PDF (3.77 Mo) - Le CrÃ©dit Agricole

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Crédit Agricole S.A.Update of the 2011 registration document - A03Ongoing activities(in millions d’euros)H1 2012 H1 2012 * H1 2011*ChangeH1*/H1*Revenues 2,753 2,516 2,923 (13.9%)Operating expenses, depreciation andamortisation(1,666)(1,706)(1,758) (3.0%)Gross operating income 1,087 810 1,165 (30.4%)Cost of risk (132) (132) (136) (2.5%)Share of profit in equity-accounted entitiesNet income on other assets and change in valueof goodwill80 80 69 +16.7%12 12 (8) nmPre-tax income 1,047 770 753 (29.4%)Income tax (343) (243) 257 (34.1%)NET INCOME 704 527 496 (27.1%)NET INCOME GROUP SHARE 706 533 495 (25.4%)* Restated for reevaluation of debt issues and loan hedges and before impacts of adjustment planOngoing activities generated net income Group share of 706 million euros.Adjusted for the revaluation of debt issues and loan hedges (192 million euros) and costs of the adjustmentplan relating to discounts granted on the disposal of loans (-19 million euros), ongoing activities generatednet income Group share of 533 million euros, a fall of 25.4% relative to the first half of 2011.Revenues totalled 2,516 million euros, down just 13.9%, reflecting the slowdown in financing activities andthe rebound at the start of the period in fixed income activities. Operating expenses decreased by 3.0%relative to the first half of 2011, resulting in a fall in gross operating income of 30.4% relative to the first halfof 2011.Adjusted for these various items, the cost-income ratio was 67.8%, an increase of 7.6 points relative to thefirst half of 2011, reflecting the initial negative effects of the adjustment plan on revenues, and operatingexpenses, for which the impact of the plan are not yet in full force.Page 90 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A03Financing activitiesH1 2012 H1 2012AdjustmentplanH1 2012* H1 2011*ChangeH1*/H1*(in millions d’euros)Revenues 1,029 (70) 1,018 1,279 (20.3%)Operating expenses, depreciation andamortisation(468)-(468) (457) +2.3%Gross operating income 561 (70) 550 822 (32.9%)Cost of risk (111) - (111) (130) (13.7%)Share of profit in equity-accountedentitiesNet income on other assets and changein value of goodwill80 - 80 69 +16.7%1 - 1 (8) nmPre-tax income 531 (70) 520 753 (30.8%)Income tax (154) 25 (150) (257) (41.6%)NET INCOME 377 (45) 370 496 (25.3%)NET INCOME GROUP SHARE 389 (44) 382 495 (22.6%)* Restated for loan hedges, and before cost of adjustment planDuring the first half of 2012, the objectives of the adjustment plan in terms of reducing liquidityconsumption continued to weigh down the majority of Financing activities.At first, origination was reduced significantly, reflecting the more selective approach to new operations,particularly in structured finance and commercial banking. Against the backdrop of pressure on margins anda continuing high cost of liquidity, commercial banking revenues decreased despite a slight upturn inbusiness volumes from the end of the first quarter. In syndication activities, Crédit Agricole CIB managed tomaintain its position as No. 1 in France, Western Europe and the EMEA region 8 .The asset reductions initiated in 2011 also continued throughout the first half of 2012, representing 2.6billion euros and a cost in terms of revenues of 70 million euros (44 million euros in terms of net incomeGroup share). In total, loans sold amounted to 9 billion euros, with an average discount of 2.2%. Lastly, asannounced on 14 December 2011, the new “Distribute to Originate” model for Financing activities was rolledout gradually and the first partnerships set up, notably with Predica in the local authority segment.Following a number of quarters during which loan hedging had a limited impact, the first half of 2012saw a gain of 82 million euros in terms of revenues as a result of particularly turbulent market conditions –with a very significant increase in credit spreads in the second quarter of 2012 – compared with 13 millioneuros in the first half of 2011.The cost of risk for the first half of 2012 included a net charge of 111 million euros comprising nonmaterial individual charges relating to a limited number of deals.8 Source: Thomson FinancialPage 91 sur 237
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