Consolidated Financial Statements CACF Group 122010_V3

Transcription

CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2010
Approved by the CA Consumer Finance Board of Directors at its meeting of
18 February 2011 and submitted to the Shareholders for approval at the
General Meeting of Shareholders of 5 may 2011
1
CONTENTS
GENERAL FRAMEWORK.......................................................................................................................................... 3
LEGAL PRESENTATION OF THE CA CONSUMER FINANCE GROUP........................................................... 4
CONSOLIDATED FINANCIAL STATEMENTS .................................................................................................... 15
INCOME STATEMENT ............................................................................................................................................. 15
STATEMENT OF COMPREHENSIVE INCOME .................................................................................................. 16
BALANCE SHEET - ASSETS .................................................................................................................................... 17
BALANCE SHEET - LIABILITIES AND EQUITY ................................................................................................ 18
STATEMENT OF CHANGES IN EQUITY.............................................................................................................. 19
STATEMENT OF CASH FLOWS ............................................................................................................................. 21
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS...................................................................... 23
2
The consolidated financial statements comprise the introduction, the full set of
consolidated financial statements and the accompanying notes
GENERAL FRAMEWORK
Legal presentation
CA Consumer Finance is a French société anonyme with a Board of Directors, governed by
French company law and, in particular, by Book II of the French Commercial Code.
CA Consumer Finance is a credit institution authorised by the Prudential Control Authority to carry
out banking operations, and is subject to the provisions of the French Monetary and Financial
Code.
It is also subject to oversight by the banking supervisory authorities and more particularly by the
Prudential Control Authority.
Registered office: 128-130 boulevard Raspail, 75006 Paris
Registration number: 542 097 522 Paris Trade and Companies Registry
French société anonyme with a share capital of €346,546,434.
CA Consumer Finance is a wholly-owned subsidiary of the Crédit Agricole S.A. Group and forms
part of the Specialised Financial Services Division.
Significant events of the year
On 1 April 2010, Sofinco's shareholders approved the merger of Finaref and CA Consumer
Finance into Sofinco with retroactive effect from 1 January 2010. Concurrently with the merger,
Sofinco changed its name to CA Consumer Finance.
These merger operations are internal restructurings within the Crédit Agricole Group and
therefore do not fall within the scope of IFRS 3 – Business Combinations as adopted under
Commission Regulation (EC) no. 495/2009 of 3 June 2009. In accordance with the standards
applied by the Crédit Agricole Group, the mergers were accounted for using the pooling of
interests method.
The assets and liabilities were therefore transferred retrospectively at their carrying amounts in
the financial statements of Crédit Agricole S.A. at 1 January 2009. The net asset value transferred
including the goodwill existing in Crédit Agricole S.A.'s financial statements was recognised in
consolidated reserves. This method presents the financial statements of CA Consumer Finance
as if the new entity comprising the former Sofinco and the transferred entities (now called CA
Consumer Finance) had always existed.
The operation led to the recognition of €1,657 million of goodwill, including €1,017 million for
Finaref S.A., €407 million for Sofinco S.A., €183 million for Finaref AB and €41 million for Nordic.
The impact on consolidated equity (including goodwill) was €2,250 million.
CA Consumer Finance is hereinafter referred to as CACF.
3
Legal presentation of the CA Consumer Finance Group
CREDIT AGRICOLE
S.A.
50.00%
1
GAC - SOFINCO AUTO FINANCE
2
(China)
MENAFINANCE SA
370,716
EMPORIKI RENT
747,033
185,357
50.00%
CREALFI SAS
1,042,770
531,813
51.00%
473,196
100.00%
100.00%
EMPORIKI CONSUMER FINANCE
16,233,333
16,233,333
(Greece)
99.63%
744,293
100.00%
EMPORIKI INSURANCE BROOKERS
20,000
20,000
(Greece)
(Greece)
100.00%
30,000
CREDIT LIFT SAS
473,196
FORSO FINANCE OY
30,000
(Finland)
ALSOLIA SA
382,000
FORSO DENMARK
1
76,389
20.00%
100.00%
CARTES CADEAUX DS (SA)
251,850
123,404
49.00%
4,202,788
(Sweden)
5,600
19,400
77.60%
785,000
100.00%
BANCO CREDIBOM SA
24,800,000
24,800,000
(Portugal)
CA Consumer Finance
(Czech Republic)
1
(Norway)
100.00%
900
Slovakia
DNV B.V.
180
100.00%
180
(Netherlands)
8,885,806
WAFASALAF SA
1,131,795
100,000 100.00%
49.00%
554,580
SEDEF SNC
204,000
0.00%
1
VALRIS SAS
35,674
203,999
100.00%
100.00%
7,234,291
UCALEASE SA
244,514
35,674
100.00%
CREDIUM SLOVAKIA
900
100.00%
EDA SAS
25,000
SOF PARTICIPATIONS SAS
100,000
(Denmark)
FORSO NORGE
1
CREDIUM
785,000
#DIV/0!
22.40%
1
FORSO NORDIC AB
8,405,575
50.00%
100.00%
100.00%
23,483
100.00%
2,500
NV RIBANK
2,500
122,255
50.00%
4,940
(Netherlands)
ARES REINSURANCE LTD
635,000
AGOS DUCATO SpA
199,336
61.00%
121,594
100.00%
CREDITPLUS BANK AG
36,000,000
36,000,000
(Germany)
CLIMAUTO SA
4,947
99.86%
(Morocco)
CACF NEDERLAND
7,234,291
(Netherlands)
INTERBANK / DMC (2)
23,483
(Netherlands)
(Italy)
100.00%
635,000
(Irland)
LOGOS FINANZIARIA SpA
193,000
94.82%
183,000
(Italy)
CREDIT LIFT SpA
1,200
100.00%
1,200
FINAREF AB
250,000
100.00%
250,000
(Italy)
FINAREF OY
10,000
(Sweden)
100.00%
10,000
(Finland)
FINAREF A/S
150,000
100.00%
BC FINANCE
500
275
ARGENCE PARTICIPATION SA
645,820
645,814
55.00%
ARGENCE INVESTISSEMENT
2,544,000
2,544,000
100.00%
NORDIC CONSUMER FINANCE
200,000,000
200,000,000
(Denmark)
50.00%
350,000,000
25.00%
1,250,000
150,000
(Norway)
DAN AKTIV A/S
10,100,000
100.00%
10,100,000
(Denmark)
100.00%
100.00%
FGA CAPITAL SPA (1)
FINALIA SA
10,000
49.99%
700,000,000
4,900
49.00%
37,801
50.00%
FINAREF ASSURANCES
75,596
38
(Italy)
FIDIS BANK GmbH
5,000,000
(Austria)
2,500,000
50.00%
GIE ARGENCE DEVELOPPEMENT
100
18.00%
20.00%
18
20
78
GIE ARGENCE MANAGEMENT
100
En cours de liquidation
78.00%
(1) The full scope of consolidation of the FGA Capital Group is shown in the section entitled " Scope of consolidation at 31 December 2010".
(2) The full scope of consolidation of the Interbank/DMC Group is shown in the section entitled " Scope of consolidation at 31 December 2010".
82
82.00%
4
Related parties
Only transactions and balances considered material in relation to the CACF Group's financial
statements are presented. The following materiality thresholds were set for 2010:
- Income statement: transactions and balances above €1,000,000;
- Balance sheet: transactions and balances above €5,000,000;
- Off-balance sheet commitments: transactions and balances above €10,000,000.
Transactions with other CACF Group companies
Intragroup transactions are eliminated upon consolidation. Accordingly, the following information
only includes transactions and balances with subsidiaries that are not fully consolidated.
Transactions mainly concern the refinancing of Group entities by CA Consumer Finance.
Data at 31/12/2010 (in thousands of euros):
CA Consumer Finance
Third parties
FGA Capital Group (50%)
-Non-subordinated notes
-Term loan
-Performing customer loans and advances
-Ordinary accounts in debit
-Ordinary accounts in credit
-Interest (ord. accounts, loans/borrowings)
-Share of joint ventures
Ménafinance (50%)
-Term and subordinated loan
-Financing commitment given
Forso Sweden (50%)
-Guarantee commitments given
Forso Norway (50%)
-Term loan
- Guarantee commitments given
Forso Denmark (50%)
-Term loan
Forso Finland (50%)
-Term loan
Balance sheet and commitments
Assets
Liabilities
Commitments
Income statement
Expense
Income
575,583
2,439,669
1,576,062
50,572
53,377
76,155
1,111
129,493
52,890
60,917
34,000
2,353
5,446
89,350
22,308
1,170
229,397
19,231
5,908
146,028
2,887
123,604
3,423
5
CA Consumer Finance
Third parties
FGA Capital Group (50%)
-Term loan
-Performing customer loans and advances
Ménafinance (50%)
-Financing commitment given
Forso Sweden (50%)
Forso Norway (50%)
-Term loan
Forso Denmark (50%)
-Term loan
Forso Finland (50%)
-Term loan
Sofinco Saudi Fransi (50%)
-Term loan
Alsolia
-Term loan
Carrefour Servizi Finanziari
-Term loan
Assets
Liabilities Commitments
Income statement
Expense
Income
2,818,686
1,377,582
41,128
39,801
84,609
120,742
57,173
53,425
26,500
4,416
4,888
60,730
1,859
185,229
7,678
115,628
10,078
5,857
115,979
5,613
12,853
40,395
1,112
80,414
1,745
Balances include accrued interest receivable and payable
Transactions with other Crédit Agricole S.A. Group entities
Most of the transactions carried out with Credit Agricole S.A. Group entities, including Crédit
Agricole S.A. and the CACIB Group, are refinancing transactions (where applicable in the form of
subordinated debt) and hedging transactions (derivative instruments).
Other transactions are mainly related to:
-
collections (Crédit Agricole S.A. being the lead bank of the CACF Group's French entities)
and last-resort guarantee fees;
-
rebilling or other services under the partnership with LCL (management of consumer
finance accounts – repayment loans and revolving credit);
-
transactions with Group insurance companies related to the distribution of their products.
6
CA Consumer Finance transactions - data at 31/12/2010 (in thousands of euros):
CA Consumer Finance
Third parties
Crédit Agricole S.A.
-Ordinary account in credit
-Term borrowing
-Subordinated debt
-Collection accounts
-Current tax liability
-Guarantee commitments received
-Hedging instruments (interest-rate)
-Interest (ord. account, loans/borrowings)
-Expense/income on hedging instruments
-Expense on subordinated debt
-Guarantee fees
-Other taxes and duties
GIE Silca
-IT and telecoms
-Other external services
-Accrued expenses
Ucalease
Emporiki Bank
-Sundry payables
BFT Gestion
-Negotiable debt securities
-Expense on negotiable debt securities and
other fixed-income securities
CA CIB
-Ordinary account in debit
-Term loan
-Term borrowing
-Security deposit on market operations
-Negotiable debt securities
-Hedging instruments (exchange rate)
-Expense on negotiable debt securities and
other fixed-income securities
LCL
-Incidental income
-Rebilling of external services
-Payment system fees
CACI Life Ltd
-Life and non-life insurance commissions
CACI Insurance Ltd
CACI Gestion
Assets
Liabilities
Commitments
272,416
Income statement
Expense
Income
205,116
34,184,985
2,298,373
30,639
6,306
2,001,206
652,675
50,000
532,801
1,112
55,245
14,327
1,973
2,688
8,866
1,106
2,621
1,642
7,184
345,000
7,512
19,037
1,748,880
1,812,124
391,630
35,372
953,954
251,151
13,278,753
9,285
25,242
107,360
15,437
52,421
21,027
37,006
22,345
11,897
2,527
5,008
41,928
59,074
2,716
7
CA Consumer Finance
Third parties
Assets
Liabilities
Commitments
Cedicam
-Payment system expenses
Predica
-Customer ordinary accounts in credit
Income statement
Expense
Income
11,499
2,825
2,214
58,827
CA Consumer Finance data at 31/12/2009 (in thousands of euros):
CA Consumer Finance
Third parties
-Term borrowing
-Subordinated debt
-Collection accounts
-Guarantee commitments received
-Guarantee commitments given
-Expense on subordinated debt
-Expense on negotiable debt securities
and other fixed-income securities
-Guarantee fees
-Financing commitment fees
CA CIB
-Accruals and other liabilities
-Term loan
-Term borrowing
-Security deposit on market operations
BGPI
-Term loan
LCL
-Incidental income
CACI Life Ltd
CACI Insurance Ltd
Cedicam
Assets
Liabilities
Commitments
Income statement
Expense
Income
255,797
357,958
29,049,169
2,299,553
25,013
920,952
625,078
50,000
584,474
1,173
71,562
1,417
5,488
45,144
11,376
16,749
1,540,253
1,537,223
314,330
15,853
21,200,108
133,751
43,277
275,982
29,556
85,175
30,002
14,363
15,771
22,590
11,369
2,689
4,611
44,215
63,379
2,283
1,513
8
CA Consumer Finance
Third parties
Assets
Liabilities
Commitments
Income statement
Expense
Income
Predica
-Customer ordinary accounts in credit
45,603
Sedef transactions - data at 31/12/2010 (in thousands of euros):
Sedef
Third parties
-Term borrowing
-Securities given as collateral
Assets
Income statement
Expense
Income
270,420
5,537
490,937
Sedef
Third parties
-Term borrowing
-Securities given as collateral
Assets
Income statement
Expense
Income
340,011
7,907
530,819
Agos Group transactions - data at 31/12/2010 (in thousands of euros):
Agos Group
Third parties
CA CIB
-Trading instruments
-Change in FV of trading derivatives
Friuladria
Cariparma
-Term borrowing
-Miscellaneous income (banking
operations)
CACI Life Ltd
-Other insurance assets
-Insurance premiums
CACI Non Life Ltd
Assets
Liabilities
Commitments
402,886
16,187
6,026
100,223
6,827
Income statement
Expense
Income
14,988,755
191,707
6,125
1,086
117,317
5,927
15,000
1,270
171,189
5,862
447,051
8,303
2,267
1,816
2,412
43,510
34,300
15,526
22,651
9
Agos Group
Third parties
CA CIB
-Overnight borrowings
Friuladria
Cariparma
-Term borrowing
operations)
CACI Life Ltd
CACI Non Life Ltd
- Life and non-life insurance commissions
Assets
Liabilities
Commitments
Income statement
Expense
Income
420,696
42,418
7,944,295
140,256
1,261
62,669
40,000
1,661
120,241
374,918
2,813
7,385
2,015
2,222
37,323
22,486
Creditplus transactions - data at 31/12/2010 (in thousands of euros):
Creditplus
Third parties
Assets
CA CIB
CACI Life Ltd
CACI Non Life Ltd
17,910
Income statement
Expense
Income
660,000
17,907
4,727
10,662
11,434
Creditplus
Third parties
CA CIB
CACI Life Ltd
CACI Non Life Ltd
- Life and non-life insurance commissions
Assets
Income statement
Expense
Income
593,000
20,945
9,307
9,765
9,197
10
EDA transactions - data at 31/12/2010 (in thousands of euros):
EDA
Third parties
-Current tax prepayments and liabilities
-Current tax expense
Pacifica
CACI Life Ltd
- Sundry payables
-Accrued income
CACI Non Life Ltd
- Sundry payables
-Accrued income
Assets
Liabilities
Commitments
11,227
Income statement
Expense
Income
10,712
10,712
3,505
12,017
6,073
28,490
10,656
5,385
25,265
EDA
Third parties
Predica
- Sundry payables
-Accrued income
Pacifica
CACI Life Ltd
- Sundry payables
CACI Non Life Ltd
- Sundry payables
Assets
Liabilities
Commitments
Income statement
Expense
Income
8,776
9,144
26,006
3,544
7,005
10,976
6,212
9,734
FGA Capital transactions - data at 31/12/2010 (in thousands of euros):
FGA Capital
Third parties
CACIB
-Trading instruments
CACI Life
-Sundry receivables
operations)
CACI Non Life
operations)
Assets
20,624
9,231
Income statement
Expense
Income
1,547,055
16,166
9,192
29,995
6,300
11,691
3,243
11
FGA Capital
Third parties
Assets
CA CIB
CACI
Income statement
Expense
Income
3,073,888
23,192
8,114
Credicom Consumer Finance Group transactions - data at 31/12/2010 (in thousands of
euros):
Credicom Consumer Finance Group
Third parties
Emporiki Bank
-Term account and borrowing
-Income from non-banking operations
Assets
Income statement
Expense
Income
27,497
359,854
14,633
1,078
Ménafinance transactions - data at 31/12/2010 (in thousands of euros):
Menafinance
Third parties
Assets
Liabilities
Commitments
Income statement
Expense
Income
CACI Life
1,700
Valris transactions - data at 31/12/2010 (in thousands of euros):
Valris
Third parties
-Loss on disposal of equity interests
Assets
Liabilities
Commitments
Income statement
Expense
Income
1,337
Finaref Assurance transactions - data at 31/12/2010 (in thousands of euros):
Finaref Assurance
Third parties
Assets
Liabilities
Commitments
Income statement
Expense
Income
LCL
-Ordinary accounts
6,990
Finaref RD
-Accrued income
6,893
21,235
Finaref Vie
1,059
12
Finaref Assurance
Third parties
Assets
Finaref RD
-Accruals, prepayments and other sundry
assets
Liabilities
Commitments
Income statement
Expense
Income
7,341
21,780
Finaref Vie
1,032
NCF Group transactions - data at 31/12/2010 (in thousands of euros):
NCF Group
Third parties
-Term borrowing
Assets
Liabilities
Commitments
Income statement
Expense
Income
11,031
1,393
NCF Group
Third parties
-Term borrowing
Assets
Liabilities
Commitments
Income statement
Expense
Income
8,526
13
Transactions with other Crédit Agricole Group entities
CA Consumer Finance manages some consumer finance business on behalf of Crédit Agricole
Regional Banks, either on a fee basis or through joint ventures.
