BPCE_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT IFRS Consolidated Financial Statements of BPCE SA group as at December 31, 2017

Note 8

Partnerships and associates

8.1

INVESTMENTS IN ASSOCIATES

Partnerships and other associates 8.1.1 The Group’s maininvestmentsin joint venturesand associatesare as follows:

12/31/2017

12/31/2016

in millionsof euros

CNP Assurances(group)

2,657

2,540

Socram Banque

76

76

EDF Investment Group(EIG)

521 231

524 158

Other

Financial sectorcompanies Non-financial companies

3,485

3,298

140

147

TOTALINVESTMENTSIN ASSOCIATES

3,625

3,445

Financial data for the main joint arrangements and associates 8.1.2 Summarizedfinancialdata for materialjoint venturesand/or companiesunder notable influenceare as follows (based on the last availabledata published by the entities in question):

Associates

CNP Assurances (group)

EDF Investment Group (EIG)

5

Socram Banque

in millions of euros 

DIVIDENDSRECEIVED MAINAGGREGATES Total assets

88

2

11

423,298 405,040

2,066 1,839

8,583

Total debt

57

Incomestatement Operating incomeor net banking income

2,519 (896) 1,623

56 (2)

247 (77) 170

Incometax Net income

5

CARRYINGVALUEOF INVESTMENTS INASSOCIATES Equity of associates*

18,258 16.11%

227

8,526 6.11%

Percentage ofownership

33.42%

VALUE OF INVESTMENTS IN ASSOCIATES

2,657

76

521

o/w goodwill MARKET VALUE OF INVESTMENTS IN ASSOCIATES

2,129

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The equityusedby BPCE SAgroup to consolidateCNP Assurances(group)via the equitymethod is subjectto restatement(deeplysubordinatednotes). *

BPCE SA group has nointerestin any jointventure that has amaterial impact onthe consolidatedfinancial statements.

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Registration document 2017