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Report 2014 2014 Financial report 2014 2014 Financial Report CAISSE DES DÉPÔTS GROUP • 2 • Notion of Group • 3 • Consolidated financial statements 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 parent company and consolidated financial statements, audited by Caisse des dépôts et consignations is a long-term investor promoting two statutory auditors, to the Finance Committees of the National business development in line with its own patrimonial interests. Assembly and the 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 statements for the entities over which Caisse des Dépôts exercises exclusive or joint control or significant influence, and whose consolida- tion has a material impact on the Group financial statements; • the Savings Funds, which prepare separate financial statements. Caisse des Dépôts Group - 2014 Financial Report 2 Caisse des Dépôts Group Consolidated financial statements at 31 DECEMBER 2014 Reviewed and adopted by the Chairman and Chief Executive Officer of Caisse des Dépôts on 17 March 2015 • 5 • Consolidated income statement • 6 • Consolidated statement of comprehensive income • 7 • Consolidated statement of financial position • 8 • Consolidated statement of changes in equity • 9 • Consolidated statement of cash flows • 11 • Notes to the consolidated financial statements Consolidated financial statements Detailed table of contents Consolidated financial statements 4.10 - Investments in equity-accounted companies .............................. 34 4.11 - Investment property, owner-occupied property and Consolidated income statement, year ended 31 December 2014 ....... 5 equipment and intangible assets .......................................................... 53 Consolidated statement of comprehensive income .............................. 6 4.12 - Goodwill ....................................................................................... 55 Consolidated statement of "nancial position, at 31 December 2014 .... 7 4.13 - Amounts due to credit institutions .............................................. 55 Consolidated statement of changes in equity, 1 January 2013 4.14 - Amounts due to customers ........................................................ 56 to 31 December 2014 .............................................................................. 8 4.15 - Debt securities ............................................................................. 56 Consolidated statement of cash #ows, year ended 31 December 2014 ... 9 4.16 - Provisions ..................................................................................... 57 4.17 - Non-controlling interests by division .......................................... 58 4.18 - Offsetting of "nancial assets and liabilities ................................ 63 Notes to the consolidated financial statements 5. SEGMENT INFORMATION ....................................................64 1. SIGNIFICANT EVENTS .........................................................11 6. COMMITMENTS GIVEN AND RECEIVED .............................66 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES .......11 7. EMPLOYEE BENEFITS .........................................................67 3. NOTES TO THE CONSOLIDATED INCOME STATEMENT ....22 7.1 - Employee bene"ts expense .......................................................... 67 3.1 - Interest income and expense ........................................................ 22 7.2 - Average number of employees ..................................................... 67 3.2 - Fee and commission income and expense ................................. 22 7.3 - Employee bene"t obligations ...................................................... 68 3.3 - Gains and losses on "nancial instruments at fair value through pro"t or loss, net..................................................................................... 23 8. RELATED-PARTY TRANSACTIONS ......................................70 3.4 - Gains and losses on available-for-sale "nancial assets, net ....... 24 8.1 - Relations between consolidated companies ............................... 70 3.5 - Income and expense from other activities ................................... 24 8.2 - Related-parties not controlled by the Group ............................... 71 3.6 - General operating expenses ......................................................... 24 8.3 - Post-employment bene"t plan managers ........................................ 72 3.7 - Cost of risk ..................................................................................... 25 3.8 - Gains and losses on other assets, net ......................................... 25 9. FAIR VALUE OF FINANCIAL INSTRUMENTS .......................73 3.9 - Income tax expense ...................................................................... 26 9.1 - Fair value of "nancial assets and liabilities measured at amortised cost ........................................................................................ 73 4. NOTES TO THE CONSOLIDATED STATEMENT 9.2 - Financial instruments measured at fair value .............................. 74 OF FINANCIAL POSITION .........................................................27 9.3 - Change in value of "nancial instruments measured at fair value 4.1 - Financial assets and liabilities at fair value through pro"t using a technique based on unobservable inputs (Level 3) ................. 75 or loss ..................................................................................................... 27 4.2 - Hedging instruments ..................................................................... 28 10. RISK FACTORS ..................................................................76 4.3 - Available-for-sale "nancial assets ................................................. 29 10.1 - Financial instrument risk ............................................................. 76 4.4 - Loans and receivables due from credit institutions ..................... 29 10.2 - Operational risk ............................................................................ 89 4.5 - Loans and receivables due from customers ................................ 30 10.3 - Legal and tax risk ........................................................................ 90 4.6 - Held-to-maturity investments ....................................................... 31 4.7 - Income taxes ................................................................................. 31 11. SUBSEQUENT EVENTS .....................................................90 4.8 - Prepayments, accrued and deferred income and other assets and liabilities ........................................................................................... 32 12. SCOPE OF CONSOLIDATION .............................................91 4.9 - Non-current assets and liabilities classi"ed as held for sale ....... 33 Caisse des Dépôts Group - 2014 Financial Report 4 Consolidated income statement, year ended 31 December 2014 (in millions of euros) Notes 31.12.2014 31.12.2013 Interest income 3.1 1,413 1,429 Interest expense 3.1 (976) (977) Fee and commission income 3.2 45 80 Fee and commission expense 3.2 (35) (50) Gains and losses on financial instruments at fair value through profit or loss, net 3.3 99 113 Gains and losses on available-for-sale financial assets, net 3.4 922 890 Income from other activities 3.5 4,446 4,589 Expenses from other activities 3.5 (2,266) (2,425) Net banking income 3,648 3,649 General operating expenses 3.6 (1,921) (1,969) Depreciation, amortisation and impairment of property and equipment and intangible assets (265) (263) Gross operating profit 1,462 1,417 Cost of risk 3.7 (7) (55) Operating profit 1,455 1,362 Share of profit (loss) of equity-accounted associates 4.10 60 (229) Share of profit (loss) of equity-accounted joint ventures 4.10 951 219 Gains and losses on other assets, net 3.8 (1) 1,636 Change in value of goodwill 4.12 (1) (15) Profit before tax 2,464 2,973 Income tax expense 3.9 (540) (671) Net profit (loss) from discontinued operations 4 (4) Net profit 1,928 2,298 Non-controlling interests 4.17 (135) (161) Net profit attributable to owners 1,793 2,137 Caisse des Dépôts Group - 2014 Financial Report 5 Consolidated financial statements Consolidated statement of comprehensive income (in millions of euros) 31.12.2014 31.12.2013 Net profit 1,928 2,298 Items not to be reclassified to the income statement Actuarial gains and losses on post-employment defined benefit obligations (38) 8 Actuarial gains and losses on post-employment defined benefit obligations – equity-accounted companies (83) (1) Total items not to be reclassified to the income statement (121) 7 Items to be reclassified to the income statement Exchange differences on translation
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