Net capital expenditure amounted to -€16,615 million in 2019, up by €1,176 million (+7.6%) from 2018.
Changes in the Group’s net capital expenditure over the period were as follows:
| (in millions of euros) | 2019 | 2018 | Variation | Variation |
|---|---|---|---|---|
| France – Generation and supply activities | France – Generation and supply activities 2019(6,074) | France – Generation and supply activities 2018 (5,507) | France – Generation and supply activities Variation (567) | France – Generation and supply activities Variation +10.3 |
| France – Regulated activities | France – Regulated activities 2019(4,601) | France – Regulated activities 2018 (4,308) | France – Regulated activities Variation (293) | France – Regulated activities Variation +6.8 |
| EDF Renewables | EDF Renewables 2019(1,598) | EDF Renewables 2018 (1,898) | EDF Renewables Variation 300 | EDF Renewables Variation -15.8 |
| Dalkia | Dalkia 2019(269) | Dalkia 2018 (385) | Dalkia Variation 116 | Dalkia Variation -30.1 |
| Framatome | Framatome 2019(208) | Framatome 2018 (261) | Framatome Variation 53 | Framatome Variation -20.3 |
| United Kingdom | United Kingdom 2019(3,345) | United Kingdom 2018 (2,938) | United Kingdom Variation (407) | United Kingdom Variation +13.9 |
| Italy | Italy 2019(286) | Italy 2018 (271) | Italy Variation (15) | Italy Variation +5.5 |
| Other international | Other international 2019(223) | Other international 2018 (199) | Other international Variation (24) | Other international Variation +12.1 |
| Other activities | Other activities 2019(11) | Other activities 2018 328 | Other activities Variation (339) | Other activities Variation n.a. |
| NET CAPEX | NET CAPEX2019(16,615) | NET CAPEX 2018 (15,439) | NET CAPEX Variation (1,176) | NET CAPEX Variation +7.6 |
n.a: not applicable.
Capital expenditure is one of the components of net investments for which details are given in section 5.1.5.2.1.2 “Net investments (excluding 2019-2020 disposals, Hinkley Point C and Linky projects)”.
New investments in 2019, net of cash acquired, amounted to €456 million and chiefly concerned acquisition of companies by EDF Renewables.
Disposals of investments, net of cash transferred, were down by €968 million from 2018 to €293 million in 2019. This change primarily reflects the sale of Dunkerque LNG in 2018.
The change in financial assets in 2019 was an increase of +€1,294 million, principally corresponding to sales of liquid assets (other than dedicated assets).
The change in financial assets in 2018 was a decrease of -€2,367 million, principally corresponding to acquisitions of liquid assets (other than dedicated assets).
| (in millions of euros) | 2019 | 2018 | Variation | Variation |
|---|---|---|---|---|
| Transactions with non-controlling interests (3) | Transactions with non-controlling interests (3)20191,055 | Transactions with non-controlling interests (3)20181,548 | Transactions with non-controlling interests (3)Variation(493) | Transactions with non-controlling interests (3)Variation-31.8 |
| Dividends paid by parent company | Dividends paid by parent company 2019(58) | Dividends paid by parent company 2018(511) | Dividends paid by parent company Variation453 | Dividends paid by parent company Variation-88.6 |
| Dividends paid to non-controlling interests | Dividends paid to non-controlling interests 2019(155) | Dividends paid to non-controlling interests 2018(183) | Dividends paid to non-controlling interests Variation28 | Dividends paid to non-controlling interests Variation-15.3 |
| Purchases/sales of treasury shares | Purchases/sales of treasury shares 2019(14) | Purchases/sales of treasury shares 2018(3) | Purchases/sales of treasury shares Variation(11) | Purchases/sales of treasury shares Variationn.a. |
