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Pro Forma and Consolidated Financial Statements - First-half 2003 - Crédit Agricole S.A. 

First-half 2003 

Financial Statements

Pro forma consolidated financial statements - First-half 2003 - Crédit Agricole S.A. 


Pro forma consolidated 

financial statements

Pro forma consolidated 

financial statements 

Contents 

» Pro forma Crédit Agricole S.A. and Crédit Lyonnais consolidated balance sheets 

» Pro forma Crédit Agricole S.A. and Crédit Lyonnais consolidated statements 

of off-balance sheet commitments 

[02] 

[04] 

» Pro forma Crédit Agricole S.A. and Crédit Lyonnais consolidated statements of income 

» Notes to pro forma consolidated financial statements 

» Note 1 - Scope of pro forma consolidated accounts 

» Note 2 - Methods used to prepare the pro forma accounts 

» Note 3 - Due from banks 

» Note 4 - Customer-related items and lease financing 

» Note 5 - Securities: analysis by type 

» Note 6 - Investments, including investments in unconsolidated subsidiary 

and affiliated companies and other long-term equity investments 

[05] 

[06] 

[06] 

[06] 

[07] 

[08] 

[09] 

[10] 

» Note 7 - Investments in equity affiliates 

» Note 8 - Intangible assets, bank premises and equipment 

» Note 9 - Allowances and reserves deducted from assets 

» Note 10 - Goodwill 

» Note 11 - Due to banks 

» Note 12 - Customer-related items 

» Note 13 - Debts represented by a security: analysis by maturity date 

» Note 14 - General reserves for expenses and losses 

» Note 15 - Fund for General Banking Risks 

» Note 16 - Subordinated debt: analysis by maturity date and issue currency 

» 

[11] 

[11] 

[12] 

[12] 

[13] 

[13] 

[14] 

[14] 

[15] 

[15] 

Note 17 - Preferred shares [16] 

» Note 18 - Net interest income and related revenues 

» Note 19 - Net commission and fee income 

» Note 20 - Risk-related costs 

» 

[16] 

[17] 

[17] 

Note 21 - Net income (loss) on fixed assets [18] 

» Note 22 - Corporate income tax 

» Note 23 - Extraordinary items 

» Note 24 - Information relating to income from banking activities 

» Note 25 - Insurance activities 

[19] 

[20] 

[20] 

[25] 

[1] 

Contents

» Pro forma Crédit Agricole S.A. and Crédit Lyonnais 

consolidated balance sheets 

at 30 June 2003, 31 December 2002 and 30 June 2002 

Assets Notes 30/06/2003 31/12/2002 30/06/2002 

(in millions of euros) pro forma pro forma pro forma 

Cash, money market and interbank items 188,617 177,570 182,211 

Cash, due from central banks and French postal system 10,103 13,999 6,381 

Treasury bills and similar items 5 74,404 62,915 68,087 

Due from banks 3 104,110 100,656 107,743 

Crédit Agricole internal transactions 3 155,309 149,901 146,344 

Customer-related items 4 166,558 152,264 153,188 

Lease financing 4 12,843 12,642 12,429 

Securities 80,238 75,245 82,494 

Bonds and other fixed-income securities 5 51,754 44,915 46,063 

Shares and other variable-income securities 5 28,484 30,330 36,431 

Insurance companies’ investments 25 120,335 114,690 110,964 

Re-insurers' share in technical reserves 272 192 143 

Investments, bank premises and equipment 21,328 20,772 20,594 

Investments, including investments in unconsolidated 

subsidiaries and other long-term equity investments 6 2,804 2,724 2,817 

Investments in companies accounted by the equity method 7 11,802 11,455 11,120 

Intangible assets, bank premises and equipment 8 6,722 6,593 6,657 

Goodwill 10 9,679 8,419 8,694 

Other assets, sundry accounts and prepaid expenses 68,947 44,808 48,070 

Other assets 47,265 31 ,044 31,818 

Other assets related to insurance activities 865 754 785 

Sundry accounts and prepaid expenses 20,817 13,010 15,467 

Total assets 824,126 756,503 765,131 

[2]

Liabilities and shareholders' equity Notes 30/06/2003 31/12/2002 30/06/2002 


Money market and interbank items 138,043 141,719 160,035 

Due to central banks and current accounts with French postal system 152 117 151 

Due to banks 11 137,891 141,602 159,884 


Customer-related items 304,711 283,877 277,116 

Special savings schemes 12 174,606 168,883 163,896 

Other accounts 12 130,105 114,994 113,220 

Debts represented by a security 13 102,413 90,801 95,753 

Insurance companies’ technical reserves 117,536 111,550 108,092 

Other liabilities, sundry accounts and unearned income 92,914 65,261 58,421 

Other liabilities 69,457 45,249 38,248 

Other liabilities related to insurance activities 493 604 446 

Sundry accounts and unearned income 22,964 19,408 19,727 

Reserves and subordinated debt 25,688 19,599 20,978 

General reserves for expenses and losses 14 5,276 5,177 5,314 

Guarantee deposits given to mutual societies 22 18 13 

Subordinated debt 16 20,390 14,404 15,651 

Fund for General Banking Risks 15 2,055 2,078 2,126 

Minority interests 3,903 2,525 2,677 

Consolidated shareholders' equity 20,628 20,150 19,793 

Share capital 3,923 3,963 3,963 

Additional paid-in capital 10,962 10,978 10,978 

Government investment grants 127 121 121 

Consolidated reserves and retained earnings 4,882 3,842 4,044 

Net income for the year 734 1,246 687 

Total liabilities and shareholders’ equity 824,126 756,503 765,131 

[3]

»Pro forma Crédit Agricole S.A. and 

Crédit Lyonnais consolidated statements of 

off-balance sheet commitments 


30/06/2003 31/12/2002 30/06/2002 


Guarantees and commitments given 194,167 178,544 167,559 

Financing commitments given 107,655 95,536 95,699 

Financing commitments to banks and credit institutions 17,048 12,365 14,553 

Commitments to Crédit Agricole entities 687 1,065 1,211 

Commitments to customers 89,920 82,106 79,935 

Guarantees given 69,851 78,525 59,153 

Guarantees to banks and credit institutions 20,119 11,915 15,665 

Guarantees to Crédit Agricole entities 3,047 3,098 25 

Guarantees and commitments to customers (1) 46,685 63,512 43,463 

Guarantees given to insurance activities 816 881 830 

Commitments on securities 15,845 3,602 11,877 

Securities acquired with purchase or redemption option 4 0 3 

Other commitments 15,841 3,602 11,874 

30/06/2003 31/12/2002 30/06/2002 


Guarantees and commitments received 94,920 93,791 78,142 

Financing commitments received 24,199 18,368 12,156 

Financing commitments from banks and credit institutions 15,338 10,346 7,840 

Financing commitments from Crédit Agricole entities 4,082 4,342 2,967 

Commitments from customers 4,779 3,680 1,349 

Guarantees received 42,030 60,394 40,665 

Guarantees from banks and credit institutions (1) 16,563 33,338 14,428 

Guarantees from Crédit Agricole entities 6 6 6 

Guarantees from customers 

Guarantees received to insurance 

25,461 27,050 26,231 

activities 14,658 9,654 9,385 


Securities sold under repurchase agreements 

Other commitments received 14,033 5,375 15,936 

(1) At 31 December 2002, these commitments included the guarantee given by Crédit Agricole Indosuez and the counter-guarantee 

received from the Regional Banks within the framework of the public cash and share exchange tender offer for the capital of Crédit 

Lyonnais issued on 16 December 2002. 

[4]

»Pro forma Crédit Agricole S.A. and Crédit Lyonnais 

consolidated statements of income 


Notes 30/06/2003 31/12/2002 30/06/2002 


Net interest income and related revenues 

Interest receivable and similar income 18 13,210 35,055 16,660 

Interest payable and similar expense 18 (11,389) (31,599) (15,039) 

Income from variable-income securities 133 212 145 

Net commission and fee income 

Net income from financial transactions 

19 1,018 2,094 1,094 

Net income (loss) from trading transactions 1,970 3,309 1,743 

Net gains (losses) from transactions on securities available for sale (42) 382 285 

Other net banking income 194 342 189 

Gross margin on insurance activities 1,103 1,813 917 

Net income from other activities 31 51 21 

Net banking income 24.1 6,228 11,659 6,015 

Operating expenses (4,165) (8,198) (4,076) 

Personnel costs (2,481) (4,859) (2,469) 

Other operating expenses (1,684) (3,339) (1,607) 

Depreciation and amortisation (263) (502) (268) 

Gross operating income 1,800 2,959 1,671 

Risk-related costs 20 (546) (770) (344) 

Net operating income 1 ,254 2,189 1,327 

Share of net income (losses) of equity affiliates 431 474 208 

Net income (loss) on fixed assets 21 (89) (124) (103) 

Net ordinary income (before tax) 1,596 2,539 1,432 

Net extraordinary items 23 (36) (166) (125) 

Corporate income tax 22 (376) (428) (266) 

Amortisation of goodwill (333) (622) (316) 

Net allocation to the Fund for General Banking Risks 59 98 51 

Net income before minority interests 910 1,421 776 

Minority interests 176 175 89 

Consolidated net income 734 1,246 687 

Consolidated net earnings per share (in EUR) 1.113 0.942 1.039 

The methods used to calculate basic earnings per share are based on Opinion 27 of the French Order of Chartered Accountants 

(avis n° 27 de l'Ordre des Experts Comptables). Basic earnings per share correspond to consolidated net income divided by the 

weighted average number of shares outstanding over the year. 

[5]

»Notes to pro forma consolidated 

financial statements 

Accounting methods used in the preparation 

of Crédit Agricole S.A. Group pro forma consolidated accounts 

»Note 1 - Scope of pro forma 

consolidated accounts 

Crédit Agricole S.A. has held a 92.55% equity 

interest in Crédit Lyonnais since 19 June 2003, 

and the latter is therefore fully consolidated in 

Crédit Agricole S.A. Group’s consolidated accounts 

at 30 June 2003 in accordance with the methods 

described in note 2 to the accounts published 

herewith. 

For the sake of comparison between first-half 

2003 financial data and data for earlier periods, 

Crédit Agricole S.A. Group has prepared pro forma 

accounts for first-half 2003, full-year 2002 and 

first-half 2002 in order to reflect company assets 

and earnings components as if the 92.55% 

shareholding in Crédit Lyonnais had been acquired 

prior to 1 January 2002. 

Concerning the acquisition of Finaref: because of 

significant changes that occurred in Finaref’s equity 

investments and consolidation scope in 2002, the 

resulting technical complexities have made it 

impossible to draw up pro forma accounts for this 

group. 

»Note 2 - Methods used to prepare 

the pro forma accounts 

As a general rule, the same accounting principles 

and methods have been applied in drawing up 

the pro forma consolidated accounts as those used 

to prepare the published consolidated accounts 

of Crédit Agricole S.A. at the relevant closing dates. 

Any changes of accounting principle or method 

applied to the pro forma accounts were made at 

the same date as for the published accounts. 

The scope of consolidation comprises the 

consolidated subsidiaries and affiliates of Crédit 

Agricole S.A. and Crédit Lyonnais SA at the 

aforementioned closing dates. Crédit Lyonnais 

Group is fully-consolidated. 

[6] 

The opening value of Crédit Lyonnais shares held 

by Crédit Agricole S.A. (EUR 17.201 billion) is the 

figure recorded in the consolidated accounts at 

30 June 2003. This figure is adjusted for acquisition 

costs and for the value of Crédit Lyonnais shares 

held by Banca Intesa and contributed by that bank. 

A notional value has been calculated for goodwill 

at 1 January 2001 to enable it to correspond to 

actual goodwill recognised at 30 June 2003, less 

theoretical amortisation accrued since the 

beginning of 2001. 

Funding instruments utilised correspond to the 

difference between the purchase cost of the Crédit 

Lyonnais shares and that of the Crédit Agricole S.A. 

shares exchanged for them. They include: hybrid 

equity instruments subscribed by the Regional 

Banks (EUR 1.85 billion), perpetual subordinated 

notes (EUR 2.2 billion), preference shares (EUR 

0.430 billion), shareholders’ current account 

advances (EUR 2.2 billion) and cash and 

equivalents (EUR 4.2 billion). 

The total funding cost amounted to around 5%.

Note 3 - Due from banks 

30/06/03 pro forma 31/12/02 30/06/02 

(in millions of euros) Total Accrued Total pro forma pro forma 

gross value interest 

receivable 

Banks 

Deposits and loans: 

- Demand deposits 23,554 28 23,582 21,429 27,083 

- Time deposits 

Securities purchased under 

21,506 216 21,722 22,593 29,288 

agreements to resell (repos) 1,965 8 1,973 2,190 2,430 

Pledged securities 56,752 66 56,818 54,473 47,152 

Subordinated debt 458 2 460 444 2,235 

Total gross value 104,235 320 104,555 101,129 108,188 

Allowances (445) (473) (445) 

Net balance sheet amount 

Crédit Agricole internal transactions 

104,110 100,656 107,743 

Current accounts 6,181 10 6,191 4,875 3,776 

Time deposits and advances 148,882 88 148,970 144,878 142,401 

Subordinated debt 224 224 227 246 


Allowances (76) (79) (79) 

Net balance sheet amount 155,309 149,901 146,344 

[7]

Note 4 - Customer-related items and lease financing 

30/06/03 pro forma 31/12/02 30/06/02 



receivable 

Customer-related items 

Bills discounted 2,658 17 2,675 2,575 2,520 

Other loans 138,754 1,327 140,081 135,866 134 ,001 


Customer current accounts receivable 12,097 116 12,213 10,660 10,394 

Total 171,163 1,462 172,625 158,108 159,224 

Allowances (6,067) (5,844) (6,036) 


Lease financing 

166,558 152,264 153,188 

Real estate finance leases 

Equipment finance leases, rental contracts with 

4,996 27 5,023 4,925 4,625 

purchase option and similar transactions 7,921 146 8,067 8,059 8,148 

Total 12,917 173 13,090 12,984 12,773 

Allowances (247) (342) (344) 


Total 179,401 164,906 165,617 

[8]

Note 5 - Securities: analysis by type 

30/06/03 pro forma 31/12/02 30/06/02 

(in millions of euros) Trading Available-for- Equity Held-to-maturity Total pro forma pro forma 

portfolio sale securities portfolio securities 

portfolio portfolio 

Treasury bills and similar securities 46,974 14,035 13,193 74,202 62,639 67,781 

Accrued interest receivable 65 211 276 351 311 

Allowances (22) (52) (74) (75) (5) 

Net balance sheet amount 46,974 14,078 13,352 74,404 62,915 68,087 

Bonds and other fixed-income securities 23,346 14,270 13,928 51,544 44,729 45,973 


Allowances (170) (78) (248) (270) (392) 


Shares and other variable-income 

23,346 14,280 14,128 51,754 44,915 46,063 

securities 20,040 5,130 3,927 29,097 30,891 36,827 

Accrued income 10 30 17 57 49 42 

Allowances (56) (614) (670) (610) (438) 


Total net amount 90,370 33,462 3,330 27,480 154,642 138,160 150,581 

Estimated fair for use value 90,370 33,873 3,598 28,171 156,012 139,369 151,588 

[9]

Note 6 - Investments, including investments in unconsolidated subsidiary and 

affiliated companies and other long-term equity investments 

List of unconsolidated subsidiary and affiliated companies with a book value in excess of EUR 50 million. 

