Seven months after the arrival at the head of Henri Proglio, EDF prepares the financial component of the industrial project. The public electrician studied an extensive program of transformation-based purchases and investments. According to our information, a new direction "synergies and transformation" will be given to Christian Fontanel, Director of the audit, and attached to the new financial Director, Thomas Piquemal. Its mission: optimizing the international perimeter of the group, particularly in procurement.
For a company such as EDF, the potential for synergies can be enormous. The Group conducted year last 11 billion euros of purchases, France, but the United Kingdom, Germany and Italy. This includes the computer. Fuel and energy costs are excluded. According to analysts, the companies can easily achieve savings of the order of 10 on this position, or more than 1 billion euros in the case of EDF. The Group intends to clarify its targets early 2011.
Another evolution of size, Thomas Piquemal will install a support function to assist the divisions in the management of their investments. "The idea is to involve financial management very upstream with the operational", according to a close source from the folder. The supervision of this initiative will be entrusted to Stéphane Tortajada, currently Director General delegate in Casino, the distribution group. From mid-July, this former Lazard banker is in charge of all the activities of financing and investment and will thus succeed Anne the Laurier.
Operational investments by financial support should also generate savings, even if they will be less visible in the income statement. Last year, the Group spent more than 12 billion euros in investments, which include for example the large components of plants. For the direction, it is primarily to structure their financing.
This transformation of EDF, which does not provide for staff reductions, occurs after the upheaval brought by the former Directorate, which has introduced on the stock exchange the public electrician and multiplied acquisitions abroad. Henri Proglio wants to move to the next step, including British subsidiaries (British Energy), German (EnBW) and Italian (Edison). The renegotiation of covenants of shareholders scheduled in 2011 in Italy and Germany should help. Financial efforts in preparation are in addition to the relief of the rate of availability of the French nuclear power plants. It is Hervé Machenaud, the pattern of production and engineering, which must meet this challenge very followed by financial markets. Fell last year to 78, its lowest level since 1993, the rate of availability should reach 85 per cent by 2015. Considering that 1 point is between 200 to 300 million euros of operating income.
The question of the integrated model
Regarding its indebtedness, about 40 billion euros, the group will to be a month in addition to whether or not to sell its British distribution network, estimated to be about 5 billion. Initially, he wanted to resolve the last month, but EDF preferred to clarify in advance the obligations of potential buyers on pensions. If it would reduce the debt of EDF, the operation would however raise a strategic issue, namely the sustainability of the integrated model. This model of production in electricity networks, is dear to Henri Proglio. To preserve its debt ratios, the group could consider alternative solutions, including other assignments.
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