EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS

Notes to the consolidated financial statements

The Group’s consolidated operating profit before depreciation and amortisation for 2020 amounts to €16,174 million, a decrease of 3.3% from 2019. The breakdown of the Group’s Operating profit before depreciation and amortisation by operating segment in 2020 and 2019 is as follows, in millions of euros (see note 4.1):

After elimination of foreign exchange effects and changes in the scope of consolidation, the Group’s operating profit before depreciation and amortisation showed an organic decline of -2.7% or €(450) million. This decrease is principally attributable to the France – Generation and Supply segment (-2.7% or €(203) million), EDF Renewables (-23.0% or €(274) million), Other activities (-44.8% or €(226) million) and France – Regulated activities (+2.1% or +€105 million). The €(450) million decrease in operating profit before depreciation and amortisation in the France – Generation and Supply segment is essentially explained by the effects of the Covid-19 pandemic, estimated at €(0.9) billion, particularly due to lower nuclear power output combined with a decline in consumption. The other effects relating to lower plant availability, including the closure of Fessenheim, were offset by positive energy price effects (including tariff increases – see note 5.1.1) and higher capacity market revenue (see note 5.1). Operating profit before depreciation and amortisation for the France – Regulated activities segment increased by €105 million despite the €(0.2) billion effects of the

Covid-19 pandemic (lower volumes delivered and connection services) and mild weather, supported by changes in the TURPE 5 tariff indexation (see note 5.1.1). Despite growth in generation activities, EDF Renewables’ operating profit before depreciation and amortisation was down by €(274) million, mainly due to a lower volume of development and sales of structured assets (€(0.3) billion) following the sale of 50% of the offshore wind farm NnG in 2019. The €76 million increase in operating profit before depreciation and amortisation in the United Kingdom segment is notably attributable to the positive effect of higher nuclear power prices, counterbalanced by the Covid-19 pandemic effects (€(0.2) billion) and lower levels of nuclear generation. In the Other activities, the €(226) million decline in operating profit before depreciation and amortisation is due to the €(122) million effect in gas activities, principally reflecting an increase in provisions for onerous contracts and a €(82) million downturn at EDF Trading, which achieved a steady performance in 2020 after an excellent performance in 2019.

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020