| (in millions of euros) | Notes | 2019 | 2018 |
|---|---|---|---|
| Operating activities: | |||
| Income before taxes | Income before taxes20195,983 | Income before taxes2018473 | |
| Income before taxes of discontinued operations | Income before taxes of discontinued operations2019(416) | Income before taxes of discontinued operations2018(183) | |
| Income before taxes of consolidated companies | Income before taxes of consolidated companies20196,399 | Income before taxes of consolidated companies2018656 | |
| Impairment/(reversals) | Impairment/(reversals)2019403 | Impairment/(reversals)2018290 | |
| Accumulated depreciation and amortisation, provisions and changes in fair value | Accumulated depreciation and amortisation, provisions and changes in fair value 20198,328 | Accumulated depreciation and amortisation, provisions and changes in fair value 201812,957 | |
| Financial income and expenses | Financial income and expenses 201997 | Financial income and expenses 2018718 | |
| Dividends received from associates and joint ventures | Dividends received from associates and joint ventures 2019349 | Dividends received from associates and joint ventures 2018387 | |
| Capital gains/losses | Capital gains/losses 2019(508) | Capital gains/losses 2018(1,014) | |
| Change in working capital | Change in working capital Notes47.1 | Change in working capital 2019452 | Change in working capital 2018470 |
| Net cash flow from operations | Net cash flow from operations2019 15,520 | Net cash flow from operations2018 14,464 | |
| Net financial expenses disbursed | Net financial expenses disbursed 2019(798) | Net financial expenses disbursed 2018(1,048) | |
| Income taxes paid | Income taxes paid 2019(922) | Income taxes paid 2018(309) | |
| Net cash flow from continuing operating activities | Net cash flow from continuing operating activities201913,800 | Net cash flow from continuing operating activities201813,107 | |
| Net cash flow from operating activities relating to discontinued operations | Net cash flow from operating activities relating to discontinued operations2019222 | Net cash flow from operating activities relating to discontinued operations2018257 | |
| Net cash flow from operating activities | Net cash flow from operating activities201914,022 | Net cash flow from operating activities201813,364 | |
| Investing activities: | |||
| Acquisitions of equity investments, net of cash acquired | Acquisitions of equity investments, net of cash acquired 2019(456) | Acquisitions of equity investments, net of cash acquired 2018(484) | |
| Disposals of equity investments, net of cash transferred | Disposals of equity investments, net of cash transferred 2019293 | Disposals of equity investments, net of cash transferred 20181,261 | |
| Investments in intangible assets and property, plant and equipment | Investments in intangible assets and property, plant and equipment Notes47.2 | Investments in intangible assets and property, plant and equipment 2019(16,709) | Investments in intangible assets and property, plant and equipment 2018(16,016) |
| Net proceeds from sale of intangible assets and property, plant and equipment | Net proceeds from sale of intangible assets and property, plant and equipment 201994 | Net proceeds from sale of intangible assets and property, plant and equipment 2018577 | |
| Changes in financial assets | Changes in financial assets 20191,294 | Changes in financial assets 2018(2,367) | |
| Net cash flow from continuing investing activities | Net cash flow from continuing investing activities2019(15,484) | Net cash flow from continuing investing activities2018(17,029) | |
| Net cash flow from investing activities relating to discontinued operations | Net cash flow from investing activities relating to discontinued operations2019(166) | Net cash flow from investing activities relating to discontinued operations2018(136) | |
| Net cash flow from investing activities | Net cash flow from investing activities2019(15,650) | Net cash flow from investing activities2018(17,165) | |
| Financing activities: | |||
| Transactions with non-controlling interests (3) | Transactions with non-controlling interests (3)20191,055 | Transactions with non-controlling interests (3)20181,548 | |
