EDF / 2019 Universal registration document

6. Financial statements

Notes to the consolidated financial statements

49.1.2.2

Commitments related to acquisition of

C3 now has a call option to buy EIG shares held by NBI at a fixed price, exercisable at any time until May 2026. Meanwhile, NBI has a put option to sell EDF all of its EIG shares for a fixed amount of cash, exercisable subject to certain conditions between February 2024 and May 2025. Due to their features, in compliance with IAS 32, NBI’s put option and C3’s call option are considered as derivatives and their net value is included in the positive or negative fair value of trading derivatives. At 31 December 2019, the fair value of these trading derivatives is not significant. Other commitments related to investments 49.1.2.3 Other commitments given related to investments at 31 December 2019 mainly comprise guarantees given by EDF Norte Fluminense in connection with its 51% investment in CES, the company in charge of constructing and operating a hydroelectric dam on the Teles Pires river in Brazil.

financial assets The main share purchase commitments that cannot be valued concern Luminus. Luminus signed an amendment to the shareholder pact on 26 October 2015 defining a liquidity clause for the investments held by its minority shareholders, which could, in certain conditions under the control of EDF, result in sale of their shares through an IPO, or purchase of their shares by the Group at market value. This liquidity clause is valid at all times from 1 July 2018 to 31 December 2025. Regarding the investment in EDF Investissements Groupe (EIG), C3 (a fully-owned EDF subsidiary) and NBI (Natixis Belgique Investissement, a subsidiary of the Natixis group) amended the agreements for their investment in EIG on 19 December 2018.

49.1.3

Financing commitments given

Financing commitments given by the Group at 31 December 2019 comprise the following:

31/12/2019

31/12/2018

Maturity

Total

< 1 year

1-5 years

> 5 years

Total

(in millions of euros)

Security interests in real property Guarantees related to borrowings Other financing commitments

4,587 1,314

231

1,998

2,358

4,226

77

475

762

974 294

442

426 734

5

11

TOTAL FINANCING COMMITMENTS GIVEN* 5,494 Including commitments given by controlled entities to joint ventures, amounting to €1,225 million at 31 December 2019 (€917 million at 31 December 2018). * These financing commitments to joint ventures mainly concern EDF Renewables. 6,343 2,478 3,131

Security interests and assets provided as guarantees mainly concern pledges or mortgages of tangible assets and shares representing investments in consolidated subsidiaries which own property, plant and equipment, for EDF Renewables.

49.2

Commitments received

The table below shows off-balance sheet commitments received by the Group that have been valued. Other commitments received are described separately in the detailed notes.

31/12/2019

Notes

31/12/2018

(in millions of euros)

49.2.1 49.2.2 49.2.3

Operating commitments received  (1) Investment commitments received Financing commitments received TOTAL COMMITMENTS RECEIVED  (2)

9,291

9,539

181

183

22

31

9,494

9,753

Excluding commitments related to supplies of energy and related services (see note 49.2.1.4) (1) Excluding commitments related to credit lines, which are described in note 41.2.5. (2)

49.2.1

Operating commitments received

Operating commitments received by the Group at 31 December 2019 comprise the following:

31/12/2019

31/12/2018

Maturity

Total

< 1 year

1-5 years

> 5 years

Total

(in millions of euros)

Operating lease commitments as lessor

770

118

414

238

678

Operating sale commitments Operating guarantees received

6,706 1,756

1,911

3,733

1,062

7,004 1,791

962

560

234

Other operating commitments received OPERATING COMMITMENTS RECEIVED

59

21

20

19

66

9,291

3,012

4,727

1,553

9,539

385

EDF | Universal registration document 2019