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Annual Report 2014 BNP Paribas Fortis SA/NV 23/02/15 11:50

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Annual Report 2014 BNP Paribas Fortis SA/NV 23/02/15 11:50 BNP Paribas Fortis SA/NV Annual Report 2014 | Annual Report 2014 Report | Annual BNP Paribas Fortis SA/NV Fortis Paribas BNP AR 2014 Cover.indd 6 23/02/15 11:50 Introduction The BNP Paribas Fortis Annual Report 2014 contains both the audited Consolidated and Non-consolidated Financial Statements, preceded by the Report of the Board of Directors, the Statement of the Board of Directors and a section on Corporate Governance including the composition of the Board of Directors. The audited BNP Paribas Fortis Consolidated Financial Statements 2014, with comparative figures for 2013, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, are followed by the audited Non-consolidated Financial Statements 2014 of BNP Paribas Fortis SA/NV, prepared on the basis of the rules laid down in the Belgian Royal Decree of 23 September 1992 on the annual accounts of credit institutions. All amounts in the tables of the Consolidated Financial All information contained in the BNP Paribas Fortis Annual Statements are denominated in millions of euros, unless Report 2014 relates to the BNP Paribas Fortis statutory stated otherwise. All amounts in the tables of the Non- Consolidated and Non-consolidated Financial Statements consolidated Financial Statements are denominated in and does not cover the contribution of BNP Paribas thousands of euros, unless stated otherwise. Because figures Fortis to the BNP Paribas Group consolidated results, have been rounded off, small discrepancies with previously which can be found on the BNP Paribas website: reported figures may appear. Certain reclassifications www.bnpparibas.com. have been made with regard to the prior year’s Financial Statements in order to make them comparable for the year The BNP Paribas Fortis Annual Report 2014 under review. is available on the website: www.bnpparibasfortis.com ‘BNP Paribas Fortis’ refers in the Consolidated Financial Statements to the BNP Paribas Fortis SA/NV consolidated situation unless stated otherwise. ‘BNP Paribas Fortis’ refers in the Non-consolidated Financial Statements to the BNP Paribas Fortis SA/NV non-consolidated situation, unless stated otherwise. 3 Content Introduction 3 BNP Paribas Fortis Consolidated Annual Report 2014 7 Report of the Board of Directors 8 A word from the Chairman and the CEO 8 Sound business performance in an adverse economic and financial environment 10 Core Businesses 11 Liquidity and solvency 28 Principal risks and uncertainties 28 Statement of the Board of Directors 29 Corporate Governance Statement 30 BNP Paribas Fortis Consolidated Financial Statements 2014 43 Profit and loss account for the year ending 31 December 2014 44 Statement of net income and changes in assets and liabilities recognised directly in equity 45 Balance sheet at 31 December 2014 46 Statement of changes in shareholders’ equity between 1 January 2013 and 31 December 2014 47 Minority interests between 1 January 2013 and 31 December 2014 48 Cash flows statement for the year ending 31 December 2014 49 Notes to the Consolidated Financial Statements 2014 51 1 Summary of significant accounting policies applied by BNP Paribas Fortis 52 1.a Applicable accounting standards 52 1.b Segment reporting 53 1.c Consolidation 53 1.d Financial assets and financial liabilities 58 1.e Accounting standards specific to insurance business 68 1.f Property, plant and equipment and intangible assets 70 1.g Leases 71 1.h Non-current assets held for sale and discontinued operations 72 1.i Employee benefits 72 1.j Share-based payment 74 1.k Provisions recorded under liabilities 75 1.l Current and deferred taxes 75 1.m Cash flow statement 76 1.n Use of estimates in the preparation of the financial statements 76 4 BNP PARIBAS FORTIS AnnUAL REPORT 2014 2 Notes to the profit and loss account for the year ending 31 December 2014 78 2.a Net interest income 78 2.b Commission income and expense 79 2.c Net gain/loss on financial instruments at fair value through profit or loss 80 2.d Net gain/loss on available-for-sale financial assets and other financial assets not measured at fair value 81 2.e Net income from other activities 81 2.f Cost of risk 82 2.g Corporate income tax 84 3 Segment information 85 3.a Operating segments 86 3.b Information by operating segment 87 3.c Country-by-country reporting 88 4 Risk management and capital adequacy 89 4.a Risk management organisation 89 4.b Risk measurement and categories 91 4.c Capital adequacy 93 4.d Credit and counterparty risk 97 4.e Market risk 115 4.f Operational risk 128 4.g Compliance and reputational risk 129 4.h Liquidity and refinancing risk 131 5 Notes to the balance sheet at 31 December 2014 133 5.a Financial assets, financial liabilities