EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS

Notes to the consolidated financial statements

At 31 December 2019

2019

Gross value

Income taxes

Non-controlling interests

EDF net income

Notes

(in millions of euros)

Net income

5,155

Changes in the fair value of debt and equity instruments (1)

8.3

(2,703)

923

-

(1,780)

Net changes in fair value on Energy and Commodity derivatives, excluding trading activities

6

(642)

152 (70) (70)

-

(490)

Impairment

989 403

(36) (23)

883 310

10.8.1 and 10.8.2

impairment of fixed assets ●

impairment of investments in associates and joint ventures ● impairment of Edison’s E&P operations (application of IFRS 5) ●

12.3 3.2.2

73

- -

-

73

513 269 185 141 (57)

(13)

500 103

Other items

(172) (144)

6 6

other operating income and expenses (2) ●

7

47 92

10.3

(49)

- -

accelerated depreciation of thermal power plants in France ●

21

(36)

other ●

NET INCOME EXCLUDING NON-RECURRING ITEMS 3,871 Including fair value hedges of dedicated assets and changes in the fair value of debt and equity instruments comprised in investments in associates and joint (1) ventures. In 2019 other income and expenses principally comprised the €(30) million cost of the ERO employee shareholding offer, restructuring expenses in certain entities, (2) and other operations of non-significant amounts individually.

19.2

Net indebtedness

Net indebtedness comprises total loans and financial liabilities, less cash and cash interest rate instruments with initial maturity of over three months that are readily equivalents and liquid assets. Liquid assets are financial assets consisting of funds or convertible into cash and are managed according to a liquidity-oriented policy.

Net indebtedness are as follows:

31/12/2020

Notes

31/12/2019

(in millions of euros)

18.3.2 18.7.1

Loans and other financial liabilities Derivatives used to hedge liabilities

65,591 (1,986) (6,270) (15,028)

67,380 (3,387) (3,934) (18,900)

18.2

Cash and cash equivalents

18.1.2

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

3.2.1

(17)

(26)

NET INDEBTEDNESS

42,290

41,133

The Group’s net indebtedness amounts to €42,290 million at 31 December 2020 (€41,133 million at 31 December 2019). The ratio of net indebtedness to operating proft before depreciation and amortisation at 31 December 2020 is 2.61.

408

www.edf.fr

EDF - UNIVERSAL REGISTRATION DOCUMENT 2020