EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS Notes to the financial statements

Financial assets Note 18

18.1

Change in financial assets

Cumulative value at 31/12/2020

Cumulative value at 31/12/2019

(in millions of euros)

Investments (1)

60,006

59,479

Receivables related to investments

51

53

Investment securities (2)

24,347

22,350

Other investments CSPE receivable (3)

199

273 684

-

Loans to subsidiaries and other financial assets (4)

16,422 101,025

12,026 94,865

Total financial assets, gross

Impairment of investments and related receivables

(712) (293)

(578) (220) (798)

Impairment of investment securities (5)

Total impairment

(1,005)

TOTAL FINANCIAL ASSETS, NET

100,020

94,067

The change in investments essentially corresponds to: (1) subscription to the capital increase by EDF Pulse Croissance Holding (€127 million); new investments by EDF Invest, including: - subscription to the capital of C72 (which holds Energy Assets Group (EAG)) (€178 million), - subscription to the capital of C76 (which holds a wind farm and a solar power plant in the United States) (€64 million, see note 38.2.5), - subscription to the capital of C80 (which holds a wind farm in Canada) (€74 million, see note 38.2.5), - subscription to the capital of C81 (which holds wind farms in Portugal) (€48 million, see note 38.2.5), - subscription to the capital of C66 (which holds a real estate property in Germany) (€25 million), - subscription to the capital of C78 (which holds a real estate property in France) (€18 million). At 31 December 2020, the 75.5% investment in Framatome is stated at the value of €2,028 million including acquisition expenses. Changes in investment securities correspond mainly to acquisitions and sales of dedicated assets over the period, which generated net gains of €780 million (2) in 2020 (see note 14). These gains are reinvested in the dedicated asset portfolio. This receivable consisted of the balance of the accumulated shortfall in the Contribution to the Public Electricity Service (CSPE) at 31 December 2015 (3) and the costs of bearing that shortfall. Reimbursements received during 2020 amount to €690 million including interest (€1,399 million in 2019) (see note 3.5), in line with the schedule published in the ministerial orders of 13 May 2016 and 2 December 2016, made in application of Article R. 121-31 of the French Energy Code. At 31 December 2020, EDF’s financial receivable was fully repaid by the State. Loans to subsidiaries at 31 December 2020 total €16,378 million, including €10,877 million for EDF International, €2,083 million for EDF Renewables, (4) €1,331 million for Dalkia, €931 million for Enedis and €643 million for PEI. The change in this item is mainly due to less favourable developments on the financial markets in 2020 than 2019, leading to recognition of impairment (5) on investment securities and other investments during the year (see note 13).

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020