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English Annual Report 2013

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English Annual Report 2013 Déclaration du Conseil d’administration Annual report 2013 bgl.lu 1 Légende oeuvre ANNUAL REPORT 2013 The SELECTED WORKS exhibition As a corporate citizen BGL BNP Paribas is one of the Overall, this exhibition consisted of objects from main partners in the arts and cultural communities of the 1980s and 1990s and allowed the public to Luxembourg. Our institution supports art and creativity discover the works of artists such as Frank Stella, Roy and therefore hosts each year on its premises a number Lichtenstein, Claude Viallat, Günther Förg, A.R. Penck of prestigious exhibitions from famous museums and Fernand Roda, Imi Knoebel, Emil Schumacher, Jan Voss, of artists with local and international fame. Markus Lüpertz, Sam Francis and Rosemarie Trockel and thereby a wide range of artistic movements such The SELECTED WORKS exhibition which was held from as pop art recent research into pictorial forms or even 10 January to 28 February 2014 in the Private Banking conceptual art. Centre – the “Villa” of BGL BNP Paribas presented works from the private collection of the Bank to the The photos published in this Annual Report, represent public for the first time. those works of art which were on show in the SELECTED WORKS exhibition. Cover: Frank Stella (*1936) - The Prophet, 1990 - De la série Moby Dick - Acrylic on wood and metal ANNUAL REPORT 2013 Contents 12 Per Kirkeby (*1938) - Sans Titre, 1991 - Mixed technique on paper Contents Consolidated key figures 07 BGL BNP Paribas and its shareholders 09 The Group BNP Paribas in Luxembourg 10 History of BGL BNP Paribas 13 Directors and Officers 14 Statement of the Board of Directors 19 Management Report of the Board of Directors 20 - Preamble 20 - Consolidated management report 22 - Unconsolidated management report 36 - Outlook 2014 40 - Governance bodies 41 Consolidated financial statements to 31 December 2013 44 - Audit report 45 - Consolidated profit and loss account 46 - Statement of consolidated net income and changes in assets and liabilities recognised directly in consolidated equity 47 - Consolidated balance sheet 48 - Statement of changes in the consolidated shareholders’ equity 49 - Consolidated cash flow statement 52 Notes to the financial statements 54 Generalities 54 1. Summary of significant accounting principles applied by the Group 54 2. Retrospective impact of the amendment to IAS 19 73 3. Notes to the profit and loss statement for the year ended 31 December 2013 75 4. Segment information 81 5. Risk Management and Capital Adequacy 84 6. Notes to the balance sheet at 31 December 2013 123 7. Financing commitments and guarantee commitments 153 8. Salaries and employees benefits 155 9. Additional information 161 Unconsolidated financial statements for the year ended 31 December 2013 172 - Unconsolidated balance sheet 173 - Unconsolidated profit and loss account 175 Branch network 176 Subsidiaries, participating interests, business centers and other companies of the Group based in Luxembourg 178 The English language version of this report is a free translation from the original, which was prepared in French. All possible care has been taken to ensure that the translation is an accurate presentation of the original. However, in all matters of interpretation, views or opinions, expressed in the original language version of the document in French, take precedence over the translation. 5 612 Sam Francis (1923-1994) - Sans titre, 1991 - Lithography Consolidated key figures Consolidated key figures In millions of euros 2013 2012 Profit and loss account Revenues 1 400.3 1 123.4 Operating expenses -721.0 -632.3 Cost of risk -48.8 -60.6 Net profit attributable to equity holders of the parent 336.9 266.4 Balance Sheet Total balance sheet 41 148.2 44 436.9 Loans and receivables due from customers 25 869.9 27 292.9 Due to customers and debt securities 20 966.9 22 365.0 Regulatory own funds 5 855.3 5 772.8 Amount of risk weighted assets 22 781.3 25 276.1 Solvency ratio 25.7% 22.8% Ratings (March 2014) Moody’s Standard Fitch & Poor’s Short term P-1 A-1 F1 Long term A2 A+ A+ The 2012 results were impacted by the acquisition of the leasing entities of the Group (which led to a change in the consolidation method from 31/03/2012) and by other exceptional items. Please refer to the Consolidated financial statements after page 22. 