1. The Group, its strategy and activities - Page 370 | edf - Universal Registration Document

42.1.2 At 31 December 2018

(in millions of euros)	Balance sheet value	Fair value	Level 1 Unadjusted quoited prices	Level 2 Observable date	Level 3 Non-Observable data
Financial assets at fair value through profit and loss⁽¹⁾	Financial assets at fair value through profit and loss ⁽¹⁾ Balance sheet value 6,404	Financial assets at fair value through profit and loss ⁽¹⁾ Fair value 6,404	Financial assets at fair value through profit and loss ⁽¹⁾ Level 1 Unadjusted quoited prices 569	Financial assets at fair value through profit and loss ⁽¹⁾ Level 2 Observable date 5,497	Financial assets at fair value through profit and loss ⁽¹⁾ Level 3 Non-Observable data 338
Debt and equity securities	Debt and equity securities Balance sheet value 43,511	Debt and equity securities Fair value 43,511	Debt and equity securities Level 1 Unadjusted quoited prices 2,442	Debt and equity securities Level 2 Observable date 40,470	Debt and equity securities Level 3 Non-Observable data 599
Positive fair value of hedging derivatives	Positive fair value of hedging derivatives Balance sheet value 4,383	Positive fair value of hedging derivatives Fair value 4,383	Positive fair value of hedging derivatives Level 1 Unadjusted quoited prices 68	Positive fair value of hedging derivatives Level 2 Observable date 4,315	Positive fair value of hedging derivatives Level 3 Non-Observable data -
Cash equivalents carried at fair value	Cash equivalents carried at fair value Balance sheet value 435	Cash equivalents carried at fair value Fair value 435	Cash equivalents carried at fair value Level 1 Unadjusted quoited prices 181	Cash equivalents carried at fair value Level 2 Observable date 254	Cash equivalents carried at fair value Level 3 Non-Observable data -
FINANCIAL ASSETS CARRIED AT FAIR VALUE IN THE BALANCE SHEET	FINANCIAL ASSETS CARRIED AT FAIR VALUE IN THE BALANCE SHEET Balance sheet value 54,733	FINANCIAL ASSETS CARRIED AT FAIR VALUE IN THE BALANCE SHEET Fair value 54,733	FINANCIAL ASSETS CARRIED AT FAIR VALUE IN THE BALANCE SHEET Level 1 Unadjusted quoited prices 3,260	FINANCIAL ASSETS CARRIED AT FAIR VALUE IN THE BALANCE SHEET Level 2 Observable date 50,536	FINANCIAL ASSETS CARRIED AT FAIR VALUE IN THE BALANCE SHEET Level 3 Non-Observable data 937
Loans and financial receivables – assets receivable from the NLF	Loans and financial receivables – assets receivable from the NLF Balance sheet value 9,220	Loans and financial receivables – assets receivable from the NLF Fair value 9,220	Loans and financial receivables – assets receivable from the NLF Level 1 Unadjusted quoited prices -	Loans and financial receivables – assets receivable from the NLF Level 2 Observable date 9,220	Loans and financial receivables – assets receivable from the NLF Level 3 Non-Observable data -
Loans and financial receivables – CSPE	Loans and financial receivables – CSPE Balance sheet value 2,060	Loans and financial receivables – CSPE Fair value 2,080	Loans and financial receivables – CSPE Level 1 Unadjusted quoited prices -	Loans and financial receivables – CSPE Level 2 Observable date 2,080	Loans and financial receivables – CSPE Level 3 Non-Observable data -
Other loans and financial receivables	Other loans and financial receivables Balance sheet value 2,669	Other loans and financial receivables Fair value 2,669	Other loans and financial receivables Level 1 Unadjusted quoited prices -	Other loans and financial receivables Level 2 Observable date 2,669	Other loans and financial receivables Level 3 Non-Observable data -
FINANCIAL ASSETS CARRIED AT AMORTISED COST	FINANCIAL ASSETS CARRIED AT AMORTISED COST Balance sheet value 13,949	FINANCIAL ASSETS CARRIED AT AMORTISED COST Fair value 13,969	FINANCIAL ASSETS CARRIED AT AMORTISED COST Level 1 Unadjusted quoited prices -	FINANCIAL ASSETS CARRIED AT AMORTISED COST Level 2 Observable date 13,969	FINANCIAL ASSETS CARRIED AT AMORTISED COST Level 3 Non-Observable data -
Negative fair value of hedging derivatives	Negative fair value of hedging derivatives Balance sheet value 2,948	Negative fair value of hedging derivatives Fair value 2,948	Negative fair value of hedging derivatives Level 1 Unadjusted quoited prices 96	Negative fair value of hedging derivatives Level 2 Observable date 2,852	Negative fair value of hedging derivatives Level 3 Non-Observable data -
Negative fair value of trading derivatives	Negative fair value of trading derivatives Balance sheet value 7,160	Negative fair value of trading derivatives Fair value 7,160	Negative fair value of trading derivatives Level 1 Unadjusted quoited prices 554	Negative fair value of trading derivatives Level 2 Observable date 6,274	Negative fair value of trading derivatives Level 3 Non-Observable data 332
FINANCIAL LIABILITIES CARRIED AT FAIR VALUE IN THE BALANCE SHEET	FINANCIAL LIABILITIES CARRIED AT FAIR VALUE IN THE BALANCE SHEET Balance sheet value 10,108	FINANCIAL LIABILITIES CARRIED AT FAIR VALUE IN THE BALANCE SHEET Fair value 10,108	FINANCIAL LIABILITIES CARRIED AT FAIR VALUE IN THE BALANCE SHEET Level 1 Unadjusted quoited prices 650	FINANCIAL LIABILITIES CARRIED AT FAIR VALUE IN THE BALANCE SHEET Level 2 Observable date 9,126	FINANCIAL LIABILITIES CARRIED AT FAIR VALUE IN THE BALANCE SHEET Level 3 Non-Observable data 332
Loans and other financial liabilities⁽²⁾	Loans and other financial liabilities ⁽²⁾ Balance sheet value 59,188	Loans and other financial liabilities ⁽²⁾ Fair value 63,772	Loans and other financial liabilities ⁽²⁾ Level 1 Unadjusted quoited prices -	Loans and other financial liabilities ⁽²⁾ Level 2 Observable date 63,772	Loans and other financial liabilities ⁽²⁾ Level 3 Non-Observable data -
FINANCIAL LIABILITIES CARRIED AT AMORTISED COST	FINANCIAL LIABILITIES CARRIED AT AMORTISED COST Balance sheet value 59,188	FINANCIAL LIABILITIES CARRIED AT AMORTISED COST Fair value 63,772	FINANCIAL LIABILITIES CARRIED AT AMORTISED COST Level 1 Unadjusted quoited prices -	FINANCIAL LIABILITIES CARRIED AT AMORTISED COST Level 2 Observable date 63,772	FINANCIAL LIABILITIES CARRIED AT AMORTISED COST Level 3 Non-Observable data -

