Universal Registration Document 2021

Note 12 Investments in associates and joint ventures

Investments in associates and jointventures are as follows :

			31/12/2021			31/12/2020
(in millions of euros)	*Notes*	Ownership %	Share of net equity	Share of net income	Share of net equity	Share of net income
Principal investments in associates	Principal investments in associates	Principal investments in associates	Principal investments in associates31/12/2021	Principal investments in associates	Principal investments in associates	Principal investments in associates 31/12/2020
CTE	CTE 12.1	CTE 50.10	CTE 31/12/2021 1,478	CTE 307	CTE 1,378	CTE 31/12/2020 237
Taishan (TNPJVC)*	Taishan (TNPJVC)* 12.2	Taishan (TNPJVC)* 30.00	Taishan (TNPJVC)* 31/12/2021 n.c	Taishan (TNPJVC)* n.c	Taishan (TNPJVC)* 1,123	Taishan (TNPJVC)* 31/12/2020 (12)
Other investments held by EDF SA	Other investments held by EDF SA 12.3	Other investments held by EDF SA n.a.	Other investments held by EDF SA 31/12/2021 2,282	Other investments held by EDF SA 102	Other investments held by EDF SA 1,742	Other investments held by EDF SA 31/12/2020 -
Investments held by EDF Renewables	Investments held by EDF Renewables 12.3	Investments held by EDF Renewables n.a.	Investments held by EDF Renewables 31/12/2021 1,453	Investments held by EDF Renewables (117)	Investments held by EDF Renewables 1,198	Investments held by EDF Renewables 31/12/2020 70
Other investments in associates and joint ventures	Other investments in associates and joint ventures 12.3	Other investments in associates and joint ventures n.a.	Other investments in associates and joint ventures 31/12/2021 n.c	Other investments in associates and joint ventures n.c	Other investments in associates and joint ventures 1,353	Other investments in associates and joint ventures 31/12/2020 67
Subtotal	Subtotal	Subtotal	Subtotal31/12/20218,084	Subtotal 513	Subtotal 6,794	Subtotal 31/12/2020 362
CENG (sold on 6 August 2021)	CENG (sold on 6 August 2021) 3.1	CENG (sold on 6 August 2021) n.a.	CENG (sold on 6 August 2021) 31/12/2021 n.a.	CENG (sold on 6 August 2021) 131	CENG (sold on 6 August 2021) n.a.	CENG (sold on 6 August 2021) 31/12/2020 63
Subtotal	Subtotal	Subtotal	Subtotal31/12/2021	Subtotal 131	Subtotal	Subtotal 31/12/2020 63
TOTAL	TOTAL	TOTAL	TOTAL31/12/20218,084	TOTAL 644	TOTAL 6,794	TOTAL 31/12/2020 425

n.a. : not applicable. n.c. = not communicated

* The financial data for Taishan at 31 December 2021 are not reported in this table as CGN (Taishan’s parent company) publishes its consolidated financial statements later than the Group

12.1 Coentreprise de Transport d’Électricité (CTE)

The key financial indicators for the CTE subgroup (on a 100% basis) are as follows:

(in millions of euros)	31/12/2021	31/12/2020
Non-current assets	Non-current assets 31/12/2021 19,866	Non-current assets 31/12/2020 19,202
Current assets	Current assets 31/12/2021 3,577	Current assets 31/12/2020 3,712
TOTAL ASSETS	TOTAL ASSETS31/12/202123,443	TOTAL ASSETS31/12/202022,914
Equity	Equity 31/12/2021 2 950	Equity 31/12/2020 2,750
Non-current liabilities	Non-current liabilities 31/12/2021 15,163	Non-current liabilities 31/12/2020 15,630
Current liabilities	Current liabilities 31/12/2021 5,330	Current liabilities 31/12/2020 4,534
TOTAL EQUITY AND LIABILITIES	TOTAL EQUITY AND LIABILITIES31/12/202123,443	TOTAL EQUITY AND LIABILITIES31/12/202022,914
Sales	Sales 31/12/2021 5,254	Sales 31/12/2020 4,729
Operating profit before depreciation and amortisation	Operating profit before depreciation and amortisation 31/12/2021 2,094	Operating profit before depreciation and amortisation 31/12/2020 1,914
*Net income*	**Net income31/12/2021612**	**Net income31/12/2020473**
Net indebtedness	Net indebtedness 31/12/2021 12,602	Net indebtedness 31/12/2020 12,700
Gains and losses recorded directly in equity	Gains and losses recorded directly in equity 31/12/2021 (161)	Gains and losses recorded directly in equity 31/12/2020 (188)
Dividends paid	Dividends paid 31/12/2021 259	Dividends paid 31/12/2020 367

CTE’s affiliate, RTE (Réseau de Transport d’Électricité), is responsible for managing the high voltage and very high voltage public electricity transmission network. Enedis uses RTE’s network to convey energy to the distribution network.