EDF : Half-year 2013 results up - 2013 Group EBITDA targets raised

      EDF : Half-year 2013 results up - 2013 Group EBITDA targets raised

    PRESS RELEASE
     30 July 2013

                          Half-year 2013results up

                          Good operating performance

                     New renegotiations of gas contracts
                         concluded by Edison in July
                       2013 Group EBITDA targets raised

  *EBITDA: €9.7 billion, +6.9% of which 6% organic growth

  *Net income excluding non-recurring items: €3.1 billion, +3.8%

  *Net income - Group share: €2.9 billion, +3.5%

  *Edison: new renegotiations on  Algerian and Qatari  gas contracts in  July 
    2013

  *Spark: €360 million in cost savings, in line with 2013 projections

  *Net financial debt/EBITDA: 2x vs. 2.4x^[1] at 31 December 2012

2013operating performance targets raised

  *Group EBITDA: at least 3% in organic growth excluding Edison

  *Edison EBITDA: around €1 billion

Financial targets reiterated

  *Net financial debt/EBITDA: between 2x and 2.5x 

  *Payout ratio: 55% - 65% of net income excluding non-recurring items

EDF's Board of Directors met on 29  July 2013 under the chairmanship of  Henri 
Proglio and approved the condensed  consolidated financial statements for  the 
half-year ending on 30 June 2013.

Henri Proglio, Chairman  and CEO of  EDF said: "The  first half-year 2013  was 
marked by good operating performance, which resulted from investments made  in 
the past several  years, particularly  in the  nuclear fleet  and networks  in 
France. This performance is  reflected in the  increase in financial  results, 
which  have  also  been  boosted  by  successful  renegotiations  of  Edison's 
long-term gas contracts in Italy.  Our major industrial projects also  reached 
milestones during the  period, with the  reactor dome being  installed on  the 
Flamanville EPR plant and the inauguration of the Rizzanese dam in Corsica. In
addition to  these  major  investments contributing  to  French  industry  and 
employment, the Group is making its contribution to the collective effort with
its cost savings plan totaling €1 billion in 2013."

                   Change in EDF Group's half-year results

                                   H1 2012  H1 2013 Change vs. 2012  Organic
In millions of euros              restated*          restated (%)   growth (%)
Sales                              35,903   39,747       +10.7         +4.3
EBITDA                              9,071    9,698       +6.9          +6.0
EBIT                                5,598    5,788       +3.4
Net income - Group share            2,779    2,877       +3.5
Net income excluding                2,956    3,068       +3.8
non-recurring items

*Restated data: in the consolidated financial statements for the half-year
ending on 30 June 2013, data for the first half of 2012 were restated for the
impact of IAS 19 revised and the change in the presentation of EDF Énergies
Nouvelles' DSSA^[2] activities (see appendices for more information on this
restatement).

The Group has once again delivered a solid performance in the first  half-year 
with operating results up markedly and a strengthened financial structure.
EBITDA reached €9,698  million, i.e. organic  growth of 6%  compared with  the 
first half of 2012. Growth was driven  by France (organic growth of 6.6%)  due 
to good  operating conditions  characterised by  cold weather  and  favourable 
market prices as well as a sharp increase in hydropower output. These  results 
were also driven by  Italy with good performance  of the electricity  business 
and the favourable outcome of arbitration  of gas contracts in Algeria,  which 
was announced in April 2013,  as well as the  new renegotiation of the  Qatari 
contract in July 2013.
In the  United Kingdom,  excluding  the effect  of the  fair-value  adjustment 
related to the  acquisition of  British Energy, EBITDA  came out  to +2.8%  in 
organic terms.
The Other International segment, with a 6.9% drop in EBITDA in organic  terms, 
continues to be penalised by  unfavourable economic and regulatory  conditions 
in Belgium and Poland.
The EBITDA of the Other Activities segment was €1,015 million and includes the
good performance  of  EDF  Trading  and  EDF  Énergies  Nouvelles'  generation 
activities, but was hit  by a weaker contribution  by other businesses in  the 
segment, which were lifted by positive effects in the first half of 2012  that 
have not reoccurred in 2013.

