BPCE - 2019 Universal Registration Document

5

FINANCIAL REPORT

IFRS CONSOLIDATED FINANCIAL STATEMENTS OF GROUPE BPCE AS AT DECEMBER 31, 2019

12.4

PARTNERSHIPS AND ASSOCIATES

Accounting principles: See Note 3

INVESTMENTS IN ASSOCIATES 12.4.1 Partnerships and other associates The Group’s main investments in joint ventures and associates are as follows:

12/31/2019

12/31/2018

in millions of euros

CNP Assurances (group) (1)

2,731

2,471

Socram Banque

49

75

EDF Investments Group (EIG)

520 163 639

521 153 599

Banque Calédonienne d’Investissement

Other

Financial sector companies

4,102

3,819

Other

145 145

214 214

Non-financial companies

SHARE IN NET INCOME OF ASSOCIATES 4,033 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 (1) 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. 4,247

Financial data for the main joint arrangements and associates 12.4.1.1 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):

Associates

Banque Calédonienne d’Investissement

CNP Assurances (group)

EDF Investments Group (EIG)

Socram Banque

in millions of euros

DIVIDENDS RECEIVED MAIN AGGREGATES Total assets

(98)

1

10

4

440,366 420,973

1,753 1,532

8,577

3,078 2,751

Total liabilities

49

Income statement Operating income or net banking income

2,520 (784) 1,736

25 (1)

231 (68) 162

95

Income tax Net income

(22)

1

30

CARRYING VALUE OF INVESTMENTS IN ASSOCIATES Equity of associates (1)

19,393 16.11%

221

8,528 6.11%

326

Percentage of ownership

33.42%

49.90%

VALUE OF INVESTMENTS IN ASSOCIATES

2,731

49

520

163

O/w goodwill

2

MARKET VALUE OF INVESTMENTS IN ASSOCIATES

1,961

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The equity used by Groupe BPCE to consolidate CNP Assurances (group) via the equity method is subject to restatement (deeply subordinated notes). (1)

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

332

UNIVERSAL REGISTRATION DOCUMENT 2019 | GROUPE BPCE

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