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Financial Report 2015 Financial Report 2015 FINANCIAL REPORT 2015 FINANCIAL REPORT CAISSE DES DÉPÔTS GROUP 001 ♦ Introduction 002 ♦ Consolidated financial statements CDC-FI 2015_GB.indb 2 27/05/2016 18:51 INTRODUCTION AUDIT OF Article 518-2 of the French Monetary and Financial Code (Code monétaire et financier) defines Caisse des Dépôts as: THE FINANCIAL “[...] a State-owned group at the service of the public interest and the country’s economic development. The said group fulfils public interest functions in support of the policies pursued by the State and local author- STATEMENTS ities, and may engage in competitive activities. […] Caisse des Dépôts et Consignations is a long-term investor promoting business development in line with its own patrimonial interests. In compliance with Article L.518-15-1 of the French Monetary and Caisse des Dépôts et Consignations is closely supervised by the French Financial Code. Parliament and the legislative process.” “Each year, Caisse des Dépôts et Consignations shall present its parent Caisse des Dépôts prepares separate annual accounts under French company and consolidated financial statements, audited by two statu- GAAP for each of its constituent sectors: tory auditors, to the Finance Committees of the National Assembly and - Central Sector; the Senate.” - Savings Funds. Caisse des Dépôts Group is unique as a public institution with subsidi- aries and affiliates that operate in the competitive sector. It publishes consolidated financial statements under IFRS. These combine the financial statements of the Central Sector and those of the entities over which Caisse des Dépôts exercises exclusive or joint control to form the consolidated financial statements of Caisse des Dépôts Group. CAISSE DES DÉPÔTS GROUP 1 2015 FINANCIAL REPORT CDC-FI 2015_GB.indb 1 27/05/2016 18:51 CAISSE DES DÉPÔTS GROUP CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2015 Reviewed and adopted by the Chairman and Chief Executive Officer of Caisse des Dépôts on 16 March 2016 04 ♦ Significant and subsequent events 06 ♦ Consolidated income statement 07 ♦ Consolidated statement of comprehensive income 08 ♦ Consolidated statement of financial position 09 ♦ Consolidated statement of changes in equity 10 ♦ Consolidated statement of cash flows 14 ♦ Notes to the consolidated financial statements CDC-FI 2015_GB.indb 2 27/05/2016 18:51 CONTENTS Consolidated financial statements 3.9 - Non-current assets and liabilities classified as held for sale ....... 37 3.10 - Investments in equity-accounted companies ............................ 38 3.11 - Investment property, owner-occupied property and equipment Significant and subsequent events ......................................................... 4 and intangible assets ............................................................................. 46 Consolidated income statement, year ended 31 December 2015 ....... 6 3.12 - Goodwill ....................................................................................... 48 Consolidated statement of comprehensive income .............................. 7 3.13 - Amounts due to credit institutions .............................................. 48 Consolidated statement of financial position, at 31 December 2015 ... 8 3.14 - Amounts due to customers ........................................................ 49 Consolidated statement of changes in equity, 1 January 2014 3.15 - Debt securities ............................................................................. 49 to 31 December 2015 .............................................................................. 9 3.16 - Offsetting of financial assets and liabilities ................................ 50 Consolidated statement of cash flows, year ended 3.17 - Provisions ..................................................................................... 51 31 December 2015 ................................................................................ 10 3.18 - Non-controlling interests by division .......................................... 51 Composition of cash and cash equivalents ......................................... 11 Segment information.............................................................................. 12 4 - COMMITMENTS GIVEN AND RECEIVED ...........................52 5 - FAIR VALUE OF FINANCIAL INSTRUMENTS ......................53 Notes to the consolidated financial 5.1 - Fair value of financial assets and liabilities measured at statements amortised cost ........................................................................................ 53 5.2 - Financial instruments measured at fair value ............................... 54 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES .....14 5.3 - Change in value of financial instruments measured at fair value using a technique based on unobservable inputs (Level 3) ................. 55 2 - NOTES TO THE CONSOLIDATED INCOME STATEMENT ...24 2.1 - Interest income and expense ........................................................ 24 6 - RISK FACTORS ...................................................................56 2.2 - Fee and commission income and expense ................................. 25 6.1 - Financial instrument risk ................................................................ 56 2.3 - Gains and losses on financial instruments at fair value through 6.2 - Operational risk .............................................................................. 68 profit or loss, net..................................................................................... 26 6.3 - Legal and tax risk........................................................................... 69 2.4 - Gains and losses on available-for-sale financial assets, net ....... 27 2.5 - Income and expense from other activities ................................... 27 7 - RELATED-PARTY TRANSACTIONS ....................................70 2.6 - General operating expenses ......................................................... 27 7.1 - Relations between consolidated companies ............................... 70 2.7 - Cost of risk ..................................................................................... 28 7.2 - Related parties not controlled by the Group ................................ 71 2.8 - Gains and losses on other assets, net ......................................... 28 7.3 - Post-employment benefit plan managers .................................... 72 2.9 - Income tax expense ...................................................................... 29 8 - EMPLOYEE BENEFITS .......................................................73 3 - NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL 8.1 - Employee benefits expense .......................................................... 73 POSITION .................................................................................30 8.2 - Average number of employees at controlled companies ........... 73 3.1 - Financial assets and liabilities at fair value through profit or loss .....30 8.3 - Employee benefit obligations ....................................................... 74 3.2 - Hedging instruments ..................................................................... 31 3.3 - Available-for-sale financial assets ................................................. 32 9 - INFORMATION REGARDING MATERIAL ASSOCIATES, 3.4 - Loans and receivables due from credit institutions ..................... 33 JOINT VENTURES AND NON-CONTROLLING INTERESTS .....76 3.5 - Loans and receivables due from customers ................................ 34 9.1 - Material associates ........................................................................ 76 3.6 - Held-to-maturity investments ....................................................... 35 9.2 - Material joint ventures ................................................................... 79 3.7 - Current and deferred taxes ........................................................... 35 9.3 - Material non-controlling interests ................................................. 86 3.8 - Prepayments, accrued and deferred income and other assets and liabilities ........................................................................................... 36 10 - SCOPE OF CONSOLIDATION............................................91 CAISSE DES DÉPÔTS GROUP 3 2015 FINANCIAL REPORT CDC-FI 2015_GB.indb 3 27/05/2016 18:51 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS Significant events IV – CNP Assurances group • Protocol – proposed terms of the agreement between CNP Assurances and BPCE group I – Séché Environnement In late 2014, CNP Assurances announced the conclusion of a preliminary protocol setting out proposed terms of the agreement renewing • On 21 May 2015, Caisse des Dépôts sold 11% of Séché Environne- the partnership between CNP Assurances and BPCE group as from ment’s capital to Séché Environnement and its majority shareholder for 1 January 2016. The final terms were approved by the Board of Directors €29 million. Following this disposal, Caisse des Dépôts owned 9% of the of CNP Assurances on 18 February 2015 and the agreement was signed capital of Séché Environnement, compared with 20% previously. on 23 March 2015. In parallel, Caisse des Dépôts and Joël Séché elected to terminate a shareholder agreement signed in 2006 and thus recognised that It replaces the previous agreement between CNP Assurances and BPCE they were no longer acting in concert. Caisse des Dépôts’ loss of signif- which expired on 31 December 2015 and takes into account BPCE’s icant influence over Séché Environnement was reflected
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