| Maturity | Gross value at | ||||
|---|---|---|---|---|---|
| (in millions of euros) | < 1 year | 1-5 years | > 5 years | 31/12/2022 | Gross value at 31/12/2021 |
| Liabilities | |||||
| Bonds | 2,000 | 11,725 | 34,489 | 48,214 | 47,572 |
| Borrowings from financial institutions | 350 | 15,875 | 1,450 | 17,675 | 1,391 |
| Other borrowings | 19,953 | 6 | 1 | 19,960 | 6,812 |
| Other financial liabilities: | |||||
|
- | 5 | 22 | 27 | 26 |
|
6,237 | 400 | - | 6,637 | 1,697 |
| Financial liabilities (see note 31) | 28,540 | 28,011 | 35,962 | 92,513 | 57,498 |
| Advances and progress payments received (1) | 8,164 | - | - | 8,164 | 7,499 |
| Trade payables and related accounts (2) | 16,690 | - | 53 | 16,743 | 10,996 |
| Tax and social security liabilities (3) | 6,697 | - | - | 6,697 | 8,630 |
| Liabilities related to fixed assets and related accounts | 2,244 | - | - | 2,244 | 2,070 |
| Other liabilities (4) | 25,374 | 4 | 3,157 | 28,535 | 18,619 |
| Operating, investment and other liabilities | 51,005 | 4 | 3,210 | 54,219 | 40,315 |
| Cash instruments (5) | 2,739 | 889 | 806 | 4,434 | 4,239 |
| Deferred income (6) | 533 | 926 | 1,490 | 2,949 | 3,075 |
| TOTAL LIABILITIES | 90,981 | 29,830 | 41,468 | 162,279 | 112,626 |
(1) Advances and progress payments received principally include monthly standing order payments by EDF’s residential and business customers, amounting to €7,423 million at 31 December 2022 (€7,071 million at 31 December 2021).
(2) The increase in 2022 mainly concerns liabilities payable to EDF Trading, in a context of rising prices.
(3) At 31 December 2022, this item includes an amount of €60 million for the TICFE-CSPE to be collected on energy delivered but not yet billed (€1,457 million at 31 December 2021). The difference is explained by the decrease in the TICFE-CSPE rate applied since 1 February 2022 for all consumers on regulated-tariff and market-price contracts, as part of the French government’s tariff cap measures (see note 3.1).
(4) Mainly the amount of current accounts, underwriting and cash pooling agreements with subsidiaries. At 31 December 2022, other liabilities also include a liability of €6,074 million relating to the CSPE compensation for public energy service charges, compared to €294 million at 31 December 2021.
(5) Cash instruments notably include unrealised losses on foreign exchange instruments, and all credit balances for EDF’s margin calls on derivatives and transfers of securities under repurchase agreements with banking partners (€1,734 million at 31 December 2022, compared to €2,691 million at 31 December 2021).
(6) Deferred income at 31 December 2022 comprises the partner advances made to EDF under nuclear plant financing plans and the associated long-term contracts, amounting to €1,777 million (€1,746 million in 2021). Deferred income on long-term contracts also includes the advance paid to EDF in 2010 under the agreement with the Exeltium consortium. This advance is transferred to the income statement progressively on a straight-line basis over the term of the contract. Deferred income also includes the initial payment under the Fessenheim compensation protocol received on 14 December 2020, which is recognised as income in profit and loss as and when the expenses are incurred.
The amount of expenses to be compensated to EDF for 2022 is €808 million, compared to €5,472 million for 2021. Public service charges to be covered in connection with purchase obligations decreased significantly and became negative in 2022 because of very high market prices, which were generally well above the purchase obligation cost for EDF. However, the public service charges to be covered in 2022 include an amount of €1,571 million to cover the sales revenue shortfall caused by the cap on sale prices to final customers introduced by the French authorities through the electricity and gas tariff caps (see note 3.1).
The amounts received in 2022 out of the State’s General Budget totalled €6,602 million (this includes a payment of €141 million for forecast 2022 expenses relating to the gas tariff cap).
This compensation received from the State in 2022 was defined in the Finance Law for 2022 based on 2021 market prices, and was thus ultimately much higher than the public service charges to be covered for 2022.
At 31 December 2022, EDF therefore recognised an operating liability of €6,074 million payable to the State (€294 million at 31 December 2021).
The compensation mechanism for public energy service charges in France is presented in note 4.