and derivatives at fair value through profit or loss 133 5.b Derivatives used for hedging purposes 138 5.c Available-for-sale financial assets 139 5.d Measurement of the fair value of financial instruments 141 5.e Financial instruments reclassified as loans and receivables 151 5.f Interbank and money-market items 152 5.g Customer items 153 5.h Debt securities and subordinated debt 156 5.i Held-to-maturity financial assets 157 5.j Current and deferred taxes 157 5.k Accrued income/expense and other assets/liabilities 160 5.l Investments in associates and joint ventures 161 5.m Investment property, property, plant and equipment and intangible assets 164 5.n Goodwill 166 5.o Provisions for contingencies and charges 169 5.p Transfers of financial assets 169 5.q Offsetting of financial assets and liabilities 171 6 Financing commitments and guarantee commitments 174 6.a Financing commitments given or received 174 6.b Guarantee commitments given by signature 174 6.c Other guarantee commitments 175 BNP PARIBAS FORTIS AnnUAL REPORT 2014 5 7 Salaries and employee benefits 176 7.a Salary and employee benefit expenses 176 7.b Employee benefit obligations 176 7.c Other long-term benefits 182 7.d Termination benefits 183 8 Additional information 184 8.a Scope of consolidation 184 8.b Business combinations 190 8.c Non-current assets classified as held for sale and discontinued operations 192 8.d Remuneration and benefits awarded to the BNP Paribas Fortis corporate officers 194 8.e Related parties 197 8.f Minority interests 200 8.g Significant restrictions in subsidiaries, associates and joint ventures 201 8.h Structured entities 202 8.i Balance sheet by maturity 205 8.j Structured credit instruments 207 8.k Exposure to sovereign risk 209 8.l Fair value of financial instruments carried at amortised cost 212 8.m Contingent assets and liabilities 213 8.n Fees paid to the statutory auditors 216 8.o Retrospective impact of IFRS 11 217 8.p Events after the reporting period 220 8.q Additional information on the Bass and Esmée securitisation transactions 220 Report of the accredited statutory auditors 225 BNP Paribas Fortis Annual Report 2014 (Non-consolidated) 229 Report of the Board of Directors 230 Proposed appropriation of the result for the accounting period 234 Information related to Article 523 of the Belgian companies code 235 Information regarding related party transactions 237 BNP Paribas Fortis Financial Statements 2014 (Non-consolidated) 243 Summary of the accounting policies for the Non-consolidated Financial Statements 302 Report of the accredited statutory auditors 307 Other information 311 6 BNP PARIBAS FORTIS AnnUAL REPORT 2014 BNP Paribas Fortis Consolidated Annual Report 2014 7 Report of the Board of Directors A word from the Chairman and the CEO BNP Paribas Fortis succeeded in posting solid results in 2014 in spite of the challenging environment. We booked a net profit of EUR 1,246 million, compared with EUR 637 million in 2013. The unprecedented low interest rates, low inflation and weak economic growth did not prevent us from strongly focusing on our customers during the year which delivered notably the following: Total deposits in Belgian Retail Banking grew by 5.1% to reach EUR 106 billion. Customer lending rose 2.1% to EUR 88 billion, with loans to individual clients in particular showing an increase while lending to small and medium-sized businesses held up well. Despite annual increases in taxation and strong regulatory requirements, we managed to keep costs under control. Low cost of risk We are living in a fast-changing world. Technological advances, new communication methods, the spread of digital tools, a never-ending stream of information and the increasing importance of social media in both personal and business life provide the general public with a wide range of choice in running their financial affairs. This represents a considerable challenge for banks, which are embedded in all areas of society. We need to adapt to, and also anticipate the needs and wants of, our customers. Back in 2014 BNP Paribas Fortis drew up a strategic plan designed to enable the Bank to meet these new challenges. We set out a number of key principles intended to help us differentiate ourselves from the competition in all our activities and initiatives: (1) Resolutely engage with clients; (2) Make things as easy as possible for everyone; (3) Dare to innovate; and (4) Strive to create value for the Bank and society as a whole. Our central goal is to be the bank of choice for our customers. Enabling the customer to interact with us through his/her favourite channel is key in this respect. As part of our drive for increased availability, the opening hours at our branches were adjusted as from October 2014, with evening and Saturday opening. In our network we placed greater emphasis on advisory.
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