EDF Nine-Month Revenue Fell on Lower Nuclear Prices

By Marc Navarro Gonzalez Features Dow Jones Newswires

Electricite de France SA (EDF.FR) said Tuesday that its revenue for the nine months ended Sept. 30 fell year-on-year due to lower nuclear prices and unfavourable weather.

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EDF said that overall revenue in the January-to-September period was 49.72 billion euros ($58 billion) compared with EUR51.97 billion the same period last year.

The French state-controlled electric utility company said revenue from generation and supply activities in France fell 3.6% to EUR25.36 billion. Revenues in the U.K. and Italy dropped 9.6% and 11%, respectively.

Earlier this week, EDF lowered its financial targets for 2018, citing "unfavorable developments" in France and the U.K. It said it expects 2018 earnings before interest, tax, depreciation and amortization, or Ebitda, of between EUR14.6 billion and EUR15.3 billion. The previous target was at least EUR15.2 billion.

The company also revised its target for the net financial debt/ebitda ratio to "below or equal to 2.7x" from below or equal to 2.5x, and cash flow to "slightly positive or close to balance" from greater-than or equal-to zero.

The company said it expects to distribute an interim dividend of EUR0.15 per share for fiscal year 2017.

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Write to Marc Navarro Gonzalez at marc.navarrogonzalez@dowjones.com

(END) Dow Jones Newswires

November 14, 2017 12:22 ET (17:22 GMT)