Goes on file 2015 of Edison, which closed with a negative net result for 980 million euros, compared to the profit of 40 million recorded in 2014. The cut in profit can be found in the net write-downs for 1,3 billion, carried out to align the assets with the low profitability conditions of the energy markets.
In decline also i revenues, which went from 12,32 to 11,31 billion euros. On the other hand, the company's gross operating margin significantly improved, from 814 million recorded in 2014 to 1,3 billion. Financial debt was also down, falling to 1,147 billion from 1,766 billion at the end of 2014.
The year also ends for Edf, which controls Edison. 2015 closed with a net profit down by 68% on an annual basis, from 3,7 to 1,19 billion euros. Non-recurring items represent a negative value of 3,64 billion in 2015 compared to 1,15 billion in 2014. As regards the subsidiary Edison, the write-downs relate to exploration and production activities. The French energy group cuts its dividend, but confirms its commitment to the nuclear project in Great Britain.
CEO Jean-Bernard Levy said the investment decision on the £18bn project to build two nuclear reactors at Hinkley Point was "getting closer". The French utility is negotiating the final details with its Chinese partner and is evaluating the best way to finance the deal in light of low electricity prices.
EDF surprised analysts by reducing its dividend to €1,10 per share after paying €1,25 for three years in a row. Expectations were for a confirmation at 1,25.
However, the stock is positive on the Paris stock exchange (+8,5% at 10,20) as analysts see the coupon cut and the option granted to shareholders to take the stock dividend as support for the group's finances .
Levy said that the state, which controls 85% of the group, will opt to have the dividend in shares, thus leaving EDF liquidity worth 1,8 billion euros.
Asset write-downs and provisions weighed on 2015 net income, which fell to 1,19 billion euros from 3,7 billion a year earlier.
