PARIS, Feb 14 (Reuters) - French utility EDF said its core 2016 earnings declined by 6.7 percent as nuclear production fell, although the company confirmed its outlook for positive cash flow in 2018.
The state-owned group’s 2016 revenues fell 5.1 percent to 71.20 billion euros, while core earnings before interest, tax, depreciation and amortisation (EBITDA) also fell to 16.41 billion.
Net income was up 140 percent to 2.85 billion due to lower impairment losses in 2016, and thanks to the positive effect of the extension to 50 years of the accounting depreciation period of its nuclear fleet.
Analysts polled by ThomsonReuters had forecast mean revenue of 70.77 billion euros, EBITDA of 16.13 billion and net income of 3.15 billion euros.
The company set a target for nuclear output of 390 to 400 terawatthours, after 2016 nuclear output fell nearly 8 percent to 384 TWh, as EDF had to extend or bring forward maintenance outages for safety checks following the discovery of manufacturing problems at its suppliers. (Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta)