The commitments related to acquisition of tangible and intangible fixed assets are as follows:
| (in millions of euros) | 31/12/2021 | 31/12/2020 |
|---|---|---|
| EDF |
EDF 31/12/20214,109 |
EDF 31/12/20204,284 |
| EDF Energy |
EDF Energy 31/12/20216,346 |
EDF Energy 31/12/20205,966 |
| Enedis |
Enedis 31/12/20212,568 |
Enedis 31/12/20202,461 |
| EDF Renouvelables |
EDF Renouvelables 31/12/20211,431 |
EDF Renouvelables 31/12/20201,369 |
| Framatome |
Framatome 31/12/2021520 |
Framatome 31/12/2020462 |
| Other entities |
Other entities 31/12/2021931 |
Other entities 31/12/20201,083 |
| TOTAL | TOTAL31/12/202115,905 | TOTAL31/12/202015,625 |
The increase in commitments given related to acquisition of tangible and intangible fixed assets is explained by the higher commitments given by EDF Energy (mainly due to the significant rise by the pound sterling against the euro), Enedis (higher purchase commitments for electric equipment combined with a decline in commitments for the Linky meter as its general rollout has now ended), and EDF Renewables (development of new projects in the United States, the United Kingdom and France, offset by progress and commissioning of solar power plants and wind farms, especially in the United States). The lower level of commitments given by Edison relates to progress on construction of the two new-generation CCGT power plants at Presenzano and Marghera Levante.
The main share purchase commitments that cannot be valued concern Luminus.
Luminus signed an amendment to the shareholder pact on 26 October 2015 defining a liquidity clause for the investments held by its minority shareholders, which could, in certain conditions under the control of EDF, result in sale of their shares through an IPO, or purchase of their shares by the Group at market value. This liquidity clause is valid at all times from 1 July 2018 to 31 December 2025.
Regarding the investment in EDF Investissements Groupe (EIG), C3 (a fully-owned EDF subsidiary) and NBI (Natixis Belgique Investissement, a subsidiary of the Natixis group) amended the agreements for their investment in EIG on 19 December 2018.
C3 now has a call option to buy EIG shares held by NBI at a fixed price, exercisable at any time until May 2026. Meanwhile, NBI has a put option to sell EDF all of its EIG shares for a fixed amount of cash, exercisable subject to certain conditions between February 2024 and May 2025.
Due to their features, in compliance with IAS 32, NBI’s put option and C3’s call option are considered as derivatives and their net value is included in the positive or negative fair value of trading derivatives. At 31 December 2021, the fair value of these trading derivatives is not significant.
The increase in commitments related to acquisition of financial assets notably reflects EDF’s subscription in equal shares with the State to the Fonds France nucléaire investment fund. EDF and the State each contributed €50 million to this fund, which has a target total investment of €200 million by 2023.
The purpose of the Fonds France nucléaire fund is to invest to support growth by SMEs and intermediate-sized businesses in the nuclear industry, as part of the national recovery plan “France Relance”, through which the French government is providing €470 million of funding for various aspects of the nuclear industry, from modernisation of industrial facilities and skill reinforcement to research and development.
Framatome finalised its acquisition of Rolls-Royce Civil Nuclear Instrumentation & Control (I&C) on 8 November 2021 (see note 3.1).
Other commitments given related to investments at 31 December 2021 mainly comprise guarantees given by EDF Norte Fluminense in connection with its 51% investment in CES, the Company in charge of a hydroelectric dam on the Teles Pires river in Brazil.
Financing commitments given by the Group at 31 December 2021 comprise the following:
| 31/12/2021 | 31/12/2020 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in millions of euros) | Total | < 1 year | 1 to 5 years | > 5 years | Total |
| Security interests in real property | 3,986 | 1,739 | 474 | 1,773 | 4,179 |
| Guarantees related to borrowings | 1,265 | 30 | 668 | 567 | 949 |
| Other financing commitments | 586 | 478 | 31 | 77 | 408 |
|
TOTAL FINANCING COMMITMENTS GIVEN* |
5,837 | 2,247 | 1 173 | 2,417 | 5,536 |
*Including commitments given by controlled entities to joint ventures, amounting to €1,597 million at 31 December 2021 (€1,156 million at 31 December 2020). These financing commitments to joint ventures mainly concern EDF Renewables.
Security interests and assets provided as guarantees mainly concern pledges or mortgages of tangible assets and shares representing investments in consolidated subsidiaries which own property, plant and equipment, for EDF Renewables.
The guarantees given for borrowings are essentially guarantees provided by EDF Renewables for its project financing.
