consolidated financial statements 1 consolidated financial statements preliminary version, unaudited

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  • 1

    Consolidated financial statements Preliminary version, unaudited financial statements – under audit

    free translation

    December, 31 2019

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    CONTENTS

    Consolidated balance sheet ......................................................................................................................................... 3 Effects of the first application of IFRS 16 "Leases" on the balance sheet ..................................................................... 5 Consolidated income statement ................................................................................................................................... 7 Statement of changes in equity .................................................................................................................................... 9 Consolidated statement of cash flows ........................................................................................................................ 10 Basis of preparation................................................................................................................................................... 11 Significant events ...................................................................................................................................................... 12 Scope of consolidation .............................................................................................................................................. 14 Accounting principles ................................................................................................................................................ 17 Note 1. Goodwill......................................................................................................................................................... 37 Note 2. Other intangible assets .................................................................................................................................. 39 Note 3. Insurance business investments .................................................................................................................... 40 Note 4. Receivables arising from banking activities.................................................................................................... 45 Note 5. Investments in associates .............................................................................................................................. 46 Note 6. Tangible assets .............................................................................................................................................. 46 Note 7. Receivables arising from insurance and reinsurance operations .................................................................... 49 Note 8. Other assets................................................................................................................................................... 50 Note 9. Cash and cash equivalents ............................................................................................................................ 50 Note 10. Share capital ................................................................................................................................................ 50 Note 11. Share-based payments ................................................................................................................................. 51 Note 12. Revaluation reserves .................................................................................................................................... 52 Note 13. Provisions for liabilities and charges ............................................................................................................ 52 Note 14. Employee benefits ........................................................................................................................................ 54 Note 15. Financing liabilities ...................................................................................................................................... 59 Note 16. Lease liabilities ............................................................................................................................................ 59 Note 17. Liabilities relating to insurance contracts ..................................................................................................... 60 Note 18. Payables arising from banking activities ...................................................................................................... 60 Note 19. Deferred tax ................................................................................................................................................. 61 Note 20. Payables arising from insurance and reinsurance operations ....................................................................... 63 Note 21. Other liabilities ............................................................................................................................................. 63 Note 22. Revenue ....................................................................................................................................................... 64 Note 23. Claim expenses ............................................................................................................................................ 65 Note 24. Overheads by function ................................................................................................................................. 66 Note 25. Expenses from banking activities ................................................................................................................. 66 Note 26. Income and expenses from ceded reinsurance ............................................................................................. 66 Note 27. Investment income, net of management expenses (excluding finance costs) ................................................ 67 Note 28. Other operating income and expenses ......................................................................................................... 68 Note 29. Income tax expense...................................................................................................................................... 68 Note 30. Breakdown of net income by segment .......................................................................................................... 69 Note 31. Earnings per share ....................................................................................................................................... 72 Note 32. Group’s headcount ....................................................................................................................................... 72 Note 33. Related parties ............................................................................................................................................. 72 Note 34. Key management compensation................................................................................................................... 74 Note 35. Breakdown of audit fees ............................................................................................................................... 74 Note 36. Off-balance sheet commitments ................................................................................................................... 75 Note 37. Operating leases .......................................................................................................................................... 76 Note 38. Relationship between parent company and subsidiaries .............................................................................. 76 Note 39. First time consolidation of Coface PKZ ......................................................................................................... 76 Note 40. Brexit ........................................................................................................................................................... 77 Note 41. Events after the reporting period .................................................................................................................. 77 Note 42. Risk management ......................................................................................................................................... 78

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    Consolidated balance sheet Asset (in thousands of euros) Notes Dec. 31, 2019 Jan. 1, 2019 (*) Dec. 31, 2018

    Intangible assets 220,844 220,675 220,675

    Goodwill 1 155,833 155,058 155,058

    Other intangible assets 2 65,011 65,617 65,617

    Insurance business investments 3 2,990,686 2,833,613 2,833,613

    Investment property 3 288 288 288

    Held-to-maturity securities 3 1,842 1,848 1,848

    Available-for-sale securities 3 2,911,034 2,742,533 2,742,533

    Trading securities 3 43 9,527 9,527

    Derivatives 3 1,809 2,354 2,354

    Loans and receivables 3 75,670 77,063 77,063

    Receivables arising from banking activities 4 2,346,710 2,509,047 2,509,047

    Reinsurers' share of insurance liabilities 17 450,367 425,398 425,398

    Other assets 1,053,538 1,013,283 927,888

    Buildings used for operations purposes and other property, plant and

    equipment 6 123,776 134,367 48,972

    Deferred acquisition costs 8 40,384 42,176 42,176

    Deferred tax assets 19 64,042 52,809 52,809

    Receivables arising from insurance and reinsurance operations 7 532,362 498,826 498,826

    Trade receivables arising from service activities 8 62,112 48,553 48,553

    Current tax receivables 8 49,675 57,267 57,267

    Other receivables 8 181,187 17

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