(in millions of euros) Book value % equity ownership 

30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

pro forma pro forma pro forma pro forma pro forma pro forma 

Banco Bisel (3) 131 131 131 N.A. N.A. N.A. 

Commercial Bank of Greece 331 331 331 9.0 9.0 9.0 

Bradesco 165 1.6 

Commerzbank (2) 33 90 0.6 0.6 

Crédit Logement 164 147 127 16.5 16.5 16.5 

Doumer Euterpe (1) 100 100.0 

1301 Sixth Avenue (2) 67 74 78 18.3 18.3 18.3 

Crédit Logement B (2) 151 134 115 16.5 16.5 18.4 

SEFA (1) 67 67 67 100.0 100.0 100.0 

Wafabank 52 52 52 14.8 14.8 14.8 

Resona Trust and Banking 86 86 86 5.0 5.0 5.0 

Veolia Environnement (2) 77 77 0.8 8.0 

Advances to affiliates’ current 

accounts 501 441 451 

Other investments 1,939 1,860 1,741 

Gross values (4) 3,566 3,433 3,534 

Allowances (782) (731) (747) 

Accrued income 20 22 30 

Net values 2,804 2,724 2,817 

Estimated total 2,987 3,124 2,877 

(1) Not consolidated pursuant to CRC Regulation 99-02 and 99-07 (contribution not deemed material). 

(2) Securities held by Crédit Lyonnais. 

(3) Company deconsolidated at 01/01/2002 and booked at its value on the date of deconsolidation. The shares have been provided for in full. 

Further, a valuation allowance has also been made for the full value of securities carried in the individual company accounts (EUR 236 million); 

on 17 May 2002, the Central Bank of Argentina suspended its banking licence and transferred its banking business to Banco Nación, as a result 

of which, Crédit Agricole S.A. no longer wields significant influence over this entity. 

(4) Of which banks: EUR 1,168 million at 30 June 2003 versus EUR 3,362 million at 31 December 2002 and EUR 2,194 million at 30 June 2002. 

[10]

Note 7 - Investments in equity affiliates 

List of companies in which Crédit Agricole S.A.'s equity interest exceeds EUR 50 million: 

Interest in equity affiliates 

30/06/03 31/12/02 30/06/02 


Financial institutions 11,478 11,144 10,780 

Al Bank Al Saudi Al Fransi 354 357 348 

BES 387 415 403 

Regional Banks and subsidiaries 7,418 7,188 6,904 

Banca Intesa SpA 3,265 3,143 3,071 

Others 54 41 54 

Non-financial companies 324 311 340 

Partran - Tranquilidade - Tranquilidade Vida (85) (84) (70) 

Rue Impériale 342 335 345 

Others 67 60 65 

Balance sheet amount 11,802 11,455 11,120 

Note 8 - Intangible assets, bank premises and equipment 

30/06/2003 pro forma 31/12/02 30/06/02 

(in millions of euros) pro forma pro forma 

Gross value Accumulated 

depreciation 

and amortisation 

Net value Net value Net value 

Tangible assets: 

- Bank premises and equipment 4,202 (1,966) 2,236 2,205 2,197 

- Assets leased to others 752 (279) 473 384 457 

Intangible assets 4,962 (949) 4,013 4,004 4,002 

Accrued income (1) 0 0 1 

Total 9,916 (3,194) 6,722 6,593 6,657 

(1) Accrued rentals on assets leased to others. 

[11]

Note 9 - Allowances and reserves deducted from assets 

(in millions of euros) 30/06/02 31/12/02 Consolidation Additional Amounts Foreign Other 30/06/03 

pro forma pro forma changes amounts released exchange changes pro forma 

set aside or used 

adjustments 

translation 

Interbank transactions 524 552 23 (22) (21) (11) 521 

Customer-related items 6,036 5,844 640 728 (802) (226) (117) 6,067 


Securities available for sale, 

securities held to maturity and 

344 342 64 (149) (1) (9) 247 

equity portfolio securities 

Unconsolidated investments 

835 955 3 265 (193) (28) (10) 992 

and other long-term investments 747 731 83 74 (84) (11) (11) 782 

Others 166 142 5 21 (21) (2) 5 150 

Total 8,652 8,566 731 1,175 (1,271) (289) (153) 8,759 

Note 10 - Goodwill 

Goodwill items exceeding EUR 50 million: 

(in millions of euros) 30/06/03 pro forma 31/12/02 30/06/02 

pro forma pro forma 

Gross amounts 

Amortised over 1 to 5 years inclusive 

Amortisation Net amounts Net amounts Net amounts 

CPR Online 84 (61) 23 31 39 

Banca Intesa SpA 11 


CAI (Suisse) SA 62 (18) 44 47 50 

EFL 241 (32) 209 149 124 

Lukas 363 (76) 287 234 247 

Sofinco 990 (514) 476 538 599 

CPR AM 126 (74) 52 56 60 

CPR and other subsidiaries 23 (8) 15 16 21 


BES 62 (18) 44 47 49 


Banca Intesa SpA 51 (8) 43 45 45 

Caisse Régionale de Paris Ile de France 77 (6) 71 73 74 

Crédit Lyonnais Group 7,430 (828) 6,602 6,767 6,933 

Ellos Group 154 (4) 150 

Finaref Group 1,232 (31) 1,201 

IntesaBci Bank (Suisse) 57 (2) 55 

Rue Impériale 243 (25) 218 224 221 

Other companies 315 (126) 189 192 221 

Total 11,510 (1,831) 9,679 8,419 8,694 

[12]

Note 11 - Due to banks 

30/06/03 pro forma 31/12/02 30/06/02 

(in millions of euros) Total Accrued interest Total pro forma pro forma 

gross value payable 

Due to banks 



- Time deposits 51,269 526 51,795 64,934 69,622 

Securities sold under repurchase agreements 5,152 48 5,200 5,778 6,294 


Total 137,210 681 




Borrowings, demand and time deposits 10,300 215 10,515 13,398 13,289 

Total 16,011 224 


Note 12 - Customer-related items 

30/06/03 pro forma 31/12/02 30/06/02 


gross value interest payable 

Current accounts 

Goverment-regulated savings schemes: 

39,674 45 39,719 38,962 39,083 

- Demand deposits 71,303 1,003 72,306 67,405 63,433 

- Time deposits 100,394 1,906 102,300 101,478 100,463 

Other debts to customers 59,124 1,169 60,293 58,018 60,153 


Total 300,562 4,149 


[13]

Note 13 - Debts represented by a security: analysis by maturity date 

30/06/03 pro forma 31/12/02 30/06/02 

(in millions of euros) Up to > 3 months > 1 year Over Total gross Accrued Total pro forma pro forma 

3 months ≤ 1 year ≤ 5 years 5 years value interest 

payable 

Savings certificates 118 97 39 47 301 11 312 335 330 

Interbank market instruments 942 1,540 1,349 1,100 4,931 174 5,105 8,124 8,940 

Negotiable debt instruments: 0 

- ssued in France 23,004 6,463 7,049 1,393 37,909 96 38,005 34,989 32,340 

- Issued abroad 22,736 8,424 4,032 317 35,509 82 35,591 23,557 28,720 

Bonds 366 4,325 10,459 7,675 22,825 456 23,281 23,645 25,226 

Other debt instruments 115 4 0 0 119 0 119 151 197 

Balance sheet amount 101,594 819 102,413 90,801 95,753 

Note 14 - General reserves for expenses and losses 


pro forma pro forma changes amounts released exchange changes pro forma 

set aside or used translation 

adjustments 

Country risks 897 865 (10) (25) 5 835 

Commitment execution risks 

Retirement indemnities 

358 306 46 (44) (9) 35 334 

and similar liabilities 353 338 1 56 (20) (3) (1) 371 

Financial futures 82 41 9 (4) (1) (1) 44 

Other general reserves (1) 3,624 3,627 75 555 (493) (75) 3 3,692 

Balance sheet amount 5,314 5,177 76 666 (571) (113) 41 5,276 

(1) Main reserves for other contingencies 

(in millions of euros) 

[14] 

30/06/2002 31/12/02 30/06/03 

pro forma pro forma pro forma 

- reserves for restructuring charges 738 724 681 

- reserves for sector risks and other credit risks 1,103 1,165 1,393 

- reserves for negative net assets of equity investments 171 173 198 

- reserves for retirement indemnities and pre-retirement leave 103 78 80 

- reserves for litigation 574 541 601 

- reserve to cover risk of loss arising in connection with the internal home purchase savings mechanism 126 107 93 

- badwill 174 223 224

Note 15 - Fund for General Banking Risks 

(in millions of euros) 30/06/03 31/12/02 30/06/02 


Home purchase savings 770 836 886 

Fund for Liquidity and Solvency Banking Risks (1) 610 610 610 

CODEVI (industrial development passbook accounts) 13 17 17 

Others 662 615 613 


(1) This guarantee fund was established on the occasion of Crédit Agricole SA's Initial Public Offering. 

Note 16 - Subordinated debt: analysis by maturity date 

and issue currency 

30/06/03 pro forma 31/12/02 30/06/02 

(in millions of euros) Up to > 3 months > 1 year Over Accrued Total pro forma pro forma 

3 months ≤ 1 year ≤ 5 years 5 years interest 

payable 

Subordinated debt with fixed term 460 604 1,458 8,610 155 11,287 11,899 12,661 

Euro 460 589 1,149 8,406 154 10,758 11,308 12,103 

Other EU currencies 0 0 0 

US dollars 289 204 493 543 506 

Japanese yen 15 15 25 29 

Other currencies 20 1 21 23 23 

Perpetual subordinated debt 6,643 56 6,699 2,165 2,651 

Euro 6,526 56 6,582 1,942 1,922 


US dollars 40 40 143 644 


Other currencies 0 0 0 

Securities and participating loans 

Shareholders' current 

237 237 269 281 

account advances 2,167 2,167 

Total - gross amounts 460 604 1,458 17,657 211 20,390 14,333 15,593 

Accrued interest payable 71 58 


[15]

Note 17 - Preferred shares 

Issuing entity Issue Amount Amount 30/06/03 31/12/02 30/06/02 

date (In millions (In millions pro forma pro forma pro forma 

of USD) of euros) (In millions (In millions (In millions 

of euros) of euros) of euros) 

CA Preferred Funding LLC January-03 1,500 1,377 

Crédit Lyonnais capital SCA July-93 350 305 336 354 

Crédit Lyonnais Capital 1 SCA Dec-92 80 

Crédit Lyonnais Preferred Capital 1 LLC April-02 750 750 750 750 

Total 1,850 750 2,432 1,086 1,184 

Note 18 - Net interest income and related revenues 




Crédit Agricole internal transactions 3,189 6,461 3 ,238 


Lease financing 548 2,919 1,488 

Bonds and other fixed-income securities 1,505 2,916 1,448 

Other interest income 94 249 144 

Total interest receivable and similar income 13,210 35,055 16,660 

Money market and interbank items (4,453) (15,268) (6,991) 

Crédit Agricole internal transactions (477) (1,165) (560) 

Customer-related items (4,261) (8,667) (4,206) 

Lease financing (137) (2,130) (1,112) 

Bonds and other fixed-income securities (1,919) (4,055) (2,060) 

Other interest expense (142) (314) (110) 

Total interest payable and similar expense (11,389) (31,599) (15,039) 

Net interest income 1,821 3,456 1,621 

[16]

Note 19 - Net commission and fee income 

30/06/03 pro forma 31/12/02 pro forma 31/06/02 pro forma 

(in millions of euros) Income Expense Net Income Expense Net Income Expense Net 

Interbank transactions 84 (77) 7 227 (159) 68 78 (51) 27 

Crédit Agricole internal transactions 36 (488) (452) 68 (951) (883) 36 (487) (451) 

Customer transactions 869 (141) 728 1,658 (340) 1,318 818 (170) 648 

Securities transactions 207 (83) 124 387 (113) 274 251 (73) 178 

Foreign exchange transactions 

Financial futures and other 

50 (18) 32 42 (9) 33 27 (10) 17 

off-balance sheet transactions 70 (125) (55) 147 (175) (28) 73 (87) (14) 

Financial services income 1,417 (783) 634 2,863 (1,551) 1,312 1,502 (813) 689 

Net commision and fee income 2,733 (1,715) 1,018 5,392 (3,298) 2,094 2,785 (1,691) 1,094 

Note 20 - Risk-related costs 



Provisions made (1,183) (2,413) (1,489) 

Doubtful debts (912) (2,002) (1,143) 

Other allowances (271) (411) (346) 

Release of allowances 657 1,709 1,178 

Doubtful debts 486 954 490 

Other allowances 171 755 688 

Net change (526) (704) (311) 

Bad debts written off - not provided for (75) (213) (104) 

Recoveries on bad debts written off 55 147 71 

Risk-related costs (546) (770) (344) 

[17]

Note 21 - Net income (loss) on fixed assets 


Financial fixed assets 

Provisions made 


On held-to-maturity securities (1) (9) (1) 

On unconsolidated subsidiaries and other long-term equity investments 

Allowances released 

(75) (314) (202) 

On held-to-maturity securities 0 1 1 

On unconsolidated subsidiaries and other long-term equity investments 88 311 149 

Net change 12 (11) (53) 



Gains on sale 

13 (3) (53) 

Of held-to-maturity securities 18 18 5 

Of unconsolidated subsidiaries and other long-term equity investments 

Losses on sale 

12 288 158 

Of held-to-maturity securities (25) (3) (7) 

Of unconsolidated subsidiaries and other long-term equity investments (104) (428) (215) 

Net gain (loss) on sale (99) (125) (59) 

Of held-to-maturity securities (7) 15 (2) 


Net income (loss) (86) (136) (112) 

Tangible and intangible fixed assets 

Gains on sale 10 34 11 

Losses on sale (13) (22) (2) 

Net gain (loss) on sale (3) 12 9 

Net income (loss) on fixed assets (89) (124) (103) 

[18]

Note 22 - Corporate income tax 



Current tax (304) (314) (239) 

Deferred tax income (expense) (72) (114) (27) 

Total (376) (428) (266) 

Effective tax rate 

(in millions of euros and % tax rate) At 30 June 2003 

Base Tax rate Taxation 

Income before tax, goodwill amortisation 

and income (loss) of equity affiliates 1,188 35.43% (421) 

Impact of permanent timing differences -4.04% 48 

Impact of differential tax rates on foreign subsidiaries 

Impact of losses for the year, utilisation of tax loss carryforwards 

-2.36% 28 

and timing differences 6.23% (74) 

Impact of taxation at 19% rate -1.94% 23 

Impact of other items -1.68% 20 

Effective tax rate and charge 31.64% (376) 

Current tax for first-half 2003: 

- on earnings excluding exceptional items: EUR (389) million, 

- on exceptional items: EUR 13 million. 

