PDF (3.77 Mo) - Le CrÃ©dit Agricole

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Crédit Agricole S.A.Update of the 2011 registration document - A033.6 Operating expenses(in millions of euros) 30/06/2012 31/12/2011 30/06/2011Employee expenses (3,786) (7,824) (3,831)Taxes other than on income or payroll-related (198) (504) (192)External services and other general operating expenses (2,134) (4,550) (2,235)OPERATING EXPENSES (6,118) (12,878) (6,258)At 30 June 2012, €40 million was released from provisions related to the Group adjustment plan, recognisedunder employee expenses.At 30 June 2012, a €54 million restructuring provision was recognised at Cariparma following the voluntarydeparture plan.Analysis of employee expenses(in millions of euros) 30/06/2012 31/12/2011 30/06/2011Salaries (1) (2,677) (5,543) (2,718)Contributions to defined-contribution plans (230) (471) (228)Contributions to defined-benefit plans (14) (84) (12)Other social security expenses (593) (1,154) (576)Profit-sharing and incentive plans (112) (263) (143)Payroll-related tax (160) (309) (154)TOTAL EMPLOYEE EXPENSES (3,786) (7,824) (3,831)(1) Salaries include the following expenses related to shared-based payments:• in respect of share-based compensation, Crédit Agricole S.A. Group recognised an expense of €3.8million at 30 June 2012 (including €3.2 million related to the free share allocation plan) compared to€4.6 million at 31 December 2011(including €1.2 million related to the free share allocation plan);• in respect of deferred variable compensation paid to market professionals, Crédit Agricole S.A. Grouphas recognised an expense of €40 million at 30 June 2012 compared to an expense of €69 million at 31December 2011 and an expense of €46 million at 30 June 2011.The measurement of employee benefits does not take into account French decree 2012-847 relatingto pension eligibility at 60 years, adopted on 2 July 2012 and published in France's official journal on 3July 2012. The entity does not expect this application to have a significant effect on its net income orshareholders' equity.Obligations concerning public pension schemes in Greece (Emporiki Bank)Greece's Supreme Court made a decision on this matter on 5 July 2012. The Supreme Courtoverturned the decision of the Athens Appeal Court and rejected the claim by the bank employees'union, finding that act 3371/2005 is constitutional and that matters of mandatory social insurance aregoverned by statute and not by private agreements.It decided that the matter should be re-heard before the Athens Appeal Court, differently composedand this time bound by the various legal findings made by the Supreme Court.Page 148 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A033.7 Depreciation, amortisation and impairment of property, plant & equipment andintangible assets(in millionsof euros) 30/06/2012 31/12/2011 30/06/2011Depreciation charges and amortisation (366) (730) (349)Property, plant and equipment (226) (464) (223)Intangible assets (140) (266) (126)Impairment losses 5 (4) 1Property, plant and equipment - 1Intangible assets 5 (4) -TOTAL (361) (734) (348)3.8 Cost of risk(in millions of euros) 30/06/2012 31/12/2011 30/06/2011Charge to provisions and impairment losses (4,111) (7,313) (3,108)Fixed-income available-for-sale financial assets (8) (1,144) (1) (176) (1)Loans and receivables (3,949) (2) (5,285) (2,572)Held-to-maturity financial assets - (190) (3) (29) (3)Other assets (8) (83) (70)Financing commitments (54) (168) (132)Risks and expenses (92) (443) (129)Reversal of provisions and impairment losses 2,943 1,972 1,217Fixed-income available-for-sale financial assets 1,350 (4) 40 34Loans and receivables 1,505 (5) 1,448 873Held-to-maturity financial assets - - -Other assets 2 81 16Financing commitments 34 197 169Risks and expenses 52 206 125Net charge to reversal of impairment losses and provisions (1,168) (5,341) (1,891)Realised gains or losses on impaired fixed-income available-forsalefinancial assets(1,419) (4) (34) (31)Bad debts written off – not provided for (412) (6) (311) (58)Recoveries on bad debts written off 102 170 71Discounts on restructured loans (27) (56) (29)Losses on financing commitments - (2) -Other losses (10) (83) (9)COST OF RISK (2,934) (5,657) (1,947)(1) Including impairment on Greek government bonds classified as available-for-sale financialassets amounting to -€1,136 million at 31 December 2011 and -€173 million at 30 June 2011.(2) Charge to provisions in the first half of 2012 included- €320 million relating to public-sectorcompanies guaranteed by the Greek government (Hellenic Railways Organisation - OSE,Hellenic Defense EAS, Athens Urban Transport Organisation OASA),- €314 million of countryrisk and business sector provisions taking into account the downgrade on the group's internalrating on Greece and the resulting impact on the ratings of local companies, along with a specificrisk relating to state-guaranteed public-sector companies, and -€364 million relating to Agosassets.(3) Amounts at 31 December 2011 and 30 June 2011 correspond entirely to impairment on Greekgovernment bonds classified as held-to-maturity financial assets.(4) -€78 million of the net amount corresponds to the impact of the Greek bond exchange in the firsthalf of 2012.(5) The reversal of provisions and impairment on loans and receivables includes a €297 million netrelease of collective impairment recognised on the CDO and RMBS portfolios.(6) Losses on loans and receivables include €325 million of capital losses on CDOs and RMBSs.Page 149 sur 237
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UPDATE A03Financial reviewat 30 Jun
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Total regulatory capital before ded
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