Universal Registration Document 2022

Cash flow statement

(1) Changes in working capital in 2022 are principally explained by the €5,780 million excess CSPE compensation for EDF, which led to recognition of a CSPE liability at 31 December 2022 amounting to €6,074 million (see note 30 (4)).

(2) The variation in this item is notably explained by the higher level of dividends received in 2022 compared to 2021 (see note 11).

(3) Changes in financial assets are principally explained by the higher value of the bond portfolio (see note 19) and the increase in loans to subsidiaries (see note 16).

(4) In 2022, EDF transferred bonds under repurchase agreements for the amount of €23,986 million and made corresponding repayments of €(16,417) million. These operations are presented in the lines reporting issuance and repayment of borrowings.

Apart from these repurchase operations, the change in 2022 in “Issuance of borrowings and underwriting agreements” and “Repayment of borrowings and underwriting agreements” was an increase of €20,798 million, notably explained by bilateral credit lines concluded during the year for a total of €15.4 billion (including US$2.2 billion and ¥38 billion) (see note 2.2.2, note 2.2.5 and note 2.2.6) and new credit lines granted to EDF by the European Investment Bank (EIB) with nominal value of €800 million (see note 2.2.3). The change in 2022 also includes €2,757 million corresponding to issues of negotiable debt instruments, net of redemptions (see note 31 (3)).

(5) This concerns the capital increase of 7 April 2022, maintaining the shareholders’ preferential subscription rights, which led to a €249 million increase in the share capital and a €2,899 million issue premium, net of expenses; and the “ERO 2022” capital increase reserved for employees of 25 July 2022, with elimination of preferential subscription rights, which led to a €9 million increase in the share capital and an issue premium of €94 million.

(6) In December 2022, a €50 million subsidy was granted by the French State under the “France 2030” plan, after due notification and authorisation from the European Commission. EDF received €45 million of this subsidy during the year.

(7) Other items at 31 December 2021 amounted to €281 million and concerned the reclassification at 1 January 2021 of debit balances relating to margin calls on derivatives, which were previously netted with credit balances to report the overall net position in the balance sheet. In the cash flow statement, credit balances relating to margin calls on derivatives are presented in the “Net cash flow from financing activities”.

(8) “Cash and cash equivalents – opening balance” and “Cash and cash equivalents – closing balance” do not include investment funds or negotiable debt instruments maturing in more than three months. Details of the variation in cash and cash equivalents are presented in note 20.

