(in millions of euros) | 2020 | 2019 |
|---|---|---|
Instruments not classified as hedges | Instruments not classified as hedges 2020
| Instruments not classified as hedges 2019
|
Interest rate instruments* | Interest rate instruments* 2020 141 | Interest rate instruments* 2019 160 |
Forex instruments | Forex instruments 2020 (274) | Forex instruments 2019 239 |
Instruments classified as hedges | Instruments classified as hedges 2020
| Instruments classified as hedges 2019
|
Interest rate instruments | Interest rate instruments 2020 710 | Interest rate instruments 2019 735 |
Forex instruments | Forex instruments 2020 (118) | Forex instruments 2019 359 |
* 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 2020 as calculated by EDF is as follows:
(in millions of euros) | Book value | Fair value |
|---|---|---|
Interest rate hedges | Interest rate hedges Book value
| Interest rate hedges Fair value
|
|
157 |
2,720 |
Exchange rate hedges | Exchange rate hedges Book value
| Exchange rate hedges Fair value
|
|
227 |
248 |
|
(1,032) |
(1,668) |
Commodity hedges | Commodity hedges Book value
| Commodity hedges Fair value
|
|
- |
(6) |
|
- |
(13) |
TOTAL | TOTAL Book value(648) | TOTAL Fair value1,281 |
At 31 December 2020, 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 | 31/12/2020 | 31/12/2019 |
| Off-balance sheet commitments given | Off-balance sheet commitments given Maturity 12,939 | Off-balance sheet commitments given 18,850 | Off-balance sheet commitments given 10,997 | 10,469 | 53,255 | 54,725 |
| Operating commitments | Operating commitments Maturity 6,593 | Operating commitments 13,270 | Operating commitments 10,596 | 6,325 | 36,784 | 37,942 |
|
Maturity 3,262 |
9,824 |
7,825 | 6,172 | 27,083 | 29,081 |
|
Maturity 3,331 |
3,446 |
2,771 | 153 | 9,701 | 8,861 |
| Investment commitments | Investment commitments Maturity 2,815 | Investment commitments 3,325 | Investment commitments 387 | 99 | 6,626 | 7,640 |
| Financing commitments | Financing commitments Maturity 3,531 | Financing commitments 2,255 | Financing commitments 14 | 4,045 | 9,845 | 9,143 |
| Off-balance sheet commitments received | Off-balance sheet commitments received Maturity 2,743 | Off-balance sheet commitments received 9,472 | Off-balance sheet commitments received 458 | 657 | 13,330 | 13,053 |
| Operating commitments | Operating commitments Maturity 1,248 | Operating commitments 885 | Operating commitments 458 | 257 | 2,848 | 2,982 |
| Investment commitments | Investment commitments Maturity - | Investment commitments - | Investment commitments - | - | - | - |
| Financing commitments | Financing commitments Maturity 1,495 | Financing commitments 8,587 | Financing commitments - | 400 | 10,482 | 10,071 |
