EDF Group half-year results 2015
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 7 of the press release, which can be viewed here.
The results cover the period January 2015 – June 2015. The key points relating to EDF Energy’s performance in the UK during this period are:
- Operating profit1 (EBIT) was £513m, compared to £560m in the six months to June 2014, a fall of 8.4%.
- Drop in EBIT is explained by a higher depreciation charge which is a direct result of the sizeable investments we have been making in our business.
- In the past three years2 we have invested £3.7bn in our existing nuclear and coal stations, our new nuclear project and our customers business.
- Good operating performance across our nuclear power stations offset by lower power prices and reduced output at Heysham 1 and Hartlepool power stations, which are at reduced load following boiler inspection work.
- The B2C retail business sold more gas due to colder weather compared to a year ago, which has been partly offset by a reduction (266k) in electricity and gas accounts compared to the same period last year. Total accounts now at 5.36m.
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 2012, 2013 & 2014Glossary 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.
For more information contact:EDF Energy Media
Media Relations Team
EDF Energy is one of the UK’s largest energy companies and the largest producer of low-carbon electricity, producing around one-fifth of the nation's electricity from its nuclear power stations, wind farms, coal and gas power stations and combined heat and power plants. The company supplies gas and electricity to 6 million business and residential customer accounts and is the biggest supplier of electricity by volume in Great Britain.
EDF Energy’s safe and secure operation of its eight existing nuclear power stations at sites across the country makes it the UK’s largest generator of low carbon electricity. EDF Energy is also leading the UK's nuclear renaissance and has published plans to build four new nuclear plants, subject to the right investment framework.
These new plants could generate enough low carbon electricity for about 40% of Britain’s homes. They would make an important contribution to the UK’s future needs for clean, secure and affordable energy. The project is already creating business and job opportunities for British companies and workers.
Through Our Better Energy Ambitions, EDF Energy has developed one of the biggest environmental and social programmes of any British energy company.
In 2014 EDF Energy received seven ‘Big Ticks’ in the Business in the Community (BITC) Responsible Business Awards. In 2013 EDF Energy received the Environmental Leadership for Behavioural Change Award in the national Environment and Energy Awards and was highly commended in the first ever pan European Corporate Social Responsibility Awards scheme for its Sustainable Schools programme – the Pod.
EDF Energy is part of EDF Group, one of Europe’s largest power companies. The company employs around 15,000 people at locations across the UK.
To find out more about the UK's energy challenges look at www.edfenergy.com/energyfuture/