Net income - Group share reached €2,877 million, up 3.5% versus the first  six 
months of 2012. It includes non-recurring items totalling -€191 million versus
-€177 million in first half 2012. Restated for these non-recurring items,  net 
income excluding non-recurring items was up 3.8% to €3,068 million.

The Spark programme is rolling out  with c. €360 million of savings  generated 
at end-June 2013, which is 35% of the target, in line with projections.  These 
savings had a positive impact on  EBITDA thanks to the control over  operating 
expenses. They also reflect efforts to optimise the Group's investments  since 
the beginning of the year. Savings have come from across the Group with 57% in
France and 43% internationally, including 19% in the United Kingdom.
The Group is reiterating its target of €1 billion in savings for 2013.

In the first  six months of  2013, the Group  made substantial investments  in 
France, which were up 15.3% year-on-year, concentrated in nuclear  maintenance 
as well as networks.
The Group's net investments came out to €6,243 million, down slightly by  1.5% 
compared with first half 2012 on account  of the sale of Sutton Bridge in  the 
United Kingdom and the  buyback of minority shareholdings  in Poland in  2012, 
which did not reoccur in 2013.
In  total,  71%  of  net  Group  investments  were  allocated  to  unregulated 
activities and 29% to regulated activities.
For 2013, EDF is  targeting net investments of  between €12 billion and  €12.5 
billion, depending on when certain disposals are carried out.

                       Financial structure strengthened

                                            31/12/2012    30/06/2013
                                          (pro forma^[3])
Net financial debt (in billions of euros)      39.2          33.7
Net financial debt/EBITDA                      2.4x           2x

Net financial debt stood at €33.7 billion, down €5.5 billion since 31 December
2012. The Group generated €7.9 billion  in operating cash flow, which  covered 
net maintenance costs as well as  working capital. The proceeds of the  hybrid 
issue^[4] carried  out in  January 2013,  for nearly  €6.1 billion  are  being 
allocated to net development  investments, which for the  first half of  2013, 
reached €1.8 billion. This financial  instrument is particularly well  adapted 
to the long-term investment cycle of the Group's industrial projects.

The net financial  debt/EBITDA ratio  came out  to 2x  at 30  June 2013,  down 
sharply compared  with 31  December 2012.  This is  on the  lower end  of  the 
Group's target range of 2x-2.5x.

                           Setting up of EDF Invest

EDF announces the  launch of EDF  Invest, which will  manage the portfolio  of 
unlisted  investments  within  EDF's  dedicated  assets^[5].  These   unlisted 
investments will include  three asset classes:  infrastructure (primarily)  as 
well as real estate and private equity.

EDF Group's  20%  stake  in TIGF,  a  gas  transport and  storage  company  in 
southwest France, the acquisition of which is expected to be finalised  today, 
is the first investment made by EDF Invest in infrastructure alongside the 50%
interest in RTE that  is already in the  dedicated assets portfolio. TIGF  and 
RTE shares would account for 13% of dedicated assets.
EDF Invest's target is to manage c. €5 billion in unlisted investments  within 
two years and to account for 25% of all dedicated assets.

                        Agreement with Exelon on CENG
On 29 July 2013, EDF and Exelon signed an agreement regarding CENG, an entity
  in which 49.99% of the share capital is held by EDF and 50.01% by Exelon,
 which operates five nuclear plants in the United States with a total output
capacity of 3.9 GW. According to the terms of the agreement, EDF will delegate
  the operational management of these reactors to Exelon. The agreement also
 stipulates that EDF will receive an exceptional dividend from CENG for $400
million (approx. €300 million) and will benefit from a put option on Exelon at
the fair value of EDF's stake in CENG, which can be exercised between January
                             2016 and June 2022.
 This deal follows an agreement signed in January 2012 between EDF and Exelon
   ending EDF's opposition to the merger between Constellation and Exelon.
 It will enable EDF to reduce its net financial debt by $400 million (approx.
   €300 million) and will have a slightly accretive effect starting in 2015
   through operating improvements and expected synergies in the operational
 management of the five CENG nuclear reactors by Exelon, the leading nuclear
operator in the United States. The agreement is subject to the approval of the
Nuclear Regulatory Commission (NRC) and the competent regulatory authorities.
                The deal is expected to be finalised in 2014.

