Universal Registration Document 2021

Consolidated cash flow statement

(1) The published figures for 2020 include a €79 million reclassification from “Net financial expenses disbursed” to “Changes in financial assets”.

(2) Contributions via capital increases, or capital reductions and acquisitions of additional interests or disposals of interests in controlled companies. In 2021, this item includes an amount of €1,304 million relating to CGN’s payment for the capital increases by NNB Holding Ltd (for the Hinkley Point C project) and Sizewell C Holding, an amount of €865 million relating to the sale of 49% of Edison Renewables and an amount of €(276) million relating to the acquisition of 70% of E2i Energie Speciali. 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..

(3) Other non-monetary changes include €281 million resulting from reclassification at 1 January 2021 of debit positions on margin calls relating to derivatives, which were previously netted and included in other financial liabilities (see the “Other changes” line in note 3.2.1).

(in millions of euros)	Notes	2021	2020 ⁽¹⁾
Operating activities :	Operating activities :Notes	Operating activities : 2021	Operating activities :2020 ⁽¹⁾
Consolidated net income	Consolidated net incomeNotes	Consolidated net income 2021 4,828	Consolidated net income2020 ⁽¹⁾615
Net income of discontinued operations	Net income of discontinued operationsNotes	Net income of discontinued operations 2021 (1)	Net income of discontinued operations2020 ⁽¹⁾(158)
Net income of continuing operations	Net income of continuing operationsNotes	Net income of continuing operations 2021 4,829	Net income of continuing operations2020 ⁽¹⁾773
Impairment/(reversals)	Impairment/(reversals) Notes	Impairment/(reversals) 2021 653	Impairment/(reversals) 2020 ⁽¹⁾ 799
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 2021 10,488	Accumulated depreciation and amortisation, provisions and changes in fair value 2020 ⁽¹⁾13,310
Financial income and expenses	Financial income and expenses Notes	Financial income and expenses 2021 (89)	Financial income and expenses 2020 ⁽¹⁾ 785
Dividends received from associates and joint ventures	Dividends received from associates and joint ventures Notes	Dividends received from associates and joint ventures 2021 467	Dividends received from associates and joint ventures 2020 ⁽¹⁾ 433
Capital gains/losses	Capital gains/losses Notes	Capital gains/losses 2021 (67)	Capital gains/losses 2020 ⁽¹⁾ (185)
Incometaxes	Incometaxes Notes	Incometaxes 2021 1,401	Incometaxes 2020 ⁽¹⁾ 945
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 2021 (644)	Share in net income of associates and joint ventures 2020 ⁽¹⁾ (425)
Change in working capitals	Change in working capitals Notes13.1.3	Change in working capitals 2021 (1,526)	Change in working capitals 2020 ⁽¹⁾(1,679)
*Net cash flow from operations*	*Net cash flow from operations*Notes	*Net cash flow from operations* 2021 *15,512*	**Net cash flow from operations2020 ⁽¹⁾14,756**
Net financial expenses disbursed	Net financial expenses disbursed Notes	Net financial expenses disbursed 2021 (588)	Net financial expenses disbursed 2020 ⁽¹⁾ (929)
Income taxes paid	Income taxes paid Notes	Income taxes paid 2021 (2,276)	Income taxes paid 2020 ⁽¹⁾ (983)
Net cash flow from continuing operating activities	Net cash flow from continuing operating activitiesNotes	Net cash flow from continuing operating activities 2021 12,648	Net cash flow from continuing operating activities2020 ⁽¹⁾12,844
Net cash flow from operating activities relating to discontinued operations	Net cash flow from operating activities relating to discontinued operationsNotes	Net cash flow from operating activities relating to discontinued operations 2021 -	Net cash flow from operating activities relating to discontinued operations2020 ⁽¹⁾98
Net cash flow from operating activities	Net cash flow from operating activitiesNotes	Net cash flow from operating activities 2021 12,648	Net cash flow from operating activities2020 ⁽¹⁾12,942
Investing activities :	Investing activities :Notes	Investing activities : 2021	Investing activities :2020 ⁽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 2021 (165)	Acquisitions of equity investments, net of cash acquired 2020 ⁽¹⁾ (126)
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 2021 1,154	Disposals of equity investments, net of cash transferred 2020 ⁽¹⁾ 498
Investments in intangible assets and property, plant and equipment	Investments in intangible assets and property, plant and equipment Notes10.7	Investments in intangible assets and property, plant and equipment 2021 (17,606)	Investments in intangible assets and property, plant and equipment 2020 ⁽¹⁾(16,007)
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 2021 264	Net proceeds from sale of intangible assets and property, plant and equipment 2020 ⁽¹⁾ 54
Changes in financial assets	Changes in financial assets Notes	Changes in financial assets 2021 1,776	Changes in financial assets 2020 ⁽¹⁾2,718
