BPCE - 2018 Registration document
5 FINANCIAL REPORT
IFRS Consolidated Financial Statements of Groupe BPCE as at December 31, 2018
Summarized financial data for non-material joint ventures and companies under significant influence at December 31, 2018 is as follows:
Fiscal year 2018
Fiscal year 2017
in millions of euros
Value of investments in associates
813
803
Total amount of share in: Net income
37 (1) 36
44 (1) 43
Gains and losses recognized directly in other comprehensive income
COMPREHENSIVE INCOME
12.4.1.3 Nature and scope of major restrictions Groupe BPCE has not been faced with any major restrictions relating to interests held in associates and joint ventures. 12.4.2 Share in net income of associates
Fiscal year 2018
Fiscal year 2017
in millions of euros
CNP Assurances (group) EDF Investment Group (EIG)
220
207
12
10
Socram Banque
2
2
Banque Calédonienne d’Investissement
13 33
13 37
Other
Financial sector companies
280
269
Other
4 4
7 7
Non-financial companies
SHARE IN NET INCOME OF ASSOCIATES
284
276
INTERESTS IN NON-CONSOLIDATED 12.5 STRUCTURED ENTITIES Nature of interests in non-consolidated structured 12.5.1 entities A non-consolidated structured entity is a structured entity that is not controlled and is therefore not accounted for using the full consolidation method. As a result, the interests held in a joint venture or associate which is classed as a structured entity falls within the scope of this note. The same is true of controlled structured entities that are not consolidated due to threshold reasons. This includes all structured entities in which Groupe BPCE holds an interest and intervenes in one or more of the following capacities: originator/structurer/arranger; ● placement agent; ● manager; ● in any other capacity that has a major impact on the structuring or ● management of the transaction ( e.g. provision of financing, guarantees or structuring derivatives, tax investor, major investor, etc.). An interest in an entity corresponds to all types of relationship, contractual or not, that exposes Groupe BPCE to a risk of fluctuations in returns relating to the entity’s performance. Interests in another entity may be evidenced by, among others, the holding of equity
instruments or debt securities, as well as, by other types of relationship, such as financing, short-term credit facilities, credit enhancement, provision of guarantees or structured derivatives. As a result, the following are not included in the scope of this note: structured entities which are associated with Groupe BPCE through ● a current transaction alone. This corresponds to an unstructured financial instrument which generally does not have a material impact on the variability of the structured entity’s returns and which could be concluded by Groupe BPCE with structured entities or classically-governed entities alike. The main kinds of current transactions are: plain vanilla fixed-income, foreign exchange and other - underlying derivatives, as well as securities lending/borrowing and repurchase agreement transactions, plain vanilla guarantees and financing granted to family - non-trading real estate companies (SCI) or to certain holdings; external structured entities in which Groupe BPCE simply acts as an ● investor. These notably include: investments in external UCITS that the Group does not manage, ● except for those in which the Group owns almost all the shares; a limited scope of interests held in securitization vehicles ● (exposures on these funds are included in the information published in Chapter 3 “Risk Management – Securitizations”);
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Registration document 2018
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