SALES 9M 2019 1
SALES AND HIGHLIGHTS
2019
THIRD QUARTER
SALES 9M 2019 2
DISCLAIMER
This presentation does not constitute an offer to sell securities in the United States or any other jurisdiction.
No reliance should be placed on the accuracy, completeness or correctness of the information or opinions contained in this presentation, and
none of EDF representatives shall bear any liability for any loss arising from any use of this presentation or its contents. The quarterly financial
information is not subject to an auditor’s report.
The present document may contain forward-looking statements and targets concerning the Group’s strategy, financial position or results. EDF
considers that these forward-looking statements and targets are based on reasonable assumptions as of the present document publication,
which can be however inaccurate and are subject to numerous risks and uncertainties. There is no assurance that expected events will occur
and that expected results will actually be achieved. 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, its international scope, the climatic environment, the
volatility of raw materials prices and currency exchange rates, technological changes, and changes in the economy.
Detailed information regarding these uncertainties and potential risks are available in the Universal Registration Document (URD) of EDF filed
with the Autorité des marchés financiers on 29 July 2019, which is available on the AMF's website at www.amf-france.org and on EDF’s website
at www.edf.fr.
EDF does not undertake nor does it have any obligation to update forward-looking information contained in this presentation to reflect any
unexpected events or circumstances arising after the date of this presentation.
SALES 9M 2019 3
(in millions of Euros)9M 2018
restated (1) 9M 2019 ∆% ∆% org.(2)
SALES 49,276 50,941 +3.4 +2.9
(1) The disposal of Edison's Exploration and Production (E&P) activity was classified as a discontinued operation within the meaning of IFRS 5 as of 1 January 2019. The 2018 published sales amount
was restated due to the impact linked to the Edison E&P activity presentation as a discontinued operation.
(2) Organic change at comparable scope and exchange rates.
KEY FIGURES AT 30 SEPTEMBER 2019
Organic growth of sales mainly driven by:
favourable market conditions for the Generation & supply activities in France
growth of Group energy services activities
good performance of EDF Trading and better use of the Group’s gas capacities
performance of activities in Belgium and Brazil
SALES 9M 2019 4
HIGHLIGHTS AND DEPLOYMENT OF CAP 2030 (1/3)
RENEWABLE ENERGIES
Record level of projects under construction by EDF Renewables: Start of construction for
2.4GW in 9 months bringing the total under construction at end-September 2019 to 4.7GW
gross (x2 vs. end-December 2018)
Wind power and Offshore
• Launch of the construction of the first French offshore wind farm in Saint-Nazaire
(480MW)
• Acquisition of a pipeline of 300MW wind projects under development in Germany
Solar: commissioning of 2 solar power plants in Egypt at Benban with a total installed
capacity of 130MWp, holding a 25-year power purchase agreement (PPA)
STORAGE AND ELECTRIC
MOBILITY PLANS
Acquisition of Pivot Power, a British company specialised in battery storage and
infrastructure for electric vehicle charging (portfolio of projects with a potential capacity of up
to 2GW)
Acquisition of PowerFlex Systems in the USA, a company combining solar energy
generation and storage with smart charging solutions for electric vehicle technology or
building load
Nissan and EDF Group partner to accelerate the adoption of Electric Vehicle and grid
integration across Europe (smart charging solutions)
SALES 9M 2019 5
HIGHLIGHTS AND DEPLOYMENT OF CAP 2030 (2/3)
CUSTOMERS AND SERVICES
Sales offensive
• 460,000 residential electricity customers under market offers signed-up in France
• More than 1.5 million residential gas customers in France
Dalkia: further commercial development with the renewal or the signature of new contracts
(power network at La Grande Motte and energy facilities for the Nouvelle Aquitaine Regional
Council)
Linky: installation of the 21 millionth smart meter at end-September
REGULATORY DEVELOPMENT
ARENH: volume ceiling maintained for 2020 and price unchanged at this stage
Energy saving certificates (CEE): 1 year extension until 2021 for the 4th period. Draft
decree from the French Ministry of Ecological and Solidarity Transition submitted to the
French State Council on 9 October 2019
Capacity mechanism in Great Britain: Positive decision by European Commission on
24 October 2019, with the British government reinstating the Capacity market
SALES 9M 2019 6
HIGHLIGHTS AND DEPLOYMENT OF CAP 2030 (3/3)
NUCLEAR
Nuclear output
• France: 288.2TWh, -1.8TWh vs. 9M 2018 due to a lower availability of the nuclear fleet
• United Kingdom: 36.8TWh, -9.1TWh vs. 9M 2018 mainly related to extended outages at
Hunterston B and Dungeness B
Taishan (EPR in China)
• Unit 2: commercial commissioning on 7 September 2019
• Unit 1: generation of more than 10TWh since the commissioning
Hinkley Point C(1): project completion cost revised to £21.5bn - £22.5bn(2)
Flamanville 3(3)
• Fuel loading planned for end-2022
• Estimated construction cost revised to €12.4bn(4)
• Start of the second hot functional test phase on site
Fessenheim(5): protocol agreement signature whereby the State will compensate EDF for the
early closure of Fessenheim. This compensation will comprise initial instatements for a total of
nearly €400m
(1) See press release of 25 September 2019.