[19]

Note 23 - Extraordinary items 



Retirement and early-retirement indemnities (7) (5) (5) 

Gains on sale of securities 53 

Insurance premiums and indemnities 3 

Euro 3 (18) (15) 

Information systems and restructuring (8) (106) (52) 

Litigation 6 5 2 

Contribution to guarantee fund - deposits and securities (1) (2) 

Others (1) (33) (94) (53) 

Total (36) (166) (125) 

(1) The "Others" figure for 2002 comprises badwill recgonised on deconsolidation of Banco Bisel. 

Note 24 - Information relating to income from banking activities 

Note 24.1 - Net income at 30 June 2003 by business segment 

(in millions of euros) French Specialist Asset Financing International Proprietary Total 

retail financial management, and retail asset 

banking services insurance investment banking management 

and private banking and other 

banking activities 

Net banking income 1,588 1,042 1,262 2,458 187 (309) 6,228 

Operating expenses (1,195) (605) (683) (1,595) (146) (204) (4,428) 

Gross operating income 393 437 579 863 41 (513) 1,800 

Risk-related costs (96) (171) (8) (265) (20) 14 (546) 

Net operating income 

Share of net income (losses) 

297 266 571 598 21 (499) 1,254 

of equity affiliates (2) 310 4 4 0 99 14 431 

Net income (loss) on fixed assets 0 0 (5) 0 (84) (89) 

Pre-tax ordinary income 607 270 575 593 120 (569) 1,596 

Exceptional items (6) (8) (4) (2) 0 (16) (36) 

Corporation tax 

Net allocations to (reversals from) Fund 

(128) (90) (200) (172) (9) 223 (376) 

for General Banking Risks 0 1 (6) 0 0 64 59 

Income before goodwill amortisation 473 173 365 419 111 (298) 1,243 

[20] 

(1) (3) (4) 

(1) The above analysis was derived in part from management information systems. 

(2) Details of the operations and contribution of the Regional Banks and their subsidiaries to French retail banking are provided in note 24.1.1. 

(3) Banking logistics operations are recorded in the Proprietary asset management and other activities segment, whereas in previous 

years they were assigned to each of the segments concerned. Pro forma data reflect this new allocation. 

(4) The date of acquisition of Crédit Lyonnais, 19 June 2003, was too close to the closing date to permit the establishment of sound 

bases for the allocation of goodwill; consequently, it is not possible to provide a breakdown by business line up to and including net 

income.

Note 24.1 - Net income at 31 December 2002 by business segment 

[21] 

(1) (3) (4) 






Net banking income 3,198 1,447 2,377 4,546 411 (320) 11,659 

Operating expenses (2,354) (919) (1,386) (3,287) (308) (446) (8,700) 

Gross operating income 844 528 991 1,259 103 (766) 2,959 




773 314 976 715 (23) (566) 2,189 

of equity affiliates (2) 464 4 4 0 41 (39) 474 

Net income (loss) on fixed assets 0 0 16 16 (33) (123) (124) 

Pre-tax ordinary income 1,237 318 996 731 (15) (728) 2,539 

Exceptional items (18) (17) (11) (27) (51) (42) (166) 



(227) (106) (295) (206) 9 397 (428) 

for General Banking Risks 0 (3) (2) 5 98 98 

Income before goodwill amortisation 992 192 688 503 (57) (275) 2,043 







income.






[22] 

(1) (3) 






Net banking income 1,588 713 1,173 2,347 221 (27) 6,015 

Operating expenses (1,174) (443) (686) (1,654) (160) (227) (4,344) 

Gross operating income 414 270 487 693 61 (254) 1,671 




375 163 460 447 (11) (107) 1,327 


Net income (loss) on fixed assets 0 0 0 16 (33) (86) (103) 

Net ordinary income (before tax) 567 165 462 463 (1) (224) 1,432 

Exceptional items (15) 2 (6) (16) (43) (47) (125) 



(108) (67) (123) (134) 14 152 (266) 

for General Banking Risks 0 0 1 0 0 50 51 

Income before goodwill amortisation 444 100 334 313 (30) (69) 1,092

Note 24.1.1 - French retail banking - Operations and contribution of Regional Banks 

and their subsidiaries 



Net banking income 5,589 10,318 5,212 




Net operating income 2,053 3,535 1,751 

Net income (loss) on fixed assets (30) (39) 5 

Net ordinary income (before tax) 2,023 3,496 1,756 

Exceptional items (63) (130) (53) 

Corporate income tax (624) (960) (462) 

Allocations to the Fund for General Banking Risks (79) (265) (102) 

Cumulative reported net income of consolidated Regional Banks 1,257 2,141 1,139 

Cumulative reported net income of consolidated 

Regional Banks' subsidiaries 25 44 24 

Consolidation restatements and eliminations 4 (136) (82) 

Consolidated net income of equity affiliates (100%) 1,286 2,049 1,081 

Consolidated net income of equity affiliates (25%) 321 512 270 

Consolidation restatements and eliminations (89) (89) (89) 

Gain on increase in share of Regional Banks' reserves 41 11 

Gain on increase in share of Regional Banks' results (1) 78 


(1) Difference between dividends the Regional Banks actually paid to Crédit Agricole S.A. and dividends calculated according to Crédit Agricole S.A. equity 

interests in the Regional Banks. 

[23]

Note 24.2 - Net ordinary income (before tax) by geographic breakdown (1) 

30/06/03 pro forma 

(in millions of euros) Net Operating Gross Risk- Net Share of net Net Pre-tax 

banking expenses operating related operating income income ordinary 

income income costs income (losses) (loss) income 

of equity on fixed 

affiliates assets 

France (including overseas 

departments and territories) 

Other European Economic 

4,152 (3,205) 947 (460) 487 326 (89) 724 

Area countries 807 (475) 332 12 344 72 416 

Rest of Europe 289 (169) 120 (32) 88 88 

North America 489 (233) 256 (77) 179 179 

Central and South America 14 (9) 5 (3) 2 1 (1) 2 

Africa and the Middle-East 178 (110) 68 (16) 52 32 1 85 

Asia and Pacific (excluding Japan) 245 (183) 62 31 93 93 

Japan 54 (44) 10 (1) 9 9 

Total 6,228 (4,428) 1,800 (546) 1,254 431 (89) 1,596 

30/06/03 pro forma 31/12/02 30/06/02 

pro forma pro forma 

(in millions of euros) Pre-tax Extraordinary Corporate Net allocations Net income Net income Net income 

ordinary items income to (reversals from) before before before 

income tax Fund for General goodwill goodwill goodwill 

Banking Risks amortisation amortisation amortisation 


departments and territories) 724 (21) (235) 59 527 1,710 858 


Area countries 416 (6) (60) 350 71 59 

Rest of Europe 88 (4) (23) 61 158 81 

North America 179 3 (15) 167 (7) 9 

Central and South America 2 2 (76) (39) 

Africa and the Middle-East 85 (6) (17) 62 113 62 

Asia and Pacific (excluding Japan) 93 (1) (17) 75 61 52 

Japan 9 (1) (9) (1) 13 10 

Total 1,596 (36) (376) 59 1,243 2,043 1,092 


[24]

Note 25 - Insurance activities 

The French Insurance Code lays down specific accounting policies and valuation methods applicable to insurance 

activities, as required by French legislation. 

Insurance companies’ investments 

30/06/03 31/12/02 30/06/02 


(in millions of euros) Gross book Net book Net fair Gross book Net book Net fair Gross book Net book Net fair 

value value value value value value value value value 

1-Real estate investments 

(incl. assets in progress) 

2-Equities and other variable-income 

2,793 2,781 3,063 2,757 2,747 2,903 2,635 2,624 2,843 

securities other than mutual funds 

3-Mutual funds other 

3,589 3,531 3,121 3,373 3,340 2,906 3,117 3,116 3,191 

than those in category 4 

4-Mutual funds invested 

8,232 8,152 7,044 7,503 7,503 6,251 6,565 6,565 5,999 

exclusively in fixed-income securities 8,528 8,528 9,906 9,049 9,049 10,379 7,612 7,612 8,839 

5-Bonds and other fixed-income securities 83,245 83,966 91,617 79,622 80,855 85,287 77,901 79,199 80,580 

6-Mortgage loans 5 5 5 6 6 6 6 6 6 

7-Other loans and related instruments 428 428 428 433 433 433 398 398 398 

8-Deposits with ceding companies 

9-Deposits, funds deposited under 

guarantees and other investments 

3 3 3 3 3 3 3 3 3 

other than those in category 8 

10-Assets underlying unit-linked 

1,591 1,591 1,720 130 130 138 201 201 201 

insurance policies 12,694 12,694 12,694 12,274 12,274 12,274 12,892 12,892 12,892 

Total 121,108 121,679 129,601 115,150 116,340 120,580 111,330 112,616 114,952 

Consolidation restatement (1,344) (1,650) (1,652) 


[25]

Consolidated financial statements - First-half 2003 - Crédit Agricole S.A. 


Consolidated financial statements

Consolidated financial 

statements 

Contents 

» Consolidated balance sheets 

» Consolidated statements of off-balance sheet commitments 

» Consolidated statements of income 

» Notes to consolidated financial statements 

» Note 1 - Legal and financial background - First-half 2003 significant events 

» Note 2 - Accounting principles and methods, and scope of consolidation 

» Note 3 - Due from banks 

» Note 4 - Customer-related items and lease financing 

» Note 5 - Securities 

» Note 6 - Investments, including investments in unconsolidated subsidiaries 

and other long-term equity investments 

[02] 

[04] 

[05] 

[06] 

[06] 

[07] 

[20] 

[21] 

[22] 

[23] 

» Note 7 - Investments in equity affiliates 

» Note 8 - Intangible assets, bank premises and equipment 

» Note 9 - Allowances and reserves deducted from assets 

» Note 10 - Goodwill 

» Note 11 - Due to banks 

» Note 12 - Customer-related items 

» Note 13 - Debts represented by a security: analysis by maturity date 

» 

[24] 

[24] 

[25] 

[25] 

[26] 

[26] 

[27] 

Note 14 - General reserves for expenses and losses [27] 

» Note 15 - Fund for General Banking Risks 

» Note 16 - Subordinated debt: analysis by maturity date and issue currency 

» Note 17 - Changes in shareholders’ equity 

» Note 18 - Preferred shares 

» 

[28] 

[28] 

[29] 

[31] 

Note 19 - Net interest income and related revenues [31] 

» Note 20 - Net commission and fee income 

» Note 21 - Financial services income 

» Note 22 - Net gains (losses) from transactions on securities available for sale 

» Note 23 - Risk-related costs 

» Note 24 - Net income (loss) on fixed assets 

» Note 25 - Corporate income tax 

» Note 26 - Share of net income (losses) of equity affiliates 

» Note 27 - Extraordinary items 

» Note 28 - Information relating to income from banking activities 

» Note 29 - Insurance activities 

[32] 

[32] 

[33] 

[34] 

[34] 

[35] 

[35] 

[36] 

[36] 

[40] 

[1] 

Contents

» Consolidated balance sheets 


Assets Notes 30/06/2003 31/12/2002 30/06/2002 


Cash, money market and interbank items 188,617 107,799 107,500 

Cash, due from central banks and French postal system 10,103 9,706 3,045 

Treasury bills and similar items 5 74,404 30,955 34,529 

Due from banks 3 104,110 67,138 69,926 


Customer-related items 4 166,558 62,541 65,105 

Lease financing 4 12,843 6,663 6,558 

Securities 80,238 48,014 58,567 

Bonds and other fixed-income securities 5 51,754 31,564 35,865 

Shares and other variable-income securities 5 28,484 16,450 22,702 

Insurance companies’ investments 29 120,335 84,905 82,608 

Re-insurers' share in technical reserves 272 144 107 

Investments, bank premises and equipment 21,328 17,311 15,804 

Investments, including investments in unconsolidated 

subsidiaries and other long-term equity investments 6 2,804 4,520 3,302 

Investments in companies accounted by the equity method 7 11,802 11,420 11,081 

Intangible assets, bank premises and equipment 8 6,722 1,371 1,421 

Goodwill 10 9,679 1,652 1,761 

Other assets, sundry accounts and prepaid expenses 68,890 26,788 29,519 

Other assets 47,208 16,979 18,434 

Other assets related to insurance activities 865 641 403 

Sundry accounts and prepaid expenses 20,817 9,168 10,682 

Total assets 824,069 505,718 513,873 

[2]

Liabilities and shareholders' equity Notes 30/06/2003 31/12/2002 30/06/2002 



Due to central banks and current accounts with French postal system 152 13 38 

Due to banks 11 137,731 70 ,464 81,506 



Special savings schemes 12 174,606 143,701 139,055 

Other accounts 12 130,105 61,386 60,730 

Debts represented by a security 13 102,413 58,257 65,352 

Insurance companies’ technical reserves 117,536 84,154 81,433 

Other liabilities, sundry accounts and unearned income 92,914 39,232 34,588 

Other liabilities 69,457 23,087 18,345 

Other liabilities related to insurance activities 493 481 302 

Sundry accounts and unearned income 22,964 15,664 15,941 

Reserves and subordinated debt 25,688 12,136 13,927 

General reserves for expenses and losses 14 5,276 2,391 2,610 

Guarantee deposits given to mutual societies 22 0 0 

Subordinated debt 16 20,390 9,745 11,317 

Fund for General Banking Risks 15 2,055 1,618 1,664 

Minority interests 17 3,901 383 458 

Consolidated shareholders' equity 17 20,733 15,431 14,982 

Share capital 3,923 2,904 2,904 

Additional paid-in capital 10,962 6,516 6,516 

Government investment grants 127 121 121 

Consolidated reserves and retained earnings 5,101 4,826 4,865 

Net income for the year 620 1,064 576 

Total liabilities and shareholders’ equity 824,069 505,718 513,873 

[3]

» Consolidated statements of off-balance sheet 

commitments 



[4] 

30/06/2003 31/12/2002 30/06/2002 

Guarantees and commitments given 194,167 96,124 79,807 

Financing commitments given 107,655 43,051 40,000 

Financing commitments to banks and credit institutions 17,048 5,020 6,227 

Commitments to Crédit Agricole entities 687 1,065 1,211 

Commitments to customers 89,920 36,966 32,562 

Guarantees given 69,851 50,255 29,802 

Guarantees to banks and credit institutions 20,119 7,048 9,210 

Guarantees to Crédit Agricole entities 3,047 3,098 25 

Guarantees and commitments to customers (1) 46,685 40,109 20,567 

Guarantees given to insurance activities 816 881 830 


Securities acquired with purchase or redemption option 4 0 3 

Other commitments 15,841 1,937 9,172 


30/06/2003 31/12/2002 30/06/2002 

Guarantees and commitments received 94,920 58,736 42,802 

Financing commitments received 24,199 9,643 4,911 

Financing commitments from banks and credit institutions 15,338 2,943 1,804 

Financing commitments from Crédit Agricole entities 4,082 4,342 2,967 

Commitments from customers 4,779 2,358 140 

Guarantees received 42,030 35,807 15,915 

Guarantees from banks and credit institutions (1) 16,563 21,782 2,500 

Guarantees from Crédit Agricole entities 6 6 6 

Guarantees from customers 

Guarantees received to insurance 

25,461 14,019 13,409 

activities 14,658 9,654 9,385 


Securities sold under repurchase agreements 0 0 0 

Other commitments received 14,033 3,632 12,591 

(1) At 31 December 2002, these commitments included the guarantee given by Crédit Agricole Indosuez and the counter-guarantee 

received from the Regional Banks within the framework of the public cash and share exchange tender offer for the capital of Crédit 

Lyonnais issued on 16 December 2002.

