For details of the cash flows in the cash flow statement, see the 2020 consolidated financial statements and the relevant notes:.
Net indebtedness comprises total loans and financial liabilities, less cash and cash equivalents and liquid assets. Liquid assets are financial assets consisting of funds or securities with initial maturity of over three months that are readily convertible into cash and are managed according to a liquidity-oriented policy.
The Group’s net indebtedness was € 42,290 million at 31 December 2020. It stood at
€ 41,133 million at 31 December 2019.
| (in millions of euros) | 2020 | 2019 | Variation | Variation (%) |
|---|---|---|---|---|
| Operating profit before depreciation and amortisation (EBITDA) | Operating profit before depreciation and amortisation (EBITDA) 2020 16,174 | Operating profit before depreciation and amortisation (EBITDA) 2019 16,723 | Operating profit before depreciation and amortisation (EBITDA) Variation (549) | Operating profit before depreciation and amortisation (EBITDA) Variation (%)-3.3 |
| Cancellation of non-monetary items included in EBITDA | Cancellation of non-monetary items included in EBITDA 2020 328 | Cancellation of non-monetary items included in EBITDA 2019 (1,930) | Cancellation of non-monetary items included in EBITDA Variation
| Cancellation of non-monetary items included in EBITDA Variation (%)
|
| Cash EBITDA | Cash EBITDA 2020 16,502 | Cash EBITDA 2019 14,793 | Cash EBITDA Variation
| Cash EBITDA Variation (%)
|
| Change in working capital | Change in working capital 2020 (1,679) | Change in working capital 2019 475 | Change in working capital Variation
| Change in working capital Variation (%)
|
| Net investments(2) (excluding 2019-2020 disposals and the Hinkley | Net investments (2)(excluding 2019-2020 disposals and the Hinkley 2020
| Net investments (2)(excluding 2019-2020 disposals and the Hinkley 2019
| Net investments (2)(excluding 2019-2020 disposals and the Hinkley Variation
| Net investments (2)(excluding 2019-2020 disposals and the Hinkley Variation (%)
|
| Point C and Linky projects) | Point C and Linky projects) 2020 (11,570) | Point C and Linky projects) 2019 (11,433) | Point C and Linky projects) Variation
| Point C and Linky projects) Variation (%)
|
| Other items including dividends received from associates and joint ventures | Other items including dividends received from associates and joint ventures 2020 (17) | Other items including dividends received from associates and joint ventures 2019 303 | Other items including dividends received from associates and joint ventures Variation
| Other items including dividends received from associates and joint ventures Variation (%)
|
| Operating cash flow(3) | Operating cash flow (3)2020 3,236 | Operating cash flow (3)2019 4,138 | Operating cash flow (3)Variation (902) | Operating cash flow (3)Variation (%)-21.8 |
| Asset disposals | Asset disposals 2020 187 | Asset disposals 2019 531 | Asset disposals Variation
| Asset disposals Variation (%)
|
| Income taxes paid | Income taxes paid 2020 (983) | Income taxes paid 2019 (915) | Income taxes paid Variation
| Income taxes paid Variation (%)
|
| Net financial expenses disbursed | Net financial expenses disbursed 2020 (1,008) | Net financial expenses disbursed 2019 (802) | Net financial expenses disbursed Variation
| Net financial expenses disbursed Variation (%)
|
| Dedicated assets | Dedicated assets 2020 (798) | Dedicated assets 2019 (394) | Dedicated assets Variation
| Dedicated assets Variation (%)
|
| Dividends paid in cash | Dividends paid in cash 2020 (768) | Dividends paid in cash 2019 (801) | Dividends paid in cash Variation
| Dividends paid in cash Variation (%)
|
| Cash flow before the Hinkley Point C and Linky projects | Cash flow before the Hinkley Point C and Linky projects 2020 (134) | Cash flow before the Hinkley Point C and Linky projects 2019 1,757 | Cash flow before the Hinkley Point C and Linky projects Variation
| Cash flow before the Hinkley Point C and Linky projects Variation (%)
|
| Hinkley Point C and Linky projects | Hinkley Point C and Linky projects 2020 (2,575) | Hinkley Point C and Linky projects 2019 (2,582) | Hinkley Point C and Linky projects Variation
| Hinkley Point C and Linky projects Variation (%)
|
| Group cash flow(4) | Group cash flow (4)2020 (2,709) | Group cash flow (4)2019 (825) | Group cash flow (4)Variation
| Group cash flow (4)Variation (%)
|
