EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS

Notes to the consolidated financial statements

21.1.2.1 The commitments related to acquisition of tangible and intangible fixed assets are as follows:

Commitments related to acquisition of tangible and intangible fixed assets

31/12/2020

31/12/2019

(in millions of euros)

EDF

4,284 5,966 2,461 1,369

4,654 6,466 2,555 2,437

EDF Energy

Enedis

EDF Renouvelables

Framatome Other entities

462

517 801

1,083

TOTAL

15,625

17,430

The decrease in commitments given related to acquisition of tangible and intangible fixed assets is mainly explained by progress on many projects developed by EDF Renewables in the United States and Brazil, and the lower commitments by EDF Energy, mainly due to the effect of the depreciation of the pound sterling against the euro. The decrease in Enedis’ commitments is due to the continued rollout of Linky meters. New contracts were signed by EDF PEI in 2020 in connection with the Larivot power plant project in Guyana (a renewable-energy plant using liquid biomass, developed as part of the multi-year energy plan). Commitments related to acquisition of 21.1.2.2 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.

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 2020, the fair value of these trading derivatives is not significant. On 7 December Framatome signed a final purchase contract with Rolls Royce to acquire its Civil Nuclear Instrumentation and Control (I&C) activity. The transaction should be completed early in the second half of 2021, subject to customary conditions including regulatory approvals. Other commitments related to investments 21.1.2.3 Other commitments given related to investments at 31 December 2020 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.

21.1.3

Financing commitments given

Financing commitments given by the Group at 31 December 2020 comprise the following:

31/12/2020

31/12/2019

Maturity

Total

< 1 year

1 to 5 years

> 5 years

Total

(in millions of euros)

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

4,179

90 51

2,246

1,843

4,587 1,314

949 408

495

403

364 505

6

38

442

TOTAL FINANCING COMMITMENTS GIVEN* 6,343 Including commitments given by controlled entities to joint ventures, amounting to €1,156 million at 31 December 2020 (€1,225 million at 31 December 2019). * These financing commitments to joint ventures mainly concern EDF Renewables. 5,536 2,747 2,284

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.

415

EDF - UNIVERSAL REGISTRATION DOCUMENT 2020