EDF / 2018 Reference document

FINANCIAL STATEMENTS Consolidated financial statements

CONSOLIDATED CASH FLOW STATEMENT

Notes

2018

2017

(in millions of euros)

Operating activities: Income before taxes of consolidated companies

473 598

3,401

Impairment/(reversals)

518

Accumulated depreciation and amortisation, provisions and changes in fair value

13,180

9,980

Financial income and expenses

729 387

764 243

Dividends received from associates and joint ventures

Capital gains/losses

(1,014)

(2,739)

Change in working capital

44.1

462

1,476

Net cash flow from operations Net financial expenses disbursed

14,815 (1,062)

13,643 (1,209)

Income taxes paid

(389)

(771)

Net cash flow from operating activities

13,364

11,663

Investing activities: Acquisitions of equity investments, net of cash acquired Disposals of equity investments, net of cash transferred (1) Investments in intangible assets and property, plant and equipment Net proceeds from sale of intangible assets and property, plant and equipment

(484) 1,261

(2,463)

2,472

6.

44.2

(16,186)

(14,747)

611

1,140 1,885

Changes in financial assets

(2,367)

Net cash flow used in investing activities

(17,165)

(11,713)

Financing activities: EDF capital increase

-

4,005

Transactions with non-controlling interests (2)

1,548 (511) (183)

481

Dividends paid by parent company

27.3

(109) (183)

Dividends paid to non-controlling interests

Purchases/sales of treasury shares Cash flows with shareholders

(3)

(6)

851

4,188 2,901

Issuance of borrowings Repayment of borrowings

5,711

(2,844)

(6,304)

Issuance of perpetual subordinated bonds Redemptions of perpetual subordinated bonds Payments to bearers of perpetual subordinated bonds

3.5 3.6

1,243

- -

(1,329)

27.4

(584)

(565)

Funding contributions received for assets operated under concessions

131 351

144 348

Investment subsidies

Other cash flows from financing activities Net cash flow from financing activities

2,679 3,530 (271) 3,692 (271)

(3,476)

712 662

Net increase/(decrease) in cash and cash equivalents CASH AND CASH EQUIVALENTS – OPENING BALANCE Net increase/(decrease) in cash and cash equivalents

2,893

662 (13)

Effect of currency fluctuations

(95)

Financial income on cash and cash equivalents

13

21

Effect of reclassifications

(49)

129

37

3,290

3,692

CASH AND CASH EQUIVALENTS – CLOSING BALANCE

In 2018, this item includes an amount of €966 million relating to the sale of Dunkerque LNG (see note 3.3). (1) In 2017, this item includes an amount of €1,282 million relating to the partial sale of the CTE (see note 3.11.3).

Contributions via capital increases or capital reductions and acquisitions of additional interests or disposals of interests in controlled companies. In 2018, this item (2) includes an amount of €797 million relating to the sale of 49% of EDF Renewables’ wind farms (see note 3.8.2), and an amount of €743 million relating to CGN’s payment for the NNB Holding Ltd. and Sizewell C Holding Co capital increases (€501 million at 31 December 2017).

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I Reference Document 2018