EDF / 2019 Universal registration document

6. Financial statements

Consolidated financial statements

Consolidated cash flow statement

2019  (1)

(in millions of euros)

Notes

2018  (2)

Operating activities: Income before taxes

5,983

473

Income before taxes of discontinued operations

(416)

(183)

Income before taxes of consolidated companies

6,399

656

Impairment/(reversals)

403

290

Accumulated depreciation and amortisation, provisions and changes in fair value

8,328

12,957

Financial income and expenses

97

718 387

Dividends received from associates and joint ventures

349

Capital gains/losses

(508)

(1,014)

47.1

Change in working capital

452

470

Net cash flow from operations Net financial expenses disbursed

15,520

14,464 (1,048)

(798) (922)

Income taxes paid

(309)

Net cash flow from continuing operating activities

13,800

13,107

Net cash flow from operating activities relating to discontinued operations

222

257

Net cash flow from operating activities

14,022

13,364

Investing activities: Acquisitions of equity investments, net of cash acquired Disposals of equity investments, net of cash transferred

(456)

(484)

293

1,261

47.2

Investments in intangible assets and property, plant and equipment

(16,709)

(16,016)

Net proceeds from sale of intangible assets and property, plant and equipment

94

577

Changes in financial assets

1,294

(2,367)

Net cash flow from continuing investing activities

(15,484)

(17,029)

Net cash flow from investing activities relating to discontinued operations

(166)

(136)

Net cash flow from investing activities

(15,650)

(17,165)

Financing activities: Transactions with non-controlling interests  (3)

1,055

1,548 (511) (183)

30.3

Dividends paid by parent company

(58)

Dividends paid to non-controlling interests

(155)

Purchases/sales of treasury shares Cash flows with shareholders

(14) 828

(3)

851

Issuance of borrowings

9,080

5,711

Repayment of borrowings

(6,976)

(2,724)

3.3.2 3.3.3

Issuance of perpetual subordinated bonds

493

1,243

Redemptions of perpetual subordinated bonds

(1,280)

(1,329)

30.4

Payments to bearers of perpetual subordinated bonds

(589)

(584)

Funding contributions received for assets operated under concessions

143 543

131 351

Investment subsidies

Other cash flows from financing activities

1,414 2,242

2,799 3,650

Net cash flow from continuing financing activities

Net cash flow from financing activities relating to discontinued operations

(19)

(120)

Net cash flow from financing activities

2,223

3,530

Net cash flow from continuing operations Net cash flow from discontinued operations

558

(272)

37

1

Net increase/(decrease) in cash and cash equivalents

595

(271)

CASH AND CASH EQUIVALENTS – OPENING BALANCE

3,290

3,692

Net increase/(decrease) in cash and cash equivalents

595

(271)

Effect of currency fluctuations

(5) 17 37

(95)

Financial income on cash and cash equivalents

13

Effect of reclassifications

(49)

CASH AND CASH EQUIVALENTS – CLOSING BALANCE 3,290 The financial statements at 31 December 2019 apply IFRS 16 from 1 January 2019 (using the modified retrospective approach). In accordance with the new (1) standard’s transition provisions, the comparative figures have not been restated (see note 2.1). The published figures for 2018 have been restated due to the impact of presenting the E&P operations as discontinued operations (see note 2.3). (2) Contributions via capital increases, or capital reductions and acquisitions of additional interests or disposals of interests in controlled companies. In 2019, this item (3) includes an amount of €968 million relating to CGN’s payment for the NNB Holding Ltd. and Sizewell C Holding Co. capital increases (€743 million at 31 December 2018). In 2018 it also included an amount of €797 million relating to the sale of 49% of EDF Renewables’ wind farms (see note 3.5.1). 40 3,934

281

EDF | Universal registration document 2019