| Dividends paid by parent company | Dividends paid by parent company Notes30.3 | Dividends paid by parent company 2019(58) | Dividends paid by parent company 2018(511) |
| Dividends paid to non-controlling interests | Dividends paid to non-controlling interests 2019(155) | Dividends paid to non-controlling interests 2018(183) | |
| Purchases/sales of treasury shares | Purchases/sales of treasury shares2019(14) | Purchases/sales of treasury shares2018(3) | |
| Cash flows with shareholders | Cash flows with shareholders2019828 | Cash flows with shareholders2018851 | |
| Issuance of borrowings | Issuance of borrowings 20199,080 | Issuance of borrowings 20185,711 | |
| Repayment of borrowings | Repayment of borrowings 2019(6,976) | Repayment of borrowings 2018(2,724) | |
| Issuance of perpetual subordinated bonds | Issuance of perpetual subordinated bonds Notes3.3.2 | Issuance of perpetual subordinated bonds 2019493 | Issuance of perpetual subordinated bonds 20181,243 |
| Redemptions of perpetual subordinated bonds | Redemptions of perpetual subordinated bonds Notes3.3.3 | Redemptions of perpetual subordinated bonds 2019(1,280) | Redemptions of perpetual subordinated bonds 2018(1,329) |
| Payments to bearers of perpetual subordinated bonds | Payments to bearers of perpetual subordinated bonds Notes30.4 | Payments to bearers of perpetual subordinated bonds 2019(589) | Payments to bearers of perpetual subordinated bonds 2018(584) |
| 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 | |
| Investment subsidies | Investment subsidies 2019543 | Investment subsidies 2018351 | |
| Other cash flows from financing activities | Other cash flows from financing activities20191,414 | Other cash flows from financing activities20182,799 | |
| 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 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 | Net cash flow from financing activities20192,223 | Net cash flow from financing activities20183,530 | |
| Net cash flow from continuing operations | Net cash flow from continuing operations 2019558 | Net cash flow from continuing operations 2018(272) | |
| Net cash flow from discontinued operations | Net cash flow from discontinued operations 201937 | Net cash flow from discontinued operations 20181 | |
| Net increase/(decrease) in cash and cash equivalents | Net increase/(decrease) in cash and cash equivalents2019595 | Net increase/(decrease) in cash and cash equivalents2018(271) | |
| CASH AND CASH EQUIVALENTS – OPENING BALANCE | CASH AND CASH EQUIVALENTS – OPENING BALANCE20193,290 | CASH AND CASH EQUIVALENTS – OPENING BALANCE20183,692 | |
| Net increase/(decrease) in cash and cash equivalents | Net increase/(decrease) in cash and cash equivalents 2019595 | Net increase/(decrease) in cash and cash equivalents 2018(271) | |
| Effect of currency fluctuations | Effect of currency fluctuations 2019(5) | Effect of currency fluctuations 2018(95) | |
| Financial income on cash and cash equivalents | Financial income on cash and cash equivalents 201917 | Financial income on cash and cash equivalents 201813 | |
| Effect of reclassifications | Effect of reclassifications 201937 | Effect of reclassifications 2018(49) | |
| CASH AND CASH EQUIVALENTS – CLOSING BALANCE | CASH AND CASH EQUIVALENTS – CLOSING BALANCENotes40 | CASH AND CASH EQUIVALENTS – CLOSING BALANCE20193,934 | CASH AND CASH EQUIVALENTS – CLOSING BALANCE20183,290 |
(1) The financial statements at 31 December 2019 apply IFRS 16 from 1 January 2019 (using the modified retrospective approach). In accordance with the new standard’s transition provisions, the comparative figures have not been restated (see note 2.1).
(2) The published figures for 2018 have been restated due to the impact of presenting the E&P operations as discontinued operations (see note 2.3).
(3) Contributions via capital increases, or capital reductions and acquisitions of additional interests or disposals of interests in controlled companies. In 2019, this item includes an amount of €968 million relating to CGN’s payment for the NNB Holding Ltd. and Sizewell C Holding Co. capital increases (€743 million at 31 December 2018). In 2018 it also included an amount of €797 million relating to the sale of 49% of EDF Renewables’ wind farms (see note 3.5.1).
