31 Jul 14

EDF Group half-year results 2014

Today EDF Group, the parent company of EDF Energy, has released its half year financial results. The figures cover the EDF Group worldwide, not just the UK. The performance of EDF Energy, the UK subsidiary of EDF Group, is covered on page six of the press release, which can be viewed here:

http://shareholders-and-investors.edf.com/fichiers/fckeditor/Commun/Finance/Publications/Annee/2014/halfYearResults/H12014EDFGroupResults_VA.pdf

The results cover the period January 2014 – June 2014. The key points relating to EDF Energy’s performance in the UK during this period are:

  • Operating profit1 (EBIT) was £560m, compared to £507m in the six months to June 2013.
  • The growth was a result of higher output from our nuclear power stations, which generated 2 TWh of electricity more than in the same period last year. This was principally due to more generating capacity being out of service for planned maintenance in the first half of 2013 than in the first half 20142
  • Decline in gas sales due to milder weather partially offset by 3.2% growth in customer accounts to more than 5.6million

Notes

1 Operating profit is earnings before interest and tax (EBIT) excluding the impact of IAS39; an accounting principle which requires the revaluation of our contracts to purchase power, gas, coal and other commodities in future periods. These profits and/or losses are unrealised until the contracts are settled in cash at their maturity date.
2 See chart attached to release at EDF Energy media centre www.edfenergy.presscentre.com

Glossary of terms

Earnings before interest and tax (EBIT) / Operating profit
This is the company’s ‘operating’ profits before payments for tax and interest payments are included. The charge for depreciation and amortization is included in the operating profit figure.

ENDS

For more information contact:

EDF Energy: media@edfenergy.com 01452 652233
Brunswick: edfenergy@brunswickgroup.com 0207 404 5959