15.1.2.4 Valuation of EDF’s dedicated assets
EDF’s dedicated assets are included in the Group’s consolidated financial statements at the following values:
| 31/12/2021 | 31/12/2020 | ||||
|---|---|---|---|---|---|
| (in millions of euros) | Consolidated balance sheet presentation | Book value | Realisable value | Book value | Realisable value |
| Yield assets (EDF Invest) | 5,626 | 7,908 | 4,677 | 6,420 | |
| CTE | Investments in associates (1) | 1,478 | 3,343 | 1,378 | 2,788 |
| Other associates | Investments in associates (2) | 2,567 | 2,923 | 1,974 | 2,252 |
| Other unlisted assets | Debt and equity securities and other net assets (3) | 1,581 | 1,642 | 1,309 | 1,364 |
| Derivatives | Fair value of derivatives | - | - | 16 | 16 |
| Growth assets | 15,320 | 15,320 | 13,692 | 13,692 | |
| Equities (investment funds) | Debt securities | 14,815 | 14,815 | 13,174 | 13,174 |
| Unlisted equity funds (EDF Invest) | Debt securities | 519 | 519 | 330 | 330 |
| Derivatives | Fair value of derivatives | (14) | (14) | 188 | 188 |
| Fixed-income assets | 14,226 | 14,226 | 13,736 | 13,736 | |
| Bonds | Debt securities | 13,007 | 13,007 | 12,371 | 12,371 |
| Unlisted debt funds (EDF Invest) | Debt securities | 199 | 199 | 155 | 155 |
| Cash portfolio | Debt securities | 1,016 | 1,016 | 1,185 | 1,185 |
| Derivatives | Fair value of derivatives | 4 | 4 | 25 | 25 |
| TOTAL EDF DEDICATED ASSETS | 35,172 | 37,454 | 32,105 | 33,848 | |
(1) The Group’s investment of 50.1% of CTE, the company that holds 100% of the shares in RTE. The CTE shares are included at their equity value in the consolidated financial statements (book value in the table). The realisable value of CTE in the above table has been determined by an independent assessor, in the same way as for EDF Invest’s other assets.
(2) Including the value of the share in equity of the controlled companies owning these investments.
(3) Including debt and equity securities amounting to €1,457 million and the value of the share in equity of other controlled companies.
The structure of the dedicated asset portfolio in 2021 and 2020 is as follows (in realisable value):
- 2021 : 21% - 41% - 38%
- 2020 : 19% - 40% - 41%
