Universal Registration Document 2021

5. The group financial performance and outlook

5.1 Review of the financial situation and results 2021

5.1.1 Key figures

The financial information presented in this document is prepared from the EDF group’s consolidated financial statements at 31 December 2021.

Impact of the Covid-19 pandemic: see note 1.4.3 to the 2021 consolidated financial statements “Consequences of the Covid-19 pandemic”.

(in millions of euros)	2021	2020	Variation	Variation (%)	Organic variation (%)
Sales	Sales 2021 84,461	Sales 2020 69,031	Sales Variation15,430	Sales Variation (%) 22.4	Sales Organic variation (%) 21.6
Operating profit before depreciation and amortisation (EBITDA)	Operating profit before depreciation and amortisation (EBITDA) 2021 18,005	Operating profit before depreciation and amortisation (EBITDA) 2020 16,174	Operating profit before depreciation and amortisation (EBITDA) Variation 1,831	Operating profit before depreciation and amortisation (EBITDA) Variation (%) 11.3	Operating profit before depreciation and amortisation (EBITDA) Organic variation (%) 11.3
Operating profit (EBIT)	Operating profit (EBIT) 2021 5,225	Operating profit (EBIT) 2020 3,875	Operating profit (EBIT) Variation 1,350	Operating profit (EBIT) Variation (%) 34.8	Operating profit (EBIT) Organic variation (%) 35.9
Income before taxes of consolidated companies	Income before taxes of consolidated companies 2021 5,585	Income before taxes of consolidated companies 2020 1,293	Income before taxes of consolidated companies Variation 4,292	Income before taxes of consolidated companies Variation (%) 331.9	Income before taxes of consolidated companies Organic variation (%) 334.3
EDF net income	EDF net income 2021 5,113	EDF net income 2020 650	EDF net income Variation 4,463	EDF net income Variation (%) 686.6	EDF net income Organic variation (%) 719.1
Net income excluding non-recurring items ⁽¹⁾	Net income excluding non-recurring items ⁽¹⁾ 2021 4,717	Net income excluding non-recurring items ⁽¹⁾2020 1,969	Net income excluding non-recurring items ⁽¹⁾Variation 2,748	Net income excluding non-recurring items ⁽¹⁾Variation (%) 139.6	Net income excluding non-recurring items ⁽¹⁾Organic variation (%) 150.3
Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds	Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds 2021 4,170	Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds 2020 1,468	Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds Variation 2,702	Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds Variation (%) 184	Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds Organic variation (%) n.a
Group cash flow ⁽²⁾	Group cash flow ⁽²⁾ 2021 (1,525)	Group cash flow ⁽²⁾2020(2,660)	Group cash flow ⁽²⁾Variation 1,135	Group cash flow ⁽²⁾Variation (%) 42.7	Group cash flow ⁽²⁾Organic variation (%) n.a
Net indebtedness ⁽³⁾	Net indebtedness ⁽³⁾ 2021 42,988	Net indebtedness ⁽³⁾202042,290	Net indebtedness ⁽³⁾Variation 698	Net indebtedness ⁽³⁾Variation (%) 1.6	Net indebtedness ⁽³⁾Organic variation (%) n.a

n.a: not applicable

(1) Net income excluding non-recurring items is not defined by IFRS and is not directly visible in the Group’s consolidated income statement. It corresponds to the Group’s share of net income (EDF net income) excluding non-recurring items, net changes in the fair value of energy and commodity derivatives (excluding trading activities), and net changes in the fair value of debt and equity instruments, net of tax (see section 5.6 “Net income excluding non-recurring items”).

(2) Group cash flow is not an aggregate defined by IFRS as a measure of financial performance and is not comparable with indicators of the same name reported by other companies. It is equivalent to the operating cash flow 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 (see section 5). The 2020 figure is a pro forma figure.

(3) Net indebtedness is not defined in the accounting standards and is not directly visible in the Group’s consolidated balance sheet (see section 5.1).