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1、2023 RESULTS2DISCLAIMER2023 ANNUAL RESULTSThis presentation is for information purposes only and does not constitute an offer or solicitation to sell or buy instruments,part of thecompany or the assets described here,in the US or any other country.This presentation contains forward-looking statement

2、s or information.While EDF believes that the expectations reflected in theseforward-looking statements are based on reasonable assumptions at the time they were made,these assumptions are fundamentallyuncertain and imply a certain amount of risk and uncertainty which is beyond the control of EDF.As

3、a result,EDF cannot guarantee thatthese assumptions will materialise.Future events and actual financial and other outcomes may differ materially from the assumptionsused in these forward-looking statements,including,and not limited to,potential timing differences and the completion of transactionsde

4、scribed therein.Risks and uncertainties(notably linked to the economic,financial,competition,regulatory and climate backdrop)may include changes ineconomic and business trends,regulations,as well as those described or identified in the publicly-available documents filed by EDFwith the French financi

5、al markets authority(AMF),including those presented in Section 2.2“Risks to which the Group is exposed”of theEDF Universal Registration Document(URD)filed with the AMF on 21 March 2023(under number D.23-0122),which may be consultedon the AMF website at www.amf-france.org or on the EDF website at www

6、.edf.fr and the activity report at December 31,2023,availableonline on the EDF website.EDF and its affiliates do not undertake nor do have any obligation to update forward-looking information contained in this presentation toreflect any unexpected events or circumstances arising after the date of th

7、is presentation.32023 ANNUAL RESULTS Luc RmontChairman and Chief Executive Officer42023 ANNUAL RESULTS2023,OPERATIONAL RECOVERY,SUPPORTING CUSTOMERS AND PREPARATION FOR THE FUTURE4 Launch of a new commercial policy Industrialising the performance of nuclear activities around a new organisationGENERA

8、TING MORE LOW-CARBON ELECTRICITY AT A COMPETITIVE PRICESIGNIFICANT RECOVERY IN NUCLEAR GENERATION IN FRANCE279.0320.420222023In TWhNEW STAGES IN THE PREPARATION OF THE COMPANY PROJECT+41.4TWhSUPPORTING CUSTOMERS IN DIFFICULT TIMES5(1)Nuclear generation allocation contracts.(2)Customers counted by po

9、int of delivery.A customer may have two delivery points.2023 ANNUAL RESULTSSUPPORTING CUSTOMERS TO REDUCE THEIR CARBON FOOTPRINT5+1.5%growth in the customer portfolio(2)to 40.9 million at end-2023CUSTOMER PORTFOLIO IN THE G4 COUNTRIESFrance,United-Kingdom,Italy,BelgiumEDF deploys integrated decarbon

10、isation and energy efficiency solutions in all sectors.The Group encourages energy sufficiency and the electrification of uses for its customersNEW COMMERCIAL POLICY+21%of charging stations rolled out or managed in 2023 vs 2022(340,000 charging stations at end-2023)ELECTRIC MOBILITYAuctions of elect

11、ricity volumes 4 and 5 years aheadCommercialisation of medium-term power supply contractsDevelopment of long-term industrial partnerships(1)backed by the historic nuclear fleetTargets:sustainable competitiveness and visibility for customersCO2emissions avoided by the customers in 2023 vs 2022(in mt

12、CO2)USES DECARBONISATIONStrategic partnership to reduce by 35%carbon emissions from the real estate portfolio of La Poste by 2030(Dalkia,EDF ENR,Izivia et Urbanomy)+30%of heat pumps installed in 2023 vs 2022 in France byIzi Confort,Izi by EDF,Dalkia and EDF ENR+60%solar installations on rooftops and

13、 car park canopies(BtoC and BtoB)in 2023,i.e.,740MWp installed by EDF ENR at end-202311.412.43020222023203062023 ANNUAL RESULTSPRODUCING MORE LOW-CARBON ELECTRICITY(1/4)NEW AMBITIONS OF REDUCTION IN CO2EMISSIONS(1)Source:Enerdata,Power Plant Tracker in 2022.(2)EU 27 value in 2022,European Environmen

14、t Agency.(3)2022 value,IEA-World Energy Outlook 2023.(4)Vs 2017.(5)For the 3 scopes.(6)Net Zero Assessment report512419201611201720222023202520302035Scope 1 emissions(in mt CO2 eq)-60%(4)-70%(4)-80%(4)503730222022202320302035Carbon intensity(in gCO2/kWh)LEADER IN LOW-CARBON GENERATIONTarget:net zero

15、 CO2emissions by 2050(5)1stproducer worldwide in carbon-free electricity(1),constantly available on demand and operating on all technologies.1stenergy company investor in decarbonisation through life extension of existing assets and construction of new infrastructureEDF first producer worldwide of d

16、ecarbonised electricity(1)Carbon intensity of 37gCO2/kWh in 2023,down by 26%vs 2022One of the lowest carbon intensities:More than 6 times European average(251gCO2/kWh(2)More than 10 times 200,0002023+80%electric vehicle charging points connectedEnedis,EDF SEI and lectricit de Strasbourg are transfor

17、ming their networks to meet the needs of the energy transition,strengthening their resilience,modernising them and digitalising their operation+120%of connections of renewable energy facilities INVESTMENTS+11%of investments vs 2022,to 4.9bn in 2023 for Enedis,EDF SEI(1)and lectricit de Strasbourg,es

18、sentially due to the higher number of connectionsMETERS INSTALLED BY EDF SEIMilestone crossed of one million digital meters installed at end-2023(1)EDF SEI Island Energy Systems.Electricity supply restored in 5 days for 95%of customers after the storm CIARN STORM2023 ANNUAL RESULTSDEVELOPING FLEXIBI

19、LITY SOLUTIONS TO MEET ELECTRICITY SYSTEM REQUIREMENTSPSHP(1)like the Hatta plant(250MW&1,500MWh of storage in the United Arab Emirates),through an engineering contract:83%complete and start of watering11STORAGESMART CHARGINGPortfolio of storage projects secured:1.7GW at end-2023Significant growth o

20、f 0.8GW of new projects secured entering the portfolio in 2023:PSHP of Vouglans Saut-Mortier(87MW-France)Battery projects(o/w the United Kingdom 173MW,Saudi Arabia 130MW,South Africa 257MW)+33%in electric vehicle smart charging points operated(optimised recharging and V2G(2):bidirectional recharging

21、 with re-injection into the network)Smart charging solution from DREEV to optimise charging costs and CO2emissions for RATP e-busesLaunch of Izi Smart Charge:smart charging of electric vehicles,depending on network constraints15,00020,00020222023The EDF Group is developing solutions using its genera

22、tion assets,storage capacities,customer portfolio and innovative flexibility solutions to supply decarbonised electricity at all times(1)Pumped-storage hydropower plants.(2)Vehicle-to-Grid.2023 ANNUAL RESULTS122023 ANNUAL RESULTSSOCIETAL INDICATORSGENDER BALANCEWORK ACCIDENTSREDUCTION IN LTIR(1)SINC

23、E 2021Improvement driven by the deployment of prevention initiatives for EDF and contractor employees29.830.831.733%2021202220232026203036%-40%TRAJECTORY IN LINE WITH THE GROUPS AMBITIONSPercentage of women in Group entities management committees(1)Lost Time Incident Rate:number of accidents at work

24、 with lost time,per million hours,for EDF employees and contractor empl oyees.2.11.91.720212022202312132023 ANNUAL RESULTSFINANCIAL RESULTS-20231339.9bnEBITDAvs-5.0bn in 202218.5bnvs-12.7bn in 2022Net income excl.non-recurring items10.0bn-17.9bn in 2022Net income Group shareNet financial debt 54.4bn

