Universal Registration Document 2021

Note 39 Related parties

39.1 Relations with subsidiaries

.	EDF's receivables ⁽¹⁾		EDF's liabilities ⁽¹⁾
(in millions of euros)	Loans	Operating receivables	Net liabilities included in current account	Operating liabilities	Financial expenses	Financial income (excluding dividends)
Companies
ATMEA	143
CTE (formerly C25)		468		321
Framatome		157		458
EDF Energy	123	160		62		2
EDF Renewables	2,881					26
EDF International	13,048					262
EDF Trading	2,943	3,280		3,969		9
Edison						1
Enedis	1,997	58		1,824		10
Dalkia France	1,788	71		292		36
Groupe PEI	568			108		13
Citelum	123					2
EDF Luminus	80					1
Edvance		60		51
Current accounts ⁽²⁾				2,076
Investment agreement for subsidiaries' liquidities			1,797		(5)
Group cash management agreement with subsidiaries ⁽³⁾			11,912
Tax consolidation agreement				1,529

(1) Receivables and payables of more than €50 million.

(2) Including €598 million concerning Sofilo, €532 million concerning Enedis and €474 million concerning PEI.

(3) Including €5,144 million concerning C3, €1,489 million concerning EDF Trading, €879 million concerning EDF Energy and €850 million concerning Edison.

39.2 Relations with the French state and state-owned entities

39.2.1 Relations with the French state

The French State holds 83.88% of the capital of EDF at 31 December 2021, and is thus entitled in the same way as any majority shareholder to control decisions that require approval by the shareholders.

In accordance with the legislation applicable to all companies having the French State as their majority shareholder, EDF is subject to certain inspection procedures, in particular economic and financial inspections by the State, audits by the French Court of Auditors (Cour des Comptes) or Parliament, and verifications by the French General Finance Inspectorate (Inspection générale des finances).

The public service contract between the French State and EDF was signed on 24 October 2005. This contract establishes the framework for public service missions assigned to EDF by the lawmaker for an unlimited period. The Law of 9 August 2004 does not stipulate the duration of the contract.

39.2.2 Relations with Engie

Concerning the common LPG distribution and supply service in the cities of Ajaccio and Bastia in Corsica, ENGIE informed EDF in October 2020 that it was considering terminating its LPG activities in Corsica.

Article 96 of France’s Finance Law for 2022 allows the State to bear part of the costs associated with conversion of the LPG networks to electricity or renewable energies, for a maximum period of twenty years to be set by official order.

This measure currently has no impact for EDF. Ultimately, the prospect of ending LPG distribution operations and converting uses to electricity will need investments to reinforce the electricity distribution networks.

39.2.3 Relations with public sector entities

EDF’s relations with public sector entities mainly concern the two entities belonging to the former AREVA group (Orano and AREVA SA).

Transactions with Orano concern:

the front-end of the nuclear fuel cycle (uranium supplies, conversion and enrichment services);
the back-end of the nuclear fuel cycle (transportation, storage, processing and recycling services for spent fuel).

Front-end of the cycle:

Several important agreements have been negotiated between EDF and Orano:

for supplies of natural uranium: Orano Mining contracts;
for fluoration and enrichment of natural uranium into uranium 235: an Orano Chimie-Enrichissement contract (formerly the Orano cycle contract).

Back-end of the cycle:

Relations between EDF and Orano Recyclage (formerly Orano Cycle) concerning transportation, processing and recycling of spent fuels are described in note 28.