The group’s 22.7% growth in EBITDA was driven by international businesses. EBITDA from international and other activities was up by 53.5%. In France, against an exceptionally difficult backdrop in 2009, EBITDA declined 9% in organic terms. EDF’s net profit rose 12% to EUR3.9bn from EUR3.48bn a year earlier.
In 2009, the group made several major international acquisitions. It acquired British Energy and partnered with Centrica in Great Britain, took a majority stake in the number-two Belgian energy operator SPE, and acquired 49.99% of Constellation Energy’s existing nuclear business in the US.
These transactions contributed significantly to the group’s operating cash flow (EUR1.2bn in 2009). The net cash consideration for these acquisitions in 2009 was EUR14.7bn, and was the principal reason for the change in net financial debt. Net financial debt amounted to EUR42.5bn at end of 2009, which was better than targeted, the company said.
Henri Proglio, chairman and CEO of EDF, said: “After an overall solid year for the Group despite an exceptionally difficult year in France, EDF will aim at improving its operating performance in 2010. This priority given to operations will translate in particular into a dedicated organization around worldwide integrated businesses responsible for upstream (generation) and downstream (supply) activities as well as into a stronger management of priority geographical markets.
“The rebound in French nuclear generation together with the stability of its international activities will allow EDF to resume organic growth while pursuing its investment in maintenance program as well as in new generation capacity in France and abroad.”
The group is aiming for significant growth in its EBITDA in 2010, driven by organic growth of 3% to 5% and the full 12-months effect in 2010 of the international acquisitions carried out towards the end of 2009.