(in millions of euros)		Notes	2022	2021
Operating activities	Operating activities	Operating activitiesNotes	Operating activities 2022	Operating activities2021
Profit/(loss) before income tax	Profit/(loss) before income tax	Profit/(loss) before income tax Notes	Profit/(loss) before income tax 2022 (30,795)	Profit/(loss) before income tax 2021 2,867
Depreciation, amortisation and provisions	Depreciation, amortisation and provisions	Depreciation, amortisation and provisions Notes	Depreciation, amortisation and provisions 2022 8,005	Depreciation, amortisation and provisions 2021 6,414
Capital (gains)/losses	Capital (gains)/losses	Capital (gains)/losses Notes	Capital (gains)/losses 2022 5	Capital (gains)/losses 2021 (683)
Financial income and expenses	Financial income and expenses	Financial income and expenses Notes	Financial income and expenses 2022 (1,620)	Financial income and expenses 2021 (1,401)
Changes in working capital ⁽¹⁾	Changes in working capital ⁽¹⁾	Changes in working capital ⁽¹⁾Notes	Changes in working capital ⁽¹⁾ 2022 6,366	Changes in working capital ⁽¹⁾2021 3,128
Net cash flow from operations	Net cash flow from operations	Net cash flow from operations Notes	Net cash flow from operations 2022 (18,039)	Net cash flow from operations 202110,325
Net financial expenses, including dividends received ⁽²⁾	Net financial expenses, including dividends received ⁽²⁾	Net financial expenses, including dividends received ⁽²⁾Notes	Net financial expenses, including dividends received ⁽²⁾ 2022 1,945	Net financial expenses, including dividends received ⁽²⁾2021 1,154
Income taxes paid	Income taxes paid	Income taxes paid Notes	Income taxes paid 2022 (179)	Income taxes paid 2021 (1,954)
Net cash flow from operating activities	Net cash flow from operating activities (A)	Net cash flow from operating activities Notes	Net cash flow from operating activities 2022 (16,273)	Net cash flow from operating activities 20219,525
Investing activities	Investing activities	Investing activitiesNotes	Investing activities 2022	Investing activities2021
Investments in property, plant and equipment and intangible assets	Investments in property, plant and equipment and intangible assets	Investments in property, plant and equipment and intangible assets Notes	Investments in property, plant and equipment and intangible assets 2022 (6,105)	Investments in property, plant and equipment and intangible assets 2021 (5,726)
Proceeds from sale of property, plant and equipment and intangible assets	Proceeds from sale of property, plant and equipment and intangible assets	Proceeds from sale of property, plant and equipment and intangible assets Notes	Proceeds from sale of property, plant and equipment and intangible assets 2022 12	Proceeds from sale of property, plant and equipment and intangible assets 2021 11
Changes in financial assets ⁽³⁾	Changes in financial assets ⁽³⁾	Changes in financial assets ⁽³⁾Notes	Changes in financial assets ⁽³⁾ 2022 (19,089)	Changes in financial assets ⁽³⁾2021 (5,438)
Net cash flow used in investing activities	Net cash flow used in investing activities (B)	Net cash flow used in investing activities Notes	Net cash flow used in investing activities 2022 (25,182)	Net cash flow used in investing activities 2021(11,153)
Financing activities	Financing activities	Financing activitiesNotes	Financing activities 2022	Financing activities2021
Issuance of borrowings and underwriting agreements ⁽⁴⁾	Issuance of borrowings and underwriting agreements ⁽⁴⁾	Issuance of borrowings and underwriting agreements ⁽⁴⁾Notes	Issuance of borrowings and underwriting agreements ⁽⁴⁾ 2022 51,074	Issuance of borrowings and underwriting agreements ⁽⁴⁾2021 7,952
Repayment of borrowings and underwriting agreements ⁽⁴⁾	Repayment of borrowings and underwriting agreements ⁽⁴⁾	Repayment of borrowings and underwriting agreements ⁽⁴⁾Notes	Repayment of borrowings and underwriting agreements ⁽⁴⁾ 2022 (20,673)	Repayment of borrowings and underwriting agreements ⁽⁴⁾2021 (5,918)
Dividends paid	Dividends paid	Dividends paid Notes 22	Dividends paid 2022 (72)	Dividends paid 2021 (84)
Increase in equity ⁽⁵⁾	Increase in equity ⁽⁵⁾	Increase in equity ⁽⁵⁾Notes 22	Increase in equity ⁽⁵⁾ 2022 3,251	Increase in equity ⁽⁵⁾2021 -
Issuance and redemption of perpetual subordinated bonds, net of expenses	Issuance and redemption of perpetual subordinated bonds, net of expenses	Issuance and redemption of perpetual subordinated bonds, net of expenses Notes 23	Issuance and redemption of perpetual subordinated bonds, net of expenses 2022 1,000	Issuance and redemption of perpetual subordinated bonds, net of expenses 2021 1,240
Security deposits	Security deposits	Security deposits Notes 31	Security deposits 2022 3,600	Security deposits 2021 -
Funding contributions received for assets operated under concessions	Funding contributions received for assets operated under concessions	Funding contributions received for assets operated under concessions Notes	Funding contributions received for assets operated under concessions 2022 6	Funding contributions received for assets operated under concessions 2021 5
Investment subsidies received ⁽⁶⁾	Investment subsidies received ⁽⁶⁾	Investment subsidies received ⁽⁶⁾Notes 22	Investment subsidies received ⁽⁶⁾ 2022 62	Investment subsidies received ⁽⁶⁾2021 14
Net cash flow from financing activities	Net cash flow from financing activities (C)	Net cash flow from financing activities Notes	Net cash flow from financing activities 2022 38,248	Net cash flow from financing activities 20213,209
Net increase/(decrease) in cash and cash equivalent	Net increase/(decrease) in cash and cash equivalent (A)+(B)+(C)	Net increase/(decrease) in cash and cash equivalent Notes	Net increase/(decrease) in cash and cash equivalent 2022 (3,207)	Net increase/(decrease) in cash and cash equivalent 20211,581
CASH AND CASH EQUIVALENTS – OPENING BALANCE ⁽⁸⁾	CASH AND CASH EQUIVALENTS – OPENING BALANCE ⁽⁸⁾	CASH AND CASH EQUIVALENTS – OPENING BALANCE ⁽⁸⁾Notes20	CASH AND CASH EQUIVALENTS – OPENING BALANCE ⁽⁸⁾ 2022 1,561	CASH AND CASH EQUIVALENTS – OPENING BALANCE ⁽⁸⁾2021(256)
Effect of currency fluctuations	Effect of currency fluctuations	Effect of currency fluctuations Notes	Effect of currency fluctuations 2022 132	Effect of currency fluctuations 2021 (80)
Financial income on cash and cash equivalents	Financial income on cash and cash equivalents	Financial income on cash and cash equivalents Notes	Financial income on cash and cash equivalents 2022 48	Financial income on cash and cash equivalents 2021 35
Other ⁽⁷⁾	Other ⁽⁷⁾	Other ⁽⁷⁾Notes	Other ⁽⁷⁾ 2022 -	Other ⁽⁷⁾2021 281
CASH AND CASH EQUIVALENTS – CLOSING BALANCE ⁽⁸⁾	CASH AND CASH EQUIVALENTS – CLOSING BALANCE ⁽⁸⁾	CASH AND CASH EQUIVALENTS – CLOSING BALANCE ⁽⁸⁾Notes20	CASH AND CASH EQUIVALENTS – CLOSING BALANCE ⁽⁸⁾ 2022 (1,466)	CASH AND CASH EQUIVALENTS – CLOSING BALANCE ⁽⁸⁾20211,561

Universal Registration Document 2022

Introduction