EDF Cuts Output Target as Profit Seen Little Changed in 2013

Electricite de France SA, the biggest operator of nuclear reactors, cut its full-year target for French atomic output and said profit could be little changed next year.

Sales (EDF) in the first nine months of the year rose 6.6 percent on a like-for-like basis to 52 billion euros ($66 billion), the Paris-based company said today in a statement.

The state-controlled utility warned that earnings before interest, tax, depreciation and amortization could be “stable” next year with growth returning in 2014. That compares with a previous medium-term target of Ebitda growth of 4 percent to 6 percent on average a year through 2015.

EDF reiterated targets for Ebitda growth of 4 percent to 6 percent in 2012, and growth in net income excluding non- recurring items of 5 percent to 10 percent. Dividends will be “at least stable” this year, while debt will drop below 2.5 times Ebitda through 2015, the utility said.

The company lowered its forecast for atomic output in France to about 410 terawatt-hours this year from 415 terawatt- hours.

The utility said production fell 6.2 percent to 295 terawatt-hours during the first nine months compared with the same period last year.

EDF has extended maintenance halts and safety inspections at its French reactors after the regulator, the Autorite de Surete Nucleaire, demanded more stringent checks and upgrades following Japan’s Fukushima crisis.

EDF’s 58 reactors in France generate about three-quarters of the country’s power, a higher share than any other nation.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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