                          2013 financial objectives:
                     Operating performance targets raised
 Given the Group's good operating performance since the start of the year, as
 well as the success of new renegotiations on Edison gas contracts, the Group
       is raising its operating performance targets for the full year:

  *Group EBITDA organic growth of at least 3% excluding Edison 

  *Edison: EBITDA outlook revised to approximately €1 billion 

The Group is reiterating its financial targets:

  *Net financial debt/EBITDAof between 2x and 2.5x

  *Payout ratio: 55% - 65% of net income excluding non-recurring items

These targets include the full-year effect of the Spark savings programme.

                     The Group's main results by segment

                      France: good operating performance

                       H1 2012 restated* H1 2013  Organic
In millions of euros                             growth (%)
Sales                       20,706       21,294     +2.8
EBITDA                       6,071        6,473     +6.6
o/w unregulated EBITDA       3,973        4,284     +7.8
o/w regulated EBITDA         2,098        2,189     +4.3

*Data restated for the impact of IAS 19 revised.
In France, sales reached €21,294 million,  up 2.8% in organic growth  compared 
with the first half of 2012. EBITDA recorded organic growth of 6.6% to  €6,473 
million.

In unregulated activities, EBITDA reached €4,284 million, with organic  growth 
of 7.8%due to good operating conditions. Nuclear output was flat year-on-year
(-0.5 TWh,  i.e. -0.2%).  The  significant drop  in  the volume  of  unplanned 
outages offset the fact there were more  planned outages in the first half  of 
2013  than  in  the  same  period  the  previous  year,  which  reflected  the 
effectiveness of the large component replacement programme.
For 2013, the Group is reiterating its nuclear output target of 410-415 TWh.
At the same time,  hydropower output increased  significantly, up 25.4%  (+5.1 
TWh compared with the first half of 2012) as hydropower conditions were better
than seasonal norms along  with favourable prospects of  high water levels  in 
reservoirs.
The good  operating performance  came as  a  result of  the combination  of  a 
positive weather  effect from  consistently cold  weather combined  with  more 
favourable market prices than in first half 2012, and, to a lesser extent,  by 
the increase in regulated sales tariffs and over costs control.

In regulated activities^[6], EBITDA reached €2,189 million, reflecting organic
growth of 4.3% due to a positive  volume effect on account of cold weather  in 
the first  half-year 2013  as well  as the  increase in  transmission  tariffs 
(TURPE).

                                Outside France

  United Kingdom: favourable wholesale prices and good control of operating
                                    costs

                                      H1 2012 restated* H1 2013  Organic
In millions of euros                                            growth (%)
Sales                                       4,821        4,990     +7.3
EBITDA before fair-value adjustment**       1,069        1,060     +2.8
EBITDA                                      1,071        1,031    (0.1)

* Data restated for the impact of IAS 19 revised.
** From acquisition of British Energy.

In the United Kingdom,  sales rose to €4,990  million, an organic increase  of 
7.3% compared with the first half of 2012. 

EBITDA totalled  €1,031  million and  was  lower  (-0.1%) on  account  of  the 
negative impact of the  fair value revaluation related  to the acquisition  of 
British Energy (impact of -€29 million compared with +€2 million in first half
2012). Restated for this  item, EBITDA was  up 2.8% in  organic terms, due  to 
good control of operating expenses and favourable wholesale prices.
This price effect offsets the lower (-1 TWh) nuclear output over the course of
the first six-month period. The decrease, which was anticipated by the  Group, 
is attributable to more planned  outages in the first  half of 2013 than  over 
the same period in 2012. For 2013,  EDF Energy's ambition is to replicate  the 
strong operational performance of 2012.
EBITDA was also underpinned by higher gas sales to retail customers due to the
cold weather in the first half.

             Italy: good performance of the electricity business
and favourable outcome of gas contract arbitration and new gas renegotiations

                     H1 2012 restated* H1 2013   Organic
In millions of euros                           growth (%)
Sales                      3,607        6,481     +10.5
EBITDA                      211          669     +155.0

The Italy segment primarily includes EDF Fenice and Edison, in which EDF now
holds 97.4% of the capital^[7], which has been fully-consolidated since EDF
took control on 24 May 2012.

