2009 ANNUAL REPORT - Crédit Agricole Leasing & Factoring
2009 ANNUAL REPORT - Crédit Agricole Leasing & Factoring
2009 ANNUAL REPORT - Crédit Agricole Leasing & Factoring
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<strong>2009</strong> <strong>ANNUAL</strong> <strong>REPORT</strong><br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong><br />
in leasing in France with major holdings throughout Europe
<strong>Crédit</strong> <strong>Agricole</strong> group,<br />
a leader in Europe.<br />
Retail bank leader in France (1) , and in Europe (2) , <strong>Crédit</strong> <strong>Agricole</strong><br />
is a first-class partner for the economies in which it operates.<br />
The strength of its retail banks including 11,500 branches<br />
worldwide and the expertise of its specialised subsidiaries<br />
give <strong>Crédit</strong> <strong>Agricole</strong> an effective presence in all areas of banking<br />
and finance. More than 160,000 employees work to satisfy the<br />
banking requirements of 59 million customers in 70 countries.<br />
<strong>Crédit</strong> <strong>Agricole</strong> intends to fulfil its role as a leading European player<br />
with global scale, while complying with the commitments that stem<br />
from its mutualist background. Its development is focused<br />
on servicing the real economy and it is committed to the principle<br />
of responsible growth. It is well positioned in three major sustainable<br />
development indices (3) .<br />
(1) by customer bank deposits, source: Banque de France<br />
(2) by retail banking revenues and the number of branches, source: company data<br />
(3) ASPI Eurozone since 2004; FTSE4Good since 2005; DJSI since 2008<br />
of the household market in France<br />
billion<br />
net income - group share<br />
worldwide<br />
million customers<br />
billion<br />
shareholders’ equity - group share<br />
countries<br />
tier 1 ratio
The Group’s organisation<br />
6.2 million cooperative shareholders s<br />
elect the 32,600 Local Banks directors. s.<br />
2,544 Local Banks hold the bulk of the Regional<br />
Banks’ share capital. The Local Bank directors<br />
are key players in France’s local communities<br />
and enable <strong>Crédit</strong> <strong>Agricole</strong> to tailor its product<br />
and service offering to customer requirements.<br />
Listed since December 2001, <strong>Crédit</strong> <strong>Agricole</strong> S.A.<br />
ensures the cohesion of the strategic development<br />
and the Group’s financial unity. <strong>Crédit</strong> <strong>Agricole</strong> S.A.<br />
manages and consolidates its subsidiaries organised<br />
into 3 business lines.<br />
3 BUSINESS LINES:<br />
RETAIL BANKING<br />
• In France<br />
- 25% of the Regional Banks<br />
(excl. the Regional Bank of Corsica)<br />
- LCL<br />
• International Retail Banking<br />
- Cariparma FriulAdria<br />
- Emporiki<br />
- <strong>Crédit</strong> du Maroc<br />
- <strong>Crédit</strong> <strong>Agricole</strong> Egypt<br />
- Lukas Bank<br />
SPECIALISED BUSINESS LINES<br />
• Specialised financial services<br />
- Consumer finance<br />
- <strong>Leasing</strong><br />
- <strong>Factoring</strong><br />
• Savings management<br />
- Asset management<br />
- Insurance<br />
- Private banking<br />
The Fédération Nationale du<br />
<strong>Crédit</strong> <strong>Agricole</strong> (FNCA)<br />
acts as a consultative and<br />
representative body and a forum<br />
for the Regional Banks.<br />
39<br />
<strong>Crédit</strong> <strong>Agricole</strong> Regional Banks<br />
As cooperative societies and fully-fledged banks,<br />
they propose a wide offering of banking products<br />
and financial services to their customers. Together,<br />
they hold 55.2% of <strong>Crédit</strong> <strong>Agricole</strong> S.A. share<br />
capital via SAS Rue La Boétie.<br />
Float represents 44.4%<br />
of <strong>Crédit</strong> <strong>Agricole</strong> S.A. share capital<br />
• Institutional investors: 31.2 %<br />
• Individual shareholders: 8.6 %<br />
• Employees via employee mutual funds : 4.6 %<br />
SPECIALISED SUBSIDIARIES: <strong>Crédit</strong> <strong>Agricole</strong> Immobilier, <strong>Crédit</strong> <strong>Agricole</strong> Private Equity, Idia-Sodica, Uni-Editions.<br />
CORPORATE AND INVESTMENT<br />
BANKING<br />
- Coverage and Investment Banking<br />
- Equity Brokerage and Derivatives<br />
- Fixed Income Markets<br />
- Structured Finance
