French utility group EDF (EDFEF.PK) reported first-half EDF net income of 2.77 billion euros or 1.50 euros per share versus 2.65 billion euros or 1.43 euros per share a year ago.
The company said figures for the prior year have been restated for the impact of the change in accounting method for actuarial gains and losses on post-employment benefits.
Net income excluding non-recurring items reached 2.95 billion euros, up sharply by 10.3% from a year ago.
Sales grew to 36.22 billion euros from 33.46 billion euros in the prior-year period.
Henri Proglio, Chairman and CEO of EDF, said, "The first half of 2012 was marked by a significant increase in net income excluding non-recurring items of +10%, which reflected good operating results. Higher hydropower and renewable energy output partially offset lower nuclear output due to planned outages and more numerous outage extensions over the period in France..."
EDF reiterated its 2011-2015 financial targets. The company still expects EBITDA of 4-6% in average annual growth, and net income excluding non-recurring items of 5-10% in average annual growth.
2012 guidance is in line with these targets. The dividend for 2012 will be at least stable versus the dividend paid out for 2011.
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