The following table shows balances and transactions in excess of €1,000,000 for income
statement items, €5,000,000 for balance sheet items and €10,000,000 for off-balance sheet
commitments for all Crédit Agricole Regional Banks at 31 December 2010 and 2009.
CA Consumer Finance
Crédit Agricole Regional Banks
Assets
-Postage
-Incidental income
Liabilities
Commitments
Income statement
Expense
Income
23,184
196,600
4,314
27,459
8,021
178
Data at 31/12/2009
CA Consumer Finance
Crédit Agricole Regional Banks
operations)
Assets
53,342
Liabilities
Commitments
Income statement
Expense
Income
156,331
22,035
10,209
5,198
Transactions with the directors and executives of CA Consumer Finance S.A.
No transactions have taken place between CACF Group entities and members of CACF S.A.'s
Executive Committee other than:
- Payment of employee benefits and other compensation;
- Consumer credit transactions entered on an arm's length basis or on terms available to all
CACF S.A. employees.
Furthermore, no transactions have taken place between CACF Group entities and members of
CACF S.A.'s Board of Directors, excluding any arm's length consumer credit transactions.
14
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
Notes
31/12/2010
31/12/2009
(1)
(in thous ands of euros)
4,1
Interest receivable and similar income
4 417 168
4,1 -1 883 511
Interest receivable and similar expense
4,2
Commission and fee income
775 507
4,2
Commission and fee expense
-107 820
Net gains or losses on financial instruments at fair value
4,3
276
through profit or loss
4.4-6.4
Net gains or losses on available-for-sale financial assets
-13 234
4,5
Income related to other activities
745 404
4,5
Expense related to other activities
-578 350
NET BANKIN G INCOME
3 355 440
4.6-7.1-7.4-7.6 -1 316 315
Operating expenses
4,7
Depreciation, amortization, etc.
-56 232
GROSS OPERATING INCOME
1 982 893
4,8 -1 204 499
Cost of risk
OPERATING IN COME
778 394
2,3
Share of profit in equity accounted entities
12 780
4,9
Gains or losses on disposal of other assets
907
2,6
-43 000
Change in value of goodwill
PRE-TAX INCOME
749 081
4,1
Income Tax Expense
-287 258
NET INC OME
461 823
Minority Interests
58 055
NET INC OME ATTR IBUTABLE TO OWNERS OF THE PARENT
403 768
6,17
Basic earnings per share (in euros) *
45,76
4 617 844
-2 334 195
776 049
-99 368
-5 863
-1 784
770 737
-582 394
3 141 026
-1 319 552
-60 887
1 760 587
-1 240 109
520 478
10 259
684
-12 656
518 765
-91 648
427 117
77 746
349 371
40,08
15
STATEMENT OF COMPREHENSIVE INCOME
Notes
(in thousands of euros)
N et income attributable to owners of the parent
Gains and losses on translation adjustments
Gains or losses on AFS Financial securities
Gains and losses on hedging derivative instruments
Gains and losses on hedges of a net investment in a foreign operation
Actuarial gains and losses on post-employment benefit plans
Other comprehensive income attributable to owners of the parent,
excluding equity-accounted entities
Share of other comprehensive income from equity-accounted entities
T otal other comprehensive income attributable to owners of the
parent
31/12/2010
403 768
31/12/2009
(1)
349 371
21 168
1 074
8 824
(39 406)
(4 427)
6 897
1 435
(21 818)
(12 767)
5 665
(8 966)
(839)
(7 102)
(9 805)
N et income and other comprehensive income attributable to
owners of the parent
396 666
339 566
N et income and other comprehensive income attributable to minority
interests
61 288
66 754
T otal net income and other comprehensive income
457 954
406 320
4,11
4 520
(1) The impacts of the change of accounting method applied as of 1 January 2010 are described in note 1.5.
Amounts are disclosed after tax.
16
BALANCE SHEET - ASSETS
Notes
31/12/2010
31/12/2009
Cash due from central banks
6 ,1
606 713
28 738
Financial assets at fair value through profit or loss
6 ,2
20 749
33 787
Derivative hedging instruments
3.2 -3 .4
131 215
62 823
Available-for-sale financial assets
6.4 -6 .6
674 145
234 111
Loans and receivables to credit institutions
3.1-3.3-6.5 -6 .6
6 803 621
6 970 987
Loans and receivables to customers
3.1-3.3-6.5 -6 .6
50 201 197
48 870 714
419 961
567 304
Revaluation adjustment on interest rate hedging portfolios
Current and deferred tax assets
6,90
895 231
815 635
Accruals, prepayments and other sundry assets
6,10
1 481 878
1 550 331
2 ,3
163 963
126 887
Investment property
6,11
618
617
Property, plant and equipment
6,12
826 969
928 123
Intangible assets
6,12
178 465
213 167
2 ,6
2 969 234
3 002 580
65 373 959
63 405 804
Investments in equity-accounted entities
Goodwill
TOTAL ASSET S
17
BALANCE SHEET - LIABILITIES AND EQUITY
Notes
31/12/2010
31/12/2009
(1)
Due to central banks
Financial liabilities at fair value through profit or loss
6,1
1 394
1 546
6,2
21 998
51 208
3.2-3.4
650 314
804 537
Due to credit institutions
3.3-6.7
45 008 047
39 460 892
Due to customers
3.1-3.3-6.7
222 644
208 270
Debt securities in issue
3.2-3.3-6.8
9 039 978
12 260 010
6 818
4 913
6,90
315 813
416 470
6,1
1 561 596
1 879 224
Revaluation adjustment on interest rate hedging portfolios
Current and deferred tax liabilities
Accruals, prepayments and other sundry liabilities
Insurance company technical reserve
6,13
52 936
41 064
Provisions
6,14
175 332
175 958
Subordinated debt
3.2-3.3-6.8
2 392 584
2 393 456
59 449 454
57 697 548
5 924 505
5 708 256
5 552 827
5 383 685
Share capital and reserves
2 749 069
5 395 997
Consolidated reserves
2 432 408
-336 367
-32 418
-25 316
TOTAL DEBTS
Equity
Equity attributable to owners of the parent
Other comprehensive income
Net income for the year
403 768
349 371
Minority Interests
371 678
324 571
65 373 959
63 405 804
TOTAL LIABILIT IES AN D EQUITY
18
STATEMENT OF CHANGES IN EQUITY
Share capital and reserves
Share
Elim ination of
prem iums and
Share capital
treasury
other capital
shares
reserves (1)
E quity at 1 January 20 09
1 101 266
4 294 7 31
Share capital
and
consolidated
reserves
attributable to
ow ners of the
parent
54 427
Other
comprehensive
income (4)
Equity
Net income
Total equity
attributable to attributable to attributable to
minority
owners of the owners of the
parent
interests
parent
-15 510
5 434 914
Capital increase
Divid ends paid in 2009
Impact of acquisitions/disposals on minority interests (2)
Movements related to stock options
Changes due to transactions with shareholders
Change in other comprehensive inc ome (4)
S hare of changes in equity-accounted en tities (3)
-23 048
-414 751
-1 488
-1 488
12 609
11 121
998
998
-392 193
-392 193
15 126
-37 7 067
-8 966
-7 323
-10 993
-1 8 316
-839
-839
77 747
427 118
Capital increase
-245
243
-2
349 371
5 383 685
324 571
5 708 256
5 383 685
324 571
5 708 256
4 294 7 31
13 004
5 761
108 7 14
576
115 051
17 484
-1 337
16 147
16 147
-357 365
-357 365
-17 484
-112 398
2 533 920
-1 910
763
-1 910
763
349 371
-760 481
-244 9 67
-1 755 9 55
Movements related to stock options
-754 720
-1 892 208
-349 371
-25 316
2 419 614
-167
Change in other comprehensive inc ome
S hare of changes in equity-accounted en tities (3)
2 402 5 23
2 432 408
2 020
110
763
-227 314
2 020
-22 5 294
-12 934
3 233
-9 701
5 665
5 665
58 055
461 823
-32 418
5 665
403 768
403 768
-43
-16 201
-16 244
403 768
5 552 827
371 678
5 924 505
-43
346 546
115 051
-12 767
2010 net income
Other changes
E quity at 31 December 2010
349 371
1 101 266
Impact of acquisitions/disposals on minority interests (2)
Changes due to transactions with shareholders
-1
-25 316
-839
349 371
4 294 7 31
Change in treasury shares
Divid ends paid in 2010 *
Impact of merger
-244
-336 367
998
1 101 266
A ppropriation of 2009 net income
E quity at 1 January 20 10
25 565
-391 703
2009 net income
E quity at 31 December 2009
5 677 362
25 565
-391 703
1 643
Other changes
242 448
Total
consolidated
equity
(1)B efore elimination of treasury shares
(2) Including impact o f movements in minority interests
(3) Including the share of other comprehensive Equity-accounted entities
* Including €1 15 million paid in shares
19
Consolidated reserves mainly comprise undistributed retained earnings from prior years,
amounts arising from the first-time adoption of IFRS, and consolidation adjustments.
Gains or losses on cash flow hedges transferred from other comprehensive income to profit or
loss are recognised in net banking income.
Other than dividend payments and net income for the year, the main changes in equity were as
follows:
o extinction of CACF treasury shares owned by Valris (€17.4 million);
o change in other comprehensive income arising mainly from the fair value
remeasurement of hedges of net investments in foreign operations (-€39.4 million)
and changes in translation differences (€21.2 million)
20
STATEMENT OF CASH FLOWS
The statement of cash flows is presented using the indirect method.
Operating activities represent income-generating activities of the CACF Group including
income from assets classified as held-to-maturity investments.
Tax inflows and outflows are included in full within operating activities.
Investing activities represent cash flows arising from the acquisition and disposal of
interests in consolidated and non-consolidated companies and from purchases and sales
of property, plant and equipment and intangible assets. This section includes strategic
investments classified as available-for-sale financial securities.
Cash flows from investing activities mainly comprise:
•
•
•
•
Disposal of Fia-Net shares (€25.6 million);
Subscription to shares issued by GAC Sofinco Finance Company Ltd
(-€24.5 million);
Adjustment to the acquisition price of FGA Capital SpA shares (-€8.1 million);
Disposal of Carrefour Servizi Finanziari shares (€7.5 million).
Purchases and sales of property, plant and equipment and intangible assets generated a
net cash outflow of €36.8 million.
Financing activities represent cash flows arising from changes in financial structure
involving equity and long-term borrowing.
Cash flows from transactions with shareholders mainly comprise:
• Dividends paid to shareholders (€242.4 million)
• Sale of CACF treasury shares to Crédit Agricole SA (€17.4 million).
Other cash flows from the CACF Group's financing activities mainly comprise bond
redemptions (-€297.9 million) and interest paid on subordinated debt and bond issues
(-€70.6 million).
Net cash and cash equivalents include cash, debit and credit balances with central banks
and debit and credit demand balances with banks.
All cash balances of companies held at 31 December 2010 are available to the CACF
Group.
21
2010
Pre-tax income
Net depreciation, amortisation and impairment charges of property, plant and equipment and intangible assets
Impairment of goodwill and other fixed assets
Net charges to depreciation, amortization, and impairment
Share of profit in equity-accounted entities
Income from investing activities
Income from financing activities ***
Other movements
Total non-cash item s included in income before tax and other adjustments
Cash flows arising from transactions with credit institutions***
Cash flows arising from transactions with customers
Cash flows arising from other transactions affecting financial assets or liabilities***
Cash flows arising from transactions affecting non-financial assets or liabilities
Dividends received from equity-accounted entities (1)
Tax paid
Net decrease/(increase) in assets and liabilities arising from operating activities
TOTAL NET CASH GENERATED BY OPERATING ACTIVITIES (A)
Cash flows related to equity investments
Cash flows related to property, plant and equipment and intangible assets
TOTAL NET CASH USED IN INVESTIN G ACTIVITIES (B)
Cash flows arising from transactions with shareholders
Other net cash flows arising from financing activities
TOTAL NET CASH USED IN FINANCING ACTIVITIES (C )
Impact of changes in exchange rates on cash and cash equivalents (D)
Net increase/(decrease) in cash and cash equivalents (A + B+ C + D)
2009
(1)
749 081
267 398
43 000
1 214 228
-12 780
737
69 913
151 581
1 734 077
5 380 583
-2 537 241
-3 704 465
-245 302
0
-474 465
-1 580 890
902 268
-4 036
-36 848
-40 884
-223 963
-368 540
-592 503
518 765
295 600
12 656
1 238 461
-10 259
-2 303
102 522
-281 193
1 355 484
3 066 711
-4 161 363
371 716
-90 297
0
-193 196
-1 006 429
867 820
-74 332
-36 243
-110 575
-387 388
-541 091
-928 479
-541
1 694
268 340
-169 540
Cash and cash equivalent at beginning of the period
761 464
931 004
Net balance of cash and central bank accounts *
27 192
503 483
Net balance of interbank demand items **
734 272
427 521
Cash and cash equivalent at end of the period
1 029 804
761 464
Net balance of cash and central bank accounts *
605 319
27 192
Net balance of interbank demand items **
424 485
734 272
CHANGE IN NET CASH AND CASH EQUIVALENTS
268 340
-169 540
* Comprising the net balance of cash and central bank items excluding accrued interest, as detailed in note 6.1 (including the cash of entities
classified as assets held for sale).
** Comprising the balance of performing ordinary accounts in debit and performing overnight loans as detailed in note 6.5 and ordinary
accounts in credit and overnight borrowings as detailed in note 6.7. (excluding accrued interest and including Crédit Agricole internal
transactions).
*** For reasons of comparability between 2009 and 2010 data, accrued interest of €226,063 thousand recognised as non-cash items in 2009
has been reclassified in net decrease/(increase) in assets and liabilities arising from operating activities.
22
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Accounting principles and methods, assessments and estimates
1.1. Applicable standards and comparability
Pursuant to EC regulation no. 1606/2002, the consolidated financial statements have been
prepared in accordance with the international financial reporting standards (IAS/IFRS) and
interpretations (IFRIC) applicable at 31 December 2010, as adopted by the European Union. The
CACF Group accordingly applies the carve-out version of IAS 39, which permits certain
exemptions from the rules on macro-hedge accounting.
These standards and interpretations are available on the European Commission's website at the
following address: http://ec.europa.eu/internal_market/accounting/ias/standards_en.htm
The standards and interpretations are the same as those used and described in the Group's
financial statements for the year ended 31 December 2009 with the exception of the method of
accounting for actuarial gains and losses on post-employment defined benefit plans. According to
IAS 19, actuarial gains and losses on defined benefit plans may be accounted for as follows:
- Entirely through profit or loss;
- Partly through profit or loss in an amount determined using the corridor method;
- Entirely through other comprehensive income.
Until 31 December 2009, the CACF Group recognised actuarial gains and losses through profit or
loss in the period in which they arose. In order to provide information more comparable with the
principles applied by other companies, the Group has now decided to recognise actuarial gains
and losses entirely through other comprehensive income. This method has been applied on a
permanent and consistent basis to all defined benefit plans since 1 January 2010.
This change of accounting method has been treated in accordance with the provisions of IAS 8
and applied retrospectively. The main impacts of the change are disclosed in note 1.5.