*Data restated for the impact of IAS 19 revised.
In Italy, Group sales were up 10.5% in organic terms to €6,481 million while
EBITDA recorded a three-fold increase to €669 million, mainly due to Edison,
including a scope effect for €130 million.

In the Electricity business, Edison's EBITDA increased on higher sales on  the 
wholesale market due to good hydropower conditions as well as optimisation  of 
the generation fleet.

The Hydrocarbon activity was boosted by  the favourable outcome in April  2013 
of arbitration on the  Algerian contract, which began  in 2011 with  Sonatrach 
(first round  of negotiations  related to  the period  2010-2012^[8]) and  new 
renegotiation of the Qatari contract with RasGas (second round of negotiations
on the period 2012-2015) in July 2013.

In  July,  the  Group  also   successfully  finalised  the  second  round   of 
negotiations with Sonatrach.

These  successes  on  gas  contracts,  as  well  as  the  performance  of  the 
electricity business, have led the Group to raise its EBITDA target for Edison
to approximately €1 billion in 2013.

Edison has  also  initiated  other  arbitration  proceedings  with  two  other 
suppliers (Gazprom and ENI) in order  to obtain conditions that are line  with 
gas market prices.

     Other International: unfavourable economic and regulatory conditions

                     H1 2012 restated* H1 2013  Organic
In millions of euros                           growth (%)
Sales                      4,009        4,106     +3.0
EBITDA                      553          510     (6.9)

*Data restated for the impact of IAS 19 revised.
Sales of the Other International segment climbed 3% in organic terms to €4,106
million.
EBITDA amounted to €510 million, down 6.9% in organic terms.
EBITDA for Belgium was hit by outages at Doel 3 and Tihange 2 between July
2012 and June 2013 and by the drop in tariffs on the B2C segment.
In Poland, lower EBITDA was due to deterioration in the regulatory environment
regarding the support to biomass and cogeneration, the effects of which were
only partially offset by good electricity and heating generation.
In the other countries (Asia, United States, Brazil, etc.), EBITDA rose, in
particular, on the back of electricity output in the United States while, in
the first half-year 2012, it was affected by planned outages.

 Other Activities: good performance of EDF Trading and EDF Énergies Nouvelles

                     H1 2012 restated* H1 2013  Organic
In millions of euros                           growth (%)
Sales                      2,760        2,876     +3.1
EBITDA                     1,165        1,015    (12.4)

*Data restated for the impact of IAS 19 revised and the change in the
presentation of EDF Énergies Nouvelles' DSSA activities.
Sales generated by the Other Activities segment recorded a 3.1% organic
increase to €2,876 million.
EBITDA came out to €1,015 million, down 12.4% in organic terms.
EDF Énergies Nouvelles' EBITDA was lifted by good output from substantial
commissioning in 2012. The positive impact of commissioning (1,550 MW in new
capacity in 2012) offset the drop in the activity of Development and Sale of
Structured Assets (DSSA), whose first half 2012 performance was
record-breaking.
EDF Trading's EBITDA recorded organic growth of 3.8% with good results in coal
and gas activities.
However, this was not enough to offset the drop in EBITDA of other businesses
within this segment, which had benefited in 2012 from revenue linked to
property transactions and insurance contracts that were not repeated this
year.

           Highlights subsequent to the first quarter 2013 release

Setting up of EDF Invest

On 30 July 2013, EDF announced the launch of EDF Invest, which will manage the
portfolio of  unlisted investments  within EDF's  dedicated assets^[9].  These 
unlisted  investments  will  include   three  asset  classes:   infrastructure 
(primarily) as well as real estate and private equity.

EDF Group's 20%  stake in TIGF,  the acquisition  of which is  expected to  be 
finalised today, is the first investment made by EDF Invest in  infrastructure 
alongside the 50%  interest in  RTE that is  already in  the dedicated  assets 
portfolio.
EDF Invest's target is to manage c. €5 billion in unlisted investments  within 
two years and to account for 25% of all dedicated assets.

Green light from the Nuclear Safety Authority (ASN) for extending operational
lifespan of Bugey 4
Following the third 10-year inspection, the French Nuclear Safety Authority
(ASN) issued a favourable recommendation on 29 July 2013 for extending the
operation of the Bugey 4 nuclear facility, as it had for reactor 2. The
authorisation is subject to the completion of related works that EDF will
carry out within the required deadlines. Because the design of reactor 2 is
identical to that of reactor 4, the recommendations for bolstering the safety
levels of reactor 4 are therefore similar.

