Contract liabilities represent an entity’s obligations to provide customers with goods or services for which it has already been paid, or for which payment is due. Changes in contract liabilities were as follows:
| (in millions of euros) | 31/12/2021 | Amounts recorded during the period | Amounts transferred to sales during the period | Amounts cancelled during the period with no impact on sales | Effect of unwinding the discount | Change in scope of consoli-dation | Foreign exchange effect | 31/12/2022 |
|---|---|---|---|---|---|---|---|---|
| Advance payments received | Advance payments received 31/12/20211,635 |
Advance payments received Amounts recorded during the period1,824 |
Advance payments received Amounts transferred to sales during the period(1,360) |
Advance payments received Amounts cancelled during the period with no impact on sales(25) |
Advance payments received Effect of unwinding the discount(1) |
Advance payments received Change in scope of consoli-dation2 |
Advance payments received Foreign exchange effect(50) |
Advance payments received 31/12/20222,025 |
| Deferred income on long-term contracts | Deferred income on long-term contracts 31/12/20213,110 |
Deferred income on long-term contracts Amounts recorded during the period439 |
Deferred income on long-term contracts Amounts transferred to sales during the period(476) |
Deferred income on long-term contracts Amounts cancelled during the period with no impact on sales- |
Deferred income on long-term contracts Effect of unwinding the discount51 |
Deferred income on long-term contracts Change in scope of consoli-dation10 |
Deferred income on long-term contracts Foreign exchange effect10 |
Deferred income on long-term contracts 31/12/20223,144 |
| Other deferred income | Other deferred income 31/12/2021592 |
Other deferred income Amounts recorded during the period613 |
Other deferred income Amounts transferred to sales during the period(515) |
Other deferred income Amounts cancelled during the period with no impact on sales- |
Other deferred income Effect of unwinding the discount- |
Other deferred income Change in scope of consoli-dation2 |
Other deferred income Foreign exchange effect2 |
Other deferred income 31/12/2022694 |
These liabilities comprise the majority of advances and progress payments received, amounting to €2,025 million (principally concerning the Framatome, United Kingdom and France – Regulated activities segments), and the majority of deferred income (on long-term and other contracts), amounting to €3,838 million (principally concerning the France – Generation and Supply segment). They thus total €5,863 million at 31 December 2022 (€5,337 million at 31 December 2021).
Contracts expiring in more than one year on which obligations are unfulfilled or partially fulfilled at the reporting date should generate sales revenues of approximately €12,211 million which have not yet been recognised. €997 million of these sales revenues will be recognised progressively until 2034 on the Exeltium contract, and the balance will be recognised over the operating period for contracts relating to jointly-operated power plants, and over the term of the contract for other firm sale contracts (excluding energy sales).
Share issue expenses correspond exclusively to external costs expressly related to the capital increase. They are charged against the issue premium at their net-of-tax value.
Other expenses are classified as expenses of the period.
At 31 December 2022, EDF’s share capital amounts to €1,943,859,210 comprising 3,887,718,420 fully subscribed and paid-up shares with nominal value of €0.50, owned 89.01% by the French State, 9.38% by the public (institutional and private investors) and 1.59% by current and retired Group employees, with 0.02% held by EDF as treasury shares. On 8 February 2023, the AMF published the result of the French government’s simplified tender offer for the equity securities of EDF, after the offer closed on 3 February 2023. Following completion of the Offer, the French State will own 95.82% of the share capital with at least 96.53% of voting rights, and 99.96% of the outstanding OCEANE bonds (see note 2). This fulfils the conditions for proceeding to a compulsory squeeze-out for EDF shares and OCEANEs. As indicated in an AMF notice of 25 January 2023, while awaiting the Paris Court of Appeal’s ruling on the action brought by the employee shareholding fund Actions EDF and the shareholders’ associations Énergie En Actions and Association pour la Défense des Actionnaires Minoritaires seeking annulment of the AMF’s approval of the Offer, the French government has made an undertaking that it will not proceed with the compulsory squeeze-out until the Court of Appeal has issued its decision on the merits of the case.
On 7 April 2022, EDF carried out a cash capital increase, maintaining the shareholders’ preferential subscription rights. This capital increase totalled €3,164 million gross (including the issue premium) and led to the issuance of 498,257,960 new shares with a unit issue price of €6.35, recognised in the financial statements as follows:
The French State, as undertaken, subscribed €2.7 billion or approximately 83.88% of this capital increase.
In June 2022, the payment of part of the dividend for 2021 in the form of a scrip dividend led to a €66 million increase in the share capital and an issue premium of €913 million following issuance of 131,545,635 new shares.
On 25 July 2022, the “ERO 2022” capital increase reserved for employees, with elimination of preferential subscription rights, led to a €9 million increase in the share capital and an issue premium of €94 million, following the issue of 18,100,741 new EDF shares (see note 7).
In December 2022, conversion of OCEANE bonds resulted in a €0.57 million increase in the share capital, following the issue of 1,137,336 new EDF shares (see note 14.5).
Under Article L. 111-67 of the French Energy Code, the French State must hold more than 70% of the capital of EDF at all times.
Treasury shares are shares issued by EDF and held either by that company or by other entities in the consolidated Group. They are valued at acquisition cost and deducted from equity until the date of disposal. Net gains or losses on disposals of treasury shares are directly included in equity and do not affect net income.
