EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS

Notes to the consolidated financial statements

At 31 December 2019

31/12/2019

Impact of hedging instruments

Initial debt structure

Debt structure after hedging

amount

% of debt

amount

amount

% of debt

(in millions of euros)

Euro (EUR)

33,360 20,867 10,269

50% 31% 15%

18,491 (14,814) (1,705) (1,972)

51,851

77%

American dollar (USD) Pound sterling (GBP)

6,053 8,564

9%

13%

Other

2,884

4%

912

1%

LOANS AND OTHER FINANCIAL LIABILITIES

67,380

100%

-

67,380

100%

Breakdown of loans and other financial liabilities by type of interest rate 18.3.3.3 The breakdown of loans and other financial liabilities by type of interest rate includes the effect of derivatives classified as hedges under IFRS 9.

At 31 December 2020

31/12/2020

Impact of hedging

Initial debt structure

instruments Debt structure after hedging

amount

% of debt

amount

amount

% of debt

(in millions of euros)

Fixed rates

60,667

92%

(15,217) 15,217

45,450 20,141 65,591

69% 31%

Floating rates

4,924

8%

LOANS AND OTHER FINANCIAL LIABILITIES

65,591

100%

-

100%

At 31 December 2019

31/12/2019

Impact of hedging instruments

Initial debt structure

Debt structure after hedging

amount

% of debt

amount

amount

% of debt

(in millions of euros)

Fixed rates

62,128

92%

(21,035) 21,035

41,093 26,287 67,380

61% 39%

Floating rates

5,252

8%

LOANS AND OTHER FINANCIAL LIABILITIES

67,380

100%

-

100%

A large portion of the EDF group’s fixed-rate loans is swapped to variable rates.

18.3.4 Early repayment clauses

Project financing loans to EDF Renewables from non-Group parties generally include early repayment clauses, mainly applicable when the project company concerned 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.

Three borrowings with a combined total of €1,150 million contain a rendezvous clause requiring contact between the borrower and lender if the borrower’s rating falls below a specified level, possibly leading to renegotiation of the terms of the loan. No early repayment took place in 2020 as a result of any Group entity’s failure to comply with contractual clauses concerning loans.

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020