25、vs 64.5bn end-2022142023 ANNUAL RESULTS Xavier GirreGroup Senior Executive Vice President-Finance2023 ANNUAL RESULTS2023 FINANCIAL RESULTS:PARTIAL REDUCTION IN DEBT1554.4bn-10.1bn vs end-2022Net financial debt(NFD)1.36xNFD/EBITDA ratio86.3bn-8.7bn vs end-2022Adjusted economic debt(AED)(1)2.26xAED/ad

26、justed EBITDA ratio20222023 Sales143.5139.7-3.8EBITDA(5.0)39.9+44.9EBIT(19.4)13.2+32.6Net income excl.non-recurring items(12.7)18.5+31.2Net income Group share(17.9)10.0+27.9In billions of euros(1)S&P methodology.24.76.73.70.90.90.30.40.30.31.34.01.11.90.30.97.13.3+7.0+8.2+7.3+12.1+12.5+2.7-4.9202339

27、.9-23.12023 ANNUAL RESULTS16EBITDA IMPROVED PERFORMANCE AND HIGH PRICESIn billions of eurosNB:Estimated figures for changes in EBITDA.Nuclear generationPurchases on markets in FranceNo renewal of the exceptional regulatory measures for 2022 in France Price effect charged to customers in FranceTradin

28、g activities and othersEuropedownstream excluding FrancePrice effect financed by the tariff shield in France-5.02022Other internationalItalyUnited KingdomFramatomeDalkiaEDF RenewablesFrance Regulated activitiesFrance Generation and supply activitiesOther activities17RECOVERY IN FRANCE NUCLEAR OUTPUT

29、 ENGAGED+41.4TWh of nuclear output in France in 2023 vs 2022,mainly due to the optimisation and a good management of the stress corrosion treatment works 2023 ANNUAL RESULTS91.7154.1209.2279.085.2158.1233.0320.4Q1H19MFY2022 cumulative output2023 cumulative output-7.0%+2.6%+11.4%(in TWh)+14.8%In bill

30、ions of euros20222023EBITDA(5.0)39.9+44.9Commodities volatility(0.8)0.4+1.2Amortisation/depreciation expenses and provisions for renewal(11.1)(11.2)-0.1Impairments and other operating income and expenses(2.4)(16.0)-13.6EBIT(19.4)13.2+32.618EBIT2023 ANNUAL RESULTSImpairments in 2023:including,in the

31、United Kingdom,HPC fixed assets for(11.2)bn and EDF Energy goodwill for(1.7)bnNB:The values correspond to the expression to the first decimal or integer closest to the sum of the precise values,taking into account rounding.19NET INCOMEIn billions of euros20222023EBIT(19.4)13.2+32.6Financial result(3

32、.5)(3.3)+0.2Income taxes3.9(2.5)-6.4Share of net income from associates and joint-ventures0.80.3-0.5(-)Deducting net income from minority interests0.32.4+2.1Net income Group share(17.9)10.0+27.9(-)Change in financial instruments&commodities fair value2.9(1.9)-4.8(-)Impairments(1)1.38.3+7.0(-)Other i

33、tems1.02.1+1.1Neutralisation of non-recurring items net of tax5.38.5+3.2Net income excluding non-recurring items(12.7)18.5+31.2Better performance of Dedicated Asset portfolio:+10.2%vs-8.5%in 2022(+5.6bn)Stability in the real discount rate of French nuclear provisions(2)to 2.5%after the positive impa

34、ct of 50bp rate increase in 2022(-2.5bn)Coverage rate of nuclear provisions by the Dedicated Assets:108.5%at end-2023,vs 107.1%at end-2022Increase in the cost of financial debt of 2.1bnChange in financial result NB:The values correspond to the expression to the first decimal or integer closest to th

35、e sum of the precise values,taking into account rounding.(1)Including 2023 impairments in the United Kingdom related to HPC fixed assets and EDF Energy goodwill for a total amount of(7.9)bn net of tax.(2)Between 31/12/2022 and 31/12/2023.2023 ANNUAL RESULTS64.554.4-43.9+7.8+19.1+2.9+3.7+1.1-2.4+1.63

36、1 December 202231 December 20232023 ANNUAL RESULTS20PARTIAL REDUCTION IN DEBTNB:figures rounded to the nearest whole number.(1)Net investments excluding Group disposals.Net financial debt(NFD)in billions of eurosEBITDA Cash WCRNet investments(1)Net financial expenses disbursed&othersIncome tax paidG

37、roup cash-flow:+9.3bnOthersOceane conversion in equityNFD down by 10.1bnHybrid bond remuneration,dividends paid to minority interests Unfavourable change in WCR:Effect of price rise on receivablesEffect of the 3.9bn reduction in CSPE debt,mainly due to the tariff shield receivable,partially offset b

38、y the compensations received in 2023Effect on trading activity of+5.1bn(NB:-8.5bn in EBITDA Cash)RAPID DECLINE ON MARKET PRICES 2023 ANNUAL RESULTS21050100150200250300350400450500550600650700Y+1 baseloadY+5 baseloadMax of 1,130/MWh reached in August 2022Forward prices(Y+1 and Y+5)in France(EEX)in/MW

39、h21PROJECTION OF 2024 EBITDA2023 ANNUAL RESULTS2239.9-8 to-11+2 to+520232024Nuclear generationOther effectsEnergy price effectSignificant drop in:market pricesenergy part of the regulated tariffsthe cost of purchases/sales on the marketNuclear production expected to rise in France,leading to lower p

40、urchases in a context of lower market pricesIn billion of euros2223OUTLOOKLuc RmontChairman and Chief Executive OfficerCONTEXT FOR THE COMING YEARS242023:recovery in nuclear production,supporting customers and debt reductionOutlook for 2024-2026:Expected fall in electricity market pricesIncrease in

41、nuclear outputHigh level of investment deployed in line with the Groups business modelsOperational excellence2023 ANNUAL RESULTS2023 ANNUAL RESULTS2026 TARGETS252.5xADJUSTED ECONOMIC DEBT/ADJUSTED EBITDA(1)(2)4xNET FINANCIAL DEBT/EBITDA(1)(1)Based on scope and exchange rates at 01/01/2024 and an ass

42、umption of French nuclear output,relative to the fleet currently in service,of 315-345TWh for 2024,335-365TWh for 2025 and 2026.(2)As per current S&P methodology on the ratio.Extension until 2026 of the commitment made in July 2023:2024 OUTLOOK26Customers Continuing deployment of the new commercial

43、policyDecarbonised generation Continuing recovery in nuclear generation in France(315-345TWh)Flamanville 3 oNuclear fuel loading and first connection to the grid HPCoContinued ramping up of the worksite EPR2 programme in France oTarget:optimising the design,costing and financing RenewablesoCommissio

44、ning of the Fcamp offshore wind farm(500MW-France)oStart of generation of the Nachtigal dam(420MW-Cameroon)EDF partner of Paris 2024,for more responsible and sober Olympic and Paralympic GamesAthletes Village2023 ANNUAL RESULTS2023 RESULTSCOMPLEMENTARY BOOKTABLE OF CONTENTS28P.67ESGP.47CONSOLIDATED

45、FINANCIAL STATEMENTSP.59FINANCING&LIQUIDITYP.29STRATEGIC PROJECTSP.44CUSTOMERS(FRANCE)P.35OPERATIONAL DATAP.70MARKET DATA292023 ANNUAL RESULTS STRATEGIC PROJECTSOperational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projectsFLAMANVILLE 3 EPR(1.6G

46、W)(1)See the press release of 16 December 2022.In 2015 euros,excluding interim interest(see note 10.6 of the Consolidated financial statements as of 31 December 2023).(2)SIS=Safety injection system,CHRM=containment heat removal system.302023 ANNUAL RESULTS UPGRADE ON THE MAIN SECONDARY CIRCUIT WELDS