The standards and interpretations used to prepare the financial statements at 31 December 2009
have been supplemented by the new or amended standards and interpretations as adopted by
the European Union at 31 December 2010, which are mandatory for the first time in 2010. These
are:
Standards, Amendments or Interpretations
Annual amendment to improve IFRS 5, relating to
subsidiaries facing a sale plan entailing a loss of
control and related amendments to IFRS 1
IAS 27 Revised – Consolidated and Separate
Financial Statements
IFRS 3 Revised - Business Combinations
Amendment to IAS 39 on eligible hedged items, which
provides clarifications on the use of hedge accounting
Date of
publication by
the European
Union
23 January 2009
(EC no. 70/2009)
3 June 2009
(EC no. 494/2009)
3 June 2009
(EC no. 495/2009)
15 September
2009
Date of firsttime
application:
financial years
commencing on
or after
1 January 2010
1 January 2010
1 January 2010
1 January 2010
23
for the inflation component of a financial instrument
IFRS 1 Revised – First-time Adoption of International
Reporting Standards
Annual improvements to IFRSs amending and
clarifying nine standards and two interpretations,
adopted in regulation EU no. 243/2010 of 23 March
2010
Amendment to IFRS 2 – Share-based Payment,
incorporating and superseding guidance previously
included in IFRIC 8 and IFRIC 11
IFRIC 12 – Service Concession Arrangements, which
does not concern the Group's businesses
IFRIC 16 – Hedges of a Net Investment in a Foreign
Operation
IFRIC 15 – Agreements for the Construction of Real
Estate dealt with in IAS 11 - Construction Contracts
and IAS 18 – Revenue
IFRIC 17 – Distributions of Non-cash Assets to
Owners
IFRIC 18 - Transfers of Assets from Customers, which
does not concern the Group's businesses
(EC no. 839/2009)
25 November
2009
(EC no.
1136/2009)
and
23 June 2010
(EU no. 550/2010)
23 March 2009
1 January 2010
1 January 2010
23 March 2009
(EU no. 244/2010)
1 January 2010
25 March 2009
(EU no. 254/2009)
4 June 2009
(EU no. 460/2009)
22 July 2009
(EC no. 636/2009)
1 January 2010
26 November
2009
(EC no.
1142/2009)
27 November
2009
(EC no.
1164/2009)
1 January 2010
1 January 2010
1 January 2010
1 January 2010
The application of these new standards, amendments and interpretations had no material impact
on net income or equity for the period.
IAS 27 and IFRS 3 Revised were applied prospectively to business combinations completed on or
after 1 January 2010, leading to a change of accounting method for the Group. The main changes
are:
-
On initial recognition, minority interests may be measured in one of two ways at the acquirer's
option:
at their acquisition-date fair value;
at their proportionate share of the fair value of the acquiree's identifiable assets and
liabilities.
This option is available on a transaction-by-transaction basis. The Group has early adopted
IFRS 3 Revised amended for Annual Improvements to IFRS 2010, which states that this
option does not apply to all equity instruments held by the owners but only to those that are
present ownership interests and entitle their holders to a proportionate share of the net assets
in the event of liquidation.
-
Acquisition-related costs may no longer be included in goodwill but must be expensed in full in
the period in which they are incurred. If the transaction is highly probable, these costs are
24
recognised under "net gains or losses on other assets", otherwise they are recognised as
"general operating expenses".
-
Some transactions must now be accounted for separately from the business combination.
-
Method of accounting for business combinations achieved in stages or partial disposals
involving loss of control.
-
Contingent consideration that is a financial instrument falls within the scope of IAS 39.
During 2010, the CACF Group did not complete any transaction likely to be affected by this
change of accounting method.
Furthermore, the Group has not early adopted any standards or interpretations that are not yet
mandatory, unless specifically stated otherwise. This mainly concerns:
Standards, Amendments or Interpretations
Amendment to IAS 32 - Classification of Rights Issues
Date of
publication by
the European
Union
23 December 2009
(EU no.
1293/2009)
Amendment to IFRS 1 and IFRS 7 on the exemptions
30 June 2010
from disclosing comparative information on financial (EU no. 574/2010)
instruments for first-time adopters
Amendment to IAS 24 – Related Party Disclosures
19 July 2010
regarding state-controlled entities
(EU no. 632/2010)
Amendment to IFRIC 14 – The Limit on a Defined
19 July 2010
Benefit Asset, Minimum Funding Requirements and (EU no. 633/2010)
their Interaction
IFRIC 19 - The extinction of Financial Liabilities with
23 July 2010
Equity Instruments. This amendment will be applied (EU no. 662/2010)
for the first time on 1 January 2011
Date of firsttime mandatory
application:
financial years
commencing on
or after
1 January 2011
1 January 2011
1 January 2011
1 January 2011
1 January 2011
The CACF Group does not expect these standards, amendments and interpretations to have a
material impact on net income or equity.
Lastly, standards and interpretations published by the IASB but not yet adopted by the European
Union will not be mandatory until they have been adopted and have accordingly not been applied
by the Group at 31 December 2010.
25
1.2
Presentation of Financial Statements
In the absence of any specific requirements under IFRS, the CACF Group uses the financial
statement presentation (balance sheet, income statement, comprehensive income statement,
statement of changes in equity and cash flow statement) set out in CNC recommendation
no. 2009-R.04 of 2 July 2009.
1.3
Significant accounting policies
Critical accounting estimates and assessments
The preparation of the financial statements requires the Group to make assumptions and
estimates which involve risks and uncertainties as to whether they will be achieved in the future.
Actual outcomes may be influenced by many factors, including but not limited to:
•
activity in domestic and international markets;
•
fluctuations in interest and exchange rates;
•
the economic and political climate in certain industries or countries;
•
changes in regulations or legislation.
This list is not exhaustive.
Accounting estimates that require the use of assumptions mainly affect:
•
financial instruments measured at fair value;
•
minority interests;
•
pension plans and other future employee benefits;
•
stock option plans;
•
impairment of available-for-sale financial assets;
•
impairment of unrecoverable loans and receivables;
•
provisions;
•
impairment of goodwill;
•
deferred tax assets.
The procedures for making assessments and estimates are described below.
26
Financial instruments (IAS 32 and 39)
Financial assets and liabilities are accounted for in accordance with IAS 39 as adopted by the
European Commission.
They are initially recognised at fair value including transaction costs (except for financial
instruments recognised at fair value through profit or loss) and subsequently measured either at
fair value or at amortised cost using the effective interest method, depending on their
classification.
Fair value is the amount for which an asset could be exchanged, or a liability settled, between
knowledgeable, willing parties in an arm's length transaction.
The effective interest rate is the rate that exactly discounts estimated future cash payments or
receipts through the expected life of the financial instrument or, when appropriate, a shorter
period to the net carrying amount of the financial asset or financial liability.
Non-consolidated interests may be measured at cost if their fair value cannot be determined
directly by reference to prices in an active market or estimated by CACF using other valuation
techniques. These interests are intended to be held for the long-term and are disclosed in
note 2.5.
Financial assets
•
Classification of financial assets
Financial assets are classified into four categories defined in IAS 39:
-
Financial assets at fair value through profit or loss (held for trading or by designation);
-
Held-to-maturity investments;
-
Loans and receivables;
-
Available-for-sale financial assets.
o
In accordance with IAS 39, this category comprises financial assets held for trading and those
designated by the CACF Group on initial recognition as being at fair value through profit or loss.
A financial asset is classified as held for trading if it is acquired principally for the purpose of
selling it in the near term or it is part of a portfolio of identified financial instruments that are
managed together and for which there is evidence of a recent actual pattern of short-term
profit-taking.
A financial asset may be designated on initial recognition as at fair value through profit or loss in
the following three cases, provided it meets the conditions set out in IAS 39: (i) it is a hybrid
instrument containing one or more embedded derivatives, (ii) it significantly reduces an
accounting mismatch or (iii) it is part of a group of financial assets that is managed and its
performance evaluated on a fair value basis. This accounting treatment is generally used to avoid
27
recognising and measuring embedded derivatives separately from the host contract in the case of
hybrid instruments.
The CACF Group has not designated any financial assets as at fair value through profit or loss.
Financial assets at fair value through profit or loss are initially recognised at fair value excluding
any directly-related transaction costs (which are expensed as incurred) and including accrued
interest.
They are subsequently measured at fair value and any gains or losses arising from a change in
fair value are recognised in profit or loss.
Financial assets at fair value through profit or loss are not subject to review for impairment.
o
Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets with fixed or determinable
payments and a fixed maturity that the CACF Group has the positive intention and ability to hold
to maturity, other than:
-
those that the CACF Group designates on initial recognition as at fair value through profit or
loss;
-
those that meet the definition of loans and receivables. Therefore, debt securities that are not
quoted in an active market cannot be classified as held-to-maturity investments.
Financial assets in this category may not be sold before their maturity except in the specific cases
permitted by IAS 39.
Portfolio hedges of interest rate risk on held-to-maturity investments are not eligible for hedge
accounting under IAS 39.
Held-to-maturity investments are initially recognised at cost, including any directly-related
transaction costs and accrued interest. They are subsequently measured at amortised cost using
the effective interest method, including any premium or discount.
Held-to-maturity investments carried at amortised cost are subject to review for impairment under
the conditions described in the section entitled "Impairment of financial assets".
At 31 December 2010, the CACF Group did not hold any financial assets classified as held-tomaturity.
o
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market.
They are initially recognised at cost including any directly-related transaction costs and accrued
interest. They are subsequently measured at amortised cost using the effective interest method,
including any premium or discount and adjusted for any impairment.
Loans and receivables carried at amortised cost are subject to review for impairment under the
conditions described in the section entitled "Impairment of financial assets".
28
o
IAS 39 defines AFS both as assets that are designated as AFS and as the default category.
They are initially recognised at fair value, including any directly-related transaction costs and
accrued interest.
They are subsequently measured at fair value and any gains or losses arising from a change in
fair value are recognised in other comprehensive income.
In case of sale, the cumulative gain or loss previously recognised in other comprehensive income
is transferred to profit or loss.
Any premiums or discounts on fixed-income securities are amortised through profit or loss using
the effective interest method.
Available-for-sale financial assets are subject to review for impairment under the conditions
described in the section entitled "Impairment of financial assets".
•
Impairment of financial assets
An impairment loss is recognised when there is objective evidence of impairment as a result of
one or more events that occurred after the initial recognition of the asset (a 'loss event'), except
for those measured at fair value through profit or loss.
Objective evidence of impairment includes a prolonged or significant decline in the value of an
equity instrument or a significant deterioration in the credit risk of a debt security evidenced by a
risk of non-recovery.
For equity instruments, the CACF Group uses quantitative criteria as indicators of potential
impairment. These quantitative criteria are mainly based on a loss of at least 30% in the value of
the equity instrument over a period of six consecutive months. Management may decide to take
other factors into consideration such as the issuer's financial difficulties or short-term prospects.
In addition to these criteria, an impairment loss is recognised if the value of an equity instrument
falls by more than 50% or there is a prolonged decline in value for more than three years.
The duration conditions have been revised in order to harmonise all criteria across Group entities.
For debt instruments, the impairment criteria are those applied to loans and receivables.
The impairment loss is recognised as follows:
-
for financial assets carried at amortised cost, through the use of an allowance account. The
amount of the loss is recognised in profit or loss and may be reversed in the event of a
subsequent improvement;
-
for available-for-sale financial assets, by transferring the cumulative loss from other
comprehensive income to profit or loss. In the event of a subsequent improvement in the fair
value of a debt instrument classified as available for sale, the impairment loss may be
reversed through profit or loss when justified by the circumstances.
29
•
Recognition date of financial assets
The CACF Group recognises financial assets classified as available-for-sale or as loans and
receivables on the settlement date. Other financial assets, regardless of their type or
classification, are recognised on the trade date.
Reclassification of financial assets
In accordance with the amendment to IAS 39 published and adopted by the European Union in
October 2008, the following reclassifications are permitted:
-
- out of "held for trading" or "available for sale" into "loans and receivables", if the entity now
has the intention and ability to hold the financial asset for the foreseeable future or until
maturity and if the requirements for this category are met on the reclassification date (in
particular, financial assets not quoted in an active market);
-
in rare, documented circumstances, out of "held for trading" into "available for sale" or "held to
maturity", if the requirements for the relevant category are met on the reclassification date.
The fair value of the financial asset on the date of reclassification becomes its new cost or
amortised cost as applicable.
Information on reclassifications made by the CACF Group in accordance with IAS 39 is provided
in note 9. As in previous years, the CACF Group did not reclassify any financial assets in
accordance with the amendment to IAS 39 in 2010.
Lending operations
Loans are predominantly classified as loans and receivables. In accordance with IAS 39, they are
initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method. The effective interest rate is the rate that exactly discounts estimated future cash
payments or receipts through the expected life of the loan to its initial carrying amount. It includes
any discounts and all transaction income and costs that are an integral part of the effective
interest rate.
Syndicated loans intended to be sold in the short term are classified as financial assets held for
trading and are measured at fair value.
Subordinated loans and repo agreements (represented by securities or certificates) are classified
in the appropriate category of loans and receivables according to counterparty type.
Income calculated on the basis of the effective interest rate is carried in the balance sheet as
accrued interest and a corresponding amount recognised in the income statement.
•
Impaired loans and receivables
In accordance with IAS 39, impairment losses are taken against loans classified as loans and
receivables when one or more loss events have occurred after their initial recognition. Once these
loans have been identified, they may be individually or collectively assessed for impairment. The
amount of the impairment loss is measured as the difference between the carrying amount of the
loans (amortised cost) and the present value of estimated future cash flows discounted at the
30
original effective interest rate, or in the form of discounts on loans that have been restructured due
to customer default.
The amount of the impairment loss is also assessed on the basis of a statistical estimate of
forecast losses and may also take other factors into account such as regulatory or
overindebtedness issues.
A distinction is made between:
- loans individually assessed for impairment: these are impaired loans and restructured loans
for which a discount has been recognised due to customer default;
- loans collectively assessed for impairment: these are loans that have not been individually
assessed for impairment but are included in a group of financial assets with similar credit risk
characteristics that are collectively assessed for impairment. This mainly concerns past due loans.
Past due loans are loans with payment arrears but which have not been impaired on an individual
basis (loans at risk on the watch-list).
Impairment losses are discounted and estimated on the basis of various factors, mostly business
or sector-related. It is possible that future assessments of the credit risk may differ significantly
from current assessments, which may lead to an increase or decrease in the amount of the
impairment recognised.
Probable losses in respect of off-balance sheet commitments are covered by provisions
recognised as a liability on the balance sheet.
Impairment losses and write-backs for non-recovery risk are recognised in the cost of risk and any
increase in the carrying amount of a loan arising from an impairment write-back or amortisation of
the restructured receivables discount over time is recognised in net interest income.
o
Loans individually assessed for impairment
These are loans of any kind, even with guarantees, that present a known credit risk arising from
one of the following events:
-
the loan is at least three months in arrears;
- the borrower's financial position is such that a known risk exists regardless of whether or not
the loan is in arrears;
-
the bank and borrower are in legal proceedings.
For a given borrower, if a loan is impaired, all other loans and commitments made to that borrower
are impaired by "contagion", even when guarantees or other collateral exist.
If a restructured loan remains classified as impaired, the discount is not recognised separately but
is accounted for through the impairment loss.
The CACF Group recognises impairment losses corresponding to all expected losses on impaired
loans, discounted at the original effective interest rate.
Expected losses on portfolios of small loans with similar characteristics may be estimated on a
statistical basis rather than individually assessed.
31
For restructured loans where the initial financial terms (interest rate, maturity) have been revised
due to counterparty risk, the loans are reclassified as performing loans and the reduction in future
cash flows granted to the borrower when the loan was restructured is recognised as a discount
and recorded in the cost of risk.
The discount represents the net present value of the reduction in future cash flows, discounted at
the original effective interest rate. It is equal to the difference between:
-
the nominal value of the loan;
-
the sum of the theoretical future cash flows from the restructured loan, discounted at the
original effective interest rate (set at the time the financing commitment was made).
o
Loans collectively assessed for impairment
The CACF Group recognises collective impairment allowances to cover a known statistical
probability of partial uncollectibility of loans that have not been individually assessed for
impairment.
In particular, consumer credit exposures with one or more payment arrears of less than three
months are subject to impairment determined on the basis of a statistical analysis of expected
losses. The statistical analysis:
-
measures loss rates by generation of exposures entering the legal collection process (nonperforming);
-
measures, over twelve months, the volume of transfers from other categories of impaired
exposures to non-performing loans, or to any other category for which an allowance may be
taken (doubtful loans or loans at risk).
Financial liabilities
IAS 39 as adopted by the European Union recognises three categories of financial liabilities:
-
Financial liabilities at fair value through profit or loss. Gains or losses arising from a change in
fair value are recognised through profit or loss.
