France-based EDF, an electricity generation, distribution and transmission company, has reported group sales of E30.3 billion, representing organic growth of 2.2%, for the first half of 2007.
The organic growth in the group’s EBITDA was 6.7%, driven mainly by the performances in France, Germany and Italy. The group generated 68% of its EBITDA in France and 32% abroad.
The group share of net income amounted to E3.5 billion in H1 2007. It includes E331 million of positive non-recurring items in H1 2007, compared to E1.2 billion in the first half of 2006. Excluding non-recurring items, net income from ordinary operations came to E3.2 billion, up 9.1%, or 11.1% at constant consolidation scope.
The group continued to actively pursue its capital expenditure program, with investment up 25% at E3 billion at the end of June 2007, including E1.8 billion in France. There was a further strengthening of the balance sheet, with the debt ratio down at 36% at the end of June 2007, compared to 43% at the end of June 2006.
Pierre Gadonneix, chairman and CEO, said: After 2006, H1 2007 results confirm again the soundness of the group’s development model, and are fully consistent with the financial objectives announced at the time of the initial public offering for the period 2006-2008. Through the agreement recently signed with the US utility constellation energy group is a new step towards the fulfillment of EDF’s ambition to participate in the nuclear renewal on the largest energy market worldwide.