47、 AND OTHER MATTERS OF ATTENTIONSCHEDULE AND COSTSThe nuclear fuel loading is scheduled in March 2024,following the successful completion of the tests of the installation at end-2023.EDF expects the French Nuclear Safety Authority(ASN)approval for fuel loading in Q1 2024.The first connection to the g

48、rid is scheduled mid-2024The first planned outage,called“Visite Complte 1”,should mainly take place in 2026 and last several months.Its organisation,content and subsequent duration are in developmentThe ASN has agreed with the postponement of the vessel head replacement from 2024 to the planned outa

49、ge following the first operating cycleThe last estimated completion cost is 13.2bn(1)(excluding costs arising from post-commissioning modifications)At end-2023,all the welds concerned,including the most complex penetration ones,had been upgraded,stress-relieving heat treatments have been completed a

50、nd the last non-destructive inspection treatments have been finalised.The ASN will issue its final opinion on the main secondary circuits compliance in its Compliance Declaration for the nuclear steam supply systemsOther technical matters have mobilised the teams,in particular the filtration sumps S

51、IS/CHRM(2)(works completed,the ASN has agreed with the strategy proposed by EDF)the pressurizer safety release valves(the new valves have been installed)and the lessons learnt from the technical issue at the Taishan No.1 reactor(mechanical wear on certain assembly components during its second operat

52、ing cycle).Concerning this last issue,64 new reinforced fuel assemblies have been supplied on site and received the approval of the ASNRisks of deviations in components,equipments or parts of equipments delivered by EDF service providers and suppliers could lead,after analysis and if the deviations

53、were confirmed,to justification or correction of the deviations,and the possibility of a delayed start-up dateOperational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects31HINKLEY POINT C EPR(3.3GW)(1)See EDFs Press Release of 23 January 2024“

54、Hinkley Point C Update”.(2)Excluding interim interest and at a reference exchange rate for the project of 20151=1.23.The range of 31bn to 34bn2015(vs 25 and26 bn2015announced on 19 May 2022)corresponds to the range of 41.6 to 46.5bn in current value(with an additional risk of 1.4bn)FINANCING OF THE

55、PROJECTSCHEDULE AND COST REVIEWCONSTRUCTION PROGRESSProgress in 2023,culminated with the successful lift of the dome onto the Unit 1 Reactor Building,which is now weather-tight protecting the Polar CraneThe detailed design for the next phase of MEH work has been finalised70%of the equipment to be in

56、stalled on Unit 1 has been deliveredThe first steam generators have been built and are ready for deliveryTesting of the UK instrumentation and control system is underwayConclusions of the last schedule and cost review for the Hinkley Point C project announced on 23 January 2024(1):In terms of schedu

57、le,Unit 1 is now expected to start producing electricity around the end of the decade.Several scenarios have been analysed,in which Unit 1 would become operational in:(i)2029,around which the project is organised,based on a target productivity for electromechanical(MEH)work and action plans(ii)2030,

58、the base case scenario which assumes certain risks materialise in MEH ramp-up and testing(iii)2031,unfavourable scenario which assumes a further 12-month risk materialisesThe project completion cost is estimated,in the range of 31 to 34bn2015(2).The range of costs will mainly depend on Main Civil Wo

59、rks and MEH productivity and on compliance with the schedule.If the unfavourable scenario(above)materialises,this could lead to an additional cost of around 20151bnThe commencement operation date(COD)for Unit 2 is targeted 12 months after Unit 1 commissioningThe agreements between EDF and CGN includ

60、e a compensation mechanism of certain additional costs by EDF in case of overrun of the initial budget or delays.This mechanism was triggered in January 2023.This arrangement is part of a Shareholders bilateral agreement signed between EDF and CGN in September 2016 and is subject to a confidentialit

61、y clauseAs the projects total financing needs exceed the contractual commitment of the shareholders,shareholders were asked to provide additional equity on a voluntary basis as from Q3 2023.HPC funding is now through Voluntary Equity,to which only EDF is currently contributingFinancing solutions are

62、 being investigated by HPCHowever,given the projects stage of completion,it is highly unlikely that private equity funding can be secured in the short termAt end-December 2023 EDFs share in HPC was 67.7%,with CGN owning the remaining 32.3%2023 ANNUAL RESULTS Operational dataConsolidated financial st

63、atementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projectsFINAL INVESTMENT DECISION(FID)PROGRESSSIZEWELL C EPR(3.3GW)322023 ANNUAL RESULTS MAIN ASPECTSProject of 2 UK European Pressurised Reactors(EPR)at Sizewell on the Suffolk coast for a total capacity of 3.3GWPower supply to 6 m

64、illion households for around 60 years Second of a kind UK EPR following Hinkley Point C,replicating as much as possible of the Hinkley Point C design and supply chainThe power plants construction remains subject to the project,approving a FID.FID is subject to the fulfilment of some conditions inclu

65、ding:-Securing the project financing(including the finalisation of RAB and GSP and the completion of the capital raise)-An agreement with the UK Government on the baseline cost and schedule estimate at completion-The granting of the remaining required consents,in particular subsidy control clearance

66、EDFs participation in the financing of the construction is subject to the fulfilment of some conditions including:-A share ownership of the project not exceeding 19.99%-The ability of EDF not to control the project-A return on capital expected by EDF,as an investor in line with its investment policy

67、Development of the ProjectThe Office for Nuclear Regulation(ONR)confirmed in July 2022 that almost all the regulatory requirements were satisfied to grant a Nuclear Site LicenseThe project was granted its Development Consent Order(DCO)by the UK Government in July 2022.Legal action challenging that d

68、ecision was dismissed in June and December 2023.An application for leave to appeal the Judgement has been filled in January 2024The project has fulfilled a series of obligations in the DCO to enable commencement of worksThe target cost and schedule are being reviewed to take into account the conclus

69、ions of HPC schedule and cost update announced in January 2024Financing the constructionOn 22 January 2024,the UK Government announced a further 1.3bn investment which follows its previous commitments already announced(700m in November 2022,511m in the summer 2023).This additional investment will co

70、nsolidate the UK Government position as the majority shareholder in the project by final investment decision(FID)In September 2023,the UK government launched an equity raise process to secure the capital required for financing the project The financing terms of the project are being discussed with t

71、he UK Government and the agreement is expected to be set out in 2024.The project is eligible for funding under the Regulated Asset Base(RAB)model,with a Government Support Package(GSP),the terms of which are being finalisedAt 31 December 2023,the project is owned at 50.6%by the UK government and at

72、49.4%by EDF.Sizewell C is still fully consolidated in the Groups accounts,but governance can be changed by FIDOrganisationOrganisation and collaboration schemes with Hinkley Point C,are being implemented and tested to secure the benefits of the replication of the Hinkley Point C project Operational

73、dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects33MAINTENANCE OF THE EXISTING NUCLEAR FLEET(1)See Press Release of 28 November 2023(2)See Information notes and Press Releases of 16 March 2023 and of 26 April 2023.Most sensitive reactors:the 4

74、N4 series reactors of 1,450MW and the 12 P4 series reactors of 1,300MW.(3)Cattenom 4 will be inspected during its 10-year inspection which starts in February 2024.2023 ANNUAL RESULTS GRAND CARNAGE PROGRAMME:Industrial strategy to continue the operation of nuclear plants beyond 40 years:-Technical ca

75、pacity of the plants to operate beyond 40 years supported by international benchmarks for similar technologies-Extension from 40 to 50 years of the depreciation period of the 900MW nuclear fleet from 1 January 2016 and for the 1,300MW nuclear fleet from 1 January 2021-Strategy compatible with the cu