-
Financial liabilities designated on initial recognition as at fair value through profit or loss. A
financial liability may be designated on initial recognition as at fair value through profit or loss
in the following three cases, provided it meets the requirements of IAS 39: (i) it is a hybrid
instrument containing one or more embedded derivatives, (ii) it significantly reduces an
accounting mismatch or (iii) it is part of a group of financial liabilities that is managed and its
performance evaluated on a fair value basis. This accounting treatment is generally used to
avoid recognising and measuring embedded derivatives separately from the host contract in
the case of hybrid instruments.
-
Other financial liabilities: this category comprises all other financial liabilities. These liabilities
are initially recognised at fair value (including transaction income and costs) and subsequently
measured at amortised cost using the effective interest method.
The measurement of issues made by the Group recognised at fair value through profit or loss
includes the change in the Group's own credit risk. However, the CACF Group does not use the
fair value option for its financial liabilities.
32
•
Securities classified as financial liabilities or equity
o
Distinction between debt and equity
A debt instrument or a financial liability is a contractual obligation to:
-
deliver cash or another financial asset to another entity;
-
exchange financial assets or financial liabilities with another entity under conditions that are
potentially unfavourable to the entity.
An equity instrument is any contract that evidences a residual interest in the assets of an entity
after deducting all of its liabilities.
IAS 32 adopted by the European Union on 21 January 2009 now permits financial instruments
previously classified as debt to be reclassified as equity under certain conditions. These financial
instruments are:
-
instruments issued by the issuer that are redeemable at the option of the holder;
- instruments that entitle the holder to a share of the entity's net assets in the event of
liquidation.
If these conditions are met, mutual fund units issued must now be classified as equity rather than
liabilities.
o
Share buybacks
Treasury shares or equivalent derivative instruments such as stock-options repurchased by the
CACF Group, including shares held to cover stock option plans, do not meet the definition of a
financial asset and are deducted from equity. They have no impact on profit or loss.
Deposits
Deposit-taking represents only a very small part of the CACF Group's business. Deposits are
initially recognised at fair value and subsequently measured at amortised cost.
Derivative instruments
Derivative instruments are financial assets or financial liabilities and are recognised on the
balance sheet at their fair value at inception. On each balance sheet date, they are remeasured at
fair value whether they are held for trading or for hedging purposes.
Gains or losses arising from a change in fair value are recognised in profit or loss (with the
exception of cash flow hedges and hedges of a net investment in a foreign operation).
•
Hedge accounting
Fair value hedges are intended to protect against exposure to changes in the fair value of a
recognised asset or liability or an unrecognised firm commitment.
33
Cash flow hedges are intended to protect against exposure to variability in cash flows that is
attributable to a particular risk associated with a recognised asset or liability (such as all or some
future interest payments on variable rate debt) or a highly probable forecast transaction.
Hedges of a net investment in a foreign operation are intended to protect against the risk of an
adverse change in fair value arising from the exchange rate risks associated with a foreign
investment in a currency other than the euro.
A hedging relationship qualifies for hedge accounting if all of the following conditions are met:
-
the hedging instrument and the hedged item are eligible;
-
at the inception of the hedge there is formal designation and documentation of the hedging
relationship identifying the hedging instrument, the hedged item or transaction, the nature of
the hedging relationship and the nature of the risk being hedged;
-
the effectiveness of the hedge must be demonstrated, at inception and retrospectively, by
testing on each balance sheet date.
The CACF Group accounts for portfolio hedges of interest rate risk as fair value hedges as
permitted by the "carve-out" version of IAS 39 adopted by the European Union. They are
accounted for on the basis of the Group's gross position in derivative instruments and hedged
items. Their effectiveness is measured using maturity schedules.
Changes in the fair value of hedging instruments are recognised as follows:
- Fair value hedges: the change in fair value of the derivative is recognised in profit or loss
symmetrically with the change in fair value of the hedged item. Therefore, only the change in
fair value of any ineffective portion of the hedge affects profit or loss.
- Cash flow hedges: the effective portion of the gain or loss on the hedging instrument is
recognised in other comprehensive income and the ineffective portion is recognised in profit
or loss. Cumulative gains or losses are reclassified from other comprehensive income to
profit or loss when the hedged item affects profit or loss.
- Hedges of a net investment in a foreign operation: the effective portion of the gain or loss on
the hedging instrument is recognised in other comprehensive income and the ineffective
portion is recognised in profit or loss.
If a hedge no longer meets the requirements for hedge accounting, the following accounting
treatment is applied prospectively.
- Fair value hedges: gains or losses on the hedging instrument continue to be recognised through
profit or loss. The hedged item is accounted for in full according to its classification. For availablefor-sale financial assets, changes in fair value after the hedging relationship has ceased are
recognised in other comprehensive income. For portfolio hedges of interest rate risk on items
measured at amortised cost, the cumulative gains or losses are amortised to profit or loss over
the remaining life of the hedged item.
- Cash flow hedges: the hedging instrument is measured at fair value through profit or loss.
Cumulative gains or losses on the effective portion of the hedge continue to be recognised in
other comprehensive income until the hedged item affects profit or loss. For portfolio hedges of
interest rate risk, profit or loss is affected when interest payments are made. Cumulative gains or
losses are therefore amortised to profit or loss over the remaining life of the hedged items.
34
- Hedges of a net investment in a foreign operation: cumulative gains or losses on the effective
portion of the hedge continue to be recognised in other comprehensive income and are only
reclassified to profit or loss upon disposal and derecognition of the investment.
•
Embedded derivatives:
An embedded derivative is the component of a hybrid contract that meets the definition of a
derivative instrument. An embedded derivative must be separated from the host contract and
accounted for as a derivative if the following three conditions are met:
-
the hybrid contract is not measured at fair value through profit or loss;
-
the embedded component would meet the definition of a derivative if separated from the host
contract;
-
the characteristics of the embedded derivative are not closely related to the characteristics of
the host contract.
Determination of the fair value of financial instruments
The fair values of financial instruments are determined in accordance with IAS 39 and presented
according to the fair value hierarchy set out in IFRS 7. The Group also applies the
recommendation on the fair value measurement of certain financial instruments published by the
AMF, CNC and ACAM on 15 October 2008.
IAS 39 considers that the most reliable evidence of fair value is quoted prices in an active market.
If quoted prices are not available, IAS 39 requires fair value to be determined using a valuation
technique based on observable or non-observable inputs.
•
Level 1: fair values based on quoted prices (unadjusted) in an active market.
Level 1 comprises financial instruments quoted directly in an active market. These include
equities and bonds quoted in an active market such as the Paris Bourse, London Stock
Exchange, New York Stock Exchange, etc., units in investment funds quoted in an active market
and derivatives traded on an organised market such as futures.
A market is considered to be active if quoted prices are readily and regularly available from an
exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices
represent actual and regularly occurring market transactions on an arm’s length basis.
For financial assets and liabilities with offsetting market risks, the CACF Group uses mid-market
prices as a basis for establishing fair values for the offsetting risk positions and applies the bid or
asking price to the open net short or long position as appropriate.
•
Level 2: fair values measured using directly or indirectly observable inputs, other than quoted
prices included in Level 1.
These inputs are either directly observable (i.e. as prices) or indirectly observable (i.e. derived
from prices) and generally meet the following characteristics: they are not entity-specific data but
available and obtainable public data that would be used by market participants.
Level 2 comprises:
35
• equities and bonds quoted in a market not considered to be active, or not quoted in an
active market but for which fair value is determined using a valuation technique widely
used by market participants and based on observable market inputs (such as discounted
cash flow techniques or the Black & Scholes model);
• instruments traded over the counter, the fair value of which is measured using models
based on observable market data, i.e. which can be obtained regularly from several,
independent external sources. For example, the fair value of interest rate swaps is
generally derived from yield curves based on observable market interest rates on the
reporting date.
When the models used are based on standard models with observable market inputs (such as
yield curves or implied volatility surfaces), the day one gain or loss resulting from the initial fair
value measurement of the related instruments is recognised in profit or loss at inception.
•
Level 3: fair value measurements making significant use of unobservable market inputs.
For some complex instruments that are not quoted in an active market, fair value is determined
using valuation techniques based on assumptions that are not supported by observable market
data for an identical instrument. These instruments are disclosed within Level 3 and mainly
comprise complex interest rate instruments, equity derivatives and structured credit instruments
for which fair value measurement requires the use of, for instance, correlation or volatility inputs
that are not directly comparable to market data.
The transaction price is deemed to reflect the fair value at inception and recognition of any day
one gain or loss is deferred.
The day one gain or loss on these structured financial instruments is generally recognised through
profit or loss over the period during which the inputs are deemed to be unobservable. If the
market inputs become observable, the remaining deferred day one gain or loss is recognised
immediately in profit or loss.
Valuation techniques and models used for financial instruments disclosed within Levels 2 and 3
incorporate all factors that market participants would consider in setting a price. They must be
validated beforehand through independent checks. Fair value measurement takes account of both
liquidity risk and counterparty risk.
No accepted valuation technique for determining the fair value of an equity instrument
In accordance with IAS 39, if there is no satisfactory technique or if the various techniques used
result in a wide range of estimates, the instrument is measured at cost and classified under
available-for-sale financial assets as its fair value cannot be determined reliably. In this case, the
Group does not disclose a fair value in accordance with the recommendations of IFRS 7. The
main instruments concerned are investments in non-consolidated companies that are not quoted
in an active market, the fair value of which is difficult to determine reliably.
Net gains or losses on financial instruments
•
Net gains or losses on financial instruments at fair value through profit or loss:
This income statement item comprises the following gains and losses on financial instruments
designated as at fair value through profit or loss and financial assets and liabilities held for trading:
36
-
dividends and other income from equities and other variable-income securities classified as
financial assets at fair value through profit or loss;
-
changes in fair value of financial assets or liabilities at fair value through profit or loss;
-
gains or losses on disposal of financial assets at fair value through profit or loss;
-
changes in fair value and gains or losses on disposal or termination of derivative instruments
not documented as a fair value or cash flow hedge.
It also includes the ineffective portion of fair value hedges, cash flow hedges and hedges of a net
investment in a foreign operation.
•
Net gains or losses on available-for-sale assets:
This income statement item comprises the following gains and losses on available-for-sale
financial assets:
-
dividends and other income from equities and other variable-income securities classified as
available-for-sale;
-
gains and losses on disposal of fixed-income and variable-income securities classified as
available-for-sale;
-
impairment of variable-income securities;
-
gains or losses on disposal or termination of instruments documented as fair value hedges of
available-for-sale financial assets when the hedged item is sold;
-
gains or losses on disposal or termination of loans and receivables and held-to-maturity
investments in those cases provided for by IAS 39.
Netting of financial assets and financial liabilities
In accordance with IAS 32, the CACF Group nets a financial asset and a financial liability and
discloses only the net amount if, and only if, it has a legally enforceable right to offset the amounts
recognised and intends to settle on a net basis or realise the asset and settle the liability
simultaneously.
Financial guarantees given
A financial guarantee contract is a contract that requires the issuer to make specific payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when
due in accordance with the original or modified terms of a debt instrument.
Financial guarantee contracts are initially recognised at fair value and subsequently measured at
the higher of:
-
the amount determined in accordance with IAS 37 "Provisions, Contingent Liabilities and
Contingent Assets"; or
-
the amount initially recognised less any amortisation accounted for in accordance with IAS 18
"Revenue from other activities ".
37
Financial commitments that are not designated as at fair value through P&L or not treated as
derivatives as defined by IAS 39 are not recognised on the balance sheet. However, they may be
subject to provisions in accordance with IAS 37.
Derecognition of financial instruments
A financial asset or group of financial assets is fully or partially derecognised if:
-
the contractual rights to the cash flows from the financial asset expire or are transferred or are
deemed to have been transferred because the entity has assumed an obligation to pay the
cash flows to one or more recipients; and
-
substantially all of the risks and rewards of ownership of the financial assets are transferred.
In this case, any rights and obligations created or retained in the transfer are recognised
separately as assets or liabilities.
If the entity transfers the contractual rights to the cash flows but retains some of the risks and
rewards of ownership and control over the financial asset, it continues to recognise the financial
asset to the extent of its continuing involvement in the financial asset.
In particular, the securitisation transactions carried out by CACF, its subsidiary Agos-Ducato
(Italy) and within the FGA Capital Group do not qualify for derecognition under IFRS.
A financial liability (or part of a financial liability) is only derecognised when it is settled.
Provisions (IAS 37 and 19)
The CACF Group identifies all obligations (legal or constructive) arising as a result of a past
event, for which it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. These estimates are discounted when the impact is material.
For obligations other than those related to credit risk, the CACF Group has set aside provisions to
cover:
-
employee benefits;
-
financing commitment execution risks;
-
claims and liability guarantees;
-
tax risks.
Estimates may be made to determine the amount of the following provisions:
-
the reserve for operational risks, which although based on a review of known risks, requires
management to make assessments with regard to their frequency and the amount of the
potential financial impact;
-
The reserve for legal risks, which is based on management's best estimates in light of
information in its possession on the reporting period.
38
Detailed information is provided in note 6.14.
Employee benefits (IAS 19)
In accordance with IAS 19, employee benefits are divided into four categories:
-
short term employee benefits such as salaries, social security contributions and variable
compensation payable no later than twelve months after the year end;
-
long term employee benefits (long-service awards, variable and other compensation payable
more than twelve months after the year end);
-
termination benefits;
-
post-employment benefits, which are divided into two categories as described below: defined
benefit plans and defined contribution plans.
Long-term employee benefits
Long-term employee benefits are benefits payable to employees, other than post-employment
benefits, termination benefits and equity benefits, which are not due in full within twelve months
after the end of the year in which the related services were rendered. They mainly include
bonuses and other compensation deferred for more than twelve months.
They are measured using a similar method to that used by the Group to measure defined postemployment benefit plans.
Post-employment benefits
•
Retirement, early retirement and end-of-career benefits – defined benefit plans
At each reporting date, the CACF Group measures its retirement benefit and similar obligations as
well as all other employee benefits that meet the definition of a defined benefit plan.
In accordance with IAS 19, these obligations are measured on the basis of a set of actuarial,
financial and demographic assumptions using the projected unit credit method. Under this
method, each period of service gives rise to an additional unit of benefit entitlement and each unit
is measured separately to build up the final obligation. The final obligation therefore represents
the net present value of future benefit entitlements.
The obligation is measured on the basis of assumptions made by management concerning
discount rates, staff turnover rates and the rate of increase in salaries and social security costs. If
actual results differ from the assumptions made, the obligation may increase or decrease in future
years (see note 7.4).
Discount rates are determined according to the average period of the obligation, that is the
arithmetic mean of the periods calculated between the valuation date and the payment date
weighted by staff turnover assumptions.
The expected return on plan assets is also estimated by management on the basis of expected
returns on fixed-income securities, and notably bond yields.
39
The CACF Group has elected not to use the corridor method and accordingly since 1 January
2010 all actuarial gains and losses have been recognised directly in other comprehensive income
rather than in profit or loss. The main impacts of this change of accounting method on the 2009
financial statements are described in note 1.5.
The amount of the provision is equal to:
-
the net present value of the defined benefit plan obligation on the reporting date, calculated
using the actuarial method recommended in IAS 19;
-
if necessary, less the fair value of any plan assets allocated to fund the obligation. Plan assets
may include a qualifying insurance policy. If the obligation is entirely covered by a policy that
exactly matches the amount and timing of all or some of the benefits payable under the plan,
the fair value of the policy is deemed to be the value of the corresponding obligation, i.e. the
amount of the corresponding actuarial liability.
The provision for the unfunded portion of the obligation is recognised as a liability on the balance
sheet under the heading "Provisions". The amount of the provision is equal to the amount of the
CACF Group's liability to its employees in service at the year end.
Lastly, certain companies have an obligation to pay supplementary pension benefits, for which a
provision is calculated on an actuarial basis and recognised as a liability on the balance sheet
under the heading "Provisions".
•
Pension plans – defined contribution plans
Employers contribute to a variety of compulsory pension schemes. Plan assets are managed by
independent organisations and the contributing companies have no legal or constructive
obligation to pay additional contributions if the funds do not have sufficient assets to cover all
benefits corresponding to current and past services rendered by employees. Consequently, the
CACF Group has no liabilities in this respect other than its ongoing contributions.
Share-based payment (IFRS 2)
IFRS 2 requires share-based payment transactions to be measured and recognised in the income
statement and balance sheet. It applies to plans granted after 7 November 2002 which had not
yet vested at 1 January 2005 and covers two types of transaction:
-
equity-settled share-based payment transactions;
-
cash-settled share-based payment transactions.
