Trade receivables are initially stated at nominal value.
They also include the value of unbilled receivables for energy already supplied.
A write-down is recorded when, based on the probability of recovery assessed according to the type of receivable, the recoverable amount of receivables falls below their book value. Depending on the nature of the receivable, the risk associated with doubtful receivables is assessed individually or by reference to provision matrices based on credit loss histories. EDF does not bear the risks of non-payment for the delivery portion of these receivables, which is borne by Enedis.
The table below shows a breakdown of other current assets and cash by maturity:
| Liquidity | Gross value at | ||||
|---|---|---|---|---|---|
| (in millions of euros) | < 1 year | 1-5 years | > 5 years | 31/12/2022 | Gross value at 31/12/2021 |
| Advances and progress payments on orders | 419 | 89 | 219 | 727 | 719 |
|
|||||
| Amounts billed | 2,689 | - | - | 2,689 | 2,532 |
| Unbilled receivables (1) | 18,676 | - | - | 18,676 | 16,816 |
|
5,290 | 57 | 241 | 5,588 | 4,850 |
| Total operating receivables | 26,655 | 57 | 241 | 26,953 | 24,198 |
| Cash instruments (3) | 3,305 | 297 | 1 | 3,603 | 2,529 |
| Cash and cash equivalents | 6,810 | - | - | 6,810 | 8,397 |
| Prepaid expenses | 398 | 267 | 424 | 1,089 | 1,015 |
| TOTAL CURRENT ASSETS | 37,587 | 710 | 885 | 39,182 | 36,858 |
(1) This item mainly concerns receivables for energy supplied and not billed, which remained stable compared to 2021. The increase in 2022 mostly relates to receivables on EDF Trading (electricity and gas) in a context of significant price rises.
(2) Including €2,698 million of receivables on the State related to taxes other than income taxes in 2022 (€3,464 million in 2021).
(3) This corresponds to unrealised gains on foreign exchange instruments, and on all debit balances relating to EDF’s margin calls on derivatives and transfers of securities to its banking partners under repurchase agreements (€108 million in 2022, €36 million in 2021).
Marketable securities are initially recorded as assets at acquisition cost, and restated at the lower of historical cost or present value at year-end.
For listed securities, the present value is equal to the year-end stock market price. For unlisted securities, the market value is the probable trading value taking the Company’s growth prospects into consideration.
Provisions are recorded to fully cover any unrealised losses, without netting against unrecorded unrealised gains.
Gains and losses on sales of marketable securities are valued using the FIFO (first in first out) method.
Details of marketable securities are as follows:
| (in millions of euros) | 31/12/2022 | 31/12/2021 | Variation |
|---|---|---|---|
| Investment funds |
Investment funds 31/12/2022 1,115 |
Investment funds 31/12/20212,598 |
Investment funds Variation(1,483) |
| Short-term negotiable debt instruments in Euros and foreign currencies (1) |
Short-term negotiable debt instruments in Euros and foreign currencies (1)31/12/2022 - |
Short-term negotiable debt instruments in Euros and foreign currencies (1)31/12/202150 |
Short-term negotiable debt instruments in Euros and foreign currencies (1)Variation(50) |
| Shares received as guarantees |
Shares received as guarantees 31/12/2022 - |
Shares received as guarantees 31/12/2021408 |
Shares received as guarantees Variation(408) |
| Bonds (2) |
Bonds (2)31/12/2022 17,236 |
Bonds (2)31/12/20217,500 |
Bonds (2)Variation9,736 |
| Accrued interest and other marketable securities |
Accrued interest and other marketable securities 31/12/2022 96 |
Accrued interest and other marketable securities 31/12/202149 |
Accrued interest and other marketable securities Variation47 |
| Total gross value |
Total gross value 31/12/2022 18,447 |
Total gross value31/12/202110,605 | Total gross valueVariation7,842 |
| Provisions |
Provisions 31/12/2022 (730) |
Provisions 31/12/2021(20) |
Provisions Variation(710) |
| TOTAL NET VALUE |
TOTAL NET VALUE 31/12/2022 17,717 |
TOTAL NET VALUE31/12/202110,585 | TOTAL NET VALUEVariation7,132 |
(1) The portion allocated to dedicated assets was nil at 31 December 2022 (€50 million at 31 December 2021) (see note 26.6.5).
(2) The increase in the bond portfolio results from purchases following the arrangement of bank loans which have been partly invested in public and private bonds offering positive returns, well above those offered by monetary investments (investment funds and short-term negotiable debt instruments). Holding bonds provides access to liquidities through repurchase agreement.