»Consolidated statements of income 



The methods used to calculate basic earnings per share are based on Opinion 27 of the French Order of Chartered Accountants 

(avis n° 27 de l'Ordre des Experts Comptables). Basic earnings per share correspond to consolidated net income divided by the 

weighted average number of shares outstanding over the year. 

1) Crédit Agricole S.A. now holds 92.55% of Crédit Lyonnais’ capital and will in future consolidate this subsidiary in full. 

However, owing to the very short period of time between the takeover on 19 June 2003 and the 30 June 2003 accounts closing date 

(12 days), a hybrid consolidation method has been adopted for the sake of simplicity, in which the balance sheet and off-ballance sheet 

items are fully-consolidated, while income is accounted for by the equity method. 

[5] 

Notes 30/06/2003 31/12/2002 30/06/2002 

Interest receivable and similar income 19 9,392 23,798 11,096 

Interest payable and similar expense 19 (8,338) (22,248) (10,347) 

Income from variable-income securities 82 149 123 

Net commission and fee income 20 and 21 (7) 11 9 

Net income (loss) from trading transactions 764 1,586 917 

Net gains (losses) from transactions on securities available for sale 22 (75) 410 263 

Other net banking income 200 355 172 

Gross margin on insurance activities 828 1,254 641 

Net income from other activities 10 14 7 



Personnel costs (1,053) (2,054) (1,068) 

Other operating expenses (858) (1,641) (781) 

Depreciation and amortisation (122) (234) (130) 

Gross operating income 823 1,400 902 

Risk-related costs 23 (264) (207) (115) 

Net operating income 559 1,193 787 

Share of net income (losses) of equity affiliates (1) 26 561 476 210 


Pre-tax ordinary income 1,063 1,595 901 

Net extraordinary items 27 (6) (134) (102) 

Corporate income tax 25 (221) (212) (114) 

Amortisation of goodwill (192) (286) (150) 

Net allocation to the Fund for General Banking Risks 59 98 51 

Net income before minority interests 703 1,061 586 

Minority interests 83 (3) 10 

Consolidated net income 620 1,064 576 

Consolidated net earnings per share (in EUR) 1.224 1.099 1.189

»Notes to consolidated financial statements 


»Note 1 - Legal and financial 

background and first-half 2003 

significant events 

Note 1.1 - Legal and financial background 

Crédit Agricole S.A. is a French “société anonyme” 

(joint-stock company) with a capital of 

EUR 3,976,486,911 divided into 1,325,495,637 

registered shares of EUR 3 nominal value. On 

19 June 2003, Crédit Agricole S.A. increased its 

capital of 353,285,738 shares by creating new 

ones to be issued to shareholders of Crédit 

Lyonnais who presented their shares in response 

to the public offer in cash and shares for Crédit 

Lyonnais. The share capital of Crédit Agricole S.A. 

has increased from EUR 2,916,629,697 to 

EUR 3,976,486,911 in consequence. 

The share capital of Crédit Agricole S.A. is held as 

follows: 

- SAS Rue La Boétie: 51.74%; 

- SNC Crédit Agricole Transactions: 2.03%; 

- Other shareholders (general public and 

employees): 44.72%. 

In addition, Crédit Agricole S.A. and certain of its 

subsidiaries hold 20,022,381 shares (2,310,599 treasury 

shares) representing 1.51% of the share capital. 

Crédit Agricole S.A. instituted a tax consolidation 

mechanism in 1990, and 158 subsidiaries had 

signed a tax consolidation covenant with Crédit 

Agricole S.A. as of 30 June 2003. 

Note 1.2 - First-half 2003 significant events 

Friendly takeover of Crédit Lyonnais 

Crédit Agricole S.A. acquired a 10% interest in the 

capital of Crédit Lyonnais when the latter was 

privatised in 1999, becoming its largest shareholder 

within the “Shareholder Partners Group.” The 

resulting process culminated in the filing by Crédit 

Agricole Group of a public tender offer, in cash and 

shares, for the capital of Crédit Lyonnais, on 

16 December 2002. 

[6] 

At the conclusion of this combined public offer for 

the shares of Crédit Lyonnais, Crédit Agricole S.A. held 

92.55% of the share capital of Crédit Lyonnais at 30 

June 2003. Crédit Agricole S.A. filed a public buyout 

tender offer, followed by a squeeze-out, for the 

outstanding shares, on 16 July 2003. 

Acquisition of Finaref 

On 26 February 2003, Crédit Agricole S.A. acquired a 

61% interest in Finaref, pursuant to the agreements 

signed with PPR Group on 20 December 2002 and after 

having received the appropriate regulatory approvals. 

This transaction amounted to EUR 1.54 billion. Under 

the said agreements, Crédit Agricole S.A. is to acquire 

an additional 29% interest in the capital of Finaref 

in the first quarter of 2004. 

Stock option plan 

- As authorised by the Annual General Meeting of 

21 May 2003, the Board of Directors of Crédit 

Agricole S.A. has established a stock option plan for 

the benefit of the officers and certain executives of 

Crédit Agricole S.A. and its subsidiaries. A total of 

4,214,500 shares has been made available for 

subscription before 15 April 2010, at an exercise 

price of EUR 14.65. 

- Further, within the framework of the combined 

cash and share tender offer, Crédit Agricole S.A. has 

proposed to employees of Crédit Lyonnais who hold 

share subscription options granted by Crédit Lyonnais 

but who have not exercised them for fiscal or 

statutory reasons, to sign up to a liquidity contract 

under which Crédit Agricole S.A. pledges to purchase 

the Crédit Lyonnais shares resulting from the exercise 

of these options on the same terms as for the 

combined cash and share tender offer. 

This could concern up to a maximum of 2,171,227 

options expiring on 18 November 2006, 18 January 

2008 and 17 January 2009 respectively, depending 

on the options’ expiry dates.

»Note 2 - Accounting principles 

and methods, and scope 

of consolidation 

Note 2.1 - Accounting rules applicable 

to both parent company and consolidated 

accounts 

The first-half accounts of Crédit Agricole S.A. Group 

have been prepared according to the same accounting 

methods as those used to prepare the annual 

consolidated accounts for the most recent full financial 

year, the following items excepted: 

- Starting 1 January 2003, Crédit Agricole S.A. Group has 

applied the preferred method for the deferment of 

expenses incurred in the issuance of liabilities 

represented by a security, as provided in regulation 

No. 99-07 para 300 of the Comité de la Réglementation 

Comptable (CRC). This accounting change has impacted 

a component of Group shareholders’ equity. 

- Crédit Agricole S.A. Group has commenced the 

operational implementation of CRC regulations 

No. 2002-03 of 12 December 2002 relating to the 

method used to measure and record credit risk in 

companies subject to supervision by the Comité de la 

Réglementation Bancaire et Financière, and 

No. 2002-10 of 12 December 2002 relating to the 

amortisation and depreciation of assets. Implementation 

will be completed by 31 December 2003. However, it 

is currently believed that application of CRC regulation 

No. 2002-10 will have no material impact on Crédit 

Agricole S.A. Group. 

- Pursuant to a position adopted by the French Banking 

Federation, Crédit Agricole S.A. Group deems loans 

restructured on regulatory terms laid down within the 

framework of the French “Neiertz” Act to be consistent 

with prevailing market conditions. Similarly, Crédit 

Agricole S.A. Group, deems the terms of loans 

restructured within the framework of the Paris and 

London Clubs to be consistent with prevailing market 

conditions, insofar as the same terms apply to all of the 

creditors concerned. Consequently, Crédit Agricole S.A. 

has not discounted these loans in its books. 

- With effect from 1 January 2003, the insurance 

subsidiaries of Crédit Agricole S.A. Group apply CRC 

regulation No. 2002-09 of 12 December 2002 regarding 

rules for the recording of financial futures instruments 

by companies governed by the French Insurance Code. 

First-time application of this rule has had no material 

[7] 

impact on the accounts of Crédit Agricole S.A. Group, 

however. 

Moreover, the presentation of the Crédit Agricole S.A. 

Group consolidated financial statements is compliant 

with CRC regulations No. 99-07 and 2000-04 of the 

concerning the consolidation of companies subject to 

the Comité de la Réglementation Bancaire et Financière 

(CRBF), with the following exception: 

- Since it now holds 92.55% of the capital of Crédit 

Lyonnais, Crédit Agricole S.A. Group will fully consolidate 

this subsidiary. Due to the very short period of time 

elapsed between the 19 June 2003 acquisition date and 

the 30 June 2003 accounts closure date (12 days), the 

following hybrid consolidation method has been 

adopted for the sake of simplicity: the balance and 

off-balance sheets have been fully consolidated while 

income has been accounted for by the equity method. 

Provisionally, pending completion of valuation of the 

assets and liabilities of Crédit Lyonnais, for the purposes 

of closing the accounts at 30 June 2003 Crédit Agricole S.A. 

has adopted the net book values recorded in the books 

of Crédit Lyonnais, after recognition of costs relating to 

implementing synergies and provisions for the 

harmonisation of accounting methods. 

A business franchise amounting to EUR 3.5 billion, 

reflecting the existing relationships between Crédit 

Lyonnais and its customers through its business 

network, is included in the valuation of Crédit Lyonnais 

shares and recognised in Crédit Agricole S.A.’s 

consolidated balance sheet in proportion to its equity 

interest in Crédit Lyonnais. 

The Crédit Lyonnais shares exchanged are valued in the 

books of Crédit Agricole S.A. at the weighted average 

price of Crédit Agricole S.A. shares calculated between 

16 December 2002 (the tender offer’s opening date) 

and 13 June 2003 (the date on which the Conseil des 

Marchés Financiers published the results of the tender 

offer), insofar as utilisation of a single instantaneous 

stock market price would have failed to reflect the 

intrinsic value of Crédit Lyonnais.

Note 2.2 - Scope of consolidation 

2.2.1 - Change in scope of consolidation 

of Crédit Agricole S.A. Group 

The scope of consolidation at 30 June 2003 

comprised 329 subsidiaries and affiliated companies 

(compared with 310 at 31 December 2002). 

The main changes in the first half of the year are 

detailed below: 

I/ First-time consolidations 

at 30 June 2003 

Newly-formed companies 

- Nonghyup-CA (ex-NACF – CA Investment Trust 

Management Co ) 

- CA Preferred Funding LLC 

-CA Indosuez Luxembourg (following the split-up of 

CAI Luxembourg) 

- CA Invest. Services Banque Luxembourg (following 

the split-up of CAI Luxembourg) 

- CA Alternative Investment Products Group SGR 

(C.A A.I.P.G Sgr) 

- SNC Haussmann Anjou 

Companies consolidated following acquisition 

or additional purchases of shares 

- Crédit Lyonnais Group 

- IntesaBci Bank (Suisse) 

- Finaref SA 

- Finaref Assurances 

- Argence Investissement SAS 

- Finaref Benelux 

- Finaref Risques Divers 

- Finaref Vie 

- Finaref Group AB 

- Finaref Sverige AB 

- Finaref Securities AB 

- Ellos Finans A/S 

- Ellos Finans Oy 

- GEIE Argence Management 

- GEIE Argence Developpement 

- Space Reinsurance Company Limited 

- Space Holding (Ireland) Limited 

- Space Lux 

- Finaref Life Limited 

- Finaref Insurance Limited 

- Banque Finaref ABN AMRO 

- Argence Gestion Assurances 

[8] 

Change in notification threshold 

- EFL Services 

- Korea 21st Century TR 

- CAI BP Holding 

- CAI Derivatives Products PLC. 

II/ Deconsolidations at 30 June 2003 

Companies sold outside the Group 

- Camnord Investissement 

Application of notification thresholds or 

cessation of business 

- CA Asset Management US advisory Services 

- PT Bank Crédit Agricole Indosuez 

- Crédit Agricole Indosuez Luxembourg 

(split into CA Indosuez Luxembourg and CA Invest. 

Services Banque Luxembourg ) 

- Liberty View C. Management (LVCM) 

- Liberty View Alternative (LVAA) 

- IWICS Derivatives 

- Indian 21st Century Fund (Mauritius) 

- Bersol 

- CPR Usa Inc (INCO) 

- Indosuez Wi Carr Financial Products 

Merged with or absorbed by another Group 

entity 

- Ligérienne Mobilière de Placement merged with 

Compagnie Française de l’Asie (CFA) 

- The Regional Banks of Cantal and Centre France have 

merged to form the Centre France Regional Bank. 

III/ Change of registered name 

- IntesaBci has changed its name to Banca Intesa SpA 

- CAI Securities Inc. has changed its name to CAIC Sec Inc. 

