| (in millions of euros) | 2019 | 2018 |
|---|---|---|
| Instruments not classified as hedges | ||
| Interest rate instruments* | Interest rate instruments *2019160 | Interest rate instruments *2018114 |
| Forex instruments | Forex instruments 2019239 | Forex instruments 2018156 |
| Instruments classified as hedges | ||
| Interest rate instruments | Interest rate instruments 2019735 | Interest rate instruments 2018647 |
| Forex instruments | Forex instruments 2019359 | Forex instruments 2018172 |
* Including interest on swaps.
The fair value of currency and interest rate swaps was calculated by discounting future cash flows using year-end market exchange and interest rates, over the remaining term of the contracts (market value includes accrued interest).
The book value of off-balance sheet derivatives includes accrued interest, equalisation payments and premiums paid or received, plus translation adjustments, which are already booked in EDF’s accounts. The difference between book value and market value is the unrealised gain or loss.
The fair value of derivative financial instruments reported off-balance sheet at 31 December 2019 as calculated by EDF is as follows:
| (in millions of euros) | Book value | Fair value |
|---|---|---|
| Interest rate hedges | ||
Interest rate swaps | Interest rate swaps Book value146 | Interest rate swaps Fair value2,241 |
| Exchange rate hedges | ||
Forward exchange transactions and currency swaps | Forward exchange transactions and currency swaps Book value(20) | Forward exchange transactions and currency swaps Fair value38 |
Cross-currency swaps | Cross-currency swaps Book value1,190 | Cross-currency swaps Fair value906 |
| Commodity hedges | ||
Coal | Coal Book value- | Coal Fair value39 |
Oil products | Oil products Book value- | Oil products Fair value2 |
| TOTAL | TOTALBook value1,316 | TOTALFair value3,226 |
At 31 December 2019, off-balance sheet commitments related to operations, financing and investments (other than electricity supply commitments and partnership agreements) comprise the following:
| Maturity | ||||||
|---|---|---|---|---|---|---|
| (in millions of euros) | < 1 year | 1–5 years | 5–10 years | > 10 years | 31/12/2019 | 31/12/2018 |
| Off-balance sheet commitments given | Off-balance sheet commitments givenMaturity12,807 | Off-balance sheet commitments given 18,845 | Off-balance sheet commitments given 11,904 | 11,169 | 54,725 | 53,865 |
| Operating commitments | Operating commitmentsMaturity6,008 | Operating commitments 13,509 | Operating commitments 10,936 | 7,489 | 37,942 | 40,081 |
Commitments related to fuel and energy purchases | Commitments related to fuel and energy purchases Maturity3,034 | Commitments related to fuel and energy purchases 10,405 | Commitments related to fuel and energy purchases 8,352 | 7,290 | 29,081 | 32,232 |
Other operating commitments | Other operating commitments Maturity2,974 | Other operating commitments 3,104 | Other operating commitments 2,584 | 199 | 8,861 | 7,849 |
| Investment commitments | Investment commitmentsMaturity3,049 | Investment commitments 3,959 | Investment commitments 459 | 173 | 7,640 | 6,902 |
| Financing commitments | Financing commitmentsMaturity3,750 | Financing commitments 1,377 | Financing commitments 509 | 3,507 | 9,143 | 6,882 |
| Off-balance sheet commitments received | Off-balance sheet commitments receivedMaturity2,238 | Off-balance sheet commitments received 9,955 | Off-balance sheet commitments received 602 | 258 | 13,053 | 13,268 |
| Operating commitments | Operating commitmentsMaturity1,234 | Operating commitments 888 | Operating commitments 602 | 258 | 2,982 | 2,941 |
| Investment commitments | Investment commitmentsMaturity- | Investment commitments - | Investment commitments - | - | - | 31 |
| Financing commitments | Financing commitmentsMaturity1,004 | Financing commitments 9,067 | Financing commitments - | - | 10,071 | 10,296 |