76、rrent multi-year energy programme for France(PPE 2018-2023)and the French Law removing the 50%cap of nuclear power from the energy mix in 2035The second phase of the programme(2022-2028)includes:-Continuation of the 4th ten-year inspection programme for the 900MW reactors-Studies and beginning of im

77、plementation for first 4th ten-year inspection for the 1,300MW reactors-Prior studies for the continued operation of 900MW reactors beyond 50 years Total expenses for the 2022-2028 period estimated at 33bn(estimate at 31 March 2022)excluding SC phenomenon.In 2023,total expenses amounted to 4.4bn exc

78、luding SC phenomenonSuccess of the first senior green bond issue dedicated to the financing of the existing nuclear fleet,for a nominal amount of 1 billion euros(1)At end-December 2023,among the 16 most sensitive reactors(2)to SC detected in the auxiliary circuits of the main primary circuit:-Sectio

79、ns of pipes replaced on all of the 4 N4 reactors which are in operation-Preventive replacement of impacted lines of 12 P4 reactors:finalised on 11 reactors and during its 10-year inspection for 1 reactor(3)The 40 less sensitive reactors will be inspected by early 2026 during the planned outagesConce

80、rning welds repaired at construction,the 2023 control programme has been finalisedThe SC 2024 programme,which is larger in scope than the 2023 programme,has been validated by the ASN and the inspections will be carried out during scheduled maintenance outagesThe work on stress corrosion leads to an

81、estimated capital expenditure of 1.2bn over the period 2022-2025,of which 0.9Mds had been spent at end-2023STRESS CORROSION PHENOMENON(SC):Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects3410-YEAR INSPECTIONS OF THE NUCLEAR FLEET20

82、23 ANNUAL RESULTS 012345678202320242025202620272028202920302031203220332034In 2029,Tricastin 1 would be the first 900MW series reactor to realise its 5th10-year inspection 1,450MW1,300MWNumber of 10-year inspections4th10-year inspection of 900MW reactors3rd10-year inspection of 1,300MW reactors4th10

83、-year inspection of 1,300MW reactors3rd10-year inspection of 1,450MW reactors5th10-year inspection of 900MW reactors(1)BUG3CAT4BLA3PEN2BLA4CHB2PAL1CRU2CAT1GRA6CAT2BEL2CHO2CHO1BEL1CAT3BUG5CIV1GOL1BLA1CIV2BUG3CAT4NB:forecast data on 31 December 2023.(1)Subject to decisions taken and authorisations iss

84、ued.CHB3BUG2TRI1CHB4900MW 4th10-year inspection900MW 5th10-year inspection(1)GOL2GOL2BLA2DAM3CHB1GRA2SLB2PAL2PAL3SAL1FLA1SAL2FLA2PAL4NOG1NOG2PEN1PEN2CRU3DAM4GRA4TRI4GRA4CRU1GRA5CRU4BUG4TRI2DAM1GRA1DAM2SLB2GRA3BLA2CHB1DAM3GRA2BLA3CRU3DAM4GRA4TRI4TRI3352023 ANNUAL RESULTS OPERATIONAL DATAOperational d

85、ataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects36ELECTRICITY OUTPUTNB:The values correspond to the expression to the first decimal or integer closest to the sum of the precise values,taking into account rounding.(1)Hydro output includes tidal

86、energy for 549GWh in 2022 and 504GWh in 2023.Hydro output after deduction of pumped volumes is 28.2TWh in 2022 and 37.0TWh in 2023.2023 ANNUAL RESULTS Fully consolidated entities (in TWh)20222023Nuclear328.076%363.478%Total ENR60.214%70.815%Hydro(1)35.659%42.860%Wind21.235%23.533%Solar2.54%3.25%Biom

87、ass0.92%1.42%Gas36.58%28.56%Fuel oil5.41%4.61%Coal1.70.4%0.20.1%Group431.7100%467.6100%Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projectsNB:The values correspond to the expression to the first decimal or integer closest to the sum of

88、 the precise values,taking into account rounding.(1)Including direct CO2 emissions(excluding life cycle analysis(LCA)of fuel,production means and other CO2-equivalent gas emissions).The other CO2-equivalent gas emissions are included in the Scope 1 calculation.(2)Power generation in ZNI:Zones non in

89、terconnectes corresponding to overseas departments and Corsica-(mainly island territories)and Electricit de Strasbourg(ES).(3)Framatome contributes to 29ktCO2in 2023 and 31ktCO2in 2022,The direct CO2 emissions from“Others activities”segments are not significant compared to Group total emissions and

90、are not disclosed in this table.(4)Carbon intensity corresponds to CO2emissions in relation to the Groups electricity and heat generation,The EDF Groups heat generation amounts to 23.7TWh in 2023(vs 26.0TWh in 2022).37CO2EMISSIONS AND CARBON INTENSITY(1)2023 ANNUAL RESULTS Fully consolidated entitie

91、s Heat and power generation by segmentEmissions(in kt CO2)Carbon intensity(in gCO2/kWh(4)2022202320222023 France Generation and supply activities5,32723%2,90116%178France Regulated activities(2)3,35215%2,91716%512469Dalkia4,12718%3,58820%156147United Kingdom1491%40%30Italy6,84230%6,26334%301302Other

92、 international3,25114%2,54714%216182Group(3)23,078100%18,249100%5037Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projectsNB:The values correspond to the expression to the first decimal or integer closest to the sum of the precise values

93、,taking into account rounding.(1)Taking into consideration the shutdown of Tihange 2.(2)Including sea energy:0.24GW in 2023.(3)Taking into consideration the conversion of the Port Est plant(Reunion)to biomass.(4)Taking into consideration the disposal of the Sloe CCGT in the Netherlands.(5)Taking int

94、o consideration the closure of the 2 last units of West Burton A.38INSTALLED CAPACITY AS OF 31 DECEMBER 20232023 ANNUAL RESULTS(in GW)Total net capacity of EDF Group,including shares in associates and joint venturesInvestments in associates and joint venturesConsolidated capacity of EDF GroupNuclear

95、(1)67.855%-0.267.958%Hydro(2)22.618%1.021.618%ENR(3)15.112%2.812.310%Gas(4)11.19%-0.211.310%Fuel oil(3)3.23%0.13.13%Coal(5)3.02%1.81.21%Total122.7100%5.3117.3100%Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects39FRANCE:UPSTREAM/DOW

96、NSTREAM ELECTRICITY BALANCENB:EDF excluding French islands electrical activities.(1)Hydro output after deduction of pumped volumes:33TWh in 2023/25TWh in 2022.(2)Including hydro pumped volumes of 5.7TWh in 2023/7.4TWh in 2022.2023 ANNUAL RESULTS In TWh 2023vs.2022OUTPUT/PURCHASECONSUMPTION/SALES 202

97、3vs.2022+16.8+16.8In TWh431.2+41.4-4.5-12.2+6.3-0.4431.2NuclearHydro(1)ThermalLT&Structured purchasesPurchase obligationsStructured sales and others(2)ARENH supplyEnd-customers49.715.76.738.7320.4-0.2-19.0234.141.2126.6+6.7Net market sales 29.3+29.3including:Market offers:128.4Regulated tariffs:105.