The main share-based payment plans concern CACF. They are entirely equity-settled and ended
in 2010.
Options granted are measured at their fair value on the grant date, mainly using the Black &
Scholes model. Their fair value is expensed as a charge under "personnel costs" over the vesting
period (four years for all existing plans), with a corresponding adjustment to other comprehensive
income.
Employee share issues made as part of an employee savings scheme are also covered by IFRS
2. Shares may be offered to employees with a discount of no more than 20%. There is no vesting
period for these plans but the shares are subject to a five-year lock-up period. The benefit granted
to employees is measured as the difference between the fair value per share purchased, taking
40
account of the lock-up period, and the purchase price paid by the employee on the issue date,
multiplied by the number of shares issued.
A more detailed description of the plans and valuation methods is provided in note 7.6 "Sharebased payment".
The expense relating to share award plans settled in Crédit Agricole S.A. equity instruments and
to employee share issues is now recognised in the financial statements of the plan beneficiaries'
employer. The impact is recognised in employee benefits expense with a corresponding increase
in "consolidated reserves attributable to owners of the parent".
Current and deferred tax
In accordance with IAS 12, the income tax expense includes all taxes based on income, whether
current or deferred.
Current income tax is defined as "the amount of income taxes payable (recoverable) in respect of
the taxable profit (tax loss) for a period". Taxable profit (tax loss) is the profit (loss) for a period,
determined in accordance with the rules established by the taxation authorities, upon which
income taxes are payable (recoverable).
The current tax expense is measured using the tax rates and laws that have been enacted in
each country where the Group's companies operate.
Current tax includes all income tax payable or recoverable, which is not contingent on the
occurrence of future transactions, even if payment is deferred over several years.
Current income tax is recognised as a liability until paid. If the amount already paid in respect of
the current and prior years exceeds the amount due for those periods, the surplus is recognised
as an asset.
Some transactions made by the entity may have tax consequences that are not taken into
account in measuring current tax. Differences between the carrying amount and tax base of an
asset or liability are defined as temporary differences under IAS 12 and give rise to the
recognition of a deferred tax liability or asset in the following cases:
•
A deferred tax liability is recognised for all taxable temporary differences between the
carrying amount or tax base of an asset or liability, except to the extent that the deferred
tax liability arises from:
-
the initial recognition of goodwill;
-
the initial recognition of an asset or liability in a transaction which is not a business
combination and, at the time of the transaction, affects neither accounting profit nor
taxable profit (tax loss).
•
A deferred tax asset is recognised for all deductible temporary differences between the
carrying amount or tax base of an asset or liability to the extent that it is probable that
taxable profit will be available against which the deductible temporary difference can be
utilised.
•
A deferred tax asset is also recognised for the carryforward of unused tax losses and
unused tax credits to the extent that it is probable that future taxable profit will be available
against which the unused tax losses and unused tax credits can be utilised.
41
The tax rates enacted in each country are used as applicable.
Deferred taxes are not discounted.
Taxable unrealised gains on financial assets do not give rise to temporary differences between
the carrying amount and tax base of the asset or accordingly to the recognition of deferred taxes.
In the case of available-for-sale financial assets, unrealised gains or losses are recognised in
other comprehensive income. The associated tax expense or benefit effectively incurred by the
entity is therefore deducted directly from the gains or losses.
In France, gains on disposals of equity interests as defined in the French General Tax Code,
which are governed by the rules on long-term capital gains, are exempt from tax for periods
beginning on or after 1 January 2007, except for 5% of the gain which is taxed at the standard
rate. Accordingly, unrealised gains recognised at the year-end generate a temporary difference
that gives rise to the recognition of deferred tax in respect of that 5%.
Current and deferred tax is recognised as a tax benefit or expense and included in profit or loss
for the period, except to the extent that the tax arises from:
-
a transaction or event which is recognised, in the same or a different period, directly in equity,
in which case it is debited or credited directly to equity;
-
a business combination.
Deferred tax assets and liabilities are offset if, and only if:
-
the entity has a legally enforceable right to set off current tax assets against current tax
liabilities; and
-
the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the
same taxation authority on either:
a) the same taxable entity; or
b) different taxable entities which intend either to settle current tax liabilities and assets
on a net basis, or to realise the assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.
When tax credits on income from receivables and securities are effectively used to settle income
tax due for the period, they are recognised under the same heading as the income to which they
relate. The corresponding tax expense continues to be recognised in the income statement under
"Income tax expense".
Treatment of fixed assets (IAS 16, 36, 38 and 40)
The CACF Group applies component accounting to all items of property, plant and equipment. In
accordance with IAS 16, the depreciable amount takes account of the residual value of the asset,
if any.
Land is measured at cost less any impairment losses. Property used in operations, investment
property and equipment are measured at their purchase cost less all accumulated depreciation,
amortisation, and impairment losses.
42
Purchase software is measured at its purchase cost less all accumulated depreciation,
amortisation and impaired losses since acquisition. Internally generated software is measured at
its production cost less all accumulated depreciation, amortisation and impairment losses since
completion.
Other than software, intangible assets mainly comprise intangible assets acquired in a business
combination, which are measured according to the expected future economic benefits or service
potential.
Property, plant and equipment are depreciated over their estimated useful lives. The following
components and depreciation periods have been used by the CACF Group since the adoption of
component accounting. The depreciation periods are adjusted according to the type of building
and its location:
Component
Depreciation period
Land
Not depreciable
Buildings
20 to 50 years
Computer equipment
3 to 5 years
Other
3 to 15 years
Software
1 to 5 years
Exceptional depreciation charges, which do not reflect a true impairment in the value of the asset,
are eliminated in the consolidated financial statements.
Based on available information, the CACF Group does not believe that impairment testing would
lead to a change in the carrying amounts of its non-current assets.
Foreign currency transactions (IAS 21)
In accordance with IAS 21, a distinction is made between monetary and non-monetary items.
On the reporting date, monetary assets and liabilities denominated in foreign currencies are
translated into the CACF Group's functional currency at the closing rate. Any resulting translation
differences are recognised in profit or loss. There are two exceptions to this rule:
-
available-for-sale financial assets: only those translation differences calculated on amortised
cost are recognised in profit or loss and the balance is recognised in other comprehensive
income;
-
Translation adjustments on items designated as cash flow hedges or forming part of a net
investment in a foreign operation are recognised in other comprehensive income.
The treatment of non-monetary items differs according to their nature:
-
items measured at cost are translated at the exchange rate prevailing on the transaction date;
-
items measured at fair value are translated at the exchange rate prevailing on the closing
date.
43
Translation adjustments arising on non-monetary items are recognised as follows:
-
in profit or loss if the gain or loss on the non-monetary item has been recognised in profit or
loss;
-
in other comprehensive income if the gain or loss on the non-monetary item has been
recognised in other comprehensive income.
Commission and fees (IAS 18)
Fee and commission income and expense are recognised in profit or loss according to the type of
service:
-
Fees and commissions that form an integral part of the effective yield on a financial instrument
are recognised as an adjustment to the yield and included in the effective interest rate;
-
When the outcome of a transaction involving the rendering of services can be estimated
reliably, revenue associated with the translation is recognised as "commissions and fees" by
reference to the stage of completion of the transaction at the reporting date:
a) Fees and commissions received or paid in consideration for non-recurring services are
recognised in full in profit or loss.
Fees and commissions payable or receivable that are contingent upon meeting a
performance target are recognised only if all the following conditions are met:
i) the amount of fees or commissions can be measured reliably;
ii) it is probable that the future economic benefits associated with the transaction will
flow to the entity;
iii) the stage of completion of the transaction can be measured reliably, and the costs
incurred for the transaction and the costs to complete it can be measured reliably;
b) Fees and commissions in consideration for ongoing services, such as payment
systems, are recognised in profit or loss and deferred over the period during which the
service is performed.
Insurance business (IFRS 4)
Insurance liabilities are partly measured using French GAAP, as permitted by IAS and IFRS,
pending further amendments to the existing standards.
Life insurance technical reserves are estimated conservatively on the basis of the technical rates
defined in the contracts.
Total expenses related to the insurance business are disclosed in note 4.5 on Net income
(expense) on other activities.
44
Leases (IAS 17)
In accordance with IAS 17, leases are classified either as operating leases or finance leases
according to the substance and financial reality of the transaction.
Lease finance operation is treated as a purchase of a fixed asset by the lessee financed by a loan
from the lessor.
In the lessor's financial statements, classification of a transaction as a finance lease leads to:
-
recognition of a financial receivable from the customer, amortised by the lease payments
received;
-
apportionment of the lease payments between interest income and repayment of principal,
which is known as financial amortisation;
-
recognition of a net lease reserve, which is equal to the difference between:
a) the net lease reserve: amount payable by the lessee comprising the principal outstanding
and accrued interest at the year-end;
b) the net carrying amount of the leased fixed assets;
c) the provision for deferred taxes.
In the lessee's financial statements, a finance lease is treated as an asset financed by borrowing,
which leads to the recognition in the balance sheet of a financial liability and a depreciable asset.
Accordingly, in the income statement, the lease payment is apportioned between depreciation
(which would have been recognised had the asset been purchased) and the finance charge (on
the borrowing).
For operating leases, the lessee recognises the lease payments as expenses. The lessor
recognises the corresponding income in profit or loss and the leased assets on its balance sheet.
Non-current assets held for sale and discontinued operations (IFRS 5)
A non-current asset (or a disposal group) is classified as held for sale if its carrying amount will be
recovered principally through a sale transaction rather than through continuing use.
For this to be the case, the asset (or disposal group) must be available for immediate sale in its
present condition and its sale must be highly probable.
The relevant assets and liabilities are shown separately on the balance sheet under “Non-current
assets held for sale” and “Liabilities associated with non-current assets held for sale”.
A non-current asset (or disposal group) classified as held for sale is measured at the lower of its
carrying amount and fair value less costs to sell. If the fair value is lower than the carrying
amount, an impairment loss is recognised in profit or loss. A non-current asset is not depreciated
or amortised while it is classified as held for sale or while it is part of a disposal group classified as
held for sale.
A discontinued operation is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
45
-
represents a separate major line of business or geographical area of operations,
-
is part of a single co-ordinated plan to dispose of a separate major line of business or
geographical area of operations, or
-
is a subsidiary acquired exclusively with a view to resale.
A single amount is disclosed on the face of the income statement comprising the total of the
following items:
-
the post-tax profit or loss for the discontinued operation until the date of disposal;
-
the post-tax gain or loss recognised on the measurement at fair value less costs to sell or on
the disposal of the assets or disposal group(s) constituting the discontinued operation.
1.4
Consolidation methods and principles (IAS 27, 28 and 31)
Scope of consolidation
The consolidated financial statements include the financial statements of CACF and all
companies over which CACF exercises control or significant influence in accordance with IAS 27,
IAS 28 and IAS 31. This is presumed to be the case when CACF directly or indirectly holds at
least 20% of the existing and potential voting rights.
Definitions of control
In accordance with international financial reporting standards, all entities over which the CACF
Group has exclusive or joint control or over which it exercises significant influence are included in
the consolidated financial statements, provided that their contribution is deemed to be material
and they are not covered by the exclusions listed below.
Materiality is assessed in light of three main criteria expressed as a threshold of total consolidated
assets, consolidated equity and consolidated net income.
Exclusive control is presumed to exist when CACF owns, directly or indirectly through
subsidiaries, more than half of an entity's existing or potential voting rights unless, in exceptional
circumstances, it can be clearly demonstrated that such ownership does not constitute control.
Exclusive control also exists when CACF owns half or less of the existing and potential voting
rights of an entity but has the power to cast the majority of votes at meetings of the management
bodies.
Joint control is the contractually agreed sharing of control over an economic activity by two or
more co-venturers.
Significant influence is the power to participate in the financial and operating policy decisions of
the investee but is not exclusive or joint control over those policies. Significant influence is
presumed to exist when CACF owns, directly or indirectly through subsidiaries, 20% or more of an
entity's voting rights.
46
Consolidation methods
Consolidation methods are set out in IAS 27, 28 and 31. The method used depends on the type of
control exercised by CACF over entities that can be consolidated, regardless of their business
activity and whether or not they have legal entity status:
-
full consolidation for entities under exclusive control, including entities with different financial
statement structures, even if their business is not an extension of that of CACF;
-
proportional integration for entities under joint control, including entities with different financial
statement structures, even if their business is not an extension of that of CACF;
-
equity method for entities over which CACF exercises significant influence.
Full consolidation consists in substituting for the value of the securities each of the assets and
liability items carried by each subsidiary. The share of minority interests in equity and net income
are disclosed separately on the face of the consolidated balance sheet and income statement.
Minority interests are interests that do not have power to control as defined by IAS 27 and include
instruments that are present ownership interests and entitle the holder to a proportionate share of
the net assets in the event of liquidation, as well as other equity instruments issued by the
subsidiary and not owned by the Group.
Proportional consolidation consists of eliminating the carrying amount of the interest recognised in
the consolidating company's financial statements and recognising a proportion of the assets,
liabilities and results of the entity representing the consolidating company's interest.
Equity method accounting consists of eliminating the carrying value of the Group's interest and
recognising its share of the equity and net income of the entities concerned.
Consolidation adjustments and eliminations
Adjustments are made to harmonise the accounting methods used by consolidated companies,
unless they are deemed to be non-material.
Intra-group transactions are eliminated from the consolidated balance sheet and income
statement.
Gains or losses on the sales of assets between consolidated companies are eliminated. Any
lasting impairment measured at the time of an internal disposal is recognised.
Translation of foreign subsidiaries' financial statements (IAS 21)
The financial statements of foreign subsidiaries are translated into euros in two stages:
-
where necessary, the local accounting currency is translated into the functional currency
(currency of the primary economic environment in which the entity operates) using the
historical cost method and any translation adjustments are recognised immediately in profit or
loss;
-
the functional currency is translated into euros, the currency in which the Group’s consolidated
financial statements are presented. Balance sheet items are translated at the closing rate.
Income statement items are translated at the average exchange rate for the period.
47
Translation adjustments arising from the translation of the balance sheet and income
statement are recorded under a specific item in equity.
Business Combinations – Goodwill
Business combinations are accounted for using the acquisition method in accordance with IFRS
3, except for combinations of entities or businesses under common control, which are not covered
by IFRS 3. These transactions are accounted for at their net carrying amount in accordance with
French GAAP, as permitted by IAS 8.
On the date of acquisition, the identifiable assets, liabilities and contingent liabilities of the
acquired entity which satisfy the conditions for recognition set out in IFRS 3 are recognised at
their fair value.
Restructuring liabilities are only recognised as a liability of the acquired entity if, at the date of
acquisition, the acquiree is under an obligation to complete the restructuring.
For transactions completed after 1 January 2010, any contingent consideration (price adjustment)
is recognised at its fair value (if it can be measured reliably) even if its occurrence is not
considered probable. Subsequent changes in the fair value of contingent consideration classified
as a financial liability are recognised in profit or loss. For transactions completed on or before 31
December 2009, contingent consideration is only included in the cost of the combination if its
occurrence is probable, even after the twelve-month measurement period.
Since 1 January 2010, the components of a non-controlling interest that are present ownership
interests and entitle their holders to a share of the net assets in the event of liquidation may be
measured in one of two ways, at the acquirer's option:
-
at their value on the acquisition date;
-
at their proportionate share of the acquiree's identifiable net assets.
This option is available on a transaction by transaction basis.
Other components of a non-controlling interest (equity instruments issued by the subsidiary not
owned by the Group) are recognised at their acquisition-date fair value.
The initial valuation of assets, liabilities and contingent liabilities may be revised within a
maximum period of 12 months after the acquisition date.
Some transactions relating to the acquired entity are recognised separately from the business
combination, mainly including:
-
a transaction that in effect settles pre-existing relationships between the acquirer and
acquiree;
-
a transaction that remunerates employees or former owners of the acquiree for future
services;
-
a transaction that reimburses the acquiree or its former owners for paying the acquirer’s
acquisition-related costs.
These separate transactions are usually recognised through profit or loss on the acquisition date.
48
The consideration transferred in a business combination (acquisition cost) is measured as the
sum of the fair values transferred by the acquirer on the acquisition date in exchange for control of
the entity acquired (e.g. cash, equity instruments, etc.).
For transactions completed on or before 31 December 2009, the cost of the acquisition also
included costs directly attributable to the business combination.
For business combinations completed on or after 1 January 2010, acquisition-related costs are
expensed as incurred, separately from the business combination. If the transaction is highly
probable, these costs are recognised under "net gains or losses on disposal of other assets",
otherwise they are recognised as "general operating expenses".