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> <strong>2009</strong> Annual Report pages 5-5<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong><br />
6<br />
8<br />
9<br />
10<br />
11<br />
12<br />
14<br />
18<br />
Corporate management<br />
Commercial revenues in France<br />
Business line commercial revenues<br />
Financial results<br />
Compliance and fi nancial security<br />
Social statistics<br />
Consolidated fi nancial statements<br />
Statutory auditor’s report<br />
on the consolidated fi nancial statements
<strong>Crédit</strong> <strong>Agricole</strong><br />
<strong>Leasing</strong> & <strong>Factoring</strong><br />
Board of Directors<br />
Michel Michaut,<br />
Chairman of the Board of Directors,<br />
President of <strong>Crédit</strong> <strong>Agricole</strong> Champagne-Bourgogne<br />
Regional Bank<br />
Jean-Pierre Pargade,<br />
Director, President of <strong>Crédit</strong> <strong>Agricole</strong> Aquitaine Regional Bank<br />
Jean-Yves Hocher,<br />
Director, Executive Vice President of Credit Agicole S.A.<br />
Guy Bernfeld,<br />
Director, Chief Executive Offi cer of <strong>Crédit</strong> <strong>Agricole</strong> Immobilier<br />
Jean-Louis Bertrand,<br />
Director, Senior Banker, in charge of corporate clients in France,<br />
<strong>Crédit</strong> <strong>Agricole</strong> Corporate & Investment Bank<br />
Paul Carite,<br />
Director, Member of the Executive Committee of LCL,<br />
Head of Business and Commercial Trade Flow Bank<br />
Bruno Carles,<br />
Director, Head of Trade and Tenders within the regional division<br />
offi ces of <strong>Crédit</strong> <strong>Agricole</strong> S.A.<br />
Marc Deschamps,<br />
Director, Chief Executive Offi cer of <strong>Crédit</strong> <strong>Agricole</strong> Normandie<br />
Regional Bank<br />
Nicolas Langevin,<br />
Director, Chief Executive Offi cer of <strong>Crédit</strong> <strong>Agricole</strong> Centre Ouest<br />
Regional Bank<br />
Christian Lemaire,<br />
Director, Head of Finance, Strategy & Risk, Specialized Financial<br />
Services Division of <strong>Crédit</strong> <strong>Agricole</strong> S.A.<br />
Olivier Nicolas,<br />
Director, Head of Financial Operations, Group Finance Department,<br />
<strong>Crédit</strong> <strong>Agricole</strong> S.A.<br />
Michel Rallet,<br />
Director, Chief Executive Offi cer of the <strong>Crédit</strong> <strong>Agricole</strong> Lorraine<br />
Regional Bank<br />
Frédéric Thomas,<br />
Director, Chief Executive Offi cer of the <strong>Crédit</strong> <strong>Agricole</strong><br />
Normandie-Seine Regional Bank<br />
Michel Michaut,<br />
Chairman of the Board of Directors,<br />
President of <strong>Crédit</strong> <strong>Agricole</strong><br />
Champagne-Bourgogne Regional Bank<br />
Olivier Toussaint,<br />
Chief Executive Offi cer,<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> & <strong>Factoring</strong>
Management<br />
Committee<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> <strong>2009</strong> Annual Report pages 7-7<br />
Olivier Toussaint,<br />
Chief Executive Offi cer<br />
Bertrand Chevallier,<br />
Deputy Chief Executive Offi cer, <strong>Leasing</strong> France<br />
Philippe Zamaron,<br />
Deputy Chief Executive Offi cer,<br />
International Development<br />
Agnès Coulombe,<br />
Head of Human Resources<br />
François Rauch,<br />
General Secretary<br />
Hervé Varillon,<br />
Head of Finance, IT and Organisation<br />
Bruno Desplanques,<br />
Head of IT<br />
Jean de Dreux-Brézé,<br />
Head of Permanent Control and Risks, <strong>Leasing</strong><br />
Stéphane Faijean,<br />
Head of Operations, Legal and Collection<br />
Laurent Gastinel,<br />
Head of Organisation and Transversal Projects<br />
Hervé Glénisson,<br />
Head of Finance<br />
Olivier Joyeux,<br />
Head of International Development<br />
Franck Poncin,<br />
Head of Commitment<br />
Laurent Pras,<br />
Head of Sales, <strong>Leasing</strong> France<br />
François Tinel,<br />
Head of Internal Auditing
Commercial<br />
results<br />
in France<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> is no. 1<br />
in France with an estimated market<br />
share of 20.6%, exhibiting evident<br />
growth versus 2008 (17% market<br />
share) in a sharply declining<br />
market (-18%).<br />
In France, business grew overall<br />
by 6%, bringing the average<br />
outstanding to €13.1B.<br />
New contracts in France rose<br />