98、7including:+4.7:Market offers-4.9:Regulated tariffsNet market purchases0.0-13.8Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projectsFRANCE HYDRO OUTPUT(1)Hydropower excluding electrical activities on French islands,before deduction of p

99、umping consumption.(2)Production after deduction of pumped volume consumption:25.0TWh in 2022/33.0TWh in 2023.2023 ANNUAL RESULTS 9,418.924,932,49,219.426,738,7Q1H19MFY2022 cumulative output2023 cumulative output(2)+19.4%Favourable hydro conditions in the last two months of 2023 almost offset the ov

100、erall deficit of the first ten months:hydraulic conditions index of 0.98 in 2023 vs 0.71 in 2022Hydraulic reservoirs filling rate in France at 80%at end-December 2023:+17 points above historical average(63%)(in TWh)40(1)(1)-2.9%+2.2%+7.0%40%60%80%100%120%140%160%180%MarchNormal hydro conditions leve

101、lMonthly mins and max between 2013 and 202220222021Dec.Sept.June2023Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects41EDF:A EUROPEAN LEADING PLAYER IN RENEWABLE ENERGIESNB:situation at 31/12/2023.(1)Installed capacity shown as net,

102、corresponding to the consolidated data based on EDFs participation in Group companies,including investments in affiliates and joint ventures.(2)Biomass and geothermal.(3)Including sea energy:0.24GW.2023 ANNUAL RESULTS INSTALLED CAPACITY:37.7GW NET(1)A DIVERSIFIED MIX WITH 37.7GW IN OPERATION22.6GW o

103、f hydropower14.7GW of wind and solar power0.4GW others(biomass,geothermal,)Leading European producer of hydropowerMore than 400 production sites worldwide2.9GW gross commissioned in 20236.4GW gross currently under construction(1.5GW in onshore wind,1.2GW in offshore wind,3.7GW in solar)A GLOBAL LEAD

104、ER IN WIND AND SOLAR ENERGYHYDROPOWERCAPACITY BY SECTOR:5.4GW1.3GW27.4GW2.1GW1.4GWCAPACITY BY GEOGRAPHY:9.9GWWIND4.7GWSOLAR POWER0.4GW(2)OTHER37.7GW(net)22.6GW(3)HYDROOperational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects42RENEWABLES:INS

105、TALLED CAPACITY AND CAPACITY UNDER CONSTRUCTION,AS OF 31 DECEMBER 2023(1)Gross capacity:total capacity of the facilities in which EDF has a stake.(2)Net capacity:capacity corresponding to EDFs stake.2023 ANNUAL RESULTS(in MW)Gross(1)Net(2)31/12/202231/12/202331/12/202231/12/2023Wind2,7832,6851,6621,

106、591Solar4,3473,7283,0732,617Capacity under construction 7,1306,4134,7354,209Onshore wind 13,14113,2449,0669,342Offshore wind1,4111,621508581Solar7,4279,4253,5914,734Wind&Solar installed capacity 21,97924,28913,16514,657Biomass and geothermal-232440Renewable(excl.hydro)installed capacity-13,39715,097

107、Hydraulic-22,57722,571Renewable installed capacity-35,97437,668Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects43A PORTFOLIO OF WIND AND SOLAR PROJECTS OF 98GW(1)NB:situation at 31/12/2023.(1)Mainly wind and solar.Pipeline excludin

108、g capacities under construction.Gross data corresponding to 100%of the capacity of the projects concerned.(2)All the projects in prospection phase included in the pipeline,starting 2020.(3)Start of construction portfolio,not probability-based.2023 ANNUAL RESULTS A PROJECT PORTFOLIO THAT IS DIVERSIFI

109、ED GEOGRAPHICALLY AND BALANCED BETWEEN WIND AND SOLAR(in GW)Offshore wind23%Solar49%98Onshore wind28%38.1GW7.6GW39.1GW6.2GW6.7GW39%NORTH AMERICA8%LATAM13%REST OF THE WORLD98GW40%EUROPEBREAKDOWN BY DEVELOPMENT PHASE(2)(in GW)*Securing a power purchase agreement(following a call for tenders,auction,OT

110、C negotiation)*Sufficient land securisation and start of technical studies*Start of land identification and preliminary studies98362636Total2024-20252026-2028 2028BREAKDOWN BY DATE OF START OF CONSTRUCTION(in GW)(3)125927Secured*Under development*Prospection phase*98442023 ANNUAL RESULTS CUSTOMERS(F

111、RANCE)Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects45FRANCE:DISTRIBUTION OF ELECTRICITY SALES(1)ACCORDING TO THEIR MARKET PRICE EXPOSURE2023 ANNUAL RESULTS Volumes sold at ARENH price following the cost-stacking formula in the r

112、egulated sales tariffs(essentially blue residential and non-residential tariffs)and to EDF final customers under market-based contracts(2)Volumes sold at ARENH price(3),which include:the ARENH volumes of 100TWh that can be requested by alternative suppliersThe purchase of losses by network operators

113、 for 26.6TWh or at market price if such price is lower than the ARENH arbitration threshold(ARENH price-capacity price)not applicable in 2023Volumes sold at market price,whatever the price,which include:Part of the volumes sold to EDF final customers:“market complement supply”in the regulated tariff

114、s(4),balance of the volumes sold to clients under market-based contractsVolumes sold on wholesale power marketsContracts at negotiated prices that do not follow a market-indexed structure,and hydro pumped volumes of 5.7TWh46TWhat ARENH priceafter cropping126.6TWhat ARENH price:100TWh to alternative

115、suppliers+26.6TWh for network losses64TWhat market price381.1TWh202362%65TWhat ARENHprice after cropping60TWhat marketprice (1)Cf.“France:upstream/downstream electricity balance”p.19.Estimated distribution based on the situation in 2023,in particular in terms of EDF downstream market shares.(2)Relat

116、ed to the replication of the sourcing cost structure of alternative suppliers:shares of the volumes corresponding to the ARENH rights”including replication of additional volumes to the alternative suppliers.(3)EDF is subjected to the arbitrage between the two prices and its date of exercise is varia

117、ble depending on the volumes(it takes place at the latest at the time of the ARENH end of year subscription window for a delivery the following year).(4)Related to the replication of the sourcing cost structure of alternative suppliers:the balancing volumes sourced on the market which exceed the“ARE

118、NH rights”.128.4TWhMarketoffers105.7TWhRegulatedtariffs33%5%ARENH drivenMarket prices drivenLong term contracts+others20.3TWhLong-termcontractsand othersOperational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects11,516,415,53,673,394110,6125,

119、258,98,95,515,217,216,9185657,161,261,201/08/2022 01/02/202301/08/202301/02/2024Energy+fees(5)TURPECapacityCost to serve(4)and marginCatch-up(6)(1)Source:Journal Officiel(2)The figures are based on an average calculation on customers portfolio at the Regulated Sales Tariffs at end-2021 for 2022,and

120、at end-2022 for 2023-2024(latest available database to date).(3)Due to rounding,the total is not strictly equal to the sum of the components.(4)Including cost of Energy Efficiency Certificates.(5)For 2022 and 2023,this part takes into account the tariff shield.In 2023,in particular,this part include

121、s the catch-up under the 2022 cap and a discount of 143.2/MWh from February to July 2023 and of 126.4/MWh from August 2023 to January 2024.This discount is compensated by the CSPE under the finance law for 2023 and will therefore not be subject to a catch-up in 2024.(6)Remaining tariff increase deci

122、ded in Year-1 but invoiced in Year+1.(7)Excise duty on electricity at 21/MWh excl.VAT on 1 February 2024(cf.decree of 25/01/2024 published in the Journal Officiel of 31/01/2024)46REGULATED SALES TARIFFS IN FRANCE:CHANGE IN 2022-2024RESIDENTIAL EXCLUDING TAXES(1)(2)(3)AVERAGE BILL BREAKDOWN VAT INCLU

123、DED(3)(7)(BLUE RESIDENTIAL CUSTOMER)01/08/2022105136,5151,9152,35657,161,261,21112141,640444801/08/2022 01/02/202301/08/202301/02/2024203.6234.6TICFE/Excise taxTURPEVAT+CTA taxesProcurementand commercial costs,net of statecompensation(5)(in/MWh)(in/MWh)+15.0%+31.0/MWh+20.0%+32.5/MWh+9.5%+24.4/MWh+0.

