When it can be demonstrated that the Group has transferred substantially all the risks and benefits related to assignment of receivables, particularly the credit risk, the items concerned are derecognised.
Otherwise, the operation is considered as a financing operation, and the receivables remain in the balance sheet assets, with recognition of a corresponding financial liability.
| (in millions of euros) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Trade receivables assigned and wholly retained in the balance sheet | Trade receivables assigned and wholly retained in the balance sheet 31/12/2022324 |
Trade receivables assigned and wholly retained in the balance sheet 31/12/2021 340 |
| Trade receivables assigned and partly retained in the balance sheet | Trade receivables assigned and partly retained in the balance sheet 31/12/2022- |
Trade receivables assigned and partly retained in the balance sheet 31/12/2021 - |
| Trade receivables assigned and wholly derecognised | Trade receivables assigned and wholly derecognised 31/12/20222,470 |
Trade receivables assigned and wholly derecognised 31/12/2021 1,456 |
The Group assigned trade receivables for a total of €2,470 millions at 31 December 2022, mainly concerning Edison, EDF, Dalkia and Luminus (€1,456 million at 31 December 2021).
As most assignment operations are carried out on a recurrent, without-recourse basis, the corresponding receivables are no longer carried in the Group’s consolidated balance sheet.
Contract assets are rights held by an entity to receive a consideration in return for goods or services supplied to customers, when such rights are conditional on something other than the passage of time. Most contract assets mature within one year.
The contract assets included in receivables represent an amount of €441 million at 31 December 2022 and €545 million at 31 December 2021 and mainly concern Framatome, Dalkia and EDF Renewables.
Details of other receivables are as follows:
| (in millions of euros) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Prepaid expenses | Prepaid expenses 31/12/20221,592 |
Prepaid expenses 31/12/20211,485 |
| VAT receivables | VAT receivables 31/12/20221,968 |
VAT receivables 31/12/20212,051 |
| Other tax receivables | Other tax receivables 31/12/2022274 |
Other tax receivables 31/12/2021348 |
| Other operating receivables | Other operating receivables 31/12/202213,496 |
Other operating receivables 31/12/202114,405 |
| OTHER RECEIVABLES | OTHER RECEIVABLES31/12/202217,330 | OTHER RECEIVABLES31/12/202118,289 |
| Non-current portion | Non-current portion 31/12/20222,165 |
Non-current portion 31/12/20212,092 |
| Current portion | Current portion 31/12/202215,165 |
Current portion 31/12/202116,197 |
| Gross value | Gross value 31/12/202217,390 |
Gross value 31/12/202118,344 |
| Impairment | Impairment 31/12/2022(60) |
Impairment 31/12/2021(55) |
At 31 December 2022, other operating receivables include €5.2 billion of margin calls made in the trading activity (€9.8 billion in 2021). The decrease in this item is due to collateral being replaced by letters of credit. The amounts of margin calls recognised in assets cannot be netted with the margin calls recognised in liabilities (see note 13.5). Other receivables also include the €1,723 million receivable from RTE, corresponding to transfers of interconnection income following the CRE’s decision 2022-296 of 17 November 2022, confirmed by decision 2023-50 of 31 January 2023 (see note 5.1.1).
Other operating receivables also include €3,234 million of advances paid to suppliers (€1,274 million at 31 December 2021). Most of these advances concern nuclear fuel supply contracts in the France – Generation and Supply segment.
| (in millions of euros) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Trade payables – excluding EDF Trading | Trade payables – excluding EDF Trading 31/12/202216,001 |
Trade payables – excluding EDF Trading 31/12/202114,041 |
| Trade payables – EDF Trading | Trade payables – EDF Trading 31/12/20227,283 |
Trade payables – EDF Trading 31/12/20215,524 |
| TRADE PAYABLES | TRADE PAYABLES31/12/202223,284 | TRADE PAYABLES31/12/202119,565 |
The increase in 2022 in trade payables excluding EDF Trading is mainly explained by changes in market prices, and therefore concerns various Group entities.
The Group has a reverse factoring programme allowing suppliers to transfer their receivables on EDF to a factoring company, at their own initiative. For the Group, this programme does not cause any change in the substance and features of the receivables held by suppliers on EDF. In particular it does not affect the sequences of operating cash flows. The associated liabilities are therefore included in “trade payables” in the Group’s financial statements.
