Other operating expenses amount to €2,241 million in 2019 (€1,743 million in 2018) and notably include losses on non-recoverable receivables, royalties on software, costs relating to energy savings certificates used or consumed over the year, and the net book value of assets demolished or scrapped. The change in other operating expenses in 2019 is attributable in particular to the rise in costs associated with energy savings certificates.
EDF has changed the presentation of its financial result to make it clearer and more intelligible. This change is applied retrospectively to the comparative figures for 2018, with the following consequences:
| (in millions of euros) | 2019 | 2018 | ||
|---|---|---|---|---|
| Income from investments(1) | Income from investments (1)20191,427 | Income from investments (1)20182,804 | ||
| Income from other securities and receivables related to fixed assets(2) | Income from other securities and receivables related to fixed assets (2)2019757 | Income from other securities and receivables related to fixed assets (2)2018607 | ||
| Interest and similar income and expenses: | Interest and similar income and expenses:2019(1,483) | Interest and similar income and expenses:2018(1,590) | ||
Expenses on long-term financial liabilities after hedging | Expenses on long-term financial liabilities after hedging (1,822) | Expenses on long-term financial liabilities after hedging (1,887) | ||
Other | Other 339 | Other 297 | ||
| Foreign exchange result | Foreign exchange result 2019(145) | Foreign exchange result 2018312 | ||
| Gains and losses on sales of marketable securities | Gains and losses on sales of marketable securities 2019(70) | Gains and losses on sales of marketable securities 2018(135) | ||
| Increases/Decreases in provisions and transfers of charges: | Increases/Decreases in provisions and transfers of charges:2019(2,187) | Increases/Decreases in provisions and transfers of charges:2018(3,754) | ||
Discount expense on employee benefits | Discount expense on employee benefits (614) | Discount expense on employee benefits (574) | ||
Discount expense on nuclear provisions (3) | Discount expense on nuclear provisions (3) (1,988) | Discount expense on nuclear provisions (3) (2,365) | ||
Provision on investment securities(4) | Provision on investment securities(4) 550 | Provision on investment securities(4) (604) | ||
Reversals from provisions, impairment and transfers of charges: | Reversals from provisions, impairment and transfers of charges: 485 | Reversals from provisions, impairment and transfers of charges: 301 | ||
| FINANCIAL RESULT | FINANCIAL RESULT2019(1,701) | FINANCIAL RESULT2018(1,756) |
(1) The change in dividends received principally concerns:
Enedis (€556 million in 2019 and €513 million in 2018);
C3 (the holding company which carries EDF Investissements Groupe) (€156 million in 2019 and €116 million in 2018);
EDF Holding (the holding company which carries EDF Trading) (€581 million in 2018, no equivalent in 2019);
PEI (€88 million in 2019 and €92 million in 2018);
EDF Immo (€241 million in 2019 and €130 million in 2018);
CTE (€157 million in 2019 and 2018);
EDEV (€38 million in 2019 and €926 million in 2018 including €740 million from the sale of Dunkerque LNG);
Dalkia (€90 million in 2018, no equivalent in 2019);
Framatome (€36 million in 2019, no equivalent in 2018).
(2) In 2019, this item includes income of €24 million (€46 million in 2018) for the cost of bearing the CSPE financial receivable.
(3) In 2019, the discount expense on nuclear provisions decreased, because the year-on-year decrease in the real discount rate was smaller than the previous year (the rate was 2.3% at 31 December 2019, 2.4% at 31 December 2018 and 2.6% at 31 December 2017).
(4) The change is principally due to favourable financial market trends in 2019, compared to unfavourable trends in 2019, mainly at the end of the year.
At 31 December 2019, exceptional items result in net income of €547 million. The main items are the following:
At 31 December 2018, exceptional items resulted in net income of €939 million. The main items were the following:
