from associates o/w net interest and dividend income net income before tax Retail and Commercial Banking
Public and Wholesale Banking Insurance activities Group Center fRAnChISe SIDe
tOtAL
Net income before tax Taxes
Minority interests
net InCOMe – GROuP ShARe
The published result of the Belfius Insurance Group is different from the segment result “Insurance activities” due to various consolidation adjustments at Belfius group level.
1,313,773 (389) 1,023,779 247,501 380,881 548 293,305 177,315 269,940 2,667 778,351 79,329 21,306 2,968 86,400 (158,232) 1,985,900 5,793 2,181,835 345,913 472,442 0 (5,960) 251,312 2,458,342 5,793 2,175,875 597,225 597,225 (180,503) (1,369) 415,354
The result for 2012 increased with an amount of EUR 1,782 million compared to previous financial year .
While the result in 2011 is mainly impacted by the write-down on Greek sovereign bonds, the result of 2012 is mainly determined by the realised gains on the buy-back programmes of subordinated debt,
Early 2013, an agreement was reached with “Mouvement Social” and “Sociaal engagement” about the repurchase of profit-sharing certifi- cates. This repurchase programme has a positive impact on the consolidated result in 2013.
As a result of an agreement reached in 2012 with various entities of the Arco Group, Belfius Insurance proceeded in 2013 with the acquisi- tion of a package of 1.4 million of Elia shares at a price of EUR 31 per share, with an additional commitment to transfer 1/3 of the gross dividend which will be received for 2012, 2013 and 2014. This purchase is part of the investment policy of Belfius Insurance. It increases the participation of Belfius Insurance in Elia to 3,276,497 shares, or 5.41%. At the beginning of 2013, Assured Guarantee, a monoline insurer with which Belfius has a number of transactions, was downgraded. This will have a limited impact on the collective impairment on these contracts. In addition, for the transactions classified in trading, the impact is limited as the rating downgrade has already been factored into the
though, partly offset by the tactical derisking of the bond portfolio and for the restructuring provision.
For more information we refer to the review of the result in the management report.
The exposure on Dexia has been further reduced in 2013; we refer to the “Risk Management” part of the Management Report.
As a result of the agreement between Dexia and the Belgian, French and Luxembourg governments, the characteristics of the “Government Guaranteed Bonds” issued by the Dexia Group (more specifically Dexia Crédit Local de France – DCL) have been changed in 2013. As this is merely a change in guarantees, there is no impact on either the balance sheet or the statement of income.
In a ruling dated 25th March 2013, the Council of State asked the Constitutional Court whether the government guarantee for coopera- tive shareholders in Arcofin, Arcopar and Arcoplus, all of which are in liquidation, complies with the principle of non-discrimination. We also refer in this matter to the Council of State website.
IV. Significant items included in the statement of income
Consolidated financial statements Notes to the consolidated financial statements
VII. notes on the assets of the consolidated balance sheet
(some amounts may not add up due to roundings-off)
7.1. Cash and cash equivalents
For the purpose of the cash flow statement, “cash and cash equivalents” comprises the following balances with less than 90 days remaining term:
1. Analysis by nature
(In thousands of EUR) 31/12/11 31/12/12
2. Of which restricted cash
(In thousands of EUR) 31/12/11 31/12/12
7.2. Cash and balances with central banks
Analysis by nature
(In thousands of EUR) 31/12/11 31/12/12
Cash and balances with central banks Loans and advances due from banks Financial assets available for sale(1)
Non-current assets held for sale
tOtAL
(1) In 2012, the Government Guaranteed Bonds issued by Dexia on 3 months were transformed into three-year bonds.
Mandatory reserves(1)
Other
tOtAL
(1) “Mandatory reserves”: minimum reserve deposits credit institutions must have with European Central Bank or with other central banks.
Cash in hand
Balances with central banks other than mandatory reserve deposits(1)
Mandatory reserve deposits
tOtAL
Of which included in cash and cash equivalents
(1) Following the improved liquidity position, Belfius had a cash surplus with the National Bank of Belgium on 31 December 2012. We also refer to the “Risk Management” part of the Management Report.
