7 distribution rate online with the sector

Yesterday, EDF announced that it would propose to its shareholders a dividend of 1.15 euro per share for the financial year 2010, as the previous year. This represents an amount of EUR 2.1 billion. Which is more than double the net result of EUR 1 billion reached last year, a figure down by 74 from 2009 on account of exceptional provisions for its international activities.

Explanation of this large gap: to smooth the evolution of its dividend and avoid cramps, EDF the calculated from the current net result, which grew by 11.3 to EUR 4 billion. On this basis, the group displays a 53.7 distribution rate, online with the sector. "EDF made as his peers." "With the exception of the Finnish Fortum, most groups of energy calculate their dividend on the basis of the current result, excluding exceptional items," explains Per Lekander, analyst at UBS. He added that the State, which holds 85 of the capital, is in need of money.

Despite the increase of investment in production and networks, affecting its cash, the Group provides should not go further into debt to pay this dividend. "It does impact not cash", insists a spokesman, adding that the current result expected by the market in 2011-3,3 billion euros - will cover the payment. "It is better that this money goes towards productive investment", concerned Marie-Claire Cailletaud, spokesman for the CGT-mining-energy.

Last year, the ldu public group turnover grew by 10.2 to EUR 65.2 billion, thanks to the increase in production nucléatire and hydraulic acquisitions in France. The year was marked by the inclusion of provisions EUR 2.9 billion that the electrician has spent on its activities in the United States and Italy (see below). A charge that its CEO, Henri Proglio, found to be exceptional. These provisions correspond to a "operation transparency". With the debt reduction Planner, operated year last thanks to assignments of the distribution system British or German EnBW, it puts the group "immune to the risk", according to his boss: "Can continue our development of healthy, ambitious and intelligent manner."

Remains to know in which direction. Yesterday, CEO remained very discreet about his strategy, referring these matters to the spring. Either after the decrees relating to the terms and conditions to which EDF to sell its nuclear electricity to competitors via the reform of the market. They are expected in April or may, according to Eric Besson, Minister of energy.

EDF is also waiting for the Council of nuclear policy, expected in March, to decline its strategy in the atom. Nevertheless, Henri Proglio said that EDF was working on the Atmea, 1,100 megawatt reactor. "What is this project is consistent with a potential CGNPC project." "It is the Chinese answer", he said, while Areva and Mitsubishi want associate EDF and its Chinese partner in the development of the reactor. The boss confirmed that his group wanted to secure supplies of uranium, possibly through participation in the mines of Areva. On the construction of the Dunkirk LNG terminal, he said that an investment decision would be taken "in the middle of the year", after clarifying the gas group's strategy.