| (in millions of euros) | 2022 | 2021 | Variation | Variation (%) |
|---|---|---|---|---|
| EBITDA | EBITDA2022(4,986) | EBITDA202118,005 | EBITDAVariation(22,991) | EBITDAVariation (%)-127.7 |
| Cancellation of non-monetary items included in EBITDA | Cancellation of non-monetaryitems included in EBITDA 2022(7,825) |
Cancellation of non-monetaryitems included in EBITDA 2021(869) |
Cancellation of non-monetaryitems included in EBITDA Variation(6,956) |
Cancellation of non-monetaryitems included in EBITDA Variation (%)n.a |
| Cash EBITDA | Cash EBITDA2022(12,811) | Cash EBITDA202117,136 | Cash EBITDAVariation(29,947) | Cash EBITDAVariation (%)n.a |
| Change in working capital | Change in working capital 20228,301 |
Change in working capital 2021(1,526) |
Change in working capital Variation9,827 |
Change in working capital Variation (%)n.a |
| Net investments (1) (excluding Group disposals 2020-2022) | Net investments (1)(excluding Group disposals 2020-2022) 2022(16,395) |
Net investments (1)(excluding Group disposals 2020-2022) 2021(15,725) |
Net investments (1)(excluding Group disposals 2020-2022) Variation(670) |
Net investments (1)(excluding Group disposals 2020-2022) Variation (%)4.3 |
| Other items including dividends received from associates and joint ventures | Other items including dividends received from associates and joint ventures 2022(630) |
Other items including dividends received from associates and joint ventures 2021(98) |
Other items including dividends received from associates and joint ventures Variation(532) |
Other items including dividends received from associates and joint ventures Variation (%)n.a |
| Operating cash flow (2) | Operating cash flow (2)2022(21,535) | Operating cash flow (2)2021(213) | Operating cash flow (2)Variation(21,322) | Operating cash flow (2)Variation (%)n.a |
| Asset disposals | Asset disposals 2022535 |
Asset disposals 20212,847 |
Asset disposals Variation(2,312) |
Asset disposals Variation (%)n.a |
| Income taxes paid | Income taxes paid 2022(1,282) |
Income taxes paid 2021(2,276) |
Income taxes paid Variation994 |
Income taxes paid Variation (%)-43.7 |
| Net financial expenses disbursed | Net financial expenses disbursed 2022(1,003) |
Net financial expenses disbursed 2021(588) |
Net financial expenses disbursed Variation(415) |
Net financial expenses disbursed Variation (%)70.6 |
| Dedicated assets | Dedicated assets 2022(233) |
Dedicated assets 2021(501) |
Dedicated assets Variation268 |
Dedicated assets Variation (%)-53.5 |
| Dividends paid in cash | Dividends paid in cash 2022(1,085) |
Dividends paid in cash 2021(794) |
Dividends paid in cash Variation(291) |
Dividends paid in cash Variation (%)36.6 |
| Group cash flow (3) | Group cash flow (3)2022(24,603) | Group cash flow (3)2021(1,525) | Group cash flow (3)Variation(23,078) | Group cash flow (3)Variation (%)n.a |
| Issues of hybrid notes | Issues of hybrid notes 2022994 |
Issues of hybrid notes 20211,235 |
Issues of hybrid notes Variation(241) |
Issues of hybrid notes Variation (%)-19.5 |
| Redemption of hybrid notes | Redemption of hybrid notes 2022(1,966) |
Redemption of hybrid notes 2021(267) |
Redemption of hybrid notes Variation(1,699) |
Redemption of hybrid notes Variation (%)n.a |
| Other monetary changes | Other monetary changes 20223,470 |
Other monetary changes 2021(776) |
Other monetary changes Variation4,246 |
Other monetary changes Variation (%)n.a |
| (Increase)/decrease in net indebtedness, excluding the impact of changes in exchange rate | (Increase)/decrease in net indebtedness, excluding the impact of changes in exchange rate2022(22,105) | (Increase)/decrease in net indebtedness, excluding the impact of changes in exchange rate2021(1,333) | (Increase)/decrease in net indebtedness, excluding the impact of changes in exchange rateVariation(20,772) | (Increase)/decrease in net indebtedness, excluding the impact of changes in exchange rateVariation (%)n.a |
| Effect of change in exchange rates | Effect of change in exchange rates 202285 |
Effect of change in exchange rates 2021(515) |
Effect of change in exchange rates Variation600 |
Effect of change in exchange rates Variation (%)n.a |
| Effect of other non-monetary changes | Effect of other non-monetary changes 2022508 |
Effect of other non-monetary changes 20211,150 |
Effect of other non-monetary changes Variation(642) |
Effect of other non-monetary changes Variation (%)-55.8 |
| (Increase)/decrease in net indebtedness of continuing operations | (Increase)/decrease in net indebtedness of continuing operations2022(21,512) | (Increase)/decrease in net indebtedness of continuing operations2021(698) | (Increase)/decrease in net indebtedness of continuing operationsVariation(20,814) | (Increase)/decrease in net indebtedness of continuing operationsVariation (%)n.a |
| Net indebtedness at beginning of year | Net indebtedness at beginning of year202242,988 | Net indebtedness at beginning of year202142,290 | Net indebtedness at beginning of yearVariation698 | Net indebtedness at beginning of yearVariation (%)1.7 |
| NET INDEBTEDNESS AT END OF YEAR | NET INDEBTEDNESS AT END OF YEAR202264,500 | NET INDEBTEDNESS AT END OF YEAR202142,988 | NET INDEBTEDNESS AT END OF YEARVariation21,512 | NET INDEBTEDNESS AT END OF YEARVariation (%)50.0 |
n.a: not applicable.
