Universal Registration Document 2021

Note 18 Financial assets

18.1 Change in financial assets

(in millions of euros)	Cumulative value at 31/12/2021	Cumulative value at 31/12/2020
Investments ⁽¹⁾	Investments ⁽¹⁾Cumulative value at 31/12/2021 60,923	Investments ⁽¹⁾ Cumulative value at 31/12/2020 60,006
Receivables related to investments	Receivables related to investments Cumulative value at 31/12/2021 51	Receivables related to investments Cumulative value at 31/12/2020 51
Investment securities ⁽²⁾	Investment securities ⁽²⁾Cumulative value at 31/12/2021 25,201	Investment securities ⁽²⁾ Cumulative value at 31/12/2020 24,347
Other investments	Other investments Cumulative value at 31/12/2021 202	Other investments Cumulative value at 31/12/2020 199
Loans to subsidiaries and other financial assets ⁽³⁾	Loans to subsidiaries and other financial assets ⁽³⁾Cumulative value at 31/12/2021 23,829	Loans to subsidiaries and other financial assets ⁽³⁾ Cumulative value at 31/12/2020 16,422
Total financial assets, gross	Total financial assets, grossCumulative value at 31/12/2021110,206	Total financial assets, gross Cumulative value at 31/12/2020101,025
Impairment of investments and related receivables	Impairment of investments and related receivables Cumulative value at 31/12/2021 (709)	Impairment of investments and related receivables Cumulative value at 31/12/2020 (712)
Impairment of investment securities ⁽⁴⁾	Impairment of investment securities ⁽⁴⁾Cumulative value at 31/12/2021 (404)	Impairment of investment securities ⁽⁴⁾ Cumulative value at 31/12/2020 (293)
Total impairment	Total impairmentCumulative value at 31/12/2021(1,113)	Total impairment Cumulative value at 31/12/2020(1,005)
TOTAL FINANCIAL ASSETS, NET	TOTAL FINANCIAL ASSETS, NETCumulative value at 31/12/2021109,093	TOTAL FINANCIAL ASSETS, NET Cumulative value at 31/12/2020100,020

(1) The change in investments essentially corresponds to:

● new investments by EDF Invest, including:

❯ subscription to the capital of C71 (a company that holds fibre optics located in public-initiative networks in France) (€374 million),
❯ subscription to the capital of 92 France (a company that holds a real estate asset in France) (€94 million),
❯ subscription to the capital of C82 (which holds a real estate asset in Germany which holds a real estate asset in Germany) (€44 million)
❯ subscription to the capital of C84 (a company that holds a real estate asset in Germany) (€41 million);

● subscriptions to the capital increases, including:

❯ subscription to the capital increase by C77 (a company that holds real estate assets in Europe) (€171 million),
❯ subscription to the capital increase by C79 (a company that holds a real estate asset in France) (€99 million),
❯ subscription to the capital increase by EDF Pulse Holding (€75 million),
❯ subscription to the capital increase by C72 (a company that holds Energy Assets Group (EAG)) (€74 million).

Also, at 31 December 2021, the value of the investment in Framatome was reduced by €14 million in accordance with signed price adjustment agreements. It is stated at €2,014 million at 31 December 2021, compared to €2,028 million at 31 December 2020.

(2) Changes in investment securities correspond mainly to acquisitions and sales of dedicated assets over the period, which generated net gains of €1,070 million in 2021 see note 14). These gains are reinvested in the dedicated asset portfolio.

(3) Loans to subsidiaries at 31 December 2021 total €23,782 million, including €13,048 million for EDF International, €2,943 million for EDF Trading, €2,881 million for EDF Renewables, €1,997 million for Enedis, €1,788 million for Dalkia and €568 million for PEI.

(4) The change in this item is mainly due to less favourable developments on the bond markets in 2021 than 2020, leading to recognition of impairment on investment securities and other investments during the year (see note 13 (4)).

Universal Registration Document 2021

6. Financial statements

Note 18 Financial assets

18.1 Change in financial assets