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EDF Group books lower EBITDA, sales in 2017

EDF Group on Feb. 16 booked fiscal year 2017 EBITDA of €13.74 billion, down 16.3% from €16.41 billion, in 2016. Sales for the company also fell to €69.63 billion, from €71.20 billion, in 2016.

The French utility announced in a news release that the results are still in line with the company's expectations, "despite the decline in nuclear and hydropower output in France and the unfavorable price conditions in almost all geographic areas where the Group is active."

EDF reported 2017 net income, excluding non-recurring items, of €2.82 billion, compared with €4.09 in 2016.

EdF Energies Nouvelles, the company's renewable arm, booked EBITDA of €751 million, compared to €861 million, in the prior year, mainly driven by lower asset rotation activity than in 2016. The subsidiary benefited from an 11% increase in renewable power output in connection with an increase of 1.6 GW in net installed capacity to 7.8 GW.

For full-year 2017, EDF reported a ratio of net financial debt-to-EBITDA of 2.4x. For 2018, EDF is targeting a ratio of net financial debt-to-EBITDA of 2.7x or less.

In 2018, EDF is targeting EBITDA of €14.6 billion to €15.3 billion.