The main share purchase commitments that cannot be valued concern Luminus.
Luminus signed an amendment to the shareholder pact on 26 October 2015 defining a liquidity clause for the investments held by its minority shareholders, which could, in certain conditions under the control of EDF, result in sale of their shares through an IPO, or purchase of their shares by the Group at market value. This liquidity clause is valid at all times from 1 July 2018 to 31 December 2025.
Regarding the investment in EDF Investissements Groupe (EIG), C3 (a fully-owned EDF subsidiary) and NBI (Natixis Belgique Investissement, a subsidiary of the Natixis group) amended the agreements for their investment in EIG on 19 December 2018.
C3 now has a call option to buy EIG shares held by NBI at a fixed price, exercisable at any time until May 2026. Meanwhile, NBI has a put option to sell EDF all of its EIG shares for a fixed amount of cash, exercisable subject to certain conditions between February 2024 and May 2025.
Due to their features, in compliance with IAS 32, NBI’s put option and C3’s call option are considered as derivatives and their net value is included in the positive or negative fair value of trading derivatives. At 31 December 2019, the fair value of these trading derivatives is not significant.
Other commitments given related to investments at 31 December 2019 mainly comprise guarantees given by EDF Norte Fluminense in connection with its 51% investment in CES, the company in charge of constructing and operating a hydroelectric dam on the Teles Pires river in Brazil.
Financing commitments given by the Group at 31 December 2019 comprise the following:
| 31/12/2019 | 31/12/2018 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in millions of euros) | Total | < 1 year | 1-5 years | > 5 years | Total |
| Security interests in real property | Security interests in real property 31/12/2019 4,587 | Security interests in real property 31/12/2018 231 | 1,998 | 2,358 | 4,226 |
| Guarantees related to borrowings | Guarantees related to borrowings 31/12/2019 1,314 | Guarantees related to borrowings 31/12/2018 77 | 475 | 762 | 974 |
| Other financing commitments | Other financing commitments 31/12/2019 442 | Other financing commitments 31/12/2018 426 | 5 | 11 | 294 |
| TOTAL FINANCING COMMITMENTS GIVEN* | TOTAL FINANCING COMMITMENTS GIVEN *31/12/2019 6,343 | TOTAL FINANCING COMMITMENTS GIVEN *31/12/2018 734 | 2,478 | 3,131 | 5,494 |
*Including commitments given by controlled entities to joint ventures, amounting to €1,225 million at 31 December 2019 (€917 million at 31 December 2018). These financing commitments to joint ventures mainly concern EDF Renewables.
Security interests and assets provided as guarantees mainly concern pledges or mortgages of tangible assets and shares representing investments in consolidated subsidiaries which own property, plant and equipment, for EDF Renewables.
The table below shows off-balance sheet commitments received by the Group that have been valued. Other commitments received are described separately in the detailed notes.
| (in millions of euros) | Notes | 31/12/2019 | 31/12/2018 |
|---|---|---|---|
| Operating commitments received (1) | Operating commitments received (1)Notes 49.2.1 | Operating commitments received (1)31/12/2019 9,291 | Operating commitments received (1)31/12/2018 9,539 |
| Investment commitments received | Investment commitments received Notes 49.2.2 | Investment commitments received 31/12/2019 181 | Investment commitments received 31/12/2018 183 |
| Financing commitments received | Financing commitments received Notes 49.2.3 | Financing commitments received 31/12/2019 22 | Financing commitments received 31/12/2018 31 |
| TOTAL COMMITMENTS RECEIVED (2) | TOTAL COMMITMENTS RECEIVED (2)31/12/2019 9,494 | TOTAL COMMITMENTS RECEIVED (2)31/12/2018 9,753 |
(1) Excluding commitments related to supplies of energy and related services (see note 49.2.1.4)
(2) Excluding commitments related to credit lines, which are described in note 41.2.5.
Operating commitments received by the Group at 31 December 2019 comprise the following:
| 31/12/2019 | 31/12/2018 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in millions of euros) | Total | < 1 year | 1-5 years | > 5 years | Total |
| Operating lease commitments as lessor | Operating lease commitments as lessor 31/12/2019 770 | Operating lease commitments as lessor 31/12/2018 118 | 414 | 238 | 678 |
| Operating sale commitments | Operating sale commitments 31/12/2019 6,706 | Operating sale commitments 31/12/2018 1,911 | 3,733 | 1,062 | 7,004 |
| Operating guarantees received | Operating guarantees received 31/12/2019 1,756 | Operating guarantees received 31/12/2018 962 | 560 | 234 | 1,791 |
| Other operating commitments received | Other operating commitments received 31/12/2019 59 | Other operating commitments received 31/12/2018 21 | 20 | 19 | 66 |
| OPERATING COMMITMENTS RECEIVED | OPERATING COMMITMENTS RECEIVED 31/12/2019 9,291 | OPERATING COMMITMENTS RECEIVED 31/12/2018 3,012 | 4,727 | 1,553 | 9,539 |
