Following a French state allotment of 389,349,361 EDF shares to EPIC Bpifrance, on29 January 2018, BPI France and the French State combined crossed the statutory thresholds of 5%, 10%, 15%, 20%, 30%, one third, 50% and two-thirds of the Company’s capital and voting rights. The French state and Bpifrance act together and have to consult each other before every Shareholders’ Meeting of EDF. Bpifrance undertook to not transfer, pledge or otherwise dispose of the EDF shares.
To the Company’s knowledge, no shareholder other than the French State and Bpifrance directly or indirectly holds more than 5% of the capital and voting rights.In October 2020, the French State reduced its allocation to EPIC Bpifrance by 61,000,000 EDF shares.
The Company conducted a study on identifiable bearer of shares as at 31 December 2020, which allowed it to examine the ownership of its capital and the geographical location of its shareholders on this date. The table set out below summarises this information as at 31 December 2020 and 31 December 2019:
| At 31/12/2020 | At 31/12/2019 | |||
|---|---|---|---|---|
| Number of shares held | % of capital | Number of shares held | % of capital | |
| State * | State *At 31/12/20202,593,960,583 | State *At 31/12/2019 83.68 | 2,593,960,583 | 83.58 |
| Institutional investors in Europe (other than France) | Institutional investors in Europe (other than France) At 31/12/2020143,898,238 | Institutional investors in Europe (other than France) At 31/12/2019 4.64 | 128,064,805 | 4.13 |
| Institutional investors in the rest of the world | Institutional investors in the rest of the world At 31/12/2020176,371,418 | Institutional investors in the rest of the world At 31/12/2019 5.69 | 196,362,093 | 6.33 |
| Institutional investors in France | Institutional investors in France At 31/12/202081,640,550 | Institutional investors in France At 31/12/2019 2.64 | 74,924,143 | 2.41 |
| Private shareholders | Private shareholders At 31/12/202061,130,285 | Private shareholders At 31/12/2019 1.97 | 63,796,390 | 2.05 |
| Employee shareholdings | Employee shareholdings At 31/12/202042,092,505 | Employee shareholdings At 31/12/2019 1.36 | 41,630,134 | 1.34 |
| Treasury shares | Treasury shares At 31/12/2020830,000 | Treasury shares At 31/12/2019 0.02 | 4,882,938 | 0.16 |
| TOTAL | TOTALAt 31/12/20203,099,923,579 | TOTAL At 31/12/2019 100.00 | 3,103,621,086 | 100.00 |
*The French State’s stake in EDF’s share capital includes the allocation of 328,349,361 EDF shares corresponding to the allocation of 389,349,361 EDF shares minus the 61,000,000 EDF shares returned in October 2020.
The French State(1) indicated that it held 2,593,960,583 shares and 4,723,109,672 voting rights in EDF as of 31 December 2020 (i.e. 83.68% of EDF’s share capital and89.05% of its voting rights)(2).
The French State committed to opt for a payment in shares for the balance of the 2018 dividend and for dividends relating to 2019 and 2020 fiscal year. It has renewed its commitment for fiscal year 2021.
| 31/12/2020 | Equities | % of capital | Theoretical | % of theoretical | Voting rights | % of voting rights |
|---|---|---|---|---|---|---|
| State Including Epic BPIFrance | State Including Epic BPIFrance Equities 2,593,960,583 | State Including Epic BPIFrance % of capital 83.68 | State Including Epic BPIFrance Theoretical 4,723,109,672 | State Including Epic BPIFrance % of theoretical 89.05 | State Including Epic BPIFrance Voting rights 4,723,109,672 | State Including Epic BPIFrance % of voting rights 89.07 |
| Employee shareholdings | Employee shareholdings Equities 42,092,505 | Employee shareholdings % of capital 1.36 | Employee shareholdings Theoretical 74,964,231 | Employee shareholdings % of theoretical 1.41 | Employee shareholdings Voting rights 74,964,231 | Employee shareholdings % of voting rights 1.41 |
| Individual and institutional shareholders | Individual and institutional shareholders Equities 463,040,491 | Individual and institutional shareholders % of capital 14.94 | Individual and institutional shareholders Theoretical 504,900,795 | Individual and institutional shareholders % of theoretical 9.52 | Individual and institutional shareholders Voting rights 504,900,795 | Individual and institutional shareholders % of voting rights 9.52 |
| Treasury shares | Treasury shares Equities 830,000 | Treasury shares % of capital 0.02 | Treasury shares Theoretical 830,000 | Treasury shares % of theoretical 0.02 | Treasury shares Voting rights - | Treasury shares % of voting rights - |
| TOTAL | TOTAL Equities 3,099,923,579 | TOTAL % of capital 100 | TOTAL Theoretical 5,303,804,698 | TOTAL % of theoretical 100 | TOTAL Voting rights 5,302,974,698 | TOTAL % of voting rights 100 |
To EDF’s knowledge, there are no agreements whose implementation could subsequently lead to a change in the Company’s control.
Moreover, pursuant to Article L. 111-67 of the French Energy Code, the State may not hold less than 70% of EDF’s capital.
Institutional and individual shareholders (excluding employee shareholders) represent approximately 15% of EDF’s share capital. Since the opening of the capital inNovember 2005, there has been ongoing dialogue with these stakeholders.
The EDF group’s financial communication consists in establishing a regular dialogue with the financial markets in compliance with regulations. The objective is for the market to possess the information needed to enhance the Company’s value overtime, by explaining its strategy, its development model and its environment.
In this context, the Group pursues an active policy of information and dialogue, making available to the public, individual shareholders, institutional investors and, more generally, the financial community in France and abroad, a wide range of documents and information media enabling a better understanding of the Group, its strategy, results and outlook.
The purpose of this dialogue with the financial markets is to maintain a consistent and faithful image of the EDF group among analysts and investors, in particular so that the latter can assess the Group’s operating and financial performance as well as its development prospects.
In 2020, as in previous years, the publication of the Group’s financial results on a quarterly basis was the subject of presentations by senior management in conference calls during which it also answered questions from investors and financial analysts.
(1) The French State's shareholding in EDF includes the allocation of 328,349,361 EDF shares to the EPIC BPI Franc
(2) This percentage was calculated on the basis of the number of theoretical double voting rights, based on all shares to which voting rights are attached, including those stripped of voting rights.
