Universal Registration Document 2020

Consolidated cash flow statement

(1) The published figures for 2019 have been restated due to the impact of the change in the scope of E&P operations (see note 1.4.2).

(2) Contributions via capital increases, or capital reductions and acquisitions of additional interests or disposals of interests in controlled companies. In 2020, this item includes an amount of €998 million relating to CGN’s payment for the capital increases by NNB Holding Ltd. (for the Hinkley point C project) and Sizewell C Holding Co.. In 2019, this item includes an amount of €967 million relating to CGN’s payment for the capital increases by NNB Holding Ltd. (for the Hinkley Point C project) and Sizewell C Holding Co..

(in millions of euros)	Notes	2020	2019⁽¹⁾
Operating activities:	Operating activities: Notes	Operating activities: 2020	Operating activities: 2019⁽¹⁾
Consolidated net income	Consolidated net income Notes	Consolidated net income 2020 615	Consolidated net income 2019⁽¹⁾ 5,182
Net income of discontinued operations	Net income of discontinued operations Notes	Net income of discontinued operations 2020 (158)	Net income of discontinued operations 2019⁽¹⁾ (497)
Net income of continuing operations	Net income of continuing operations Notes	Net income of continuing operations 2020 773	Net income of continuing operations 2019⁽¹⁾ 5,679
Impairment/(reversals)	Impairment/(reversals) Notes	Impairment/(reversals) 2020 799	Impairment/(reversals) 2019⁽¹⁾ 403
Accumulated depreciation and amortisation, provisions and changes in fair value	Accumulated depreciation and amortisation, provisions and changes in fair value Notes	Accumulated depreciation and amortisation, provisions and changes in fair value 2020 13,310	Accumulated depreciation and amortisation, provisions and changes in fair value 2019⁽¹⁾ 8,358
Financial income and expenses	Financial income and expenses Notes	Financial income and expenses 2020 785	Financial income and expenses 2019⁽¹⁾ 101
Dividends received from associates and joint ventures	Dividends received from associates and joint ventures Notes	Dividends received from associates and joint ventures 2020 433	Dividends received from associates and joint ventures 2019⁽¹⁾ 349
Capital gains/losses	Capital gains/losses Notes	Capital gains/losses 2020 (185)	Capital gains/losses 2019⁽¹⁾ (508)
Income taxes	Income taxes Notes	Income taxes 2020 945	Income taxes 2019⁽¹⁾ 1,532
Share in net income of associates and joint ventures	Share in net income of associates and joint ventures Notes	Share in net income of associates and joint ventures 2020 (425)	Share in net income of associates and joint ventures 2019⁽¹⁾ (818)
Change in working capital	Change in working capital Notes 13.1.2	Change in working capital 2020 (1,679)	Change in working capital 2019⁽¹⁾ 475
Net cash flow from operations	Net cash flow from operations Notes	Net cash flow from operations 2020 14,756	Net cash flow from operations 2019⁽¹⁾ 15,571
Net financial expenses disbursed	Net financial expenses disbursed Notes	Net financial expenses disbursed 2020 (1,008)	Net financial expenses disbursed 2019⁽¹⁾ (802)
Income taxes paid	Income taxes paid Notes	Income taxes paid 2020 (983)	Income taxes paid 2019⁽¹⁾ (915)
Net cash flow from continuing operating activities	Net cash flow from continuing operating activities Notes	Net cash flow from continuing operating activities 2020 12,765	Net cash flow from continuing operating activities 2019⁽¹⁾ 13,854
Net cash flow from operating activities relating to discontinued operations	Net cash flow from operating activities relating to discontinued operations Notes	Net cash flow from operating activities relating to discontinued operations 2020 98	Net cash flow from operating activities relating to discontinued operations 2019⁽¹⁾ 168
