The other cash flows from financing activities (€ 123 million in 2018 and € 13 million in 2017) relate mainly to the receipt of margin calls on hedging instruments as part of Energy Services’ activities (€ 137 million in 2018 and € 17 million in 2017). The strong increase in 2018 is due to the increase of the CO2 emission rights price throughout the year (from € 8 per ton at the end of 2017 to € 25 per ton at the end of 2018).

For trading in futures of different commodities (CO2, power, gas, and coal), Energy Services uses brokers. These deals are subject to margin calls. To cover the credit risk of the counterparty, brokers pay a margin call to Solvay in case the instrument is in the money for Solvay. Vice versa if the instrument is out of the money for Solvay, Solvay pays a margin call to the brokers. The margin calls are presented as part of financial debt (see note F36 Net indebtedness). Cash flows from margin calls are recognized as financing cash flows that fluctuate with the fair value of the instrument. The actual settlement of these commodity derivatives is net of margin calls and the gross amount (including margin calls that are reclassified from financing cash flows) is recognized in operating cash flows.