Universal Registration Document 2021

18.1.3 Loans and financial receivables

Loans and financial receivables consist of the following:

(in millions of euros)	31/12/2021	31/12/2020
(in millions of euros) Amounts receivable from the NLF	31/12/2021 15,986	31/12/2020 13,034
(in millions of euros) Loans and financial receivables – other	31/12/2021 4,746	31/12/2020 3,271
(in millions of euros)LOANS AND FINANCIAL RECEIVABLES	31/12/202120,732	31/12/202016,305

At 31 December 2021 loans and financial receivables mainly include:

amounts representing reimbursements receivable from the Nuclear Liabilities Fund (NLF) and the British government for coverage of long-term nuclear obligations, totalling €15,986 million at 31 December 2021 (€13,034 million at 31 December 2020), discounted at the same rate as the provisions they finance (see note 15.2);
other loans and financial receivables notably include:

the overfunding of EDF Energy’s EDFG pension scheme by €2,733 million at 31 December 2021, compared to €1,725 million at 31 December 2020 (see note 16.1.1),
an amount of €282 million representing the advance payments made by Luminus to Synatom to cover long-term nuclear obligations (€263 million at 31 December 2020 and see note 15.3). In Luminus’ financial statements these amounts are discounted at the same rate as the provisions they fund. This receivable is equal to the fair value of the amounts held by Synatom on behalf of Luminus as fund assets,
loans made by EDF Renewables in the course of its project development activity, mainly in connection with wind farms in France, the United Kingdom and North America, amounting to €525 million at 31 December 2021 compared to €382 million at 31 December 2020.

Changes in loans and financial receivables

(in millions of euros)	31/12/2020	Net increases	Discount effect	Changes in scope	Translation adjustments	Other	31/12/2021
(in millions of euros)Loans and financial receivables	31/12/202016,305	Net increases137	Discount effect943	Changes in scope(19)	Translation adjustments 1,140	Other 2,226	31/12/2021 20,732

Other changes in loans and financial receivables principally correspond to the changes in the receivable representing amounts reimbursable by the Nuclear Liabilities Fund (NLF) and the British government, and the surplus funding of EDF Energy’s EDFG pension scheme.

18.2 Cash and cash equivalents

Accounting principles and methods

Cash and cash equivalents comprise immediately available liquidities and very short-term investments that are readily convertible (e.g. in monetary funds) into a known amount of cash, usually maturing within three months or less of the acquisition date, and with negligible risk of fluctuation in value.

These items are held to cover short-term obligations rather than for short-term investments or other purposes. When they mature in more than 3 months, they are included in Liquid assets in Debt and equity securities (see note 18.1.2).

“Cash equivalents” are recorded at fair value, with changes in fair value included in the heading “Other financial income and expenses”.

Cash and cash equivalents include the following amounts recorded in the balance sheet:

(in millions of euros)	31/12/2021	31/12/2020
(in millions of euros) Cash	31/12/2021 9,178	31/12/2020 5,832
(in millions of euros) Cash equivalents	31/12/2021 741	31/12/2020 438
(in millions of euros)CASH AND CASH EQUIVALENTS	31/12/20219,919	31/12/20206,270

Cash restrictions

Cash and cash equivalents include €198 million of cash subject to restrictions at 31 December 2021 (€242 million at 31 December 2020) (see note 1.3.5).