| (in millions of euros) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Deferred taxes | Deferred taxes 31/12/2022
|
|
| Fixed assets | Fixed assets 31/12/2022 (6,074) |
Fixed assets 31/12/2021(6,201) |
| Provisions for employee benefits | Provisions for employee benefits 31/12/2022 3,927 |
Provisions for employee benefits 31/12/20214,706 |
| Other provisions and impairment | Other provisions and impairment 31/12/2022 741 |
Other provisions and impairment 31/12/2021346 |
| Financial instruments | Financial instruments 31/12/2022 2,401 |
Financial instruments 31/12/20211,408 |
| Tax loss carryforwards and unused tax credits | Tax loss carryforwards and unused tax credits 31/12/2022 9,555 |
Tax loss carryforwards and unused tax credits 31/12/20212,004 |
| Other | Other 31/12/2022 507 |
Other 31/12/20211,080 |
| Total deferred tax assets and liabilities | Total deferred tax assets and liabilities 31/12/2022 11,057 |
Total deferred tax assets and liabilities31/12/20213,343 |
| Unrecognised deferred tax assets | Unrecognised deferred tax assets 31/12/2022 (3,894) |
Unrecognised deferred tax assets 31/12/2021(4,077) |
| NET DEFERRED TAXES | NET DEFERRED TAXES 31/12/2022 7,163 |
NET DEFERRED TAXES31/12/2021(734) |
At 31 December 2022, unrecognised deferred tax assets represent a potential tax saving of €3,894 million (€4,077 million at 31 December 2021), mainly relating to France, Italy and the United States.
The potential tax saving in France, amounting to €2,952 million (€2,913 million in 2021) essentially relates to the stock of deferred tax assets on employee benefits and the losses generated in 2022. These deferred tax assets have no time limit.
The potential tax saving in Italy, amounting to €309 million, relates to the tax value of goodwill, which was revised in 2021 and is amortisable over 50 years for tax purposes. Some of the corresponding deferred tax assets are unrecognised due to the Group’s prudent policy concerning recognition of deferred taxes beyond a 10 - year horizon.
The potential tax saving in the United States, amounting to €490 million (€730 million in 2021) relates mainly to tax losses that can be carried forward until dates between 2026 and 2037 (this concerns losses generated before 31 December 2017, and long-term capital losses), or for an unlimited period (for losses generated after 2017).
Recognised deferred tax assets on tax loss carryforwards and unused tax credits amount to €7,898 million (€1,140 million in 2021) and principally concern France (€6,890 million in 2022, €51 million in 2021), the United States (€430 million in 2022, €286 million in 2021), and the United Kingdom (€306 million in 2022, €548 million in 2021).
In France, they include a deferred tax asset of €6,812 million (gross value of €7,872 million and provisions of €1,060 million) recognised on the €30,426 billion reported at 31 December 2022 by the French tax group (EDF SA, Enedis, PEI and other French subsidiaries owned more than 95%). This tax loss carried by EDF SA is principally due to the exceptionally low nuclear power output (-81.7TWh or -23% compared to 2021) as a result of the stress corrosion phenomenon, which obliged EDF to purchase very significant volumes of electricity on the markets at very high prices throughout the year, with an adverse effect of around €29.1 billion on taxable income.
Based on projected future tax results of the French tax group and the rules allowing tax losses to be carried forward and set against a maximum 50% of future taxable profits, the gross deferred tax asset of €7,872 million is expected to be recovered over a period of more than 10 years, and this led to recognition of a provision of €1,060 million. These projections take account of the Group’s 2023 Budget as approved by the Board of Directors and the Group’s internal financial trajectory, taking a conservative approach to its more distant years. The French tax group’s future tax results for the next ten years are primarily sensitive to the assumptions used concerning the volume of nuclear power output, market prices, and regulations. Regulated tariffs and prices are constructed based on the assumption of full market exposure after 2025, the date of the end of the ARENH scheme, as there is currently no clarity over potential future market regulations. Ultimately, the recoverability period of deferred tax assets will notably depend on the level of any future regulation existing nuclear installations.
In the United Stated and United Kingdom, deferred tax assets on tax loss carryforwards and tax credits were recognised due to the existence of deferred tax liabilities in the same entities that will reverse over the same time horizons, or because taxable profits are expected.
Details of property, plant and equipment and intangible assets (excluding French electricity distribution concession assets) are as follows:
| (in millions of euros) | Notes | 31/12/2022 | Assets in progress (1) | 31/12/2021 | Assets in progress (1) |
|---|---|---|---|---|---|
| Goodwill | Goodwill Notes10.1 |
Goodwill 31/12/2022 9,513 |
Goodwill Assets in progress (1)n.a. |
Goodwill 31/12/202110,945 |
Goodwill Assets in progress (1)n.a. |
| Other intangible assets | Other intangible assets Notes10.2 |
Other intangible assets 31/12/2022 10,619 |
Other intangible assets Assets in progress (1)2,110 |
Other intangible assets 31/12/202110,221 |
Other intangible assets Assets in progress (1)1,793 |
| Property, plant and equipment used in generation and other tangible assets owned by the Group, including right-of-use assets | Property, plant and equipment used in generation and other tangible assets owned by the Group, including right-of-use assets Notes10.3 |
Property, plant and equipment used in generation and other tangible assets owned by the Group, including right-of-use assets 31/12/2022 101,126 |
Property, plant and equipment used in generation and other tangible assets owned by the Group, including right-of-use assets Assets in progress (1)49,700 |
Property, plant and equipment used in generation and other tangible assets owned by the Group, including right-of-use assets 31/12/202198,237 |
Property, plant and equipment used in generation and other tangible assets owned by the Group, including right-of-use assets Assets in progress (1)45,220 |
| Right-of-use assets | Right-of-use assetsNotes10.4 | Right-of-use assets 31/12/2022 4,051 |
Right-of-use assets Assets in progress (1)n.a. |
Right-of-use assets31/12/2021 4,146 |
Right-of-use assetsAssets in progress (1) n.a. |
| Property, plant and equipment operated under concessions other than French electricity distribution concessions | Property, plant and equipment operated under concessions other than French electricity distribution concessions Notes10.5 |
Property, plant and equipment operated under concessions other than French electricity distribution concessions 31/12/2022 6,816 |
Property, plant and equipment operated under concessions other than French electricity distribution concessions Assets in progress (1)668 |
Property, plant and equipment operated under concessions other than French electricity distribution concessions 31/12/20216,881 |
Property, plant and equipment operated under concessions other than French electricity distribution concessions Assets in progress (1)621 |
| TOTAL PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (EXCLUDING FRENCH ELECTRICITY DISTRIBUTION CONCESSION ASSETS) | TOTAL PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (EXCLUDING FRENCH ELECTRICITY DISTRIBUTION CONCESSION ASSETS)Notes
|
TOTAL PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (EXCLUDING FRENCH ELECTRICITY DISTRIBUTION CONCESSION ASSETS) 31/12/2022 128,074 |
TOTAL PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (EXCLUDING FRENCH ELECTRICITY DISTRIBUTION CONCESSION ASSETS) Assets in progress (1)52,478 |
TOTAL PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (EXCLUDING FRENCH ELECTRICITY DISTRIBUTION CONCESSION ASSETS)31/12/2021126,284 | TOTAL PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (EXCLUDING FRENCH ELECTRICITY DISTRIBUTION CONCESSION ASSETS)Assets in progress (1)47,634 |
n.a.: not applicable.
(1) Assets in progress are presented in note 10.6.
