Universal Registration Document 2021

Sale of 49% of Edison Renewables

On 14 December 2021, Edison and Crédit Agricole Assurances completed the transaction signed on 3 December 2021. Crédit Agricole Assurances has thus become Edison’s long-term financial partner, acquiring 49% of Edison Renewables’ platform and participating in the development of its wind and photovoltaic production. The transaction valued Edison Renewables at more than €2 billion and followed the acquisition of 70% of the capital of E2i on 16 February 2021.

Edison retains full control over the company’s business and governance and will lead its development in renewable energies in line with the decarbonisation targets fixed by the Italian PNIEC (National Integrated Energy and Climate Plan) and the European Green Deal. Edison will continue to fully consolidate Edison Renewables, which has renewable energy assets with a total capacity of 1.1GW, including approximately 1,000MW of wind farms located in the windiest areas of the country.

As this was a sale of a non-controlling interest with no change of consolidation method, the €455 million difference between the sale price and the equity transferred was recognised as an increase to Equity (EDF share).

This transaction reduced the Group’s net indebtedness by €0.9 billion.

All the transactions completed as part of the disposal plan in 2021 reduced the Group’s net indebtedness by a total €2.8 billion.

3.1.2 Changes in the scope of consolidation in 2020

The following changes in the Group’s scope of consolidation took place during 2020:

disposal of Edison Exploration and Production (E&P) on 17 December 2020 (see notes 1.4.2 and 3.2 to the consolidated financial statements at 31 December 2020);
consolidation of EDF Pulse Holding (formerly EDF Pulse Croissance), Agregio, Energy2Market (E2M) and IZIVIA.

3.2 Discontinued operations

Accounting principles and methods

Assets that qualify as held for sale and related liabilities are disclosed separately from other assets and liabilities in the balance sheet.

When assets or groups of assets are classified as discontinued operations, income and expenses relating to these discontinued operations are disclosed in a single net amount after taxes in the income statement and net changes in cash and cash equivalents of discontinued operations are also reported separately in the cash flow statement.

Impairment is booked when the realisable value is lower than the net book value.

In accordance with IFRS 5:

for assets or groups of assets that are identified and classified as held for sale during the year, there is no change of presentation or retrospective restatement in prior year balance sheets;
assets or groups of assets that qualify as discontinued operations are restated in the income statement and the cash flow statement for the prior periods presented in the financial statements.

3.2.1 Assets held for sale and related liabilities

(in millions of euros)	31/12/2021	31/12/2020
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE 31/12/2021 69	ASSETS HELD FOR SALE31/12/20202,296
LIABILITIES RELATED TO ASSETS HELD FOR SALE	LIABILITIES RELATED TO ASSETS HELD FOR SALE 31/12/2021 30	LIABILITIES RELATED TO ASSETS HELD FOR SALE31/12/2020108

In application of IFRS 5, assets held for sale and related liabilities are shown below:

(in millions of euros)	31/12/2021	31/12/2020
Non-current non-financial assets ⁽¹⁾	Non-current non-financial assets ⁽¹⁾ 31/12/2021 -	Non-current non-financial assets ⁽¹⁾31/12/2020 316
Non-current financial assets	Non-current financial assets 31/12/2021 -	Non-current financial assets 31/12/2020 1,811
Current non-financial assets ⁽²⁾	Current non-financial assets ⁽²⁾ 31/12/2021 69	Current non-financial assets ⁽²⁾31/12/2020 151
Current financial assets	Current financial assets 31/12/2021 -	Current financial assets 31/12/2020 18
TOTAL ASSETS HELD FOR SALE	TOTAL ASSETS HELD FOR SALE 31/12/2021 69	TOTAL ASSETS HELD FOR SALE31/12/20202,296

(en millions d’euros)	31/12/2021	31/12/2020
Non-current non-financial liabilities ⁽³⁾	Non-current non-financial liabilities ⁽³⁾ 31/12/2021 -	Non-current non-financial liabilities ⁽³⁾31/12/2020 86
Non-current financial liabilities	Non-current financial liabilities 31/12/2021 -	Non-current financial liabilities 31/12/2020 1
Current non-financial liabilities	Current non-financial liabilities 31/12/2021 30	Current non-financial liabilities 31/12/2020 21
Current financial liabilities	Current financial liabilities 31/12/2021 -	Current financial liabilities 31/12/2020 -
TOTAL LIABILITIES RELATED TO ASSETS HELD FOR SALE	TOTAL LIABILITIES RELATED TO ASSETS HELD FOR SALE 31/12/2021 30	TOTAL LIABILITIES RELATED TO ASSETS HELD FOR SALE31/12/2020108

(1) Non-current non-financial assets comprise tangible assets and property, plant and equipment.

(2) Current non-financial assets comprise components of working capital and deferred taxes.

(3) Non-financial liabilities comprise provisions.