Agreement with Exelon on CENG
On 29 July 2013, EDF and Exelon signed an agreement regarding CENG, an entity
in which 49.99% of the share capital is held by EDF and 50.01% by Exelon,
which operates five nuclear plants in the United States with a total output
capacity of 3.9 GW. According to the terms of the agreement, EDF will delegate
the operational management of these reactors to Exelon. The agreement also
stipulates that EDF will receive an exceptional dividend from CENG for $400
million (approx. €300 million) and will benefit from a put option on Exelon at
the fair value of EDF's stake in CENG, which can be exercised between January
2016 and June 2022. It will enable EDF to reduce its net financial debt by
$400 million (approx. €300 million) and will have a slightly accretive effect
starting in 2015 through operating improvements and expected synergies in the
operational management of the five CENG nuclear reactors by Exelon, the
leading nuclear operator in the United States. The agreement is subject to the
approval of the Nuclear Regulatory Commission (NRC) and the competent
regulatory authorities. The deal is expected to be finalised in 2014.

Edison: success of new gas contract renegotiations in Qatar and in Algeria
On 23 April 2013, the International Court of Arbitration of the International
Chamber of Commerce ruled in favour of Edison as part of arbitration proceeds
to revise the price of long-term gas supplies with Sonatrach (Algeria).
In addition, a deal was reached between Edison and Rasgas (Qatar) in July 2013
revising certain conditions of the long-term gas contract (the price
conditions, in particular) between the two parties.
In July 2013, Edison also finalised the second round of negotiations with
Sonatrach.

Installation of the dome on the Flamanville EPR reactor
On 16 July 2013, EDF successfully installed the dome of the reactor building
of the Flamanville EPR nuclear facility, marking an important milestone of its
construction. The Flamanville EPR construction site is entering its final
phase, with 95% of civil engineering work completed, along with 46% of
electrical and mechanical installation work. In December 2012, EDF revealed
that it was raising the estimated cost of the project to €[2012]8.5 billion.
The EPR is still scheduled to start producing electricity in 2016.

AREVA and EDF sign an agreement to develop nuclear skills in Saudi Arabia
On 11 July 2013, AREVA and EDF signed a cooperation agreement with the
National Institute of Technology (NIT) in Bahrah with the aim of contributing
to the development of nuclear skills in Saudi Arabia.
This cooperation with a leading technical institute demonstrates the
willingness of the French nuclear industry to contribute to the training of
Saudi technicians in the various nuclear specialties (welding, electrical
installation, mechanics and electro-mechanics). Localising skills lies at the
heart of the international development strategy implemented by AREVA and EDF,
who intend to rely on local partners for the shared industrial projects they
export.

Consultation organised by CRE on TURPE 4 distribution
On 9 July 2013, the CRE began its consultation on distribution tariffs that
will take effect on 1 January 2014 for a period of 4 years (TURPE 4). The
consultation is scheduled to end on 16 August 2013.

CRE report on changes in regulated sales tariffs
On 5 June 2013, the CRE published its analysis of EDF's generation and sales
costs under the regulated tariffs of electricity sales. The CRE's study
covered the costs over the periods 2007-2012 and estimated costs from 2013 to
2015. It concluded that the changes in the tariffs for the summer of 2013 to
cover costs ranged between 9.6% and 6.8% for blue tariffs, between 5.8% and
2.7% for yellow tariffs and between 3.8% and 0% for green tariffs
(respectively with and without a hypothetical 10-year accounting extension of
depreciation life of nuclear plants in 2013).

Proposed 5% increase in household rates starting 1 August 2013 and 2014
In accordance with the announcement made by Philippe Martin, Minister of
Ecology, Sustainable Development and Energy, on 9 July 2013 the government
notified the Conseil supérieur de l'énergie regarding a draft ministerial
order that would increase electricity rates for households by 5% on 1 August
2013 and 1 August 2014. The draft order was submitted to the French Energy
Regulation Commission (Commission de Régulation de l'Energie or "CRE").

