| (in millions of euros) | Gross value at 31/12/2019 | Gross value at 31/12/2018 |
|---|---|---|
| Investments(1) | Investments (1)Gross value at 31/12/201959,479 | Investments (1)Gross value at 31/12/201859,207 |
| Receivables related to investments | Receivables related to investments Gross value at 31/12/201953 | Receivables related to investments Gross value at 31/12/201851 |
| Investment securities(2) | Investment securities (2)Gross value at 31/12/201922,350 | Investment securities (2)Gross value at 31/12/201820,790 |
| Other investments | Other investments Gross value at 31/12/2019273 | Other investments Gross value at 31/12/2018286 |
| CSPE receivable(3) | CSPE receivable (3)Gross value at 31/12/2019684 | CSPE receivable (3)Gross value at 31/12/20182,060 |
| Loans to subsidiaries and other financial assets (4) | Loans to subsidiaries and other financial assets (4)Gross value at 31/12/201912,026 | Loans to subsidiaries and other financial assets (4)Gross value at 31/12/201810,485 |
| Total financial assets, gross | Total financial assets, grossGross value at 31/12/201994,865 | Total financial assets, grossGross value at 31/12/201892,879 |
| Impairment of investments and related receivables | Impairment of investments and related receivables Gross value at 31/12/2019(578) | Impairment of investments and related receivables Gross value at 31/12/2018(307) |
| Impairment of investment securities(5) | Impairment of investment securities (5)Gross value at 31/12/2019(220) | Impairment of investment securities (5)Gross value at 31/12/2018(716) |
| Total impairment | Total impairmentGross value at 31/12/2019(798) | Total impairmentGross value at 31/12/2018(1,023) |
| TOTAL FINANCIAL ASSETS, NET | TOTAL FINANCIAL ASSETS, NETGross value at 31/12/201994,067 | TOTAL FINANCIAL ASSETS, NETGross value at 31/12/201891,856 |
(1) The change in investments essentially corresponds to:
an additional €40 million in the valuation of the shares in Framatome. At 31 December 2019, the 75.5% investment in Framatome is stated at the value of €2,028 million including acquisition expenses;
subscription to the capital increase by EDF Pulse Croissance Holding (€55 million during the first half of 2019);
new investments by EDF Invest (see note 38.2.5), principally:
subscription to the capital increase by C73, which owns solar power plants in the United States (€143 million, totally allocated to dedicated assets),
subscription to the capital increase by C74, which owns wind farms in the United States (€123 million, partly allocated to dedicated assets);
disposal by EDF of 50% plus one share of its investment in the subsidiary Dalkia Investissement, for the book value of €(137) million, in December 2019.
(2) Changes in investment securities correspond mainly to acquisitions and sales of dedicated assets over the period, which generated net gains of €619 million in 2019 (see note 14). These gains are reinvested in the dedicated asset portfolio.
(3) The receivable corresponding to the balance of the accumulated shortfall in the Contribution to the Public Electricity Service (CSPE) at 31 December 2015 and the costs of bearing that shortfall. Reimbursements received during 2019 amount to €1,399 million including interest (€1,281 million in 2018) (see note 3.5), in line with the repayment schedule.
(4) Loans to subsidiaries at 31 December 2019 total €11,984 million, including €7,737 million for EDF International, €1,343 million for Dalkia, €1,249 million for EDF Renewables, €717 million for PEI and €503 million for Enedis.
(5) The change in this item is mainly due to favourable developments on the financial markets in 2019 after unfavourable trends in 2018, principally at the end of the year, leading to reversals of impairment on investment securities during the year (see note 13).
