BPCE_REGISTRATION_DOCUMENT_2017
FINANCIAL REPORT IFRS Consolidated Financial Statements of BPCE SA group as at December 31, 2017
INCOME AND CARRYING AMOUNT FROM 16.3 ASSETS TRANSFERRED TO SPONSORED NON-CONSOLIDATED STRUCTURED ENTITIES A structured entity is sponsored by a Group entity when the two following indicators are both satisfied: it is involved in the creation and structuring of the structured ● entity; it contributesto the success of the entity by transferringassets to ● it or by managing relevant activities. When the Group entity’s role is limited to one of advisor, arranger, custodianor placementagent, the structuredentity is not considered to be sponsored.
BPCE SA group plays the role of sponsor for: UCITS initiated by a managementcompany belonging to BPCE ● group and in which BPCE SA group holds no investment or any other interest. Reported income includes management and outperformancefees charged by BPCE SA group entities, as well as profit or loss from ordinary business with these funds; a US activity of originationand disposalof portfoliosof home loans ● to securitization vehicles created by the Natixis group with third parties and in which Natixis group holds no interests. Reported income includes structuring fees as well as gains or losses on the disposal of receivables. For the non-consolidated structured entities that the Group sponsoredwithout holding any interests, the impact on the financial statements ispresented below:
SA
Fiscal year 2017
Securitization
Asset management
in millionsof euros
Incomefromentities Net interest income
(36)
211
2
Net fee and commission income
(7)
204
Net gains or losses on financial instrumentsat fair value through profitor loss Carryingamount ofassets transferredto theentityduringthe fiscal year
(29)
5
2,365
Fiscal year 2016
5
Securitization
Asset management
in millionsof euros
Income fromentities Net interest income
(19)
258
3
Net fee and commission income
(3)
241
Net gains or losses on financial instrumentsat fair value through profitor loss Carryingamount ofassets transferredto theentityduringthe fiscal year
(16)
14
1,797
Note 17
Scope of consolidation
CHANGES IN SCOPE OF CONSOLIDATION 17.1 DURING FISCAL YEAR 2017 The main changes in the scope of consolidation during 2017 are presented below:
As this acquisitionhad no impact on Natixis’ control of the company, goodwill was charged directly against equity attributable to equity holdersof the parent inthe amount of € 80 million. Transfer of S-money and its subsidiary Lakooz from BPCE SA to Natixis In 2017, Natixis acquired the 100% stake held by BPCE SA in S-moneyand its subsidiaryLakoozin two stages (51% in the first half of 2017 and 49% in the second half of the year). These two companies specialize in new onlinepaymentmethods. The Group’s interest in these entities stood at 71.02% as of December 31, 2017, compared to 100% at December 31, 2016. This transfer had no material impact on equity attributable to equity holdersof the parent. Transfer of Inter-Coop and Bati Lease owned by Crédit Coopératif to Natixis As of December 31, 2017, Natixis purchased the majority holdings owned by CréditCoopératif.
Changes in the ownership interest in subsidiaries at December 31, 2017 (with no impact on control)
Change in the Group’s ownership interest in Natixis Following a number of transactions in its own shares, the Group's stake in Natixis stood at 71.02% at December 31, 2017 ( versus 71.03% at December 31, 2016). The impact of this change on equity attributable to equityholdersof the parent wasnot material. Acquisition of 40% of BPCE Assurances’ capital Natixis, via Natixis Assurances, finalized the acquisition of 40% of BPCE Assurances from Macif (25%) and Maif (15%). Following this transaction, Natixis Assurances is the sole shareholder of BPCE Assurances.
443
Registration document 2017
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