EDF - Sales, EBITDA, contribution by country

Sales

Group sales amounted to € 65.3 Bn in 2011 up by € 1.4 Bn compared with 2010 (+ 2.2 %). Excluding foreign exchange effects of -€ 0.3 Bn, principally resulting from the fall of the pound sterling against the Euro, and excluding changes in the scope of consolidation, organic growth stood at + 2.7 %.

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

In € millions

EBITDA

EBITDA totalled € 14.8 Bn, up by +4.7% compared with 2010 adjusted, with organic growth of +6.6%⁽¹⁾.

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.

In € millions

1. Organic growth excluding the consequences of the French ministerial decree ("arreté") issued on 4 july 2011 with regard to the non-recurring 2011 compen sation of TaRTAM charges.

Contribution by country to the Group related to 2011 results

Group sales amounted to € 65.3 Bn in 2011. In France, sales totalled € 37.2 Bn in 2011, on an organic basis up by +3.4% compared with 2010. Outside France, sales went up by +0.6% and up by +1.8% on an organic basis.

The Group's EBITDA totalled € 14.8 Bn in 2011, up by +4.7% and by +6.6% on an organic basis.

In € millions

France's contribution to Group sales amounted to € 37.2 Bn, showing organic growth of +3.4% from 2010 (adjusted).

Despite a very negative weather effect (- € 1.9 Bn) that adversely affected sales to end customers, sales rose by € 1.4 million as a result of positive price and tariff effects; the tariff increases of August 15, 2010 and July 1, 2011, and market prices that were slightly higher on average than in 2010 (+ € 1.4 /MWh). The rest of the increase is essentially attributable to the increase in volumes sold under the ARENH system, and on the wholesale markets due to the favorable supply-demand balance.

France contributed € 9.1 Bn of consolidated EBITDA for 2011, +6.0% higher than in 2010 (adjusted), corresponding to organic growth of +6.3%. Despite very unfavorable water availability (- € 0.6 Bn), EBITDA for the deregulated activities rose slightly between 2010 and 2011 (+2.6%) due to an increase in nuclear power output (+ € 0.6 Bn) and higher regulated tariffs (+€0.5 Bn). EBITDA for the network activities registered a 12.9% increase despite the decline in volumes carried (reflecting the weather effects of 2010), due to higher TURPE tariffs and a fall in purchases to cover network losses. EBITDA for the island activities increased by €41 million (+18.7%) due to the tariff increase and the rise in payments under the CSPE compensation system.

Sales in the United Kingdom amounted to € 8.6 Bn in 2011, down by -9.8% compared to 2010 (adjusted), or an organic decline of -8.0%. The unfavorable foreign exchange effect of - € 0.2 Bn resulted from the pound sterling's fall against the Euro between 2010 and 2011.
The United Kingdom's contribution to Group EBITDA for 2011 was € 1.9 Bn, up by +6.8% from 2010 (adjusted), with organic growth of +8.5%.

Italy⁽¹⁾ contributed € 6.6 Bn to consolidated sales, up by +16.0%, with organic growth of +17.5%. The Italy segment contributed € 0.6 Bn to the Group's consolidated EBITDA, down by 26.1% (organic decline of -25.2%).

Sales by Edison rose by € 0.9 Bn or +17.3% (organic growth of +19.0%), boosted by the electricity business which benefited from a positive price effect and a generally favorable volume effect driven by the wholesale markets, despite a downturn in volumes sold to end customers. Edison contributed € 0.5 Bn to consolidated EBITDA in 2011 against € 0.7 Bn in 2010 (adjusted), corresponding to an organic decline of € 0.2 Bn or -29.7%.

Sales by Fenice increased by € 11 M (+2.3%, corresponding to an organic change of +1.3%), primarily due to the start-up of new cogenerations in Italy and development of foreign subsidiaries. This rise was partly counterbalanced by a slowdown in sales for Fiat. Fenice's contribution to consolidated EBITDA showed organic growth of € 2 million between 2010 (adjusted) and 2011.

The segment Other International contributed € 7.5 Bn to Group sales in 2011, up by €0.5 Bn or +6.7% from 2010 (adjusted). Without these scope and exchange effects, sales would show organic growth of +8.9% compared to 2010 (adjusted).
EBITDA for the Other International segment stood at € 1.3 Bn in 2011, up by +18.1% compared to 2010 (adjusted), with organic growth of +19.5%.

The contribution by the Other activities segment to Group sales in 2011 was € 5.5 Bn, down by € 0.3 Bn or -4.8%, with an organic decline of -5.8% from 2010 (adjusted). Other activities contributed € 1.9 Bn to Group EBITDA for 2011, € 47 M more than in 2010 (adjusted), with organic growth of +3.3%.
EDF Energies Nouvelles' contribution to consolidated EBITDA amounted to € 0.6 Bn² , an organic increase of +17.4% from 2010 (adjusted). The principal factor in this increase was the growth of the company's wind and solar power generation business.
EBITDA at EDF Trading showed organic growth of +7.2% compared to 2010 (adjusted), in line with the increase in sales³.

Dalkia's EBITDA saw an organic decline of € 0.1Bn (-34.4%), primarily due to the gain recognized in 2010 on the sale of Usti in the Czech Republic, and lower earnings, especially in Italy and in the Czech Republic.

¹ Edison and Fenice groups.
² € 560 million at EDF Energies Nouvelles, before EDF group consolidation adjustments.
³ EDF Trading's sales consist of its trading margin.