FINANCIAL REPORT 2016

Offsetting effects on financial assets covered by master netting agreement and similar agreements

31.12.2015

Other amounts that can be offset under given conditions

Type of financial instrument

Amounts of other financial instruments given as guarantee, including

Gross amounts of recognised financial assets set off in the financial statements

Gross amounts of financial assets covered by master netting agreement

Gross amounts of recognised financial liabilities before offsetting

Net amounts of financial liabilities presented in the financial statements

Net amount after all offsetting effects

(in thousands of euros)»

security deposits

Derivatives

432120

432120

249655

76090

106375

Repurchase agreements

7635042

7635042

1228668

6406374

TOTAL FINANCIAL LIABILITIES SUBJECT TO OFFSETTING

8067162

0

8067162

249655

1304758

6512749

2.7.11. CURRENT AND DEFERRED TAX ASSETS AND LIABILITIES

31.12.2016

31.12.2015

(in thousands of euros)

Current tax

3857

Deferred tax

13698

18562

TOTAL CURRENT AND DEFERRED TAX ASSETS

13698

22419

Current tax

11814

3051

Deferred tax

69445

54228

TOTAL CURRENT AND DEFERRED TAX LIABILITIES

81258

57279

Net deferred tax assets and liabilities break down as follows:

31.12.2016

31.12.2015

Deferred tax assets

Deferred tax liabilities

Deferred tax assets

Deferred tax liabilities

(in thousands of euros)

TEMPORARY TIMING DIFFERENCES

15178

4636

21297

4853

Non-deductible accrued expenses

4163

0

4070

0

Non-deductible provisions for liabilities and charges

8921

0

10734

2017

Other temporary differences

2094

4636

6493

2836

DEFERRED TAX/ RESERVES FOR UNREALISED GAINS OR LOSSES

23535

48995

5278

3823

Available-for-sale assets

17780

48707

1400

3347

Gains and losses / Actuarial gains or losses

5755

287

3878

476

DEFERRED TAX/ INCOME COMPENSATION IMPACT

35856

76684 -60871 69445

18393

71958

-60871

-26406

-26406

TOTAL DEFERRED TAX

13698

18562

54228

35