(in millions of euros) | 31/12/2020
| 31/12/2019 | Variation | Variation (%) |
|---|---|---|---|---|
| Loans and other financial liabilities | Loans and other financial liabilities 31/12/2020
65,591 | Loans and other financial liabilities 31/12/2019 67,380 | Loans and other financial liabilities Variation (1,789) | Loans and other financial liabilities Variation (%) -2.7 |
| Derivatives used to hedge liabilities | Derivatives used to hedge liabilities 31/12/2020
(1,986) | Derivatives used to hedge liabilities 31/12/2019 (3,387) | Derivatives used to hedge liabilities Variation (1,401) | Derivatives used to hedge liabilities Variation (%) -41.4 |
| Cash and cash equivalents | Cash and cash equivalents 31/12/2020
(6,270) | Cash and cash equivalents 31/12/2019 (3,934) | Cash and cash equivalents Variation 2,336 | Cash and cash equivalents Variation (%) +59.4 |
| Debt and equity securities – liquid assets | Debt and equity securities – liquid assets 31/12/2020
(15,028) | Debt and equity securities – liquid assets 31/12/2019 (18,900) | Debt and equity securities – liquid assets Variation (3,872) | Debt and equity securities – liquid assets Variation (%) -20.5 |
| Net indebtedness of assets held for sale | Net indebtedness of assets held for sale 31/12/2020
(17) | Net indebtedness of assets held for sale 31/12/2019 (26) | Net indebtedness of assets held for sale Variation (9) | Net indebtedness of assets held for sale Variation (%) -34.6 |
NET INDEBTEDNESS* | NET INDEBTEDNESS* 31/12/2020
42,290 | NET INDEBTEDNESS* 31/12/2019 41,133 | NET INDEBTEDNESS* Variation 1,157 | NET INDEBTEDNESS* Variation (%) +2.8 |
* Net indebtedness is not defined in the accounting standards and is not directly visible in the Group’s consolidated balance sheet
The operating cash flow (1) amounted to € 3,236 million in 2020 compared to
€ 4,138 million in 2019, a decrease of € 902 million.
EBITDA adjusted for non-cash items amounted to € 16,502 million, up by
€ 1,709 million from 2019, mainly due to settlements of underlying positions on
EDF Trading’s financial instruments, and to a lesser extent, to the higher gross margin on deliveries by Enedis.
Working capital deteriorated by -€1,679 million in 2020.
This change was mainly due to the higher stocks of capacity certificates and energy savings certificates, and the increase in margin calls in the optimisation/trading activity in 2020.
The difference between the 2019 and 2020 change in working capital
(-€ 2,154 million) is essentially explained by the increase in stocks (-€ 898 million) and the increase in margin calls in the optimisation/trading activity (-€ 1,235 million).
Net investments including 2019-2020 disposals, and the Hinkley Point C and Linky projects amounted to € 14.1 billion in 2020.
Net investments (excluding 2019-2020 disposals and the Hinkley Point C and Linky projects) amounted to € 11,570 million in 2020 compared to € 11,433 million in 2019, an increase of € 137 million. Details are as follows:
(in millions of euros) | 2020
| 2019 | Variation | Variation (%) |
|---|---|---|---|---|
| France – Generation and supply | France – Generation and supply 2020
5,484 | France – Generation and supply 2019 6,329 | France – Generation and supply Variation (845) | France – Generation and supply Variation (%) -13.4 |
| France – Regulated activities | France – Regulated activities 2020
3,367 | France – Regulated activities 2019 3,622 | France – Regulated activities Variation (256) | France – Regulated activities Variation (%) -7.0 |
| EDF Renewables | EDF Renewables 2020
812 | EDF Renewables 2019 (276) | EDF Renewables Variation 1,089 | EDF Renewables Variation (%) +394.2 |
| Dalkia | Dalkia 2020
180 | Dalkia 2019 138 | Dalkia Variation 42 | Dalkia Variation (%) +30.4 |
| Framatome | Framatome 2020
219 | Framatome 2019 134 | Framatome Variation 85 | Framatome Variation (%) +63.4 |
| United Kingdom | United Kingdom 2020
732 | United Kingdom 2019 659 | United Kingdom Variation 73 | United Kingdom Variation (%) +11.1 |
| Italy | Italy 2020
531 | Italy 2019 433 | Italy Variation 98 | Italy Variation (%) +22.6 |
| Other international | Other international 2020
207 | Other international 2019 309 | Other international Variation (102) | Other international Variation (%) -33.0 |
| Other activities | Other activities 2020
38 | Other activities 2019 86 | Other activities Variation (48) | Other activities Variation (%) -55.8 |
NET INVESTMENTS | NET INVESTMENTS 2020
11,570 | NET INVESTMENTS 2019 11,433 | NET INVESTMENTS Variation 137 | NET INVESTMENTS Variation (%) +1.2 |
* 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).
The cash flow before the Hinkley Point C and Linky projects was amounting to
-€ 134 million in 2020 (compared to € 1,757 million in 2019).
Asset disposals generated €187 million in 2020, and principally concerned the sale of Edison’s Exploration & Production operations.
In compliance with the French Law no. 2006-739 of 28 June 2006 on the sustainable management of radioactive materials and waste, EDF has built up a portfolio of dedicated assets for secure financing of its long-term nuclear obligations (see section 7.1.6).
Overall, the changes in dedicated assets comprise:
(1) Excluding the 2019/2020 asset disposal plan and investments in the Hinkley Point C and Linky projects.
