Universal Registration Document 2022

3.8.4.4.3 Analysis of the “OPEXT” indicator

Definition of the indicator and calculation method (numerator/denominator)

The “OPEX_T” ratio referred to in Article 8(2)(b) regulation (EU) 2020/852 is calculated by dividing the numerator by the denominator, determined as follows:

• The denominator corresponds to the direct non-capitalised costs related to research and development, building renovation measures, short-term lease (not accounted for under IFRS 16), maintenance and repairs, as well as any other direct expenditure related to the day-to-day servicing of assets of property, plant and equipment that are necessary to ensure the continuous and efficient operation of these assets.
• The numerator takes into account the operational expenditures included in the denominator which:
  • are related to an eligible (or aligned) activity: OPEX related to assets or processes associated with Taxonomy-eligible (or -aligned) activities;
  • are part of an OPEX plan whose objective is to create/expand an activity aligned to the Taxonomy; or
  • are individually eligible (or aligned) OPEX_T or purchases of goods or services related to activities eligible (or aligned) with the Taxonomy, but which are not part of the Company’s core eligible (or aligned) activities.

All OPEX under the Taxonomy are included in the lines of the Group’s consolidated income statement: “Other external expenses” and “Personnel expenses” (net of inventories and capitalised production), and also include expenses relating to repairs of circuit welds at the Flamanville 3 power plant presented in Other operating income and expenses (see section 6.1, note 7 of the consolidated financial statements for the year ending 31 December 2022). They therefore do not include OPEX incurred by companies accounted for using the equity method. Under these costs, only the types of expenses specified above have been taken into account in the ratios, based on general accounting or cost accounting where necessary.

Calculation methods – rules applied

Under “Other expenses relating to the day-to-day maintenance of property, plant and equipment”, the Group has included personnel expenses and purchases relating to the maintenance and upkeep of production assets, including, for the nuclear fleet in operation, expenses related to control operations, i.e., facility monitoring expenses, in the OPEX of the Taxonomy. This excludes operational expenditures related to production itself.

Expenditures for support functions directly related to maintenance and upkeep have been included in Taxonomy OPEX.

In the case of the hydropower business and the electricity distribution business, expenses relating to concession fees have been excluded from the calculation of operational expenditures.