1. The Group, its strategy and activities - Page 380 | edf

At 31 December 2019, the assets managed by EDF Invest represent a total realisable value of €6,498 million, including €6,080 million of yield assets. Yield assets particularly include:

50.1% of the Group’s shares in CTE, the joint venture that owns RTE, in compliance with Decree 2016-1781 of 19 December 2016 amending the Decree of 23 February 2007. These shares amount to €2,926 million at 31 December 2019 (€2,738 million at 31 December 2018), and are presented in investments in associates in the consolidated balance sheet;
the Group’s investments in Terega, Porterbrook, Autostrade per l’Italia, Q-Park and companies that own wind farms in the United Kingdom (Bicker Fen, Glass Moor II, Green Rigg, Rusholme), which are presented in debt and equity securities in the consolidated balance sheet;
the Group’s investments in Madrileña Red de Gas (MRG), Géosel, Thyssengas, Aéroports de la Côte d’Azur, Central Sicaf, Fallago Rig, Fenland, Ecowest SCI A and B, Nam Theun Power Company and companies that own solar farms (Catalina Solar, Switch) and wind farms (MiRose, Red Pine) in the United States, which are presented in investments in associates in the consolidated balance sheet.

48.3 Valuation of EDF’s dedicated assets

EDF’s dedicated assets are included in the Group’s consolidated financial statements at the following values:

		31/12/2019		31/12/2018
(in millions of euros)	Consolidated balance sheet	Book value	Realisable	Book value	Realisable
Yield assets (EDF Invest)		Yield assets (EDF Invest) 31/12/2019 4,304	Yield assets (EDF Invest) 31/12/2018 6,080	3,919	5,356
CTE	CTE Investments in associates ⁽¹⁾	CTE 31/12/2019 1,417	CTE 31/12/2018 2,926	1,406	2,738
Other associates	Other associates Investments in associates ⁽²⁾	Other associates 31/12/2019 1,563	Other associates 31/12/2018 1,777	1,167	1,234
Other unlisted assets	Other unlisted assets Debt and equity securities andother net assets ⁽³⁾	Other unlisted assets 31/12/2019 1,334	Other unlisted assets 31/12/2018 1,387	1,346	1,384
Derivatives	Derivatives Fair value of derivatives	Derivatives 31/12/2019 (10)	Derivatives 31/12/2018 (10)	-	-
Growth assets		Growth assets 31/12/2019 13,300	Growth assets 31/12/2018 13,300	10,108	10,108
Equities⁽⁴⁾	Equities ⁽⁴⁾ Debt securities	Equities ⁽⁴⁾ 31/12/2019 12,978	Equities ⁽⁴⁾ 31/12/2018 12,978	9,844	9,844
Unlisted equity funds (EDF Invest)	Unlisted equity funds (EDF Invest) Debt securities	Unlisted equity funds (EDF Invest) 31/12/2019 276	Unlisted equity funds (EDF Invest) 31/12/2018 276	219	219
Derivatives	Derivatives Fair value of derivatives	Derivatives 31/12/2019 46	Derivatives 31/12/2018 46	45	45
Fixed-income assets		Fixed-income assets 31/12/2019 12,240	Fixed-income assets 31/12/2018 12,244	12,205	12,225
Bonds	Bonds Debt securities	Bonds 31/12/2019 11,225	Bonds 31/12/2018 11,225	10,010	10,010
Unlisted debt funds (EDF Invest)	Unlisted debt funds (EDF Invest) Debt securities	Unlisted debt funds (EDF Invest) 31/12/2019 142	Unlisted debt funds (EDF Invest) 31/12/2018 142	105	105
Cash portfolio⁽⁵⁾	Cash portfolio ⁽⁵⁾ Debt securities	Cash portfolio ⁽⁵⁾ 31/12/2019 188	Cash portfolio ⁽⁵⁾ 31/12/2018 188	30	30
CSPE receivable⁽⁶⁾	CSPE receivable ⁽⁶⁾ Loans and financial receivables	CSPE receivable ⁽⁶⁾ 31/12/2019 684	CSPE receivable ⁽⁶⁾ 31/12/2018 688	2,060	2,080
Derivatives	Derivatives Fair value of derivatives	Derivatives 31/12/2019 1	Derivatives 31/12/2018 1	-	-
TOTAL EDF DEDICATED ASSETS		TOTAL EDF DEDICATED ASSETS 31/12/2019 29,844	TOTAL EDF DEDICATED ASSETS 31/12/2018 31,624	26,232	27,689

(1) The Group’s investment of 50.1% of CTE, the company that holds 100% of the shares in RTE. The CTE shares are included at their equity value in the consolidated financial statements (book value in the table). The realisable value of CTE in the above table has been determined by an independent assessor, in the same way as for EDF Invest’s other assets.
(2) Including the value of the share in equity of the controlled companies owning these investments.
(3) Including debt and equity securities amounting to €1,209 million and the value of the share in equity of other controlled companies.
(4) Including €391 million of securities acquired in late December 2018 for which payment took place in early January 2019.
(5) After deduction of the €391 million of liabilities on securities acquired in late December 2018 for which payment took place in early January 2019.
(6) The receivable consisting of accumulated shortfalls in compensation at 31 December 2015, less the portion assigned on 22 December 2016 and reimbursements received since then, in line with the repayment schedule. The realisable value of the CSPE receivable is estimated based on market rates.

Structured entities – Investment funds

The investment funds held by the Group (see note 1.3.2.9) reported in the table under “Debt and equity securities” are located in France and owned by EDF. The Group has not given these funds any financial support.

The value of the assets of these investment funds amounts to €8,492 million at 31 December 2019 (€4,898 million at 31 December 2018). The funds mainly consist of 12 listed funds with total value of €7,875 million (at 31 December 2018, 11 listed funds with total value of €4,340 million).

48.4 Coverage of long-term nuclear obligations

At 31 December 2019, by the regulatory calculations provisions are 105.5% covered by dedicated assets. The regulatory limit on the realisable value of certain investments (decree 2007-243) has no effect at 31 December 2019.

At 31 December 2018, by the regulatory calculations provisions were 98.3% covered by dedicated assets. The regulatory limit on the realisable value of certain investments (decree 2007-243) also had no effect at 31 December 2018.

6. Financial statements

48.3 Valuation of EDF’s dedicated assets

Structured entities – Investment funds

48.4 Coverage of long-term nuclear obligations