- NACF – CA Investment Trust Management Co has 

changed its name to Nonghyup-CA. 

IV/ Consolidation method 

No entity has been the subject of a change of 

consolidation method.

Note 2.2.2 - Scope of consolidation 

(a) Location Consolidation 

method 

Control % Ownership % 

30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

Credit and financial institutions 

Crédit Agricole SA France Parent 100.0 100.0 100.0 100.0 100.0 100.0 

Agos Itafinco (ex-Agos) Italy Full 51.0 60.0 70.0 58.8 58.5 74.4 

Al Bank Al Saudi Al Fransi - BSF Saudi Arabia Equity 31.1 31.1 31.1 31.1 31.1 31.1 

Alsolia France Equity 34.0 34.0 34.0 33.9 33.8 33.9 

Altra Banque (ex-UI Banque) France Equity 34.0 34.0 34.0 34.0 34.0 34.0 

Banca Intesa SpA Italy Equity 17.1 16.7 16.8 16.1 15.8 15.2 

Banco Acac Uruguay Full 91.1 85.0 64.4 91.1 85.0 49.6 

Banco Del Desarollo Chile Equity 23.7 23.7 23.4 23.7 23.7 23.4 

Bankoa Spain Equity 30.0 30.0 30.0 28.5 28.5 28.5 

Banque Chalus France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Banque CPR (BCPR) France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Banque Finaref ABN AMRO In (1) France Proportional 51.0 31.1 

Banque Française de l'Orient France Full 100.0 100.0 100.0 100.0 99.3 99.3 

Banque Libano-Française SAL Lebanon Full 51.0 51.0 51.0 50.9 50.9 51.0 

BES (Banco Espírito Santo) Portugal Equity 8.8 8.8 8.8 22.5 22.5 22.5 

BFC Antilles Guyane France Full 100.0 100.0 100.0 100.0 100.0 99.6 

BFT (Banque Financement et Trésorerie) France Full 96.1 96.1 96.2 96.1 96.1 96.2 

BFT Gestion France Full 100.0 100.0 100.0 96.1 96.1 96.2 

BGP Indosuez 

CA Alternative Investment Products 

France Full 100.0 99.9 99.9 100.0 99.9 99.9 

Group Holding 

CA Alternative Investment 

France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Products Group Inc 


United States Full 100.0 100.0 100.0 100.0 100.0 100.0 

Products Group Ltd (ex-ISB) 


Bermuda Full 100.0 100.0 100.0 100.0 100.0 100.0 

Products Group Sas 


France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Products Group Sgr In Italy Full 90.0 90.0 

CA Asset Management España Holding Spain Full 100.0 100.0 100.0 100.0 100.0 100.0 

CA Asset Management Hong Kong Ltd China Full 100.0 100.0 100.0 100.0 100.0 100.0 

CA Asset Management Japan Ltd 

CA Asset Management Ltd 

Japan Full 100.0 100.0 100.0 100.0 100.0 100.0 

(ex-Premium) United Kingdom Full 100.0 100.0 100.0 100.0 100.0 100.0 

CA Asset Management Sgr Italie Italy Full 100.0 100.0 100.0 100.0 100.0 100.0 

CA Asset Management Singapore Ltd 

CA Asset Management US 

Singapore Full 100.0 100.0 100.0 100.0 100.0 100.0 

Advisory Services (ex-IIIS) Out (c) France Full 100.0 100.0 100.0 100.0 

CA Investor Services Bank France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CA Investor Services Corporate Trust France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAAM Securities Company Japan KK 

CA Invest. Services Banque 

Japan Full 100.0 100.0 100.0 100.0 

Luxembourg In Luxembourg Full 100.0 100.0 

[9]

Note 2.2.2 - Scope of consolidation (continued) 


method 


30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

CAI Australia Ltd Australia Full 100,0 100.0 100.0 100.0 100.0 100.0 

CAI Holding Italia Due SRL Italy Full 100.0 100.0 100.0 100.0 

CAI Luxembourg In Luxembourg Full 100.0 100.0 

CAI Merchant Bank Asia Ltd Singapore Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAICG Teneur de Comptes (CAICG TC) France Full 100.0 100.0 100.0 100.0 

Caisse Régionale Alpes Provence France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Alsace Vosges France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Aquitaine France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Atlantique Vendée France Equity 25.1 25.1 25.1 25.1 25.1 25.1 

Caisse Régionale Brie France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Calvados France Equity 25.0 25.0 24.3 25.0 25.0 24.3 

Caisse Régionale Cantal Out (d) France Equity 25.0 25.0 25.0 25.0 

Caisse Régionale Centre Est France Equity 25.1 25.1 25.0 25.1 25.1 25.0 

Caisse Régionale Centre France France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Centre Loire France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Centre Ouest France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Champagne Bourgogne 

Caisse Régionale Charente Maritime 

France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

- Deux Sèvres France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Charente-Périgord France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Côte d'Or France Equity 25.0 25.0 

Caisse Régionale Côtes d'Armor France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale de l'Anjou et du Maine France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale des Savoie France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Finistère France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Franche Comté France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Gard France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Guadeloupe France Equity 27.2 27.4 27.5 27.2 27.4 27.5 

Caisse Régionale Ille et Vilaine France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Loire - Haute Loire France Equity 25.0 25.0 25.0 29.2 29.2 29.2 

Caisse Régionale Lorraine France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Martinique France Equity 28.1 28.1 28.1 28.1 28.1 28.1 

Caisse Régionale Midi France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Morbihan France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Nord France Equity 25.0 25.0 

Caisse Régionale Nord de France France Equity 25.6 25.6 25.0 25.6 25.6 25.0 

Caisse Régionale Nord-Est France Equity 25.0 25.5 24.1 25.0 25.5 24.1 

Caisse Régionale Normand France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

[10]



method 


30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

Caisse Régionale Normandie Seine France Equity 25.0 25.0 25.0 25.1 25.1 25.0 

Caisse Régionale Oise France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Paris et Ile-de-France 

Caisse Régionale Provence 

France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

- Côte d'Azur France Equity 25.0 25.0 24.6 25.0 25.0 24.6 

Caisse Régionale Pyrénées Gascogne France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Quercy Rouergue France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Réunion France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Somme France Equity 25.4 25.0 25.0 25.1 25.0 25.0 

Caisse Régionale Sud Alliance France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Sud Méditerranée France Equity 25.5 25.5 25.2 25.5 25.5 25.2 

Caisse Régionale Sud Rhone Alpes 

Caisse Régionale Toulouse 

France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Midi Toulousain France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Touraine Poitou France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Caisse Régionale Val de France France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Cal FP (Holding) United Kingdom Full 50.0 50.0 50.0 75.0 75.0 75.0 

Cal FP Bank United Kingdom Full 100.0 100.0 100.0 75.0 75.0 75.0 

Cal FP US United States Full 100.0 100.0 100.0 75.0 75.0 75.0 

CL Développement de la Corse France Full 99.8 99.8 99.8 99.8 99.8 99.8 

Cofam France Equity 25.0 25.0 25.0 29.2 29.2 29.2 

Cogenec Monaco Full 100.0 100.0 100.0 100.0 100.0 100.0 

CPR AM (ex-CPR Production) France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CPR Billets France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CPR Online France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Crealfi (ex-Menafinance) France Proportional 50.0 50.0 50.0 49.8 49.8 49.9 

Credibom Portugal Equity 40.0 40.0 40.0 39.9 39.8 39.9 

Credigen Bank Hungary Full 100.0 100.0 100.0 99.7 99.5 99.8 

Crédit Agricole Asset Management France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Crédit Agricole Epargne Salariale France Full 100.0 100.0 100.0 100.0 99.9 99.9 

Crédit Agricole Financement Switzerland Equity 45.0 45.0 45.0 40.0 40.0 40.0 

Crédit Agricole Indosuez France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Crédit Agricole Indosuez (Egypt) SAE Egypt Full 75.0 75.0 75.0 75.0 75.0 75.0 

Crédit Agricole Indosuez (Suisse) SA 

Crédit Agricole Indosuez 

Switzerland Full 100.0 100.0 100.0 100.0 100.0 100.0 

Luxembourg Out (c) Luxembourg Full 100.0 100.0 100.0 100.0 

Crédit Agricole Indosuez Mer Rouge Djibouti Full 100.0 100.0 100.0 100.0 100.0 100.0 

Crédit Agricole Indosuez Turk As Turkey Full 100.0 100.0 100.0 100.0 100.0 100.0 

[11]



method 


30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

Crédit Agricole SA Securities Jersey Full 99.9 99.9 99.9 99.9 99.9 99.9 

Crédit Foncier de Monaco Monaco Full 77.1 77.1 77.1 75.9 75.9 75.9 

Crédit Foncier de Monaco France France Full 100.0 100.0 100.0 87.3 87.3 87.3 

Crédit Français International CFI France Full 100.0 96.2 

Créditplus (ex-Beneficial Bank) Germany Full 100.0 100.0 100.0 99.7 99.5 99.8 

EPEM United States Full 100.0 100.0 100.0 100.0 100.0 100.0 

EFL Services In Poland Full 100.0 99.8 

Ellos Finans A/S In (1) Norway Full 100.0 61.0 

Ellos Finans Oy In (1) Finland Full 100.0 61.0 

Equalt Alternative Asset Management France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Financière Lapérouse France Full 77.2 77.2 77.2 77.2 77.2 77.2 

Finanziaria Indosuez International Ltd Gibraltar Full 100.0 100.0 100.0 100.0 100.0 100.0 

Finaref Benelux In (1) Belgium Full 99.9 61.0 

Finaref Group AB In (1) Sweden Full 61.0 61.0 

Finaref SA In (1) France Full 61.0 61.0 

Finaref Securities AB In (1) Sweden Full 100.0 61.0 

Finaref Sverige AB In (1) Sweden Full 100.0 61.0 

Finconsum ESC SA Spain Equity 45.0 45.0 45.0 44.9 44.8 44.9 

Foncaris France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Fransabank France 

GFER (Groupement de Financement 

France Equity 34.0 34.0 34.0 34.0 34.0 34.0 

des Ent. Régionales) 

GPF (Groupement 

France Full 99.9 99.9 99.9 99.9 99.9 99.9 

des Provinces de France) France Full 99.0 99.0 99.0 99.0 99.0 99.0 

Gestion Privée Indosuez (GPI) France Full 100.0 100.0 100.0 100.0 99.9 99.9 

Groupe Crédit Lyonnais In France Full 92.6 92.6 

IntesaBci Bank (Suisse) In Switzerland Full 100.0 100.0 

Lukas Bank Poland Full 96.8 96.6 95.7 98.3 75.5 78.8 

Lukas SA Poland Full 100.0 100.0 80.7 99.9 76.8 80.7 

Nonghyup-CA 

PT Bank Crédit Agricole 

In Korea Proportional 40.0 40.0 

Indosuez Out (c) Indonesia Full 99.2 99.2 99.2 99.2 

Radian France Full 100.0 100.0 

Ribank Netherlands Full 100.0 100.0 100.0 99.7 99.5 99.8 

Sacam Consommation 1 France Full 100.0 100.0 100.0 100.0 100.0 100.0 



Schelcher Prince Finance (SPF) France Full 87.7 87.7 59.3 87.7 87.7 59.3 

[12]

Note 2.2.2 - Scope of consolidation 


method 


30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

Sedef France Full 100.0 100.0 100.0 99.7 99.5 99.8 

Segespar France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Sim SpA Selezione E Distribuzione Italy Full 100.0 100.0 100.0 100.0 100.0 100.0 

Sircam France Equity 25.0 25.0 25.0 29.2 29.2 29.2 

Sofinco France Full 99.7 99.6 99.8 99.7 99.5 99.8 

Sofipaca France Equity 28.3 28.3 28.3 27.5 27.5 27.3 

Transfact France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Unicefi 33 France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Wafasalaf Morocco Equity 33.3 33.7 33.7 33.2 33.5 33.6 

Stockbrokers 

Altura Spain Proportional 50.0 50.0 50.0 50.0 50.0 50.0 

CAI Cheuvreux France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAI Cheuvreux Espana SA (ex-ICSESA) Spain Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAIC (S) Pte Ltd Singapore Full 100.0 100.0 100.0 100.0 

CAIC Deutschland GmbH Germany Full 100.0 100.0 97.5 100.0 100.0 97.5 

CAIC Futures Ltd Hong Kong Full 100.0 100.0 100.0 100.0 

CAIC Hong-Kong Ltd Hong Kong Full 100.0 100.0 100.0 100.0 

CAIC International Ltd France Full 100.0 100.0 100.0 100.0 

CAIC International UK United Kingdom Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAIC Italia Sim SpA Italy Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAIC Nordic AB Sweden Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAIC Sec. Inc. United States Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAIC Securities Japan Ltd Japan Full 100.0 100.0 100.0 100.0 

CAIC Securities Ltd Hong Kong Full 100.0 100.0 100.0 100.0 

Carr Futures Chicago Inc United States Full 100.0 100.0 100.0 100.0 100.0 100.0 

Carr Futures Singapore Pte Singapore Full 100.0 100.0 100.0 100.0 100.0 100.0 

Carr Futures Snc France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Carr Indosuez Asia France Full 100.0 100.0 

Groupe Cholet Dupont 

Insurance 

France Equity 38.6 38.6 38.6 38.6 38.6 38.6 

Argence Gestion Assurances In (1) France Full 100.0 61.0 

Assurances du CA Nord-Pas-de-Calais France Equity 28.1 28.1 27.5 26.8 26.8 26.2 

Eda France Full 100.0 100.0 100.0 99.7 99.5 99.8 

Finaref Assurances In (1) France Full 100.0 61.0 

Finaref Insurance Limited In (1) Ireland Full 100.0 61.0 

Finaref Life Limited In (1) Ireland Full 100.0 61.0 

Finaref Risques Divers In (1) France Full 100.0 61.0 

[13]



method 


30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

Finaref Vie In (1) France Full 100.0 61.0 

Pacifica France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Predica France Full 100.0 100.0 100.0 100.0 100.0 100.0 

SOPAR (ex-AMACAM) 

Space Reinsurance 

France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Company Limited In (1) Ireland Full 100.0 61.0 

Tranquilidade Portugal Equity 33.3 33.3 33.3 33.3 33.3 33.3 

Tranquilidade Vida Portugal Equity 29.7 29.7 29.7 29.7 29.7 29.7 

Investment companies 

Argence Investissement SAS In (1) France Full 100.0 61.0 

Bercy Investissements France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Bercy Participations France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Bespar Portugal Equity 32.6 32.6 32.6 32.6 32.6 32.6 

