| (in millions of euros) | 31/12/2019 | 12/2018 |
|---|---|---|
| ASSETS HELD FOR SALE | ASSETS HELD FOR SALE 31/12/2019 3,662 | ASSETS HELD FOR SALE 12/2018 - |
| LIABILITIES RELATED TO ASSETS HELD FOR SALE | LIABILITIES RELATED TO ASSETS HELD FOR SALE 31/12/2019 1,043 | LIABILITIES RELATED TO ASSETS HELD FOR SALE 12/2018 - |
The Group reclassified the balance sheet items concerned by the following operations as assets held for sale and related liabilities at 31 December 2019:
In application of IFRS 5, details of the assets and liabilities of the E&P operations presented as assets held for sale and related liabilities at 31 December 2019 are shown below:
| (in millions of euros) | 31/12/2019 |
|---|---|
| Non-current non-financial assets | Non-current non-financial assets 31/12/2019 893 |
| Non-current financial assets | Non-current financial assets 31/12/2019 - |
| Current non-financial assets | Current non-financial assets 31/12/2019 784 |
| Current financial assets | Current financial assets 31/12/2019 60 |
| TOTAL ASSETS HELD FOR SALE | TOTAL ASSETS HELD FOR SALE 31/12/2019 1,737 |
| (in millions of euros) | 31/12/2019 |
|---|---|
| Non-current non-financial liabilities | Non-current non-financial liabilities 31/12/2019 711 |
| Non-current financial liabilities | Non-current financial liabilities 31/12/2019 34 |
| Current non-financial liabilities | Current non-financial liabilities 31/12/2019 298 |
| Current financial liabilities | Current financial liabilities 31/12/2019 - |
| TOTAL LIABILITIES RELATED TO ASSETS HELD FOR SALE | TOTAL LIABILITIES RELATED TO ASSETS HELD FOR SALE 31/12/2019 1,043 |
The E&P operations contributed €(26) million to the Group’s net indebtedness at 31 December 2019 (see note 41.3).
EDF notified Exelon on 20 November 2019 that it had decided to exercise its put option on 49.99% of the shares of CENG (see note 3.2.2).
The investment in CENG has been reclassified as assets held for sale at the amount of €1,925 million.
Although completion of this operation is conditional on obtaining the required regulatory approvals and will take several months, in view of the terms of the contractual agreements, the Group is engaged in an irrevocable process. The range of valuations determined with consultants for use in the contractual determination method for the put option sale price does not indicate any risk of impairment, given that Exelon has not yet informed the Group of its own valuation.
These valuations are very sensitive to market price forecasts, which could change significantly in the course of the put option exercise process. They are also sensitive to the effects of New York State’s Zero Emission Credit (ZEC) programme of subsidies for nuclear power plants, which provides additional income for the Ginna and Nine Mile Point plants. This programme is currently the subject of legal proceedings. On 8 October 2019, the New York Supreme Court dismissed the court case against the ZEC and declared the programme legal. The applicants have filed an appeal, but the risk of cancellation is low in view of the stated grounds for the Supreme Court’s decision.
