Universal Registration Document 2021

6. Financial statements

Note 23 Unrealised foreign exchange losses

Unrealised foreign exchange losses amount to €1,324 million at 31 December 2021, principally reflecting:

  • unrealised losses caused by currency movements (essentially in the US dollar and the pound sterling) amounting to €1,043 million at 31 December 2021 (€576 million at 31 December 2020) on liabilities and receivables in foreign currencies, and currency hedging instruments;
  • the balance at 31 December 2021 of realised gains and losses on the settlement of hedging instruments with the subsidiary EDF International, amounting to €281 million (€296 million at 31 December 2020). In accordance with the national chart of accounts, in application of the symmetry principle set out in Article 628-11, the net result (€311 million in 2019, no equivalent in 2020 or 2021) is recognised in unrealised foreign exchange losses and transferred to expenses over the residual life of the hedged item, symmetrically to the accounting treatment of gains and losses on the hedged item. A €15 million expense was accordingly recognised in the 2021 financial result (€15 million in 2020).

Note 24 Changes in equity

(in millions of euros) Capital Reserves and premiums

Retained earnings and

interim dividends

Profit or loss

for the financial year		 Investment subsidies Tax-regulated provisions Total equity
At 31 December 2019 At 31 December 2019Capital1,552 At 31 December 2019Reserves and premiums20,334 At 31 December 2019

Retained earnings and

interim dividends7,547		 At 31 December 2019

Profit or loss

for the financial year1,593		 At 31 December 2019Investment subsidies159 At 31 December 2019Tax-regulated provisions5,935 At 31 December 2019Total equity37,120
Allocation of 2019 net income

Allocation of 2019 net income

Capital

-

Allocation of 2019 net income

Reserves and premiums

5

Allocation of 2019 net income

Retained earnings and

interim dividends

1,588

Allocation of 2019 net income

Profit or loss

for the financial year

(1,593)

Allocation of 2019 net income

Investment subsidies

-

Allocation of 2019 net income

Tax-regulated provisions

-

Allocation of 2019 net income

Total equity

-
2020 profit

2020 profit

Capital

-

2020 profit

Reserves and premiums

-

2020 profit

Retained earnings and

interim dividends

-

2020 profit

Profit or loss

for the financial year

222

2020 profit

Investment subsidies

-

2020 profit

Tax-regulated provisions

-

2020 profit

Total equity

222
Dividend distribution

Dividend distribution

Capital

-

Dividend distribution

Reserves and premiums

-

Dividend distribution

Retained earnings and

interim dividends

-

Dividend distribution

Profit or loss

for the financial year

-

Dividend distribution

Investment subsidies

-

Dividend distribution

Tax-regulated provisions

-

Dividend distribution

Total equity

-
Interim dividend

Interim dividend

Capital

-

Interim dividend

Reserves and premiums

-

Interim dividend

Retained earnings and

interim dividends

-

Interim dividend

Profit or loss

for the financial year

-

Interim dividend

Investment subsidies

-

Interim dividend

Tax-regulated provisions

-

Interim dividend

Total equity

-
Cancellation of treasury shares (1)

Cancellation of treasury shares

(1)Capital

(2)

Cancellation of treasury shares

(1)Reserves and premiums

(22)

Cancellation of treasury shares

(1)

Retained earnings and

interim dividends

(14)

Cancellation of treasury shares

(1)

Profit or loss

for the financial year

-

Cancellation of treasury shares

(1)Investment subsidies

-

Cancellation of treasury shares

(1)Tax-regulated provisions

-

Cancellation of treasury shares

(1)Total equity

(38)
Other changes

Other changes

Capital

-

Other changes

Reserves and premiums

(1)

Other changes

Retained earnings and

interim dividends

-

Other changes

Profit or loss

for the financial year

-

Other changes

Investment subsidies

1

Other changes

Tax-regulated provisions

(149)

Other changes

Total equity

(149)
At 31 December 2020 At 31 December 2020Capital1,550 At 31 December 2020Reserves and premiums20,316 At 31 December 2020

Retained earnings and

interim dividends9,121		 At 31 December 2020

Profit or loss

for the financial year222		 At 31 December 2020Investment subsidies160 At 31 December 2020Tax-regulated provisions5,786 At 31 December 2020Total equity37,155
Allocation of 2020 net income

