EDF : EDF : quarterly financial information

                 EDF : EDF : quarterly financial information

                       Quarterly financial information

· First quarter 2013 sales: Relevance of EDF's integrated and
diversified business model
· Sales up 12.1%, of which 4.7% in organic terms
· 2013 targets reiterated

                          Change in EDF Group sales

                                Q1 2012 Q1 2013  %   o/w % o/w % o/w % organic
in millions of euros                                 forex scope
France                          12,462  12,880  3.4   0.0   0.0       3.4
UK                               2,608   2,731  4.7  -2.1   0.0       6.8
Italy                            1,758   3,513  99.8  0.0  87.3      12.5
Other International              2,356   2,465  4.6  -0.5   0.2       5.0
Other Activities                 1,651   1,767  7.0  -0.1   4.1       3.0
International & Other            8,373  10,476  25.1 -0.8  19.2       6.7
Total Group                     20,835  23,356  12.1 -0.3   7.7       4.7

EDF Group sales  in the first  quarter of  2013 grew 12.1%  compared with  the 
first quarter 2012, reaching
€23.4 billion mainly due  to the impact of  the full consolidation of  Edison. 
The increase at constant scope and  exchange rates was 4.7% and reflected,  in 
particular, rising volumes as a result of a weather effect in France and, to a
lesser extent, the United Kingdom and Italy  as well as an improvement in  the 
operating performance in the United Kingdom and the United States versus 2012.
The first quarter of  2013 was also  marked by an  improvement in the  Group's 
financial structure due to the allocation of the CSPE receivable to  dedicated 
assets after a comprehensive agreement with the French government was reached.
In addition,  the  Group  raised  over  €6  billion  in  hybrid  bonds,  which 
represents the biggest hybrid issue ever  by a non-financial company in  three 

Henri Proglio, Chairman and CEO  of EDF said: "Our  sales growth in the  first 
quarter once  again  proved  the  relevance  of  the  Group's  integrated  and 
diversified business model. Highlights  included strong performances from  the 
United Kingdom and EDF Energies Nouvelles. Its business model will enable EDF,
the leading industrial company in France,  to again invest nearly €12  billion 
in its businesses and  hire over 6,000 people,  including 2,000 new  positions 

                                 2013 Outlook

EDF is reiterating its financial guidance for 2013:
- Organic EBITDA^[1] growth excluding Edison: 0-3%;
- Edison: expectation for recurring EBITDA in line with 2012, with fluctuation
in results possible in
2013- 2014 linked to a calendar effect from the renegotiation of gas supply
- Net financial debt/EBITDA ratio: between 2x and 2.5x
- Payout ratio: between 55% and 65% of net income excluding non-recurring

EBITDA growth excluding Edison is expected for the second half on account of
the positioning of cost-cutting measures under the "Spark" programme,
concentrated in the second half of the year, and the expected improvement in
French nuclear output.

                        Change in first quarter sales

                       France: Positive weather effect

in millions of euros Q1 2012 Q1 2013  D   Organic growth (%)
Total France        12,462  12,880  418        3.4

In France,  sales  reached  €12.9  billion  in  the  first  quarter  of  2013, 
reflecting 3.4% in organic growth for €418 million. This growth was mainly the
result of colder weather conditions over the period compared with the previous
year, and  amounted  to €462  million,  with  a favourable  effect  on  EBITDA 
expected, given that prices eased on the spot market.
The positive  price  effect  for  €198 million,  linked  to  the  summer  2012 
regulated tariff  hike  (networks  and  energy),  partially  offset  the  drop 
resulting from the gradual stop  in sales under long-term contracts  (Eurodif, 
etc.) and supplier calls for tender.
Nuclear output in the first  quarter of 2013 was  down 2.6% compared with  the 
first quarter of  2012, mainly  due to  a busier  scheduled outage  programme, 
which is taking place earlier in the  year, as well. The Group is  reiterating 
its 2013 nuclear output target  of between 410 and  415 TWh, which takes  into 
account the  continuation of  the large  component replacement  programme  and 
seven 10-year inspections scheduled.

