To deal with its difficulties, EDF announced on Friday 18 February a « plan d’actions » including a bailout of the State, a capital increase project of around 2.5 billion euros and a disposal plan of 3 billion euros in total until 2024.
The group, nearly 84% owned by the state, saw its net profit multiplied by eight last year, to 5.1 billion euros, benefiting in particular from good nuclear production in France. “We have been encountering difficulties since the beginning of 2022”which will require “an action plan”however, CEO Jean-Bernard Lévy told reporters.
EDF will indeed suffer this year from nuclear production at half mast, with in particular corrosion problems on several reactors, and government measures to limit the rise in electricity bills. These two factors will thus weigh negatively by respectively 11 billion and 8 billion euros on its gross operating surplus (Ebitda), which reached 18 billion euros in 2021.
Debt of 43 billion euros
EDF has therefore unveiled a capital increase project of approximately 2.5 billion euros. The State will participate to the tune of 2.1 billion, said Friday morning the Minister of the Economy, Bruno Le Maire, on RTL.
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The group also offers an option to pay dividends in shares (and not in cash) for the 2022 and 2023 financial years. Finally, EDF announces disposals of around 3 billion euros in total over the years 2022 to 2024.
With a net debt of 43 billion euros at the end of last year, the group must face significant investments. President Emmanuel Macron has just announced its intention to build six EPR reactors in France, with studies for eight more.