Allocation of 2020 net income

Capital

-

Allocation of 2020 net income

Reserves and premiums

-

Allocation of 2020 net income

Retained earnings and

interim dividends

222

Allocation of 2020 net income

Profit or loss

for the financial year

(222)

Allocation of 2020 net income

Investment subsidies

-

Allocation of 2020 net income

Tax-regulated provisions

-

Allocation of 2020 net income

Total equity

-
2021 profit

2021 profit

Capital

-

2021 profit

Reserves and premiums

-

2021 profit

Retained earnings and

interim dividends

-

2021 profit

Profit or loss

for the financial year

1,457

2021 profit

Investment subsidies

-

2021 profit

Tax-regulated provisions

-

2021 profit

Total equity

1,457
Capital increase of 7 June 2021

Capital increase of 7 June 2021

Capital

29

Capital increase of 7 June 2021

Reserves and premiums

587

Capital increase of 7 June 2021

Retained earnings and

interim dividends

-

Capital increase of 7 June 2021

Profit or loss

for the financial year

-

Capital increase of 7 June 2021

Investment subsidies

-

Capital increase of 7 June 2021

Tax-regulated provisions

-

Capital increase of 7 June 2021

Total equity

616
Dividend distribution

Dividend distribution

Capital

-

Dividend distribution

Reserves and premiums

-

Dividend distribution

Retained earnings and

interim dividends

(651)

Dividend distribution

Profit or loss

for the financial year

-

Dividend distribution

Investment subsidies

-

Dividend distribution

Tax-regulated provisions

-

Dividend distribution

Total equity

(651)
Capital increase of 2 December 2021

Capital increase of 2 December 2021

Capital

40

Capital increase of 2 December 2021

Reserves and premiums

859

Capital increase of 2 December 2021

Retained earnings and

interim dividends

-

Capital increase of 2 December 2021

Profit or loss

for the financial year

-

Capital increase of 2 December 2021

Investment subsidies

-

Capital increase of 2 December 2021

Tax-regulated provisions

-

Capital increase of 2 December 2021

Total equity

899
Interim dividend for 2021

Interim dividend for 2021

Capital

-

Interim dividend for 2021

Reserves and premiums

-

Interim dividend for 2021

Retained earnings and

interim dividends

(947)

Interim dividend for 2021

Profit or loss

for the financial year

-

Interim dividend for 2021

Investment subsidies

-

Interim dividend for 2021

Tax-regulated provisions

-

Interim dividend for 2021

Total equity

(947)
Other changes (2)

Other changes

(2)Capital

-

Other changes

(2)Reserves and premiums

10

Other changes

(2)

Retained earnings and

interim dividends

42

Other changes

(2)

Profit or loss

for the financial year

-

Other changes

(2)Investment subsidies

7

Other changes

(2)Tax-regulated provisions

(9)

Other changes

(2)Total equity

50
AT 31 DECEMBER 2021 AT 31 DECEMBER 2021Capital1,619 AT 31 DECEMBER 2021Reserves and premiums21,772 AT 31 DECEMBER 2021

Retained earnings and

interim dividends7,787		 AT 31 DECEMBER 2021

Profit or loss

for the financial year1,457		 AT 31 DECEMBER 2021Investment subsidies167 AT 31 DECEMBER 2021Tax-regulated provisions5 777 AT 31 DECEMBER 2021Total equity38,579

(1) Following the decision by EDF’s Board of Directors on 29 July 2020 to cancel 3,697,507 treasury shares via adjustment of equity. The amount concerned is €(38) million.

(2) “Other changes” include a €42 million adjustment to provisions for post-employment benefits relating to prior years, resulting from a change in the method for benefit attribution method for retirement gratuity commitments (see note 1.1).

24.1 Share capital

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.

24.2 Dividends

At the General Shareholders’ Meeting of 6 May 2021 it was decided to distribute an ordinary dividend of €0.21 per share in respect of 2020, offering shareholders the choice of payment in cash or shares (scrip option).

In application of Article 24 of the Company’s articles of association, shareholders who have held their shares continuously for at least 2 years at the year-end and still hold them at the dividend distribution date benefit from a 10% bonus on their dividends. The number of shares carrying an entitlement to the bonus dividend cannot exceed 0.5% of the Company’s capital per shareholder. The bonus dividend amounts to €0.231 per share.

The French government opted for the scrip dividend for 2020. The amount of the cash dividend paid to shareholders who did not opt for the scrip dividend for 2020 amounts to €36 million.