Smart electricity grids
On 9July 2013, France's Prime Minister announced the start of the rollout of
new "Linky" smart meters by ERDF. Some 3million of these meters should be
deployed by 2016.
On 25 July, Henri Proglio charged Philippe Monloubou with the task of
spearheading a six-month strategic study on developing and financing smart
electricity grids, both in and outside France. In January 2014, Philippe
Monloubou will be put forward for the position of Chairman of ERDF's
Management Board.

EDF Energies Nouvelles and wpd offshore team up to jointly respond to the
French government's second call for tenders, in partnership with Alstom
On 30 May 2013, EDF Energies Nouvelles and wpd offshore, two key players in
European offshore wind energy, announced the signing of a partnership
agreement. The agreement makes official both groups' decision to, once again,
combine their expertise in the French government's second call for tenders,
with a view to continuing the development of offshore wind energy in France
and pursuing the ambitious industrial project begun with Alstom, the exclusive
partner for the supply of wind turbines.

Acquisition of Iberdrola's wind farms in France by EDF Energies Nouvelles
finalised
On 27 May 2013, an international consortium comprising EDF Energies Nouvelles,
MEAG, acting as the asset manager of Munich Re, and GE Energy Financial
Services, a unit of General Electric, has implemented a previously announced
agreement with Iberdrola to acquire 30 wind farms in service in France with
305 MW in total gross capacity. Under the agreement announced in January and
now finalised, EDF Energies Nouvelles owns an interest of 20%, GE Energy
Financial Services an interest of 40% and MEAG an interest of 40% in the
assets. EDF Energies Nouvelles will provide asset management, along with
operations and maintenance services.

EDF and EPH sign definitive agreement for the sale of 49% of Stredoslovenská
Energetika A.S. (SSE)
On 24 May 2013, EDF and Energetický a prumyslový holding, a.s. (EPH) signed a
definitive agreement for the disposal of EDF's minority stake of 49% in
Stredoslovenská Energetika a.s. (SSE) to EPH. The transaction values the 49%
stake of EDF in SSE at approximately €400 million. EDF announced on 21 May
that it had signed an exclusivity agreement with EPH. The transaction will be
submitted for authorisation at the Shareholders' Meeting of SSE. Closing is
expected during second half 2013 after antitrust clearance is obtained.

                                  APPENDICES

1.Change in  recognition and  measurement methods  of the  gains related  to 
    employee benefits

The IAS 19 standard was  revised in June 2011.  The new version, which  became 
mandatory on 1 January  2013, introduces the  following changes for  valuation 
and recognition of the EDF group's provisions for employee benefits:

  *Immediate recognition of the unvested past service cost,

  *Inclusion of the  administrative and financial  costs of employee  benefit 
    plans in the current service cost, with a corresponding reversal from  the 
    provisions previously established for those costs,

  *Inclusion in the financial result of a "net interest expense",  equivalent 
    to the interest  expense on obligations  net of income  from fund  assets, 
    which is now valued using  the same discount rate  as the rate applied  to 
    measure obligations.  The  differential  between  the  discount  rate  for 
    obligations and  the actual  rate of  return on  fund assets  is  recorded 
    directly in equity.

The Group  decided  in  2012 to  stop  using  the "corridor"  method  and  now 
recognises all actuarial gains and losses in full under the "SoRIE" method.

In compliance with IAS 8, this change of method is applied retrospectively.

2.Change in EDF Energies Nouvelles' DSSA^[10] activities presentation

From 2013 and for the  comparative periods presented, disposals of  generation 
assets by EDF  Energies Nouvelles are  now recorded at  net value (sale  price 
less the  associated cost  of  construction) in  "Other operating  income  and 
expenses". Previously, the  proceeds of  these sales were  included in  "Sales 
revenues" (for sales  proceeds) and  the construction costs  were included  in 
"Other external expenses" (for construction costs).

This change of presentation has no impact  on EBITDA, nor on Group net  income 
and standardises the  presentation used  in the Group's  income statement  for 
asset  disposal  operations  by  EDF  Energies  Nouvelles  (facilities   under 
construction and facilities in operation).

