Universal Registration Document 2021

6. Financial statements

18.1.2 Debt and equity securities
Details of debt and equity securities

Financial assets are monitored and managed by the Group with two main objectives:

  • dedicated assets set aside in France for secure financing of nuclear plant decommissioning expenses and long-term storage expenses for radioactive waste, as required by Article L. 594 of France’s Environment Code. These assets consist of diversified investments in bonds, monetary and equity investment funds, and equity investments held by EDF Invest. The general management policy for dedicated assets and a breakdown of the portfolio is presented in note 15.1.2;
  • assets managed according to a liquidity-oriented policy (“liquid assets”). These are financial assets consisting of funds or interest rate instruments with initial maturity of over three months that are readily convertible into cash. EDF’s monetary investment funds included in liquid assets amount to €2,597 million at 31 December 2021 (€2,441 million at 31 December 2020).

Details of debt and equity securities are shown in the table below:

  31/12/2021 31/12/2020
(in millions of euros) At fair value through OCI with recycling At fair value through OCI with no recycling At fair value through profit and loss Total Total
Debt and equity securities          
EDF dedicated assets 6,299 - 24,714 31,013 28,398
Liquid assets 9,927 - 2,810 12,737 15,028
Other assets* 103 290 700 1,093 939
TOTAL 16,329 290 28,224 44,843 44,365

* Investments in non-consolidated companies.

Changes in debt and equity securities
(in millions of euros) 31/12/2020 Net increases  Changes in fair value Changes in scope Translation adjustments Other 31/12/2021
(in millions of euros)

Instruments at fair value through OCI with recycling

 31/12/2020

18,740

 Net increases

(2,357)

  Changes in fair value

(276)

 Changes in scope

7

 Translation adjustments

178

 Other

37

 31/12/2021

16,329
(in millions of euros)

Instruments at fair value through OCI with no recycling

 31/12/2020

262

 Net increases

6

  Changes in fair value

16

 Changes in scope

1

 Translation adjustments

1

 Other

4

 31/12/2021

290
(in millions of euros)

Instruments at fair value through profit and loss

 31/12/2020

25,363

 Net increases

(338)

  Changes in fair value

3 200

 Changes in scope

55

 Translation adjustments

15

 Other

(71)

 31/12/2021

28,224
(in millions of euros)TOTAL DEBT AND EQUITY SECURITIES 31/12/202044,365 Net increases(2,689)  Changes in fair value2,940 Changes in scope63 Translation adjustments194 Other(30) 31/12/202144,843
Changes in fair value recorded in equity

Changes in the fair value of debt and equity securities were recorded in equity (EDF share) over the period as follows:

    2021     2021  
(in millions of euros) Gross changes in fair value recorded in OCI with recycling (1) Gross changes in fair value recorded in OCI with no recycling (1) Gross changes in fair value recycled to profit and loss (2) Gross changes in fair value recorded in OCI with recycling (1) Gross changes in fair value recorded in OCI with no recycling (1) Gross changes in fair value recycled to profit and loss (2)
EDF dedicated assets (202) - 42 224 - 162
Liquid assets (81) - 21 (29) - 13
Liquid assets - 15 - - (34) -
DEBT AND EQUITY SECURITIES (3) (283) 15 63 195 (34) 175

(1) +/(): increase/(decrease) in equity (EDF share).

(2) +/(): increase/(decrease) in income (EDF share).

(3) Excluding associates and joint ventures.

In 2021, gross changes in fair value recorded in OCI with recycling principally concern EDF (€(346) million, including €(244) million for dedicated assets). In 2020, gross changes in fair value recorded in OCI with recycling principally concern EDF (€20 million, including €62 million for dedicated assets).

No significant impairment was recorded in 2021.