BPCE - 2018 Registration document

FINANCIAL REPORT IFRS Consolidated Financial Statements of BPCE SA group as at December 31, 2018

PARTNERSHIPS AND ASSOCIATES 12.4

Accounting principles: See Note 3

Investments in associates 12.4.1 12.4.1.1 Partnerships and other associates The Group’s main investments in joint ventures and associates are as follows:

12/31/2018

01/01/2018

in millions of euros

CNP Assurances (group)*

2,561

2,657

Socram Banque

75

76

EDF Investment Group

521 239

521 231

Other

Financial sector companies

3,396

3,485

Other

127 127

140 140

Non-financial companies

TOTAL INVESTMENTS IN ASSOCIATES 3,625 Application of IFRS 9 (with IFRS 4 amendment) postponed to January 1, 2022. IFRS 9 Financial Instruments was published on July 24, 2014 and approved by the European Union on November 22, * 2016. Application of this standard became mandatory on January 1, 2018. However, the Group opted to postpone application of the standard to January 1, 2022. The standard, which replaces IAS 39 Financial Instruments: Recognition and Measurement, sets out the accounting and disclosure principles applicable to financial assets and financial liabilities. The complete version of IFRS 9 includes the three phases that comprised the draft version, namely classification and measurement, impairment, and hedge accounting. Macro-hedge accounting, which is being covered separately by the IASB, has not been finalized. A discussion paper was published on this topic on April 17, 2014. 3,523

12.4.1.2 Financial data for the main joint arrangements and associates Summarized financial data for material joint ventures and/or companies under notable influence are as follows (based on the last available data published by the entities in question):

5

Associates

CNP Assurances (group)

EDF Investment Group (EIG)

Socram Banque

in millions of euros

DIVIDENDS RECEIVED MAIN AGGREGATES Total assets

93

1

11

415,424 397,643

1,913 1,689

8,580

Total liabilities

33

Income statement Operating income or net banking income

2,463 (793) 1,670

55 (3)

264 (78) 186

Income tax Net income

6

CARRYING VALUE OF INVESTMENTS IN ASSOCIATES Equity of associates*

17,781 16.11%

224

8,548 6.11%

Percentage of ownership

33.42%

VALUE OF INVESTMENTS IN ASSOCIATES

2,561 2,049

75 ///

521

MARKET VALUE OF INVESTMENTS IN ASSOCIATES

///

The equity used by Groupe BPCE to consolidate CNP Assurances (group) via the equity method is subject to restatement (deeply subordinated notes). *

Groupe BPCE has no interest in any joint venture that has a material impact on the consolidated financial statements.

521

Registration document 2018