BPCE_REGISTRATION_DOCUMENT_2017
5 FINANCIAL REPORT
IFRS Consolidated Financial Statements of Groupe BPCE as at December 31, 2017
5.8
RECLASSIFICATION OF FINANCIAL ASSETS
Portfolio of reclassified financial assets In application of the amendments to IAS 39 and IFRS 7 “Reclassificationof financial assets,” the Group reclassified some of its financial assets. No significant reclassification was carried out infiscal year 2016 or 2017.
Carrying amount
Fair value
12/31/2017
12/31/2017 12/31/2016
12/31/2016
in millions of euros
Assets reclassifiedto Loans and receivables
6,969 6,969
8,390 8,390
6,905 6,905
7,375 7,375
TOTALSECURITIES RECLASSIFIED
Change in fair value that would have been recognized if the securities had not been reclassified
Fiscal year 2017
Fiscal year 2016
in millionsof euros
Changein fair value that wouldhave been recognized in income if the securitieshad not been reclassified - that wouldhave been recognized in gains and lossesrecognizeddirectly in equityif the - securities had not been reclassified
(2)
1
604
(99)
DEFERRED TAX ASSETS AND LIABILITIES 5.9 Deferredtax assets and liabilitieson temporarydifferencesarise from the recognitionof the items listed in the statementbelow (positivefigures indicatedeferredtax assets, while negative figures in bracketsrepresent deferredtax liabilities):
12/31/2017
12/31/2016
in millionsof euros
Unrealized capital gainson UCITS
29
64
Fiscal EIGs
(123)
(198)
Provisions for employee-related liabilities Provisions for regulated home savings products
246 208 273 448
293 214 313 647
Impairment on aportfoliobasis Other non-deductibleprovisions
Changesin fair valueof financial instruments recorded in equity
(129)
(207)
Other sourcesof temporarydifferences (1) Deferredtax relatedto timing differences
264
769
1,216 2,344
1,895 2,496
Deferredtax arisingon thecapitalization oftax loss carryforwards
Unrecognizeddeferred tax assetsand liabilities NET DEFERRED TAXASSETS AND LIABILITIES
(1,166)
(1,075)
2,394
3,316
Deferred taxes recognized: as assets in the balance sheet - as liabilitiesin thebalancesheet -
3,081 (687)
4,097
(781) A deferredtax liabilityof €311 millionwas recognizedat December 31,2017 (€530 millionat December 31,2016)on certaingoodwillitemsrecordedin the UnitedStates,whichwill give rise to tax (1) amortizationover 15 years.
In 2017, the French Finance Act for 2018 and the fiscal reform in the United States allowed Groupe BPCE to revalue its net deferred tax position (seeNote 6.9): for French companies,deferredtaxes are calculatedby applyingthe ● tax rate that will be charged when the temporary difference reverses. Tax rates will be gradually lowered through to 2022 (includingthe social security contributionon profits), from 34.43% in 2018 to 25.83% in 2022 and thereafter for taxable profit taxed at the normalrate;
the US tax reformadoptedat the end of December ● a measurelimitingdeferrabletaxdeficitsandit introducesa taxsimilar to corporatetax, the Base Erosion Anti-AbuseTax. Neither of these changesweredeemedlikelyto havea significant impacton the income receivedfromthereduction in thefederaltaxrate. At December 31, 2017, deductible temporary differences, tax losses and unused tax credits for which no deferred tax asset has been recordedin the balance sheet amountedto € 4,504 million, compared with € 4,152million atDecember31, 2016. 2017also includes
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Registration document 2017
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