Hydropower output in  the first quarter  of 2013 increased  by 3 TWh  compared 
with the first quarter  of 2012 (+34.5%),  equally split between  run-of-river 
and lakes.  Furthermore, snowpack  measured  in late  March  in the  Alps  and 
Pyrenees in France and rains in the month of April should allow reserves to be
built back up. In addition, fossil-fired  output was up 1.9 TWh compared  with 
output from the same period in 2012.

            United Kingdom: Good performance of the nuclear fleet

in millions of euros Q1 2012 Q1 2013  D  Organic growth (%)
Total UK             2,608   2,731  123        6.8

In the United Kingdom, sales reached €2.7 billion, up 6.8% in organic terms or
€177 million compared with the first  quarter of 2012. The deprecation of  the 
pound sterling against the euro had a negative effect of €54 million.  Nuclear 
output in the  first quarter  of 2013  was up  1.6 TWh,  reflecting growth  of 
+11.3% compared with the first quarter of 2012, thanks to the good performance
of the fleet in line with the  goal of stable output compared with 2012  given 
the busier planned outage  schedule. Moreover, in the  first quarter of  2013, 
fossil-fired output was up 0.2 TWh,  representing an increase of +3% over  the 
same period in 2012, due to good availability.
The organic  increase in  sales was  due, in  particular, to  the  electricity 
activity (+€101 million) and a positive price effect for €95 million as market
prices rose.
The volume effect of this business was  boosted by the sale of electricity  on 
the wholesale  markets  (+2.5  TWh)  pursuant to  commitments  made  with  the 
European Commission  after  British  Energy was  acquired,  which  offset  the 
decline in structured  sales (-2.7  TWh) -  while other  client segments  were 
mainly stable. Gas sales were up €64 million compared with the same period  in 
2012, driven particularly by a colder winter than in 2012.

              Italy: Increase in sales on the wholesale markets

in millions of euros Q1 2012 Q1 2013   D   Organic growth (%)
Total Italy          1,758   3,513  1,755       12.5

The Italy segment primarily includes EDF Fenice and Edison (where EDF now
holds 97.4% of the capital^[2] ), which has been fully consolidated since EDF
took control on 24 May 2012.

In Italy, Group  sales amounted to  €3.5 billion, up  12.5% in organic  terms. 
Edison's sales increased by 14.9%, on an organic basis.
In electricity activities, sales  were up 16.5%, driven  by a positive  volume 
effect. Sales to end-customers were quasi flat while sales on the forward  and 
wholesale markets were up markedly  and offset the fall  in sales on the  IPEX 
Hydrocarbon sales dropped 7.5% due to lower average sales price.
The fact that supply prices of  long-term gas contracts are higher than  those 
on the  spot market  continues to  penalise the  margins of  the gas  business 
against a backdrop  of low demand  for gas in  Italy. This is  the reason  why 
Edison began a new round of renegotiations of its gas contracts in late  2012. 
Following successes on Qatari and Libyan contracts in 2012, Edison obtained  a 
downwards revision of the price of gas set out in its contract with  Sonatrach 
(Algeria) on 24 April 2013 after an arbitration procedure was begun in  August 
2011. This revision has been integrated in Edison's 2013 target and will  have 
a positive effect of nearly €300 million on its EBITDA.

   Other International: Higher sales with no significant effect on margins

in millions of euros       Q1 2012 Q1 2013  D  Organic growth (%)
Total Other International  2,356   2,465  109        5.0

The Other international  segment recorded  €2.5 billion  in sales,  reflecting 
5.0% organic growth.
Belgium generated a 6.6% increase in  its organic sales growth, due mainly  to 
higher sales  in energy  trading  activities, with  no significant  impact  on 
margins. However, margins were affected by the extended outages at the Tihange
2 and Doel 3 facilities, heavy competition on prices on the Belgian market and
the drop in spark spreads.
Poland's organic sales growth fell by 6.7%, due to the decrease in electricity
prices, green certificates and the drop in electricity volumes sold.
Compared with a first quarter of 2012 that was marked by maintenance  outages, 
sales generated in other parts of the  world were higher in the first  quarter 
of 2013, driven  by Brazil  (+27.9% in organic  terms) and  the United  States 
(+13.6%), where the availability of power stations improved.