to a production of €4.8B.<br />
3 %<br />
Operational IT<br />
equipment leasing<br />
1 %<br />
Long-term<br />
leasing<br />
60 %<br />
Equipment<br />
leasing<br />
Equipment leasing<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> strengthened<br />
its no. 1 position in the equipment<br />
leasing market. In a diffi cult economic<br />
scenario, <strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong><br />
clearly resisted better than its primary<br />
competitors, with decreased production<br />
of only 7% against an average decrease<br />
of 20% among the key players in 2008.<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong>’s equipment<br />
leasing new production rose to €2.5B.<br />
Revenues in France by business line<br />
14 %<br />
Public sector<br />
financing<br />
22 %<br />
Real estate<br />
leasing<br />
Real estate leasing<br />
In a climate that remained adverse<br />
to business real estate, no. 1 <strong>Crédit</strong><br />
<strong>Agricole</strong> <strong>Leasing</strong> increased by 12%<br />
its client approvals (€1.196M) in a market<br />
that grew by only an estimated 10%.<br />
Sustainable<br />
development<br />
and public sector<br />
fi nancing<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> achieved<br />
the no. 1 position in the sustainable<br />
development fi nancing markets<br />
with 49% growth, and €401M.
Business line<br />
commercial<br />
results<br />
With €6.2B of new production in<br />
<strong>2009</strong>, the leasing business line<br />
reported 4% growth versus 2008.<br />
In a tense economic climate,<br />
the Group’s subsidiaries strengthened<br />
their positions in regional markets,<br />
particularly in Poland.<br />
Acquired in 2008, <strong>Crédit</strong> <strong>Agricole</strong><br />
<strong>Leasing</strong> Italy strengthened, recording<br />
12 times its previous production.<br />
Average business line outstanding grew<br />
by 5%, driven by good commercial<br />
sales in 2008 and <strong>2009</strong>.<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> <strong>2009</strong> annual report pages 8-9<br />
Production at December 31, <strong>2009</strong><br />
1 %<br />
Morocco<br />
2 %<br />
Greece<br />
9 %<br />
Italy<br />
10 %<br />
Poland<br />
78 %<br />
France<br />
and Spain
Financial<br />
results<br />
An overall<br />
performance<br />
that reinforced<br />
group stability<br />
In December <strong>2009</strong>, consolidated Net<br />
Banking Income in the leasing business line<br />
rose by 13% to €315.9M, versus<br />
the previous year.<br />
Action taken with regard to cost control<br />
coupled with increased Net Banking<br />
Income provided for signifi cant improvement<br />
in the operating ratio now at 58.8%,<br />
a 196 basis point reduction from 2008.<br />
The gross operating income thereby grew<br />
by 19%, versus 2008.<br />
In support of customers, our vigilance in<br />
lending allowed us to control increased of<br />
the cost of risk, containing them at 0.41%<br />
of average outstanding in the particularly<br />
adverse climate of <strong>2009</strong>.<br />
Consolidated net income – Group share<br />
reached €42.1M, falling by 16% versus<br />
the previous fi scal year and 33% versus<br />
budget, due to increased cost of risk and<br />
decreased zloty to euro parity. Apart from<br />
any effects from currency exchange, net<br />
income decreased by 8% versus 2008.<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> :<br />
- Increased gross operating income<br />
by more than 40%<br />
- Sustained net profi ts over €30M.<br />
Formerly holding only 20% ownership,<br />
our acquisition of Emporiki <strong>Leasing</strong> marked<br />
<strong>2009</strong> with purchase of the remaining<br />
80% share in December. In compliance<br />
with the accounting regulations in force<br />
(IFRS standards) concerning an intracompany<br />
transaction within the <strong>Crédit</strong><br />
<strong>Agricole</strong> S.A. Group, this transaction<br />
involved consolidation of Emporiki <strong>Leasing</strong><br />
(EL) result from the start of the fi scal year,<br />
or 01/01/09.<br />
Net Banking Income at the end of<br />
December <strong>2009</strong> rose by 15% versus 2008<br />
(9%, excluding EL). The following largely<br />
accounts for this growth of €18M<br />
(excluding EL):<br />
increased outstanding (+9.5% versus<br />
2008, excluding EL),<br />
