The breakdown of loans and other financial liabilities by type of interest rate includes the effect of derivatives classified as hedges under IFRS 9.
Floating-rate loans indexed on the LIBOR USD that have not yet been “switched” to the interbank interest rate benchmark reform (see note 1.2.1) amount to a total
€224 million before derivatives, and €17 million including the effect of derivatives.
| 31/12/2021 | |||||
|---|---|---|---|---|---|
| Initial debt structure | Impact of hedging instruments | Debt structure after hedging | |||
| (in millions of euros) | amount | % of debt | amount | amount | % of debt |
| Fixed rates | 64,335 | 93% | (15,434) | 48,901 | 70% |
| Floating rates | 5,071 | 7% | 15 434 | 20,505 | 30% |
| LOANS AND OTHER FINANCIAL LIABILITIES | 69,406 | 100% | - | 69,406 | 100% |
| 31/12/2020 | |||||
|---|---|---|---|---|---|
| Initial debt structure |
Impact of hedging instruments |
Debt structure after hedging | |||
| (en millions d’euros) | amount | % of debt | amount | amount | % of debt |
| Fixed rates | 60,667 | 92% | (15,217) | 45,450 | 69% |
| Floating rates | 4,924 | 8% | 15,217 | 20,141 | 31% |
| LOANS AND OTHER FINANCIAL LIABILITIES | 65,591 | 100% | - | 65,591 | 100% |
A large portion of the EDF group’s fixed-rate loans is swapped to variable rates.
Project financing loans to EDF Renewables from non-Group parties generally include early repayment clauses, mainly applicable when the project company concerned fails to maintain a minimum Debt Service Coverage Ratio (DSCR). In general, early repayment clauses are activated when this ratio falls below 1.
In other Group entities, certain clauses contained in contracts for financing or other commitments may make reference to Group ratings but are not classified as covenants.
Four borrowings with a combined total of €1,150 million contain a rendez-vous clause requiring contact between the borrower and lender if the borrower’s rating falls below a specified level, possibly leading to renegotiation of the terms of the loan.
No early repayment took place in 2021 as a result of any Group entity’s failure to comply with contractual clauses concerning loans.
In 2019, EDF signed 3 renewable credit lines, each one for €300 million, respectively with BBVA, the Crédit Agricole group and Société Générale CIB.
These three credit facilities incorporate an adjustment mechanism that links their cost to three of the Group’s sustainability KPIs: direct CO2 emissions, use of online consumption monitoring tools by its French residential customers (as a proxy for EDF’s success in getting French residential customers actively engaged with their energy consumption), and electrification of its light vehicle fleet.
On 30 October 2020 EDF and Standard Chartered Bank signed a €200 million renewable credit facility. The cost of this facility will be indexed on three EDF group sustainability KPIs: EDF’s direct CO2 emissions, electrification of its light vehicle fleet, and use of online consumption monitoring tools by its French residential customers (see note 20.3.3).
On 23 December 2021 EDF announced the syndication of a new €1.5 billion revolving credit facility with an initial maturity of three years. The cost of this facility will be indexed on four Group ESG KPIs, with a particular focus on its social responsibility.
This new credit line, in which 9 European and North American relationship banks are participating, reaffirms the central role of sustainable finance tools in EDF’s financing strategy.
At 31 December 2021, the Group has unused credit lines with various banks totalling €13,039 million (€11,110 millions at 31 December 2020), including €9,348 million of credit lines indexed on ESG criteria.
| 31/12/2021 | 31/12/2020 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in millions of euros) | Total | < 1 year | 1-5 years | > 5 years | Total |
| CONFIRMED CREDIT LINES | 13,039 | 1,719 | 10,899 | 421 | 11,110 |
