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ELECTRICITÉ DE FRANCE

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Electricite de France : EDF restructuring talks not 'bogged down', CEO says

04/10/2021 | 05:37am EDT

PARIS, April 10 (Reuters) - Talks with the European Commission on restructuring EDF are not stuck and the French firm remains on track to start operating its next-generation nuclear reactor at Flamanville next year, its CEO said on Saturday.

France hopes to place state-run EDF's debt-laden and capital hungry nuclear business in a holding company that would be fully state owned. It would control a separate entity housing the more lucrative parts of the business and free of its liabilities.

With more nuclear reactors than any country other than the United States, France is keen to ensure a profitable EDF has the money it needs to replace ageing reactors, develop new technology and compete globally.

"(The negotiations) are not at all bogged down," CEO Jean-Bernard Levy told France Inter radio. He said talks between Paris and the Commission were being held almost daily.

The two sides have wrangled for months over creating a structure in which all of EDF's businesses would benefit from a form of state aid while its unions oppose the plan, dubbed "Project Hercules".

Investors would be invited to acquire up to 30% of the shares in that entity under the plan, allowing the state to recoup some of its 10 billion euro cost of buying out minority shareholders.

The government's ownership of EDF at present is 83.7%.

Levy reaffirmed that EDF's new EPR reactor at Flamanville was expected to come on line at the end of 2022 but said EDF could not afford further problems if that timetable was to be met.

Work on Flamanville began in 2007, its expected cost has tripled and work is running a decade behind schedule after delays caused by problems including weak spots found in its reactor vessel head. (Reporting by Benjamin Mallet; writing by Richard Lough, editing by William Maclean and Jason Neely)


© Reuters 2021
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Financials
Sales 2021 72 155 M 87 759 M 87 759 M
Net income 2021 2 768 M 3 367 M 3 367 M
Net Debt 2021 53 896 M 65 551 M 65 551 M
P/E ratio 2021 14,7x
Yield 2021 2,80%
Capitalization 36 569 M 44 445 M 44 477 M
EV / Sales 2021 1,25x
EV / Sales 2022 1,25x
Nbr of Employees 161 203
Free-Float 14,9%
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Technical analysis trends ELECTRICITÉ DE FRANCE
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 13,96 €
Last Close Price 11,80 €
Spread / Highest target 56,8%
Spread / Average Target 18,3%
Spread / Lowest Target -31,4%
EPS Revisions
Managers and Directors
NameTitle
Jean-Bernard Lévy Chairman & Chief Executive Officer
Xavier Rene Louise Girre Executive Director-Finance
Christophe Salomon Group Chief Information Officer
Laurence Parisot Independent Director
Claire Pédini Independent Director
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