| (in millions of euros) | 31/12/2021 | Net increases | Discount effect | Changes in scope | Translation adjustments | Other | 31/12/2022 |
|---|---|---|---|---|---|---|---|
| Loans and financial receivables |
Loans and financial receivables 31/12/202120,732 |
Loans and financial receivables Net increases(581) |
Loans and financial receivables Discount effect- |
Loans and financial receivables Changes in scope4 |
Loans and financial receivables Translation adjustments(920) |
Loans and financial receivables Other(2,673) |
Loans and financial receivables 31/12/202216,562 |
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, reflecting the higher discount rates used.
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) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Cash |
Cash 31/12/202210,261 |
Cash 31/12/20219,178 |
| Cash equivalents |
Cash equivalents 31/12/2022687 |
Cash equivalents 31/12/2021741 |
| CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS31/12/202210,948 | CASH AND CASH EQUIVALENTS31/12/20219,919 |
Cash and cash equivalents include €566 million of cash subject to restrictions at 31 December 2022 (€198 million at 31 December 2021) (see note 1.3.5).
Accounting principles and methods
Loans and other financial liabilities are carried at amortised cost, adjusted for changes in the value of the risks hedged when they are covered by a fair value hedge (see note 18.7). Interest expenses are calculated at the effective interest rate and recorded in the income statement in “Cost of gross financial indebtedness” over the duration of the loan or financial liability.
Current and non-current financial liabilities break down as follows:
| 31/12/2022 | 31/12/2021 | |||||
|---|---|---|---|---|---|---|
| (in millions of euros) | Non-current | Current | Total | Non-current | Current | Total |
| Loans and other financial liabilities | 67,340 | 28,713 | 96,053 | 54,334 | 15,072 | 69,406 |
| Trading derivatives – negative fair value (1) | - | 28,884 | 28,884 | - | 22,027 | 22,027 |
| Hedging derivatives – negative fair value (1) | 3,718 | 14,247 | 17,965 | 2,209 | 7,915 | 10,124 |
| FINANCIAL LIABILITIES | 71,058 | 71,844 | 142,902 | 56,543 | 45,014 | 101,557 |
(1)See note 18.7.
The increase in the negative fair value of trading derivatives (+€6.9 billion) is explained by the increase in prices observed on the commodity markets in 2022, and to a lesser extent the increase in volumes contracted.
