31.12.2017 consolidated financial statements .1 1.consolidated financial statements consolidated

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  • 31.12.2017 CONSOLIDATED FINANCIAL STATEMENTS

  • CONTENTS OF CONSOLIDATED FINANCIAL STATEMENTS

    1. CONSOLIDATED FINANCIAL STATEMENTS .....................................................................................................................1

    CONSOLIDATED BALANCE SHEET - ASSETS ......................................................................................................................1 CONSOLIDATED BALANCE SHEET - LIABILITIES .................................................................................................................2 CONSOLIDATED INCOME STATEMENT ................................................................................................................................3 STATEMENT OF NET INCOME AND UNREALISED OR DEFERRED GAINS AND LOSSES .................................................4 CHANGES IN SHAREHOLDERS EQUITY ..............................................................................................................................5 CASH FLOW STATEMENT ......................................................................................................................................................7

    2. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ..........................................................................................8

    NOTE 1 - SIGNIFICANT ACCOUNTING PRINCIPLES ............................................................................................................8 NOTE 2 - CONSOLIDATION ..................................................................................................................................................29

    NOTE 2.1 - CONSOLIDATION SCOPE ...................................................................................................................34 NOTE 2.2 - GOODWILL ...........................................................................................................................................36 NOTE 2.3 - ADDITIONAL DISCLOSURES FOR CONSOLIDATED ENTITIES AND INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD .......................................................................................................................42 NOTE 2.4 - UNCONSOLIDATED STRUCTURED ENTITIES ...................................................................................45

    NOTE 3 - FINANCIAL INSTRUMENTS ...................................................................................................................................48 NOTE 3.1 - FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS ...................52 NOTE 3.2 - FINANCIAL DERIVATIVES ...................................................................................................................56 NOTE 3.3 - AVAILABLE-FOR-SALE FINANCIAL ASSETS......................................................................................63 NOTE 3.4 - FAIR VALUE OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE .....................................65 NOTE 3.5 - LOANS AND RECEIVABLES ................................................................................................................77 NOTE 3.6 - DEBTS ..................................................................................................................................................79 NOTE 3.7 - INTEREST INCOME AND EXPENSE ...................................................................................................81 NOTE 3.8 - IMPAIRMENT AND PROVISIONS ........................................................................................................83 NOTE 3.9 - FAIR VALUE OF FINANCIAL INSTRUMENTS MEASURED AT AMORTISED COST ..........................91 NOTE 3.10 - COMMITMENTS AND ASSETS PLEDGED AND RECEIVED AS SECURITIES ................................93 NOTE 3.11 - TRANSFERRED FINANCIAL ASSETS ...............................................................................................95 NOTE 3.12 - OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES ...................................................97 NOTE 3.13 - CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES ........................................................... 100

    NOTE 4 - OTHER ACTIVITIES ............................................................................................................................................. 101 NOTE 4.1 - FEE INCOME AND EXPENSE ............................................................................................................ 101 NOTE 4.2 - INCOME AND EXPENSE FROM OTHER ACTIVITIES ....................................................................... 103 NOTE 4.3 - INSURANCE ACTIVITIES ................................................................................................................... 104 NOTE 4.4 - OTHER ASSETS AND LIABILITIES .................................................................................................... 110

    NOTE 5 - PERSONNEL EXPENSES AND EMPLOYEE BENEFITS .................................................................................... 111 NOTE 5.1 - PERSONNEL EXPENSES AND RELATED PARTY TRANSACTIONS ............................................... 112 NOTE 5.2 - EMPLOYEE BENEFITS ...................................................................................................................... 114 NOTE 5.3 - SHARE-BASED PAYMENT PLANS .................................................................................................... 121

    NOTE 6 - INCOME TAX ........................................................................................................................................................ 125 NOTE 7 - SHAREHOLDERS EQUITY ................................................................................................................................. 130

    NOTE 7.1 - TREASURY SHARES AND SHAREHOLDERS EQUITY ISSUED BY THE GROUP ......................... 130 NOTE 7.2 - EARNINGS PER SHARE AND DIVIDENDS ....................................................................................... 134

    NOTE 8 - ADDITIONAL DISCLOSURES .............................................................................................................................. 135 NOTE 8.1 - SEGMENT REPORTING .................................................................................................................... 135 NOTE 8.2 - OTHER OPERATING EXPENSES ...................................................................................................... 141 NOTE 8.3 - PROVISIONS ...................................................................................................................................... 143 NOTE 8.4 - TANGIBLE AND INTANGIBLE FIXED ASSETS .................................................................................. 144 NOTE 8.5 - FOREIGN EXCHANGE TRANSACTIONS .......................................................................................... 146 NOTE 8.6 - COMPANIES INCLUDED IN THE CONSOLIDATION SCOPE ........................................................... 147 NOTE 8.7 - FEES PAID TO STATUTORY AUDITORS .......................................................................................... 173

    NOTE 9 - INFORMATION ON RISKS AND LITIGATION ...................................................................................................... 174NOTE 10 RISK MANAGEMENT LINKED WITH FINANCIAL INSTRUMENTS .................................................................. 179

  • 1

    1. CONSOLIDATED FINANCIAL STATEMENTS

    CONSOLIDATED BALANCE SHEET - ASSETS

    (In EUR m) 31.12.2017 31.12.2016

    Cash, due from central banks 114,404 96,186

    Financial assets at fair value through profit or loss* Notes 3.1, 3.2 and 3.4 419,680 500,215

    Hedging derivatives Note 3.2 13,641 18,100

    Available-for-sale financial assets Notes 3.3 and 3.4 139,998 139,404

    Due from banks Notes 3.5 and 3.9 60,866 59,502

    Customer loans Notes 3.5 and 3.9 425,231 426,501

    Revaluation differences on portfolios hedged against interest rate risk

    663 1,078

    Held-to-maturity financial assets Note 3.9 3,563 3,912

    Tax assets Note 6 6,001 6,421

    Other assets* Note 4.4 60,562 71,437

    Non-current assets held for sale 13 4,252

    Investments accounted for using the equity method 700 1,096

    Tangible and intangible fixed assets Note 8.4 24,818 21,783

    Goodwill Note 2.2 4,988 4,535

    Total 1,275,128 1,354,422

    * Amounts restated compared to the 31 December 2016 consolidated financial statements, following a change in the

    balance sheet presentation of premiums to be received / to be paid on options (see Note 3).

  • 2

    CONSOLIDATED BALANCE SHEET - LIABILITIES

    (In EUR m) 31.12.2017 31.12.2016

    Due to central banks 5,604 5,238

    Financial liabilities at fair value through profit or loss* Notes 3.1, 3.2 and 3.4 368,705 440,120

    Hedging derivatives Note 3.2 6,750 9,594

    Due to banks Notes 3.6 and 3.9 88,621 82,584

    Customer deposits Notes 3.6 and 3.9 410,633 421,002

    Debt securities issued Notes 3.6 and 3.9 103,235 102,202

    Revaluation differences on portfolios hedged against interest rate risk

    6,020 8,460

    Tax liabilities Note 6 1,662 1,444

    Other liabilities* Note 4.4 69,139 81,893

    Non-current liabilities held for sale Note 2.5 - 3,612

    Underwriting reserves of insurance companies Note 4.3 130,958 112,777

    Provisions Note 8.3 6,117 5,687

    Subordinated debt 13,647 14,103

    Total liabilities 1,211,091 1,288,716

    SHAREHOLDERS' EQUITY

    Shareholders' equity, Group share

    Issued common stocks, equity instruments and capital reserves

    29,427 30,596

    Retained earnings 27,791 25,813

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