EDF / 2018 Reference document

FINANCIAL STATEMENTS Notes to the consolidated financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Group accounting policies Note 1

323

Segment reporting Note 6

352

1.1

Declaration of conformity and Group

6.1 6.2

Reporting by operating segment Sales to external customers, by product

352

accounting policies

323

1.2

Changes in accounting standards

and service group

354

at 31 December 2018

323

INCOME STATEMENT

355

1.3

Summary of the principal accounting

and valuation methods

324

Sales Note 7

355

Comparability Note 2

339

Fuel and energy purchases Note 8

355

2.1 2.2

IFRS 15 – Revenue from contracts with customers

339 340

IFRS 9 – Financial Instruments

Other external expenses Note 9

355

Significant events Note 3 and transactions

Personnel expenses Note 10

356

342

Personnel expenses 10.1 Average workforce 10.2

356 356

3.1

The first of two EPR reactors at China’s Taishan

nuclear power plant begins commercial operation 342 Sale of a portfolio of more than 200 real estate

3.2

Taxes other than income taxes Note 11

356

6.

and business assets by the EDF group to Colony Capital Completion of the sale of EDF’s stake

342

Other operating income Note 12 and expenses

3.3

357

in Dunkerque LNG

342

3.4

Senior bond issues: EDF raises $3.75 billion

Operating subsidies 12.1

357

and €1 billion

343 343 343

Net income on deconsolidation and gains 12.2 on disposal of fixed assets

3.5 3.6 3.7

Issuance of perpetual surbordinated bonds Redemption of certain series of hybrid bonds Syndication of an innovative ESG-Indexed

357 357

Other items 12.3

Impairment/reversals Note 13 Impairment by category of asset 13.1

358

Revolving Credit Facility

343 343

3.8 3.9

EDF Renewables

358

Confirmation of the European Commission decision on the tax treatment of provisions established between 1987 and 1996 for renewal of general network facilities

Impairment tests on goodwill, intangible assets 13.2 and property, plant and equipment

358

344 344 345

Other income and expenses Note 14

361

Flamanville 3 EPR Project 3.10

Financial result Note 15

361

Significant events and transactions of 2017 3.11

Cost of gross financial indebtedness 15.1

361 361 361

Regulatory changes in France Note 4 France’s multi-year energy programme (PPE) 4.1

346

Discount effect 15.2

346

Other financial income and expenses 15.3

4.2

Regulated electricity sales tariffs in France –

“Blue” tariffs

346 347

Income taxes Note 16 Breakdown of tax expense 16.1

362

4.3 4.4

“Turpe” network access tariffs

362

Compensation for public energy service charges

Reconciliation of the theoretical and effective tax 16.2 expense (tax proof) Change in deferred tax assets and liabilities 16.3

(CSPE)

348 349 349 349

362 363

4.5 4.6 4.7

French capacity mechanism Energy savings certificates

Breakdown of deferred tax assets 16.4 and liabilities by nature

ARENH

363

Changes in the scope Note 5 of consolidation

Basic earnings per share Note 17

350

and diluted earnings per share 364

5.1

Framatome – Final recognition of the business

OPERATING ASSETS AND LIABILITIES, EQUITY

combination

350

365

5.2

Acquisition of a 450MW offshore wind project

in Scotland

351

5.3

Acquisition by Edison of Edison Energie (formerly

Goodwill Note 18 Changes in goodwill 18.1

365

Gas Natural Vendita Italia)

351

365 365

Goodwill by operating segment 18.2

319

EDF I Reference Document 2018