Any positive difference between i) the sum of the consideration transferred and the amount of any
minority interest and ii) the net of the acquisition-date amounts of the identifiable assets acquired
and the liabilities assumed measured at fair value is recognised as an asset in the balance sheet
under the heading "Goodwill" when the entity acquired is fully or proportionately consolidated and
under the heading equity-accounted companies when the entity acquired is accounted for by the
equity method. Any negative difference is recognised immediately in profit or loss.
Goodwill is recognised in the balance sheet at its initial amount in the currency of the acquired
entity and translated at the closing rate.
In the case of business combinations achieved in stages, on the date that control is obtained, the
previously held equity interest is remeasured at fair value through profit or loss on the acquisition
date and the goodwill is calculated once only based on the acquisition-date fair values of assets
acquired and liabilities assumed.
Goodwill is tested for impairment whenever there is objective evidence that it might be impaired
and at least once a year.
The choices and assumptions used to measure minority interests on the acquisition date may
influence the amount of initial goodwill and any impairment loss.
For impairment testing purposes, goodwill is allocated to the cash generating units (CGUs) that
are expected to benefit from the business combination. The CGUs have been defined within the
Group's core business lines as the smallest group of identifiable assets and liabilities that operate
according to their own specific business model. Impairment testing consists of comparing the
carrying amount of each CGU, including any goodwill allocated to it, with its recoverable amount.
The recoverable amount is the higher of fair value less costs to sell and value in use. Value in use
is the present value of the future cash flows expected to be derived from an asset or cashgenerating unit, as set out in the medium-term business plans prepared by the Group for
management purposes.
If the recoverable amount is lower than the carrying amount, a corresponding impairment loss is
recognised against the goodwill allocated to the CGU. This impairment loss is not reversible.
If CACF increases its ownership interest in an entity it already controls, the difference between the
consideration transferred and the additional share of net assets acquired is recognised in
"Consolidated reserves attributable to owners of the parent". If CACF reduces its ownership
interest in an entity without losing control, the difference between the sale price and the carrying
amount of the minority interest sold is also recognised directly in consolidated reserves. Expenses
related to these transactions are recognised in equity.
49
In the event of a change in ownership interest in an entity that is already controlled, the value of
the goodwill remains unchanged but is reallocated between equity attributable to owners of the
parent and minority interests.
As a result, the accounting treatment of put options granted to minority shareholders is as follows:
-
When a put option is granted to the minority shareholders of a fully consolidated company, a
liability is recognised on the balance sheet. It is initially measured at the estimated net present
value of the option's exercise price. In consideration for the liability, the share of net assets
belonging to the minority shareholders is reduced to zero and the balance is deducted from
equity.
-
Subsequent changes in the estimated value of the exercise price will affect the amount of the
liability and will give rise to a corresponding adjustment to equity. Symmetrically, subsequent
changes in the share of net assets belonging to the minority shareholders are cancelled out
through an adjustment to equity.
Disposals that involve the loss of control give rise to the derecognition of the entire ownership
interest and the recognition of any investment retained in the former subsidiary at its fair value on
the transaction date.
50
1.5 Main impacts of the change in method of accounting for actuarial gains
and losses (IAS 19)
31 December 2009
(in millions of euros)
Income statement
Gross operating income
- o/w employee benefits expense
Income tax
Net income (owners + NCI)
Minority Interests
Net income attributable to owners of the parent
Earnings per share (in euros)
Diluted earnings per share (in euros)
Published
1 766 964
-562 441
-93 336
431 806
77 915
353 891
40,60
40,60
Impact of IAS
19 option
-6 377
-6 377
1 688
-4 689
-169
Adjusted
1 760
-568
-91
427
77
587
818
648
117
746
-4 520
-0,52
-0,52
349 371
40,08
40,08
4 520
-8 966
Statement of other comprehensive income
Other comprhensive income (net of tax) attributable
to the owners excluding equity accounted entities
Share of other comprehensive income of equity
accounted entities
Net income and other comprehensive income
attributable to minority interests
-13 486
-839
353 891
-839
-4 520
66 754
349 371
66 754
Balance sheet
Liabilities and equities
Other comprehensive income
Net income for the year
Minority Interests
-29 836
353 891
324 571
4 520
-4 520
-25 316
349 371
324 571
Statement of changes in equity
Other comprehensive income (column
heading)/change in other comprehensive income
-29 836
4 520
-25 316
525 142
1 232 084
-6 377
6 377
518 765
1 238 461
Cash flow statement
Pre-tax income
Net impairment and provision charges
51
2 Scope of consolidation
The scope of consolidation at 31 December 2010 is presented in detail at the end of these notes.
2.1
Changes in scope of consolidation during the year
Companies consolidated for the first time in 2010
-
Antena
Antena is a Greek entity, 80% owned by Emporiki Credicom (wholly-owned subsidiary of CA
Consumer Finance) since end-2007. Its main activity is leasing. This entity was not consolidated
in 2009, but has been consolidated since 1 January 2010 as it now meets the materiality criteria.
In the first quarter of 2010, Antena increased its share capital by €22 million. The capital increase
was fully suscribed by Emporiki Credicom and the minority interests were therefore diluted by
20% to 0.37%. The capital increase was paid for with Emporiki Rent shares (wholly-owned
subsidiary of Emporiki Credicom).
Consequently, at 31 December 2010, Antena was fully consolidated with a 99.63% ownership
interest for the Group.
-
GAC – Sofinco Auto Finance Co. Ltd
GAC – Sofinco Auto Finance Co. Ltd is a newly-created 50/50 joint venture between Gaungzhou
Automobile Group Co. Ltd and CACF. It has a carrying amount of €24.5 million. Launched in July
2010, it offers financing solutions to dealerships of vehicle makes related to GAC in China.
As CACF exercises significant influence over this entity, GAC-Sofinco has been accounted for by
the equity method at 50% since 1 July 2010.
Companies deconsolidated in 2010
-
Winding-up of GIE Sofilead & GIE Sofiliance
These two economic interest groups were 50% owned by Finaref and 50% by Sofinco. Their
purpose was to pool the interests of Finaref and Sofinco. On 1 April 2010, concurrently with the
Finaref/Sofinco/CACF merger, these two GIEs were in the process of winding up.
-
Winding up of GIE Argence Management
GIE Argence Management is the economic interest group that employees the staff responsible for
defining the strategic and general outlines of the Finaref Group's policy.
On 1 April 2010, Finaref was merged into Sofinco, which was then renamed CA Consumer
Finance. GIE Argence Management therefore has no further purpose and it is currently in
liquidation. The staff employed by the GIE were transferred to CA Consumer Finance concurrently
with the merger. As the balances and transactions remaining after 31 March 2010 were not
material, GIE Argence Management was deconsolidated as of 1 April 2010.
52
-
Disposal of Fia-Net
Fia-Net SA is a French entity, wholly-owned by CACF. It provides a certification service to secure
online payments. At 30 September 2010, it was sold to Crédit Agricole SA for the sum of
€25.9 million.
-
Deconsolidation of Credigen
Credigen is a Hungarian entity, wholly-owned by CACF. In 2010, it was decided to gradually runoff Credigen's operations. At 31 December 2010, Credigen was not making any further loans and
was deconsolidated as it no longer met the materiality criteria.
-
Deconsolidation of Sofinco Saudi Fransi
SSF is a Saudi entity, 50%-owned by CACF. In 2010, it was decided to gradually run-off SSF's
operations. At 31 December 2010, SSF was deconsolidated as it no longer met the materiality
criteria.
-
Disposal of Carrefour Servizi Finanziari
CSF is an Italian entity 40%-owned by Agos Ducato and 24.40% by CACF. On 31 December
2010, Agos sold its interest to Société des Paiements Pass S.A. for the sum of €3.3 million. As
the disposal was outside the CACF Group, a €0.2 million gain on the Group's interest was
recognised at 31 December 2010.
Other changes
-
Sofinco/ Finaref/CACF merger
As described in the section on significant events of 2010, Sofinco, Finaref and Crédit Agricole
Consumer Finance merged with retroactive effect at 1 January 2010.
On 1 April 2010, Sofinco did not hold an equity interest in Finaref and the merger was therefore
paid for by way of a distribution of new Sofinco shares to Finaref's shareholders.
-
Merger of Antena and Emporiki Rent
On 15 October 2010, Emporiki Rent was merged into Antena with no retroactive effect, with the
aim of combining all the Emporiki Group's leasing activities into a single entity.
After the merger, Antena-Rent was renamed Emporiki Rent Long Term Leasing Of Vehicles S.A.
Change of company name
-
Credit Agricole Consumer Finance Nederland
On 1 July 2010, Crédit Agricole Deveurope was renamed Crédit Agricole Consumer Finance
Nederland.
-
Credicom Consumer Finance Bank S.A
On 2 December 2010, Emporiki Credicom was renamed Credicom Consumer Finance Bank S.A.
53
2.2
Main acquisitions made during the year
No acquisitions were made in 2010.
2.3
Investments in equity accounted entities
31/12/2010
Ucalease*
Climauto*
Alsolia
Wafasalaf
Finalia
GAC Sofinco Auto Finance Co.
Cartes Cadeaux Distribution Services
Carrying
amount
1
3
1
128
223
147
543
107
2 563
26 541
839
Net assets
-
-
6
2
8
51
650
293
246
790
377
52 986
1 923
Total assets
NBI
119 265
10 404
51 826
1 049 364
85 114
56 077
2 798
8 738
438
5 814
89 730
11 438
7 699
72
-
Net income
-
4 137
400
207
27 798
849
46
3 692
1 708
Net equity accounted value of
investments
163 963
* Trading companies: the NBI figure refers to revenues.
Share of net
income
2 068
200
8
13 484
253
23
1 802
902
12 780
31/12/2009
Carrying
amount
Ucalease*
845
Climauto*
2 948
Alsolia
1 535
Wafasalaf
116 707
3 195
Finalia
2 586
Cartes Cadeaux Distribution Services
761
Net equity accounted value of
126 887
investments
* Trading companies: the NBI figure refers to revenues.
Net assets
1
8
109
7
709
655
039
942
827
1 187
Total assets
102 319
10 345
50 491
1 040 065
148 046
71 804
1 745
NBI
-
57 197
11 295
6 007
76 410
10 308
6 767
199
Net income
-
-
193
1 587
460
22 360
1 322
8
1 484
Share of net
income
685
87
76
10 735
593
4
727
10 259
54
2.4
Securitisation transactions and dedicated funds
CACF
Ginkgo
Agos-Ducato
Sunrise 1
Sunrise 2
FGA Capital sub-group
A-Best S.r.l.
A-Best Two S.r.l.
A-Best Three Plc
A-Best Four
A-Best Five S.A.
Erasmus Finance Plc
FCT Fast securitisation 2
Quasar Securitisation Cy N.V.
Nixes S.r.l.
Paris – France
Retail financing
Milan – Italy
Milan – Italy
Retail financing
Retail financing
Milan – Italy
Conegliano – Italy
London – United Kingdom
Conegliano – Italy
Luxembourg
Dublin – Ireland
Paris – France
Brussels – Belgium
Milan – Italy
Retail financing
Retail financing
Retail financing
Retail financing
Retail financing
Dealership financing
Dealership financing
Retail financing
Retail financing
Nixes Two S.r.l.
Milan – Italy
Retail financing
Nixes Three Plc
Nixes Four S.r.l.
Dublin – Ireland
Milan – Italy
Retail financing
Retail financing
The carrying amounts of the relevant assets concerned net of associated liabilities amounted to
€13,974 million at 31 December 2010 compared with €11,050 million at 31 December 2009. They
include customer loans with a carrying amount of €12,130 million at 31 December 2010 compared
with €10,569 million at 31 December 2009.
55
2.5
Investments in non-consolidated companies
These investments are classified as available-for-sale financial assets and comprise variableincome securities that represent a significant equity interest in the issuer. They are intended to be
held for the long-term.
31.12.2010
France
Credigen*
GIE Silca
SCI Sofinco
Compagnie des Immeubles Réunis SA*
Sofinrec
Assurfi
LD Services
SSF*
International
CF assicurazioni spa (Italy)*
Soluzio Quinto Finanziaria spa (Italy)
Carrefour Marinopoulos (Greece)*
BCC Credito Consumo (Soluzio Consumer spa) (Italy)
Unifitel (Morocco)
Gestamm sarl (Italy)
Optimalit (Czech Republic)
Other
Carrying amount of non-consolidated investments
Carrying
amount
31.12.2009
% interest held
by the Group
7 628
3 200
3 048
2 118
510
105
37
100%
4%
100%
16%
100%
55%
100%
100%
2 500
900
386
316
72
40
40
1 442
40%
80%
38%
40%
80%
40%
100%
22 342
Carrying
amount
% interest held
by the Group
3 200
3 324
2 118
416
105
37
4%
100%
16%
100%
55%
100%
2 500
900
4 736
790
72
40
37
1 588
40%
80%
40%
100%
80%
40%
100%
19 863
* Including a €13,330 thousand impairment loss recognised in profit or loss.
56
2.6
Goodwill
31/12/2009
GROSS
31/12/2009
NET
Finaref SA
Agos/Ducato
FGA Capital
Sofinco
Finaref AB
Credibom
InterBank/DMC/Ribank
Dan Aktiv
Fia-Net
Credium
Forso Sweden
BC Finance
Emporiki Rent
Logos
Credium Slovakia
Credigen
Ménafinance
Emporiki Rent Leasing
1 017
561
512
407
182
117
103
41
23
16
15
8
4
1
Total
3 016 240
(en milliers d'euros)
106
431
698
028
789
345
310
049
634
761
817
911
324
868
734
1 435
1 017
561
512
407
182
105
103
41
23
16
15
8
4
1
Increases
(Acquisitions)
106
431
698
028
789
120
310
049
634
761
817
911
324
868
734
Decreases
(Disposals)
Impairment
during the
period
Translation
ad justments
Other
movements
-1 017 106
25 354
1 017 106
-24 000
-19 000
197
-64
3 002 580
Finaref SA
Agos/Ducato
FGA Capital
Sofinco
Finaref AB
Credibom
InterBank/DMC/Ribank
Dan Aktiv
Fia-Net
Credium
Forso Sweden
BC Finance
Emporiki Rent
Logos
Credium Slovakia
Credigen
Ménafinance
Assurfi
1 017
567
512
407
182
117
103
41
23
16
38
8
4
1
944
2 270
586 785
512 698
1 424 134
158 986
86 120
103 310
40 985
17 705
18 087
8 911
17 705
18 087
8 911
1 868
734
1 868
734
-4 324
13
13
Total
3 043 695
3 042 691
1 017
567
512
407
182
117
103
41
23
16
38
8
4
1
4 587
Increases
(Acquisitions)
106
789
698
028
711
345
310
000
616
510
031
911
324
868
-23 634
Decreases
(Disposals)
-43 000
Impairment
during the
period
3 347
Translation
ad justments
4 324
8 911
8 911
23 919
3 024 459
2 969 234
Other
movements
49
18
145
3 016 240
3 002 580
78
431
31/12/2009
NET
1 017 106
561 431
512 698
407 028
182 789
105 120
103 310
41 049
23 634
16 761
15 817
8 911
4 324
1 868
734
-12 225
251
1 516
-23 730
31/12/2009
GROSS
1 017 106
561 431
512 698
407 028
182 789
117 345
103 310
41 049
23 634
16 761
15 817
8 911
4 324
1 868
734
1 435
-6 358
734
1 435
586 785
512 698
1 424 134
182 986
117 345
103 310
40 985
-1 435
31/12/2008
NET
106
789
698
028
711
345
310
000
616
510
031
911
324
868
31/12/2010
NET
-23 634
4 587
31/12/2008
GROSS
31/12/2010
GROSS
-431
-13
734
-30 101
-12 656
1 767
The acquisition of Emporiki Rent Leasing during the year gave rise to goodwill of €4.6 million.
The Group's disposal of Fia-net led to a €23.6 million decrease in goodwill.
At 31 December 2010, goodwill impairment tests revealed a decline in the value of Finaref AB and
Credibom, leading to the recognition of a goodwill impairment loss of €24 million and €19 million
respectively.
57
3 Financial management, risk exposure and hedging policy
The CACF Group’s banking risk management is handled by the Credit department, which reports
to the Chief Executive Officer. Its task is to control credit, market and operational risk and to
oversee projects affecting management of these risks.
A detailed description of the risk management system now appears in the management report in
the section entitled “Risk factors”, as permitted by IFRS 7. Nonetheless, the accounting
breakdowns are still presented in the financial statements.
3.1.
