France power company EDF posts 3.9 billion euros in 2009 net

08:50, February 12, 2010      

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French state-owned power company Electricite de France (EDF) posted Thursday a positive net profit of 3.9 billion euros (5.35 billion U.S. dollars), 12 percent higher year-on-year.

The net income from EDF's ordinary operations dropped 10.7 percent to 3.92 billion euros in 2009 from 4.39 billion euros a year earlier.

"After an overall solid year for the group despite an exceptionally difficult year in France, EDF will aim at improving its operating performance in 2010," Chief Executive Officer Henri Proglio said.

The company said in its 2009 annual result report that strong international operations polished the moderate performance in France, with earnings before interest, taxes, depreciation and amortization (Ebitda) increased 22.7 percent to 17.47 billion euros.

EDF's 2009 nuclear generation capacity rate was posted around 78 percent. Proglio said at a press conference that the group aimed to raise that rate by 1.5 percent to 2 percent this year.

According to its annual report, the Europe's biggest utility by market value looked for "significant" growth in Ebitda in 2010, and aimed to achieve cost savings of 1 billion euros in 2010 after 2009's 300 million euros of cost savings.

EDF acquired presence in four major international power companies in 2009, including British Energy and Britain-based Centrica PLC, the nuclear operations of U.S.-based power group Constellation Energy Group Inc. and new generation capacities in Germany.

In the wake of 2009 downturn, EDF hoped to strengthen operating performance "by a rebound in nuclear production and ... in the availability of nuclear energy," the Finance Director Daniel Camus said at a news conference.

Source: Xinhua
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