In October 2020, the French State reduced its allocation to EPIC Bpifrance by 61,000,000 EDF shares. EPIC BpiFrance also received 6,480,579 shares in respect of the 2020 Dividend paid in June 2021 and 9,033,181 shares in respect of the 2021 Interim Dividend paid in December 2021.
To the Company’s knowledge, no shareholder other than the French State and EPIC Bpifrance directly or indirectly holds more than 5% of the capital and voting rights.
The Company conducted a study on identifiable bearer of shares as at 31 December 2021, which allowed it to examine the ownership of its capital and the geographical location of its shareholders on this date. The table set out below summarises this information as at 31 December 2021 and 31 December 2020:
| At 31/12/2021 | At 31/12/2020 | |||
|---|---|---|---|---|
| Number of shares held | % of capital | Number of shares held | % of capital | |
| State * | 2,716,550,741 | 83.88 | 2,593,960,583 | 83.68 |
| Institutional investors in Europe (other than France) | 140,784,361 | 4.35 | 143,898,238 | 4,64 |
| Institutional investors in the rest of the world | 187,323,465 | 5.78 | 176,371,418 | 5.69 |
| Institutional investors in France | 88,375,678 | 2.73 | 81,640,550 | 2,64 |
| Private shareholders | 61,794,070 | 1.91 | 61,130,285 | 1.97 |
| Employee shareholdings | 42,673,879 | 1.32 | 42,092,505 | 1.36 |
| Treasury shares | 1,174,554 | 0.03 | 830,000 | 0.02 |
| TOTAL | 3,238,676,748 | 100.00 | 3,099,923,579 | 100.00 |
* The French State’s stake in EDF’s share capital includes the EDF shares held by EPIC BpiFrance.
The French State opted for a payment in shares of the balance of the 2018 dividend as well as the dividend for the years 2019 and 2020. It has renewed its commitment for the 2021 dividend and for the 2022 and 2023 (1) fiscal years.
The theoretical and exercisable voting rights at the General Meeting of the various categories of shareholders as at 31 December 2021 are as follows:
| 31/12/2021 | Equities | % of capital | Theoretical voting rights | % of theoretical voting rights | Voting rights exercisable at Shareholders’ Meeting | % of voting rights exercisable at Shareholders’ Meeting |
|---|---|---|---|---|---|---|
| State * |
State * Equities2,716,550,741 |
State * % of capital83.88 |
State * Theoretical voting rights4,921,161,963 |
State * % of theoretical voting rights89.18 |
State * Voting rights exercisable at Shareholders’ Meeting4,921,161,963 |
State * % of voting rights exercisable at Shareholders’ Meeting89.20 |
| Employee shareholdings |
Employee shareholdings Equities42,673,879 |
Employee shareholdings % of capital1.32 |
Employee shareholdings Theoretical voting rights77,207,429 |
Employee shareholdings % of theoretical voting rights1.40 |
Employee shareholdings Voting rights exercisable at Shareholders’ Meeting77,207,429 |
Employee shareholdings % of voting rights exercisable at Shareholders’ Meeting1.40 |
| Individual and institutional shareholders |
Individual and institutional shareholders Equities478,277,574 |
Individual and institutional shareholders % of capital14.77 |
Individual and institutional shareholders Theoretical voting rights518,524,284 |
Individual and institutional shareholders % of theoretical voting rights9.39 |
Individual and institutional shareholders Voting rights exercisable at Shareholders’ Meeting518,524,284 |
Individual and institutional shareholders % of voting rights exercisable at Shareholders’ Meeting9.40 |
| Treasury shares |
Treasury shares Equities1,174,554 |
Treasury shares % of capital0.03 |
Treasury shares Theoretical voting rights1,174,554 |
Treasury shares % of theoretical voting rights0.03 |
Treasury shares Voting rights exercisable at Shareholders’ Meeting- |
Treasury shares % of voting rights exercisable at Shareholders’ Meeting- |
| TOTAL | TOTALEquities3,238,676,748 | TOTAL% of capital100 | TOTALTheoretical voting rights5,518,068,230 | TOTAL% of theoretical voting rights100 | TOTALVoting rights exercisable at Shareholders’ Meeting5,302,974,698 | TOTAL% of voting rights exercisable at Shareholders’ Meeting100 |
* The French State’s stake in EDF’s share capital includes the EDF shares held by EPIC BpiFrance.
To EDF’s knowledge, there are no agreements whose implementation could subsequently lead to a change in the Company’s control.
Moreover, pursuant to Article L. 111-67 of the French Energy Code, the State may not hold less than 70% of EDF’s capital.
Institutional and individual shareholders (excluding employee shareholders) represent approximately 15% of EDF’s share capital. Since the opening of the capital in November 2005, there has been ongoing dialogue with these stakeholders.
The EDF group’s financial communication consists in establishing a regular dialogue with the financial markets in compliance with regulations. The objective is for the market to possess the information needed to enhance the Company’s value over time, by explaining its strategy, its development model and its environment.
In this context, the Group pursues an active policy of information and dialogue, making available to the public, individual shareholders, institutional investors and, more generally, the financial community in France and abroad, a wide range of documents and information media enabling a better understanding of the Group, its strategy, results and outlook.
The purpose of this dialogue with the financial markets is to maintain a consistent and faithful image of the EDF group among analysts and investors, in particular so that the latter can assess the Group’s operating and financial performance as well as its development prospects.
In 2021, as in previous years, the publication of the Group’s financial results on a quarterly basis was the subject of presentations by senior management in conference calls during which it also answered questions from investors and financial analysts.
In addition, throughout the year, senior management and the Financial Communications Department participated in meetings with the financial community (financial analysts and institutional investors) in the form of conference calls and roadshows. The Financial Communications Department also maintains ongoing exchanges with analysts to discuss their models and Group news.
To maintain good interactions with its individual shareholders at all times, EDF uses varied and innovative communication channels. In addition to a dedicated space for investors and shareholders on the Company’s website edf.fr, a Shareholders’ Club offering its members numerous meetings, mainly in digital form since the outset of the health crisis, and a Facebook page, EDF also offers short educational videos in French and English, accessible to the deaf and hearing impaired, on financial and strategic subjects. The Shareholders’ Meeting can be followed live remotely, then replayed on edf.fr, and is the subject of a report distributed via a special edition of the shareholders’ newsletter. Shareholders may also contact the Company through a dedicated toll-free number or mail address. The diversity of its individual shareholder base is reflected in the composition of its Shareholders’ Advisory Committee.
(1) French State Participation Agency (APE) Press Release of 18 February 2022.
