The carrying value of inventories, broken down by nature, is as follows:
| 31/12/2021 | 31/12/2020 | |||||
|---|---|---|---|---|---|---|
| (in millions of euros) | Gross value | Provision | Net value | Gross value | Provision | Net value |
| Nuclear fuel | Nuclear fuel
10,938 |
Nuclear fuel 31/12/2021(459) |
Nuclear fuel
10,479 |
Nuclear fuel
10,564 |
Nuclear fuel 31/12/2020(33) |
Nuclear fuel
10,531 |
| Other fuel | Other fuel
1,255 |
Other fuel 31/12/2021(4) |
Other fuel
1 251 |
Other fuel
770 |
Other fuel 31/12/2020(42) |
Other fuel
728 |
| Other supplies | Other supplies
1,770 |
Other supplies 31/12/2021(402) |
Other supplies
1,368 |
Other supplies
1,660 |
Other supplies 31/12/2020(398) |
Other supplies
1,262 |
| Work-in-progress for production of goods and services | Work-in-progress for production of goods and services
615 |
Work-in-progress for production of goods and services 31/12/2021(38) |
Work-in-progress for production of goods and services
577 |
Work-in-progress for production of goods and services
469 |
Work-in-progress for production of goods and services 31/12/2020(33) |
Work-in-progress for production of goods and services
436 |
| Other inventories | Other inventories
2,540 |
Other inventories 31/12/2021(18) |
Other inventories
2,522 |
Other inventories
1 804 |
Other inventories 31/12/2020(23) |
Other inventories
1,781 |
| TOTAL INVENTORIES | TOTAL INVENTORIES 17,118 |
TOTAL INVENTORIES31/12/2021(921) | TOTAL INVENTORIES 16,197 |
TOTAL INVENTORIES 15,267 |
TOTAL INVENTORIES31/12/2020(529) | TOTAL INVENTORIES 14,738 |
The long-term portion (more than one year) mainly concerns nuclear fuel inventories amounting to €8,576 million at 31 December 2021 (8,068 million at 31 December 2020).
At 31 December 2021, provisions on nuclear fuel inventories include the effect of the early closure decision for Dungeness B in the United Kingdom (see note 7).
The change in inventories in 2021 is principally explained by the rise in prices, particularly for EDF Trading’s inventories, presented in “Other fuel” and “Other inventories” which are stated at market value (€1,068 million at 31 December 2021 and €300 million at 31 December 2020), and the increase over the year in stocks of energy savings certificates, presented in “Other inventories” (see note 5.4.3).
Trade receivables are initially recognised at the fair value of the consideration received or receivable, and subsequently carried at amortised cost or at fair value through OCI.
Trade receivables also include the value of unbilled receivables for energy already supplied, which are presented net of advances received from customers who pay in regular monthly instalments.
The Group applies IFRS 9’s simplified approach to measure expected credit losses on trade receivables, using provision matrices established on the basis of credit loss histories.
Details of net trade receivables are as follows:
| (in millions of euros) | Note | 31/12/2021 | 31/12/2020 |
|---|---|---|---|
| Trade receivables, gross value – excluding EDF Trading | Trade receivables, gross value – excluding EDF Trading Note
|
Trade receivables, gross value – excluding EDF Trading 31/12/202119,781 |
Trade receivables, gross value – excluding EDF Trading 31/12/202014,686 |
|
|
545 |
389 |
| Trade receivables, gross value – EDF Trading | Trade receivables, gross value – EDF Trading Note
|
Trade receivables, gross value – EDF Trading 31/12/20213 545 |
Trade receivables, gross value – EDF Trading 31/12/20201,036 |
| Impairment* | Impairment* Note
|
Impairment* 31/12/2021(1,091) |
Impairment* 31/12/2020(1,201) |
| TRADE RECEIVABLES – NET VALUE | TRADE RECEIVABLES – NET VALUENote
|
TRADE RECEIVABLES – NET VALUE31/12/202122,235 | TRADE RECEIVABLES – NET VALUE31/12/202014 521 |
*See note 1.4.3.
Most trade receivables mature within one year.
Advances received from customers in France who pay in regular monthly instalments, amounting to €7,071 million at 31 December 2021 (€6,782 million at 31 December 2020), are deducted from trade receivables.
The increase in the gross value of trade receivables in 2021 is principally explained by changes in market prices, amounting to €2.5 billion for EDF Trading and €5.1 billion for other Group subsidiaries including €2.3 billion for Edison (essentially relating to gas sales given the rise in market prices, and to a lesser extent the take-or-pay clauses included in some contracts).
