EDF_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS Income Statement

23.3

TAISHAN

Taishan – financial indicators 23.3.1 The key financial indicators published for Taishan (on a 100% basis) are as follows:

31/12/2016

31/12/2015

(in millions of euros) Non-current assets Current assets TOTAL ASSETS

10,936

10,369

66

41

11,002 3,594 6,563

10,410 3,597 5,836

Equity

Non-current liabilities

Current liabilities

845

977

11,002

10,410

TOTAL EQUITY AND LIABILITIES

Sales

-

-

Net income

(39)

29

Dividends paid

-

-

23.3.2 EDF owns 30% of TNPJVC (Taishan Nuclear Power Joint Venture Company Limited), which was set up to build and operate two EPR nuclear reactors in Taishan, in the province of Guangdong in China. CGN holds a 51% stake and Yudean a 19% stake.

Transactions between the EDF group and Taishan

Taishan Unit 1 and Taishan Unit 2 are expected to begin commercial operation in 2018 and 2019 respectively.

6.

23.4

ALPIQ

As Alpiq publishes its consolidated financial statements after the Group, the figures presented here include an estimate for net income at 31 December 2017 (see note 3 to the table in note 23).

Published financial indicators 23.4.1 The main published indicators by the Alpiq group were as follows:

31/12/2016

31/12/2015

(in millions of euros) Non-current assets

5,303 3,765

5,889 3,239

Current assets

Assets classified as held for sale

107

503

9,175 3,619 3,222 2,315

9,631 3,525 4,148 1,905

TOTAL ASSETS

Equity (1)

Non-current liabilities

Current liabilities

Liabilities related to assets classified as held for sale

19

53

9,175 5,576

9,631 6,289

TOTAL EQUITY AND LIABILITIES

Sales

Operating profit before depreciation and amortisation

714 270 (24)

47

Net income

(777) (160)

Gains and losses recorded directly in equity

Dividends paid to the Group

-

11

Including €949 million of hybrid bonds. (1)

On 25 April 2013, the main Swiss shareholders of Alpiq subscribed a hybrid loan of CHF 366.5 million. Following this first step, on 2 May 2013 Alpiq placed a public hybrid bond amounting to CHF 650 million, with 5% coupon and a redemption option after five and a half years at the earliest. Due to their characteristics, in compliance with IAS 32, these hybrid loan and bond were recorded in equity in Alpiq’s consolidated financial statements. Since the EDF group did not subscribe to the operation, there was no impact on the value of the investment in Alpiq reported in “Investments in associates and joint ventures”.

The difference between the shares of equity as published by Alpiq and as reported in the Group’s consolidated financial statements largely results from this hybrid loan. The value of the EDF group’s investment in Alpiq, valued on the basis of the stock market price at 31 December 2017, is €379 million. The Group considers that this stock market value does not correspond to the value of the Company, particularly as a result of the low level of floating stock.

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EDF I Reference Document 2017