| (in millions of euros) | Notes | 2019 | 2018 |
|---|---|---|---|
| Operating activities: | |||
| Profit/(loss) before income tax | Profit/(loss) before income tax 20192,198 | Profit/(loss) before income tax 2018835 | |
| Amortisation, depreciation and provisions | Amortisation, depreciation and provisions 20195,393 | Amortisation, depreciation and provisions 20187,153 | |
| Capital (gains)/losses | Capital (gains)/losses 2019(181) | Capital (gains)/losses 2018(499) | |
| Financial income and expenses | Financial income and expenses 2019(557) | Financial income and expenses 2018(2,133) | |
| Changes in working capital(1) | Changes in working capital (1)20191,012 | Changes in working capital (1)20183,238 | |
| Net cash flow from operations | Net cash flow from operations20197,865 | Net cash flow from operations20188,594 | |
| Net financial expenses, including dividends received(2) | Net financial expenses, including dividends received (2)2019(787) | Net financial expenses, including dividends received (2)20181,435 | |
| Income taxes paid | Income taxes paid 2019(452) | Income taxes paid 2018(29) | |
| Net cash flow from operating activities (A) | Net cash flow from operating activities (A)20196,626 | Net cash flow from operating activities (A)201810,000 | |
| Investing activities: | |||
| Investments in property, plant and equipment and intangible assets | Investments in property, plant and equipment and intangible assets 2019(6,365) | Investments in property, plant and equipment and intangible assets 2018(5,982) | |
| Proceeds from sale of property, plant and equipment and intangible assets | Proceeds from sale of property, plant and equipment and intangible assets 201923 | Proceeds from sale of property, plant and equipment and intangible assets 201824 | |
| Changes in financial assets(3) | Changes in financial assets (3)2019251 | Changes in financial assets (3)2018(4,776) | |
| Net cash flow used in investing activities(B) | Net cash flow used in investing activities(B) 2019(6,091) | Net cash flow used in investing activities(B) 2018(10,734) | |
| Financing activities: | |||
| Issuance of borrowings and underwriting agreements | Issuance of borrowings and underwriting agreements 20195,109 | Issuance of borrowings and underwriting agreements 20184,938 | |
| Repayment of borrowings and underwriting agreements (4) | Repayment of borrowings and underwriting agreements (4)2019(3,522) | Repayment of borrowings and underwriting agreements (4)2018(2,359) | |
| Dividends paid | Dividends paid Notes24 | Dividends paid 2019(58) | Dividends paid 2018(513) |
| Issuance and redemption of perpetual subordinated bonds, net of expenses (4) | Issuance and redemption of perpetual subordinated bonds, net of expenses (4)Notes2.2.2 - 2.2.3 | Issuance and redemption of perpetual subordinated bonds, net of expenses (4)2019(636) | Issuance and redemption of perpetual subordinated bonds, net of expenses (4)2018(76) |
| Funding contributions received for assets operated under concessions | Funding contributions received for assets operated under concessions 20195 | Funding contributions received for assets operated under concessions 20186 | |
| Investment subsidies | Investment subsidies 20194 | Investment subsidies 201811 | |
| Net cash flow from financing activities (C) | Net cash flow from financing activities (C)2019902 | Net cash flow from financing activities (C)20182,007 | |
| Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C) | Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C)20191,437 | Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C)20181,273 | |
| CASH AND CASH EQUIVALENTS – OPENING BALANCE | CASH AND CASH EQUIVALENTS – OPENING BALANCENotes22 | CASH AND CASH EQUIVALENTS – OPENING BALANCE2019(1,563) | CASH AND CASH EQUIVALENTS – OPENING BALANCE2018(2,875) |
| Effect of currency fluctuations | Effect of currency fluctuations 201915 | Effect of currency fluctuations 2018(13) | |
| Financial income on cash and cash equivalents | Financial income on cash and cash equivalents 201931 | Financial income on cash and cash equivalents 201852 | |
| CASH AND CASH EQUIVALENTS – CLOSING BALANCE(5) | CASH AND CASH EQUIVALENTS – CLOSING BALANCE(5)Notes22 | CASH AND CASH EQUIVALENTS – CLOSING BALANCE(5)2019(80) | CASH AND CASH EQUIVALENTS – CLOSING BALANCE(5)2018(1,563) |
(1) Including in 2018 a positive impact of €2,068 million following changes in the classification of certain cash management agreements with subsidiaries (C2, C3, EDF Holding SAS, EDEV, EDF International, EDF Energy UK and EDF Inc) which are now included in changes in working capital, and certain current account agreements (Enedis, Sofilo, PEI et GGF) which are now included in changes in cash in the cash flow statement (see note 22 and the 2018 financial statements).
(2) This change is principally explained by the lower level of dividends received in 2019 compared to 2018 (see note 13), and the foreign exchange result.
(3) Changes in financial assets are primarily explained by the decrease in the portfolio of investment funds (see note 21) and changes in the portfolio of investment securities included in dedicated assets.
(4) In 2018, repayment of borrowings and underwriting agreements included €(76) million of expenses on perpetual subordinated bonds, which have been reclassified and are now included in Issuance and redemption of perpetual subordinated bonds, net of expenses.
(5) “Cash and cash equivalents – opening balance” and “Cash and cash equivalents – closing balance” do not include investment funds or negotiable debt instruments maturing in more than three months. Details of the variation in cash and cash equivalents are presented in note 22.
