[PDF] Untitled 15 mai 2014 In addition

View - Download Untitled

Previous PDF

Next PDF

Contents

Annual report 2019 BELFIUS BANK

Profile of Belfius 2

Management report 8

Consolidated financial statements 172

Non-consolidated financial statements 334

Global Reporting Initiative (GRI) - table 342

Abbreviations 347

Additional information 348

BELFIUS INSURANCE

100%

CREFIUS

100%

BELFIUS AUTO LEASE

100%

BELFIUS LEASE

100%

BELFIUS LEASE SERVICES

(2) 100%

BELFIUS INVESTMENT PARTNERS

100%

BELFIUS COMMERCIAL FINANCE

100%

BELFIUS BANK

FHIC

Belfius is a Belgian banking and insurance group wholly owned by the Belgian federal state through the

Federal Holding and Investment Company (FHIC). At the end of 2019, total consolidated balance sheet amounted to EUR 172 billion.

Simplified group structure

(1)

Profile of Belfius

(1) For more details, see the list of subsidiaries of the consolidated financial statements in this annual report.

(2) Belfius Lease Services operates under the same brand (logo) as Belfius Lease. 2

Annual report 2019 BELFIUS BANK

Our main commercial subsidiaries

1. Belfius Insurance

Insurance company marketing life and non-life insurance products, savings products and investments for individuals, the self-employed, liberal professions, companies and the public and social sector. At the end of 2019, total consolidated balance sheet of

Belfius Insurance amounted to EUr 22 billion

(1)

2. Crefius

Company servicing and managing mortgage loans. At the end of 2019, total balance sheet of Crefius amounted to EUr 49 million (2)

3. Belfius Auto Lease

Company for operational vehicle leasing and car fleet management, maintenance and claims management services. At the end of 2019, total balance sheet of Belfius Auto

Lease amounted to EUr 397 million

(2)

4. Belfius Lease

Company for financial leasing and renting of professional capital goods. At the end of

2019, total balance sheet of Belfius Lease amounted to EUr 927 million

(2)

5. Belfius Lease Services

Financial leasing and renting of professional capital goods to the self-employed, companies and liberal professions. At the end of 2019, total balance sheet of Belfius

Lease Services amounted to EUr 2,197 million

(2)

6. Belfius Commercial Finance

Company for financing commercial loans to debtors, debtor in-solvency risk cover and debt recovery from debtors (factoring). At the end of 2019, total balance sheet of Belfius Commercial Finance amounted to EUr 1,057 million (2)

7. Belfius Investment Partners

Company for administration and management of investment funds. At the end of 2019, total balance sheet of Belfius Investment partners amounted to EUr 162 million (2) and assets under management amounted to EUr 18.3 billion. (1) For more details, see the annual report 2019 of Belfius Insurance. (2) Total IFRS balance sheet before consolidation adjustments.

Belfius,

a Belgian banking and insurance group.

Profile of Belfius 3

Our activities

Belfius is a Belgian bank-insurer serving all segments of the Belgian economy, including the retail, SME, public sector and corporate markets. As at 31 December 2019, it was the second largest retail bank-insurer in Belgium, with 3.6 million customers; the fourth largest bank for SMEs, with approximately 0.3 million professional customers; the largest bank in the public sector, with almost 100% penetration; and the fourth largest bank for corporates, serving approximately 50% of the Belgian market of companies with a turnover equal to or above EUR 10 million. Belfius serves approximately 30% of the Belgian population. Belfius" integrated business model is based on creating and leveraging synergies across these client segments, as well as its products and businesses. Belfius organises its commercial activities into its Retail and Commercial segment and Public and Corporate segment:

