Investment subsidies received by Group companies are included in liabilities under the heading “Other liabilities” and transferred to income as and when the economic benefits of the corresponding assets are utilised.
At 31 December 2021, other operating liabilities include €5.8 billion of margin calls made in the trading activity (€0.2 billion in 2020), reflecting commodity price rises observed in Europe in the second half of 2021. The amounts of margins calls recognised in liabilities cannot be netted with margin calls recognised in assets (see note 13.3.4).
Other liabilities at 31 December 2021 also include a €294 million operating liability due to the State in connection with the CSPE (compared to a receivable of €1,974 million at 31 December 2020, see note 13.3.4).
The final line of the table of other liabilities includes investment subsidies received during 2021, amounting to €536 million (€414 million in 2020)
Contract liabilities represent an entity’s obligations to provide customers with goods or services for which it has already been paid, or for which payment is due.
Changes in contract liabilities were as follows:
| (in millions of euros) | 31/12/2020 | Amounts recorded during the period | Amounts transferred to sales during the period | Amounts cancelled during the period with no impact on sales | Effect of unwinding the discount | Change in scope of consolidation | Foreign exchange effect | 31/12/2021 |
|---|---|---|---|---|---|---|---|---|
| Advance payments received | Advance payments received 31/12/20201,344 |
Advance payments received Amounts recorded during the period1,277 |
Advance payments received Amounts transferred to sales during the period(1,013) |
Advance payments received Amounts cancelled during the period with no impact on sales(22) |
Advance payments received Effect of unwinding the discount(1) |
Advance payments received Change in scope of consolidation14 |
Advance payments received Foreign exchange effect36 |
Advance payments received 31/12/20211,635 |
| Deferred income on long-term contracts | Deferred income on long-term contracts 31/12/20203,233 |
Deferred income on long-term contracts Amounts recorded during the period417 |
Deferred income on long-term contracts Amounts transferred to sales during the period(519) |
Deferred income on long-term contracts Amounts cancelled during the period with no impact on sales(1) |
Deferred income on long-term contracts Effect of unwinding the discount56 |
Deferred income on long-term contracts Change in scope of consolidation(88) |
Deferred income on long-term contracts Foreign exchange effect12 |
Deferred income on long-term contracts 31/12/20213,110 |
| Other deferred income | Other deferred income 31/12/2020430 |
Other deferred income Amounts recorded during the period488 |
Other deferred income Amounts transferred to sales during the period(455) |
Other deferred income Amounts cancelled during the period with no impact on sales(18) |
Other deferred income Effect of unwinding the discount- |
Other deferred income Change in scope of consolidation138 |
Other deferred income Foreign exchange effect9 |
Other deferred income 31/12/2021592 |
These liabilities comprise the majority of advances and progress payments received, amounting to €1,635 million (principally concerning the Framatome, United Kingdom and France – Regulated activities segments), and the majority of deferred income (on long-term and other contracts), amounting to €3,702 million (principally concerning the France – Generation and Supply segment). They thus total €5,337 million at 31 December 2021 (€5,007 million at 31 December 2020).
Contracts expiring in more than one year on which obligations are unfulfilled or partially fulfilled at the reporting date should generate sales revenues of approximately €11,697 million which have not yet been recognised. €1,093 million of these sales revenues will be recognised progressively until 2034 on the Exeltium contract, and the balance will be recognised over the operating period for contracts relating to jointly-operated power plants, and over the term of the contract for other firm sale contracts (excluding energy sales).
Share issue expenses correspond exclusively to external costs expressly related to the capital increase. They are charged against the issue premium at their net-of-tax value.
Other expenses are classified as expenses of the period.
At 31 December 2021, EDF’s share capital amounts to €1,619,338,374 comprising 3,238,676,748 fully subscribed and paid-up shares with nominal value of €0.50, owned 83.88% by the French State, 14.77% by the public (institutional and private investors) and 1.32% by current and retired Group employees, with 0.03% held by EDF as treasury shares.
In June 2021, the payment of part of the dividend for 2020 in the form of a scrip dividend led to a €29 million increase in the share capital and an issue premium of €587 million following issuance of 57,908,528 new shares.
In December 2021, the payment of part of the interim dividend for 2021 in the form of a scrip dividend led to a €40 million increase in the share capital and an issue premium of €859 million following issuance of 80,844,641 new shares.
Under Article L. 111-67 of the French Energy Code, the French State must hold more than 70% of the capital of EDF at all times.
Treasury shares are shares issued by EDF and held either by that company or by other entities in the consolidated Group. They are valued at acquisition cost and deducted from equity until the date of disposal. Net gains or losses on disposals of treasury shares are directly included in equity and do not affect net income.
A share repurchase programme authorised by the General Shareholders’ Meeting of 9 June 2006 was implemented by the Board of Directors, within the limit of 10% of the total number of shares making up the Company’s capital. The initial duration of the programme was 18 months, renewed for 12 months then by tacit agreement every year.
A liquidity contract exists for this programme, as required by the French market regulator AMF (Autorité des marchés financiers).
At 31 December 2021, treasury shares deducted from consolidated equity represent 1,174,554 shares with total value of €14 million.
