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2014 Half-year 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 at end June 2014 decreased by 3.8% vs. end June 2013, with organic variation of -4.2% at €36,125 million due to weather conditions in Europe.

Consolidated EBITDA for first-half 2014 amounted to €9,608 million, up by 3.1% from first-half 2013(1), corresponding to an organic growth of 2.8%.

In millions of euros H1 2013(1) H1 2014 Change Change en %Organic growth in %(2)
Sales 37,552 36,125 -1,427 -3.8 -4.2
EBITDA 9,316 9,608 +292 +3.1
Net income - Group share 2,877
+240 +8.3
Net income excluding non-recurring items 3,068
+85 +2.8  

1. Data restated for the impact of IFRS 10 and 11
2. Organic change at constant scope and exchange rates

Net financial debt (in €Bn) 33.4 30.6
Net financial debt / EBITDA ratio
2.1x 1.9x(2)

1. Data restated for the impact of IFRS 10 and 11
2. Ratio at 30 June 2014 calculated on the basis of aggregate EBITDA in H2 2013 and H1 2014, with the numerator and denominatorat constant scope

Sales, EBITDA, contribution by country

Group sales amounted to €36,125 million in H1 2014, down by 3.8% (-4.2% on an organic basis) compared with H1 2013(1).

The Group's EBITDA totaled €9,608 million in H1 2014, up by 3.1% (+2.8% on an organic basis) compared with H1 2013(1).

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

Net income & Cash flow

EDF net income was €3,117 million in H1 2014, up by 8.3% in comparison with H1 2013.

Cash Flow after investments stands at €624 million an end June 2014, recording an improvement vs. S1 2013 (- €1 353 million(1) ) thanks to good operating performance, net investments decrease and smaller cash consumption in Working Capital.

Cash Flow after dividends stands at - €877 million at end June 2014, vs. €1,018 million at end June 2013, as a consequence of the withdrawn of €2.4bn from dedicated assets portfolio, further to the agreement reached with the Government on the CSPE. Moreover, the first half of 2013 did not support the payment of a dividend.

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

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