EDF_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS Balance Sheet

FINANCIAL ASSETS NOTE 18 CHANGE IN FINANCIAL ASSETS 18.1

Gross value at 31/12/2017

Gross value at 31/12/2016

(in millions of euros)

Investments (1)

58,594

55,667

Receivables related to investments

55

51

Investment securities (2)

17,875

16,698

Other investments CSPE receivable (3)

269

257

3,294 9,095 89,182

4,184 9,686 86,543

Loans to subsidiaries and other financial assets (4)

TOTAL FINANCIAL ASSETS, GROSS

Impairment of investments and related receivables

(204)

(171) (183) (354)

Impairment of investment securities

(55)

(259)

TOTAL IMPAIRMENT

88,923

86,189

TOTAL FINANCIAL ASSETS, NET

The change in investments essentially corresponds to: (1) the acquisition of 75.5% of Framatome for €1,894 million including purchasing expenses (see note 2.2); - the acquisition in 2017 of further shares in CTE for €128 million, for finalisation of the sale of 49.9% of CTE; - subscription to the capital increase of EDF Nouveaux Business Holding; - new investments by EDF Invest: - subscription to the capital increase of Altaroad (minority interest in Autostrade per l’Italia, an Italian motorway concession operator), . subscription to the capital increase of Cliart (the SMART SIDE real estate development: construction of an office building at Clichy Saint Ouen), . subscription to the capital increase of Eureizen (minority interest in Q-Park NV, a Dutch carpark operator), . subscription to the capital increase of Manostock (minority interest in Géosel, a hydrocarbon storage company), . subscription to the capital increase of Siticav (minority interest in Central Sicaf, an Italian company that manages a portfolio of office and technical premises that . are entirely leased to Telecom Italia), subscription to the capital increase of C60 (for a 50% stake in the Ecowest real estate development at Levallois-Perret). . Changes in investment securities correspond mainly to acquisitions and sales of dedicated assets over the period. Acquisitions and sales of dedicated assets (2) generated net gains of €872 million in 2017 (see note 14). The shares in CTE (formerly C25) to be sold to Caisse des Dépôts and CNP Assurances (49.9%), which were classified as investment securities at the value of €2,566 million at 31 December 2016, were sold in March 2017 for finalisation of the sale operation. At 31 December 2017, EDF’s 50.1% stake in CTE is classified as an investment in the balance sheet, at the value of €2,705 million (see note 2.4). This receivable consists of the accumulated shortfall at 31 December 2015 in the compensation for public service energy charges (CSPE) and the associated (3) financing costs. Reimbursements received during 2017 amounted to €954 million including interest (€293 million in 2016) (see note 3.2). Loans to subsidiaries at 31 December 2017 total €9,004 million, including €4,309 million for EDF International, €1,425 million for EDF Energy UK Ltd, (4) €1,223 million for Dalkia, €985 million for EDF Energies Nouvelles, €858 millon for PEI and €70 million for Edison.

6.

437

EDF I Reference Document 2017