In 2019, gross changes in fair value recorded in OCI with recycling principally concern EDF (€293 million, including €161 million for dedicated assets).
In 2018, gross changes in fair value recorded in OCI with recycling principally concern EDF (€(115) million, including €(60) million for dedicated assets).
No significant impairment was recorded in 2019.
Diversified bond investments and equities included in EDF’s dedicated assets are recorded as “debt and equity securities”. The general management policy for dedicated assets is presented in note 48.
Liquid assets are financial assets consisting of funds or interest rate instruments with initial maturity of over three months that are readily convertible into cash, and are managed according to a liquidity-oriented policy.
EDF’s monetary UCITS, included in liquid assets, amount to €409 million at 31 December 2019 (€2,863 million at 31 December 2018).
Loans and financial receivables consist of the following:
| (in millions of euros) | 31/12/2019 | 31/12/2018 |
|---|---|---|
| Loans and financial receivables – amounts receivable from the NLF | Loans and financial receivables – amounts receivable from the NLF 31/12/2019 13,303 | Loans and financial receivables – amounts receivable from the NLF 31/12/2018 9,220 |
| Loans and financial receivables – CSPE* | Loans and financial receivables – CSPE *31/12/2019 684 | Loans and financial receivables – CSPE *31/12/2018 2,060 |
| Loans and financial receivables – other | Loans and financial receivables – other 31/12/2019 2,904 | Loans and financial receivables – other 31/12/2018 2,669 |
| LOANS AND FINANCIAL RECEIVABLES | LOANS AND FINANCIAL RECEIVABLES 31/12/2019 16,891 | LOANS AND FINANCIAL RECEIVABLES 31/12/2018 13,949 |
*Including €684 million allocated to dedicated assets at 31 December 2019 (€2,060 million at 31 December 2018).
At 31 December 2019 loans and financial receivables mainly include:
The variation in financial assets is as follows:
| (in millions of euros) | 31/12/2018 | Net increases | Changes in fair value | Discount effect | Changes in scope | Translation adjustments | Other | 31/12/2019 |
|---|---|---|---|---|---|---|---|---|
| Instruments at fair value through OCI with recycling | Instruments at fair value through OCI with recycling 31/12/2018 22,938 | Instruments at fair value through OCI with recycling Net increases 445 | Instruments at fair value through OCI with recycling Changes in fair value 468 | Instruments at fair value through OCI with recycling Discount effect - | Instruments at fair value through OCI with recycling Changes in scope - | Instruments at fair value through OCI with recycling Translation adjustments 50 | Instruments at fair value through OCI with recycling Other 18 | Instruments at fair value through OCI with recycling 31/12/2019 23,919 |
| Instruments at fair value through OCI with no recycling | Instruments at fair value through OCI with no recycling 31/12/2018 413 | Instruments at fair value through OCI with no recycling Net increases 39 | Instruments at fair value through OCI with no recycling Changes in fair value (48) | Instruments at fair value through OCI with no recycling Discount effect - | Instruments at fair value through OCI with no recycling Changes in scope 10 | Instruments at fair value through OCI with no recycling Translation adjustments 1 | Instruments at fair value through OCI with no recycling Other 37 | Instruments at fair value through OCI with no recycling 31/12/2019 452 |
| Instruments at fair value through profit and loss | Instruments at fair value through profit and loss 31/12/2018 20,160 | Instruments at fair value through profit and loss Net increases (1,079) | Instruments at fair value through profit and loss Changes in fair value 2,792 | Instruments at fair value through profit and loss Discount effect - | Instruments at fair value through profit and loss Changes in scope (30) | Instruments at fair value through profit and loss Translation adjustments - | Instruments at fair value through profit and loss Other (57) | Instruments at fair value through profit and loss 31/12/2019 21,786 |
| Loans and financial receivables | Loans and financial receivables 31/12/2018 13,949 | Loans and financial receivables Net increases (1,754) | Loans and financial receivables Changes in fair value - | Loans and financial receivables Discount effect 378 | Loans and financial receivables Changes in scope 194 | Loans and financial receivables Translation adjustments 657 | Loans and financial receivables Other 3,467 | Loans and financial receivables 31/12/2019 16,891 |
The net decrease in loans and financial receivables includes the €(1,376) million change in the CSPE receivable.
Other changes in loans and financial receivables principally correspond to the changes in the financial asset that corresponds to the receivable representing amounts reimbursable by the Nuclear Liabilities Fund (NLF) and the British government (€13,303 million at 31 December 2019 compared to €9,220 million at 31 December 2018), and the surplus funding of EDF Energy’s EEGSG and BEGG pension schemes (€1,246 million at 31 December 2019, compared to €937 million at 31 December 2018).