VI. Litigation
We refer to the “Risk Management” part, Litigation.
713,120 1,964,113 12,563,718 3,815,771 14,336,193 1,369,317 0 0 27,613,031 7,149,201 213,389 0 0 0 213,389 0 499,731 463,928 0 1,500,184 213,855 448 713,586 1,964,560 713,120 1,964,113
Consolidated financial statements Notes to the consolidated financial statements
7.3. Loans and advances due from banks
1. Analysis by nature
(In thousands of EUR) 31/12/11 31/12/12
Cash collateral Sight accounts
Reverse repurchase agreements Loans and other advances(1)
Debt instruments(2)
Impaired loans
Impaired debt instruments Less :
Specific impairment on impaired loans or impaired debt instruments Collective impairment
tOtAL
Of which included in cash and cash equivalents Of which included in finance lease
15,945,550 19,276,013 5,223,350 1,005,339 8,514,823 5,607,501 15,278,505 1,754,655 1,193,058 13,652,024 13,149 13,252 45,793 10,123 (24,008) (15,815) (15,317) (23,306) 46,174,903 41,279,786 12,563,718 3,815,771 0 0 (1) The decrease is mainly explained by the further reduction of positions on Dexia, we refer to the “Risk management” part of the Management report.
(2) In 2011 the first Government Guaranteed Bonds (GGBs) issued by Dexia were recorded in the category “Financial investments”, whereas in 2012 the renewed GGB’s were classified in the category “Loans and advances due from banks”.
2. Analysis of quality
See note 7.15. Quality of financial assets
3. Analysis by maturity and interest rate
See notes 12.4., 12.5. and 12.6.
4. Analysis of the fair value
See note 12.1.
5. Reclassification of financial assets (IAS 39 amended)
Consolidated financial statements Notes to the consolidated financial statements
7.4. Loans and advances to customers
1. Analysis by counterparty
(In thousands of EUR) 31/12/11 31/12/12
2. Analysis by nature
(In thousands of EUR) 31/12/11 31/12/12
Public sector Corporate(1)
Retail Impaired loans
Impaired debt instruments Less :
Specific impairment on impaired loans or impaired debt instruments(2)
Collective impairment
tOtAL
Of which included in finance lease
Cash collateral
Reverse repurchase agreements Loans and other advances Of which bills & own acceptances Of which finance leases Of which securitised loans Of which consumer credits Of which mortgage loans Of which term loans Of which current accounts Of which other loans and advances Debt instruments
Impaired loans
Impaired debt instruments Less:
Specific impairment on impaired loans or impaired debt instruments(1)
Collective impairment
tOtAL
(1) The increase Of the “Specific impairment on impaired loans or impaired debt instrumets” is mainly linked to the Side activities.
3. Analysis of quality
See note 7.15. Quality Of financial assets
4. Analysis by maturity and interest rate
See notes 12.4., 12.5. and 12.6.
5. Analysis of the fair value
See note 12.1.
6. Reclassification of financial assets (IAS 39 amended)
See note 7.7. 19,216,903 19,260,163 34,521,765 31,527,024 37,086,521 37,837,872 2,444,838 2,370,097 98,515 162,552 (994,529) (1,184,619) (440,823) (486,973) 91,933,190 89,486,116 2,914,276 2,947,290 2,427,642 2,480,999 689,403 478,775 78,677,660 77,348,744 40,230 12,563 2,914,276 2,947,290 21,530,139 20,636,864 1,481,775 1,382,441 9,642,145 13,272,049 38,550,721 35,507,434 3,669,387 2,316,301 848,987 1,273,802 9,030,484 8,316,541 2,444,838 2,370,097 98,515 162,552 (994,529) (1,184,619) (440,823) (486,973) 91,933,190 89,486,116
(1) The decrease is mainly explained by the further reduction of positions on Dexia; we refer to the “Risk Management” part of the Management Report. (2) The increase of the “Specific impairment on impaired loans or impaired debt instruments” is mainly linked to the Side activities.
Consolidated financial statements Notes to the consolidated financial statements
7.5. Financial assets measured at fair value through profit or loss
(In thousands of EUR) 31/12/11 31/12/12