Edf: 2021 ANNUAL RESULTS, Financial targets achieved, Strong increase in EBITDA and Net



18 February 2022


Financial targets achieved

Strong increase in EBITDA and Net Income compared to 2020 and 2019

Successful disposal and cost savings plans

Decrease in carbon intensity

2021 Financial Results

Sales                                                    €84.5bn +21.6% org.( 1)
EBITDA                                                 €18.0bn       +11.3% org.(1)
Net income excluding non-recurring items (2)        4.7bn     x2.4
Net income – Group share                              5.1bn     ~ x8
Net debt/EBITDA                                         2.4x
Dividend per share                                                        €0.58 (3)

2021 Highlights

2021 Achievements

  • All financial targets achieved
  • Strong EBITDA growth vs. 2020 and 2019
  • Disposal and cost savings plans achieved one year ahead of schedule


  • Nuclear power included in European Taxonomy (4)
  • Existing nuclear and “Grand Carénage”: Five fourth 10-year inspections completed and two in progress, extension of 1,300MW French nuclear fleet depreciation period to 50 years
  • Flamanville 3: update of fuel loading target from end-2022 to Q2 2023 and construction costs from €12.4bn to €12.7bn (5)
  • Sizewell C: draft law introduced by the UK government on a funding scheme (Regulated Asset Base) of new nuclear projects
  • Signature of an exclusive agreement with GE to acquire part of the GE Steam Power’s nuclear activities (6), excluding the American continent

Wind and solar renewables

  • Increased production: 20.9TWh, +8.3% vs end-2020
  • Acceleration in commissioning: 3.1GW gross (vs 2.5GW in 2020)
  • Installed capacity growth: 12GW net at end-2021 (+13% vs end-2020)
  • Substantial capacity under construction: 7.9GW gross at end-2021
  • Projects pipeline: ~ 76GW (+27% vs end-2020)

Customers and services 

  • 1.4 million residential electricity customers with market offers in France, up 40% vs end-2020 and consistent with the target of 3 million in 2023
  • Strong growth in electric mobility: close to 200,000 charging points installed and managed at end-2021, mainly via Pod Point, leader in home charging in the UK with over 150,000 charging points
  • Dalkia Electrotechnics/Citelum: winner of a 10-year public lighting contract for the city of Paris


  • Linky: successful roll-out of smart meters, final programme target achieved in terms of time, costs and performance


  • Strategic repositioning of Edison: reorganisation of renewable assets (7) and refocus on core businesses


  • Construction of the Nachtigal hydro powerplant (420MW) in Cameroon: progress on civil engineering and electro-mechanical works (more than half completed). Industrial commissioning planned for 2024

Environmental & social achievements and targets

  • Carbon intensity: 48 gCO2/kWh in 2021 vs. 51 gCO2/kWh in 2020, level around 5x lower than the European average for utilities
  • Gender equality: Women accounted for 29.8% of management committee members at Group’s entities in 2021 vs 28.7% in 2020, in line with Group targets

Outlook and Action plan

Announcements by the French President on 10 February 2022 in Belfort

  • Support to the French nuclear sector
    • Launch of a construction program of 6 EPR2 reactors and potentially 8 more
    • Extended operations for all reactors, except for safety issues
    • Development of the French SMR programmes, including €500 million for NUWARDTM
  • Acceleration of renewable energy development (solar, offshore and onshore wind and hydro)
  • Confirmation of the growing role of low-carbon electricity in France’s climate ambition, in a context of reduction in energy consumption

Exceptional regulatory measures to limit increase in tariffs in 2022 (8)

  • Additional allocation of 20TWh of ARENH volumes (9) for 2022
  • 12-month postponement to February 2023 of part of the tariff increase relative to 2022 (10)


  • Outages or extended outages of nuclear reactors owing to the detection of defaults on the pipes of the safety injection system
  • French nuclear output estimate updated (11) to 295 – 315TWh for 2022 and 300 – 330TWh for 2023


  • EDF draws attention to the 2022 EBITDA. Starting from the 2021 actual of €18bn, this figure will include:
    • around €6bn improvement in price effect
    • around -€8bn related to exceptional regulatory measures (12)
    • around -€11bn linked to nuclear output reduction
    • and other effects related to the Group’s performance

These estimates, which are highly sensitive to market prices, are presented for illustrative purposes (13) and are based on information that the Group has currently available.

Launch of an action plan
As announced on January 13 2022 (14), EDF presented to its Board of Directors’ meeting on February 17 2022 an action plan aimed at strengthening its balance sheet structure in the context of the events of early 2022.
This plan aims at pursuing the Group’s strategy, which is based on a balanced mix of nuclear and renewable energies, develops energy efficiency services and provides its customers with even more innovation.