1. retail and Commercial

Belfius Bank offers individuals, self-employed persons, the liberal professions (i.e. doctors, lawyers, etc.) and SMEs a comprehensive range of retail, commercial, private banking, wealth management and insurance products and services. Belfius Bank serves its 3.6 million customers through its integrated omni-channel distribution network, which includes 630 branches, its modern interaction platform Belfius Connect, and a large number of automatic self-banking machines. Belfius has also been developing a digital strategy and is now a leader in mobile banking, with over 1.4 million active mobile users. Belfius Insurance, a subsidiary of Belfius Bank, offers insurance products to its custo mers through the Belfius Bank branch network, as well as through the tied agent network of DVV/LAP insurance. Belfius" bank-insurance model is fully integrated, with insurance expertise offered through Belfius Bank branches and the omni-channel distribution network. It also offers insurance products through Corona Direct Insurance, which is, according to Assuralia, the fastest growing full direct insurer in Belgium. Corona operates exclusively via digital media and call channels. Through its Elantis and DVV/LAP brands, Belfius Insurance also offers mortgage loans and consumer loans to its customers.

2. public and Corporate

Belfius offers services to the Belgian public and social sectors (including hospitals, schools, universities and retirement homes). It provides these clients with a wide and integrated range of products and services, including credit lending, treasury manage- ment, insurance products, financial markets products and financial IT tools. Belfius" corporate banking activities are focused on large- and medium-sized corporates which have a decision-making center in Belgium as well as corporates offering services to the public sector. Belfius Insurance also sells insurance products to its public and social sector clients. Specific life insurance solutions are offered, especially pension insurance in the first and second pension pillars for civil servants and investment products in Branch 26 (life insurance with a capital guarantee and guaranteed minimum return, to which a variable profit participation feature may be added).

Our staff

members

At the end of 2019, Belfius" operations

gave employment to 6,525 staff mem- bers, and there were approximately

3,600 persons working in the Bank"s and

Insurer"s independent networks.

4

Annual report 2019 BELFIUS BANK

Key figures

Consolidated statement of income

(In millions of EUR) 2015

IAS 392016

IAS 392017

IAS 392018

IFRS 92019

IFRS 9

INCOME

EXPENSES

GROSS INCOME

Impairments on financial instruments and provisions for credit commitments

Impairments on tangible and intangible assets

NET INCOME BEFORE TAX

Tax expense (income)

NET INCOME AFTER TAX

Non-controlling interests

NET INCOME GROUP SHARE

of which Bank

Insurance

(1)

2,184 2,259 2,355 2,361 2,489

(1,396) (1,366) (1,369) (1,426) (1,452)

787 893 986 935 1,036

(93) (116) (33) (66) (111) (13)

3 9 (2) (7)

682

780 963 867 918

(176) (244) (357) (217) (252)

506 535 606 650 666

0 0 0 1 (1)

506 535 606 649 667

290

335 435 445 461

216

201 171 205 207

176,962

176,721 167,959 164,165 172,439

168,302 167,709 158,438 154,206 161,933

8,660 9,012 9,521 9,960 10,506

164,165 172,439

8,314 6,716

13,107 16,208

91,123 94,944

28,569 29,490

2,838 3,671

12,768 13,305

154,206 161,933

3,962 4,017

5,867 5,819

79,661

85,450

26,687 27,655

2,838 3,671

17,740 18,630

9,446 9,984

9,055 9,348

392
636

9,960 10,506

9,446 9,984

497 497

16 25 (1) Contribution of the Belfius Insurance group tot the consolidated statement of income.

Consolidated balance sheet

(In millions of EUR)

31/12/18

IFRS 931/12/19

IFRS 9

Consolidated balance sheet

(In millions of EUR)

31/12/15

IAS 3931/12/16

IAS 3931/12/17

IAS 3931/12/18

IFRS 931/12/19

IFRS 9

TOTAL ASSETS

of which

Cash and balances with central banks

Loans and advances due from credit institutions

Loans and advances

Debt securities & equity instruments

Unit linked products insurance activities

Derivatives

TOTAL LIABILITIES

of which

Cash and balances from central banks

Credit institutions borrowings and deposits

Borrowings and deposits

Debt securities issued and other financial liabilities

Unit linked products insurance activities

Derivatives

TOTAL SHAREHOLDERS" EQUITY

of which

Shareholders" core equity

Gains and losses not recognised in the statement of income

TOTAL EQUITY

of which

Total shareholders" equity

Additional Tier-1 instruments included in equity

Non-controlling interests

TOTAL ASSETS

TOTAL LIABILITIES

TOTAL EQUITY

Profile of Belfius 5

(1) For the determination of the Capital ratios under Basel III, the regulatory authority asks Belfius Bank to apply a prudential deconsolidation of Belfius Insurance and to apply a risk

weighting of 370% on that participation. This is commonly known as “Danish compromise". (2) Pro forma

