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31.12.2020

CONSOLIDATED FINANCIAL STATEMENTS














(Unaudited figures)

Explanation of changes to the name or any other method of identifying the reporting entity since the end of the previous reporting period


N/A

Name of the head company


SOCIETE GENERALE

Address where the consolidated financial statements can be obtained


Tours Société Générale - 75886 - Paris Cedex 18

Entity address


29, Bd Haussmann - 75009 Paris

Legal form of the entity


Société anonyme fondée en 1864

Country


France

Headquarters address


29, Bd Haussmann - 75009 Paris

Head office of the subsidiary


N/A

Description of the nature of the entity's operations and of its main activities


Bank

Main entity


Société Générale

Name or other method of identification of the reporting entity

552 120 222 RCS Paris


1. CONSOLIDATED FINANCIAL STATEMENTS


CONSOLIDATED BALANCE SHEET - ASSETS




(In EUR m)


31.12.2020

31.12.2019

Cash, due from central banks


168,179

102,311

Financial assets at fair value through profit or loss

Notes 3.1,

3.2 and 3.4

429,458

385,739

Hedging derivatives

Notes 3.2

and 3.4

20,667

16,837

Financial assets at fair value through other comprehensive income 

Notes 3.3

and 3.4

52,060

53,256

Securities at amortised cost

Notes 3.5,

3.8 and 3.9

15,635

12,489

Due from banks at amortised cost

Notes 3.5,

3.8 and 3.9

53,380

56,366

Customer loans at amortised cost 

Notes 3.5,

3.8 and 3.9

448,761

450,244

Revaluation differences on portfolios hedged against interest rate risk


378

401

Investments of insurance companies 

Note 4.3

166,854

164,938

Tax assets

Note 6

5,001

5,779

Other assets

Note 4.4

67,341

68,045

Non-current assets held for sale 


6

4,507

Investments accounted for using the equity method


100

112

Tangible and intangible fixed assets *

Note 8.4

30,088

30,844

Goodwill

Note 2.2

4,044

4,627

Total


1,461,952

1,356,495


*     The amount has been restated compared with the published financial statements for the year ended 31 December 2019 following the IFRS Interpretations Committee (IFRS IC) decisions on 26 November 2019 related to IFRS 16 (see Note 1.2).

CONSOLIDATED BALANCE SHEET - LIABILITIES




(In EUR m)


31.12.2020

31.12.2019

Due to central banks


1,489

4,097

Financial liabilities at fair value through profit or loss

Notes 3.1,

3.2 and 3.4

390,247

364,129

Hedging derivatives

Notes 3.2

and 3.4

12,461

10,212

Debt securities issued

Notes 3.6

and 3.9

138,957

125,168

Due to banks

Notes 3.6

and 3.9

135,571

107,929

Customer deposits

Notes 3.6

and 3.9

456,059

418,612

Revaluation differences on portfolios hedged against interest rate risk


7,696

6,671

Tax liabilities

Note 6

1,223

1,409

Other liabilities *

Note 4.4

84,937

85,254

Non-current liabilities held for sale


-

1,333

Insurance contracts related liabilities

Note 4.3

146,126

144,259

Provisions

Note 8.3

4,775

4,387

Subordinated debts

Note 3.9

15,432

14,465

Total liabilities


1,394,973

1,287,925

Shareholders' equity




Shareholders' equity, Group share




Issued common stocks and capital reserves


22,333

21,969

Other equity instruments


9,295

9,133

Retained earnings


32,076

29,558

Net income


(258)

3,248

Sub-total


63,446

63,908

Unrealised or deferred capital gains and losses 

Note 7.3

(1,762)

(381)

Sub-total equity, Group share


61,684

63,527

Non-controlling interests 


5,295

5,043

Total equity


66,979

68,570

Total


1,461,952

1,356,495


*     The amount has been restated compared with the published financial statements for the year ended 31 December 2019 following the IFRS Interpretations Committee (IFRS IC) decisions on 26 November 2019 related to IFRS 16 (see Note 1.2).