In order to finance this strategy, EDF notified its intention to:

  • Submit as soon as possible to the Board of Directors, and subject to market conditions, a proposed rights issue with preferential subscription rights leading to the issuance of approximately 510 million new shares for an amount of approximately €2.5 billion, including issue premium (15).
  • Propose an option to receive a scrip dividend (16) for fiscal years 2022 and 2023.

The French State, EDF’s largest shareholder, has indicated its position to the Board of Directors on the two points above, which will be communicated separately.

  • Carry out additional disposals of around €3 billion (17) over 2022 – 2024.




2023 ambitions 

Net financial debt / EBITDA                                                                ~3x


Adjusted net debt / adjusted EBITDA (19)                                                                 4.5x to 5x



Meeting on 17 February 2022 under the chairmanship of Jean-Bernard Lévy, EDF’s Board of Directors approved the consolidated financial statements at 31 December 2021.

Jean-Bernard Lévy, Chairman and Chief Executive Officer of EDF, commented:

“In 2021, EDF met its commercial, operational and financial targets. The EDF Group’s EBITDA grew significantly and reached its highest level since 2015. The deployment of the CAP 2030 strategy was a major success in 2021, testifying to the skills and mobilisation of all men and women of Group.
The difficulties encountered at the beginning of 2022 have led EDF to implement an action plan aimed to continue this strategy in support of the energy transition and France’s industrial and climate objectives for the 2030 and 2050 horizons.”

Change in EDF Group results

(in millions of euros) 2020 2021 Change
Organic change (%)
Sales 69,031 84,461 22.4 21.6
EBITDA 16,174 18,005 11.3 11.3
EBIT 3,875 5,225 34.8  
Net income – Group share 650 5,113 ~x8  
Net income excl. non-recurring items (Erreur ! Signet non défini.) 1,969 4,717 x2.4  

Change in EDF Group EBITDA

(in millions of euros) 2020 2021 Change (%) Organic change (%)
France – Generation and supply activities 7,412 7,394 -0.2 -0.3
France – Regulated activities 5,206 5,992 15.1 15.1
EDF Renewables 848 815 -3.9 -3.7
Dalkia 290 378 30.3 31.7
Framatome 271 310 14.4 18.5
United Kingdom 823 – 21 -102.6 -108.0
Italy 683 1,046 53.1 53.0
Other international 380 267 -29.7 -22.9
Other activities 261 1,824 x7 x7
Total Group 16,174 18,005 11.3 11.3

Organic growth in EBITDA of 11.3% between 2020 and 2021 is mainly related to an increase in nuclear output in France. This trend was also driven by the extremely positive performance in the trading business, by the significant improvements in Italy and in the French regulated activities, and by the reduction in production tax. However, outages and extended outages of nuclear reactors at the end of the year in France required the purchase of volumes on the market against a backdrop of a sharp rise in electricity prices. This had a strongly unfavourable impact. The United Kingdom was negatively impacted by the decrease in nuclear output and the sharp decline in realised nuclear prices stemming from substantial buybacks at high market prices.

Operational performance

Nuclear output in France reached 360.7TWh, up 25.3TWh year on year. This change mainly reflects the following factors:

  • improved availability of the fleet and lower modulation volumes, after 2020, impacted by the health crisis.
  • despite the lack of 2021 production from the two Fessenheim reactors, which closed in first-half 2020

Hydro output in France totalled 41.8TWh (1), down 2.9TWh compared with 2020.

In the United Kingdom, nuclear output was 41.7TWh, down 4.0TWh compare to 2020. This downturn resulted notably from more planned outages in 2021 than in 2020 and from the three-month extension of the Sizewell B outage. The Dungeness plant was closed definitively in June 2021 and the two Hunterston B reactors shut down permanently on 26 November 2021 and 7 January 2022 respectively.

In Belgium, the improved availability of thermal plants helped to increase the services provided to the electric system. Hydro generation benefited from extremely favourable conditions in 2021.
EDF Renewables output amounted to 17TWh (+1.6TWh), up 10.5% in organic terms, thanks to the commissioning of new capacity.

Disposal and cost savings plans achieved one year ahead of schedule

To offset the impacts of the health crisis on the Group’s financial situation, cost savings and disposal plans were launched mid-2020 with a view to reducing operating expenses(2) by €500 million between 2019 and 2022 and generating approximately €3 billion in disposals(3) between 2020 and 2022. At end-2021, €545 million in cost savings had been achieved. Asset disposals signed or completed at 31 December 2021 had a favourable effect of around €3 billion on net debt and around €3.7 billion on the Group’s economic debt (4).
These disposals are consistent with Group strategy and have helped to refocus on core businesses and to withdraw from carbonised activities (mainly the sales of the E&P business and of the IDG gas distribution network).
Both plans have exceeded their targets one year ahead of schedule.

Extension of 1,300MW French nuclear fleet depreciation period

The Group changed the depreciation period of its 1,300MW PWR plants in France on 1 January 2021, as the technical, economic and governance conditions had been met.
Since then, the provisions related to nuclear production decrease by €1,016…

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