| (in millions of euros) | Cumulative amounts at 31/12/2022 | Cumulative amounts at 31/12/2021 |
|---|---|---|
| Investments (1) | Investments (1)Cumulative amounts at 31/12/2022 61,474 |
Investments (1)Cumulative amounts at 31/12/202160,923 |
| Receivables related to investments | Receivables related to investments Cumulative amounts at 31/12/2022 51 |
Receivables related to investments Cumulative amounts at 31/12/202151 |
| Investment securities (2) | Investment securities (2)Cumulative amounts at 31/12/2022 25,215 |
Investment securities (2)Cumulative amounts at 31/12/202125,201 |
| Other investments | Other investments Cumulative amounts at 31/12/2022 94 |
Other investments Cumulative amounts at 31/12/2021202 |
| Loans to subsidiaries and other financial assets (3) | Loans to subsidiaries and other financial assets (3)Cumulative amounts at 31/12/2022 34,207 |
Loans to subsidiaries and other financial assets (3)Cumulative amounts at 31/12/202123,829 |
| Total financial assets, gross | Total financial assets, gross Cumulative amounts at 31/12/2022 121,041 |
Total financial assets, grossCumulative amounts at 31/12/2021110,206 |
| Impairment of investments and related receivables (4) | Impairment of investments and related receivables (4)Cumulative amounts at 31/12/2022 (3,521) |
Impairment of investments and related receivables (4)Cumulative amounts at 31/12/2021(709) |
| Impairment of investment securities (5) | Impairment of investment securities (5)Cumulative amounts at 31/12/2022 (2,084) |
Impairment of investment securities (5)Cumulative amounts at 31/12/2021(404) |
| Total impairment | Total impairment Cumulative amounts at 31/12/2022 (5,605) |
Total impairmentCumulative amounts at 31/12/2021(1,113) |
| TOTAL FINANCIAL ASSETS, NET | TOTAL FINANCIAL ASSETS, NET Cumulative amounts at 31/12/2022 115,436 |
TOTAL FINANCIAL ASSETS, NETCumulative amounts at 31/12/2021109,093 |
(1) The increase in investments essentially corresponds to a new investment of €351 million by EDF Invest for a capital increase by C87 (a company that holds a fibre optics network in Denmark) and a €156 million subscription to the capital increase by C88 (a company that holds an investment in data centres in the United States).
(2) Changes in investment securities correspond mainly to acquisitions and sales of dedicated assets over the period, which generate net gains that are reinvested in the dedicated asset portfolio (see note 12).
(3) Loans to subsidiaries at 31 December 2022 total €34,162 million, principally concerning €15,690 million for EDF International in connection with funding for the HPC project in England, €5,120 million for EDF Trading, €4,364 million for EDF Renewables, €3,980 million for Enedis, €2,146 million for EDF Energy and €2,045 million for Dalkia.
(4) Following a review of the value in use of investments carried in EDF’s balance sheet assets at 31 December 2022, impairment was recorded, notably €2,650 million on the investment in EDF International (see note 11 (4)). As the holding company for most of the EDF group’s international investments, the value in use of the shares in EDF International is based on the contributions by various subsidiaries and subgroups to the Group’s consolidated equity, taking account of the positive margins shown by impairment tests of the various cash-generating units. The deterioration in 2022 in the value in use of the investment in EDF International essentially results from a substantial downturn in the realisable value of EDF Energy in the United Kingdom, mostly attributable to the very significant increase in the discount rate, and to a lesser extent to the revised completion cost for the HPC project, announced in May 2022.
(5) The change in this item is mainly due to less favourable developments on the financial markets in 2022 than 2021, leading to recognition of impairment on investment securities and other investments during the year (see note 11 (3)).