Credit risk
(see Management Report, note 3.1)
Credit risk occurs when counterparty is unable to honour its obligations and when the carrying
amount of these obligations in the bank’s books is positive. The counterparty may be a bank, an
industrial or commercial enterprise, a government and its various entities, an investment fund, or
an individual.
The exposure may be a loan, debt or equity instrument, performance exchange contract,
performance bond or unused confirmed commitment. The risk also includes the settlement risk
inherent in any transaction entailing an exchange of cash or physical goods outside a secure
settlement system.
Maximum exposure to credit risk
An entity’s maximum exposure to credit risk is the gross carrying amount, net of any offsetting
amount and any recognised impairment loss.
Financial assets at fair value through profit or loss (excluding variable-income
securities and assets backing unit-linked contracts)
Available-for-sale assets (excluding variable-income securities)
Loans and receivables to credit institutions (excluding internal transactions)
31/12/2010
31/12/2009
20 749
33 787
131 215
644 106
6 803 621
62 823
207 180
6 970 987
Balance sheet exposures (net of impairment)
Financing commitments given (excluding internal transactions)(1)
Financial guarantee commitments given (excluding internal transactions)(2)
Off-balance sheet exposures (net of provisions)
50 201
57 800
20 273
60
20 333
197
888
971
026
997
48 870 714
56 145 491
20 360 551
34 378
20 394 929
TOTAL NET EXPOSURE
78 134 885
76 540 420
An analysis of exposure concentrations provides information about the Group's risk diversification.
58
Concentration of lending by economic agent
Loans and receivables to credit institutions and customers by economic agent (excluding
Crédit Agricole internal transactions)
31/12/2010
Gross exposures
o/w individually impaired
Central governments
4 090
Central banks
6 129
Credit institutions
6 778 757
Other non-credit institutions
3 429 901
Large corporates
49 918 497
Retail customers
Total*
60 137 374
Net accrued interest
Carrying amount
* Including €805,414 thousand in performing restructured customer loans
Collective
impairm ent
Individual impairm ent
1 209
-712
Total
-1
6
182 069
4 700 845
4 884 123
-102 030
-2 893 902
-2 996 644
-15 399
-295 422
-310 822
3
46
56
57
3 377
6 129
778 757
0
312 472
729 173
829 908
174 910
004 818
(not impaired)
31/12/2009
Individual impairment
269 428
914
-319
6 949 869
452
-452
3 192 060
48 190 904
58 602 261
112 981
4 231 636
4 345 983
-82 798
-2 586 095
-2 669 664
Gross exposures
Central governments (1)
Central banks (1)
Credit institutions
Large corporates
Retail customers
Total*
Carrying amount
Collective
impairment
-454
-12 532
-247 820
-260 806
Total
268 656
0
6 949 417
0
3 096 730
45 356 989
55 671 791
169 910
55 841 701
(1) In the notes to the 2009 consolidated financial statements, transactions with central governments and central banks were combined on the same line.
* Including €685,354 thousand in performing restructured customer loans (not impaired)
Commitments given to customers by economic agent
31/12/2010
Financing commitments given to customers
Large corporates
378 436
Retail customers
19 810 639
20 189 075
Total
Guarantee commitments given to customers
5 355
Large corporates
Retail customers
78
5 433
Total
31/12/2009
310 660
19 970 735
20 281 395
5 710
78
5 788
59
Amounts due to customers by economic agent
31/12/2010
Central governments
Large corporates
Retail customers
593
25 000
110 803
85 658
222 054
590
222 644
Total
Accrued interest
Carrying amount
31/12/2009
42
56 000
79 558
72 100
207 700
570
208 270
Concentration of lending by geographical area
Loans and receivables to credit institutions and customers by geographical area
(excluding Crédit Agricole internal transactions)
31/12/2010
Gross exposures
France (including overseas departments and
18 939 244
1 874 125
territories )
40 022 340
2 920 523
Other EU countries
1 081 279
14 331
Rest of Europe
589
483
North America
Central and South America
184
130
Africa and Middle-East
93 461
74 358
Asia-Pacific (ex. Japan)
247
146
Japan
30
27
60 137 374
4 884 123
Total*
Carrying amount
Collective
impairment
-1 157 071
-1 830 564
-9 009
-153 700
-154 887
-2 235
-2 996 644
-310 822
Total
17 628 473
38 036 889
1 070 035
589
184
93 461
247
30
56 829 908
174 910
57 004 818
31/12/2009
Gross exposures
1 780 263
19 238 497
territories )
38 532 674
2 538 770
Other EU countries
790 361
16 406
Rest of Europe
452
452
40 277
10 092
58 602 261
4 345 983
Total*
Carrying amount
-1 113 208
-1 535 096
-11 275
-452
-9 633
-2 669 664
Collective
impairment
Total
-126 169
-127 198
-4 819
17 999 121
36 870 380
774 267
-2 620
-260 806
28 024
55 671 791
169 910
55 841 701
60
Commitments given to customers by geographical area
31/12/2010
Financing commitments given to customers
17 561 464
territories)
2 626 929
Other EU countries
164
Rest of Europe
108
North America
86
244
68
Japan
12
20
189
075
Total
Guarantee commitments given to customers
5 433
territories)
5 433
Total
31/12/2009
17 784 607
2 496 788
20 281 395
5 788
5 788
Amounts due to customers by geographical area
31/12/2010
France (including overseas departments
and territories)
Other EU countries
Rest of Europe
31/12/2009
146 336
75 709
4
5
222 054
590
222 644
Total
Accrued interest
Carrying amount
126 004
81 654
42
207 700
570
208 270
Information on past due or individually impaired financial assets
Analysis of past due or impaired financial assets by economic agent
Carrying amount of
past due financial
assets
Over 1 year
180 days to 1 year
90 to 180 days
Under 90 days
Equity instruments
Debt instruments
Central governments
Large corporates
Retail customers
Total
1 723 067
185
1 723 252
64 620
1 658 447
1 723 067
72
113
185
64 692
1 658 560
1 723 252
Individual and collective
Impairment
31/12/2010
Net carrying amount of
individually impaired
financial assets
31/12/2010
Aged analysis of past due financial assets
12 652
-21 821
1 890 518
498
80 048
1 809 972
1 903 170
-3 422 502
-713
-117 429
-3 304 360
-3 444 323
61
1 527 410
762
Carrying amount of
past due financial
assets
Over 1 year
180 days to 1 year
90 to 180 days
Under 90 days
Equity instruments
Debt instruments
Central governments (1)
Credit institutions
Large corporates
Retail customers
Total
(1) In the notes to the 2009 consolidated financial
same line.
7
12
18 407
6 872
1 528 191
1 678 282
595
Individual and collective
Impairment
31/12/2009
Net carrying amount of
individually impaired
financial assets
31/12/2009
Aged analysis of past due financial assets
-11 535
-2 759 665
-319
-452
44 979
230
45 209
30 195
-82 798
1 482 431
532
7
12 1 482 982 1 647 492
-2 676 096
1 527 410
762
7
12 1 546 598 1 685 154
-2 771 200
statements, transactions with central governments and central banks were combined on the
Derivative instruments – counterparty risk
The counterparty risk on derivative instruments is determined according to market value and
potential credit risk, calculated and weighted in accordance with prudential standards.
The impacts of netting and collateralisation, which mitigate this risk, are also presented for
information.
31/12/2010
Exposure to OECD financial institutions and similar
organisations
Total
Total after netting and collateralisation
* Calculated on the basis of Basel II requirements
Market
value
151 964
151 964
151 964
31/12/2009
Total
Potential
counterparty
credit risk*
risk
161 762
161 762
161 762
313 726
313 726
313 726
Market
value
96 610
96 610
96 610
Total
Potential
counterparty
credit risk*
risk
172 287
172 287
172 287
268 897
268 897
268 897
Contracts between members of the network are excluded as they do not carry any counterparty
risk.
3.2.
Market risk
(see Management Report, note 3.2)
Market risk is the risk of a negative impact on the income statement or balance sheet of adverse
fluctuations in the value of financial instruments following changes in market parameters,
including:
- interest rates: interest rate risk is the risk of a change in the fair value or future cash flows of a
financial instrument due to a change in interest rates;
- exchange rates: foreign exchange risk is the risk of a change in the fair value of a financial
instrument due to a change in exchange rates;
- prices: price risk is the risk of a change in the price and volatility of equities and commodities,
baskets of equities and stock indices. The instruments most exposed to this risk are variableincome securities, equity derivatives and commodity derivatives.
62
Derivative instruments: analysis by remaining maturity
Hedging derivative instruments – fair value of assets
31/12/2010
E xchange-traded
Under 1 year
1 to 5 years
Over 5 years
Interest rate instruments:
. Futures
. FRAs
. Interest rate swaps
. Interest rate options
. Caps, floors and collars
. Other option-type instruments
31/12/2009
Over-the-counter
Under 1
year
1 to 5 years
Over 5 years
Total market
value
Total market
value
17 718
56 051
57 438
131 207
62 823
17 718
56 051
57 438
131 207
62 823
17 718
56 051
57 438
131 207
62 823
Currency and gold instruments:
. Currency futures
. Currency options
Other instruments:
. Equity and index derivatives
. Precious metals derivatives
. Commodity derivatives
. Credit derivatives
. Other
Sub-total
8
. Forward currency transactions
Carrying amount
17 726
8
56 051
57 438
131 215
62 823
Hedging derivative instruments – fair value of liabilities
31/12/2010
Exchange-traded
Under 1 year
1 to 5 years
31/12/2009
Over-th e-counter
Over 5 years Under 1 year 1 to 5 years
Over 5 years
Total market
value
Total market
valu e
. Futures
. FRAs
. Int erest rate swaps
. Int erest rate options
. Currency futures
. Currency options
Other instruments:
. Other
158 052
449 787
42 185
650 024
801 871
158 052
449 787
42 185
650 024
801 871
Sub-total
158 052
291
158 343
Carrying amount
2 325
2 325
449 787
42 185
449 787
42 185
650 024
291
650 315
804 196
341
804 537
63
Derivative instruments held for trading – fair value of assets
31/12/2010
Exchange-traded
Under 1 year
1 to 5 years
31/12/2009
Over-th e-counter
Over 5 years
Total market
value
Total market
valu e
. Futures
. FRAs
. Currency futures
. Currency options
Other instruments:
. Other
15 059
5 690
20 749
33 787
15 059
5 690
20 749
33 787
Sub-total
15 059
5 690
20 749
33 787
15 059
5 690
20 749
33 787
Carrying amount
Derivative instruments held for trading – fair value of liabilities
31/12/2010
Exchange-traded
Under 1 year
1 to 5 years
31/12/2009
Over-th e-counter
Over 5 years
Total market
value
Total market
valu e
. Futures
. FRAs
. Currency futures
. Currency options
Other instruments:
. Equity and stock derivatives
. Other
16 468
5 530
21 998
51 208
16 468
5 530
21 998
51 208
Sub-total
16 468
5 530
21 998
51 208
16 468
5 530
21 998
51 208
Carrying amount
64
Derivative instruments: total commitments
31/12/2010
31/12/2009
Total notional
am ount
outstanding
Total notional
amount
outstanding
. FRAs
. Currency futures
. Currency options
57 327 396
57 327 396
51 419 949
140 000
51 279 949
133 751
133 751
Sub-total
57 327 396
92 115
57 419 511
51 553 700
58 120
51 611 820
Total
Foreign exchange risk
(see Management Report, note 3.2.2)
Analysis of the consolidated balance sheet by currency
EUR
Other EU currencies
USD
Other currencies
Total balance sheet
31/12/2010
Assets
Liabilities
61 192 749
61 457 524
3 065 548
2 849 564
1 475
1 114 187
1 066 871
65 373 959
65 373 959
31/12/2009
Assets
Liabilities
59 802 443
60 130 449
2 874 864
2 411 056
1 418
727 079
864 299
63 405 804
63 405 804
Breakdown of bonds and subordinated debt by currency
31/12/2010
Bonds
EU R
Other EU currencies
USD
JPY
Other currencies
Total
Dated
subordinated
debt
31/12/2009
Undated
subordinated
debt
Bonds
Dated
subordinated
debt
Undated
subordinated
debt
1 236 504
1 465 204
920 000
1 631 381
1 464 898
920 000
1 236 504
1 465 204
920 000
1 631 381
1 464 898
920 000
(Total principal outstanding, excluding unallocated accrued interest)
65
3.3.
Liquidity and financing risk
Liquidity and financing risk is the risk of loss if the entity is unable to meet its financial
commitments in a timely fashion and at reasonable prices when they become due.
These commitments include obligations to depositors and suppliers, as well as commitments in
respect of loans and investments.
Loans and receivables to credit institutions and customers by remaining maturity
31/12/2010
3 months
to 1 year
Under 3 months
Loans and advances to credit institutions (including Crédit Agricole
internal transactions)
Loans and advances to customers (including finance leases)
Total
Accrued interest
Impairment
Carrying amount
2 427 267
6 976 545
9 403 812
1 to
5 years
1 922 633
9 761 105
11 683 738
2 318 158
25 484 438
27 802 596
Over 5 years
116 828
11 130 400
11 247 228
Total
6 784 886
53 352 488
60 137 374
289 946
-3 422 502
57 004 818
31/12/2009
Under 3 months
Loans and advances to credit institutions (including Crédit Agricole
Loans and advances to customers (including finance leases)
Total
Accrued interest
Impairment
Carrying amount
2 789 620
7 251 435
10 041 055
3 months
to 1 year
1 to
5 years
1 758 206
9 884 509
11 642 715
2 262 053
24 549 998
26 812 051
Over 5 years
143 591
9 962 849
10 106 440
Total
6 953 470
51 648 791
58 602 261
259 936
-3 020 495
55 841 702
Amounts due to credit institutions and customers by remaining maturity
31/12/2010
Due to credit institutions (including Crédit Agricole
Due to customers
Total
Accrued interest
Carrying amount
Under 3 months
3 months
to 1 year
1 to
5 years
Over 5 years
Total
8 890 678
9 998 541
25 126 034
858 954
44 874 207
137 461
9 028 139
65 586
10 064 127
1 511
25 127 545
17 496
876 450
222 054
45 096 261
134 430
45 230 691
31/12/2009
Due to credit institutions (including Crédit Agricole
Due to customers
Total
Accrued interest
Carrying amount
Under 3 months
3 months
to 1 year
1 to
5 years
Over 5 years
Total
10 774 794
9 665 074
18 799 334
78 150
39 317 352
130 528
10 905 322
48 958
9 714 032
12 035
18 811 369
16 179
94 329
207 700
39 525 052
144 110
39 669 162
66
Debt securities and subordinated debt
31/12/2010
Under 3 months
3 months
to 1 year
1
to
5 years
Over 5 years
Total
Cash certificates
Money market instruments
Negotiable debt securities
Bonds
Other debt securities
Total
Accrued interest
Carrying amount
3 490 208
426 251
1 697 824
435 827
550 030
373 769
373 256
658
1 642 960
2 016 874
6 111 318
1 236 505
1 642 960
8 990 783
49 195
9 039 978
3 916 459
2 133 651
923 799
420 204
1 045 000
920 000
1 465 204
920 000
420 204
1 965 000
2 385 204
7 380
2 392 584
Subordinated debt
Fixed term subordinated debt
Perpetual subordinated debt
Mutual security deposits
Participating securities and notes
Total
Accrued interest
Carrying amount
31/12/2009
Under 3 months
3 months
to 1 year
1
to
5 years
Over 5 years
Total
Cash certificates
Money market instruments
Negotiable debt securities
Bonds
Total
Accrued interest
Carrying amount
6 258 202
259 291
90
6 517 583
1 277 316
511 815
1 244 696
626 517
127 394
1 902 378
2 656 289
8 673 850
1 631 381
1 902 468
12 207 699
52 311
12 260 010
1 277 316
1 756 511
220 598
1 244 300
920 000
1 464 898
920 000
220 598
2 164 300
2 384 898
8 558
2 393 456
Subordinated debt
Mutual security deposits
Participating securities and notes
Total
Accrued interest
Carrying amount
Financial guarantees given at risk, by maturity
No amounts were recognised in this category at 31 December 2010.
The remaining contractual maturities of derivative instruments are shown in note 3.2 “Market
Risk”.
67
3.4.
Cash flow and fair value interest rate and foreign exchange hedging
Derivative financial instruments used in a hedging relationship are designated according to the
intended purpose:
- fair value hedge;
- cash flow hedge;
- hedge of a net investment in a foreign currency.
Each hedging relationship is formally documented describing the strategy, item hedged and
hedging instrument, and method of measuring effectiveness.