         Other activities: Good performance across the entire segment

in millions of euros    Q1 2012 Q1 2013  D  Organic growth (%)
Total Other Activities  1,651   1,767  116        3.0

The contribution  of the  Other Activities  segment to  Group sales  was  €1.8 
billion, growing 3.0% in  organic terms due  to the increase  in sales at  EDF 
Trading and EDF Energies Nouvelles.
The increase in the gross trading margin at EDF Trading accounted for 10.9% of
sales or €33 million compared with the first quarter of 2012, driven by strong
performance of coal and gas activities.
Organic sales growth at EDF Energies  Nouvelles was up 5.3% compared with  the 
first quarter of 2012.  This growth was  mainly due to  the 31.2% increase  in 
Generation sales following  the ramping-up  of capacity  commissioned in  2012 
(+820 MW net), mostly  located in the United  States, Canada and Poland.  This 
growth also  resulted  from  highly favourable  wind  conditions  in  southern 
Europe,  which  were  partially  offset,  however,  by  unfavourable   weather 
conditions in the United States over the same period.
At 31 March  2013, EDF  EN's gross installed  capacity amounted  to 5,769  MW, 
including 5,016 MW in wind power and 559  MW in solar capacity, as well as  an 
additional 791 MW in gross capacity under construction.


Edison: conclusion of the arbitration procedure with Sonatrach regarding the
long-term contract in Algeria

On 24 April 2013,  the International Court of  Arbitration ruled in favour  of 
Edison under the framework of the arbitration procedure started in August 2011
on the long-term price set out  in the Algerian contract. The downwards  price 
revision will have a positive effect of €300 million on Edison's 2013 EBITDA.

EDF has received approval from the French Nuclear Safety Authority to continue
operating Fessenheim reactor no. 2 and will complete the required work

The French  Nuclear  Safety  Authority  (ASN)  has  allowed  EDF  to  continue 
operating reactor no.  2 at the  Fessenheim nuclear power  station beyond  its 
third ten-year inspection.
EDF will  carry  out  the  work  imposed by  the  ASN  within  the  stipulated 
This positive operating notification follows the ten-year inspection conducted
between April 2011 and March 2012.
The regulatory ten-year inspection consists of an exhaustive "check-up" of the
installations, after  every ten  years  of operation,  carried out  under  the 
supervision of the ASN,  and resulting in a  strengthened level of safety  for 
the facilities, in  accordance with  the most recent  standards. This  outage, 
exceptional in terms of the extent of the monitoring (regarding compliance  as 
well as  safety)  and the  work  carried out,  provides  a means  of  checking 
components that are essential to the safety of the plants: the reactor vessel,
the reactor building and the primary circuit.
All work required will be completed within the deadlines set by the ASN.  Some 
work will be completed during the  planned outage of reactor no. 2,  scheduled 
for July 2013.
In July 2011, the ASN gave its approval to operate reactor no. 1 at the  power 
station.  This  authorisation  was  also  subject  to  technical  requirements 
involving the work now being conducted by EDF.

EDF and China Datang Corporation sign a cooperation agreement in the field of
thermal energy

EDF and  the  Chinese  electricity producer  China  Datang  Corporation  (CDT) 
signed, on 25 April 2013 in Beijing, a cooperation framework agreement in  the 
presence of  Xi Jinping,  President  of the  People's  Republic of  China  and 
François Hollande, President of the French Republic.
According to the terms of the agreement, EDF and CDT identified several  areas 
of cooperation,  particularly  the  joint development  of  fossil-fired  power 
projects in China and internationally.  Furthermore, the two groups intend  to 
explore potential technical cooperation in  the field of thermal  engineering. 
This agreement will  also strengthen the  link between EDF  and CDT  regarding 
research and development dedicated to promoting clean energy technologies.
This agreement follows up on an initial  agreement reached in 2006 by the  two 
companies, which  allowed  EDF  to  take a  35%  stake  in  the  supercritical 
coal-fired plant of  Datang Sanmenxia Power  Phase II (DSPC),  located in  the 
region of  Henan in  the north  of  China. This  is the  most  technologically 
advanced thermal coal project EDF is  involved in. Thanks to investments  made 
in the research and  development associated with  the projects, these  Chinese 
companies are now global  leaders in the  industrialisation of these  advanced 
technologies that emit low levels of CO[2].