BFC Holding France Full 99.6 99.6 99.6 99.3 99.3 99.3 

CA Centre France Développement France Equity 25.0 25.0 25.0 20.8 20.8 20.8 

CA Deveurope BV Netherlands Full 100.0 71.3 57.2 100.0 71.3 57.2 

CAI BP Holding 

CAI Italia Holding SpA 

In France Full 100.0 100.0 

(ex-Finanziaria Indosuez Sim SpA) Italy Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAL FP Frankfurt Germany Full 100.0 100.0 100.0 75.0 75.0 75.0 

CAL Maurice Mauritius Full 100.0 100.0 100.0 75.0 75.0 75.0 

Calic United Kingdom Full 100.0 100.0 100.0 75.0 75.0 75.0 

Camnord Investissement Out (b) France Equity 25.6 25.0 14.3 14.0 

Cofinep France Equity 25.0 25.5 24.1 25.0 25.5 24.1 

Compagnie Française de l'Asie (CFA) France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Crédit Agricole Bourse France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Delfinances France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Doumer Finance SAS France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Fininvest France Full 98.3 98.3 98.3 98.3 98.2 98.3 

Fletirec France Full 100.0 100.0 100.0 100.0 100.0 100.0 

IPFO France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Icauna Finance France Equity 25.0 25.0 25.0 24.4 24.4 24.4 

Icauna SARL France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

ICF Holdings United Kingdom Full 100.0 100.0 100.0 100.0 100.0 100.0 

Idia Participations France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Immarex France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Indosuez Air Finance SA France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Indosuez Holding UK Ltd United Kingdom Full 100.0 100.0 100.0 100.0 100.0 100.0 

[14]



method 


30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

Indosuez North America Holding 

Ligérienne Mobilière 

United States Full 100.0 100.0 100.0 100.0 100.0 100.0 

de Placement Out (d) France Full 100.0 100.0 100.0 100.0 

Mescas France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Nord Est Agro Partenaires France Equity 25.0 25.5 25.0 25.5 

Partran Portugal Equity 33.3 33.3 33.3 33.3 33.3 33.3 

Prestimmo France Equity 25.1 25.1 25.0 25.1 25.1 25.0 

Rue Impériale France Equity 29.0 17.0 17.0 23.6 23.6 23.6 

Safec Switzerland Full 100.0 100.0 100.0 100.0 100.0 100.0 

Sepi France Equity 25.1 25.1 25.0 25.1 25.1 25.0 

Socadif 

Space Holding (Ireland) 

France Equity 36.2 36.2 36.2 31.2 31.2 31.2 

Limited In (1) Ireland Full 100.0 61.0 

Space Lux In (1) Luxembourg Full 100.0 61.0 

Transimmo France Equity 25.1 25.1 25.0 25.1 25.1 25.0 

UI (Union d'Etudes et d'Investissements) France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Vauban Finance France Equity 33.3 33.3 33.3 31.1 31.1 30.8 

Leasing companies 

Auxifip France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CE Bail France Full 100.0 100.0 

Climauto France Full 100.0 100.0 99.9 99.8 99.7 99.8 

EFL Poland Full 99.8 99.8 96.0 99.8 71.2 54.9 

Ergifrance France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Etica France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Etica Bail France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Financière Immobilière Indosuez France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Leicer Spain Full 100.0 100.0 100.0 100.0 100.0 100.0 

Locam France Equity 25.0 25.0 25.0 29.2 29.2 29.2 

Réunibail France Full 52.0 52.0 52.0 51.8 51.8 51.9 

Réuniroute 

Slibail Location Informatique 

France Full 97.5 97.5 97.5 52.0 51.9 52.0 

(SLOI) France Full 51.0 51.0 51.0 51.0 

Slibail Longue Durée (SLD) France Full 51.0 51.0 51.0 51.0 

Sofincar France Full 100.0 100.0 100.0 99.7 99.5 99.8 

Sofinroute France Full 100.0 100.0 100.0 99.7 99.5 99.8 

Ucabail France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Ucabail Immobilier France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Ucalease France Full 100.0 100.0 100.0 99.8 99.8 99.9 

[15]



method 


30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

Unicomi France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Unifergie France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Unimat France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Tourist/travel activities and real estate development 

SIS (Société Immobilière de la Seine) France Full 72.9 72.9 72.9 79.7 79.7 79.6 

Unifica France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Unimo 

Miscellaneous 

France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Alli Domes France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

AMT GIE France Equity 25.0 25.0 25.0 25.8 25.8 25.8 

Ariane Crédit France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Bersol Out (c) France Equity 25.0 25.0 25.0 25.0 

Bois Sauvage Nederland 

Ca Investor Services Fund Adm. 

Netherlands Full 100.0 100.0 100.0 99.7 99.5 99.8 

(ex-Fastnet France SA) France Full 77.6 77.6 77.6 77.6 77.6 77.6 

CA Participations France Equity 25.1 25.1 25.0 25.1 25.1 25.0 

CA Preferred Funding LLC In United States Full 100.0 6.2 

Caapimmo 1 France Equity 25.0 25.0 25.0 25.0 25.0 25.0 






CAI Cheuvreux Gestion France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAI Conseil SA Luxembourg Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAI Derivatives Products PLC In Ireland Full 100.0 100.0 

CAI Preferred Funding United States Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAI Preferred Funding II United States Full 100.0 100.0 100.0 100.0 100.0 100.0 

CAL Asia Pte Ltd Singapore Full 100.0 100.0 100.0 75.0 75.0 75.0 

Cedicam 

Centre France Location Immobilière 

France Full 50.0 50.0 50.0 62.5 62.5 62.5 

(ex-Avenue Rapp) France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Chauray France Proportional 34.0 34.0 34.0 34.0 

Cirse France Equity 25.0 25.0 

Cisa SA France Full 100.0 100.0 100.0 100.0 

CPR Compensation (CPRC) France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CPR Gestion (CPRG) France Full 100.0 100.0 100.0 100.0 100.0 100.0 

[16]



method 


30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

CPR Holding (CPRH) France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CPR Investissement (INVT) France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CPR Usa Inc (INCO) Out (c) United States Full 100.0 100.0 100.0 100.0 

CPRA (FIGE) France Full 100.0 100.0 100.0 99.9 100.0 100.0 

CPRAAMI France Full 100.0 100.0 100.0 100.0 100.0 100.0 

CPRB (ETNB) France Full 100.0 100.0 100.0 99.9 100.0 100.0 

Creagrisere France Equity 25.0 25.0 25.0 22.8 22.8 22.8 

Crédit Agricole Alternative Invest. 

Products Serv. Inc (ex-IIS) United States Full 100.0 100.0 100.0 100.0 100.0 100.0 

Defitech France Equity 25.0 25.0 25.0 27.8 27.8 27.8 

Defitech Dauphicom France Equity 25.0 25.0 25.0 27.8 27.8 27.8 

Defitech Routage et Communication France Equity 25.0 25.0 25.0 27.8 27.8 27.8 

Europimmo France Equity 25.1 25.1 25.0 25.1 25.1 25.0 

Fasnet Luxembourg Netherlands Full 45.0 45.0 45.0 45.0 45.0 45.0 

Finasic France Full 100.0 100.0 100.0 100.0 100.0 100.0 

GEIE Argence Developpement In (1) France Full 100.0 61.0 

GEIE Argence Management In (1) France Full 100.0 61.0 

Gestimocam France Equity 25.0 25.0 24.6 25.0 25.0 24.6 

Glorius Smart Investments Co Ltd Hong Kong Full 100.0 100.0 100.0 100.0 

Ical 

IIF BV (Indosuez International 

France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Finance BV) 

Indian 21st Century Fund 

Netherlands Full 100.0 100.0 100.0 100.0 100.0 100.0 

(Mauritius) Out (c) Hong Kong Full 100.0 100.0 

Indosuez Holding SCA II 

Indosuez Management 

Luxembourg Full 100.0 100.0 100.0 100.0 100.0 100.0 

Luxembourg II 

Indosuez Wi Carr Financial 

Luxembourg Full 100.0 100.0 100.0 100.0 100.0 100.0 

Products Out (c) Hong Kong Full 100.0 100.0 

Inforsud FM France Equity 25.0 25.0 25.0 23.3 23.3 23.3 

Inforsud Gestion France Equity 25.0 25.0 25.0 22.1 22.1 22.0 

IWICS (Derivatives) Out (c) Hong Kong Full 100.0 100.0 

Korea 21st Century TR 

Liberty View Alternative 

In Korea Full 100.0 100.0 

(LVAA) Out (c) United States Full 100.0 100.0 100.0 100.0 

Liberty View C. Management 

(LVCM) Out (c) United States Full 100.0 100.0 100.0 100.0 

Logitaine France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

[17]



method 


30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

Madison SA France Equity 25.0 25.0 25.0 29.2 29.2 29.2 

Mat Alli Domes France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Parfin France Full 99.9 100.0 100.0 99.9 100.0 100.0 

Partinvest Luxembourg Full 100.0 100.0 100.0 100.0 100.0 100.0 

Patrimocam France Equity 25.0 25.0 24.6 25.0 25.0 24.6 

Patrimocam 2 France Equity 25.0 25.0 24.6 25.0 24.9 24.6 

Progica France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Réunifinance France Full 100.0 100.0 100.0 99.7 99.5 99.8 

Routage Express Service France Equity 25.0 25.0 25.0 27.8 27.8 27.8 

SARL Prospective Informatique France Equity 25.1 25.0 25.0 25.1 25.0 25.0 

SCI Capimo France Equity 25.1 25.1 25.0 25.1 25.1 25.0 

SCI Capucines France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

SCI du Vivarais France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

SCI Groupe Sofinco France Full 100.0 100.0 100.0 99.7 99.5 99.8 

SCI Hautes Faventines France Equity 25.0 25.0 25.0 24.9 24.9 24.9 

SCI La Baume France Full 100.0 100.0 100.0 100.0 99.9 99.9 

SCI Les Fauvins France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

SCI Les Palmiers du Petit Pérou France Equity 27.2 27.4 27.5 27.2 27.4 27.5 

SCI Max Hymans France Full 100.0 100.0 100.0 100.0 100.0 100.0 

SCI Pasteur 3 France Full 100.0 100.0 100.0 100.0 100.0 100.0 

SCI Paysagère France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

SCI Quentyvel France Full 96.7 96.7 96.7 96.7 96.7 96.7 

SCI Quercy France Equity 25.0 24.8 

SCI Raspail France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Scica HL France Equity 25.0 25.0 25.0 28.8 28.8 28.8 

Scicam 13 

Segespar Informatique Technique 

France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Services (SITS) (ex-IITS) France Full 98.0 100.0 94.0 96.9 98.9 92.9 

Serves United States Full 100.0 100.0 100.0 100.0 

SNC Doumer France Full 99.9 99.9 99.9 99.9 99.9 99.9 

SNC Haussmann Anjou In France Full 100.0 100.0 

Soaring Eagle Investments Co Ltd Hong Kong Full 100.0 100.0 100.0 100.0 

Sofinco Participations France Full 100.0 100.0 100.0 99.7 99.5 99.8 

Sofinrec France Full 99.8 99.8 99.8 99.5 99.3 99.6 

SPI SNC France Equity 25.0 25.0 25.0 25.0 25.0 25.0 

Sté Immobilière de Picardie France Equity 25.1 25.0 25.0 25.1 25.0 25,0 

[18]



method 


30/06/03 30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

Sté Immobilière Suisse Switzerland Full 100.0 100.0 

Sté Picarde de Développement France Equity 25.1 25.0 25.0 25.1 25.0 25.0 

UI Vavin 1 France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Unibiens France Full 100.0 100.0 100.0 100.0 100.0 100.0 

Uni-Editions France Equity 100.0 100.0 100.0 100.0 100.0 100.0 

Uniger France Full 100.0 100.0 100.0 100.0 

Valris France Full 100.0 100.0 100.0 99.7 99.5 99.8 

(a) Included in the scope of consolidation (“In”) or excluded (“Out”) for the first time in current year. 

(b) Investment sold, not consolidated. 

(c) No longer consolidated as no material. 

(d) Merged with another consolidated entity. 

(*) Change in consolidation method. 

(1) Entity owned by the Finaref Group. 

[19]

Note 3 - Due from banks 

30/06/03 31/12/02 30/06/02 

(in millions of euros) Total Accrued Total 

Banks 



receivable 


- Time deposits 21,506 216 21,722 18,574 23,302 

Securities purchased under 

agreements to resell (repos) 

1,965 8 1,973 0 14 


Subordinated debt 458 2 460 122 1,926 


Allowances (445) (206) (174) 



104,110 67,138 69,926 


Time deposits and advances 148,882 88 148,970 144,878 142,402 

Subordinated debt 224 224 226 246 


Allowances (76) (78) (79) 


[20]

Note 4 - Customer-related items and lease financing 

30/06/03 31/12/02 30/06/02 


Customer-related items 


receivable 

Bills discounted 2,658 17 2,675 1,255 703 

Other loans 138,754 1,327 140,081 54,817 56,513 


Customer current accounts receivable 12,097 116 12,213 4,164 2,890 

Total 171,163 1,462 172,625 64,949 67,606 

Allowances (6,067) (2,408) (2,501) 



166,558 62,541 65,105 

Real estate finance leases 

Equipment finance leases, rental contracts with 

4,996 27 5,023 2,665 2,529 

purchase option and similar transactions 7,921 146 8,067 4,198 4,226 

Total 12,917 173 13,090 6,863 6,755 

Allowances (247) (200) (197) 


Total 179,401 69,204 71,663 

[21]

Note 5 - Securities: analysis by type 

30/06/03 31/12/02 30/06/02 

(in millions of euros) Trading Available-for- Equity Held-to-maturity Total 

portfolio sale securities portfolio securities 

portfolio portfolio 

Treasury bills and similar securities 46,974 14,035 13,193 74,202 30,705 34,268 


Allowances (22) (52) (74) (2) (4) 


Bonds and other fixed-income securities 23,346 14,270 13,928 51,544 31,413 35,672 


Allowances (170) (78) (248) (162) (185) 


Shares and other variable-income 

23,346 14,280 14,128 51,754 31,564 35,865 

securities (1) 20,040 5,130 3,927 29,097 16,801 22,939 

Accrued income 10 30 17 57 15 16 

Allowances (56) (614) (670) (366) (253) 


Total net amounts 90,370 33,462 3,330 27,480 154,642 78,969 93,096 

Estimated fair or use value 90,370 33,873 3,598 28,171 156,012 80,184 94,497 

In order to fund the acquisition of strategic shareholdings, certain securities issued previously and used to 

match held-to-maturity securities have been reassigned and are now used to match these shareholdings. 

