EBIT was up by 23.9% from 2018.
| (in millions of euros) | 2019 | 2018 | Variation | Variation |
|---|---|---|---|---|
| EBITDA | EBITDA201916,708 | EBITDA201814,898 | EBITDAVariation1,810 | EBITDAVariation+12.1 |
| Net changes in fair value on Energy and Commodity derivatives, excluding trading activities | Net changes in fair value on Energy and Commodity derivatives, excluding trading activities 2019642 | Net changes in fair value on Energy and Commodity derivatives, excluding trading activities 2018(224) | Net changes in fair value on Energy and Commodity derivatives, excluding trading activities Variation866 | Net changes in fair value on Energy and Commodity derivatives, excluding trading activities Variationn.a. |
| Net depreciation and amortisation | Net depreciation and amortisation 2019(9,994) | Net depreciation and amortisation 2018(8,775) | Net depreciation and amortisation Variation(1,219) | Net depreciation and amortisation Variation+13.9 |
| Net increases in provisions for renewal of property, plant and equipment operated under concessions | Net increases in provisions for renewal of property, plant and equipment operated under concessions 2019(8) | Net increases in provisions for renewal of property, plant and equipment operated under concessions 2018(50) | Net increases in provisions for renewal of property, plant and equipment operated under concessions Variation42 | Net increases in provisions for renewal of property, plant and equipment operated under concessions Variation-84.0 |
| (Impairment)/reversals | (Impairment)/reversals 2019(403) | (Impairment)/reversals 2018(290) | (Impairment)/reversals Variation(113) | (Impairment)/reversals Variation+39.0 |
| Other income and expenses | Other income and expenses 2019(185) | Other income and expenses 2018(105) | Other income and expenses Variation(80) | Other income and expenses Variation+76.2 |
| EBIT | EBIT20196,760 | EBIT20185,454 | EBITVariation1,306 | EBITVariation+23.9 |
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.
The Group’s consolidated EBIT amounted to €6,760 million in 2019, up by +€1,306 million from 2018. This development is essentially explained by the growth in EBITDA and the favourable impact of net changes in fair value on energy and commodity derivatives, excluding trading activities. It was partly offset by a rise in net depreciation and amortisation.
The net changes in fair value on Energy and Commodity derivatives, excluding trading activities, increased from -€224 million in 2018 to +€642 million in 2019, principally reflecting the higher price volatility on commodity transactions, particularly concerning Edison’s gas positions.
Net depreciation and amortisation was €1,219 million higher than in 2018. Excluding the effects of application of IFRS 16 (-€634 million), foreign exchange effects (-€25 million) and changes in the scope of consolidation (+€27 million), net depreciation and amortisation was up by €587 million.
The France – Generation and supply activities segment registered a €740 million increase in net depreciation and amortisation. After adjustment for the effect of application of IFRS 16, the increase in net depreciation and amortisation was €450 million. This rise is essentially explained by a volume effect related to newly-commissioned facilities in the nuclear fleet, and to a lesser degree accelerated depreciation of the coal-fired fleet from 1 June 2019.
The France – Regulated activities segment registered a €250 million increase in net depreciation and amortisation. After adjustment for the effect of application of IFRS 16, the increase in net depreciation and amortisation was €92 million, principally attributable to the step-up in the Linky(1) project and investments in connections and network reinforcements.
The €42 million decrease between 2018 and 2019 in net increases in provisions for renewal of property, plant and equipment operated under concessions is attributable to the France – Regulated activities segment.
In 2019, impairment amounted to €403 million (see note 14 to the 2019 consolidated financial statements).
In 2018, impairment amounted to €290 (2) million.
In 2019, other income and expenses amounted to -€185 million. This particularly includes the expense for the preferential employee reserved offer which took place during the first half of 2019 (see note 15 to the 2019 consolidated financial statements), and restructuring provisions in certain Group entities.
In 2018, other income and expenses amounted to -€105 million.
| (in millions of euros) | 2019 | 2018 | Variation | Variation |
|---|---|---|---|---|
| Cost of gross financial indebtedness | Cost of gross financial indebtedness 2019(1,806) | Cost of gross financial indebtedness 2018(1,712) | Cost of gross financial indebtedness Variation(94) | Cost of gross financial indebtedness Variation+5.5 |
| Discount effect | Discount effect 2019(3,161) | Discount effect 2018(3,464) | Discount effect Variation303 | Discount effect Variation-8.7 |
| Other financial income and expenses | Other financial income and expenses 20194,606 | Other financial income and expenses 2018378 | Other financial income and expenses Variation4,228 | Other financial income and expenses Variationn.a. |
| FINANCIAL RESULT | FINANCIAL RESULT2019(361) | FINANCIAL RESULT2018(4,798) | FINANCIAL RESULTVariation4,437 | FINANCIAL RESULTVariation-92.5 |
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.
(1) Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French Energy Code.
(2) The published figures for 2018 have been restated due to the impact of presenting the E&P operations as discontinued operations.