EDF, Areva and CGNPC sign a joint statement of cooperation

He Yu, Chairman of  China Guangdong Nuclear Power  Holding Co. (CGNPC),  Henri 
Proglio, Chief Executive
Officer of EDF, and Luc Oursel, Chief Executive Officer of AREVA signed, on 25
April 2013, a tripartite agreement fostering deeper industrial and  commercial 
cooperation among the three groups.
According to the terms of this agreement, CGNPC, AREVA and EDF reaffirm  their 
willingness to  successfully  complete  the  construction  of  the  first  two 
reactors in Taishan, and to carry  out a successful start of their  commercial 
operation. This will also set the stage for an effective development of future
reactors. Given this, AREVA and CGNPC will soon analyse experience gained from
the construction of the Taishan 1 and 2 units.
Cooperation also  includes EDF  and AREVA  contributing, in  their  respective 
areas of  expertise,  to  the  improvement  of  the  safety,  maintenance  and 
performance of CGNPC's  reactors in operation,  and to changes  in its  fleet. 
Within this  framework, the  three partners  will jointly  benefit from  their 
respective nuclear  industrial experience  and  will consider  cooperating  on 
future projects on a global scale.

The French Energy Regulatory Commission (CRE) sets the new tariff for use of
the transmission network (TURPE 4 HTB)

In its decision on 3 April 2013, the French Energy Regulatory Commission (CRE)
set the new tariff for the HVB transmission network operated by RTE that  will 
be applicable as of 1 August 2013 for a period of approximately four years. It
calls for an increase of 2.4% and will be indexed to inflation thereafter.
The CRE is reinforcing  the incentives for  the transmission network  operator 
(RTE) to control its costs and improve the quality of the service delivered to
users. In particular, it sets the  average power cut duration at 2.4  minutes, 
already adopted  under TURPE  3.  Furthermore, it  expands  the scope  of  the 
financial incentives to include the average  frequency of power cuts. The  CRE 
also introduces incentives for the  development of interconnections and  seeks 
to  promote  research  and  development  activities  through  an   appropriate 
regulatory framework.
The financial incentive mechanism defined by the  CRE is based on a system  of 
bonuses and penalties: the network operator collects a bonus when it  improves 
its performance but must pay a penalty if the opposite is true. The portion of
the electricity transmission tariff is 12% of the regulated sales tariff.

EDF 2012 dividend: the French State shall opt for the payment in new shares
for a portion of the 2012 dividend

In its meeting held on 13 February  2013, EDF's Board of directors decided  to 
propose to the Shareholders' meeting, which will take place on 30 May 2013, to
approve a total dividend of €1.25  per share for 2012. The remaining  dividend 
to be paid is  €0.68 per share,  given the payment of  an interim dividend  of 
€0.57 per share in December 2012.
Subject to approval  at the  Shareholders' meeting, each  shareholder will  be 
offered to opt  for a payment  in new EDF  shares for a  portion of €0.10  per 
share on the 2012 remaining dividend to be paid. New shares will be issued  at 
a price equal to 90%  of the average of the  opening prices of the EDF  shares 
listed on the Euronext Paris regulated  market over the 20 trading days  prior 
to the  date  of  the Shareholders'  meeting,  less  the amount  of  the  2012 
remaining dividend to be paid, rounded up to the next highest euro cent.
Shareholders may exercise their  option between 6 June  2013 and 26 June  2013 
inclusive. After the  26 June 2013  deadline, the remaining  dividend will  be 
paid in cash only. The remainder of the dividend to be paid will be paid on  8 
July 2013 (the ex-date being 6 June 2013) regardless of whether the payment is
in shares or in cash. The French State, EDF's majority shareholder with  84.4% 
of its share capital, has confirmed it shall vote in favour of the decision at
the Shareholders' meeting of 30 May 2013 and opt for the payment in new shares
for the portion of the final dividend payable in shares.