124、18%+0.39/MWh193.6161.1213.1258.1213.5282.5+10.0%+23.5/MWh2023 ANNUAL RESULTS 472023 ANNUAL RESULTS CONSOLIDATED FINANCIALSTATEMENTSOperational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects-23,14424,6676,7233,7079099323334073282551,3253,9671

125、,1151,8553368727,0893,255-133+47,821-3,016+25+76-83+2,668+728+532-3,704Other internationalItalyUnited KingdomFramatomeDalkiaEDF RenewablesFrance Regulated activitiesFrance Generation and supply activities48GROUP EBITDA BY SEGMENT 2023 ANNUAL RESULTSIn millions of euros48Other activitiesOther interna

126、tionalItalyUnited KingdomDalkiaEDFRenewablesFrance Regulated activitiesFrance Generation&supply activitiesScope&forexFramatomeOther activities(4,986)2022202339,927+Nuclear generation progressive recovery+Price effects(o/w market purchases&tariff shield&rise in price)+2022 regulatory measures-Network

127、 losses purchases at higher prices-2022 RTE retrocession+TURPE price effect+Increase in production EBITDA+Commercial activity in France and higher cogeneration output-Difficulties on a US contract and punctual decrease in Fuel activity+Strengthen margins and market share+Higher realised nuclear pric

128、es partially offset lower power generation-Sustained performance of EDF Trading in 2023 after an exceptional year in 2022-Lower volumes and prices in gas activities+Margin recovery in sales activities+Better renewable contribution and gas business optimisation+Increase in nuclear&renewable outputs,a

129、fter energy purchases at high price in 2022,in Belgium Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects6,73,7-1.3-1.6+0.7-0.82022202349FRANCE REGULATED ACTIVITIES EBITDA:EXCEPTIONAL PRICE EFFECT ON ENEDIS NETWORK LOSS PURCHASES IN

130、2023 IN A CONTEXT OF HIGH PRICES2023 ANNUAL RESULTSIn billions of eurosNB:Estimated figures for changes in EBITDA.Price effect on Enedis network loss purchasesRTE 2022 retrocession with no equivalent in 2023,EnedisOtherTURPE price effectOperational dataConsolidated financial statementsCustomers(Fran

131、ce)Financing&LiquidityESGMarket dataStrategic projectsIn millions of euros2022current2022non-current20222023current2023non-current2023EBITDA(4,986)-(4,986)39,927-39,927Commodities volatility-(849)(849)-363363Amortisation/depreciation expenses and provisions for renewal(11,079)-(11,079)(11,161)-(11,1

132、61)Impairments and other operating income and expenses-(2,449)(2,449)-(15,955)(15,955)EBIT(16,067)(3,296)(19,363)28,766(15,592)13,174Financial result(219)(3,334)(3,553)(5,574)2,225(3,349)Income tax2,9261,0003,926(4,783)2,313(2,470)Share of net income from associates and joint-ventures900(141)759497(

133、240)257Net income of discontinued operations6-6-Deduction net income from minority interests209(494)(285)425(2,829)(2,404)Net income Group share(12,662)(5,278)(17,940)18,481(8,465)10,01650CURRENT AND NON-CURRENT ELEMENTS OF THE P&L2023 ANNUAL RESULTSOperational dataConsolidated financial statementsC

134、ustomers(France)Financing&LiquidityESGMarket dataStrategic projects51CHANGE IN FINANCIAL RESULT2023 ANNUAL RESULTS In millions of euros20222023Cost of gross financial debt o/w interest expenses(1,730)(1,940)(3,830)(3,924)(2,100)(1,984)Discount expenses174(3,988)(4,162)Other financial income and expe

135、nseso/w net change in fair value of debt and equity instruments of dedicated assets(1,997)(3,096)4,4692,2206,4665,316Financial result(3,553)(3,349)204Excluding non-recurring items before tax(change in IFRS 9 fair value of financial instruments)3,334(2,225)(5,559)Current Financial result(219)(5,574)(

136、5,355)Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects52CHANGE IN NET FINANCIAL DEBT2023 ANNUAL RESULTS In millions of euros20222023EBITDA(4,986)39,927Cancellation of non-monetary items included in EBITDA(7,825)3,939EBITDA Cash(12,

137、811)43,866Change in net WCR8,301(7,785)Net investments excluding disposals(16,395)(19,100)Dividends received from associates and joint ventures590702Other elements(1,220)(755)Operating Cash Flow(21,535)16,928Assets disposals53580Income taxes paid(1,282)(3,695)Net financial expenses(1,003)(2,534)Dedi

138、cated assets(233)(378)Dividends paid in cash(1,085)(1,113)Group Cash Flow(24,603)9,288Rights issue,hybrids and other monetary changes2,498(64)Change in net financial debt(22,105)9,224Effects of change and exchange rates85(162)Other non-monetary changes IFRS 16(660)(815)Other non-monetary changes1,16

139、81,872Change in net financial debt from continuing operations(21,512)10,119Net Financial Debt Opening balance42,98864,500Net Financial Debt Closing balance64,50054,381Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects53CSPE MECHANISM

140、 IMPACT ON THE CHANGE IN WORKING CAPITAL REQUIREMENT2023 ANNUAL RESULTS In millions of euros20222023Amount to be compensated to EDF(a):-832-14,139Amount of the support for renewables 3,0972,193Tariff shield-1,571-13,992Others(including ZNI)-2,358-2,340Compensation received by EDF(b)6,60210,010Fiscal

141、 debt(c)-1,227231Change in Working capital requirement(a)+(b)+(c)4,543-3,898In 2022,EDF was overcompensated because of higher market prices received by EDF for the support of the renewables than anticipated.In 2023,EDF was compensated for the amount of the tariff shield less the overcompensation of

142、2022.Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects2,495M4,973M11,925M10,413M6,158M 3,342M-3,097M-2,193M202020212022202332/MWh109/MWh276/MWh97/MWh54CSPE:CHANGE IN SUPPORT FOR RENEWABLES IN MAINLAND FRANCE FOR EDF(1)EDF SA excludi

143、ng island activities.(2)The compensation mechanism of public energy services charges also covers the charges relating to the gas and electricity tariff cap,the tariff equalisation costs in the ZNI(Zones Non Interconnectes),and the solidarity programmes.2023 ANNUAL RESULTS Principle:In 2022 and 2023,

144、in the context of soaring energy prices,the valuation of energy produced by renewables has exceeded on average the amount of the support by the State,leading to a negative compensation amount.The compensation mechanism of public energy services charges(2)offsets the difference between the cost of su

145、pport for renewables in mainland France and market prices.In 2023,the tariff shield was financed by the CSPE mechanism Amount of compensation for support for renewables(1)Amount of the support for renewables valued at market prices based on CRE methodologyAmount of the support for renewables Average

146、 spot price8,653M8,315M8,828M8,220MOperational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects21,02121,44619,100+425-638-2,110+402Gross operatinginvestmentsGross investmentsNet investments55INVESTMENTS:FROM GROSS TO NET(1)2023 ANNUAL RESULTS

147、Gross financial investmentsOf which EDF Renewables,Edison,Framatome,EDEVDisposals except disposal planOf which EDF RenewablesSubsidies:Of which EDF RenewablesMinority shares:Of which EDF Energy(notably HPC&Sizewell C projects)Subsidies and minority sharesOthers(1)(in millions of euros)(1)Investments