| Issues of hybrid notes and OCEANE bonds | Issues of hybrid notes and OCEANE bonds 2020 2,243 | Issues of hybrid notes and OCEANE bonds 2019 493 | Issues of hybrid notes and OCEANE bonds Variation
| Issues of hybrid notes and OCEANE bonds Variation (%)
|
| Redemption of hybrid notes | Redemption of hybrid notes 2020 - | Redemption of hybrid notes 2019 (1,618) | Redemption of hybrid notes Variation
| Redemption of hybrid notes Variation (%)
|
| Other monetary changes | Other monetary changes 2020 (49) | Other monetary changes 2019 (470) | Other monetary changes Variation
| Other monetary changes Variation (%)
|
| (Increase)/decrease in net indebtedness, excluding the impact of changes in exchange rate | (Increase)/decrease in net indebtedness, excluding the impact of changes in exchange rate 2020 (515) | (Increase)/decrease in net indebtedness, excluding the impact of changes in exchange rate 2019 (2,420) | (Increase)/decrease in net indebtedness, excluding the impact of changes in exchange rate Variation
| (Increase)/decrease in net indebtedness, excluding the impact of changes in exchange rate Variation (%)
|
| Effect of change in exchange rates | Effect of change in exchange rates 2020 445 | Effect of change in exchange rates 2019 (341) | Effect of change in exchange rates Variation
| Effect of change in exchange rates Variation (%)
|
| Effect of other non-monetary changes | Effect of other non-monetary changes 2020 (1,077) | Effect of other non-monetary changes 2019 (5,039) | Effect of other non-monetary changes Variation
| Effect of other non-monetary changes Variation (%)
|
| (Increase)/decrease in net indebtedness of continuing operations | (Increase)/decrease in net indebtedness of continuing operations 2020 (1,147) | (Increase)/decrease in net indebtedness of continuing operations 2019 (7,800) | (Increase)/decrease in net indebtedness of continuing operations Variation
| (Increase)/decrease in net indebtedness of continuing operations Variation (%)
|
| (Increase)/decrease in net indebtedness of discontinued operations (5) | (Increase)/decrease in net indebtedness of discontinued operations (5)2020 (10) | (Increase)/decrease in net indebtedness of discontinued operations (5)2019 55 | (Increase)/decrease in net indebtedness of discontinued operations (5)Variation
| (Increase)/decrease in net indebtedness of discontinued operations (5)Variation (%)
|
| Net indebtedness at beginning of year | Net indebtedness at beginning of year 2020 41,133 | Net indebtedness at beginning of year 2019 33,388 | Net indebtedness at beginning of year Variation
| Net indebtedness at beginning of yearVariation (%)
|
| NET INDEBTEDNESS AT END OF YEAR | NET INDEBTEDNESS AT END OF YEAR 2020 42,290 | NET INDEBTEDNESS AT END OF YEAR 2019 41,133 | NET INDEBTEDNESS AT END OF YEAR Variation
| NET INDEBTEDNESS AT END OF YEARVariation (%)
|
(1) The published figures for 2019 (except NFD) have been restated for the impact of the change in the scope of the E&P disposal (see note 1.4.2 to the 2020 consolidated financial statements).
(2) Net investments are operating investments and financial investments for growth, net of disposals. They also include net debts acquired or transferred in acquisitions or disposals of securities, investment subsidies received, and non-Group partner investments. They do not include the 2019-2020 disposals or investments in the Hinkley Point C and Linky projects.
(3) Operating cash flow is not an aggregate defined by IFRS as a measure of financial performance and is not directly comparable with indicators of the same name reported by other companies. This indicator, also known as Funds From Operations (“FFO”), is equivalent to net cash flow from operating activities, changes in working capital after adjustment where relevant for the impact of non-recurring effects, net investments (excluding 2019-2020 disposals and investments in the Hinkley Point C and Linky projects), and other items, including dividends received from associates and joint ventures.
(4) Group cash flow is not an aggregate defined by IFRS as a measure of financial performance and is not directly comparable with indicators of the same name reported by other companies. It is equal to the operating cash flow defined in note (2) above less asset disposals, income taxes paid, net financial expenses disbursed, net allocations to dedicated assets, dividends paid in cash and investments in the Hinkley Point C and Linky projects.
(5) This corresponds to the net indebtedness of Edison’s discontinued E&P operations that are currently in the process of sale.
