La banque d'un monde qui change 2004 - BNP Paribas

Consolidated FInancial statementsNOTE 7INVESTMENTS IN NON-CONSOLIDATED UNDERTAKINGS, OTHER PARTICIPATINGINTERESTS AND EQUITY SECURITIES HELD FOR LONG-TERM INVESTMENTIn millions of euros, at 31 December 2004 2003 2002Gross book Net book Market Net book Market Net book Marketvalue value value value value value valueEquity securities held for long-term investmentUnlisted securities 2,234 1,923 2,076 2,405 2,908 2,620 3,245Listed securities 1,760 1,591 2,992 2,207 3,339 2,787 3,875Total equity securities held for long-term investment 3,994 3,514 5,068 4,612 6,247 5,407 7,120Investments in non-consolidated undertakingsand other participating interests (a)Investments in non-consolidated undertakings 1,920 1,517 1,776 842 947 887 1,032Other participating interestsUnlisted securities 814 677 800 730 808 1,116 1,482Listed securities 537 415 1,025 588 1,097 3,869 3,743Total other participating interests 1,351 1,092 1,825 1,318 1,905 4,985 5,225Total investments in non-consolidatedundertakings and other participating interests 3,271 2,609 3,601 2,160 2,852 5,872 6,257Total investments in non-consolidated undertakings,other participating interests and equity securitiesheld for long-term investment 7,265 6,123 8,669 6,772 9,099 11,279 13,377(a) The market value of unlisted investments in non-consolidated undertakings and other unlisted participating interests is principally determined based on the value of the BNP Paribas Group’s equityin the underlying net assets. Where necessary, the valuation is based on revalued net assets.Investments in non-consolidated credit institutions amountedto EUR 391 million at 31 December 2004 (EUR 144 millionat 31 December 2003 and EUR 144 million at 31 December2002). Participating interests in credit institutions amountedto EUR 461 million at 31 December 2004 (EUR 467 millionat 31 December 2003 and EUR 3,566 millionat 31 December 2002).Net unrealised capital gains on investments innon-consolidated undertakings, other participatinginterests and equity securities held for long-term investment,calculated by reference to year-end market prices for listedsecurities, amounted to EUR 2,546 million at 31 December2004 (EUR 2,327 million at 31 December 2003 andEUR 2,098 million at 31 December 2002).227BNP PARIBAS - ANNUAL REPORT 2004