Consolidated income statements

(in millions of Euros)                                   H1 2013 H1 2012 ^(1)
Sales                                                     39,747        35,903
Fuel and energy purchases                               (20,821)      (17,950)
Other external expenses                                  (4,134)       (4,340)
Personnel expenses                                       (6,020)       (5,787)
Taxes other than income taxes                            (1,793)       (1,597)
Other operating income and expenses                        2,719         2,842
Operating profit before depreciation and amortisation      9,698         9,071
Net changes in fair value on Energy and Commodity            (1)            98
derivatives, excluding trading activities
Net depreciation and amortisation                        (3,583)       (3,283)
Net increases in provisions for renewal of property,       (126)          (94)
plant and equipment operated under concessions  
(Impairment) / reversals                                   (178)         (294)
Other income and expenses                                   (22)           100
Operating profit                                           5,788         5,598
Cost of gross financial indebtedness                     (1,203)       (1,240)
Discount effect                                          (1,482)       (1,550)
Other financial income and expenses                        1,018           993
Financial result                                         (1,667)       (1,797)
Income before taxes of consolidated companies              4,121         3,801
Income taxes                                             (1,531)       (1,235)
Share in income of associates                                379           343
Group net income                                           2,969         2,909
EDF net income                                             2,877         2,779
Net income attributable to non-controlling interests          92           130
Earnings per share (EDF share) in Euros:
Earnings per share                                          1.56          1.50
Diluted earnings per share                                  1.56          1.50

1.The figures  published for  first-half  2012 have  been restated  for  the 
    impact of retrospective application  of IAS 19 revised  and the change  in 
    presentation of disposals of generation  assets by EDF Energies  Nouvelles 
    as part of its Development and Sale of Structured Assets (DSSA) business.

Consolidated balance sheets

ASSETS                                              30/6/2013 31/12/2012 ^ (1)
(in millions of Euros)
Goodwill                                                9,895           10,412
Other intangible assets                                 7,633            7,625
Property, plant and equipment operated under French    47,926           47,222
public electricity distribution concessions
Property, plant and equipment operated under            7,232            7,182
concessions for other activities
Property, plant and equipment used in generation       68,387           67,838
and other tangible assets owned by the Group
Investments in associates                               7,678            7,587
Non-current financial assets                           28,280           30,471
Deferred tax assets                                     3,441            3,421
Non-current assets                                    180,472          181,758
Inventories                                            13,854           14,213
Trade receivables                                      23,096           22,497
Current financial assets                               19,178           16,433
Current tax assets                                        466              582
Other receivables                                       9,184            8,486
Cash and cash equivalents                               6,065            5,874
Current assets                                         71,843           68,085
Assets classified as held for sale                        430              241
Total assets                                          252,745          250,084

1.The figures published for 2012 have been restated for the impact of
    retrospective application of IAS 19 revised
    

Consolidated balance sheets

EQUITY AND LIABILITIES                         30/6/2013  31/12/2012 ^ (1)
(in millions of Euros)
Capital                                                924                 924
EDF net income and consolidated reserves            32,511              25,333
Equity (EDF share)                                  33,435              26,257
Equity (non-controlling interests)                  4,388               4,854
Total equity                                        37,823              31,111
Provisions related to nuclear generation-
Back-end nuclear cycle, plant decommissioning       39,216              39,185
and last cores
Provisions for decommissioning of non-nuclear        1,143               1,090
facilities
Provisions for employee benefits                    19,836              19,119
Other provisions                                     1,711               1,873
Non-current provisions                              61,906              61,267
Special French public electricity                   43,014              42,551
distribution concession liabilities 
Non-current financial liabilities                   44,330              46,980
Other non-current liabilities                        3,888               4,218
Deferred tax liabilities                             5,630               5,601
Non-current liabilities                            158,768             160,617
Current provisions                                   4,297               3,882
Trade payables                                      13,026              14,643
Current financial liabilities                       15,108              17,521
Current tax liabilities                              1,251               1,224
Other current liabilities                           22,338              21,037
Current liabilities                                 56,020              58,307
Liabilities related to assets classified as            134                  49
held for sale
Total equity and liabilities                       252,745             250,084

1.The figures  published for  2012  have been  restated  for the  impact  of 
    retrospective application of IAS 19 revised

