BPCE - 2020 Universal Registration Document

FINANCIAL REPORT

IFRS CONSOLIDATED FINANCIAL STATEMENTS OF GROUPE BPCE AS AT DECEMBER 31, 2020

PARTNERSHIPS AND ASSOCIATES

12.4 12.4.1

INVESTMENTS IN ASSOCIATES Partnerships and other associates 12.4.1.1 The Group’s main investments in joint ventures and associates are as follows:

12/31/2020

12/31/2019

in millions of euros

CNP Assurances (group) (1) EDF Investments Group (EIG)

2,938

2,731

521 158 168

520

Coface (2)

///

Banque Calédonienne d’Investissement

163

Socram Banque

40

49

Other

611

639

Financial sector companies

4,436

4,102

Other

150 150

145 145

Non-financial companies

TOTAL INVESTMENTS IN ASSOCIATES

4,586

4,247

Application of IFRS 9 (IFRS 4 amendment) postponed to January 1, 2022 (see Note 9 on Insurance activities). (1) Coface has been consolidated under the equity method since January 1, 2020 (see Note 1.3). (2)

Financial data for the main joint arrangements and associates 12.4.1.2 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 Investment Group (EIG)

Socram Banque

Coface (2)

in millions of euros

5

DIVIDENDS RECEIVED MAIN AGGREGATES Total assets

11

442,540 421,860

1,608 1,376

7,553 5,554

6,969

3,173 2,837

Total liabilities

41

Income statement Operating income or net banking income

2,307 (689) 1,618

3

128 (45)

202 (50) 152

91

Income tax Net income

(1)

(15)

2

83

17

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

20,680 16.11%

232

1,701

6,927 7.54%

337

Percentage of ownership

33.42%

12.70%

49.90%

VALUE OF INVESTMENTS IN ASSOCIATES

2,938

40

158

521

168

O/w goodwill

2

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). (1) Coface has been consolidated under the equity method since January 1, 2020 (see Note 1.3). In addition, Coface's equity value was written down by €57 million. (2) 1,458 /// 158 521

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

355

UNIVERSAL REGISTRATION DOCUMENT 2020 | GROUPE BPCE