Net cash flow from continuing investing activities	Net cash flow from continuing investing activitiesNotes	Net cash flow from continuing investing activities 2021 (14,577)	Net cash flow from continuing investing activities2020 ⁽¹⁾(12,863)
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 - 2021 -	Net cash flow from investing activities relating to discontinued operations -2020 ⁽¹⁾(104)
Net cash flow from investing activities	Net cash flow from investing activitiesNotes	Net cash flow from investing activities 2021 (14,577)	Net cash flow from investing activities2020 ⁽¹⁾(12,967)
Financing activities :	Financing activities :Notes	Financing activities : 2021	Financing activities :2020 ⁽¹⁾
Transactions with non-controlling interests ⁽²⁾	Transactions with non-controlling interests ⁽²⁾Notes	Transactions with non-controlling interests ⁽²⁾ 2021 2,076	Transactions with non-controlling interests ⁽²⁾2020 ⁽¹⁾1,019
Dividends paid by parent company	Dividends paid by parent company Notes14.3	Dividends paid by parent company 2021 (84)	Dividends paid by parent company 2020 ⁽¹⁾ -
Dividends paid to non-controlling interests	Dividends paid to non-controlling interests Notes	Dividends paid to non-controlling interests 2021 (163)	Dividends paid to non-controlling interests 2020 ⁽¹⁾ (267)
Purchases/sales of treasury shares ⁽³⁾	Purchases/sales of treasury shares ⁽³⁾ Notes	Purchases/sales of treasury shares ⁽³⁾ 2021 (3)	Purchases/sales of treasury shares ⁽³⁾ 2020 ⁽¹⁾ 5
Cash flows with shareholder	Cash flows with shareholderNotes	Cash flows with shareholder 2021 *1,826*	Cash flows with shareholder2020 ⁽¹⁾*757*
Issuance of borrowings	Issuance of borrowings Notes18.3.2.1	Issuance of borrowings 2021 6,943	Issuance of borrowings 2020 ⁽¹⁾6,601
Repayment of borrowings	Repayment of borrowings Notes18.3.2.1	Repayment of borrowings 2021 (5,161)	Repayment of borrowings 2020 ⁽¹⁾(7,062)
Issuance of perpetual subordinated bonds and OCEANEs	Issuance of perpetual subordinated bonds and OCEANEs Notes14.4 et 14.5	Issuance of perpetual subordinated bonds and OCEANEs 2021 1,235	Issuance of perpetual subordinated bonds and OCEANEs 2020 ⁽¹⁾2,243
Payments to bearers of perpetual subordinated bonds	Payments to bearers of perpetual subordinated bonds Notes14.4	Payments to bearers of perpetual subordinated bonds 2021 (547)	Payments to bearers of perpetual subordinated bonds 2020 ⁽¹⁾ (501)
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 2021 677	Funding contributions received for assets operated under concessions and investment subsidies 2020 ⁽¹⁾ 534
Other cash flows from financing activities	Other cash flows from financing activities Notes	Other cash flows from financing activities 2021 3,147	Other cash flows from financing activities 2020 ⁽¹⁾1,815
Net cash flow from continuing financing activities	Net cash flow from continuing financing activitiesNotes	Net cash flow from continuing financing activities 2021 4,973	Net cash flow from continuing financing activities2020 ⁽¹⁾2,572
(in millions of euros) Net cash flow from financing activities relating to discontinued operations	Notes	2021 -	2020 ⁽¹⁾19
Net cash flow from financing activities	Net cash flow from financing activitiesNotes	Net cash flow from financing activities 2021 4,973	Net cash flow from financing activities2020 ⁽¹⁾2,591
Net cash flow from continuing operations	Net cash flow from continuing operations Notes	Net cash flow from continuing operations 2021 3,044	Net cash flow from continuing operations 2020 ⁽¹⁾2,553
Net cash flow from discontinued operations	Net cash flow from discontinued operations Notes	Net cash flow from discontinued operations 2021 -	Net cash flow from discontinued operations 2020 ⁽¹⁾ 13
Net increase/(decrease) in cash and cash equivalents	Net increase/(decrease) in cash and cash equivalentsNotes	Net increase/(decrease) in cash and cash equivalents 2021 3,044	Net increase/(decrease) in cash and cash equivalents2020 ⁽¹⁾2,566
CASH AND CASH EQUIVALENTS – OPENING BALANCE	CASH AND CASH EQUIVALENTS – OPENING BALANCENotes	CASH AND CASH EQUIVALENTS – OPENING BALANCE 2021 6,270	CASH AND CASH EQUIVALENTS – OPENING BALANCE2020 ⁽¹⁾3,934
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 2021 3,044	Net increase/(decrease) in cash and cash equivalents 2020 ⁽¹⁾2,566
Currency fluctuations	Currency fluctuations Notes	Currency fluctuations 2021 180	Currency fluctuations 2020 ⁽¹⁾ (162)
Financial income on cash and cash equivalents	Financial income on cash and cash equivalents Notes	Financial income on cash and cash equivalents 2021 38	Financial income on cash and cash equivalents 2020 ⁽¹⁾ 35
Other non-monetary changes ⁽³⁾	Other non-monetary changes ⁽³⁾Notes	Other non-monetary changes ⁽³⁾ 2021 387	Other non-monetary changes ⁽³⁾2020 ⁽¹⁾ (103)
CASH AND CASH EQUIVALENTS – CLOSING BALANCE	CASH AND CASH EQUIVALENTS – CLOSING BALANCE*Notes18.2***	CASH AND CASH EQUIVALENTS – CLOSING BALANCE 2021 9,919	CASH AND CASH EQUIVALENTS – CLOSING BALANCE2020 ⁽¹⁾6,270

Universal Registration Document 2021

6. Financial statements

Consolidated cash flow statement