The yield assets managed by EDF Invest consist mainly of assets related to investments in infrastructures and real estate, made either directly by EDF Invest or by investment funds under delegated management arrangements.
Through unlisted investment funds, EDF Invest also manages growth assets and fixed-income assets (see note 38.2.1).
At 31 December 2020, the assets managed by EDF Invest represent a total realisable value of €6,905 million, including €6,420 million of yield assets. Yield assets mainly include:
Dedicated assets are classified in the balance sheet according to their accounting nature: investments, investment securities, and marketable securities. They are valued under the accounting principles presented in note 1.
Details of the portfolio at 31 December 2020 are as follows:
31/12/2020 | 31/12/2019 | |||
|---|---|---|---|---|
| (in millions of euros) | Net book value | Realisable value | Net book Realisable value | Realisable value |
| Investment in CTE (the company that owns RTE)(1) | Investment in CTE (the company that owns RTE) (1)31/12/2020 2,705 | Investment in CTE (the company that owns RTE) (1)31/12/2019 2,788 | 2,705 | 2,926 |
| Other investment securities | Other investment securities 31/12/2020 24,195 | Other investment securities 31/12/2019 27,148 | 22,246 | 24,816 |
| Other financial investments and shareholder loans(2) | Other financial investments and shareholder loans (2)31/12/2020 3,136 | Other financial investments and shareholder loans (2)31/12/2019 3,421 | 2,623 | 2,965 |
| Dedicated assets – Investments | Dedicated assets – Investments 31/12/2020 30,036 | Dedicated assets – Investments 31/12/2019 33,357 | 27,574 | 30,707 |
| Marketable securities | Marketable securities 31/12/2020 260 | Marketable securities 31/12/2019 262 | 192 | 192 |
| Dedicated assets – Marketable securities | Dedicated assets – Marketable securities 31/12/2020 260 | Dedicated assets – Marketable securities 31/12/2019 262 | 192 | 192 |
| CSPE receivable(3) | CSPE receivable (3)31/12/2020 - | CSPE receivable (3)31/12/2019 - | 684 | 688 |
| Total dedicated assets before hedging | Total dedicated assets before hedging 31/12/2020 30,296 | Total dedicated assets before hedging 31/12/2019 33,619 | 28,450 | 31,587 |
| Hedging instruments and other | Hedging instruments and other 31/12/2020 48 | Hedging instruments and other 31/12/2019 229 | (5) | 37 |
| TOTAL DEDICATED ASSETS AFTER HEDGING(4) | TOTAL DEDICATED ASSETS AFTER HEDGING(4) 31/12/2020 30,344 | TOTAL DEDICATED ASSETS AFTER HEDGING(4) 31/12/2019 33,848 | 28,445 | 31,624 |
(1) EDF’s investment of 50.1% of CTE, the company that holds 100% of the shares in RTE. The realisable value of CTE presented in the above table has been determined by an independent assessor, in the same way as for EDF Invest’s other assets.
(2) Including €155 million of shareholder loans due to be capitalised, relating to the long-term investment in a real estate vehicle controlled and managed by Korian.
(3) The receivable consisting of accumulated shortfalls in compensation at 31 December 2015, less the portion assigned on 22 December 2016. This receivable was fully reimbursed at 31 December 2020, in line with the repayment schedule.
(4) Limiting the value of certain investments in compliance with Article 16 of Decree 2007-243 concerning calculation of the regulatory realisable value of dedicated assets has no effect at 31 December 2020 or 2019.
Net book value and fair value include unmatured accrued interest.
At 31 December 2020, by the regulatory calculations provisions are 103.6% covered by dedicated assets. The regulatory caps on the realisable value of certain investments set in the Environment Code were respected at 31 December 2020.
At 31 December 2019, by the regulatory calculations provisions were 105.5%covered by dedicated assets and also respected these regulatory caps on realisable value.
The long-term nuclear obligations concerned by the regulations for dedicated assets related to nuclear generation are included in EDF’s financial statements at the following values:
| (in millions of euros) | 31/12/2020 | 31/12/2019 |
|---|---|---|
| Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations | Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations 31/12/20201,297 | Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations 31/12/20191,152 |
| Provisions for long-term radioactive waste management | Provisions for long-term radioactive waste management 31/12/202013,300 | Provisions for long-term radioactive waste management 31/12/201910,531 |
| Provision for removal and conditioning of waste | Provision for removal and conditioning of waste 31/12/2020- | Provision for removal and conditioning of waste 31/12/2019805 |
| Provisions for nuclear plant decommissioning | Provisions for nuclear plant decommissioning 31/12/202017,489 | Provisions for nuclear plant decommissioning 31/12/201916,937 |
| Provisions for last cores – portion for future long-term radioactive waste management | Provisions for last cores – portion for future long-term radioactive waste management 31/12/2020590 | Provisions for last cores – portion for future long-term radioactive waste management 31/12/2019550 |
| PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS | PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS31/12/202032,676 | PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS31/12/201929,975 |
