The group launches a recapitalization of 2.5 billion euros, subscribed up to 2.1 billion by the state. This should allow the electrician to deal with a particularly difficult year 2022 because of the “tariff shield” desired by the state and the stop of numerous nuclear power plants.
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After (a lot) used to contain the invoice of households and industrialists, the state is preparing to help (a little) the Electricity group of France (EDF). The majority shareholder will participate, up to 2.1 billion euros, to the recapitalization of 2, 5 billion euros of the company. It is “a launched signal for private investors to tell them that they can trust EDF,” justified the Mayor, Minister of the Economy, Friday, February 18, hoping “a leverage effect of the public investment on private investment “. The shares of the state in society should remain stable around 84%.
This recapitalization – equivalent to some 9% compared to the market valuation of the company Friday, February 18 in the morning – is supposed to help EDF to face the current year. Because the coming months are tough. Much more than for the results of the year 2021, communicated on the same day: 84 billion euros of revenue, up 22.4% over one year. The recovery of economic activity, among other factors, has more than doubled the net profit of the group (4.7 billion euros).
“in the collimator”
remains an otherwise more heavy data, the undertaking of the company: 43 billion euros in 2021, against 42.3 billion a year earlier. This debt should grow, in perspective of the construction sites announced on February 10 Emmanuel Macron: two months from the presidential election, the head of state promised between 6 and 14 new nuclear reactors by … 2050 without detailing funding.
A recapitalization of just over two billion euros, “it is not much compared to the mass of investments and the problems facing EDF,” says Jacques Percebois, professor emeritus at the University of Montpellier and Director of the Economics and Energy Law Research Center. All this, always “in the collimator of the European Commission”, which tracks any State aid that may, according to her, distort competition. “Vis-à-vis the Commission, it may be easier for the company to justify a capital allocation than a current account contribution,” says the economist.
The state had already proceeded to a recapitalization of 3 billion euros in 2017. Its new contribution occurs shortly after the announcement of the Nuclear Activities of General Electric (former alstom) by EDF, that the Government has largely encouraged. These same activities had been sold in 2014 at the American conglomerate, when Mr. Macron was Minister of the Economy.
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