PDF (3.77 Mo) - Le CrÃ©dit Agricole

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Crédit Agricole S.A.Update of the 2011 registration document - A034- Specialised financial servicesDuring the first half of 2012, Specialised Financial Services continued with its policy of reducing liquidityconsumption, in keeping with the adjustment plan announced on 14 December 2011.(in millions of euros) H1-2012 H1 2011Change2012/2011Revenues 1,805 1,999 (9.7%)Operating expenses (794) (848) (6.4%)Gross operating income 1,011 1,151 (12.2%)Cost of risk (1,069) (677) +57.9%Equity affiliates 10 7 +34.2%Income before tax (48) 481 nmTax (37) (164) (77.6%)Net income from discontinued operations - 5 nmNet income (85) 322 nmNet income Group share 28 298 (90.7%)This policy dented the division’s revenues, which fell by 9.7% in the first half of 2012 relative to thefirst half of 2011. Operating expenses followed a similar trend, down 6.4% over the same period. The costincomeratio was therefore maintained at 44.0%.The cost of risk increased by 57.9% in the first half of 2012 relative to the first half of 2011, mainly asa result of additional provisions booked for Italian consumer finance subsidiary Agos, representing a total of364 million euros. The impact of the adjustment plan, representing a write-back of 46 million euros in cost ofrisk, partly compensating the additional provision for Agos.Total net income Group share for the business line was 28 million euros in the first half of 2012.Restated for the impact of the adjustment plan and the additional provisions for Agos, net income Groupshare was 159 million euros, down 46.8% relative to the first half of 2011.In consumer finance, the impact of the additional provisions for Agos and the managed reduction inbusiness activity resulted in net income Group share just at breakeven in the first half of the year at 1 millioneuros compared with 253 million euros in the first half of 2011.The business line saw a slowdown in activity, with a fall in the consolidated loan book by 1.9billion euros in the first half of the year to 49.7 billion euros. The managed loan book amounted to 76.1 billioneuros, a reduction of 2.2 billion euros, divided primarily between France (37%) and Italy (36%), with othercountries accounting for just 27%. This was due to the market slowdown, relating to the economic slowdownand measures of the adjustment plan, including a more selective approach and cutting back on certaintargeted partnerships. Non-performing loans were also sold in the first half of the year, representing a total of0.6 billion euros in France and Portugal.Crédit Agricole Consumer Finance has also diversified its external sources of funding as partof the adjustment plan, mainly via securitisation operations and development of deposits. Diversificationefforts concerned 3.7 billion euros at 30 June 2012.The slowdown in activity for the business line was reflected by a 10.7% fall in revenues in the firsthalf of 2012 compared with the first half of 2011, to 1,528 million euros. Against this backdrop, the businessline improved its operating efficiency. During the first half of 2012, expenses decreased by 6.4%. The costincomeratio therefore increased by 1.9 percentage point relative to the first half of 2011, to 41.6%.Page 84 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A03The cost of risk increased by 61.4% relative to the first half of 2011. Consumer finance in Francecontinued on the downtrend that began in the second half of 2011. Meanwhile, international consumerfinance activities deteriorated, mainly in Italy at Agos. Total additional provisions booked for the subsidiarycame to 364 million euros in the first half of 2012 following audits. At 30 June 2012, Agos’s non-performingloans represented 13.8% of total outstandings, with a coverage ratio of 84%. Significant measures weretaken with regard to governance, including in particular changes to the Board of Directors and riskmanagement, with a number of projects launched and the strengthening of dedicated teams.Restated for the adjustment plan and additional provisions for Agos, net income Group share fell by47.8% to 132 million euros.In Lease Finance and Factoring, net income Group share came to 26 million euros, down 41.4%relative to the first half of 2011.Crédit Agricole Leasing and Factoring (CAL&F) is on track with its operating plan. The managed loanbook in lease finance amounted to 19.5 billion euros at end-June 2012, down 1.0% year on year. Factoredreceivables fell by 11.4% to 28.6 billion euros, with a far smaller decline in France.Revenues for the first half of 2012 developed in line with business activity, down 4.1% at 277 millioneuros. Expenses decreased by 6.3%, limiting the decline in gross operating income to 0.8%. The costincomeratio improved by 1.4 point relative to the first half of 2011 at 57.2%. The cost of risk increased by18.6% to 64 million euros. In the first half of 2011, this included 23 million euros relating to Emporiki Leasing,which was lowered to 22 million euros in the first half of 2012. In addition, a number of provisions werebooked for international activities in the first half of 2012. Lastly, taxes increased by 15.3%, mainly due to thenon-activation of deferred tax assets relating to Emporiki Leasing as of 1 January 2012.Page 85 sur 237
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