Net cash flow from operating activities	Net cash flow from operating activities Notes	Net cash flow from operating activities 2020 12,863	Net cash flow from operating activities 2019⁽¹⁾ 14,022
Investing activities:	Investing activities: Notes	Investing activities: 2020	Investing activities: 2019⁽¹⁾
Acquisitions of equity investments, net of cash acquired	Acquisitions of equity investments, net of cash acquired Notes	Acquisitions of equity investments, net of cash acquired 2020 (126)	Acquisitions of equity investments, net of cash acquired 2019⁽¹⁾ (456)
Disposals of equity investments, net of cash transferred	Disposals of equity investments, net of cash transferred Notes	Disposals of equity investments, net of cash transferred 2020 498	Disposals of equity investments, net of cash transferred 2019⁽¹⁾ 293
Investments in intangible assets and property, plant and equipment	Investments in intangible assets and property, plant and equipment Notes 10.7	Investments in intangible assets and property, plant and equipment 2020 (16,007)	Investments in intangible assets and property, plant and equipment 2019⁽¹⁾ (16,797)
Net proceeds from sale of intangible assets and property, plant and equipment	Net proceeds from sale of intangible assets and property, plant and equipment Notes	Net proceeds from sale of intangible assets and property, plant and equipment 2020 54	Net proceeds from sale of intangible assets and property, plant and equipment 2019⁽¹⁾ 94
Changes in financial assets	Changes in financial assets Notes	Changes in financial assets 2020 2,797	Changes in financial assets 2019⁽¹⁾ 1,294
Net cash flow from continuing investing activities	Net cash flow from continuing investing activities Notes	Net cash flow from continuing investing activities 2020 (12,784)	Net cash flow from continuing investing activities 2019⁽¹⁾ (15,572)
Net cash flow from investing activities relating to discontinued operations	Net cash flow from investing activities relating to discontinued operations Notes	Net cash flow from investing activities relating to discontinued operations 2020 (104)	Net cash flow from investing activities relating to discontinued operations 2019⁽¹⁾ (78)
Net cash flow from investing activities	Net cash flow from investing activities Notes	Net cash flow from investing activities 2020 (12,888)	Net cash flow from investing activities 2019⁽¹⁾ (15,650)
Financing activities:	Financing activities: Notes	Financing activities: 2020	Financing activities: 2019⁽¹⁾
Transactions with non-controlling interests⁽²⁾	Transactions with non-controlling interests ⁽²⁾ Notes	Transactions with non-controlling interests ⁽²⁾ 2020 1,019	Transactions with non-controlling interests ⁽²⁾ 2019⁽¹⁾ 1,055
Dividends paid by parent company	Dividends paid by parent company Notes 14.3	Dividends paid by parent company 2020 -	Dividends paid by parent company 2019⁽¹⁾ (58)
Dividends paid to non-controlling interests	Dividends paid to non-controlling interests Notes	Dividends paid to non-controlling interests 2020 (267)	Dividends paid to non-controlling interests 2019⁽¹⁾ (155)
Purchases/sales of treasury shares	Purchases/sales of treasury shares Notes	Purchases/sales of treasury shares 2020 5	Purchases/sales of treasury shares 2019⁽¹⁾ (14)
Cash flows with shareholders	Cash flows with shareholders Notes	Cash flows with shareholders 2020 757	Cash flows with shareholders 2019⁽¹⁾ 828
Issuance of borrowings	Issuance of borrowings Notes 18.3.2.1	Issuance of borrowings 2020 6,601	Issuance of borrowings 2019⁽¹⁾ 9,080
Repayment of borrowings	Repayment of borrowings Notes 18.3.2.1	Repayment of borrowings 2020 (7,062)	Repayment of borrowings 2019⁽¹⁾ (6,976)