Consolidated cash-flow statements

(in millions of Euros)                            H1 2013    H1 2012^(1)
Operating activities:
Income before taxes of consolidated companies         4,121              3,801
Impairment (reversals)                                  178                294
Accumulated depreciation and amortisation,            4,717              3,764
provisions and change in fair value
Financial income and expenses                           827                686
Dividends received from associates                      235                 22
Capital gains/losses                                  (178)              (275)
Change in working capital                           (2,800)            (2,458)
Net cash flow from operations                         7,100              5,834
Net financial expenses disbursed                    (1,011)              (814)
Income taxes paid                                     (977)              (892)
Net cash flow from operating activities               5,112              4,128
Investing activities:
Acquisitions / disposals of equity investments,         174              (172)
net of cash (acquired/transferred)
Investments in intangible assets and property,      (6,619)            (6,233)
plant and equipment
Net proceeds from sale of intangible assets and          72                349
property, plant and equipment
Changes in financial assets                             341            (4,368)
Net cash flow used in investing activities          (6,032)           (10,424)
Financing activities:
Transactions with non-controlling interests            (46)              (237)
Dividends paid by parent company                          -            (1,072)
Dividends paid to non-controlling interests           (187)              (115)
Purchases / sales of treasury shares                      8                (1)
Cash flows with shareholders                          (225)            (1,425)
Issuance of borrowings                                2,163              8,489
Repayment of borrowings                             (7,066)            (1,786)
Issuance of perpetual subordinated bonds              6,125                  -
Funding contributions received for assets                74                 85
operated under concessions
Investment subsidies                                     43                 72
Other cash flows from financing activities            1,339              6,860
Net cash flow from financing activities               1,114              5,435
Net increase/(decrease) in cash and cash                194              (861)
equivalents
Cash and cash equivalents - opening balance           5,874              5,743
Net increase/(decrease) in cash and cash                194              (861)
equivalents
Effect of currency fluctuations                           6                 50
Financial income on cash and cash equivalents            18                 25
Effect of reclassifications                           (27)               (37)
Cash and cash equivalents - closing balance           6,065              4,920

1.The figures  published for  first-half  2012 have  been restated  for  the 
    impact of retrospective application of IAS 19revised

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.

                                  Disclaimer

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.





Please only print this document if         CONTACTS
absolutely necessary.
                                           Press
EDF                                        Carole Trivi : +33(1) 40 42 44 19
22-30, avenue de Wagram - 75382 Paris
cedex 08                                   Investors and analysts
                                           Carine de Boissezon & Kader Hidra :
SA au capital de 924 433 331 euros - 552   +33(1) 40 42 45 53
081 317 R.C.S. Paris                       David Newhouse (US Investors) :
                                           +33(1) 40 42 32 45
www.edf.fr



[1]Pro forma after allocation of the  CSPE deficit to dedicated assets on  13 
February 2013  and  subtraction of  €2.4bn  from dedicated  assets  portfolio, 
enabling 100% coverage of  the EDF nuclear liabilities  that are eligible  for 
dedicated assets
[2]Development and Sale of Structured Assets
[3]Pro forma after allocation of the  CSPE deficit to dedicated assets on  13 
February 2013  and  subtraction of  €2.4bn  from dedicated  assets  portfolio, 
enabling 100% coverage of  the EDF nuclear liabilities  that are eligible  for 
dedicated assets

[4]According to IAS 32 " Financial instruments - presentation" the perpetual
bond issued in January 2013 is accounted for as equity

[5]Reserve  fund  set  up  by  the  Group  to  cover  its  long-term  nuclear 
commitments in France, in accordance with the conditions set by law

[6]ERDF and French islands activities
[7]And 99.5% of voting rights
[8]Edison has  launched two  rounds  of negotiations  for its  long-term  gas 
contracts with its  4 partners:  Gazprom in Russia,  ENI in  Libya, RasGas  in 
Qatar and Sonatrach in Algeria
The second  renegotiation cycle,  related to  the period  2012-2015, began  in 
second half 2012

[9]Reserve  fund  set  up  by  the  Group  to  cover  its  long-term  nuclear 
commitments in France, in accordance with the conditions set by law
[10]Development and Sale of Structured Assets

PR EDF H1 2013

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