EDF_REGISTRATION_DOCUMENT_2017

5.

THE GROUP'S PERFORMANCE IN 2017 AND FINANCIAL OUTLOOK Operating and financial review

5.1.5 Cash flows 5.1.5.1

CASH FLOWS AND NET INDEBTEDNESS

Variation (%)

2017

2016 Variation

(in millions of euros)

Net cash flow from operating activities Net cash flow used in investing activities Net cash flow from financing activities

11,663

11,125

538

+4.8 -29.3 -82.8

(11,713)

(16,557)

4,844

712 662

4,138

(3,426)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(1,294)

1,956

-151.2

Cash and cash equivalents - opening balance Net increase (decrease) in cash and cash equivalents

2,893

4,182

(1,289)

-30.8

662 (13)

(1,294)

1,956 (115)

-151.2 -112.7

Effect of currency fluctuations

102

Financial income on cash and cash equivalents

21

20

1

+5.0

Effect of reclassifications

129

(117) 2,893

246 799

-210.3 +27.6

3,692

CASH AND CASH EQUIVALENTS - CLOSING BALANCE

Net cash flow from operating activities 5.1.5.1.1.1

Variation (%)

2017

2016 Variation

(in millions of euros)

Income before taxes of consolidated companies

3,401

4,181

(780) (121)

-18.7 -18.9 +1.7 -19.4 -26.4

(Impairment)/reversals

518

639

Accumulated depreciation and amortisation, provisions and changes in fair value

9,980

9,814

166

Financial income and expenses

764 243

948 330

(184)

Dividends received from associates and joint ventures

(87)

Capital gains/losses

(2,739)

(877)

(1,862)

+212.3 -176.3

Change in working capital

1,476

(1,935) 13,100 (1,137)

3,411

Net cash flow from operations Net financial expenses disbursed

13,643 (1,209)

543 (72)

+4.1 +6.3 -8.0 +4.8

Income taxes paid

(771)

(838)

67

11,663

11,125

538

NET CASH FLOW FROM OPERATING ACTIVITIES

et cash flow used in investing activities 5.1.5.1.1.2 The net cash outflow for investing activities amounted to €11,713 million in 2017, compared to €16,557 million in 2016. The following table sets forth the breakdown of the net cash flow used in investing activities between purchases and disposals of property, plant and equipment and intangible assets, acquisitions and disposals of companies net of cash acquired/transferred, and the change in financial assets:

The net cash flow from operating activities amounted to €11,663 million in 2017, €538 million more than in 2016. This change primarily reflects a €543 million increase in the net cash flow from operations, resulting from: the improvement in working capital (+€3,411 million compared to 2016); ■ an increase in capital gains (-€1,862 million compared to 2016, essentially ■ corresponding to the sale of 49.9% of CTE for €1,462 million).

Variation (%)

2017

2016 Variation

(in millions of euros)

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

(14,747)

(14,397)

(350)

+2.4

1,140

508

632 282

+124.4

Net capex

(13,607)

(13,889)

-2.0

Acquisitions of equity investments, net of cash acquired Disposals of equity investments, net of cash transferred

(2,463)

(127)

(2,336)

+1,839.4

2,472 1,885

372

2,100 4,798 4,844

+564.5 -164.7

Changes in financial assets

(2,913) (16,557)

(11,713)

-29.3

NET CASH FLOW USED IN INVESTING ACTIVITIES

276

EDF I Reference Document 2017