Issuance of perpetual subordinated bonds and OCEANEs	Issuance of perpetual subordinated bonds and OCEANEs Notes 14.4 and 14.5	Issuance of perpetual subordinated bonds and OCEANEs 2020 2,243	Issuance of perpetual subordinated bonds and OCEANEs 2019⁽¹⁾ 493
Redemptions of perpetual subordinated bonds	Redemptions of perpetual subordinated bonds Notes	Redemptions of perpetual subordinated bonds 2020 -	Redemptions of perpetual subordinated bonds 2019⁽¹⁾ (1,280)
Payments to bearers of perpetual subordinated bonds	Payments to bearers of perpetual subordinated bonds Notes 14.4	Payments to bearers of perpetual subordinated bonds 2020 (501)	Payments to bearers of perpetual subordinated bonds 2019⁽¹⁾ (589)
Funding contributions received for assets operated under concessions and investment subsidies	Funding contributions received for assets operated under concessions and investment subsidies Notes	Funding contributions received for assets operated under concessions and investment subsidies 2020 534	Funding contributions received for assets operated under concessions and investment subsidies 2019⁽¹⁾ 686
Other cash flows from financing activities	Other cash flows from financing activities Notes	Other cash flows from financing activities 2020 1,815	Other cash flows from financing activities 2019⁽¹⁾ 1,414
Net cash flow from continuing financing activities	Net cash flow from continuing financing activities Notes	Net cash flow from continuing financing activities 2020 2,572	Net cash flow from continuing financing activities 2019⁽¹⁾ 2,242
Net cash flow from financing activities relating to discontinued operations	Net cash flow from financing activities relating to discontinued operations Notes	Net cash flow from financing activities relating to discontinued operations 2020 19	Net cash flow from financing activities relating to discontinued operations 2019⁽¹⁾ (19)
Net cash flow from financing activities	Net cash flow from financing activities Notes	Net cash flow from financing activities 2020 2,591	Net cash flow from financing activities 2019⁽¹⁾ 2,223
Net cash flow from continuing operations	Net cash flow from continuing operations Notes	Net cash flow from continuing operations 2020 2,553	Net cash flow from continuing operations 2019⁽¹⁾ 524
Net cash flow from discontinued operations	Net cash flow from discontinued operations Notes	Net cash flow from discontinued operations 2020 13	Net cash flow from discontinued operations 2019⁽¹⁾ 71
Net increase/(decrease) in cash and cash equivalents	Net increase/(decrease) in cash and cash equivalents Notes	Net increase/(decrease) in cash and cash equivalents 2020 2,566	Net increase/(decrease) in cash and cash equivalents 2019⁽¹⁾ 595
CASH AND CASH EQUIVALENTS – OPENING BALANCE	CASH AND CASH EQUIVALENTS – OPENING BALANCE Notes	CASH AND CASH EQUIVALENTS – OPENING BALANCE 2020 3,934	CASH AND CASH EQUIVALENTS – OPENING BALANCE 2019⁽¹⁾ 3,290
Net increase/(decrease) in cash and cash equivalents	Net increase/(decrease) in cash and cash equivalents Notes	Net increase/(decrease) in cash and cash equivalents 2020 2,566	Net increase/(decrease) in cash and cash equivalents 2019⁽¹⁾ 595
Currency fluctuations	Currency fluctuations Notes	Currency fluctuations 2020 (162)	Currency fluctuations 2019⁽¹⁾ (5)
Financial income on cash and cash equivalents	Financial income on cash and cash equivalents Notes	Financial income on cash and cash equivalents 2020 35	Financial income on cash and cash equivalents 2019⁽¹⁾ 17
Other non-monetary changes	Other non-monetary changes Notes	Other non-monetary changes 2020 (103)	Other non-monetary changes 2019⁽¹⁾ 37
CASH AND CASH EQUIVALENTS – CLOSING BALANCE	CASH AND CASH EQUIVALENTS – CLOSING BALANCE Notes 18.2	CASH AND CASH EQUIVALENTS – CLOSING BALANCE 2020 6,270	CASH AND CASH EQUIVALENTS – CLOSING BALANCE 2019⁽¹⁾ 3,934

Universal Registration Document 2020

6. Financial statements

Consolidated cash flow statement