2007 REGISTRATION DOCUMENT

More documents

Recommendations

Info

5 NotesCONSOLIDATED FINANCIAL STATEMENTSto the financial s tatements p repared in accordance with I nternational Financial Reporting S tandards as adopted by the European Union< Contents >31 December 2007 31 December 2006In millions of euros Carrying value (1) Estimated fair value Carrying value (1) Estimated fair valueFINANCIAL ASSETSLoans and receivables due from credit institutions 71,116 70,846 75,170 75,439Loans and receivables due from customers 445,103 441,939 393,133 392,600Held-to-maturity fi nancial assets 14,808 15,083 15,149 15,628FINANCIAL LIABILITIESDue to credit institutions 170,182 169,919 143,650 143,906Due to customers 346,704 346,645 298,652 298,678Debt securities 141,056 140,495 121,559 121,429Subordinated debt 18,641 18,100 17,960 18,127(1)The carrying amount does not include the remeasurement of portfolios of financial instruments in fair value hedging relationships. At 31 December 2007, this isincluded within “Remeasurement adjustment on interest-rate risk hedged portfolios” under assets in a negative amount of EUR 264 million, and under liabilitiesfor a positive amount of EUR 20 million (respectively, a negative amount of EUR 295 million and a positive amount of EUR 367 million at 31 December 2006).123The fair values shown above relate solely to financial instrumentsrecognised in the balance sheet, and hence do not include non-financialassets and liabilities.The fair value of a financial instrument is defined as the amount forwhich an asset could be exchanged, or a liability settled, betweenknowledgeable, willing parties in an arm’s length transaction.The valuation techniques and assumptions used by BNP Paribas ensurethat the fair value of financial assets and liabilities is measured on aconsistent basis throughout the Group. Fair value is based on pricesquoted in an active market when these are available. In other cases, fairvalue is determined using valuation techniques such as discounting ofestimated future cash flows for loans, liabilities and held-to-maturityfinancial assets, or specific valuation models for other financialinstruments as described in Note 1, “Principal accounting policies appliedby the BNP Paribas Group”. In the case of loans, liabilities and heldto-maturityfinancial assets that have an initial maturity of less thanone year (including demand deposits) or are granted on floating-rateterms, fair value equates to carrying amount. The same applies to mostregulated savings products.In 2006, the valuation techniques implemented to comply with IFRSdisclosure requirements and to measure the financial instrumentscomprising the banking intermediation book are based on assumptionof stable credit spreads. In 2007, the change in market conditions over theyear revealed a widening of spreads on bank financing and investmentactivities from approximately 10 basis points for clients having the threehighest ratings in the bank’s internal rating system to approximately200 basis points for clients having the lowest rating. These observedchanges were taken into account in the fair value estimated for financialassets at 31 December 2007. Debt securities with residual maturities ofmore than one year were measured assuming a widening in the Bank’sspread of approximately 10 basis points, which is consistent with thechange in spread taken into account in the measurement of the debtat fair value through profit and loss; in the case of subordinated debt,the widening in the Bank’s spread taken into account in the valuationwas approximately 60 basis points.45678910112202007 Registration document - BNP PARIBAS
CONSOLIDATED FINANCIAL STATEMENTS5Statutory Auditors’ r eport on the c onsolidated financial s tatements< Contents >5.6 Statutory A uditors’ r eport on the c onsolidatedfinancial s tatements1Year ended 31 December 20072Deloitte & AssociésPricewaterhouseCoopers AuditMazars & Guérard185, avenue Charles de Gaulle63, rue de Villiers61, rue Henri Regnault92524 Neuilly-sur-Seine Cedex92208 Neuilly-sur-Seine Cedex92400 Courbevoie3This is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English speakingreaders. The Statutory Auditors’ report includes information specifically required by French law in such reports, whether qualified or not. This informationis presented below the opinion on the consolidated financial statements and includes an explanatory paragraph discussing the auditors’ assessments ofcertain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidatedfinancial statements taken as a whole and not to provide separate assurance