EDF / 2019 Universal registration document

6. Financial statements

Notes to the consolidated financial statements

At 31 December 2019, the assets managed by EDF Invest represent a total realisable value of €6,498 million, including €6,080 million of yield assets. Yield assets particularly include: 50.1% of the Group’s shares in CTE, the joint venture that owns RTE, in ■ compliance with Decree 2016-1781 of 19 December 2016 amending the Decree of 23 February 2007. These shares amount to €2,926 million at 31 December 2019 (€2,738 million at 31 December 2018), and are presented in investments in associates in the consolidated balance sheet; the Group’s investments in Terega, Porterbrook, Autostrade per l’Italia, Q-Park ■ and companies that own wind farms in the United Kingdom (Bicker Fen, Glass

Moor II, Green Rigg, Rusholme), which are presented in debt and equity securities in the consolidated balance sheet; the Group’s investments in Madrileña Red de Gas (MRG), Géosel, Thyssengas, ■ Aéroports de la Côte d’Azur, Central Sicaf, Fallago Rig, Fenland, Ecowest SCI A and B, Nam Theun Power Company and companies that own solar farms (Catalina Solar, Switch) and wind farms (MiRose, Red Pine) in the United States, which are presented in investments in associates in the consolidated balance sheet.

48.3

Valuation of EDF’s dedicated assets

EDF’s dedicated assets are included in the Group’s consolidated financial statements at the following values:

31/12/2019

31/12/2018

Realisable value

Consolidated balance sheet presentation

Realisable value

Book value

Book value

(in millions of euros)

Yield assets (EDF Invest)

4,304 1,417 1,563

6,080 2,926 1,777

3,919 1,406 1,167

5,356 2,738 1,234

Investments in associates  (1) Investments in associates  (2) Debt and equity securities and other net assets  (3)

CTE

Other associates

Other unlisted assets

1,334

1,387

1,346

1,384

Derivatives

Fair value of derivatives

(10)

(10)

-

-

Growth assets

13,300 12,978

13,300 12,978

10,108

10,108

Equities  (4)

Debt securities Debt securities

9,844

9,844

Unlisted equity funds (EDF Invest)

276

276

219

219

Derivatives

Fair value of derivatives

46

46

45

45

Fixed-income assets

12,240 11,225

12,244 11,225

12,205 10,010

12,225 10,010

Bonds

Debt securities Debt securities Debt securities

Unlisted debt funds (EDF Invest)

142 188 684

142 188 688

105

105

Cash portfolio  (5) CSPE receivable  (6)

30

30

Loans and financial receivables

2,060

2,080

Derivatives

Fair value of derivatives

1

1

-

-

TOTAL EDF DEDICATED ASSETS 27,689 The Group’s investment of 50.1% of CTE, the company that holds 100% of the shares in RTE. The CTE shares are included at their equity value in the (1) consolidated financial statements (book value in the table). The realisable value of CTE in the above table has been determined by an independent assessor, in the same way as for EDF Invest’s other assets. Including the value of the share in equity of the controlled companies owning these investments. (2) 29,844 31,624 26,232

Including debt and equity securities amounting to €1,209 million and the value of the share in equity of other controlled companies. (3) Including €391 million of securities acquired in late December 2018 for which payment took place in early January 2019. (4)

After deduction of the €391 million of liabilities on securities acquired in late December 2018 for which payment took place in early January 2019. (5) The receivable consisting of accumulated shortfalls in compensation at 31 December 2015, less the portion assigned on 22 December 2016 and reimbursements (6) received since then, in line with the repayment schedule. The realisable value of the CSPE receivable is estimated based on market rates.

48.4

Coverage of long-term nuclear

Structured entities – Investment funds The investment funds held by the Group (see note 1.3.2.9) reported in the table under “Debt and equity securities” are located in France and owned by EDF. The Group has not given these funds any financial support. The value of the assets of these investment funds amounts to €8,492 million at 31 December 2019 (€4,898 million at 31 December 2018). The funds mainly consist of 12 listed funds with total value of €7,875 million (at 31 December 2018, 11 listed funds with total value of €4,340 million).

obligations

At 31 December 2019, by the regulatory calculations provisions are 105.5% covered by dedicated assets. The regulatory limit on the realisable value of certain investments (decree 2007-243) has no effect at 31 December 2019. At 31 December 2018, by the regulatory calculations provisions were 98.3% covered by dedicated assets. The regulatory limit on the realisable value of certain investments (decree 2007-243) also had no effect at 31 December 2018.

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EDF | Universal registration document 2019

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