6. Financial statements

At 31 December 2019, property, plant and equipment in progress owned by the Group mainly concerns investments for the EPR reactors at Flamanville 3 (€13,653 million including capitalised borrowing costs of €3,028 million), and Hinkley Point C (€10,942 million including capitalised borrowing costs of €318 million).

The capitalised value of the Flamanville 3 EPR project in the financial statements at 31 December 2019 is €10,833 million excluding borrowing costs (€10,645 million in property, plant and equipment in progress and €188 million(1) in property, plant and equipment in operation). This includes the following, in addition to the construction cost:

  • an inventory of spare parts and capitalised amounts totalling €422 million for related projects (notably the initial comprehensive inspection and North Area development);
  • €611 million of pre-operating expenses and other property, plant and equipment related to the Flamanville project; and
  • the elimination of internal balances on balance sheet items and margins between Framatome and EDF SA in connection with the Flamanville 3 EPR project (€476 million, essentially consisting of advances and progress payments),

giving a construction cost at historical value of €9,800 million in the consolidated financial statements at 31 December 2019, and a construction cost at completion (excluding borrowing costs) of £12.4 billion (in 2015 euros), as announced on 9 October 2019.

Property, plant and equipment in progress increased by €4,378 million as the level of investment in 2019 was significantly higher than the amount of assets brought into service during the year (see note 25.2). Investments in property, plant and equipment and intangible assets during 2019 mainly concern:

  • the France – Generation and Supply segment for €5,689 million, primarily investments made under the “Grand Carénage” programme, investments for Flamanville 3, and investments in hydropower generation;
  • the United Kingdom segment for €3,381 million, where investments principally related to nuclear power generation;
  • the EDF Renewables segment for €1,721 million, which saw a significant rise in wind and solar capacities under construction in France and North America, and in emerging countries.

(1) €252 million gross, less €64 million of depreciation.

25.2 Movements in property, plant and equipment used in generation and other tangible assets owned by the Group (excluding assets in progress and right-of-use assets)
(in millions of euros)Land and buildingsNuclear power plantsFossil-fired & hydropower plantsOther installations, plant, machinery, equipment & otherTotal
Gross value at 31/12/2018

Gross value at 31/12/2018

Land and buildings

12,968

Gross value at 31/12/2018

Nuclear power plants

71,390

Gross value at 31/12/2018

Fossil-fired & hydropower plants

19,445

Gross value at 31/12/2018

Other installations, plant, machinery, equipment & other

19,354

Gross value at 31/12/2018

Total

123,157

Increases

Increases

Land and buildings

824

Increases

Nuclear power plants

3,999

Increases

Fossil-fired & hydropower plants

394

Increases

Other installations, plant, machinery, equipment & other

2,375

Increases

Total

7,592

Decreases

Decreases

Land and buildings

(76)

Decreases

Nuclear power plants

(1,225)

Decreases

Fossil-fired & hydropower plants

(127)

Decreases

Other installations, plant, machinery, equipment & other

(447)

Decreases

Total

(1,875)

Translation adjustments

Translation adjustments

Land and buildings

52

Translation adjustments

Nuclear power plants

563

Translation adjustments

Fossil-fired & hydropower plants

162

Translation adjustments

Other installations, plant, machinery, equipment & other

293

Translation adjustments

Total

1,070

Changes in the scope of consolidation(1)

Changes in the scope of consolidation

(1)

Land and buildings

26

Changes in the scope of consolidation

(1)

Nuclear power plants

-

Changes in the scope of consolidation

(1)

Fossil-fired & hydropower plants

(1,419)

Changes in the scope of consolidation

(1)

Other installations, plant, machinery, equipment & other

(178)

Changes in the scope of consolidation

(1)

Total

(1,571)

Other movements(2)

Other movements

(2)

Land and buildings

3

Other movements

(2)

Nuclear power plants

486

Other movements

(2)

Fossil-fired & hydropower plants

31

Other movements

(2)

Other installations, plant, machinery, equipment & other

(81)

Other movements

(2)