increased revenues (activity revenues<br />
+37 basis points to 1.57%, excluding<br />
EL) due to higher margins,<br />
favorable interest rate climate<br />
boosting profi tability of some variable<br />
interest rate contracts,<br />
optimization of our refi nancing terms<br />
by resorting to diversifi ed resources<br />
such as short-term, ECB, SFEF,<br />
CEB, syndication...<br />
Due to corporate cost control over the last<br />
several years, operating expenses have<br />
decreased slightly by €0.4M to €136.2M<br />
versus 2008 (excluding EL). The cost<br />
to income ratio thereby decreased to 61.2%,<br />
improving by 718 basis points from 2008.<br />
The economic and fi nancial environment<br />
affected the cost of risk. Excluding EL,<br />
it rose by 115% to €38.3M, versus 2008,<br />
almost exclusively due to increased<br />
equipment leasing, and represents 0.29%<br />
of average loans outstanding, a percentage<br />
that is practically identical to that of 2005.<br />
Consolidated net income – Group share<br />
was €30.3M, decreasing by 3% versus<br />
2008, €2.4M of which came from<br />
consolidation of Emporiki <strong>Leasing</strong>.
Compliance<br />
and fi nancial<br />
security<br />
A comprehensive plan<br />
With regard to compliance, <strong>Crédit</strong><br />
<strong>Agricole</strong> <strong>Leasing</strong> keeps a regularly<br />
updated manual of reference<br />
documentation to ensure compliance<br />
and prevent risk.<br />
These internal policies and procedures<br />
demonstrate <strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong><br />
& <strong>Factoring</strong>’s commitment to complying<br />
with the law, standards and professional<br />
practices in order to provide the highest<br />
quality service to its clientele in France<br />
as well as abroad.<br />
Based on the legal obligations<br />
and standards in force, <strong>Crédit</strong><br />
<strong>Agricole</strong> <strong>Leasing</strong> also employs measures<br />
against money laundering as well<br />
as fi nancing of terrorism and complies<br />
with both embargo and asset protection<br />
measures, including those requirements<br />
deriving from international regulatory law<br />
and advisories in addition to relevant<br />
national law.<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> <strong>2009</strong> annual report pages 10-11<br />
In order to sensitize all staff to these<br />
issues, every new employee takes<br />
a Compliance & Financial Security<br />
training course updated by regular<br />
follow-up sessions.
Social<br />
statistics<br />
Figures<br />
of the year<br />
932<br />
employees of December 31, <strong>2009</strong><br />
(CDD fi xed-term and CDI<br />
open-ended employment<br />
contracts, including MAD<br />
work from home status)<br />
41.4<br />
average age: 41 years<br />
and 4 months<br />
120<br />
employee transfers<br />
33 %<br />
Non-management job<br />
Management fi gures<br />
<strong>Crédit</strong> <strong>Agricole</strong><br />
<strong>Leasing</strong> employees<br />
are always at the heart<br />
of company growth<br />
Transfer and training:<br />
provisions fostered by the Group<br />
In its second year, our forward-looking<br />
employment and expertise development<br />
initiative has strengthened the skill-sets<br />
of employees.<br />
Through continuing education over<br />
their career paths, 120 employees have<br />
developed their business line-specifi c<br />
expertise via inter-company transfers.<br />
67 %<br />
Management job<br />
Their training has entailed business<br />
line-specifi c expertise benefi ting primary<br />
areas of company growth.<br />
The number of trained employees<br />
increased in <strong>2009</strong> as they completed<br />
close to 19,000 hours of training.<br />
The Conservatoire National des Arts<br />
et Métiers, or National Conservatory<br />
of Arts and Crafts (CNAM)<br />
In <strong>2009</strong>, many <strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong><br />
employees began working towards<br />
a 2-year degree to become administrative<br />
assistants.<br />
Launched in partnership with the CNAM<br />
of Versailles, this educational curriculum<br />
will allow these employees to develop<br />
their administrative expertise and to<br />
acquire new skills in such areas as<br />
economic analysis, economic and fi nancial<br />
climate evaluation, law and marketing.
