Universal Registration Document 2022

5 The Group Financial Performance And Outlook

5.1 Review of the financial situation and results 2022

5.1.1 Key figures

The financial information presented in this document is prepared from the EDF group’s consolidated financial statements at 31 December 2022.

(in millions of euros)	2022	2021	Variation	Variation (%)	Organic variation (%)
Sales	Sales 2022 143,476	Sales 2021 84,461	Sales Variation 59,015	Sales Variation (%) 69.9	Sales Organic variation (%) 69.4
EBITDA	EBITDA 2022 (4,986)	EBITDA 2021 18,005	EBITDA Variation (22,991)	EBITDA Variation (%) n.a	EBITDA Organic variation (%) n.a
Operating profit (EBIT)	Operating profit (EBIT) 2022 (19,363)	Operating profit (EBIT) 2021 5,225	Operating profit (EBIT) Variation (24,588)	Operating profit (EBIT) Variation (%) n.a	Operating profit (EBIT) Organic variation (%) n.a
Income before taxes of consolidated companies	Income before taxes of consolidated companies 2022 (22,916)	Income before taxes of consolidated companies 2021 5,585	Income before taxes of consolidated companies Variation (28,501)	Income before taxes of consolidated companies Variation (%) n.a	Income before taxes of consolidated companies Organic variation (%) n.a
EDF net income	EDF net income 2022 (17,940)	EDF net income 2021 5,113	EDF net income Variation (23,053)	EDF net income Variation (%) n.a	EDF net income Organic variation (%) n.a
Net income excluding non-recurring items ⁽¹⁾	Net income excluding non-recurring items ⁽¹⁾ 2022 (12,662)	Net income excluding non-recurring items ⁽¹⁾ 2021 4,717	Net income excluding non-recurring items ⁽¹⁾ Variation (17,379)	Net income excluding non-recurring items ⁽¹⁾ Variation (%) n.a	Net income excluding non-recurring items ⁽¹⁾ Organic variation (%) n.a
Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds	Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds 2022 (13,268)	Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds 2021 4,170	Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds Variation (17,438)	Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds Variation (%) n.a	Net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds Organic variation (%) n.a
Group cash flow ⁽²⁾	Group cash flow ⁽²⁾ 2022 (24,603)	Group cash flow ⁽²⁾ 2021 (1,525)	Group cash flow ⁽²⁾ Variation (23,078)	Group cash flow ⁽²⁾ Variation (%) n.a	Group cash flow ⁽²⁾ Organic variation (%) n.a
Net indebtedness ⁽³⁾	Net indebtedness ⁽³⁾ 2022 64,500	Net indebtedness ⁽³⁾ 2021 42,988	Net indebtedness ⁽³⁾ Variation 21,512	Net indebtedness ⁽³⁾ Variation (%) 50.0	Net indebtedness ⁽³⁾ Organic variation (%) n.a

n.a: not applicable.

(1) Net income excluding non-recurring items is not defined by IFRS and is not directly visible in the Group’s consolidated income statement. It corresponds to 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 (see section 5.1.3.6 “Net income excluding non-recurring items”).

(2) Group cash flow is not an aggregate defined by IFRS as a measure of financial performance and is not comparable with indicators of the same name reported by other companies. It is equivalent to the operating cash flow less asset disposals, income taxes paid, net financial expenses disbursed, net allocations to dedicated assets, dividends paid in cash, and investments in the Hinkley Point C and Linky projects (see section 5.1.4).

(3) Net indebtedness is not defined in the accounting standards and is not directly visible in the Group’s consolidated balance sheet (see section 5.1.4).