Universal Registration Document 2021

Cash flow statement

(1) The change in working capital in 2021 is principally explained by the €2,268 million excess CSPE compensation for EDF, which led to recognition of a CSPE liability at 31 December 2021 amounting to €294 million (see note 32(4)).

(2) The variation in this item is principally explained by the higher level of dividends received in 2021 compared to 2020 (see note 13), and income from investments included in dedicated assets.

(3) LThe change in financial assets is principally explained by the increase in loans to subsidiaries (see note 18) and the lower value of the marketable securities portfolio (see note 21).

(4) See the financial statements at 31 December 2020.

(5) In 2021, EDF transferred bonds under repurchase agreements for the amount of €2,790 million and made corresponding repayments of €(1,916) million. These operations are presented in the lines reporting issuance and repayment of borrowings. Apart from these repurchase operations, the change in 2021 in “Issuance of borrowings and underwriting agreements” and “Repayment of borrowings and underwriting agreements” was an increase of €3,047 million, notably explained by the €1,850 million issue of senior Green Bonds maturing on 29 November 2033 (see note 2.2.1) and income of €458 million from EDF’s margin calls on derivatives with banking partners.

(6) €1,250 million issue value (see note 2.2.1) and a €(10) million issue premium.

(7) Other items at 31 December 2021 amount to €281 million and concern the reclassification at 1 January 2021 of debit balances relating to margin calls on derivatives, which were previously netted with credit balances to report the overall net position in the balance sheet (see note 32). In the cash flow statement, balances relating to margin calls on derivatives are presented in the Net cash flow from financing activities (see footnote 5 above).

(8) “Cash and cash equivalents – opening balance” and “Cash and cash equivalents – closing balance” do not include investment funds or negotiable debt instruments maturing in more than three months. Details of the variation in cash and cash equivalents are presented in note 22.

Notes to the financial statements

Électricité de France SA (EDF), the parent company of the EDF group, is a French société anonyme governed by French law and registered in France (22-30 avenue de Wagram, 75008 Paris), operating in electricity generation and electricity and gas supply. EDF also covers all the business activities of the Island Energy Systems (SEI) for Corsica and France’s overseas departments.

EDF SA’s financial statements at 31 December 2021 were prepared under the responsibility of the Board of Directors and approved by the directors at the Board meeting held on 17 February 2022. They will become final after approval at the General Shareholders’ Meeting to be held on 12 May 2022.