Figures<br />
of the year<br />
18,906<br />
hours of training<br />
706<br />
training session attendees<br />
Distribution of employees by gender<br />
40 %<br />
Men<br />
Close-up on the<br />
employment of seniors<br />
In December <strong>2009</strong>, <strong>Crédit</strong> <strong>Agricole</strong><br />
<strong>Leasing</strong> and trade unions signed<br />
an “agreement on the employment<br />
of seniors” for which the primary objective<br />
is to continue employing seniors.<br />
This agreement centres around<br />
6 important action items: recruiting<br />
senior employees, anticipating careers<br />
move, improving their working conditions<br />
and preventing work hardness,<br />
60 %<br />
Women<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> <strong>2009</strong> annual report pages 12-13<br />
developing their skills and expertise<br />
(qualifi cations) and improving their<br />
access to training, facilitating the latter<br />
years of their careers and transitions<br />
from work to retirement, and transferring<br />
knowledge and skills while developing<br />
mentorship.
Interest receivable and similar income<br />
Interest payable and similar charges<br />
Commissions (income)<br />
Commissions (cost)<br />
Other incomes<br />
Net banking income<br />
General operating expenses<br />
Gross operating income<br />
Cost of risk<br />
Consolidated<br />
fi nancial<br />
statements<br />
INCOME STATEMENT (IN THOUSANDS OF EUROS)<br />
Net gains or losses on fi nancial instruments<br />
at fair value through profi t or loss<br />
Net gains or losses on fi nancial assets<br />
available for sale<br />
Other expenses<br />
Allocation to depreciation and amortization<br />
of tangible and intangible fi xed assets<br />
Operating income<br />
dec. ‘08<br />
992,504<br />
199,236<br />
63,020<br />
45,164<br />
dec. ‘09<br />
808,163<br />
-789,170 -563,530<br />
4,744 6,729<br />
-28,209 -34,220<br />
121 -609<br />
7,166 288<br />
161,652 164,738<br />
-149,572 -152,458<br />
229,101<br />
-132,661 -136,217<br />
-3,555 -3,969<br />
88,915<br />
-17,856 -42,538<br />
46,377
Consolidated<br />
fi nancial<br />
statements<br />
INCOME STATEMENT (IN THOUSANDS OF EUROS)<br />
Net income in companies using equity<br />
accounting method<br />
Net gains or losses on other assets<br />
Change in net worth due to goodwill<br />
Corporate income tax<br />
Net income on sale or transfer of business<br />
Net income<br />
Minority interests<br />
Consolidated net income – group share<br />
Basic earnings per share (in euros)<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> <strong>2009</strong> annual report pages 14-15<br />
dec. ‘08<br />
-12,895<br />
32,223<br />
31,242<br />
Diluted earnings per share (in euros) 5.12<br />
4.97<br />
-1,507<br />
981<br />
5.12<br />
dec. ‘08<br />
1,461 69<br />
Income before taxes 46,625 46,446<br />
-15,387<br />
31,059<br />
710<br />
30,349<br />
4.97
Consolidated<br />
fi nancial<br />
statements<br />
BALANCE SHEET ASSETS (IN THOUSANDS OF EUROS)<br />
Cash, central banks<br />
Financial assets at fair value through profi t or loss<br />
Hedging instruments<br />
Financial assets available for sale<br />
Loans and advances to credit institutions<br />
Total Assets<br />
dec. ‘08<br />
dec. ‘09<br />
95 59<br />
1,800 1,020<br />
1,256 1,258<br />
372,930 583,647<br />
Loans and advances to clients 13,072,816 13,805,211<br />
Revaluation reserves on rate-wise covered portfolios 134,612 157,300<br />
Financial assets held to maturity<br />
Current and deferred tax assets (1)<br />
Accrued expenses and other assets<br />
Non-current assets held for sale<br />
7,318 10,004<br />
298,115 435,918<br />
1,473,617<br />
Holdings in companies using equity accounting method 15,173 17,382<br />
Investment properties<br />
Tangible fi xed assets<br />
Intangible fi xed assets<br />
Goodwill<br />
(1) ) On 12/31/08, this line item was broken down as follows: current tax assets of €6,308K and deferred tax assets of €1,010K<br />
33,276<br />
15,488,026 15,148,165<br />
1<br />
38,011<br />
12,293 32,700<br />
6,884 7,813<br />
57,841 57,841
Consolidated<br />
