EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS

Notes to the consolidated financial statements

Changes in fair value recorded in equity Changes in the fair value of debt and equity securities were recorded in equity (EDF share) over the period as follows:

2020

2019

Gross changes in fair value recorded in OCI with recycling (1)

Gross changes in fair value recorded in OCI with no recycling (1)

Gross changes in fair value recycled to profit and loss (2)

Gross changes in fair value recorded in OCI with recycling (1)

Gross changes in fair value recorded in OCI with no recycling (1)

Gross changes in fair value recycled to profit and loss (2)

(in millions of euros)

EDF dedicated assets

224 (29)

- -

162

297 139

- -

136

Liquid assets Other assets

13

7

-

(34)

-

-

(22)

-

DEBT AND EQUITY SECURITIES (3)

195

(34)

175

436

(22)

143

+/(): increase/(decrease) in equity (EDF share). (1) +/(): increase/(decrease) in income (EDF share). (2) Excluding associates and joint ventures. (3)

In 2020, gross changes in fair value recorded in OCI with recycling principally concern EDF (€20 million, including €62 million for dedicated assets). In 2019, gross changes in fair value recorded in OCI with recycling principally concern EDF (€293 million, including €161 million for dedicated assets). No significant impairment was recorded in 2020.

18.1.3

Loans and financial receivables

Loans and financial receivables consist of the following:

31/12/2020

31/12/2019

(in millions of euros)

Amounts receivable from the NLF

13,034

13,303

CSPE

-

684

Loans and financial receivables – other LOANS AND FINANCIAL RECEIVABLES

3,271

2,904

16,305

16,891

At 31 December 2020 loans and financial receivables mainly include: amounts representing reimbursements receivable from the NLF and the British ● government for coverage of long-term nuclear obligations, totalling €13,034 million at 31 December 2020 (€13,303 million at 31 December 2019), discounted at the same rate as the provisions they finance (see note 15.2); the receivable corresponding to the accumulated shortfall in the Contribution to ● the Public Electricity Service (CSPE) at 31 December 2017 and the costs of bearing that shortfall. In 2020, reimbursements of principal and interest amounted to €660 million and €30 million, in line with the schedule published in the ministerial orders of 13 May 2016 and 2 December 2016, made in application of Article R. 121-31 of the French Energy Code. At 31 December 2020, EDF’s financial receivable was fully repaid by the State (see note 5.4.1). This CSPE receivable was allocated in its entirety to dedicated assets;

other loans and financial receivables notably include: ● the overfunding of EDF Energy’s EEGSG and BEGG pension schemes by ❯ €1,725 million, compared to €1,246 million at 31 December 2019 (see note 16.1.1), an amount of €263 million representing the advance payments made by ❯ Luminus to Synatom to cover long-term nuclear obligations (€230 million at 31 December 2019). In Luminus’ financial statements these amounts are discounted at the same rate as the provisions they fund (see note 15.3). This receivable is equal to the fair value of the amounts held by Synatom on behalf of Luminus as fund assets; loans made by EDF Renewables in the course of its project development activity, ● mainly in connection with wind farms in France and North America, amounting to €382 million at 31 December 2020 compared to €559 million at 31 December 2019.

Changes in loans and financial receivables

Discount effect

Changes in scope

Translation adjustments

31/12/2020

31/12/2019 Net increases

Other

(in millions of euros)

Loans and financial receivables

16,891

(913)

262

(61)

(827)

953

16,305

The net decrease in loans and financial receivables includes the €(684) million change in the CSPE receivable.

Other changes in loans and financial receivables principally correspond to the changes in the receivable representing amounts reimbursable by the Nuclear Liabilities Fund (NLF) and the British government, and the surplus funding of EDF Energy’s EEGSG and BEGG pension schemes.

395

EDF - UNIVERSAL REGISTRATION DOCUMENT 2020