on individual account captions or on information taken outside of theconsolidated financial statements.This report on the consolidated financial statements should be read in conjunction with, and construed in accordance with, French law and professionalauditing standards applicable in France.BNP Paribas16, boulevard des Italiens75009 ParisTo the Shareholders,456Following our appointment as Statutory Auditors by your General Shareholders’ Meeting, we have audited the accompanying consolidated financialstatements of BNP Paribas for the year ended 31 December 2007.These consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these consolidated financialstatements based on our audit.Opinion on the consolidated financial statementsWe conducted our audit in accordance with the professional standards applicable in France. Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessingthe accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidatedfinancial statements. We believe that our audit provides a reasonable basis for our opinion.In our opinion, the consolidated financial statements give a true and fair view of the assets, liabilities and financial position of the Group at31 December 2007, and of the results of its operations for the year then ended in accordance with IFRSs as adopted by the European Union.78910112007 Registration document - BNP PARIBAS 221
Page 1 and 2:
2007REGISTRATION DOCUMENT
Page 3:
2007 Registration documentThis docu
Page 6 and 7:
1 TheTHE BNP PARIBAS GROUPBNP Parib
Page 9 and 10:
THE BNP PARIBAS GROUP1The Group’s
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 18 and 19:
1 ShareholderTHE BNP PARIBAS GROUPi
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
2 BoardCORPORATE GOVERNANCEof Direc
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
2 ReportCORPORATE GOVERNANCEof the
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
2 StatutoryCORPORATE GOVERNANCEAudi
Page 68 and 69:
Contents >1234567891011662007 Regis
Page 70 and 71:
3RISK MANAGEMENT< Contents >3.4 Ris
Page 72 and 73:
3 RiskRISK MANAGEMENTfactorsLIQUIDI
Page 74 and 75:
3 RiskRISK MANAGEMENTfactorsDETERIO
Page 76 and 77:
3 RiskRISK MANAGEMENTmanagement fra
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
3 RiskRISK MANAGEMENTexposure in 20
Page 84 and 85:
3 RiskRISK MANAGEMENTexposure in 20
Page 86 and 87:
3 RiskRISK MANAGEMENTmitigation tec
Page 88 and 89:
Contents >1234567891011862007 Regis
Page 90 and 91:
4 Consolidated2007 REVIEW OF OPERAT
Page 92 and 93:
4 Core2007 REVIEW OF OPERATIONSbusi
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
4 Balance2007 REVIEW OF OPERATIONSs
Page 102 and 103:
4 Balance2007 REVIEW OF OPERATIONSs
Page 104 and 105:
2007 REVIEW OF OPERATIONS4 Outlook<
Page 106 and 107:
2007 REVIEW OF OPERATIONS4 OutlookA
Page 108 and 109:
Contents >12345678910111062007 Regi
Page 110 and 111:
5CONSOLIDATED FINANCIAL STATEMENTS<
Page 112 and 113:
5 ProfitCONSOLIDATED FINANCIAL STAT
Page 114 and 115:
5 StatementCONSOLIDATED FINANCIAL S
Page 116 and 117:
5 StatementCONSOLIDATED FINANCIAL S
Page 118 and 119:
5 NotesCONSOLIDATED FINANCIAL STATE
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
Page 168 and 169:
Page 170 and 171:
Page 172 and 173: 5 NotesCONSOLIDATED FINANCIAL STATE
Page 224 and 225: 5 StatutoryCONSOLIDATED FINANCIAL S
Page 226 and 227: 6INFORMATION ON THE PARENT COMPANY
Page 228 and 229: 6 BNPINFORMATION ON THE PARENT COMP
Page 230 and 231: 6 ChangesINFORMATION ON THE PARENT
Page 232 and 233: 6 BNPINFORMATION ON THE PARENT COMP
Page 234 and 235: 6 SubsidiariesINFORMATION ON THE PA
Page 236 and 237: 6 SubsidiariesINFORMATION ON THE PA
Page 238 and 239: Contents >12345678910112362007 Regi
Page 240 and 241: 7 TheSOCIAL AND ENVIRONMENTAL INFOR
Page 242 and 243: 7 ClearlySOCIAL AND ENVIRONMENTAL I
Page 256 and 257: 7 NRESOCIAL AND ENVIRONMENTAL INFOR
Page 266 and 267: Contents >12345678910112642007 Regi
Page 268 and 269: 8 DocumentsGENERAL INFORMATIONon di
Page 270 and 271: 8 FoundingGENERAL INFORMATIONdocume
Page 272 and 273:
8 FoundingGENERAL INFORMATIONdocume
Page 274 and 275:
8 YearGENERAL INFORMATIONended 31 D
Page 276 and 277:
Contents >12345678910112742007 Regi
Page 278 and 279:
9 StatutorySTATUTORY AUDITORSAudito
Page 280 and 281:
Contents >12345678910112782007 Regi
Page 282 and 283:
10 PersonPERSON RESPONSIBLE FOR THE
Page 284 and 285:
11TABLE OF CONCORDANCE< Contents >H
Page 286 and 287:
Contents >12345678910112842007 Regi
Page 288:
HEAD OFFICE16, boulevard des Italie
show all

2007 REGISTRATION DOCUMENT

Create successful ePaper yourself

Delete template?

Save as template?