EDF / 2018 Reference document

6.

FINANCIAL STATEMENTS Financial assets and liabilities

Credit lines 38.2.5 At 31 December 2018, the Group has unused credit lines with various banks totalling €11,393 million (€11,943 million at 31 December 2017). These amounts include a €4 billion syndicated revolving credit facility which was modified and renewed on 14 December 2018 (see note 3.7).

31/12/2018

31/12/2017

Maturity

< 1 year

1-5 years

> 5 years

Total

Total

(in millions of euros)

11,393

3,166

8,142

85

11,943

CONFIRMED CREDIT LINES

Early repayment clauses 38.2.6 Project financing loans to EDF Renewables from non-Group parties generally include early repayment clauses, mainly applicable when the borrower fails to maintain a minimum Debt Service Coverage Ratio (DSCR). In general, early repayment clauses are activated when this ratio falls below 1. In other Group entities, certain clauses contained in contracts for financing or other commitments may make reference to Group ratings, but are not classified as covenants. Two borrowings with a combined total of €725 million contain a review clause stipulating that if the borrower’s rating falls below a certain level, the borrower and the lender must review and possibly renegotiate the terms of the loan, and the borrower may voluntarily proceed to early repayment.

No early repayment took place in 2018 as a result of any Group entity’s failure to comply with contractual clauses concerning loans.

NET INDEBTEDNESS 38.3 Net indebtedness is not defined in the accounting standards and is not directly presented in the consolidated balance sheet. It comprises total loans and financial liabilities, less cash and cash equivalents and liquid assets. Liquid assets are financial assets consisting of funds or interest rate instruments with initial maturity of over three months that are readily convertible into cash and are managed according to a liquidity-oriented policy.

Notes 38.2.1

31/12/2018

31/12/2017

(in millions of euros)

Loans and other financial liabilities Derivatives used to hedge liabilities

59,188 (1,972) (3,290)

56,846 (1,176) (3,692) (18,963)

41 37

Cash and cash equivalents

Debt and equity securities – liquid assets Net indebtedness of assets held for sale

36.2.2 (20,538)

-

-

33,388

33,015

NET INDEBTEDNESS

404

EDF I Reference Document 2018