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ELECTRICITÉ DE FRANCE

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France's EDF to be fully nationalised -prime minister

07/06/2022 | 10:19am EDT
French PM Borne presents her government's programme at the National Assembly in Paris

PARIS (Reuters) - The French government plans to fully nationalise EDF, Prime Minister Elisabeth Borne announced on Wednesday, sending shares in the debt-laden power utility sharply higher.

"I confirm to you today that the state intends to control 100% of EDF's capital", Borne said in her policy speech in the lower house of parliament as she set out her minority's government priorities.

EDF, in which the state already owns 84%, faces delays and budget over-runs on new nuclear plants in France and Britain as well as corrosion problems in some of its ageing reactors.

Half of its reactors in France are currently offline.

EDF has also been hurt by government rules forcing it to sell power to rivals at a discount while prices hit record highs.

The company has estimated that output losses will reduce profits by 18.5 billion euros and the discounted power sales will cost it 10.2 billion euros. Its debt is seen rising 40% this year to more than 61 billion euros.

The option of fully nationalising EDF was flagged by President Emmanuel Macron earlier this year, as he intends to make the company the main pillar of a massive investment in new nuclear reactors.

Borne did not specify if the nationalisation would be carried out via special legislation or through a buyout of minority shareholders, nor did she provide a time frame.

Shares in the group, which were down 5% before the announcement, rose as much as 9% just after it.

(Reporting by Michel Rose and Tassilo Hummel; writing by Silvia Aloisi; editing by Jason Neely)


© Reuters 2022
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Financials
Sales 2022 86 343 M 87 809 M 87 809 M
Net income 2022 -10 856 M -11 041 M -11 041 M
Net Debt 2022 72 366 M 73 595 M 73 595 M
P/E ratio 2022 -3,69x
Yield 2022 -
Capitalization 44 530 M 45 286 M 45 286 M
EV / Sales 2022 1,35x
EV / Sales 2023 1,25x
Nbr of Employees 163 423
Free-Float 18,4%
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 11,91 €
Average target price 11,25 €
Spread / Average Target -5,50%
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Managers and Directors
Jean-Bernard Levy Chairman & Chief Executive Officer
Xavier Rene Louise Girre Executive Director-Finance
Laurence Parisot Independent Director
Claire Pédini Independent Director
Bruno Crémel Independent Director
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