(1) Net investments are operating investments and financial investments for growth, net of disposals. They also include net debts acquired or transferred in acquisitions or disposals of securities, investment subsidies received, and non-Group partner investments. They do not include the Group disposals for 2020-2022.
(2)Operating cash flow is not an aggregate defined by IFRS as a measure of financial performance and is not directly comparable with indicators of the same name reported by other companies. This indicator, also known as Funds From Operations (“FFO”), is equivalent to net cash flow from operating activities, changes in working capital after adjustment where relevant for the impact of non-recurring effects, net investments (excluding Group disposals 2020-2022 and including HPC and Linky), and other items, including dividends received from associates and joint ventures.
(3) Group cash flow is not an aggregate defined by IFRS as a measure of financial performance and is not directly comparable with indicators of the same name reported by other companies. It is equal to the operating cash flow defined in note (3) less asset disposals, income taxes paid, net financial expenses disbursed, net allocations to dedicated assets, and dividends paid in cash.
5.1.4.1 Net Financial Debt
Net financial debt comprises total loans and financial liabilities, less cash and cash equivalents and liquid assets. Liquid assets are financial assets consisting of funds or securities with initial maturity of over three months that are readily convertible into cash and are managed according to a liquidity-oriented policy.
| (in millions of euros) | 31/12/2022 | 31/12/2021 | Variation | Variation (%) |
|---|---|---|---|---|
| Loans and other financial liabilities | Loans and other financial liabilities 31/12/202296,053 |
Loans and other financial liabilities 31/12/202169,406 |
Loans and other financial liabilities Variation26,647 |
Loans and other financial liabilities Variation (%)38.4 |
| Derivatives used to hedge liabilities | Derivatives used to hedge liabilities 31/12/2022(2,024) |
Derivatives used to hedge liabilities 31/12/2021(3,762) |
Derivatives used to hedge liabilities Variation1,738 |
Derivatives used to hedge liabilities Variation (%)-46.2 |
| Cash and cash equivalents | Cash and cash equivalents 31/12/2022(10,948) |
Cash and cash equivalents 31/12/2021(9,919) |
Cash and cash equivalents Variation(1,029) |
Cash and cash equivalents Variation (%)10.4 |
| Debt and equity securities – liquid assets | Debt and equity securities – liquid assets 31/12/2022(18,507) |
Debt and equity securities – liquid assets 31/12/2021(12,737) |
Debt and equity securities – liquid assets Variation(5,770) |
Debt and equity securities – liquid assets Variation (%)45.3 |
| Net indebtedness of assets held for sale | Net indebtedness of assets held for sale 31/12/2022(74) |
Net indebtedness of assets held for sale 31/12/20210 |
Net indebtedness of assets held for sale Variation(74) |
Net indebtedness of assets held for sale Variation (%)n.a |
| NET FINANCIAL DEBT* | NET FINANCIAL DEBT*31/12/202264,500 | NET FINANCIAL DEBT*31/12/202142,988 | NET FINANCIAL DEBT*Variation21,512 | NET FINANCIAL DEBT*Variation (%)50.0 |
* Net financial debt is not defined in the accounting standards and is not directly visible in the Group’s consolidated balance sheet