(in millions of euros)		Notes	2021	2020
Operating activities	Operating activities	Operating activitiesNotes	Operating activities 2021	Operating activities 2020
Profit/(loss) before income tax	Profit/(loss) before income tax	Profit/(loss) before income tax Notes	Profit/(loss) before income tax 2021 2,867	Profit/(loss) before income tax 2020 (184)
Amortisation, depreciation and provisions	Amortisation, depreciation and provisions	Amortisation, depreciation and provisions Notes	Amortisation, depreciation and provisions 2021 6,414	Amortisation, depreciation and provisions 2020 8,071
Capital (gains)/losses	Capital (gains)/losses	Capital (gains)/losses Notes	Capital (gains)/losses 2021 (683)	Capital (gains)/losses 2020 (524)
Financial income and expenses	Financial income and expenses	Financial income and expenses Notes	Financial income and expenses 2021 (1,401)	Financial income and expenses 2020 (780)
Changes in working capital ⁽¹⁾	Changes in working capital ⁽¹⁾	Changes in working capital ⁽¹⁾Notes	Changes in working capital ⁽¹⁾ 2021 3,128	Changes in working capital ⁽¹⁾ 2020 719
Net cash flow from operations	Net cash flow from operations	Net cash flow from operationsNotes	Net cash flow from operations 2021 10,325	Net cash flow from operations 2020 7,302
Net financial expenses, including dividends received ⁽²⁾	Net financial expenses, including dividends received ⁽²⁾	Net financial expenses, including dividends received ⁽²⁾Notes	Net financial expenses, including dividends received ⁽²⁾ 2021 1,154	Net financial expenses, including dividends received ⁽²⁾ 2020 841
Income taxes paid	Income taxes paid	Income taxes paid Notes	Income taxes paid 2021 (1,954)	Income taxes paid 2020 (776)
Net cash flow from operating activities	Net cash flow from operating activities (A)	Net cash flow from operating activitiesNotes	Net cash flow from operating activities 2021 9,525	Net cash flow from operating activities 2020 7,367
Investing activities	Investing activities	Investing activitiesNotes	Investing activities 2021	Investing activities 2020
Investments in property, plant and equipment and intangible assets	Investments in property, plant and equipment and intangible assets	Investments in property, plant and equipment and intangible assets Notes	Investments in property, plant and equipment and intangible assets 2021 (5,726)	Investments in property, plant and equipment and intangible assets 2020 (5,848)
Proceeds from sale of property, plant and equipment and intangible assets	Proceeds from sale of property, plant and equipment and intangible assets	Proceeds from sale of property, plant and equipment and intangible assets Notes	Proceeds from sale of property, plant and equipment and intangible assets 2021 11	Proceeds from sale of property, plant and equipment and intangible assets 2020 15
Changes in financial assets ⁽³⁾	Changes in financial assets ⁽³⁾	Changes in financial assets ⁽³⁾Notes	Changes in financial assets ⁽³⁾ 2021 (5,438)	Changes in financial assets ⁽³⁾ 2020 (4,424)
Net cash flow used in investing activities	Net cash flow used in investing activities (B)	Net cash flow used in investing activitiesNotes	Net cash flow used in investing activities 2021 (11,153)	Net cash flow used in investing activities 2020 (10,257)
Financing activities	Financing activities	Financing activitiesNotes	Financing activities 2021	Financing activities 2020
Issuance of Green Bonds convertible into new shares and/or exchangeable for existing shares (Océanes vertes) ⁽⁴⁾	Issuance of Green Bonds convertible into new shares and/or exchangeable for existing shares (Océanes vertes) ⁽⁴⁾	Issuance of Green Bonds convertible into new shares and/or exchangeable for existing shares (Océanes vertes) ⁽⁴⁾Notes	Issuance of Green Bonds convertible into new shares and/or exchangeable for existing shares (Océanes vertes) ⁽⁴⁾ 2021 -	Issuance of Green Bonds convertible into new shares and/or exchangeable for existing shares (Océanes vertes) ⁽⁴⁾ 2020 2,569
Issuance of borrowings and underwriting agreements ⁽⁵⁾	Issuance of borrowings and underwriting agreements ⁽⁵⁾	Issuance of borrowings and underwriting agreements ⁽⁵⁾Notes	Issuance of borrowings and underwriting agreements ⁽⁵⁾ 2021 7,952	Issuance of borrowings and underwriting agreements ⁽⁵⁾ 2020 9,928
Repayment of borrowings and underwriting agreements ⁽⁵⁾	Repayment of borrowings and underwriting agreements ⁽⁵⁾	Repayment of borrowings and underwriting agreements ⁽⁵⁾Notes	Repayment of borrowings and underwriting agreements ⁽⁵⁾ 2021 (5,918)	Repayment of borrowings and underwriting agreements ⁽⁵⁾ 2020 (11,815)
Dividends paid	Dividends paid	Dividends paid Notes 24	Dividends paid 2021 (84)	Dividends paid 2020 -
Issuance and redemption of perpetual subordinated bonds, net of expenses ⁽⁶⁾	Issuance and redemption of perpetual subordinated bonds, net of expenses ⁽⁶⁾	Issuance and redemption of perpetual subordinated bonds, net of expenses ⁽⁶⁾Notes 2.2.1	Issuance and redemption of perpetual subordinated bonds, net of expenses ⁽⁶⁾ 2021 1,240	Issuance and redemption of perpetual subordinated bonds, net of expenses ⁽⁶⁾ 2020 2,081
Funding contributions received for assets operated under concessions	Funding contributions received for assets operated under concessions	Funding contributions received for assets operated under concessions Notes	Funding contributions received for assets operated under concessions 2021 5	Funding contributions received for assets operated under concessions 2020 7
Investment subsidies	Investment subsidies	Investment subsidies Notes	Investment subsidies 2021 14	Investment subsidies 2020 9
Net cash flow from financing activities	Net cash flow from financing activities (C)	Net cash flow from financing activitiesNotes	Net cash flow from financing activities 2021 3,209	Net cash flow from financing activities 2020 2,779
Net increase/(decrease) in cash and cash equivalent	Net increase/(decrease) in cash and cash equivalent (A)+(B)+(C)	Net increase/(decrease) in cash and cash equivalentNotes	Net increase/(decrease) in cash and cash equivalent 2021 1,581	Net increase/(decrease) in cash and cash equivalent 2020 (111)
CASH AND CASH EQUIVALENTS – OPENING BALANCE ⁽⁸⁾	CASH AND CASH EQUIVALENTS – OPENING BALANCE ⁽⁸⁾	CASH AND CASH EQUIVALENTS – OPENING BALANCE ⁽⁸⁾Notes22	CASH AND CASH EQUIVALENTS – OPENING BALANCE ⁽⁸⁾ 2021 (256)	CASH AND CASH EQUIVALENTS – OPENING BALANCE ⁽⁸⁾ 2020 (80)
Effect of currency fluctuations	Effect of currency fluctuations	Effect of currency fluctuations Notes	Effect of currency fluctuations 2021 (80)	Effect of currency fluctuations 2020 (102)
Financial income on cash and cash equivalents	Financial income on cash and cash equivalents	Financial income on cash and cash equivalents Notes	Financial income on cash and cash equivalents 2021 35	Financial income on cash and cash equivalents 2020 38
Other ⁽⁷⁾	Other ⁽⁷⁾	Other ⁽⁷⁾Notes	Other ⁽⁷⁾ 2021 281	Other ⁽⁷⁾ 2020 (1)
CASH AND CASH EQUIVALENTS – CLOSING BALANCE ⁽⁸⁾	CASH AND CASH EQUIVALENTS – CLOSING BALANCE ⁽⁸⁾	CASH AND CASH EQUIVALENTS – CLOSING BALANCE ⁽⁸⁾Notes22	CASH AND CASH EQUIVALENTS – CLOSING BALANCE ⁽⁸⁾ 2021 1,561	CASH AND CASH EQUIVALENTS – CLOSING BALANCE ⁽⁸⁾ 2020 (256)

Universal Registration Document 2021

6. Financial statements

Cash flow statement

Notes to the financial statements