Universal Registration Document 2021

6. Financial statements

Note 19 Financial indicators

The financial indicators are not defined by the accounting standards and are not directly visible in the Group’s financial statements. The principal financial indicators are the following.

19.1 Net income excluding non-recurring items

Net income excluding non-recurring items 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.

The following tables show the transition from EDF net income to net income excluding non-recurring items:

At 31 December 2021
    2021
(in millions of euros) Notes Gross value Income taxes Non-controlling interests EDF net income
Net income         5,113
Changes in the fair value of debt and equity instruments (1) 8.3 (2,804) 776 3 (2,025)
Net changes in fair value on Energy and Commodity derivatives, excluding trading activities 6 215 (66) - 149
Impairment (2)   872 (177) (87) 608
  • Impairment of fixed assets
 10.8.1 and 10.8.2 653 (177) (87) 389
  • Impairment of investments in associates and joint ventures
 12.3 219 - - 219
Other items   1,054 (152) (30) 872
  • Other operating income and expenses
 7 1,123 (220) (30) 873
  • Tax revaluation of assets in Italy
   - (103) - (103)
  • Increase in the income tax rate in the UK
 9.2 - 359 - 359
  • Recognition of deferred tax assets in the United States
 9.2 - (191) - (191)
  • Other
   (69) 3 - (66)
NET INCOME EXCLUDING NON-RECURRING ITEMS         4,717

(1) Including fair value hedges of dedicated assets and changes in the fair value of debt and equity instruments comprised in investments in associates and joint ventures.

(2) In 2021, impairment includes €(445) million concerning assets of the Dungeness power plant.

The net income excluding non-recurring items amounts to €4,717 million at 31 December 2021, down by €2,748 million compared to 2020

At 31 December 2020
    2020
(in millions of euros) Notes Gross value Income taxes Non-controlling interests EDF net income
Net income

 

 

     650
Changes in the fair value of debt and equity instruments*

8.3

(1,248)

 377 (2) (873)
Net changes in fair value on Energy and Commodity derivatives, excluding trading activities

6

175

 (51) - 124
Impairment

 

1,111

 (156) (111) 844
  • Impairment of fixed assets

10.8.1 and 10.8.2

799

 (156) (102) 541
  • Impairment of investments in associates and joint ventures

12.3

195

 - (6) 189
  • Impairment of Edison’s E&P operations (application of IFRS 5)

3.2.2

117

 - (3) 114
Other items

 

809

 414 1 1,224
  • Other operating income and expenses

7

487

 (153) 1 335
  • Tax litigations

9.2

-

 537 - 537
  • Change of income tax rate in the UK

9.2

-

 121 - 121
  • Accelerated depreciation of thermal power plants in France

10.3

250

 (80) - 170
  • Other

 

72

 (11) - 61
NET INCOME EXCLUDING NON-RECURRING ITEMS

 

 

     1,969

*Including fair value hedges of dedicated assets and changes in the fair value of debt and equity instruments comprised in investments in associates and joint ventures.