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Financial Report REPORT FINANCIAL Financial Report 2013

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Financial Report REPORT FINANCIAL Financial Report 2013 FINANCIAL REPORT 2013 Financial Report Financial Report 2013 Caisse des Dépôts Group Notion of Group 2 Consolidated financial statements 3 2 Consolidated financial statements Notion of Group Audit of the financial The French Monetary and Financial Code (Code monétaire et financier) statements defines Caisse des Dépôts as “a state-owned group at the service of the public interest and the country’s economic development. The said In compliance with Article L.518-15-1 of the French Monetary and group fulfils public interest functions in support of the policies pursued Financial Code: by the State and local authorities, and may engage in competitive activities. […] “Each year, Caisse des dépôts et consignations shall present its com- pany and consolidated financial statements, audited by two statutory Caisse des dépôts et consignations is a long-term investor promoting auditors, to the Finance Committees of the National Assembly and the business development in line with its own patrimonial interests. Senate.” Caisse des dépôts et consignations is closely supervised by the French Parliament and the legislative process.” The Group is therefore unique as a public institution with subsidiaries and affiliates that operate in the competitive sector. From an accounting perspective, the Public Institution comprises two reporting entities: >>the Central Sector which prepares consolidated Group financial state- ments for the entities over which Caisse des Dépôts exercises exclusive or joint control or significant influence, and whose consolidation has a material impact on the Group financial statements; >>the Savings Funds which prepare separate financial statements. Caisse des Dépôts Group Consolidated financial statements at 31 December 2013 Adopted by the Chairman and Chief Executive Officer of Caisse des Dépôts on 13 March 2014 Consolidated income statement 5 Consolidated statement of comprehensive income 6 Consolidated statement of financial position 7 Consolidated statement of changes in equity 8 Consolidated statement of cash flows 9 Notes to the consolidated financial statements 11 4 Consolidated financial statements Detailed table of contents 5. NOTES TO THE CONSOLIDATED STATEMENT Consolidated financial statements OF FINANCIAL POSITION ........................................................ 36 5.1 - Financial assets and liabilities at fair value through profit Consolidated income statement, year ended 31 December 2013 ... 5 or loss ................................................................................................... 36 Consolidated statement of comprehensive income .......................... 6 5.2 - Hedging instruments ................................................................... 37 Consolidated statement of financial position, 5.3 - Available-for-sale financial assets ............................................... 38 at 31 December 2013 .................................................................. 7 5.4 - Loans and receivables due from credit institutions ................... 39 Consolidated statement of changes in equity, 1 January 2012 5.5 - Loans and receivables due from customers .............................. 40 to 31 December 2013 .......................................................................... 8 5.6 - Held-to-maturity investments ..................................................... 41 Consolidated statement of cash flows, 5.7 - Income taxes ............................................................................... 41 year ended 31 December 2013 ........................................................... 9 5.8 - Prepayments, accrued and deferred income and other assets and liabilities ............................................................ 42 5.9 - Non-current assets and liabilities classified as held for sale ..... 43 Notes to the consolidated financial 5.10 - Investments in equity-accounted associates statements and joint ventures ................................................................................. 44 5.11 - Investment property, owner-occupied property and equipment 1. SIGNIFICANT EVENTS ........................................................ 11 and intangible assets ........................................................................... 64 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ...... 12 5.12 - Goodwill ..................................................................................... 66 3. APPLICATION OF IFRS 10, IFRS 11, IFRS 12, IAS 27, 5.13 - Amounts due to credit institutions ............................................ 67 IAS 28, IAS 19 AND IFRS 13 ................................................... 22 5.14 - Amounts due to customers ...................................................... 67 3.1 - Remarks on the early application of IFRS 10, IFRS 11, 5.15 - Debt securities ........................................................................... 68 IFRS 12, IAS 27 (amended in 2011) and IAS 28 (amended in 2011) ..... 22 5.16 - Provisions ................................................................................... 69 3.2 - IAS 19 (amended in 2011) and IFRS 13 ..................................... 23 5.17 - Non-controlling interests by division ........................................ 70 3.3 - Reconciliation of the consolidated statement of financial position, 5.18 - Offsetting of financial assets and liabilities .............................. 75 at 1 January 2012 and 31 December 2012 ........................................ 24 6. COMMITMENTS GIVEN AND RECEIVED ............................ 76 3.4 - Reconciliation of the consolidated income statement, 7. EMPLOYEE BENEFITS ........................................................ 77 year ended 31 December 2012 .......................................................... 25 7.1 - Employee benefits expense ........................................................ 77 3.5 - Reconciliation of the consolidated statement of comprehensive income, 7.2 - Average number of employees ................................................... 77 year ended 31 December 2012 ............................................................ 26 7.3 - Employee benefit obligations ..................................................... 78 3.6 - Impact of the application of IFRS 10 and IFRS 11 and of IAS 19 8. RELATED-PARTY TRANSACTIONS ..................................... 80 (amended in 2011) on equity ............................................................... 27 8.1 - Relations between consolidated companies ............................. 80 3.7 - Reconciliation of the consolidated statement of cash flows, 8.2 - Related parties not controlled by the Group .............................. 81 year ended 31 December 2012 ........................................................... 28 8.3 - Post-employment benefit plan managers .................................. 82 4. NOTES TO THE CONSOLIDATED INCOME STATEMENT ....... 29 9. FaIR VALUE OF FINANCIAL INSTRUMENTS ...................... 83 4.1 - Interest income and expense ...................................................... 29 9.1 - Fair value of financial assets and liabilities measured 4.2 - Fee and commission income and expense ............................... 29 at amortised cost ................................................................................. 83 4.3 - Gains and losses on financial instruments at fair value through 9.2 - Financial instruments measured at fair value ............................. 84 profit or loss, net................................................................................... 30 9.3 - Change in value of financial instruments measured at fair value 4.4 - Gains and losses on available-for-sale financial assets, net ..... 31 using a technique based on unobservable inputs (Level 3) ............... 85 4.5 - Income and expense from other activities ................................. 31 10. RISK FACTORS ................................................................. 86 4.6 - General operating expenses ....................................................... 31 10.1 - Financial instrument risk ........................................................... 86 4.7 - Cost of risk ................................................................................... 32 10.2 - Operational risk ......................................................................... 99 4.8 - Gains and losses on other assets, net ....................................... 32 10.3 - Legal and tax risk ...................................................................... 100 4.9 - Income tax expense .................................................................... 33 11. SUBSEQUENT EVENTS .................................................... 100 4.10 - Information by division .............................................................. 34 12. SCOPE OF CONSOLIDATION ............................................ 101 Caisse des Dépôts Group Financial Report 2013 5 Consolidated income statement, year ended 31 December 2013 Notes 31.12.2013 31.12.2012 (in millions of euros) Restated(1) Interest income 4.1 1,429 1,725 Interest expense 4.1 (977) (1,062) Fee and commission income 4.2 80 91 Fee and commission expense 4.2 (50) (40) Gains and losses on financial instruments at fair value through profit or loss, net 4.3 113 (132) Gains and losses on available-for-sale financial assets, net 4.4 890 674 Income from other activities 4.5 4,589 4,580 Expenses from other activities 4.5 (2,425) (2,303) Net banking income 3,649 3,533 General operating expenses 4.6 (1,969) (2,073) Depreciation,
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