(1) Including €6,404 million for the positive fair value of trading derivatives.
(2) Loans and other financial liabilities are carried in the balance sheet at amortised cost, adjusted for changes in the fair value of risks covered by a fair value hedge.

42.2 Offsetting of financial assets and liabilities

42.2.1 At 31 December 2019

			Balance with offsetting under IAS 32			Amounts covered by a general offsetting agreement but not offset under IAS 32
(in millions of euros)	As reported in balance sheet	Balance without offsetting	Gross amount recognised (before offsetting)	Gross amount offset under IAS 32	Net amount recognised after offsettting under IAS 32	Financial instruments	Fair value of financial collateral	Net amount
Fair value of derivatives – assets	Fair value of derivatives – assets 12,572	Fair value of derivatives – assets 3,752	Fair value of derivatives – assets Balance with offsetting under IAS 32 13,300	Fair value of derivatives – assets Amounts covered by a general offsetting agreement but not offset under IAS 32 (4,480)	8,820	(1,298)	(3,097)	4,425
Fair value of derivatives – liabilities	Fair value of derivatives – liabilities (8,157)	Fair value of derivatives – liabilities (3,785)	Fair value of derivatives – liabilities Balance with offsetting under IAS 32 (8,852)	Fair value of derivatives – liabilities Amounts covered by a general offsetting agreement but not offset under IAS 32 4,480	(4,372)	1,298	531	(2,543)

42.2.2 At 31 December 2018

			Balance with offsetting under IAS 32			Amounts covered by a general offsetting agreement but not offset under IAS 32
(in millions of euros)	As reported in balance sheet	Balance without offsetting	Gross amount recognised (before offsetting)	Gross amount offset under IAS 32	Net amount recognised after offseting under IAS 32	Financial instruments	Fair value of financial collateral	Net amount
Fair value of derivatives – assets	Fair value of derivatives – assets 10,787	Fair value of derivatives – assets 218	Fair value of derivatives – assets Balance with offsetting under IAS 32 16,481	Fair value of derivatives – assets Amounts covered by a general offsetting agreement but not offset under IAS 32 (5,912)	10,569	(1,711)	(960)	7,898
Fair value of derivatives – liabilities	Fair value of derivatives – liabilities (10,108)	Fair value of derivatives – liabilities (848)	Fair value of derivatives – liabilities Balance with offsetting under IAS 32 (15,172)	Fair value of derivatives – liabilities Amounts covered by a general offsetting agreement but not offset under IAS 32 5,912	(9,260)	1,711	959	(6,590)