EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS

Notes to the consolidated financial statements

The carrying value of inventories, broken down by nature, is as follows:

31/12/2020

31/12/2019

Gross value Provision Net value

Gross value

Provision Net value

(in millions of euros)

Nuclear fuel Other fuel Other supplies

10,564

(33) (42)

10,531

10,649

(4)

10,645

770

728

872

(30)

842

1,660

(398)

1,262

1,624

(360)

1,264

Work-in-progress for production of goods and services

469

(33) (23)

436

497 869

(30) (38)

467 831

Other inventories

1,804

1,781

TOTAL INVENTORIES

15,267

(529)

14,738

14,511

(462)

14,049

The long-term portion (more than one year) mainly concerns nuclear fuel inventories amounting to €8,068 million at 31 December 2020 (€7,828 million at 31 December 2019). The value of EDF Trading’s inventories stated at market value is recognised in “Other fuel” and “Other inventories” and stands at €300 million at 31 December 2020 (€141 million at 31 December 2019).

The increase in the value of “Other inventories” over 2020 is mainly related to capacity guarantees in France, due to the increase in purchase prices observed since the June 2020 auctions (see note 5.1), and energy savings certificates inventories (see note 5.4.3).

13.3

Trade receivables

Accounting principles and methods Trade receivables are initially recognised at the fair value of the consideration received or receivable, and subsequently carried at amortised cost or at fair value through OCI.

Trade receivables also include the value of unbilled receivables for energy already supplied, which are presented net of advances received from customers who pay in regular monthly instalments. The Group applies IFRS 9’s simplified approach to measure expected credit losses on trade receivables, using provision matrices established on the basis of credit loss histories.

Details of net trade receivables are as follows:

31/12/2020

Note

31/12/2019

(in millions of euros)

Trade receivables, gross value – excluding EDF Trading

14,686

15,066

contract assets

13.3.3

389

400

Trade receivables, gross value – EDF Trading

1,036

1,583

Impairment*

(1,201) 14,521

(1,043) 15,606

TRADE RECEIVABLES – NET VALUE

See note 1.4.1.3. *

Most trade receivables mature within one year. Advances received from customers in France who pay in regular monthly instalments, amounting to €6,782 million at 31 December 2020 (€6,719 million at 31 December 2019), are deducted from trade receivables.

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020