fi nancial<br />
statements<br />
BALANCE SHEET LIABILITIES (IN THOUSANDS OF EUROS)<br />
Central banks<br />
Financial liabilities at fair value through profi t or loss<br />
Hedging instruments<br />
Debt to credit institutions<br />
Debt to clients<br />
Current and deferred tax liabilities (1)<br />
Accrued expenses and other liabilities<br />
Total debt<br />
Total shareholders’ equity<br />
Total assets<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> <strong>2009</strong> annual report pages 16-17<br />
dec. ‘08<br />
Debt tied to non-current assets held for sale 1,381,154<br />
Insurance reserves<br />
Provision<br />
Subordinate debt<br />
14,937,650<br />
550,376<br />
15,488,026<br />
(1) On 12/31/08, this line item was broken down as follows: current tax liabilities of €6,845K and deferred tax liabilities of €154,971K.<br />
The current tax liabilities and deferred tax liabilities line items are now grouped under the current and deferred tax liabilities line item.<br />
Presentation of the data on 12/31/08 was modifi ed as a result.<br />
dec. ‘09<br />
174 141<br />
137,147 178,116<br />
11,879,697 12,652,485<br />
60,799 26,060<br />
Bonds and negotiable debt instruments 289 289<br />
Revaluation reserves on rate-wise covered portfolios<br />
EQUITY<br />
Consolidated shareholders’ equity<br />
Capital and reserves<br />
Consolidated reserves<br />
Gains and losses recorded in shareholders’ equity<br />
Fiscal year profi t or loss<br />
Minority interests<br />
161,816 153,943<br />
890,119 1,137,456<br />
60,208 47,688<br />
366,247 366,217<br />
548,930<br />
300,164<br />
217,527<br />
-3<br />
31,242<br />
1,446<br />
14,562,395<br />
583,611<br />
275,862<br />
277,406<br />
-6<br />
30,349<br />
2,159<br />
585,770<br />
15,148,165
Statutory<br />
auditors’<br />
report<br />
on the consolidated<br />
fi nancial statements<br />
To the Shareholders ,<br />
In compliance with the assignment<br />
entrusted to us by your annual general<br />
meeting, we hereby report to you, for<br />
the year ended December 31, <strong>2009</strong>, on:<br />
the audit of the accompanying<br />
consolidated fi nancial statements<br />
of Group <strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong>;<br />
the justifi cation of our assessments;<br />
the specifi c verifi cation required by law.<br />
These consolidated fi nancial statements<br />
have been approved by the Board<br />
of Directors. Our role is to express<br />
an opinion on these consolidated fi nancial<br />
statements based on our audit.<br />
Opinion on the<br />
consolidated fi nancial<br />
statements<br />
We conducted our audit in accordance<br />
with professional standards applicable<br />
in France; those standards require that<br />
we plan and perform the audit to obtain<br />
reasonable assurance about whether<br />
the consolidated fi nancial statements<br />
are free of material misstatement.<br />
An audit involves performing procedures,<br />
using sampling techniques or other<br />
methods of selection, to obtain audit<br />
evidence about the amounts and<br />
disclosures in the consolidated fi nancial<br />
statements. An audit also includes<br />
evaluating the appropriateness<br />
of accounting policies used and the<br />
reasonableness of accounting estimates<br />
made, as well as the overall presentation<br />
of the consolidated fi nancial statements.<br />
We believe that the audit evidence<br />
we have obtained is suffi cient and<br />
appropriate to provide a basis<br />
for our audit opinion.<br />
In our opinion, the consolidated fi nancial<br />
statements give a true and fair view<br />
of the assets and liabilities and of<br />
the fi nancial position of the Group as<br />
at December 31, <strong>2009</strong> and of the results<br />
of its operations for the year then ended<br />
in accordance with International Financial<br />
Reporting Standards as adopted by<br />
the European Union.<br />
Without qualifying our opinion, we draw<br />
your attention to the matter set out<br />
in the Note 1.1 to the consolidated<br />
fi nancial statements regarding changes<br />
in the accounting methods.