CONSOLIDATED INCOME STATEMENT



(In EUR m)


2020

2019

Interest and similar income

Note 3.7

20,721

23,712

Interest and similar expense

Note 3.7

(10,248)

(12,527)

Fee income

Note 4.1

8,529

9,068

Fee expense

Note 4.1

(3,612)

(3,811)

Net gains and losses on financial transactions


2,851

4,460

o/w net gains and losses on financial instruments at fair value through profit or loss

Note 3.1

2,785

4,343

o/w net gains and losses on financial instruments at fair value through other comprehensive income 


69

119

o/w net gains and losses from the derecognition of financial instruments at amortised cost


(3)

(2)

Net income of insurance activities

Note 4.3

2,124

1,925

Income from other activities

Note 4.2

11,471

11,629

Expenses from other activities

Note 4.2

(9,723)

(9,785)

Net banking income


22,113

24,671

Personnel expenses

Note 5

(9,289)

(9,955)

Other operating expenses *

Note 8.2

(5,821)

(6,240)

Amortisation, depreciation and impairment of tangible and intangible fixed assets and rights-of-use *

Note 8.4

(1,604)

(1,532)

Gross operating income


5,399

6,944

Cost of risk 

Note 3.8

(3,306)

(1,278)

Operating income


2,093

5,666

Net income from investments accounted for using the equity method


3

(129)

Net income / expense from other assets


(12)

(327)

Value adjustments on goodwill

Note 2.2

(684)

-

Earnings before tax


1,400

5,210

Income tax 

Note 6

(1,204)

(1,264)

Consolidated net income


196

3,946

Non-controlling interests 


454

698

Net income, Group share


(258)

3,248

Earnings per ordinary share 

Note 7.2

(1.02)

3.05

Diluted earnings per ordinary share 

Note 7.2

(1.02)

3.05


*     The amounts have been restated compared with the published financial statements for the year ended 31 December 2019 following the IFRS Interpretations Committee (IFRS IC) decisions on 26 November 2019 related to IFRS 16 (see Note 1.2). 

STATEMENT OF NET INCOME AND UNREALISED OR DEFERRED GAINS AND LOSSES



(In EUR m)

2020

2019

Consolidated net income

196

3,946

Unrealised or deferred gains and losses that will be reclassified subsequently into income

(1,353)

844

Translation differences

(1,776)

563

Revaluation of debt instruments at fair value through other comprehensive income 

247

(28)

Revaluation differences for the period 

317

48

Reclassified into income

(70)

(76)

Revaluation of available-for-sale financial assets

117

188

Revaluation differences for the period 

123

190

Reclassified into income

(6)

(2)

Revaluation of hedging derivatives 

154

153

Revaluation differences of the period 

138

195

Reclassified into income

16

(42)

Unrealised gains and losses of entities accounted for using the equity method

-

1

Related tax

(95)

(33)

Unrealised or deferred gains and losses that will not be reclassified subsequently into income

(79)

(160)

Actuarial gains and losses on defined benefit plans

(53)

(32)

Revaluation of own credit risk of financial liabilities at fair value through profit or loss

(79)

(121)

Revaluation of equity instruments at fair value through other comprehensive income

16

(48)

Unrealised gains and losses of entities accounted for using the equity method

-

3

Related tax

37

38

Total unrealised or deferred gains and losses 

(1,432)

684

Net income and unrealised or deferred gains and losses

(1,236)

4,630

o/w Group share

(1,640)

3,903

o/w non-controlling interests

404

727




CHANGES IN SHAREHOLDERS' EQUITY




Shareholders' equity, Group share



(In EUR m)

Issued common stocks and capital reserves

Other equity instruments

Retained earnings

Net income, Group share

Unrealised and  deferred gains and losses  

Total

Non-controlling interests

Total consolidated shareholder's equity

At 1 January 2019

20,746

9,110

32,199

-

(1,029)

61,026

4,783

65,809

Increase in common stock and issuance / redemption and remuneration of equity instruments

1,011

23

(731)

-

-

303

(33)

270

Elimination of treasury stock 

152

-

(77)

-

-

75

-

75

Equity component of share-based payment plans (see Note 5.3)

60

-

-

-

-

60

-

60

2019 dividends paid (see Note 7.2) 

-

-

(1,770)

-

-

(1,770)

(379)

(2,149)

Effect of changes of the consolidation scope

-

-

(10)

-

-

(10)

(56)

(66)

Sub-total of changes linked to relations with shareholders

1,223

23

(2,588)

-

-

(1,342)

(468)

(1,810)

2019 Net income

-

-

-

3,248

-

3,248

698

3,946

Change in unrealised or deferred gains and losses

-

-

-

-

648

648

31

679

Other changes

-

-

(53)