148、 in intangible assets and property,plant and equipment in consolidated cash flow statement.(2)Net investments in the Change in NFD statement excluding disposal plan.Of which EDF Renewables,Other InternationalNet investments(2)Operational dataConsolidated financial statementsCustomers(France)Financin

149、g&LiquidityESGMarket dataStrategic projects56NET TOTAL INVESTMENTS INCLUDING ACQUISITIONS(1)Regulated activities:Enedis,S and island activities;Enedis,an independent EDF subsidiary as defined in the French energy code.2023 ANNUAL RESULTS 202319.1bn34%FRANCE GENERATION AND SUPPLY ACTIVITIES26%FRANCE

150、REGULATED ACTIVITIES(1)2%FRAMATOME 21%UNITED KINGDOM3%ITALY2%OTHERINTERNATIONAL1%OTHER ACTIVITES2%DALKIA9%EDF RENEWABLES2%DALKIA202216.4bn35%FRANCE GENERATION AND SUPPLY ACTIVITIES28%FRANCE REGULATED ACTIVITIES(1)2%FRAMATOME 18%UNITED KINGDOM4%ITALY1%OTHERINTERNATIONAL1%OTHER ACTIVITES10%EDF RENEWAB

151、LESOperational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects57NET INVESTMENTS INCLUDING ACQUISITIONSNB:figures rounded up to the nearest decimal number.(1)Mainly property,central functions.2023 ANNUAL RESULTS 2023In billions of eurosNew nuc

152、lear(including HPC,Flamanville 3 and EPR2)Nuclear maintenance(France,Belgium and UK)including Grand CarnageServicesRenewablesFramatomeOthers(1)NetworksGas,ThermalMaintenanceDevelopmentTOTAL 2023Nuclear maintenance(France,Belgium and UK)includingGrand Carnage 5.30.05.3Networks2.32.64.9New nuclear(inc

153、luding HPC,Flamanville 3 and EPR2)0.04.54.5Renewables0.42.12.5Framatome0.10.30.4Services0.00.60.6Gas,Thermal0.10.20.3Others(1)0.10.50.6TOTAL8.410.719.10.64.50.44.95.32.50.6202216.4bn3.20.34.44.72.20.60.419.1bn0.30.695%of the Groups investments are made in accordance with its carbon neutrality target

154、56%of investments correspond to development investmentsOperational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects58PROVISIONS RELATED TO NUCLEAR GENERATION IN FRANCE AND PART TO BE COVERED BY DEDICATED ASSETS AT END-20232023 ANNUAL RESULTS 1

155、2.11.81.813.213.213.013.05.45.40.60.62.1Total provisions relatedto nuclear generation in FranceLong-term provisions related tonuclear generation in France to becovered by DA48.234.0In billions of euros14.214.08.7Dedicated assetsin realisable valueProvisions for LT management of radioactive wasteProv

156、isions for dismantlingof nuclear plantsProvisions forlast cores(back-end of the nuclear cycle)Yield AssetsGrowth AssetsFixed-income Assets36.9 At 31 December 2023,the regulatory coverage is 108.5%(vs 107.1%at 31 December 2022)No allocation to Dedicated Assets to be made in 2023 and 2024 in respect o

157、f 2022 and 2023 owing to a coverage rate of over 100%at end of year,in accordance with the regulation applicable since 1 July 2020(1)Related to the operating cycle.Decommissioning nuclear plants in operationDecommissioning permanently shut-down nuclear plantsLong-term management of radioactive waste

158、Last core back-end partManagement of nuclear fuel(Non recyclable in existing installations part)Last core front-end partManagement of nuclear fuel(1)(Recyclable in existing installations part)592023 ANNUAL RESULTS FINANCING AND LIQUIDITYOperational dataConsolidated financial statementsCustomers(Fran

159、ce)Financing&LiquidityESGMarket dataStrategic projects60DECREASE OF THE NET FINANCIAL DEBT2023 ANNUAL RESULTS In millions of euros31/12/202231/12/2023Financial debt96,05386,647Derivatives used to hedge debts(2,024)(1,379)Cash and cash equivalents(10,948)(10,775)Debt and equity securities(liquid asse

160、ts)(18,507)(20,077)Asset coverage derivatives(74)(35)Net financial debt(1)64,50054,381(2)(1)After application of IFRS 16.(2)Including 539M($596M)hybrid notes redeemed on 22/01/2024(see press release of 14 December 2023).Operational dataConsolidated financial statementsCustomers(France)Financing&Liqu

161、idityESGMarket dataStrategic projects61GROSS DEBT2023 ANNUAL RESULTS 31/12/202231/12/2023Average maturity of gross debt Average coupon9.4 years2.63%11.0 years4.11%(1)Mainly ILS,INR and BRL.Floating rate41%Fixed rate59%31/12/2023Breakdown by type of rate after swapsBreakdown by currency after swaps31

162、/12/202242%58%USD 5%EUR74%31/12/202331/12/2022GBP18%Other(1)3%12%79%3%6%Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects62HIGH LEVEL OF LIQUIDITY2023 ANNUAL RESULTS In billions of euros31/12/202231/12/2023Cash and cash equivalents1

163、0.910.8Liquid assets18.520.1Unused credit lines(off-balance sheet)14.115.8Gross liquidity43.546.7Financial debt current part(maturing within one year)(28.7)(18.9)Net liquidity14.827.8Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects

164、0,00,51,01,52,02,53,03,54,04,520242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049205020512052205320542055205620692114EURGBPUSDCHFJPYAUTRESIn billions of euros,before swaps63FOCUS ON BONDS(1)2023 ANNUAL RESULTS USD 36%41%EUR18%GBP1%Others(3)2%CHFSt

165、ock of bonds as of 31/12/2023:51.4bn(2)JPY 2%Repayments by currencyOthers(3)(1)Nominal amounts only.(2)51.4bn vs 49.1bn in note 18 of the 2023 consolidated financial statement that includes accrued interests and depreciation.(3)Mainly CAD,INR,HKD,BRL and NOK.Operational dataConsolidated financial st

166、atementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects64GREEN FINANCING:PROCEEDS ALLOCATION AND IMPACT REPORTING2023 ANNUAL RESULTS64The detailed list of EDF Renewables projects and hydraulic investment operations by category will be published in EDF 2023 URD.(1)Sum of the impa

167、cts of each project weighted by the share of total investment funded by the corresponding Green Bond.Issue dateMaturityNominal amount New renewable capacitiesInvestments in hydro facilitiesBiodiversity projectsTotal net(1)capacity of financed projects(in MW)Expected net(1)avoided CO2emissions(in Mt/

168、yr)Nov.20137.5Y1,400M1,400-9761.55Oct.201510Y1,250M$1,250-8151.83Oct.201610Y1,750M1,248502-1,8651.62Jan.201712Y15Y26,000M14,02111,979-1,2190.13Sept.20204Y2,400M2,246110281,5351.35Nov.202112Y1,850M1,594189231,4871.117,8977.59Issue dateMaturityNominal amount Distribution of electricity projectsRenewab

169、le capacity connected(in MW)Number of smart metersNew grid lines built(in km)Oct.202212Y1,250M1,2505,1815,488,0002,950Jul-2023Evergreen REPO565M5652,061614,0001,015Aug-20234Y8Y325MCHF3251,976592,0001,976Issue dateMaturityNominal amount Existing French nuclear reactors in relation to their lifetime e

170、xtensionExpected net(1)avoided CO2emissions(in Mt/yr)Nov.20233.5Y1,000M1,0001.82Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects1,2451,2369891,3382,2351,2381,4518971,3802024202520262027202820292030203365FOCUS ON HYBRIDS SECURITIES2

