In April 2020, EDF Invest acquired a minority interest in Energy Assets Group (EAG) in the United Kingdom (smart meters), and minority interests in real estate assets (offices in France and healthcare properties in Europe).
In December 2020 EDF SA acquired investments in wind and solar power plants in the United States, Canada and Portugal from EDF Renewables. All these investments were allocated to dedicated assets in 2020, in addition to the €113 millional location during the first half-year corresponding to the balance of the investmentin the MiRose and Red Pine wind farms acquired from EDF Renewables in 2019.
Allocations to dedicated assets in 2020 totalled €797 million (€540 million in 2019), comprising €299 million in the form of asset contributions and €498 million in cash, in compliance with EDF’s obligation for 2020 under the regulatory framework (see note 38.1).
The first half of 2020 saw an unprecedented situation on the financial markets. The equity markets rose significantly until mid-February, then the spread of the Covid-19 pandemic drew them into their sharpest downturn in more than 30 years. The lowest point was on 20 March but ultimately there was a strong recovery until the end of the half-year, largely stimulated by urgent intervention by the central banks.
The year 2020 ended with good performances for all assets, particularly thanks to the exceptional budget and monetary measures taken to support the economy.
The US Federal Bank once again adopted a zero-rate policy, and the ECB introduced a quantitative easing programme on an unprecedented scale, involving assets of much lower quality than in previous quantitative easing campaigns. Consequently, contrary to expectations in the early part of the year, government bond yields declined significantly (-0.4% on the Bund 10-year yield to -0.58%, and -0.9% on BTP Italian government bonds to +0.52%). The year ended on a positive note as political uncertainties were lifted with the US Presidential elections, and mostimportantly a last-minute deal for Brexit.
Withdrawals from dedicated assets in 2020 totalled €431 million, equivalent to payments made in respect of the long-term nuclear obligations to be covered during the year (€442 million in 2019).
At 31 December 2020, dedicated assets registered an overall performance of€1,364 million, comprising €584 million in financial result and €780 million in exceptional result. This is principally explained by dividends and interest received (€727 million), increases to provisions on bonds and investment funds due to unfavourable market trends (€(168) million), and gains on sales of investment securities (€780 million).
EDF’s receivables | EDF’s liabilities | |||||
|---|---|---|---|---|---|---|
| (in millions of euros) | Loans | Operating receivables | Net liabilities included in current account | Operating liabilities | Financial expenses | Financial income (excluding dividends) |
| Companies | Companies EDF’s receivables
| Companies EDF’s liabilities
| Companies
| Companies
| ||
| ATMEA | ATMEA EDF’s receivables 137 | ATMEA EDF’s liabilities
| ATMEA
| ATMEA
| ||
| CTE (formerly C25) | CTE (formerly C25) EDF’s receivables
| CTE (formerly C25) EDF’s liabilities 126 | CTE (formerly C25)
| CTE (formerly C25)
132 | ||
| Framatome | Framatome EDF’s receivables
| Framatome EDF’s liabilities 144 | Framatome
| Framatome
451 | ||
| EDF Energy | EDF Energy EDF’s receivables
| EDF Energy EDF’s liabilities 63 | EDF Energy
| EDF Energy
137 | 2 | |
| EDF Renouvelables | EDF Renouvelables EDF’s receivables 2,083 | EDF Renouvelables EDF’s liabilities
| EDF Renouvelables
| EDF Renouvelables
| 18 | |
| EDF Energy UK Ltd. EUR | EDF Energy UK Ltd. EUR EDF’s receivables
| EDF Energy UK Ltd. EUR EDF’s liabilities
| EDF Energy UK Ltd. EUR
| EDF Energy UK Ltd. EUR
| ||
| EDF International | EDF International EDF’s receivables 10,877 | EDF International EDF’s liabilities
| EDF International
| EDF International
| 199 | |
| EDF Trading | EDF Trading EDF’s receivables
| EDF Trading EDF’s liabilities 1,230 | EDF Trading
| EDF Trading
1,369 | 52 | |
| Edison Nouveau | Edison Nouveau EDF’s receivables
| Edison Nouveau EDF’s liabilities
| Edison Nouveau
| Edison Nouveau
| ||
| Enedis | Enedis EDF’s receivables 931 | Enedis EDF’s liabilities 97 | Enedis
| Enedis
1,810 | 6 | |
| Dalkia France | Dalkia France EDF’s receivables 1,331 | Dalkia France EDF’s liabilities
| Dalkia France
| Dalkia France
137 | 35 | |
| Groupe PEI | Groupe PEI EDF’s receivables 643 | Groupe PEI EDF’s liabilities
| Groupe PEI
| Groupe PEI
| 15 | |
| Citelum | Citelum EDF’s receivables 59 | Citelum EDF’s liabilities
| Citelum
| Citelum
| 3 | |
| EDF Luminus | EDF Luminus EDF’s receivables 80 | EDF Luminus EDF’s liabilities
| EDF Luminus
| EDF Luminus
| 1 | |
| Edvance | Edvance EDF’s receivables
| Edvance EDF’s liabilities 58 | Edvance
| Edvance
56 | ||
| C77 | C77 EDF’s receivables 155 | C77 EDF’s liabilities
| C77
| C77
| ||
| Current accounts(2) | Current accounts (2)EDF’s receivables
| Current accounts (2)EDF’s liabilities
| Current accounts (2)
| Current accounts (2)
1,450 | ||
| Investment agreement for liquidities of subsidiaries | Investment agreement for liquidities of subsidiaries EDF’s receivables
| Investment agreement for liquidities of subsidiaries EDF’s liabilities
| Investment agreement for liquidities of subsidiaries
1,985 | Investment agreement for liquidities of subsidiaries
| (7) | |
| Group cash management agreement with subsidiaries (3) | Group cash management agreement with subsidiaries (3)EDF’s receivables
| Group cash management agreement with subsidiaries (3)EDF’s liabilities
| Group cash management agreement with subsidiaries (3)
11,436 | Group cash management agreement with subsidiaries (3)
| ||
| Tax consolidation agreement | Tax consolidation agreement EDF’s receivables
| Tax consolidation agreement EDF’s liabilities
| Tax consolidation agreement
| Tax consolidation agreement
1,216 | ||
(1) Receivables and payables of more than €50 million.
(2) Including €548 million concerning Sofilo and €418 million concerning PEI.
(3) Including €5,225 million concerning C3, €1,577 million concerning EDF Trading and €1,058 million concerning EDF Energy.
