PARIS (Reuters) – EDF on Friday published a historic net loss of 17.9 billion euros for the 2022 financial year, marked by the low availability of the French nuclear fleet and the government’s measures to limit the increase in electricity tariffs. electricity, but has indicated that it is aiming for a marked improvement in its results in 2023.

The new CEO, Luc Rémont, clarified during a conference call that the group was counting on an Ebitda this year “significantly higher” than that of 2021, thanks in particular to the rebound in production and high prices.

“Today, our priority is the recovery of EDF. I am convinced that all the actions in progress will bear fruit from 2023”, he said.

EDF, in the process of complete renationalisation, also recorded a net current loss of 12.7 billion euros in 2022 (compared to a profit of 4.7 billion in 2021), a profit before interest, taxes, depreciation and amortization (Ebitda ) of -5.0 billion (against +18 billion) and a turnover of 143.5 billion euros (+70%).

After seeing the production of its French nuclear fleet drop by 23% to 279.0 terawatt-hours (TWh) in 2022 due to numerous conventional maintenance operations and corrosion problems, the group confirmed that this should be recover in 2023, to a level between 300 and 330 TWh.

EDF was also affected last year by the government’s decision to force it to sell more nuclear at low prices to its competitors to limit the rise in electricity prices, linked to the general increase in energy prices. in Europe in the context of the war in Ukraine.

The group specified that the drop in production had penalized its Ebitda 2022 to the tune of 29 billion euros, while the decisions relating to tariffs cut it by 8.2 billion.

DEBT JUMPS TO 64.5 BILLION EUROS

EDF’s net financial debt jumped to 64.5 billion euros at the end of 2022, against 43.0 billion at the end of 2021. Its cash flow stood at -24.6 billion last year, against -1.5 billion in 2021.

The financial director, Xavier Girre, indicated that the group, after issuing issues in euros and pounds sterling since the end of 2022, would continue to intervene “in a significant way on (its) various bond markets” and to issue debt. hybrid for “significant” amounts.

Asked if EDF might need further recapitalisation, he said: “We are in the perspective of a very significant recovery in flows in 2023 and therefore this is what will allow us both to finance investments ( …) and to meet the group’s financing needs.”

At the end of 2022, the French State launched a buyback of EDF shares that it did not yet hold at a price of 12 euros per share, a procedure which enabled it to rise to nearly 96% of the capital and to consider a withdrawal of the Stock Exchange after a court decision on the procedure, expected no later than the beginning of May.

With this operation estimated in total at some 9.6 billion euros, the State should have free rein to carry out the vast project of renewal of the French nuclear fleet announced a year ago by Emmanuel Macron.

(Report Benjamin Mallet, edited by Matthieu Protard)

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