EDF / 2019 Universal registration document

6. Financial statements Financial statements

Cash flow statement

2019

Notes

2018

(in millions of euros)

Operating activities: Profit/(loss) before income tax

2,198 5,393 (181) (557) 1,012 7,865 (787) (452) 6,626

835

Amortisation, depreciation and provisions

7,153 (499)

Capital (gains)/losses

Financial income and expenses Changes in working capital  (1) Net cash flow from operations

(2,133)

3,238 8,594 1,435

Net financial expenses, including dividends received  (2)

Income taxes paid

(29)

Net cash flow from operating activities (A) Investing activities: Investments in property, plant and equipment and intangible assets Proceeds from sale of property, plant and equipment and intangible assets Net cash flow used in investing activities (B) Financing activities: Issuance of borrowings and underwriting agreements Repayment of borrowings and underwriting agreements  (4) Changes in financial assets  (3)

10,000

(6,365)

(5,982)

23

24

251

(4,776)

(6,091)

(10,734)

5,109

4,938

(3,522)

(2,359)

24

Dividends paid

(58)

(513)

2.2.2 - 2.2.3

Issuance and redemption of perpetual subordinated bonds, net of expenses  (4) Funding contributions received for assets operated under concessions

(636)

(76)

5 4

6

Investment subsidies

11

Net cash flow from financing activities (C)

902

2,007 1,273

Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C)

1,437

CASH AND CASH EQUIVALENTS – OPENING BALANCE

22

(1,563)

(2,875)

Effect of currency fluctuations

15 31

(13)

Financial income on cash and cash equivalents

52

CASH AND CASH EQUIVALENTS – CLOSING BALANCE  (5) (1,563) Including in 2018 a positive impact of €2,068 million following changes in the classification of certain cash management agreements with subsidiaries (C2, C3, (1) EDF Holding SAS, EDEV, EDF International, EDF Energy UK and EDF Inc) which are now included in changes in working capital, and certain current account agreements (Enedis, Sofilo, PEI et GGF) which are now included in changes in cash in the cash flow statement (see note 22 and the 2018 financial statements). This change is principally explained by the lower level of dividends received in 2019 compared to 2018 (see note 13), and the foreign exchange result. (2) Changes in financial assets are primarily explained by the decrease in the portfolio of investment funds (see note 21) and changes in the portfolio of investment (3) securities included in dedicated assets. In 2018, repayment of borrowings and underwriting agreements included €(76) million of expenses on perpetual subordinated bonds, which have been (4) reclassified and are now included in Issuance and redemption of perpetual subordinated bonds, net of expenses. “Cash and cash equivalents – opening balance” and “Cash and cash equivalents – closing balance” do not include investment funds or negotiable debt (5) instruments maturing in more than three months. Details of the variation in cash and cash equivalents are presented in note 22. 22 (80)

402

EDF | Universal registration document 2019

www.edf.fr