses.

Consolidated EBITDA amounted in 2011 to € 14.8 Bn, up by +4.7% from 2010 (adjusted) (organic: +6.6%*). In France, despite a very negative weather effect, the 6.0% growth (+€ 512 million) reflects an increase in nuclear output (+13.2 TWh) and a better operational performance of network activities (+12.9%). If Italy shows shrinking margins, EBITDA growth for international and other activities (+2.8% and +4% on an organic basis) is due to an increase in EDF Energy's nuclear outpout (+7.5 TWh) and to a progression of EBITDA at EDF Luminus and EDF Energies Nouvelles.

*  Organic growth excluding the consequences of the French ministerial decree ("arête"), issued on 4 July 2011 with regard to the non-recurring 2011 compensation of TaRTAM charges.

1. Adjusted 2010: on a comparable scope of consolidation (excluding EnBW, the British networks and the Eggborough plant in the UK, and including RTE under the equity method).
2. Compared to EDF net income published in 2010.
3. Net income excluding non-recurring items corresponds to the Group's share of net income excluding non-recurring items and the net change in fair value on Energy and Commodity derivatives, excluding trading activities, net of tax.

4. The 2010 ratio comprises: in the denominator, EBITDA 2010 (adjusted); in the numerator, adjustment of EnBW.

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Group sales amounted to € 65.3 Bn in 2011, up by +2.7% compared with 2010 (adjusted), on an organic basis.

The Group's EBITDA totalled € 14.8 Bn in 2011, up by +4.7%. Organic growth in EBITDA was +6.6%⁽¹⁾, above the objectives presented in July 2011.

1. Organic growth excluding the consequences of the French ministerial decree ("arête"), issued on 4 July 2011 with regard to the non-recurring 2011 compensation of TaRTAM charges.

• more details on sales, EBITDA, contribution by country

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

Net cash flow from operations increased to € 10,281 million for 2011 from its 2010 (adjusted) level of € 9,899 million (+3.9%).

• View the breakdown of the net income and cash flow