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Crédit Agricole S.A.Update of the 2011 registration document - A03II-ACQUISITIONS DURING THE PERIOD• Purchase by CAA of Cariparma's 50% stake in CA VitaOn 30 March 2012, Crédit Agricole Assurance acquired Cariparma's 50% stake in CA Vita for €175 million.After this internal transaction, Crédit Agricole Assurance owned 100% of CA Vita.CA Vita was fully consolidated in Crédit Agricole S.A. group's financial statements on the basis of the group's87.50% stake, and is now fully consolidated on the basis of a 100% stake.Since this transaction does not affect control, its effect is recognised directly in equity as a €12 milliondeduction from "consolidated reserves Group share", corresponding to the difference between the purchaseprice and the portion of net assets relating to the 12.50% increase in the group's interest.III- DISPOSALS DURING THE PERIOD• Disposal of Crédit Agricole Private Equity and of Crédit Agricole Capital Investment Finance fundsmanaged by Crédit Agricole Private EquityOn 16 December 2011, Crédit Agricole S.A. and Coller Capital signed a memorandum of understandingrelating to the disposal of these two sets of assets.The transaction was completed on 29 March 2012 after the necessary authorisation was obtained from therelevant authorities.• Crédit Agricole S.A.'s sale of a 100% stake in Crédit Agricole Private Equity (CAPE) to Coller Capitalfor €8 million. The disposal resulted in a consolidated capital loss of €2.8 million, recorded undergains and losses on other assets.• Disposal of most funds managed by CAPE and owned by Crédit Agricole Capital InvestmentFinance (CACIF), subsidiary of Crédit Agricole S.A., for €223 million. This disposal did not result inany disposal gain or loss in the first half of 2012. Changes in fair value had been recognised in thefinancial statements for the year ended 31 December 2011 because of the recognition of fundsdesignated as at fair value through profit and loss.• Sale of BES Vida to BESOn 12 April 2012, Crédit Agricole S.A. and Banco Espirito Santo (BES) signed an agreement for the sale ofCrédit Agricole Assurances's 50% stake in BES Vida for €225 million. This disposal took place at the sametime as a capital increase by BES to strengthen its equity and comply with targets set by the Bank ofPortugal.The transaction was completed on 11 May 2012, after which BES owned 100% of BES Vida. In accountingterms, this transaction results in a change in consolidation method. BES Vida, which was previously fullyconsolidated on the basis of a 60.25% stake, has from 20 June 2012 been accounted for indirectly, formingpart of the equity value of the BES consolidation level on the basis of a 20.27% stake. The disposal thereforeresulted in:• a consolidated gain of €28 million, presented under gains and losses on other assets and recognisedin the "Asset Management, Insurance and Private Banking" business;• a gain related to BES' acquisition of control in BES Vida, presented under the proportionate earningsfrom equity-accounted companies in the "International Retail Banking" business.Page 138 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A03• Agreement to sell BNI Madagascar (IFRS 5)On 20 March 2012, Crédit Agricole S.A. signed a memorandum of understanding to sell its 51% stake in BNIMadagascar. The transaction is subject to authorisation by the relevant Madagascan authorities, and shouldbe completed in the second half of 2012.Under IFRS 5 "Non-current assets held for sale and discontinued operations" and given the signature of theagreement, the assets, liabilities and after-tax income of BNI Madagascar have been reclassified under heldfor-salenon-current assets (€386 million) and liabilities (€393 million) and income from discontinuedoperations (€4.6 million) in the Group financial statements for the first half of 2012.IV- OTHER SIGNIFICANT EVENTS DURING THE PERIOD• Permanent impairment of Intesa Sanpaolo S.p.A. sharesAn unrealised capital loss had been recognised on Intesa Sanpaolo S.p.A. for more than a year in theGroup's accounts. Given movements in the Intesa Sanpaolo S.p.A. share price in the first half of 2012, thesignificant loss criterion (loss of more than 50%) was met for 15 trading days. As a result, a permanentimpairment loss of €427 million was recorded under net banking income at 30 June 2012.• Permanent impairment of SACAM International shares held by the Regional BanksAt 30 June 2012, applying the first level of criteria used to recognise permanent impairment (loss of value ofat least 30% for 6 consecutive months), shares in SACAM International held by the Regional Banks andrepresenting their investment in the Group's international subsidiaries underwent permanent impairment.This had a €67 million negative impact on the contribution of equity-accounted Regional Banks.• Repurchase of subordinated debt issued by the GroupAs a result of regulatory changes applicable from 1 January 2013, including new Basel 3 rules, and in orderto improve the quality of its core capital, on 26 January 2012 Crédit Agricole S.A. initiated offers to buy backsubordinated bonds in issue.These offers led to the repurchase of:• USD610 million (par value) of perpetual deeply subordinated notes issued on 31 May 2007;• €1,633 million (par value) of notes denominated in euros, sterling and Canadian dollars in sevenseries (six series of perpetual deeply subordinated notes and one series of perpetual subordinatednotes).The impact on the consolidated financial statements was the recognition of a €864 million gain under netbanking income, resulting in net income of €552 million.Page 139 sur 237
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