Total

439

GROSS VALUE AT 31/12/2019

GROSS VALUE AT 31/12/2019

Land and buildings

13,797

GROSS VALUE AT 31/12/2019

Nuclear power plants

75,213

GROSS VALUE AT 31/12/2019

Fossil-fired & hydropower plants

18,486

GROSS VALUE AT 31/12/2019

Other installations, plant, machinery, equipment & other

21,316

GROSS VALUE AT 31/12/2019

Total

128,812

Depreciation and impairment at 31/12/2018

Depreciation and impairment at 31/12/2018

Land and buildings

(7,191)

Depreciation and impairment at 31/12/2018

Nuclear power plants

(47,224)

Depreciation and impairment at 31/12/2018

Fossil-fired & hydropower plants

(12,599)

Depreciation and impairment at 31/12/2018

Other installations, plant, machinery, equipment & other

(8,364)

Depreciation and impairment at 31/12/2018

Total

(75,378)

Net depreciation

Net depreciation

Land and buildings

(350)

Net depreciation

Nuclear power plants

(3,115)

Net depreciation

Fossil-fired & hydropower plants

(609)

Net depreciation

Other installations, plant, machinery, equipment & other

(1,286)

Net depreciation

Total

(5,360)

Impairment net of reversals

Impairment net of reversals

Land and buildings

(23)

Impairment net of reversals

Nuclear power plants

-

Impairment net of reversals

Fossil-fired & hydropower plants

(131)

Impairment net of reversals

Other installations, plant, machinery, equipment & other

(110)

Impairment net of reversals

Total

(264)

Disposals

Disposals

Land and buildings

59

Disposals

Nuclear power plants

1,129

Disposals

Fossil-fired & hydropower plants

122

Disposals

Other installations, plant, machinery, equipment & other

403

Disposals

Total

1,713

Translation adjustments

Translation adjustments

Land and buildings

(7)

Translation adjustments

Nuclear power plants

(290)

Translation adjustments

Fossil-fired & hydropower plants

(151)

Translation adjustments

Other installations, plant, machinery, equipment & other

(106)

Translation adjustments

Total

(554)

Changes in the scope of consolidation(1)

Changes in the scope of consolidation

(1)

Land and buildings

(8)

Changes in the scope of consolidation

(1)

Nuclear power plants

-

Changes in the scope of consolidation

(1)

Fossil-fired & hydropower plants

630

Changes in the scope of consolidation

(1)

Other installations, plant, machinery, equipment & other

149

Changes in the scope of consolidation

(1)

Total

771

Other movements(2)

Other movements

(2)

Land and buildings

2

Other movements

(2)

Nuclear power plants

155

Other movements

(2)

Fossil-fired & hydropower plants

(27)

Other movements

(2)

Other installations, plant, machinery, equipment & other

141

Other movements

(2)

Total

271

DEPRECIATION AND IMPAIRMENT AT 31/12/2019

DEPRECIATION AND IMPAIRMENT AT 31/12/2019

Land and buildings

(7,518)

DEPRECIATION AND IMPAIRMENT AT 31/12/2019

Nuclear power plants

(49,345)

DEPRECIATION AND IMPAIRMENT AT 31/12/2019

Fossil-fired & hydropower plants

(12,765)

DEPRECIATION AND IMPAIRMENT AT 31/12/2019

Other installations, plant, machinery, equipment & other

(9,173)

DEPRECIATION AND IMPAIRMENT AT 31/12/2019

Total

(78,801)

Net value at 31/12/2018

Net value at 31/12/2018

Land and buildings

5,777

Net value at 31/12/2018

Nuclear power plants

24,166

Net value at 31/12/2018

Fossil-fired & hydropower plants

6,846

Net value at 31/12/2018

Other installations, plant, machinery, equipment & other

10,990

Net value at 31/12/2018

Total

47,779

NET VALUE AT 31/12/2019

NET VALUE AT 31/12/2019

Land and buildings

6,279

NET VALUE AT 31/12/2019

Nuclear power plants

25,868

NET VALUE AT 31/12/2019

Fossil-fired & hydropower plants

5,721

NET VALUE AT 31/12/2019

Other installations, plant, machinery, equipment & other

12,143

NET VALUE AT 31/12/2019

Total

50,011

(1) Changes in the scope of consolidation essentially relate to reclassification of the E&P operations as assets held for sale.
(2) Other movements include the effect on assets associated with provisions and underlying assets of the €336 million change in the real discount rate used to calculate provisions related to EDF’s nuclear generation (see note 32.1).