171、023 ANNUAL RESULTS Hybrid securities stock(1)Hybrid bond issue(1)Exchange rate as of transaction time.(2)Amount redeemed on 22/01/2024 and reclassified on 31/12/2023 as Other financial debt for 539M($596M)(see press release of 14 December 2023).Hybrid bond issues contribute to strengthening the bala

172、nce sheet through their qualification as equity under IFRS and 50/50 as debt and equity by rating agenciesA new$1.5bn emission paying 9.125%,with a 10-year first call date at EDFs discretion,was issued in June 2023.A tender offer on the$1.5bn hybrid bonds,callable in January 2024 was launched at the

173、 same time,resulting to a purchased amount of around$0.9bn(redemption of the remaining outstanding bonds on 22 January 2024)Total amount:12.0bn(1)Average tenor:4.02 yearsAverage cost:5.16%Hybrid debt maturity schedule based on first call datesHybrids stock breakdown by currency as of 31/12/2023USD 1

174、1%EUR 69%GBP 20%(in millions of euros)539(2)Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects66COMPARATIVE CREDIT RATINGS(1)Sources:rating agencies as of 06/02/2024.(1)See EDFs ratings2023 ANNUAL RESULTS Rating AgencyLatest ChangesB

175、BBStable14 December 2022Outlook revised to Stable from NegativeCreditWatch Negative RemovedBaa1Stable1 June 2023Outlook revised to Stable from NegativeBBB+Stable6 September 2022Outlook revised to Stable from Negative(affirmed on 3 April 2023)A+EngieIberdrolaE.ONEnelBaa3BBB+A-ABaa1A3A2A1EDFSSEMoodys

176、ratingsBaa2BBBBBB-S&P ratingsEDPTotalEnergies672023 ANNUAL RESULTS ESGOperational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projectsWorldwide average rating A-CCA*Range between 45-65787242*AA-2532*Water SecurityClimate ChangeESG Risk RatingN3/65

177、Top 1%MAIN INTERNATIONAL COALITIONS OF EDF*Sector average rating(ex-VE)(1)68NON-FINANCIAL RATINGS(1)The Moodys ESG score obtained in 2022 is valid for 2 years.2023 ANNUAL RESULTS EDFs ratingTop 18%Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStra

178、tegic projects69ENVIRONMENTAL PERFORMANCE AND SOCIAL ACTIONS2023 ANNUAL RESULTS EDFS TRAJECTORY 1.5C VALIDATED BY MOODYS Moodys Net Zero Assessment evaluates EDFs emission reduction targets to be consistent with the most ambitious Paris Agreement goals andscores its ambition to 1.5 degreeEDF,SUSTAIN

179、ABLE COMPANY RECOGNISED WORLDWIDEEDF ranked:4thby WBA Electric Utilities Benchmarkassessing climate and social performances(over 68 electric utilities)8th at Worlds Best Companies of 2023 by Timenewspaper.This benchmark identifies the best companies changing the world(over 750 compagnies)4thoverall

180、and 1stenergy company in the Universum survey monitoring companies perceived as the most committed to sustainability by French studentsEDF COMMITTED TO VULNERABLE CUSTOMERSEDF does not cut off electricity of residential customers in France in case of unpaid bill but applies a power limit since April

181、 2022Positive impacts for customers of this voluntary commitment recognised by Fondation Abb Pierre702023 ANNUAL RESULTS MARKET DATAOperational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects71FRANCE EXPORT BALANCE AND AVERAGE SPOT PRICES(1)I

182、N 2023(1)Average observed spot market price for 2023:EPEXSPOT(France&Germany),N2EX(United-Kingdom),OMIE(Spain),GME(Italy-Prezzo Unico Nazionale),APX(Netherlands),BELPEX(Belgium).(2)Change in average prices vs 2022.(3)Total consumption and generation non corrected by temperature effects(Source:RTE).(

183、4)Introduction of flow-based coupling mechanism from 21 May 2015 for the entire CWE(France,Benelux,Germany).(5)Variation export balance vs 2022(Source:ENTSO-E Transparency Website).(6)Export and Import flows(Source:ENTSO-E Transparency Website).2023 ANNUAL RESULTS 127.8/MWh96.9/MWh95.2/MWh95.8/MWh10

184、8.0/MWh87.1/MWh97.3/MWh-146.1/MWh(2)-132.1/MWh(2)-140.2/MWh(2)-179.0/MWh(2)-180.0/MWh(2)-147.2/MWh(2)-80.4/MWh(2)CWE(4)7.4TWh20,6TWh11.7TWh9.8TWh1.1TWh21.1TWh18.8TWh21.3TWh4.6TWh20.9TWhExport balance France:+50.3TWh(6)(balance in 2022:-16.4TWh)Exports:93.9TWh(6)(56.5TWh in 2022)Imports:43.6TWh(6)(72

185、.9TWh in 2022)The rise in electricity generation to 494.3TWh(3)and the decrease in demand to 438.3TWh(3)lead to higher export(+66%vs 2022)(6)and lower imports(-40%vs 2022)(6)16.4TWh+4.2TWh(5)2.5TWh+29.9TWh(5)13.2TWh+23.1(5)-1.9TWh+7.4(5)20.0TWh+2.0TMWh(5)Operational dataConsolidated financial statem

186、entsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects(In TWh)72ELECTRICITY CONSUMPTION CONTINUES TO DECREASE IN FRANCE(1)2023 ANNUAL RESULTS 20222023Drop by c.16.4TWh(-3.2%)due to:energy sufficiency since Q4 2022 low-economic growth high level of retail prices weather effect for c

187、.-1.3TWh(1)Data unadjusted from weather effect,including Corsica.Source:RTE138.4101.897.0115.5129.897.494.0117.1Q1Q2Q3Q4Electricity consumption in France in 2023:438,3TWh(vs 452.7 in 2022)Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic pro

188、jects73FORWARD ELECTRICITY PRICES(Y+1)IN FRANCE,UK AND ITALY(2022-2023)2023 ANNUAL RESULTS 01002003004005006007008009001 0001 1001 200Jan-22Feb-22 Mar-22Apr-22 May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22 Dec-22Jan-23Feb-23 Mar-23Apr-23 May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23 Dec-23Electricity-Annu

189、al Baseload contract France(EEX)Electricity-Annual Baseload contract UK(EDFT)Electricity-Annual Baseload contract Italy(EEX)(in/MWh)Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects74FORWARD ELECTRICITY PRICES(Y+2)IN FRANCE,UK AND I

190、TALY(2022-2023)2023 ANNUAL RESULTS 01002003004005006007008009001 0001 1001 200Jan-22Feb-22 Mar-22Apr-22 May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22 Dec-22Jan-23Feb-23 Mar-23Apr-23 May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23 Dec-23Electricity-Annual Baseload contract France(EEX)Electricity-Annual Basel

191、oad contract UK(EDFT)Electricity-Annual Baseload contract Italy(EEX)(in/MWh)Operational dataConsolidated financial statementsCustomers(France)Financing&LiquidityESGMarket dataStrategic projects-5050150250350450550650750JanFebMarAprMayJunJulAugSepOctNovDec2023202275FRANCE:BASELOAD ELECTRICITY DAILY S

192、POT PRICES2023 ANNUAL RESULTS Source:EPEXSpot electricity prices in France averaged 96.9/MWh base load,down by 64.9%vs 2022 explained by:-increase of generation by 15%for nuclear power,by 30%for wind and 20%for solar vs 2022-lower consumption compared to 2022(3.5%)These factors mitigated the use of gas assets with a decrease in generation by 34%.These gas assets benefited from lower commodity prices:-60%for the PEG spot index in 2023 vs 2022Min 2022:4.4/MWhMax 2022:743.8/MWhMax 2023:204.9/MWh(daily average in/MWh)Min 2023:-1.2/MWh2023 RESULTS