Consequently, in December 2002, Crédit Agricole S.A. reclassified EUR 973 million of held-to-maturity securities 

as available-for-sale securities. 

Transfers of securities from the trading portfolio to the available-for-sale portfolio totalled EUR 870 million in 

the first half of 2003, compared with EUR 402 million in 2002. 

A total of EUR 23 million of held-to-maturity securities were sold before maturity in first-half 2003 compared 

with EUR 157 million in 2002, yielding a loss of EUR 0.1 million, versus a gain of EUR 12.6 million in 2002. These 

figures do not include Crédit Lyonnais. 

(1) At 30 June 2003, Crédit Agricole S.A. held 2,310,599 treasury shares classified as shares and other variable income securities, under 

available-for-sale securities for a total of EUR 38,788,000. These shares have a nominal value of EUR 3 each and a market value of 

EUR 16.55 per share at 30 June 2003. 

[22]

Note 6 - Investments, including investments in unconsolidated subsidiary and 

affiliated companies and other long-term equity investments 

List of unconsolidated subsidiary and affiliated companies with a book value in excess of EUR 50 million. 

Book value 

In millions of euros 

% equity ownership 

30/06/03 31/12/02 30/06/02 30/06/03 31/12/02 30/06/02 

Banco Bisel (3) 131 131 131 N.A. N.A. N.A. 

Commercial Bank of Greece 331 331 331 9.0 9.0 9.0 

Bradesco 165 1.6 

Crédit Logement 164 147 127 16.5 16.5 16.5 

Crédit Lyonnais 2,426 1,040 17.8 10.6 

Doumer Euterpe (1) 100 100.0 

SEFA (1) 67 67 67 100.0 100.0 100.0 

Wafabank 52 52 52 14.8 14.8 14.8 

Resona Trust and Banking 86 86 86 5.0 5.0 5.0 

Veolia Environnement (2) 77 0.8 

1301 Sixth Avenue (2) 67 18.3 

Credit Logement B (2) 151 16.5 

Advances to affiliates’ current 

accounts 501 438 448 

Other investments 1,939 1,396 1,304 

Gross values (4) 3,566 5,074 3,851 

Allowances (782) (575) (569) 

Accrued income 20 21 20 

Net values 2,804 4,520 3,302 

Estimated total 2,987 5,406 3,841 

(1) Not consolidated pursuant to CRC Regulation 99-02 and 99-07 (contribution not deemed material). 

(2) Securities held by Crédit Lyonnais. 

(3) Company deconsolidated at 01/01/2002 and booked at its value on the date of deconsolidation. The shares have been provided for in full. 

Further, a valuation allowance has also been made for the full value of securities carried in the individual company accounts (EUR 236 million); 

on 17 May 2002, the Central Bank of Argentina suspended its banking licence and transferred its banking business to Banco Nación, as a result 

of which, Crédit Agricole S.A. no longer wields significant influence over this entity. 

(4) Of which banks: EUR 1,168 million at 30 June 2003 versus EUR 3,362 million at 31 December 2002 and EUR 2,194 million at 30 June 2002. 

[23]

Note 7 - Investments in equity affiliates 

List of companies in which Crédit Agricole S.A.'s equity interest exceeds EUR 50 million: 

Interest in equity affiliates 


[24] 

30/06/03 31/12/02 30/06/02 

Financial institutions 11,478 11,141 10,777 

Al Bank Al Saudi Al Fransi 354 357 348 

BES 387 415 403 

Regional Banks and subsidiaries 7,418 7,188 6,904 

Banca Intesa SpA 3,265 3,143 3,071 

Others 54 38 51 

Non-financial companies 324 279 304 

Partran - Tranquilidade - Tranquilidade Vida (85) (84) (70) 

Rue Impériale 342 335 345 

Others 67 28 29 


Note 8 - Intangible assets, bank premises and equipment 

30/06/2003 31/12/02 30/06/02 


Gross value Accumulated 

depreciation 

and amortisation 

Net value Net value Net value 

Tangible assets: 

- Bank premises and equipment 4,202 (1,966) 2,236 972 972 

- Assets leased to others 752 (279) 473 274 324 

Intangible assets 4,962 (949) 4,013 125 124 

Accrued income (1) 0 0 1 

Total 9,916 (3,194) 6,722 1,371 1,421 

(1) Accrued rentals on assets leased to others.

Note 9 - Allowances and reserves deducted from assets 


changes amounts released exchange changes 

set or used translation 

aside adjustments 

Interbank transactions 253 284 243 11 (8) (12) 3 521 

Customer-related items 2,501 2,408 3,911 321 (436) (114) (23) 6 ,067 


Securities available for sale, 

securities held to maturity and 

197 200 158 28 (134) (1) (4) 247 

equity portfolio securities 

Unconsolidated investments 

442 530 370 214 (89) (14) (19) 992 

and other long-term investments 569 575 257 48 (77) (5) (16) 782 

Others 52 38 103 19 (14) (1) 5 150 

Total 4,014 4,035 5,042 641 (758) (147) (54) 8,759 

Note 10 - Goodwill 

Goodwill items exceeding EUR 50 million: 


Gross amounts 


Amortisation Net amounts Net amounts Net amounts 

CPR Online 84 (61) 23 31 39 

Banca Intesa SpA 0 0 0 0 11 


CAI (Suisse) SA 62 (18) 44 47 50 

EFL 241 (32) 209 149 124 

Lukas 363 (76) 287 234 247 

Sofinco 990 (514) 476 538 599 

CPR AM 126 (74) 52 56 60 

CPR and other subsidiaries 23 (8) 15 16 21 


BES 62 (18) 44 47 49 


Banca Intesa SpA 51 (8) 43 45 45 

Caisse Régionale de Paris Ile-de-France 77 (6) 71 73 74 

Crédit Lyonnais Group 6,626 (24) 6,602 

Ellos Group 154 (4) 150 

Finaref Group 1,232 (31) 1,201 

IntesaBci Bank (Suisse) 57 (2) 55 

Rue Impériale 243 (25) 218 224 221 

Other companies 315 (126) 189 192 221 

Total 10,706 (1,027) 9,679 1,652 1,761 

[25]

Note 11 - Due to banks 



payable 

[26] 

30/06/03 31/12/02 30/06/02 

Due to banks 



- Time deposits 51,269 366 51,635 35,815 37,674 

Securities sold under repurchase agreements 5,152 48 5,200 5,044 4,910 


Total 137,210 521 




Borrowings, demand and time deposits 10,300 215 10,515 13,398 13,289 

Total 16,011 224 


Note 12 - Customer-related items 


gross value interest payable 

30/06/03 31/12/02 30/06/02 

Current accounts 

Goverment-regulated savings schemes: 

39,674 45 39,719 11,098 11,644 

- Demand deposits 71,303 1,003 72,306 55,723 52,129 

- Time deposits 100,394 1,906 102,300 87,978 86,926 

Other debts to customers 59,124 1,169 60,293 35,644 37,738 


Total 300 ,562 4,149 

Balance sheet amount 304,711 205,087 199,785

Note 13 - Debts represented by a security: analysis by maturity date 

30/06/03 31/12/02 30/06/02 

(in millions of euros) Up to > 3 months > 1 year Over Total Accrued Total 

3 months ≤ 1 year ≤ 5 years 5 years gross value interest 

payable 

Savings certificates 118 97 39 47 301 11 312 88 56 

Interbank market instruments 942 1,540 1,349 1,100 4,931 174 5,105 6,186 7,444 

Negotiable debt instruments: 0 

- Issued in France 23,004 6,463 7,049 1,393 37,909 96 38,005 17,142 15,432 

- Issued abroad 22,736 8,424 4,032 317 35,509 82 35,591 12,608 20,055 

Bonds 366 4,325 10,459 7,675 22,825 456 23,281 22,115 22,214 

Other debt instruments 115 4 119 119 118 151 

Balance sheet amount 101,594 819 102,413 58,257 65,352 

Note 14 - General reserves for expenses and losses 


changes amounts released exchange changes 

set aside or used translation 

adjustments 

Country risks 416 371 480 (3) (13) 835 

Commitment execution risks 

Retirement indemnities 

200 131 205 11 (11) (2) 334 

and similar liabilities 163 148 229 13 (16) (1) (2) 371 

Financial futures 82 41 9 (4) (1) (1) 44 

Other general reserves (1) 1,749 1,700 1,940 398 (342) (37) 33 3,692 

Balance sheet amount 2,610 2,391 2,854 431 (376) (54) 30 5,276 

(1) Main reserves for other contingencies 


[27] 

30/06/02 31/12/02 30/06/03 

- reserves for restructuring charges 0 0 681 

- reserves for sector risks and other credit risks 439 446 1,393 

- reserves for negative net assets of equity investments 145 147 198 

- reserves for retirement indemnities and pre-retirement leave 103 78 80 

- reserves for litigation 429 408 601 

- reserve to cover risk of loss arising in connection with the internal home purchase savings mechanism 126 107 93 

- badwill 174 223 224

Note 15 - Fund for General Banking Risks 


Home purchase savings 770 836 886 

Fund for Liquidity and Solvency Banking Risks (1) 610 610 610 

CODEVI (industrial development passbook accounts) 13 17 17 

Others 662 155 151 


(1) This guarantee fund was established on the occasion of Crédit Agricole SA's Initial Public Offering. 

Note 16 - Subordinated debt: analysis by maturity date and issue currency 

[28] 

30/06/03 31/12/02 30/06/02 

(in millions of euros) Up to > 3 months > 1 year Over Accrued Total 

3 months ≤ 1 year ≤ 5 years 5 years interest 

payable 

Subordinated debt with fixed term 460 604 1,458 8,610 155 11,287 8,187 9,801 

Euro 460 589 1,149 8,406 154 10,758 7,880 9,546 


US dollars 289 204 493 275 222 


Other currencies 20 1 21 23 23 

Perpetual subordinated debt 6,643 56 6,699 1,556 1,502 

Euro 6,526 56 6,582 1,453 1,392 


US dollars 40 40 23 25 


Other currencies 0 0 0 

Securities and participating loans 

Shareholders' current 

237 237 2 14 

account advances 2,167 2,167 

Total - gross amounts 460 604 1,458 17,657 211 20,390 9,745 11,317 

Balance sheet amount 20,390 9,745 11,317

Note 17 - Changes in shareholders' equity 

Consolidated shareholders' equity Minority Total including 

(in millions of euros) Share Additional Government Foreign Consolidated interests minority interests 

capital paid-in investment exchange total without Fund for 

capital, grants translation General Banking 

reserves, adjustments Risks 

and retained 

earnings 

At 31 December 2000 2,241 9,241 84 179 11,745 3,200 14,945 

Dividends paid in 2001 (411) (411) (225) (636) 

Changes in share capital 676 676 676 

Elimination of treasury stock (1) (6) (28) (34) (34) 

Net change in share issue premiums arising (2) from rights issues and shares contributed 

2,221 2,221 2,221 

Change in government investment grants 28 28 28 

Foreign exchange translation adjustments 32 32 (37) (5) 

Change in revaluation reserves (4) (4) (4) 

Net income for 2001 

Change in method of accounting for 

Fund for General Banking Risks relating 

1,067 1,067 286 1,353 

to home purchase savings schemes (3) (328) (328) (328) 

Other changes (4) 2 2 (2,534) (2,532) 

At 31 December 2001 2,911 11,760 112 211 14,994 690 15,684 

Dividends paid in 2002 

Dividends received from the Regional Banks 

(535) (535) (35) (570) 

and their subsidiaries in 2002 (5) 91 91 91 

Changes in share capital 0 0 



Foreign exchange translation adjustments (161) (161) (26) (187) 

Change in revaluation reserves 5 5 1 6 

Net income for 2002 1,064 1,064 (3) 1,061 

Impact of application of CRC Regulation 2000-06 4 4 4 

Other changes 2 2 (244) (242) 

At 31 December 2002 2,904 12,356 121 50 15,431 383 15,814 

(1) Concerns 2,009,482 Crédit Agricole S.A. shares held either by itself or by other Group companies, that do not satisfy regulatory criteria for 

recording in the consolidated balance sheet (CRC Regulation 2000-02) 

(2) Includes EUR 2,304 million representing the cost of assets acquired via the transfer by Crédit Agricole S.A. of shareholdings held by the 

Regional Banks in the 7 specialised subsidiaries. 

(3) As requested by the Commission des Opérations de Bourse, Crédit Agricole S.A. no longer recognises deferred tax on the provision for 

home purchase savings schemes; the impact of this change, calculated at opening date, is charged to the consolidation reserves. 

(4) The sharp reduction in minority interests stems from the transfer to Crédit Agricole S.A. by the Regional Banks of their shareholdings in the 7 

specialised subsisdiaries, in which Crédit Agricole S.A. held practically the entire capital at the end of 2001. 

(5) Includes EUR 89 million in dividends received by the Regional Banks. 


recording in the consolidated balance sheet (CRC Regulation 2000-02). 

[29]

Consolidated shareholders' equity Minority Total including 

(in millions of euros) Share Additional Government Foreign Consolidated interests minority interests 

capital paid-in investment exchange total without Fund for 

capital, grants translation General Banking 

reserves, adjustments Risks 

and retained 

earnings 

At 31 December 2002 2,904 12,356 121 50 15,431 383 15,814 

Dividends paid in 2003 

Dividends received from the Regional Banks 

(729) (729) (10) (739) 

and their subsidiaries in 2003 (1) 95 95 95 

Changes in share capital 1,059 1,059 1,059 

Net change in share issue premiums 4,446 4,446 4,446 



Foreign exchange translation adjustments (85) (85) (129) (214) 

Change in revaluation reserves (2) (2) (2) 

Net income for 30 June 2003 620 620 83 703 

Change in method of accounting (3) 130 130 130 

First-time consolidations (4) 3,597 3,597 

Buyout of minority interests (5) (23) (23) 

Other changes (7) (7) (7) 

At 30 June 2003 3,923 16,718 127 (35) 20,733 3,901 24,634 

(1) Includes EUR 89 million in dividends received by the Regional Banks. 


recording in the consolidated balance sheet (CRC Regulation 2000-02). 

(3) Includes EUR 119 million in deferred issuance expenses (cf Note 2.1). 

(4) This change stems primarily from recognition of minority interests upon first-time consolidation of Finaref Group (61%) and Credit Lyonnais 

Group (92.55%). In adddition, CA Preferred Funding has issued EUR 1,377 million in preference shares. 

(5) Concerns CA Deveurope BV, Lukas SA, Lukas Bank and EFL. 

