EDF / 2018 Reference document

6.

FINANCIAL STATEMENTS Financial assets and liabilities

41.4.3 For commodities, changes in fair value are mainly explained by:

Commodity-related cash flow hedges

31/12/2018

31/12/2017

(in millions of euros)

Electricity hedging contracts

(629) (231) (107) (446)

(916)

Gas hedging contracts Coal hedging contracts

69 36

Oil product hedging contracts

149

CO 2

emission rights hedging contracts

370

49

(1,043)

(613)

CHANGES IN FAIR VALUE BEFORE TAXES

The main components of the amount transferred to income in respect of commodity hedges terminated during the year are:

31/12/2018

31/12/2017

(in millions of euros)

Electricity hedging contracts

(388) (280) (109) (194)

(1,744)

Gas hedging contracts Coal hedging contracts

50 31

Oil product hedging contracts

(66)

CO 2

emission rights hedging contracts

183

15

(788)

(1,714)

CHANGES IN FAIR VALUE BEFORE TAXES

Details of commodity-related cash flow hedges are as follows:

31/12/2018

31/12/2017

Net notional

Net notional

< 1 year

1-5 years > 5 years

Total

Fair value

Units of measure

Fair value

(in millions of euros)

Swaps

(4) (4) (8)

- - - - - - - - - - - - - -

(4)

50

2

58

Forwards/futures

(47) (47)

(51) (55)

(859) (809)

(72) (70)

(688) (630)

Electricity

Terawatt hours

Swaps

(205) 1,049

15

(190) 1,504 1,314

9

(233) 1,451 1,218

(16)

Forwards/futures

455 470

25 34

65 49

Gas

Millions of therms

844

Swaps

4,180

6,222

10,402

(53)

14,175

109

Options

180

-

180

-

379

2

Oil products

Thousands of barrels

4,360

6,222

10,582

(53)

14,554

111

Swaps

- - -

- - -

- - -

- - -

- - -

40 40

Coal

Millions of tonnes

Swaps

-

Forwards/futures

4,500 4,500

8,988 8,988

13,488 13,488

183 183

19,576 19,576

19 19

CO 2

Thousands of tonnes

(645)

(411)

COMMODITY-RELATED CASH FLOW HEDGES

41.5

COMMODITY-RELATED FAIR VALUE HEDGES

Details of commodity-related fair value hedges are as follows:

31/12/2018 Fair value

31/12/2017 Fair value

Units of measure Millions of tonnes Thousands of barrels Millions of therms

Net notional

Net notional

(in millions of euros) Coal and freight

(3)

2

4

3

Oil products

5,136

(23) (31) (52)

-

-

Gas

(93)

(583)

31 34

COMMODITY-RELATED FAIR VALUE HEDGES

410

EDF I Reference Document 2018