EDF / 2018 Reference document

FINANCIAL STATEMENTS Operating assets and liabilities, equity

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES NOTE 23

Investments in associates and joint ventures are as follows:

31/12/2018 Share of net income

31/12/2017 Share of net income

Principal activity (1)

Ownership %

Share of net equity

Share of net equity

(in millions of euros)

Principal investments in associates CTE (2)

O G G

50.10 49.99 30.00 25.04

1,406 1,667

283 102 n.c. (41) n.c. 569

1,241 1,494 1,122

249

CENG

(316)

Taishan (TNPJVC) (3)

n.c

(17)

Alpiq (4)

G, D, O, T

622 n.c.

602

25 94 35

Other investments in associates and joint ventures

2,790 7,249

8,287

TOTAL

= not communicated n.c. G= generation, D= distribution, T = transmission, O = other. (1) At 31 December 2018, this corresponds to a 50.1% interest in CTE (the joint venture holding RTE’s shares – see note 3.11.3). (2) In 2017, by convention, the share of net income presented comprises 100% of RTE’s net income for the first quarter of 2017 and 50.1% of the CTE subgroup’s net income for the rest of the year 2017. The financial data for Taishan at 31 December 2018 are not reported in this table as CGN (Taishan’s parent company) publishes its consolidated financial (3) statements later than the Group. As Alpiq publishes its consolidated financial statements after the Group, the figures above include an estimate for net income at 31 December 2018 (including the (4) final results published by Alpiq in August 2018).

6.

Other investments in associates and joint ventures principally concern Nam Theun Power Company (NTPC), Compagnie Énergétique de Sinop (CES), Jiangxi Datang International Fuzhou Power Generation Company Ltd and certain companies owned by EDF Renewables and EDF SA.

In 2018, €(39) million of impairment was booked in respect of investments in associates and joint ventures and a number of specific assets. This impairment is not detailed below due to its low materiality for the Group’s financial statements. In 2017, €(618) million of impairment of investments in associates and joint ventures was booked, mainly concerning the assets of CENG (see note 23.2.2).

23.1

COENTREPRISE DE TRANSPORT D’ÉLECTRICITÉ (CTE)

CTE – financial indicators 23.1.1 The key financial indicators for the CTE subgroup (on a 100% basis) are as follows:

31/12/2018 31/12/2017 (1)

(in millions of euros) Non-current assets Current assets TOTAL ASSETS

17,740 2,854 20,593 2,807 13,225 4,561 20,593 4,817 2,058

17,163 2,793 19,956 2,476 12,870 4,610 19,956 3,143 1,285

Equity

Non-current liabilities

Current liabilities

TOTAL EQUITY AND LIABILITIES

Sales

Operating profit before depreciation and amortisation

Net income

566

337

Net indebtedness

11,799

11,633

Gains and losses recorded directly in equity

78

-

Dividends paid 159 The figures at 30 June 2017 are the figures for the CTE subgroup (CTE is the joint venture that holds the shares in RTE), comprising 100% of RTE’s net income (1) for the first quarter of 2017 and 50.1% of the CTE subgroup’s net income for the second quarter of 2017, due to the sale of CTE (see note 3.11.3). 313

CTE’s affiliate, RTE (Réseau de Transport d’Électricité), is responsible for managing the high voltage and very high voltage public electricity transmission network. Enedis uses RTE’s network to convey energy to the distribution network.

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EDF I Reference Document 2018