EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS Notes to the financial statements

38.2.2

Yield assets

At 31 December 2020, the assets managed by EDF Invest represent a total realisable value of €6,905 million, including €6,420 million of yield assets. Yield assets mainly include: 50.1% of EDF’s shares in CTE, amounting to €2,788 million at 31 December 2020 (€2,926 million at 31 December 2019); EDF’s investments in Teréga, Energy Assets Group, Porterbrook, Autostrade per l’Italia, Q-Park, Thyssengas, Aéroports de la Côte d’Azur, Madrileña Red de Gas (MRG), Géosel, Central Sicaf, Ecowest, Korian & Partenaires Immobilier, Nam Theun Power Company and companies that own wind and solar power plants (in the United States, Canada, the United Kingdom, and Portugal).

The yield assets managed by EDF Invest consist mainly of assets related to investments in infrastructures and real estate, made either directly by EDF Invest or by investment funds under delegated management arrangements. Through unlisted investment funds, EDF Invest also manages growth assets and fixed-income assets (see note 38.2.1).

38.2.3

Valuation of edf’s dedicated assets

Dedicated assets are classified in the balance sheet according to their accounting nature: investments, investment securities, and marketable securities. They are valued under the accounting principles presented in note 1.

Details of the portfolio at 31 December 2020 are as follows:

31/12/2020

31/12/2019

Net book value

Realisable value

Net book value

Realisable value

(in millions of euros)

Investment in CTE (the company that owns RTE) (1)

2,705

2,788

2,705

2,926

Other investment securities

24,195

27,148

22,246

24,816

Other financial investments and shareholder loans (2)

3,136

3,421

2,623

2,965

Dedicated assets – Investments

30,036

33,357

27,574

30,707

Marketable securities

260 260

262 262

192 192 684

192 192 688

Dedicated assets – Marketable securities

CSPE receivable (3)

-

-

Total dedicated assets before hedging

30,296

33,619

28,450

31,587

Hedging instruments and other

48

229

(5)

37

TOTAL DEDICATED ASSETS AFTER HEDGING (4)

30,344

33,848

28,445

31,624

EDF’s investment of 50.1% of CTE, the company that holds 100% of the shares in RTE. The realisable value of CTE presented in the above table (1) has been determined by an independent assessor, in the same way as for EDF Invest’s other assets. Including €155 million of shareholder loans due to be capitalised, relating to the long-term investment in a real estate vehicle controlled and managed by Korian. (2) The receivable consisting of accumulated shortfalls in compensation at 31 December 2015, less the portion assigned on 22 December 2016. (3) This receivable was fully reimbursed at 31 December 2020, in line with the repayment schedule. Limiting the value of certain investments in compliance with Article 16 of Decree 2007-243 concerning calculation of the regulatory realisable value (4)

of dedicated assets has no effect at 31 December 2020 or 2019. Net book value and fair value include unmatured accrued interest.

38.2.4

Coverage of long-term nuclear obligations

At 31 December 2019, by the regulatory calculations provisions were 105.5% covered by dedicated assets and also respected these regulatory caps on realisable value. The long-term nuclear obligations concerned by the regulations for dedicated assets related to nuclear generation are included in EDF’s financial statements at the following values:

At 31 December 2020, by the regulatory calculations provisions are 103.6% covered by dedicated assets. The regulatory caps on the realisable value of certain investments set in the Environment Code were respected at 31 December 2020.

31/12/2020

31/12/2019

(in millions of euros)

Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations

1,297

1,152

Provisions for long-term radioactive waste management Provision for removal and conditioning of waste

13,300

10,531

-

805

Provisions for nuclear plant decommissioning

17,489

16,937

Provisions for last cores – portion for future long-term radioactive waste management

590

550

PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS

32,676

29,975

480

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020