At 31 December 2022, details of investment commitments are as follows:
| 31/12/2022 | 31/12/2021 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in millions of euros) | Total | < 1 year | 1 to 5 years | > 5 years | Total |
| Commitments related to acquisition of tangible and intangible assets | 15,867 | 10,411 | 5,013 | 443 | 15,905 |
| Commitments related to acquisition of financial assets | 864 | 12 | 751 | 101 | 929 |
| Other commitments related to investments | 169 | 165 | 4 | - | 162 |
| TOTAL INVESTMENT COMMITMENTS GIVEN (1) | 16,900 | 10,588 | 5,768 | 544 | 16,996 |
(1) Including commitments given by controlled entities to joint ventures, amounting to €183 million at 31 December 2022 (€194 million at 31 December 2021).
The commitments related to acquisition of tangible and intangible fixed assets are as follows:
| (in millions of euros) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| EDF |
EDF 31/12/2022 4,041 |
EDF 31/12/20214,109 |
| EDF Energy |
EDF Energy 31/12/2022 5,179 |
EDF Energy 31/12/20216,346 |
| Enedis |
Enedis 31/12/2022 2,956 |
Enedis 31/12/20212,568 |
| EDF Renewables |
EDF Renewables 31/12/2022 2,050 |
EDF Renewables 31/12/20211,431 |
| Framatome |
Framatome 31/12/2022 666 |
Framatome 31/12/2021520 |
| Other entities |
Other entities 31/12/2022 975 |
Other entities 31/12/2021931 |
| TOTAL |
TOTAL 31/12/2022 15,867 |
TOTAL31/12/202115,905 |
Commitments given related to acquisition of tangible and intangible fixed assets remained stable. The rise in commitments by EDF Renewables (an increase in orders, principally in the United States and Brazil, partly offset by progress and commissioning of solar and wind power plants, notably in Canada), and to a lesser degree by Enedis (higher purchase commitments for electric equipment, and lower commitments associated with the end of the national Linky meter rollout) was offset by the decrease in commitments given by EDF Energy (due to progress on the HPC project, combined with the effect of the pound sterling’s fall against the euro).
The decrease in commitments related to acquisition of financial assets is principally due to Framatome’s acquisition of the captive insurance company Foyer during the first half of 2022.
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) has a call option to buy the EIG shares held by NBI (Natixis Belgique Investissement, a subsidiary of the Natixis group) at a fixed price, exercisable at any time until May 2026. Meanwhile, NBI has a cash-settled put option to sell EDF all of its EIG shares for a fixed price, 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 2022, the fair value of these trading derivatives is low.
Other commitments given related to investments at 31 December 2022 mainly comprise guarantees given by EDF Norte Fluminense in connection with its 51% investment in CES, the operator of a hydroelectric dam on the Teles Pires river in Brazil.