(2) In 2015 sterling, excluding interim interest and excluding forex effect versus the reference exchange rate for the project of 1 sterling = 1.23 euro.
(3) See press release of 9 October 2019.
(4) In 2015 euros and excluding interim interest.
(5) See press release of 30 September 2019.
SALES 9M 2019 7
(3,301) (3,135)
18,942 20,079
11,57111,437
1,0901,163
2,760
2,903
2,290
2,346
6,466
6,392
5,736
5,659
1,667
1,9382,055
2,159
+1,080 -134 +15 +128 +28 -80 -208 +251 +182 +403
Inter-
segment
elimination
France –
Generation & supply activities
France –
Regulated activities
(In €m)
50,94149,276 (2)
GROUP SALES
Italy
Organic change: +2.9%(1)
France –
Production &
commercialisation
France –
Regulated
activities
United Kingdom
Other
international
Italy
Dalkia
Other activities
9M 2019 9M 2018restated(2)
31 %
49 %36 %
39 %
EDFRenewables
Dalkia
Framatome
EDF Renewables
Framatome
(1) Organic change at comparable scope and exchange rates.
(2) The 2018 sales amount was restated due to the impact linked to the Edison E&P activity presentation as a discontinued operation.
Scope & forex & inter-
segment elimination
United Kingdom
Other international
Other activities
SALES 9M 2019 8
FRANCE NUCLEAR OUTPUT
112.9 111.8
202.6 203.7
290.0 288.2
2019 cumulated output
2018 cumulated output
9MH1
(in TWh)
+0.5%
-0.6%
Q1
-1.0%
SALES 9M 2019 9
2019 cumulative output(1) (2)
2018 cumulative output(1)
(1) Hydropower excluding French islands electrical activities, before deduction of pumped volumes.
(2) After deduction of pumped volumes, output amounts to 23.5TWh in 9M 2017, 32.7TWh in 9M 2018 and 23.0TWh in 9M 2019.
Normal hydro productibility levels
Seasonal mins. and maxs. between 2009and 2019
Dec.Sept.JuneMarch
(In TWh)
FRANCE HYDRO OUTPUT
Q1 H1 9M
2017 cumulative output(1)
-27.6% vs. 9M 2018
10.8
14.6
9.9
21.3
29.4
20.1
28.6
38.0
27.5
-32.2 %vs. Q1 2018
-31.6 % vs. H1 2018
40%
60%
80%
100%
120%
140%
160%
2018
2019
2017
Very
good
rainfall in
October
SALES 9M 2019 10
FRANCE UPSTREAM/DOWNSTREAM BALANCE
(in TWh)
368
-2
-1+1
-10
+3
-9
-15
-12
-0
+18
368
Nuclear
Hydropower(1)
Fossil-firedLT & structured purchases
Purchase obligations Net market sales
Structured sales,auctions and other(2)
ARENH supply
End customers
-9
OUTPUT/PURCHASES CONSUMPTION/SALES
41
57
27
288199
30
90
49
NB: EDF excluding French islands electrical activities.
(1) Hydro output after deduction of pumped volumes: 23.0TWh.
(2) Including hydro pumped volumes of 4.5TWh.
∆ 9M 2019vs. 9M 2018
∆ 9M 2019vs. 9M 2018
SALES 9M 2019 11
+ 48 + 126+ 588 - 73 +155 + 47 + 126 +120
9M 2018
Others(2)
Decrease in net sales:
- decrease in hydro generation
- increase in ARENH subscriptions
- decrease in volumes sold to end customers (excluding ARENH)
- price effect on capacity certificates sold on wholesale markets
Mainly:
- Positive price effects on energy and capacities
- LT contracts and participations evolution
Including:
- Increase in tariffs on 1 June 2019
- End of 2012-2013 tariff catch up on 1 August 2018
Intercompanytransactions (2)
Mainly price effect
18,942
Weather(2)Tariffs(2) (3)
Organic change: +5.7%(1)
FRANCE – GENERATION AND SUPPLY ACTIVITIES
20,079
Downstream market
conditions(2) (4)
(In millions of Euros)
ARENH and purchases/sales
on wholesale markets(2)
9M 2019
Resale ofpurchase
obligations(2)
Energy Savingcertificates
component (2)
(1) Organic change at constant scope and exchange rates.
