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Financial information at 31 march 2020
Sales broadly stable
EDF group is supportive and focused on ensuring continuity of service in the face of the sanitary crisis

Group sales: €20.7bn, -1,0% org.(1)

Highlights

  • Facing the crisis with solidarity
    • EDF group is a responsible and supportive partner towards its stakeholders:
      - EDF is fully mobilised to guarantee the continuity of essential services and is ensuring the necessary level of energy generation, distribution and service provision in all the countries where it operates.
      - A digital response for all of the Group’s employees: in particular approx. 70,000 simultaneous connections in France with enhanced technical support.
      - Strengthened safety measures for employees and service providers have been introduced.
    • Civic actions: in its fight against energy poverty, EDF supports the Abbé Pierre Foundation and the EDF group Foundation has set up a €2 million emergency and solidarity fund.
    • Support to customers and suppliers:
      - EDF has undertaken several actions in support of its customers (extension of the ‘winter break’, payment facilities) and has set up an accelerated payment programme for suppliers in vulnerable financial situations in France.
      - In Italy, Belgium and the United Kingdom, the Group has also granted payment facilities to its customers.
  • A solid liquidity position of €28.8 billion(2) at the end of March 2020, strengthened by undrawn bank credit lines of €10.3 billion(3) and a resilient rate of coverage of nuclear provisions by dedicated assets (99.5% at 30 April 2020) with regulatory flexibility to restore if necessary the 100% target over 3 years.
  • Revision of the annual nuclear output forecast(4) in the region of 300TWh in 2020 whilst ranging from 330 to 360TWh each year in 2021 and in 2022,withdrawal of all financial targets for 2020 and 2021(5) and slowdown of projects under construction since mid-March (including Flamanville 3 and HPC).
  • Carbon neutrality at the heart of the raison d’être:
    • Adoption by the General Shareholders’ Meeting of 7 May 2020 of a "raison d'être" and insertion in the articles of association: "To build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive wellbeing and economic development."
    • Adoption of a carbon neutrality target for 2050 and increase of the Group’s direct emissions reduction target for 2030 from 40% to 50% compared to 2017.
    • Adoption of an exit target for coal-fired electricity generation by 2030 in all geographical areas.
  • Customers and services:
    • Good resilience of market share in the segment of electricity supply to residential customers in France in the first quarter of 2020 (267,000 net departures from customer sites in Q1 2020 compared to 327,000 in Q1 2019).
    • IZY by EDF : launch of a new full range of offers with turnkey solutions for insulation, heating, electric mobility and solar energy for residential and business customers.
    • Acquisition of a portfolio of 180,000 iSupply (Vattenfall) residential customers by EDF Energy.
  • Renewables, Storage Plan and innovation:
    • Solar: in France, validation of 11 new projects by the French Regulator (CRE) for a total of 74MWp tender awarded. In Greece, 50MWp tender awarded.
    • Wind: 50MW tender awarded in France, 68MW in Poland.
    • Launch of an innovative storage solution for companies in Germany.
    • Implementation by EDF Renewables of an integrated green energy system in North America for Cubic, a company active in the domains of transportation and defense. EDF Store & Forecast Energy Management System (EMS) will operate the solar and battery storage component, while PowerFlex, an electric vehicle recharging start-up subsidiary of EDF Renewables, will install the charging system.

NB: see the whole press release in the PDF file opposite.

(1) Organic change at comparable scope, standard and exchange rates.
(2) Cash, cash equivalents and available-for-sale liquid financial assets, in gross value and including €4.9 billion of securities lent under repurchase agreements.
(3) As of 31 December 2019.
(4) See press release of 16 April 2020.
(5) See press release of 14 April 2020.

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