Justifi cation of<br />
our assessments<br />
In accordance with the requirements of<br />
article L.823-9 of the French Commercial<br />
Code (code de commerce) relating<br />
to the justifi cation of our assessments,<br />
we bring to your attention the following<br />
matters:<br />
As indicated in notes 1 and 3 to the<br />
consolidated fi nancial statements,<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> has established<br />
allowances to cover the credit risks<br />
inherent to its business activities.<br />
With respect to our assessment<br />
of the signifi cant estimates used<br />
for the year-end closing, we have<br />
reviewed the processes implemented<br />
by management to identify and<br />
assess the risks of non-recovery<br />
and their coverage by specifi c<br />
and collective provisions.<br />
As indicated in note 1 to the<br />
consolidated fi nancial statements,<br />
during the normal process of<br />
preparing its fi nancial statements,<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> employed<br />
other estimates bearing on fi nancial<br />
instruments valuated at fair value,<br />
expenses tied to retirement plans and<br />
future employee benefi ts packages,<br />
long-term amortization of unconsolidated<br />
shareholders’ equity, allowances for<br />
operating risks, allowances for legal<br />
risks, amortization on goodwill<br />
and deferred taxes.<br />
As described in note 1.3 to the<br />
consolidated fi nancial statements,<br />
our process consisted of scrutinizing<br />
methods and assumptions, and<br />
assessing their conclusions, verifying<br />
that the notes to the consolidated<br />
fi nancial statements provide<br />
adequate information.<br />
Our assessment process has assured<br />
that these estimates are reasonable.<br />
These assessments were made as part<br />
of our audit of the consolidated fi nancial<br />
statements taken as a whole, and<br />
therefore contributed to the opinion<br />
we formed which is expressed in the fi rst<br />
part of this report.<br />
Specifi c verifi cation<br />
As required by law, we have also<br />
verifi ed in accordance with professional<br />
standards applicable in France the<br />
information presented in the Group’s<br />
management report.<br />
We have no matters to report as to<br />
its fair presentation and its consistency<br />
with the consolidated fi nancial statements.<br />
Neuilly-sur-Seine and Courbevoie,<br />
on March 10, 2010<br />
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> <strong>2009</strong> annual report pages 18-19<br />
ERNST & YOUNG ET AUTRES<br />
41 rue Ybry<br />
92576 Neuilly-sur-Seine Cedex - France<br />
S.A.S. à capital variable<br />
MAZARS<br />
61 rue Henri Régnault<br />
92400 Courbevoie - France<br />
Tel : +33 (0) 1 49 97 60 00<br />
Fax : +33 (0) 1 49 97 60 01<br />
Société anonyme d’expertise comptable<br />
et de commissariat aux comptes<br />
Capital de 8 320 000 euros<br />
RCS Nanterre B 784 824 153
<strong>Crédit</strong> <strong>Agricole</strong> <strong>Leasing</strong> & <strong>Factoring</strong><br />
A public corporation (S.A.) with capital of €195,257,220<br />
Headquarters: 1-3 rue du Passeur de Boulogne<br />
92861 Issy-les-Moulineaux Cedex 9 - France - Telephone: +33 (0) 1 43 23 70 00<br />
Commercial Registration No. Nanterre 692 029 457 - ORIAS No. 07 030 220 (www.orias.fr)<br />
www.ca-leasingfactoring.com<br />
Design: Agence Bug, Photography: Mikaël Lafontan and Olivier Seignette, Getty Images - 07/2010