(2) Estimated figures.
(3) Price effects on regulated sales tariffs customers, excluding the Energy Saving Certificates component in tariff stacking. Increase in tariffs on 1 June 2019 of +7.7%.
(4) Excluding the Energy Saving Certificates component in market offers.
SALES 9M 2019 12
-82 -91 +39
9M 2018 9M 2019
11,571 11,437
Weather(3)
(-2.0TWh)
Other(3)
FRANCE – REGULATED ACTIVITIES(1)
(in millions of Euros)
Tariffs(3)(4)
(TURPE)
Organic change: -1.2%(2)
(1) Regulated activities include Enedis, Électricité de Strasbourg and island activities.
(2) Organic change at constant scope and exchange rates.
(3) Estimated figures.
(4) Including upward adjustment of the tariffs of the low voltage customers domain ≤ 36 kVA of +1.16 % and indexation of TURPE 5 Distribution of +3.04% and TURPE 5 Transmission of 2.16% at 1 August 2019
(vs. respectively -0.21% and +3% in 2018).
Mainly distribution tariff optimisation by suppliers
SALES 9M 2019 13
(in millions of Euros) 9M 2018 9M 2019 ∆% ∆% org.(1)
SALES(3) 3,292 2,932 -11 -15
RENEWABLE ENERGIES
Growth driven by generation
Positive price impact (portfolio effect)
Generation down -0.6TWh vs. 9M 2018 to 10.7TWh, following 2018-2019 disposals calendar
Net installed capacity: 8.2GW (stable vs. end-2018)
(1) Organic change at comparable scope and exchange rates.
(2) Group Renewables include EDF Renewables and Group hydro generation, as well as the renewable activities of EDF Luminus and Edison.
(3) For renewable energy generation optimised within a larger portfolio of generation assets, in particular relating to the French hydro fleet, sales are estimated, by convention, as the valuation of the
output generated at spot market prices (or at purchase obligation tariff) without taking into account hedging effects, and include the valuation of the capacity, if applicable.
(4) Hydro output after deduction of pumped volumes : 32.7TWWh in 9M 2018 and 23.0TWh in 9M 2019
(in millions of Euros) 9M 2018 9M 2019 ∆% ∆% org.(1)
SALES 1,090 1,163 +6.7 +1.4
GROUP RENEWABLES(2)
Hydro generation: 27.5TWh (4), -10.5TWh vs. 9M 2018, decrease linked to unfavourable hydrological conditions
EDF RENEWABLES
SALES 9M 2019 14
(in millions of Euros) 9M 2018 9M 2019 ∆% ∆% org.(1)
SALES 3,671 3,977 +8 +5
ENERGY SERVICES
Commercial growth, in particular in France
Positive effects of fuel price and price indices revision
(1) Organic change at constant scope and exchange rates.
(2) Group Energy Services include Dalkia, Citelum, CHAM and services activities of EDF Energy, Edison, Luminus and EDF SA. They consist in particular of street lighting, heating networks,
decentralised low-carbon generation based on local resources, energy consumption management and electric mobility.
(in millions of Euros) 9M 2018 9M 2019 ∆% ∆% org.(1)
SALES 2,760 2,903 +5.2 +4.6
GROUP ENERGY SERVICES(2)
Sustained growth of the services activities in the United Kingdom and in Belgium
DALKIA
SALES 9M 2019 15
(in millions of Euros) 9M 2018 9M 2019 ∆% ∆% org.(1)
SALES 2,290 2,346 +2.4 +1.2
SALES EDF group contribution 1,330 1,296 -2.6 -4.7
Growth in “Installed Base” services activities, in particular in Canada
Ramping up in the “Large Projects” activity linked to the construction of HPC, which istaking over from Taishan following the commissioning of its two EPR
Strategic and commercial developments
Signature in October with Rosatom of 2 contracts for the supply of main Instrumentation & Control system for the nuclear power plants of Hanhikivi-1 in Finland and of PAKS2 in Hungary
Closing on 1 October of FoxGuard Solutions acquisition, who is a specialist in cybersecurity and industrial computing in the USA
Signature in November with CNEIC/CJNF of a letter of intent concerning the supply of components for manufacturing fuel assemblies reloads in China
FRAMATOME
(1) Organic change at constant scope and exchange rates.