Breakdown of changes in share capital by origin 


Payment of dividends in shares - - 77 

Capital increase by cash subscription - - 51 

Capital increase by asset contribution 1,059 - 548 

Total 1,059 0 676 

Breakdown of changes in share premiums by origin 


Payment of dividends in shares - - 331 

Capital increase by cash subscription - - 134 

Capital increase by asset contribution 4,446 - 1,756 

Total 4,446 0 2,221 

[30]

Note 18 - Preferred shares 

Issuing entity Issue date Amount Amount 30/06/03 31/12/02 30/06/02 

(In millions (In millions (In millions (In millions (In millions 

of USD) of euros) of euros) of euros) of euros) 

CA Preferred Funding LLC January-03 1,500 1,377 0 0 

Crédit Lyonnais capital SCA July-93 350 305 

Crédit Lyonnais Preferred capital 1 LLC April-02 750 750 

Total 1,850 750 2,432 0 0 

Note 19 - Net interest income and related revenues 



Crédit Agricole internal transactions 3,189 6,461 3,238 


Lease financing 349 747 350 

Bonds and other fixed-income securities 1,266 2,371 1,206 

Other interest income 22 44 23 

Total interest receivable and similar income 9,392 23,798 11,096 

Money market and interbank items (2,686) (10,985) (4,768) 

Crédit Agricole internal transactions (477) (1,165) (560) 

Customer-related items (3,422) (6,565) (3,288) 

Lease financing (133) (294) (122) 

Bonds and other fixed-income securities (1,478) (2,982) (1,523) 

Other interest expense (142) (257) (86) 

Total interest payable and similar expense (8,338) (22,248) (10,347) 

Net interest income 1,054 1,550 749 

[31]

Note 20 - Net commission and fee income 

30/06/03 31/12/02 31/06/002 

(in millions of euros) Income Expense Net Income Expense Net Income Expense Net 

Interbank transactions 55 (54) 1 144 (87) 57 57 (35) 22 

Crédit Agricole internal transactions 37 (488) (451) 69 (951) (882) 36 (487) (451) 

Customer transactions 318 (83) 235 583 (152) 431 287 (72) 215 

Securities transactions 173 (76) 97 335 (96) 239 210 (66) 144 

Foreign exchange transactions 

Financial futures and other 

45 (17) 28 31 (7) 24 21 (8) 13 

off-balance sheet transactions 

Financial services 

54 (82) (28) 96 (86) 10 44 (42) 2 

income (Note 21) 814 (703) 111 1,527 (1,395) 132 802 (738) 64 

Net commision and fee income 1,496 (1,503) (7) 2,785 (2,774) 11 1,457 (1,448) 9 

Note 21 - Financial services income 


Fees paid by customers for management 

30/06/03 31/12/02 30/06/02 

of mutual funds and securities 406 798 395 

Payment processing fees 13 51 28 

Life insurance commissions (249) (469) (239) 

Other gains (losses) (59) (248) (120) 

Net amount 111 132 64 

[32]

Note 22 - Net gains (losses) from transactions on securities available for sale 


Securities available for sale 

Allowances for impairment of value (21) (81) (46) 

Release of allowances 43 71 53 

Net change in allowances 22 (10) 7 

Gains on sale of securities (1) 141 544 220 

Losses on sale of securities (91) (217) (79) 

Net gains (losses) on sale of securities 50 327 141 

Net gains (losses) on sale of securities available for sale 72 317 148 

Equity portfolio securities 

Allowances for impairment of value (176) (127) (19) 

Release of allowances 24 49 23 

Net change in allowances (152) (78) 4 

Gains on sale of securities 18 188 136 

Losses on sale of securities (13) (17) (25) 

Net gains (losses) on sale of securities 5 171 111 

Net gains (losses) on sale of equity portfolio securities (147) 93 115 

Net gains (losses) from transactions on available for sale 

and equity portfolio securities (75) 410 263 

(1) Includes EUR 65 million in capital gains on sales of available-for-sale securities arising from transfers of held-to-maturity securities in the course of 2002 (see note 5). 

[33]

Note 23 - Risk-related costs 


Provisions made (649) (1,222) (862) 

Doubtful debts (409) (854) (536) 

Other allowances (240) (368) (326) 

Release of allowances 696 1,568 1,015 

Doubtful debts 560 872 367 

Other allowances 136 696 648 

Net change 47 346 153 

Bad debts written off - not provided for (23) (70) (25) 

Bad debts written off - provided for (319) (552) (276) 

Recoveries on bad debts written off 31 69 33 


Note 24 - Net income (loss) on fixed assets 


Financial fixed assets 

Provisions made 

30/06/03 31/12/02 30/06/02 



Allowances released 

(48) (241) (143) 

On held-to-maturity securities 0 1 1 

On unconsolidated subsidiaries and other long-term equity investments 81 282 143 

Net change 32 33 0 

On held-to-maturity securities (1) (8) 0 


Gains on sale 

33 41 0 

Of held-to-maturity securities 1 16 0 


Losses on sale 

12 234 106 

Of held-to-maturity securities (1) (3) (2) 


Net gains (loss) on sale (84) (105) (102) 

Of held-to-maturity securities 0 13 (2) 


Net income (loss) (52) (72) (102) 

Tangible and intangible fixed assets 

Gains on sale 3 3 6 

Losses on sale (8) (5) 0 

Net gain (loss) on sale (5) (2) 6 


[34]

Note 25 - Corporate income tax 


Current tax (141) (168) (102) 

Deferred tax income (expense) (80) (44) (12) 

Total (221) (212) (114) 

Effective tax rate 

(in millions of euros and % tax rate) At 30 June 2003 

Base Tax rate Taxation 

Income before tax, goodwill amortisation 

and income (loss) of equity affiliates 555 35.43% (197) 

Impact of permanent timing differences 3.78% (21) 

Impact of differential tax rates on foreign subsidiaries 

Impact of losses for the year, utilisation of tax loss carryforwards 

-4.32% 24 

and timing differences 11.71% (65) 

Impact of taxation at 19% rate -4.14% 23 

Impact of other items -2.70% (15) 

Effective tax rate and charge 39.75% (221) 

Deferred tax assets are not booked because their recovery is considered improbable: 

EUR 43 million at June 2003. 

Current tax for first-half 2003: 

- on earnings excluding exceptional items: EUR 222 million, 

- on exceptional items: EUR 1 million. 

Note 26 - Share of net income (losses) of equity affiliates 


Financial institutions 549 512 236 

Non-financial companies 12 (36) (26) 

Total 561 476 210 

[35]

Note 27 - Extraordinary items 


Retirement and early-retirement indemnities (7) (5) (5) 

Insurance premiums and indemnities 3 

Euro 3 3 2 

Information systems and restructuring (8) (72) (52) 

Litigation 6 5 2 

Contribution to guarantee fund - deposits and securities 0 (1) (2) 

1% operations risks allowance (4) 

Others (1) 1 (64) (47) 

Total (6) (134) (102) 

(1) The "Others" figure for 2002 comprises badwill recgonised on deconsolidation of Banco Bisel. 

Note 28 - Information relating to income from banking activities 







Net banking income 924 920 1,093 77 (158) 2,856 

Operating expenses (522) (496) (787) (65) (163) (2,033) 

Gross operating income 402 424 306 12 (321) 823 

Risk-related costs (144) (19) (122) (7) 28 (264) 



258 405 184 5 (293) 559 



Pre-tax ordinary income 362 261 431 253 104 (348) 1,063 

Exceptional items (6) (4) 3 1 (6) 



(41) (88) (150) (52) (4) 114 (221) 

for General Banking Risks 1 (6) 64 59 

Income before goodwill 

amortisation 321 168 271 204 100 (169) 895 

[36] 

(1) (3) (4) 







income.

Note 28.1 - Net income at 31 December 2002 by business segment 

[37] 

(1) (3) 

(in millions of euros) French Asset Financing International Proprietary Total 

retail management, and retail asset 

banking insurance investment banking management 



Net banking income 791 1,520 2 ,422 503 93 5,329 

Operating expenses (466) (839) (1,858) (353) (413) (3,929) 

Gross operating income 325 681 564 150 (320) 1,400 




222 670 393 17 (109) 1,193 

of equity affiliates (2) 464 3 52 (17) (26) 476 


Pre-tax ordinary income 686 673 477 (33) (208) 1,595 

Exceptional items 2 (6) (28) (55) (47) (134) 



(84) (199) (117) (5) 193 (212) 

for General Banking Risks (1) (2) 5 (4) 100 98 


amortisation 603 466 337 (97) 38 1,347 

Amortisation of goodwill (124) (27) (36) (77) (22) (286) 

Net income 479 439 301 (174) 16 1,061 

Note 28.1 - Net income at 30 June 2002 by business segment (1) (3) 

(in millions of euros) French Asset Financing International Proprietary Total 

retail management, and retail asset 

banking insurance investment banking management 



Net banking income 400 741 1,322 267 151 2,881 

Operating expenses (232) (413) (941) (172) (221) (1,979) 

Gross operating income 168 328 381 95 (70) 902 




119 303 276 14 75 787 

of equity affiliates (2) 193 2 25 12 (22) 210 


Pre-tax ordinary income 312 305 317 (7) (26) 901 

Exceptional items 4 (5) (7) (45) (49) (102) 



(48) (75) (86) (2) 97 (114) 

for General Banking Risks 1 50 51 


amortisation 268 226 224 (54) 72 736 

Amortisation of goodwill (62) (16) (23) (41) (8) (150) 

Net income 206 210 201 (95) 64 586 




years they were assigned to each of the segments concerned. Pro forma data reflect this new allocation.

Note 28.1.1 - French retail banking - Operations and contribution of Regional Banks 

and their subsidiaries 






Net operating income 2,053 3,535 1,751 

Net income (loss) on fixed assets (30) (39) 5 

Pre-tax ordinary income 2,023 3,496 1,756 

Exceptional items (63) (130) (53) 

Corporate income tax (624) (960) (462) 

Allocations to the Fund for General Banking Risks (79) (265) (102) 

Cumulative reported net income of consolidated Regional Banks 1,257 2,141 1,139 

Cumulative reported net income of consolidated Regional Banks' subsidiaries 25 44 24 

Consolidation restatements and eliminations 4 (136) (82) 

Consolidated net income of equity affiliates (100%) 1,286 2,049 1,081 

Consolidated net income of equity affiliates (25%) 321 512 270 

Consolidation restatements and eliminations (89) (89) (89) 

Gain on increase in share of Regional Banks' reserves 41 11 

Gain on increase in share of Regional Banks' results (1) 78 


(1) Difference between dividends actually paid by the Regional Banks to Crédit Agricole S.A. and dividends calculated according to Crédit Agricole S.A. equity 

interests in the Regional Banks. 

[38]

Note 28.2 - Net ordinary income (before tax) by geographic breakdown (1) (2) 

30/06/03 

(in millions of euros) Net Operating Gross Risk- Net Share Net Pre-tax 

banking expenses operating related operating of net income ordinary 

income income costs income income (loss) income 

(losses) on fixed 

of equity assets 

affiliates 


departments and territories) 


1,756 (1,345) 411 (234) 177 390 (57) 510 

Area countries 521 (345) 176 12 188 97 1 286 

Rest of Europe 192 (109) 83 (33) 50 7 57 

North America 183 (102) 81 (7) 74 22 96 

Central and South America 14 (9) 5 (3) 2 1 (1) 2 

Africa and the Middle-East 74 (42) 32 (10) 22 36 58 

Asia and Pacific (excluding Japan) 96 (64) 32 12 44 8 52 

Japan 20 (17) 3 (1) 2 2 

Total 2,856 (2,033) 823 (264) 559 561 (57) 1,063 

30/06/03 31/12/02 30/06/02 

(in millions of euros) Pre-tax Extraordinary Corporate Net allocations Net income Pre-tax Pre-tax 

ordinary items income to (reversals from) before ordinary ordinary 

income tax Fund for General goodwill income income 

Banking Risks amortisation 


departments and territories) 510 (153) 59 416 1,272 663 


Area countries 286 (1) (33) 252 45 74 

Rest of Europe 57 (4) (13) 40 131 74 

North America 96 4 (9) 91 15 1 

Central and South America 2 2 (26) 0 

Africa and the Middle-East 58 (6) (5) 47 93 42 

Asia and Pacific (excluding Japan) 52 1 (5) 48 36 24 

Japan 2 (3) (1) 29 23 

Total 1,063 (6) (221) 59 895 1,595 901 


(2) The date of acquisition of Crédit Lyonnais, 19 June 2003, was too close to the closing date to permit the establishment of a sound basis for a geographical 

breakdown of net income; consequently, it is not possible to provide a geographical breakdown up to and including net income. 

[39]

Note 29 - Insurance activities 

The French Insurance Code lays down specific accounting policies and valuation methods applicable to insurance 

activities, as required by French legislation. 

Insurance companies’ investments 

30/06/03 31/12/02 30/06/02 

(in millions of euros) Gross book Net book Net fair Gross book Net book Net fair Gross book Net book Net fair 

value value value value value value value value value 

1-Real estate investments 

(incl. assets in progress) 

2-Equities and other variable-income 

2,793 2,781 3,063 2,400 2,390 2,546 2,293 2,282 2,414 

securities other than mutual funds 

3-Mutual funds other 

3,589 3,531 3,121 3,128 3,102 2,623 2,857 2,856 2,899 

than those in category 4 

4-Mutual funds invested 

8,232 8,152 7,044 5,773 5,773 4,872 4,962 4,962 4,645 

exclusively in fixed-income securities 8,528 8,528 9,906 8,036 8,036 9,367 6,851 6,851 8,079 

5-Bonds and other fixed-income securities 83,245 83,966 91,617 61,475 60,811 65,390 61,040 60,408 62,839 

6-Mortgage loans 5 5 5 6 6 6 6 6 6 

7-Other loans and related instruments 428 428 428 169 169 169 133 133 133 

8-Deposits with ceding companies 

9-Other deposits, funds 

deposited under guarantees 

3 3 3 

and other investments 

10-Assets underlying unit-linked 

1,591 1,591 1,720 130 130 138 201 201 201 

insurance policies 12,694 12,694 12,694 6,138 6,138 6,138 6,561 6,561 6,561 

Total 121,108 121,679 129,601 87,255 86,555 91,249 84,904 84,260 87,777 

Consolidation restatements (1,344) (1,650) (1,652) 

Net balance sheet amount 120,335 84 ,905 82,608 

[40]

91-93, boulevard Pasteur - 75015 Paris - France 

Investor relations: Tel. (33) 1 43 23 04 31 - Fax (33) 1 43 23 55 02 

Internet http://www.credit-agricole-sa.fr

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