-

-

(53)

(1)

(54)

Sub-total

-

-

(53)

3,248

648

3,843

728

4,571

At 31 December 2019

21,969

9,133

29,558

3,248

(381)

63,527

5,043

68,570

Allocation to retained earnings

6

-

3,229

(3,248)

13

-

-

-

At 1 January 2020

21,975

9,133

32,787

-

(368)

63,527

5,043

68,570

Increase in common stock and issuance / redemption and remuneration of equity instruments (see Note 7.1)

-

162

(628)

-

-

(466)

(33)

(499)

Elimination of treasury stock (see Note 7.1)

316

-

(57)

-

-

259

-

259

Equity component of share-based payment plans (see Note 5.3)

42

-

-

-

-

42

-

42

2020 dividends paid (see Note 7.2)

-

-

-

-

-

-

(91)

(91)

Effect of changes of the consolidation scope (see Note 7.1)

-

-

80

-

-

80

(21)

59

Sub-total of changes linked to relations with shareholders

358

162

(605)

-

-

(85)

(145)

(230)

2020 Net income for the period

-

-

-

(258)

-

(258)

454

196

Change in unrealised or deferred gains and losses

-

-

-

-

(1,394)

(1,394)

(57)

(1,451)

Other changes

-

-

(106)

-

-

(106)

-

(106)

Sub-total

-

-

(106)

(258)

(1,394)

(1,758)

397

(1,361)

At 31 December 2020

22,333

9,295

32,076

(258)

(1,762)

61,684

5,295

66,979



CASH FLOW STATEMENT     



(In EUR m)

2020

2019

Consolidated net income (I)

196

3,946

Amortisation expense on tangible and intangible fixed assets (including operational leasing) *

5,263

5,218

Depreciation and net allocation to provisions

1,937

(3,284)

Net income/loss from investments accounted for using the equity method

(3)

129

Change in deferred taxes

496

295

Net income from the sale of long-term assets and subsidiaries

(74)

(84)

Other changes *

(757)

1,258

Non-cash items included in net income and other adjustments excluding income on financial instruments at fair value through profit or loss (II)

6,862

3,532

Income on financial instruments at fair value through profit or loss

6,077

5,267

Interbank transactions

42,149

14,554

Customers transactions

43,790

5,429

Transactions related to other financial assets and liabilities

(21,347)

(36,748)

Transactions related to other non-financial assets and liabilities

3,064

14,424

Net increase/decrease in cash related to operating assets and liabilities (III)

73,733

2,926

Net cash inflow (outflow) related to operating activities (A) = (I) + (II) + (III)

80,791

10,404

Net cash inflow (outflow) related to acquisition and disposal of financial assets and long term investments 

(1,275)

234

Net cash inflow (outflow) related to tangible and intangible fixed assets

(5,588)

(7,210)

Net cash inflow (outflow) related to investment activities (B)

(6,863)

(6,976)

Cash flow from/to shareholders

24

(1,219)

Other net cash flow arising from financing activities

2,109

3,229

Net cash inflow (outflow) related to financing activities (C) 

2,133

2,010

Effect of changes in foreign exchange rates on cash and cash equivalents (D)

(2,596)

1,386

Net inflow (outflow) in cash and cash equivalents (A) + (B) + (C) + (D)

73,465

6,824

Cash, due from central banks (assets)

102,311

96,585

Due to central banks (liabilities)

(4,097)

(5,721)

Current accounts with banks (see Notes 3.5 and 4.3)

21,843

24,667

Demand deposits and current accounts with banks (see Note 3.6)

(11,577)

(13,875)

Cash and cash equivalents at the start of the year

108,480

101,656

Cash, due from central banks (assets)

168,179

102,311

Due to central banks (liabilities)

(1,489)

(4,097)

Current accounts with banks (see Notes 3.5 and 4.3)

26,609

21,843

Demand deposits and current accounts with banks (see Note 3.6)

(11,354)

(11,577)

Cash and cash equivalents at the end of the year

181,945

108,480

Net inflow (outflow) in cash and cash equivalents

73,465

6,824


*     The amounts have been restated compared with the published financial statements for the year ended 31 December 2019 following the IFRS Interpretations Committee (IFRS IC) decisions on 26 November 2019 related to IFRS 16 (see Note 1.2).