Economy 2019 net profit inflated by financial elements

2019 net profit inflated by financial elements

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Jean-Bernard Lévy can display his satisfaction. EDF saw its net profit multiplied by more than four in 2019, inflated in financial terms linked to the good performance of the financial markets, the electrician announced on Friday 14 February. Net profit thus reached 5.2 billion euros, against 1.2 billion a year earlier, he said in a statement. The group benefited from the positive change in fair value of its dedicated assets, which are intended to cover the costs of nuclear dismantling and waste management.

On a more operational level, its gross operating surplus (Ebitda) increased for its part by 12% to 16.7 billion euros, at the top of the group’s forecasts and above analysts’ expectations, driven by good price conditions and its activity in renewable energies.

This is despite the decline in nuclear production in France and the United Kingdom, as well as a drop in French hydraulic production. “Our performance in 2019 confirms and prolongs the rebound recorded in 2018: indeed all of our financial objectives have been met, we are a profitable group”, greeted the CEO of EDF, Jean-Bernard Lévy, during a conference call.

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Net profit expected to increase in 2020

Net financial debt, for its part, jumped from 33.4 billion at the end of 2018 to 41.1 billion at the end of 2019, due to the application of accounting standards but also to investments in nuclear power in the United Kingdom and for deployment of Linky smart meters.

For 2020, EDF is counting on growing Ebitda, in a range of 17.5 to 18 billion euros. Nuclear production in France is expected to range from 375 to 390 TWh, which may correspond to a slight drop or an increase compared to 379.5 TWh achieved in 2019.

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