7 Jan Voss (*1936) - Treibgut, 1991 - Acrylic on canvas BGL BNP Paribas and its shareholders BGL BNP Paribas and its shareholders The State of Luxembourg 99.93 % 0.07% 15.96% Other 34% shareholders 50% + 1 share Other shareholders 9 The BNP Paribas Group in Luxembourg Jan Voss (*1936) - Borne, 1991 - Sculpture in stone materials With 4,000 employees, the various divisions and business lines of the BNP Paribas Group in Luxembourg respond to the needs of individuals and businesses, investors and also corporate and institutional customers in three core business areas: Retail Banking, Investment Solutions, and Corporate and Investment Banking. The BNP Paribas Group in Luxembourg Retail Banking: an offer discretionary management, wealth organisation and for individuals and businesses planning, financing, and regular banking services, as well as expertise in asset diversification. ● The Retail and Corporate Banking business of BGL BNP Paribas offers a wide range of financial ● Securities: products and services, from current accounts to BNP Paribas Securities Services has a long-standing savings products or bancassurance, as well as reputation for its expertise and a unique know-how in specialised services for professionals and companies funds management, international bond issues and in (in particular cash management). The commercial engineering both products. network consists of 40 branches and 6 Private Banking Centres, dedicated to wealthy domestic ● Asset Management: customers, 78 ATMs and the NetAgence, an online BNP Paribas Investment Partners offers a full range agency to provide targeted assistance. of financial management services to institutional customers and distributors worldwide. ● Savings and online brokerage: BNP Paribas Personal Investors, a service of BGL ● Insurance: BNP Paribas, specialises in savings and online Cardif Lux Vie offers a range of products and services brokerage and caters to both an international and in three complementary lines of business: Wealth domestic clientele looking for a high quality service. Management in the international market, Retail With its trademark brand dedicated to expatriates, Insurance (via the network of BGL BNP Paribas The Bank For Expats®, Personal Investors continues branches) and insurance of Companies. to strengthen its position as a banking specialist in the field of expatriation. ● Real Estate Services: BNP Paribas Real Estate offers made-to-measure ● Leasing: solutions with a multi-expertise offering. BNP Paribas Leasing Solutions is the leader in the local market for financial leasing and offers ● Fiduciary Services: attractive solutions in equipment financing to business FIDUPAR offers domiciliation services to companies customers. and central administration services to Specialised Arval provides operational leasing services exclusively Investment Funds (SIF) and Venture Capital Investment to companies, by putting in place solutions to simplify Companies (SICAR). and optimise the management of the car pools of its clients. Corporate and Investment Banking: a powerful tool for corporate and ● Factoring: BNP Paribas Factor offers solutions for the protection, institutional clients management and pre-financing of the trade receivables, allowing the companies to obtain an Corporate & Investment Banking (CIB) offers corporate alternative short-term funding and to focus on their and institutional clients of BGL BNP Paribas direct access business. to the CIB portfolio of products of BNP Paribas. CIB centralises in Luxembourg the following activities: Investment Solutions: a global offer • Asset & Liability Management for investors • Fixed Income • Structured Capital Markets ● As part of the Wealth Management business, BGL • Optimisation & Structured Leasing BNP Paribas offers tailor-made solutions in asset and • Global Equity, Commodities and Derivatives financial management as well as an array of benefits • Financial Institutions Group and high quality services including: investment advice, • Treasury 11 12 Roy Lichtenstein (1923-1997) - Liberté, From the portfolio Memory of liberty, 1991 - Serigraphy History of BGL BNP Paribas History of BGL BNP Paribas ● Founded in 1919 under the name of Banque Générale ● 2005: Banque Générale du Luxembourg changes its du Luxembourg (BGL). name and operates under the name of Fortis Bank Luxembourg. ● Founders: Société Générale de Belgique in conjunc- tion with a group of private investors in Luxembourg ● 2008: The Luxembourg State acquires a 49.9% and Belgium. shareholding of the Bank which operates under the name of BGL. ● 1984: The shares of Banque Générale du Luxembourg are listed on the Luxembourg Stock Exchange. ● 2009: The BNP Paribas Group acquires a majority stake in BGL (65.96%) alongside the Luxembourg ● 1998: Fortis Group becomes the reference shareholder State which remains a significant shareholder (34%). of the Bank (53.2%) following the launch of a public take-over bid for shares of the Générale de Banque. ● 2009: BGL adopts the name BGL BNP Paribas. ● 2000: Banque Générale du Luxembourg and Fortis strengthen their strategic partnership. 13 Directors and Officers BOARD OF GABRIEL DI LETIZIA Staff Representative, Bergem DIRECTORS Director CAMILLE FOHL GEORGES
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