Signing of a definitive agreement with Total Group relative to the acquisition

On 4 April 2013, the consortium  comprised of Snam, the Italian gas  transport 
and storage operator (45%), GIC, the Singaporean sovereign fund (35%), and EDF
(20%, through its dedicated assets for the dismantling of nuclear plants), has
entered into a definitive agreement with  the Total Group for the  acquisition 
of TIGF (Transport et Infrastructures Gaz France), i.e. its gas transport  and 
storage business in southwest France. On  5 February 2013, the consortium  and 
Total  entered   into   exclusive  negotiations   regarding   this   potential 
acquisition. Closing of  the transaction  remains subject to  approval by  the 
relevant regulatory and antitrust authorities.

Edison refinancing for a total amount of €1.5 billion

On 11 April 2013, Edison  announced it had drawn  on two intra-group loans  in 
order to  refinance one  of its  bond issues  totalling €1.5  billion that  is 
reaching maturity.  The first  loan, granted  by the  Group, amounts  to  €800 
million and has a maturity of 7 years. The second one amounts to €600  million 
and has a maturity  of 2 years. Both  loans were subscribed under  competitive 
terms, in line with those granted in  the capital markets to companies with  a 
rating similar to  that of Edison.  These loans represent  the most  important 
part of a broad-based refinancing plan that will ensure an efficient  coverage 
of both  long-term  operating  needs and  short-term  cash  shortfalls,  while 
providing the company adequate flexibility.

EDF group, one of the leaders in the European energy market, is an integrated
energy company active in all areas of the business: generation, transmission,
distribution, energy supply and trading. The Group is the leading electricity
producer in Europe. In France, it has mainly nuclear and hydropower generation
facilities where 95.9% of the electricity output is CO[2]-free

EDF's transmission and distribution subsidiaries in France operate 1,285,000
km of low and medium voltage overhead and underground electricity lines and
around 100,000 km of high and very high voltage networks. The Group is
involved in supplying energy and services to approximately 28.6 million
customers in France. The Group generated consolidated sales of €72.7 billion
in 2012, of which 46.2% outside of France. EDF is listed on the Paris Stock
Exchange and is a member of the CAC 40 index


                                            Carole Trivi : +33(1) 40 42 44 19
22-30, avenue de Wagram - 75382 Paris       Analysts and investors
cedex 08                                    Kader Hidra & Carine de Boissezon:
SA with share capital of €924,433,331 -     +33(1) 40 42 45 53
552 081 317 R.C.S. Paris                    David Newhouse (US investors):
www.edf.fr                                  +33(1) 40 42 32 45


Please be kind to the environment.
Only print this document if absolutely necessary.

This press release does not constitute an offer to sell securities in the
United States or any other jurisdiction. This press release may contain
forward-looking statements and targets concerning, for example, the Group's
strategy, financial position or results, which do not constitute a guarantee
of future performance or results of the company. EDF considers that these
forward-looking statements and targets are based on reasonable assumptions,
which can be however inaccurate and are subject to numerous risks and
uncertainties, many of which are outside the control of the company, and as a
result of which actual results may differ materially from expected results.
Important factors that could cause actual results, performance or achievements
of the Group to differ materially from those contemplated in this document
include in particular the successful implementation of EDF strategic,
financial and operational initiatives based on its current business model as
an integrated operator, changes in the competitive and regulatory framework of
the energy markets, as well as risk and uncertainties relating to the Group's
activities, the climatic environment, the volatility of raw materials prices
and currency exchange rates, the strengthening of safety regulations,
technological changes, changes in the general economic and political
conditions in the countries where the Group operates, and risk and
uncertainties relating to the consequences of the nuclear accident in Japan.
Detailed information regarding these uncertainties and potential risks are
available in the reference document (document de référence) of EDF filed with
the Autorité des Marchés Financiers on 5 April 2013, which is available on the
AMF's website at www.amf-france.org and on EDF's website at www.edf.com. EDF
does not undertake, nor does it have any obligation to provide updates of the
information contained in this press release


[1] Growth at constant scope and exchange rates

[2] As well as 99.5% of the voting rights

EDF: quarterly financial information


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: EDF via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.