Universal Registration Document 2020

At 31 December 2019

		2019
(in millions of euros)	Notes	Gross	Income	Non-controlling	EDF net
Net income	Net income	Net income 2019			5,155
Changes in the fair value of debt and equity instruments⁽¹⁾	Changes in the fair value of debt and equity instruments ⁽¹⁾ 8.3	Changes in the fair value of debt and equity instruments ⁽¹⁾ 2019 (2,703)	923	-	(1,780)
Net changes in fair value on Energy and Commodity derivatives, excluding trading activities	Net changes in fair value on Energy and Commodity derivatives, excluding trading activities 6	Net changes in fair value on Energy and Commodity derivatives, excluding trading activities 2019 (642)	152	-	(490)
Impairment	Impairment	Impairment 2019 989	(70)	(36)	883
impairment of fixed assets	impairment of fixed assets 10.8.1 and 10.8.2	impairment of fixed assets 2019 403	(70)	(23)	310
impairment of investments in associates and joint ventures	impairment of investments in associates and joint ventures 12.3	impairment of investments in associates and joint ventures 2019 73	-	-	73
impairment of Edison’s E&P operations (application of IFRS 5)	impairment of Edison’s E&P operations (application of IFRS 5) 3.2.2	impairment of Edison’s E&P operations (application of IFRS 5) 2019 513	-	(13)	500
Other items	Other items	Other items 2019 269	(172)	6	103
other operating income and expenses⁽²⁾	other operating income and expenses⁽²⁾ 7	other operating income and expenses⁽²⁾ 2019 185	(144)	6	47
accelerated depreciation of thermal power plants in France	accelerated depreciation of thermal power plants in France 10.3	accelerated depreciation of thermal power plants in France 2019 141	(49)	-	92
other	other	other 2019 (57)	21	-	(36)
NET INCOME EXCLUDING NON-RECURRING ITEMS	NET INCOME EXCLUDING NON-RECURRING ITEMS	NET INCOME EXCLUDING NON-RECURRING ITEMS 2019			3,871

(1) Including fair value hedges of dedicated assets and changes in the fair value of debt and equity instruments comprised in investments in associates and joint ventures.

(2) In 2019 other income and expenses principally comprised the €(30) million cost of the ERO employee shareholding offer, restructuring expenses in certain entities, and other operations of non-significant amounts individually.

19.2 Net indebtedness

Net indebtedness comprises total loans and financial liabilities, less cash and cash equivalents and liquid assets. 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.

Net indebtedness are as follows:

(in millions of euros)	Notes	31/12/2020	31/12/2019
Loans and other financial liabilities	Loans and other financial liabilities Notes 18.3.2	Loans and other financial liabilities 31/12/2020 65,591	Loans and other financial liabilities 31/12/2019 67,380
Derivatives used to hedge liabilities	Derivatives used to hedge liabilities Notes 18.7.1	Derivatives used to hedge liabilities 31/12/2020 (1,986)	Derivatives used to hedge liabilities 31/12/2019 (3,387)
Cash and cash equivalents	Cash and cash equivalents Notes 18.2	Cash and cash equivalents 31/12/2020 (6,270)	Cash and cash equivalents 31/12/2019 (3,934)
Debt and equity securities – liquid assets	Debt and equity securities – liquid assets Notes 18.1.2	Debt and equity securities – liquid assets 31/12/2020 (15,028)	Debt and equity securities – liquid assets 31/12/2019 (18,900)
Net indebtedness of assets held for sale	Net indebtedness of assets held for sale Notes 3.2.1	Net indebtedness of assets held for sale 31/12/2020 (17)	Net indebtedness of assets held for sale 31/12/2019 (26)
NET INDEBTEDNESS	NET INDEBTEDNESS Notes	NET INDEBTEDNESS31/12/202042,290	NET INDEBTEDNESS 31/12/2019 41,133

The Group’s net indebtedness amounts to €42,290 million at 31 December 2020 (€41,133 million at 31 December 2019). The ratio of net indebtedness to operating profit before depreciation and amortisation at 31 December 2020 is 2.61.