SALES 9M 2019 16
Decrease in nuclear output (-9.1TWh to 36.8TWh) due to the extension of the outages at Hunterston B and Dungeness B in 2019
Missing capacity revenue (following the suspension of the mechanism in November 2018 – Positive decision by the European Commission on 24 October 2019, with the British government reinstating the Capacity market)
Adverse impact of the standard variable tariff cap (SVT cap) since 1 January 2019
Resilience of the downstream business: BtoC customer portfolio stable and increase in volumes sold on the BtoB market
(in millions of Euros) 9M 2018 9M 2019 ∆% ∆% org.(1)
SALES 6,466 6,392 -1.1 -1.2
(1) Organic change at constant scope and exchange rates.
UNITED KINGDOM
SALES 9M 2019 17
Gas retail
Decrease in gas prices across all markets
Decrease in volume sold on the wholesale market partially offset by a rise involumes sold to B2B customers
Electricity activity
Higher volumes sold to the B2B and B2C customers
Positive price effect on the B2B and B2C segments
(1) The 2018 sales amount was restated due to the impact linked to the Edison E&P activity presentation as a discontinued operation.
(2) Organic change at constant scope and exchange rates.
ITALY
(in millions of Euros)9M 2018
restated (1) 9M 2019 ∆% ∆% org.(2)
SALES 5,736 5,659 -1.3 -3.6
SALES 9M 2019 18
Belgium (+€83m) (1)
Higher prices in electricity and gas partially offset by lower volumes sold to
residential segment due to a mild weather
Further development in renewables (503MW of wind installed capacity, +14.3%
vs. end-December 2018) and services activities
Brazil (+€144m) (1)
Positive effect of the evolution (without effect on EBITDA) of ICMS(2) tax revision
and of the contractual PPA tariff review for EDF Norte Fluminense electricity
sales, which occurred at the end of 2018
OTHER INTERNATIONAL
(1) Organic change at comparable scope and exchange rates.
(2) Tax on Commerce and Services.
(in millions of Euros) 9M 2018 9M 2019 ∆% ∆% org.(1)
SALES 1,667 1,938 +16.3 +15.1
SALES 9M 2019 19
EDF Trading
Good performance since the beginning of the year thanks to volatility oncommodity market in a bearish price environment and benefiting from favourablepositions on the European power and gas market
Solid contribution from LNG trading and optimisation of activities and LPGactivities
Gas activities
Strong evolution in LNG activity linked to a better use of Group capacities
(1) Organic change at comparable scope and exchange rates.
.
OTHER ACTIVITIES
(in millions of Euros) 9M 2018 9M 2019 ∆% ∆% org.(1)
SALES 2,055 2,159 +5.1 +8.9
o/w EDF Trading 832 846 +1.7 +6.7
SALES 9M 2019 20
• Payout ratio based on Net income
Excluding non-recurring items(4)
• French State committed to scrip for dividends relating to
FY2019 and FY2020
€16.0 - €16.7bn
~€1.1bn vs 2015DECREASE IN OPEX(2)
EBITDA(1)
CONFIRMATION OF 2019 GUIDANCE AND OF 2019-2020 AMBITIONS
TOTAL NET INVESTMENTS(3)
excluding acquisitions and “2019-2020 Group disposals”
45 - 50%DIVIDEND
2019
TARGETS
2019-20
AMBITIONS
>€600m (5)CASH FLOWexcluding HPC and Linky
€2bn to €3bn2019-2020 GROUP DISPOSALS
NET FINANCIAL DEBT / EBITDA(1) (3)≤2.7x
After IFRS 16 application Before IFRS 16 application
€15.3 - €16.0bn
>0
≤2.5x
(1) On the basis of the scope and exchange rates at 01/01/2019 and of an assumption of a 384-388TWh
range for France nuclear output.
(2) Sum of personnel expenses and other external expenses. At comparable scope, IFRS 16 standard and
exchange rates. At constant pension discount rates. Excluding change in operating expenses of service
activities.
(3) For 2020: in accordance with the chosen Group’s scenario regarding the Flamanville 3 project completion
costs and schedule, cf. press release of 9 October 2019.
(4) Adjusted for the remuneration of hybrid bonds accounted for in equity.
(5) The impact of IFRS 16 on cash-flow is derived from the increase in EBITDA, reduced by financial interests
on the IFRS 16 net financial debt.
2019: ~€15bn
2020: ~€15.5bn
SALES 9M 2019 21
SALES AND HIGHLIGHTS
2019
THIRD QUARTER