February 14, 2020 / 6:38 AM / 4 days ago

Renewables help France's EDF beat expectations in 2019

PARIS, Feb 14 (Reuters) - French state-controlled utility EDF said on Friday its 2019 core-earnings beat expectations, up 12.1% year-on-year boosted by better price conditions in Britain and France, and a strong performance from its renewables energy division.

The utility said 2019 revenue rose 4% to 71.3 billion euros ($77.3 billion) and core earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 12.1% to 16.7 billion euros.

EDF’s 2019 group share net profit was at 5.2 billion euros compared with 1.1 billion euros in 2018.

A Refinitiv poll of analysts expected EDF’s average net profit group share at 3.0 billion euros, and EBITDA of 16.3 billion, while turnover was seen at 70.9 billion.

“The 2019 results confirms the rebound seen in 2018. All our objectives were met,” EDF Chief Executive Officer Jean-Bernard Levy told journalists.

EDF proposed payment of a dividend of 0.48 euros per share for 2019, which corresponds to a payout ratio of 45% of its net income.

$1 = 0.9229 euros Reporting by Bate Felix; Editing by Tom Hogue

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