| Cash flows with shareholders | Cash flows with shareholders2019828 | Cash flows with shareholders2018851 | Cash flows with shareholdersVariation(23) | Cash flows with shareholdersVariation-2.7 |
| Issuance of borrowings | Issuance of borrowings 20199,080 | Issuance of borrowings 20185,711 | Issuance of borrowings Variation3,369 | Issuance of borrowings Variation+59.0 |
| Repayment of borrowings | Repayment of borrowings 2019(6,976) | Repayment of borrowings 2018(2,724) | Repayment of borrowings Variation(4,252) | Repayment of borrowings Variationn.a. |
| Issuance of perpetual subordinated bonds | Issuance of perpetual subordinated bonds 2019493 | Issuance of perpetual subordinated bonds 20181,243 | Issuance of perpetual subordinated bonds Variation(750) | Issuance of perpetual subordinated bonds Variation-60.3 |
| Redemptions of perpetual subordinated bonds | Redemptions of perpetual subordinated bonds 2019(1,280) | Redemptions of perpetual subordinated bonds 2018(1,329) | Redemptions of perpetual subordinated bonds Variation49 | Redemptions of perpetual subordinated bonds Variation-3.7 |
| Issuance of perpetual subordinated bonds | Issuance of perpetual subordinated bonds 2019(589) | Issuance of perpetual subordinated bonds 2018(584) | Issuance of perpetual subordinated bonds Variation(5) | Issuance of perpetual subordinated bonds Variation+0.9 |
| Funding contributions received for assets operated under concessions | Funding contributions received for assets operated under concessions 2019143 | Funding contributions received for assets operated under concessions 2018131 | Funding contributions received for assets operated under concessions Variation12 | Funding contributions received for assets operated under concessions Variation+9.2 |
| Investment subsidies | Investment subsidies 2019543 | Investment subsidies 2018351 | Investment subsidies Variation192 | Investment subsidies Variation+54.7 |
| Other cash flows from financing activities | Other cash flows from financing activities20191,414 | Other cash flows from financing activities20182,799 | Other cash flows from financing activitiesVariation(1,385) | Other cash flows from financing activitiesVariation-49.5 |
| NET CASH FLOW FROM CONTINUING FINANCING ACTIVITIES | NET CASH FLOW FROM CONTINUING FINANCING ACTIVITIES20192,242 | NET CASH FLOW FROM CONTINUING FINANCING ACTIVITIES20183,650 | NET CASH FLOW FROM CONTINUING FINANCING ACTIVITIESVariation(1,408) | NET CASH FLOW FROM CONTINUING FINANCING ACTIVITIESVariation-38.6 |
| NET CASH FLOW FROM FINANCING ACTIVITIES RELATING TO DISCONTINUED OPERATIONS | NET CASH FLOW FROM FINANCING ACTIVITIES RELATING TO DISCONTINUED OPERATIONS2019(19) | NET CASH FLOW FROM FINANCING ACTIVITIES RELATING TO DISCONTINUED OPERATIONS2018(120) | NET CASH FLOW FROM FINANCING ACTIVITIES RELATING TO DISCONTINUED OPERATIONSVariation101 | NET CASH FLOW FROM FINANCING ACTIVITIES RELATING TO DISCONTINUED OPERATIONSVariation-84.2 |
| NET CASH FLOW FROM FINANCING ACTIVITIES | NET CASH FLOW FROM FINANCING ACTIVITIES20192,223 | NET CASH FLOW FROM FINANCING ACTIVITIES20183,530 | NET CASH FLOW FROM FINANCING ACTIVITIESVariation(1,307) | NET CASH FLOW FROM FINANCING ACTIVITIESVariation-37.0 |
n.a: not applicable.
(1) The financial statements at 31 December 2019 apply IFRS 16 from 1 January 2019 (see note 2.1 to the 2019 consolidated financial statements).
(2) The published figures for 2018 have been restated due to the impact of presenting the E&P operations as discontinued operations.
(3) Contributions via capital increases and reductions and acquisitions of additional interests in controlled companies.
Cash flows related to financing activities generated a net inflow of €2,223 million in 2019, down by €1,307 million from 2018. This change is primarily attributable to the following:
