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Annual Report 2015

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Annual Report 2015 BNP PARIBAS FORTIS SA/NV ANNUAL REPORT 2015 The bank for a changing world Introduction BNP Paribas Fortis is a limited liability company (naamloze vennootschap (NV)/société anonyme (SA)), incorporated and existing under Belgian law, having its registered office address at Warandeberg 3, 1000 Brussels and registered under number BE VAT 0403.199.702 (hereinafter referred to as the ‘Bank’ or as ‘BNP Paribas Fortis’). The BNP Paribas Fortis Annual Report 2015 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 2015, with comparative figures for 2014, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, are followed by the audited Non-consolidated Financial Statements 2015 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. It is considered that the information included in the note 8.j Scope of consolidation, together with the information included in the Report of the Board of Directors and in the Corporate Governance Statement, complies with the requested information in article 168,§3 of the Belgian Act of 25 April 2014 on the legal status and supervision 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 2015 relates to the BNP Paribas Fortis statutory stated otherwise. All amounts in the tables of the Non- Consolidated and Non-consolidated Financial Statements and consolidated Financial Statements are denominated in does not cover the contribution of BNP Paribas Fortis to the thousands of euros, unless stated otherwise. Because figures BNP Paribas Group consolidated results, which can be found have been rounded off, small discrepancies with previously on the BNP Paribas website: www.bnpparibas.com. reported figures may appear. Certain reclassifications have been made with regard to the prior year’s Financial The BNP Paribas Fortis Annual Report 2015 is available on the Statements in order to make them comparable for the year website: www.bnpparibasfortis.com under review. ‘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 2015 9 Report of the Board of Directors 10 A word from the Chairman and the CEO 10 Good business performance in a challenging economic and financial environment 11 Core Businesses 12 Corporate Social Responsibility 19 Liquidity and solvency 27 Principal risks and uncertainties 28 Statement of the Board of Directors 29 Corporate Governance Statement 30 BNP Paribas Fortis Consolidated Financial Statements 2015 43 Profit and loss account for the year ended 31 December 2015 44 Statement of net income and changes in assets and liabilities recognised directly in equity 45 Balance sheet at 31 December 2015 46 Cash flow statement for the year ended 31 December 2015 47 Statement of changes in shareholders’ equity between 1 January 2014 and 31 December 2015 48 Minority interests between 1 January 2014 and 31 December 2015 48 Notes to the Consolidated Financial Statements 2015 49 1 Summary of significant accounting policies applied by BNP Paribas Fortis 50 1.a Applicable accounting standards 50 1.b Segment reporting 51 1.c Consolidation 52 1.d Financial assets and financial liabilities 56 1.e Property, plant, equipment and intangible assets 65 1.f Leases 66 1.g Non-current assets held for sale and discontinued operations 67 1.h Employee benefits 67 1.i Share-based payments 69 1.j Provisions recorded under liabilities 70 1.k Current and deferred taxes 70 1.l Cash flow statement 71 1.m Use of estimates in the preparation of the financial statements 71 4 BNP PARIBAS FORTIS AnnUAL REPORT 2015 2 Retrospective impact of the IFRIC 21 interpretation 73 3 Notes to the profit and loss account for the year ended 31 December 2015 74 3.a Net interest income 74 3.b Commission income and expense 75 3.c Net gain/loss on financial instruments at fair value through profit or loss 75 3.d Net gain/loss on available-for-sale financial assets and other financial assets not measured at fair value 76 3.e Net income from other activities 76 3.f Cost of risk 77 3.g Corporate income tax 79 4 Segment information 80 4.a Operating segments 80 4.b Information by operating segment 81 4.c Country-by-country reporting 82 5 Notes to the balance sheet at 31 December 2015 83 5.a Financial assets, financial liabilities and derivatives at fair value through profit or loss 83 5.b Derivatives used for hedging purposes 85 5.c Available-for-sale financial assets 85 5.d Measurement of the fair value of financial instruments 87 5.e Reclassification of financial instruments initially recognised at fair value through profit or loss held for trading purposes or as available-for-sale assets 97 5.f Interbank and money-market items 98 5.g Customer items 99 5.h Past-due and doubtful loans 100 5.i Debt securities and subordinated debt 102 5.j Held-to-maturity financial assets 103 5.k Current and deferred taxes 103 5.l Accrued income/expense and other assets/liabilities 105 5.m Equity – method investments 106 5.n Property, plant, equipment and intangible assets used in operations, investment property 109 5.o Goodwill 110 5.p Provisions for contingencies and charges 113 5.q Offsetting of financial assets and liabilities 113 5.r Transfers of financial assets 116 6 Financing commitments and guarantee commitments 119 6.a Financing commitments given or received 119 6.b Guarantee commitments given by signature 119 6.c Other guarantee commitments 119 BNP PARIBAS FORTIS AnnUAL REPORT 2015 5 7 Salaries and employee benefits 121 7.a Salary and employee benefit expenses 121 7.b Post-employment benefits 121 7.c Other long-term benefits 127 7.d Termination benefits 127 8 Additional information 128 8.a Contingent liabilities: legal proceeding and arbitration 128 8.b Business combinations and other changes of the consolidation scope 130 8.c Minority interests 132 8.d Significant restrictions in subsidiaries, associates and joint ventures 134 8.e Structured entities 134 8.f Compensation and benefits awarded to bnp paribas fortis’ corporate officers 137 8.g Other related parties 141 8.h Financial instruments by maturity 144 8.i Fair value of financial instruments carried at amortised cost 146 8.j Scope of consolidation 148 8.k Fees paid to the statutory auditors 153 8.l Events after the reporting period 154 Risk management and capital adequacy 155 1 Risk management organisation 157 2 Risk measurement and categories 159 3 Capital adequacy 161 4 Credit and counterparty risk 166 5 Market risk 183 6 Sovereign risks 196 7 Operational risk 197 8 Compliance and reputational risk 199 9 Liquidity and refinancing risk 200 6 BNP PARIBAS FORTIS AnnUAL REPORT 2015 Report of the accredited statutory auditors 205 BNP Paribas Fortis Annual Report 2015 (Non‑consolidated) 209 Report of the Board of Directors 210 Proposed appropriation of the result for the accounting period 214 Information related to Article 523 of the Belgian companies code 215 Information regarding related party transactions 216 BNP Paribas Fortis Financial Statements 2015 (Non‑consolidated) 217 Summary of the accounting policies for the Non-consolidated Financial Statements 274 Report of the accredited statutory auditors 279 Other information 283 BNP PARIBAS FORTIS AnnUAL REPORT 2015 7 8 BNP PARIBAS FORTIS AnnUAL REPORT 2015 BNP Paribas Fortis Consolidated Annual Report 2015 9 Report of the Board of Directors A word from the Chairman and the CEO The power and speed of change are having a profound effect on our economy, on companies and professions. On top of this, the financial world is having to cope with historically low interest rates and an economy that has not rebounded as well as expected. In spite of these challenging circumstances, BNP Paribas Fortis posted good figures in 2015 thanks to the Bank’s range of products and services. Lending and deposit volumes remained at a high level during the year and our cost of risk remained low. Net profit totalled EUR 1,575 million. Our liquidity and solvency ratios are robust and we continue to have sufficient capital available to invest. The world is changing as seldom before, with new trends appearing rapidly, one after the other. Innovations are appearing in all walks of life. It now appears that everything can be done smarter, simpler and better. Digitisation is one of the drivers of this wave of innovation. This is a strategic priority for BNP Paribas Fortis, offering widespread opportunities – both to enhance our product and service range for our customers and improve efficiencies inside the Bank – and we are making considerable investments in this area. In 2015 we focused hard on enhancing the customer experience by introducing digital solutions and on improving internal efficiency through end-to-end processing. This process is a two-way street: with these innovations we are able to respond much faster to the express wishes of our customers and also capitalise on opportunities afforded by the digital system to meet needs which the client does not immediately recognise.
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