Pursuant to European regulation no. 1606/2002 of 19 July 2002 on the adoption of international accounting standards, the EDF group’s consolidated financial statements for the year ended 31 December 2019 are prepared under the international accounting standards published by the IASB and approved by the European Union for application at 31 December 2019. These international standards are IAS (International Accounting Standards), IFRS (International Financial Reporting Standards), and SIC and IFRIC interpretations.
The Group’s accounting policies are presented in note 1 to the consolidated financial statements for the year ended 31 December 2019.
The figures presented in this document are taken from the EDF group’s consolidated financial statements at 31 December 2019.
Since 1 January 2019, the Group has applied IFRS 16 “Leases” under the modified retrospective approach. Restatement of comparative figures for the impacts of application of IFRS 16 is not required. Consequently, the financial statements at 31 December 2019 are prepared with no prior year restatements (see note 2.1 to the 2019 consolidated financial statements).
The sale of Edison’s Exploration and Production (E&P) operations was classified as a discontinued operation as defined by IFRS 5 from 1 January 2019. As a result, the net income of discontinued operations is reported on a specific line of the income statement for the periods published. The impact of application of IFRS 5 on the figures published in 2018 is presented in note 2.3 to the 2019 consolidated financial statements.
The Group’s key figures for 2019 are shown in the following tables:
| (in millions of euros) | 2019 | 2018 | Variation | Variation | Organic growth |
|---|---|---|---|---|---|
| Sales | Sales 2019 71,317 | Sales 2018 68,546 | Sales Variation 2,771 | Sales Variation +4.0 | Sales Organic growth +3.5 |
| Operating profit before depreciation and amortisation (EBITDA) | Operating profit before depreciation and amortisation (EBITDA) 2019 16,708 | Operating profit before depreciation and amortisation (EBITDA) 2018 14,898 | Operating profit before depreciation and amortisation (EBITDA) Variation 1,810 | Operating profit before depreciation and amortisation (EBITDA) Variation +12.1 | Operating profit before depreciation and amortisation (EBITDA) Organic growth +8.4 |
| Operating profit (EBIT) | Operating profit (EBIT) 2019 6,760 | Operating profit (EBIT) 2018 5,454 | Operating profit (EBIT) Variation 1,306 | Operating profit (EBIT) Variation +23.9 | Operating profit (EBIT) Organic growth +25.4 |
| Income before taxes of consolidated companies | Income before taxes of consolidated companies 2019 6,399 | Income before taxes of consolidated companies 2018 656 | Income before taxes of consolidated companies Variation 5,743 | Income before taxes of consolidated companies Variation n.a. | Income before taxes of consolidated companies Organic growth n.a. |
| EDF net income | EDF net income 2019 5,155 | EDF net income 2018 1,177 | EDF net income Variation 3,978 | EDF net income Variation n.a. | EDF net income Organic growth n.a. |
| Net income excluding non-recurring items(3) | Net income excluding non-recurring items (3)2019 3,871 | Net income excluding non-recurring items (3)2018 2,452 | Net income excluding non-recurring items (3)Variation 1,419 | Net income excluding non-recurring items (3)Variation +57.9 | Net income excluding non-recurring items (3)Organic growth +60.8 |
n.a.: not applicable.
(1) The financial statements at 31 December 2019 apply IFRS 16 from 1 January 2019. In accordance with the new standard’s transition provisions, the comparative figures have not been restated.
(2) The published figures for 2018 have been restated due to the impact of presenting the E&P operations as discontinued operations.
(3) Net income excluding non-recurring items is not defined by IFRS, and is not directly visible in the Group’s consolidated income statement. It corresponds to the Group’s share of net income (EDF net income) excluding non-recurring items, net changes in the fair value of energy and commodity derivatives (excluding trading activities), and net changes in the fair value of debt and equity instruments, net of tax (see section 5.1.4.10 “Net income excluding non-recurring items”).
| (in millions of euros) | 2019 | 2018 |
|---|---|---|
| EDF net income | EDF net income 2019 5,155 | EDF net income 2018 1,177 |
| Other, including net changes in fair value on energy and commodity derivatives, excluding trading activities and changes in the fair value of debt and equity instruments | Other, including net changes in fair value on energy and commodity derivatives, excluding trading activities and changes in the fair value of debt and equity instruments 2019 (2,167) | Other, including net changes in fair value on energy and commodity derivatives, excluding trading activities and changes in the fair value of debt and equity instruments 2018 777 |
| Impairment | Impairment 2019 883 | Impairment 2018 498 |
| Including impairment booked by Edison related to the sale of E&P operations (in application of IFRS 5) | Including impairment booked by Edison related to the sale of E&P operations (in application of IFRS 5) 2019 500 | Including impairment booked by Edison related to the sale of E&P operations (in application of IFRS 5) 2018 228 |
| NET INCOME EXCLUDING NON-RECURRING ITEMS | NET INCOME EXCLUDING NON-RECURRING ITEMS 2019 3,871 | NET INCOME EXCLUDING NON-RECURRING ITEMS 2018 2,452 |
| Payments to bearers of perpetual subordinated bonds | Payments to bearers of perpetual subordinated bonds 2019 (589) | Payments to bearers of perpetual subordinated bonds 2018 (584) |
| NET INCOME EXCLUDING NON-RECURRING ITEMS, ADJUSTED FOR PAYMENTS ON HYBRID BONDS | NET INCOME EXCLUDING NON-RECURRING ITEMS, ADJUSTED FOR PAYMENTS ON HYBRID BONDS 2019 3,282 | NET INCOME EXCLUDING NON-RECURRING ITEMS, ADJUSTED FOR PAYMENTS ON HYBRID BONDS 2018 1,868 |
