PDF (3.77 Mo) - Le CrÃ©dit Agricole

More documents

Recommendations

Info

Crédit Agricole S.A.Update of the 2011 registration document - A03• Crédit Agricole CIB Group’s adjustment planIn accordance with the objectives announced on 14 December 2011 by Crédit Agricole Group, CréditAgricole CIB is actively pursuing its adjustment plan.In addition to the elements reported in 2011, the plan had a €399 million negative impact on net incomeGroup share in the first half of 2012.Indeed, the sale of the discontinuing operations portfolio that began in the fourth quarter of 2011 acceleratedin 2012: almost all of US residential CDOs and US RMBSs were sold for a nominal amount of €5.9 billion(€1.1 billion in 2011).These sales had a negative impact of €402 million on pre-tax income (-€251 million in terms of net incomeGroup share).Disposals of loans in the financing book continued in the first half of 2012, amounting to €2.6 million andmaking a total of €9 billion. The pace of disposals slowed, but disposal terms remained satisfactory, with anegative impact of €70 million on net banking income in the first half of 2012.On 29 March 2012, Crédit Agricole CIB and CITICS announced a change in the scope of the transaction andnew talks regarding CLSA, resulting in the immediate release of the CA Cheuvreux restructuring provision inan amount of €40 million.• Correlation bookThe transfer of the correlation book’ market risk exposure to Blue Mountain in February did not have amaterial impact on the first-half 2012 financial statements.• Cheque Image Exchange litigationOn 20 September 2010, the French competition authority found 11 French banks including Crédit AgricoleS.A. group guilty of unlawful collusion on cheque processing.On 23 February 2012, the Paris Appeal Court overturned the French competition authority's decision of 20September 2010. As a result of this Paris Appeal Court decision, fines paid by LCL, Crédit Agricole S.A. andthe Regional Banks have been reimbursed.On 23 March 2012, the French competition authority appealed to the Cour de Cassation against this decisionby the Paris Appeal Court. However, the Group has decided not to set aside provisions to cover this risk,given its assessment of the legal risk and decisions taken by other banks involved in the proceedings.• Analysis of the effective tax rateThe effective tax rate in the first half of 2012, based on pre-tax income adjusted for the proportion of netincome from equity-accounted entities and changes in the value of goodwill, was 125.7% as a result ofseveral factors, the most significant being as follows:• the write-down of all remaining deferred tax assets of Emporiki Bank, amounting to €128 million (seenote 2.1. "Crédit Agricole S.A. group's exposure to the economic and financial situation in Greece");• the non-activation of deferred tax assets on losses generated by Emporiki Bank in the first half of2012 (€1,188 million);• the non-deductible nature of certain write-downs, including the €427 million permanent impairmentcharge relating to Intesa Sanpaolo S.p.A.;• the application of the Italian "affrancamento" system, involving tax deductions relating to transfers ofassets and equity securities. This resulted in tax income of €51 million relating to the 2011 branchtransfers from Intesa Sanpaolo S.p.A. to Cariparma and FriulAdria.Page 140 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A032.2 Goodwill(in millions of euros)31/12/2011 31/12/2011Gross NetIncreases(acquisitions) (2)Decreases(Divestments)Impairmentlossesduring theperiodTranslationadjustmentsOther 30/06/2012 30/06/2012movements (1) Gross NetFrench retail banking 5,263 5,263 - - - - - 5,263 5,263• - o/w LCL Group 5,263 5,263 - - - - - 5,263 5,263Specialised FinancialServices 3,499 3,116 - - - - - 3,499 3,116• o/w Consumerfinance 3,046 3,046 - - - - - 3,046 3,046• o/w Leasefinancing& factoring 453 70- - - - - 453 70Asset management,insurance and privatebanking 4,541 4,541 12 (19) - 2 3 4,539 4,539• o/w assetmanagement 2,046 2,046- - - 1 - 2,047 2,047• o/w investorservices (1) 643 643 12 - - - - 655 655• o/w insurance (2) 1,228 1,228 - (19) - - 6 1,215 1,215• o/w internationalprivate banking (3) 624 624 - - - 1 (3) 622 622Corporate and InvestmentBanking (4) 2,420 1,353 - (1) - 1 3 2,423 1,356• o/w Corporate andInvestment Banking(excluding brokers) 1,701 942 - - - - 3 1,704 945• o/w brokers, equity 55 41 - (1) - - - 54 40• o/w brokers, other 664 370 - - - 1 - 665 371International retailbanking 5,069 3,183 - - - 3 (88) 4,984 3,098• o/w Greece 1,516 - - - - - - 1,516 -• o/w Italy (5) 2,960 2,745 - - - - (88) 2,872 2,657• o/w Poland 265 265 - - - - - 265 265• o/w Ukraine 127 - - - - - - 127 -• o/w other countries 201 173 - - - 3 - 204 176Corporate center 72 72 - - - - - 72 72TOTAL 20,864 17,528 12 (20) - 6 (82) 20,780 17,444Group Share 20,405 17,107 12 (20) - 6 (81) 20,322 17,024Minority Interest 459 421 - - - - (1) 458 420(1) Increase related to the acquisition of a portfolio of institutional clients.(2) Portion of the Insurance CGU's goodwill divested when control over BES Vida was lost (€19 million).(3) After the combination of Spanish entities C.A.P.B Norte and Aguadana S.L. within Crédit Agricole CIB Spanish Branch, €3 million of goodwillrelating to the absorbed entities was reclassified from the International Private Banking CGU to the Corporate and Investment Banking CGU(excluding brokerage activities).(4) The Corporate and Investment Banking business has been subdivided into three business lines in order to isolate the broke rage activities. Asregards the Brokerage CGUs, with respect to transactions mentioned in events after the reporting period, detailed goodwill figurescorrespond to the values monitored by CACIB's management.(5) The €88 million figure breaks down into:- a -€82 million adjustment of the purchase price and the fair value of assets and liabilities acquired.- the reclassification of CA Vita goodwill from the International Retail Banking (Italy) CGU to the Asset Management, Insurance and PrivateBanking (Insurance) CGU for €6 million following Crédit Agricole Assurances' acquisition of 50% of this subsidiary.As part of the interim accounts closing process and in accordance with Group principles, objectiveindications of goodwill impairment were analysed. Additional work to support the values in use of certainCash Generating Units (CGUs) was performed, particularly on the Consumer Finance CGU. As a result, theabsence of impairment was validated at 30 June 2012.Page 141 sur 237
Page 1 and 2:
UPDATE A03Financial reviewat 30 Jun
Page 3:
Crédit Agricole S.A.Update of the
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
JUNE 2012JUNE 2012JUNE 2012JUNE 201
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Total regulatory capital before ded
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91: Crédit Agricole S.A.Update of the
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196 and 197:
Page 198 and 199:
Page 200 and 201:
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
Page 226 and 227:
Page 228 and 229:
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
show all

PDF (3.77 Mo) - Le CrÃ©dit Agricole

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?