(3) Pro forma ratios, pending approval of the ECB, are determined based on the proposal - of the Board of Directors of Belfius Bank of 2 April 2020 - to the General Assembly of 29 April

2020, to confirm the interim dividend of EUR 100 million (paid in August 2019), and to integrate the additional dividend of EUR 161 million - initially foreseen by the Board of Directors

of Belfius Bank of 20 February 2020 - in retained earnings, in line with the ECB recommendation issued on 27 March 2020 and Belfius" willingness to continue to support the Belgian

economy, in a sustainable way, also during the

COVID-19 crisis.

(4) Pro forma Solvency II ratios based on the proposal of the Bord of Directors of Belfius Insurance to the General Assembly to integrate the dividend over FY 2019 in retained earnings

pending the analysis of all impacts of the

COVID-19 crisis on the financial position of Belfius Insurance; apart from the dividend pay-out following the contractual profit allocation

amounting to EUR 4.6 million.(1) Una udited . (2) 12 month average (as from 2017 onwards). (3) Based on FY 2019 interim dividend of EUR 100 million, representing a pay-out ratio of 15%.

Ratios

(1)

31/12/15

IAS 3931/12/16

IAS 3931/12/17

IAS 3931/12/18

IFRS 931/12/19

IFRS 9

Solvency ratios

31/12/15

IAS 3931/12/16

IAS 3931/12/17

IAS 3931/12/18

IFRS 931/12/19

IFRS 9

(3)

Return on equity (ROE)

Return on assets (ROA)

Cost- income ratio (C/I ratio)

Asset quality ratio

Coverage ratio

Liquidity Coverage Ratio (LCR)

(2)

Net Stable Funding Ratio (NSFR)

CET 1- ratio

(1)

Tier 1- ratio

(1)

Total capital ratio

(1)

Leverage ratio

Solvency II - ratio (before dividend)

Solvency II - ratio (after dividend)

CSR as a business driver

(in billions of EUR)201720182019

Human capital

201720182019

Total volume of investment funds managed based on sustainable criteria (SRI) under management (in EUR billion) Total volume of investments managed based on the Portfolio21 criteria under management (in EUR billion)

Staff members

TOTAL

Ratings of Belfius Bank as at 31 March 2020

Stand-alone rating

(1)

Long-term ratingOutlookShort-term rating

Fitcha-A-NegativeF1

quotesdbs_dbs25.pdfusesText_31

[PDF] Belfius Portfolio Prospectus

[PDF] BELFORT et le Territoire BELFORT et le Territoire

[PDF] Belfort - Atlas des Sites d`activités

[PDF] Belfort - Danjoutin Montbéliard

[PDF] Belfort - Montbéliard TGV - France

[PDF] Belfort Ballon d`Alsace Jours de circulation Le bus des neiges - Anciens Et Réunions

[PDF] Belfort Beaucourt Delle Giromagny Valdoie - Anciens Et Réunions

[PDF] Belfort n°45 - Garderie Et Préscolaire

[PDF] Belfort n°49 - Garderie Et Préscolaire

[PDF] BELFORT – SEPPOIS-LE-BAS – WALDIGHOFFEN

[PDF] Belfort, bilan 2013 des DIA

[PDF] Belfort, le 7 septembre 2015

[PDF] Belfort, Territoire de

[PDF] Belfort-Montbéliard : Premier centre hospitalier en France à

[PDF] Belga n - Bandiera belga