Fair value hedges
A fair value hedge modifies the risk of changes in the fair value of a fixed-rate financial instrument
caused by changes in interest rates. Fair value hedges transform fixed-rate assets or liabilities
into floating-rate assets or liabilities. Items hedged are principally fixed-rate loans, securities,
deposits and subordinated debt.
Cash flow hedges
A cash flow hedge modifies the risk related to variability in cash flows arising from floating-rate
financial instruments. Items hedged are principally floating-rate loans and deposits.
Hedges of a net investment in a foreign currency
A hedge of a net investment in a foreign currency protects the Group against fluctuations in
exchange rates and resulting changes in the value of assets or liabilities held in currencies other
than the entity's reference currency.
FAIR VALUE HEDGES
Interest rate
Change
CASH FLOW HEDGES
Interest rate
TOTAL DERIVATIVE HEDGING INSTRUMENTS
31/12/2010
Market value
Positive
Negative
130 851
641 091
130 843
640 800
8
291
364
9 224
364
9 224
131 215
650 315
Notional
amount
48 745 504
48 653 389
92 115
554 133
554 133
49 299 637
31/12/2009
Market value
Positive
Negative
62 730
787 794
62 730
785 128
2 666
93
16 743
93
16 743
62 823
804 537
Notional
amount
44 882 591
44 690 720
191 871
588 634
588 634
45 471 225
68
3.5.
Operational risk
Operational risk is the risk of loss resulting from inadequate or failed internal processes, people
and systems, or from external events that are not related to a credit, market or liquidity risk.
3.6.
Capital management and regulatory ratios
The amendment to IAS 1 adopted by the European Union on 11 January 2006 requires disclosure
of information on the entity’s capital and capital management. The purpose of the amendment is
to disclose information that enables users of the entity's financial statements to evaluate its
objectives, policies and processes for managing capital. It requires disclosure of qualitative and
quantitative information in the notes to the financial statements, including summary quantitative
data about what the entity manages as capital, a description of any externally imposed capital
requirements (such as regulatory requirements), an indication as to whether the entity has
complied with such regulatory requirements, and, if not, the consequences of such noncompliance.
In accordance with the French prudential regulations applicable to banks, which implement the
provisions of the European directives on "Capital Adequacy of Investment Firms and Credit
Institutions" and "Financial Conglomerates", the CACF Group must comply with the prescribed
capital ratios, liquidity ratios and rules on division of risks and balance sheet management.
As required by the French Prudential Control Authority, the CACF Group manages its capital in
compliance with the regulatory capital requirements defined in Regulation 90/02 in order to cover
risk-weighted assets for credit risk, operational risk and market risk.
The French decree of 20 February 2007 implements the provisions of the European Capital
Requirements Directives or "CRD" (2006/48/EC and 2006/49/EC). The decree defines the “capital
requirements applicable to credit institutions and investment firms” and the methods of calculating
the solvency ratio as of 1 January 2008. In 2007, in accordance with these provisions, the CACF
Group incorporated the impacts of the new European CRD directive into its capital and risk
management system.
However, the regulator maintained the additional capital requirements relating to floors until 31
December 2011 (the Basel II requirement cannot be less than 80% of the Basel I requirement).
Regulatory capital breaks down into three categories:
- Tier 1 capital, comprising the Group’s equity adjusted notably for unrealised gains and
losses;
- Tier 2 capital, which is limited to 100% of the amount of Tier 1 capital and consists
primarily of subordinated debt;
- Tier 3 capital eligible for the ratio, which consists primarily of subordinated debt with a
shorter maturity.
Equity investments in other credit institutions are deducted directly from the amount of Tier 1 and
Tier 2 capital, in accordance with the regulations.
Under the “Financial Conglomerates Directive”, the CACF Group is required to deduct the value of
its investments in equity-accounted insurance companies. In accordance with regulations, the
value of entities acquired before 1 January 2007 is deducted from total capital.
69
The regulations require the CACF Group to maintain a core capital ratio of at least 4% and a total
solvency ratio of 8%. In 2010, as in 2009, the CACF Group met these regulatory requirements.
4.
Notes to the income statement
4.1.
Interest income and expense
Interbank transactions
Customer transactions
Accrued interest receivables on available-for-sale financial assets
Accrued interest receivables on held-to-maturity investments
Accrued interest receivables hedging instruments
Finance leases
Interest income (1) (2)
Debt securities
Subordinated debt
Accrued interest payable on hedging instruments
Finance leases
Interest expense
31/12/2010
31/12/2009
93 659
3 810 579
4 320
22
251 648
256 940
170 333
3 849 607
187
24
363 593
234 100
4 417 168
4 617 844
-748 967
-31 349
-84 953
-55 947
-849 461
-112 834
-931 236
-38 090
-192 824
-72 737
-1 005 983
-93 325
-1 883 511
-2 334 195
(1) Including €136,519 thousand on individually impaired loans and receivables at 31 December
2010 compared with €125,061 thousand at 31 December 2009
Harmonisation of accounting for impairment losses and reversals in respect of interest and
incidental income on doubtful loans led to a reclassification that reduced the cost of risk and net
banking income by €16,646 thousand at 31 December 2010.
4.2.
Net fee and commission income
31/12/2010
Income
Expense
109 160
-1 283
-12 639
-1 253
Derivative instruments and other off-balance sheet
items
405
Payment systems and other banking and financial
services
Net fee and commission income
Securities transactions
31/12/2009
Net
Income
Expense
Net
-1 283
96 521
-1 253
125 127
-1 951
-15 423
-2 695
-1 951
109 704
-2 695
-22 200
-21 795
214
-16 051
-15 837
665 942
-70 445
595 497
650 708
-63 248
587 460
775 507
-107 820
667 687
776 049
-99 368
676 681
70
4.3.
Net gains or losses on financial instruments at fair value through profit
or loss
U nrealised or realised gains or losses on financial assets/liabilities at fair
value through profit or loss classified as held for trading
N et gains (losses) on foreign exchange transactions and similar
financial instruments (excluding gains or losses on hedges of a net
investment in a foreign operation)
N et gains or losses on hedging instruments
N et gains or losses on financial instruments at fair value through
profit or loss
31/12/2010
31/12/2009
-1 324
-6 514
-6 164
7 764
78
573
276
-5 863
Gains
31/12/2010
Losses
Analysis of net gains or losses from hedge accounting:
Fair value hedges
Changes in fair value of hedged items attributable to the hedged risks
Changes in fair value of hedging instruments (including sales of hedges)
Changes in fair value of hedging instruments - ineffective portion
Hedges of a net investment in a foreign operation
Portfolio hedges of interest rate risk
Changes in fair value of hedged items
Changes in fair value of hedging instruments
Total gains or losses on hedging instruments
Fair value hedges
Changes in fair value of hedged items attributable to the hedged risks
Changes in fair value of hedging instruments (including sales of hedges)
Portfolio hedges of interest rate risk
Changes in fair value of hedged items
Changes in fair value of hedging instruments
Total gains or losses on hedging instruments
Net
59 281
11 658
47 623
-51 517
-46 247
-5 270
7 764
-34 589
42 353
156 413
1 003
155 410
-156 413
-116 992
-39 421
-115 989
115 989
215 694
-207 930
7 764
31/12/2009
Losses
Gains
37
12
24
87
67
19
124
579
582
997
223
539
684
802
-37
-22
-14
-87
-14
-72
-124
Net
006
913
093
223
999
224
229
573
-10 331
10 904
52 540
-52 540
573
71
4.4.
Dividends received
31/12/2010
4 472
Realised gains or losses on disposals of available-for-sale financial assets
31/12/2009
3 649
2
1 652
Impairment losses on equity instruments
Gains or losses on disposals of held-to-maturity investments and loans and
receivables
-17 708
-7 020
-13 234
-65
-1 784
Impairment losses on available-for-sale financial assets break down as follows:
- Credigen for the sum of €9,000 thousand;
- Sofinco Saudi Fransi for the sum of €2,400 thousand;
- Carrefour Marinopoulos for the sum of €5,108 thousand;
- Carrefour Assicurazioni spa for the sum of €1,200 thousand.
4.5.
Net income and expense on other activities
Gains or losses on fixed assets not used in operations
Other net income from insurance operations
Change in insurance technical reserves
Net income from investment property
Other net income (expense)
Income (expense) on other activities
4.6.
31/12/2010
30 571
34 926
-11 871
113 428
167 054
31/12/2009
58 407
39 508
-20 007
-4
110 439
188 343
General operating expenses
31/12/2010
31/12/2009
(1)
-580 928
-568 818
Personnel costs
-27 827
-25 199
Taxes other than on income or payroll-related
-707
560
-725
535
External services and other general operating expenses
Operating expenses
-1 316 315
-1 319 552
(1) The impacts of the change of accounting method applied as of 1 January 2010 are
described in note 1.5.
72
This amount includes statutory auditors' fees. The following table provides a breakdown of 2010
fees by firm and type of services.
(in thousands of euros before taxes)
Independant audit, certification and review of separate
and consolidated financial statements
Ancillary assignments and services directly linked to the
mission of independant audit
Total
4.7.
2010
Deloitte
KPMG
E&Y
921
1 270
1 026
81
1 002
248
1 518
145
1 171
Other
Total
2009
Total
16
3 233
3 228
16
492
3 725
459
3 687
18
Depreciation, amortisation and impairment of property, plant &
equipment and intangible assets
Depreciation and am ortisation
- Property, plant and equipment
- Intangible assets
Impairm ent losses
- Property, plant and equipment
- Intangible assets
Total
4.8.
PWC
31/12/2010
-53 793
-28 695
-25 098
-2 439
-39
-2 400
-56 232
31/12/2009
-58
-32
-26
-2
887
794
093
000
-2 000
-60 887
Cost of risk
Charges to provisions and impairment
Other assets
Risks and expenses
Write backs of provisions and impairment
Other assets
Liabilities and charges
Net Charges to impairm ent and provisions
Bad debts written off - not provided for
Recoveries of bad debts written off
Discounts on restructured loans
Other losses
Cost of risk
31/12/2010
31/12/2009
-1 473 300
-1 466 113
-1 944
-5 243
326 056
323 549
7
2 500
-1 353 995
-1 309 337
-41 256
-3 402
152 292
139 059
10 426
2 807
-1 147
-64
70
-62
-1 201 703
-38 862
72 183
-71 517
-210
-1 240 109
244
850
398
803
-1 204 499
Harmonisation of impairment methods and recognition had an impact on the cost of risk
amounting to €7 million and led to a reclassification that reduced the cost of risk and net banking
income by €16,646 thousand (see note 4.1).
73
4.9.
Gains or losses on other assets
Property, plant and equipment and intangible assets used in
operations
Gains on disposals
Losses on disposals
Consolidated equity investments
Gains on disposals
31/12/2010
-736
284
-1 020
1 643
1 643
31/12/2009
684
1 185
-501
907
684
4.10. Income tax
Tax expense:
31/12/2010
C urrent tax expense
D eferred tax expense
T ax expense for the period
-410 737
123 479
-287 258
31/12/2009
(1)
-463 434
370 098
-93 336
(1) The impacts of the change of accounting method applied as
of 1 January 2010 are described in note 1.5.
Reconciliation of the theoretical tax rate with the effective tax rate
At 31/12/2010
Income
before
tax,
goodwill
impairment,
discontinued operations and share of profit in equity
accounted entities
Impact of permanent differences
Base
779 301
Tax rate
Theoretical tax rate
34.43%
-268 313
-24 474
Impact of different tax rates for foreign subsidiaries
Impact of losses for the year, utilisation of tax loss
carryforwards and temporary differences
Impact of reduced-rate taxation
Other impacts
Effective tax rate and tax expense
Tax
1 311
4 911
-693
E ffective tax rate
36.86%
-287 258
The theoretical tax rate is the standard rate of tax (including the additional social contribution)
applied to taxable income in France for the year ended 31 December 2011.
74
At 31/12/2009 (1)
Income
before
tax,
goodwill
impairment,
discontinued operations and share of income of
associates
Impact of permanent differences
Base
527 539
Tax rate
Theoretical tax rate
34.43%
181 632
-109 986
Impact of different tax rates for foreign subsidiaries
Impact of use of tax loss carryforwards and
temporary differences
Impact of reduced-rate taxation
Other impacts
Effective tax rate and tax expense
Tax
8 680
14 836
-690
-1 136
E ffective tax rate
17.69%
93 336
75
4.11. Change in other comprehensive income
The following table shows a breakdown of other comprehensive income for the period, after tax.
Other comprehensive income (2)
Total other
comprehensive Share of other
Change in
Actuarial
Change in
income,
fair value of
comprehensive
fair value of Change in
gains and
income of equityexcluding
hedges of a
losses on
T ranslation available- fair value of
accounted
shares of equitynet
hedging
postadjustments for-sale
entities
accounted
investment
financial instruments
employment
entities
in a foreign
benefits
assets (1)
operation
Change in fair value
1 074
-4 202
-3 128
Impact of hedges of a net investment in a foreign operation
-39 406
-39 406
T ransfer to profit or loss
13 026
13 026
Change in translation adjustments
21 168
21 168
Change in actuarial gains and losses on post-employment
benefits
-4 427
-4 427
Share of other comprehensive income of equity-accounted
entities
5 665
Other comprehensive income in 2010 (attributable to
owners of the parent)
21 168
1 074
8 824
-39 406
-4 427
-12 767
5 665
m inority interests)
-22
3 705
-450
3 233
T otal other comprehensive income in 2010 (1)
21 168
1 052
12 529
-39 406
-4 877
-9 534
5 665
Change in fair value
T ransfer to profit or loss
Change in translation differences
Change in actuarial gains and losses on post-employment
benefits
Share of other comprehensive income of equity-accounted
entities
owners of the parent)
m inority interests)
T otal other comprehensive income in 2009 (1)
3 065
-1 630
-21 985
167
-18 920
-1 463
6 897
6 897
4 520
4 520
-839
6 897
1 435
-21 818
4 520
-8 966
-839
6 897
98
1 533
-11 260
-33 078
169
4 689
-10 993
-19 959
-839
(1) Total gains or losses on available-for-sale financial assets recognised in other comprehensive income breaks down as follows:
Gross amount
T ax
Net total
31/12/2010 31/12/2009
1 240
1 968
(188)
(435)
1 052
1 533
76
5. Segment reporting
Definition of operating segments
The CACF Group's only business is consumer finance, which it conducts through its various
products and distribution channels. The business forms part of the Crédit Agricole S.A. Group's
Specialised Financial Services division.
However, the CACF Group's internal reporting to the Board of Directors and General
Management is based on four operating segments:
• France;
• Italy;
• Other international subsidiaries;
• Automobile partnerships.
Transactions between operating segments are conducted on an arm's length basis. Segment
assets are determined on the basis of the accounting items comprising the balance sheet of each
operating segment. Segment liabilities equivalent to allocated capital are determined using a
standardised capital allocation model by division (capital equal to 6% of risk-weighted assets,
determined in accordance with prudential banking requirements).
5.1.
Information by operating segment
Transactions between operating segments are conducted on an arm's length basis. Segment
assets are determined on the basis of the accounting items comprising the balance sheet of each
operating segment.
77
31/12/2010
Net banking income
Operating expenses
Cost of risk
Operating income
Share of net income of equity-accounted entities
Changes in goodwill
Pre-tax income
Income tax
Net gains or losses on discont inued operations
Net income for the period
Minority Interests
France
1 408
-684
724
-485
238
1
Italy
International
Automobile
partnerships
314 442
-128 488
185 954
-70 296
115 658
-1 802
89
Total
419
326
093
788
305
374
991
1 060 277
-322 548
737 729
-474 018
263 711
-253
-88
240 670
-83 560
263 370
-111 164
572 302
-237 184
335 117
-174 397
160 720
13 461
-85
-43 000
131 096
-51 759
157 110
655
152 206
59 411
79 337
-2 011
73 170
461 823
58 055
156 455
92 795
81 348
73 170
403 768
Segment assets
- o/w share of assets of equity-accounted entities
- o/w goodwill arising from transactions during the
period
Total assets
25 657 748
6 752
20 385 439
9 528 805
78 113
9 801 967
26 541
65 373 959
111 406
25 657 748
20 385 439
9 528 805
9 801 967
65 373 959
113 945
-40 775
3
-1
1
-1
355
372
982
204
778
12
440
546
893
499
394
780
906
-43 000
749 081
-287 258
8 911
8 911
31/12/2009 (1)
Italy
1 402
-696
706
-501
204
836
197
639
929
710
121
850
919 912
-313 028
606 884
-457 748
149 136
-593
-169
205 681
-67 749
148 374
51 126
Net gains or losses on discont inued operations
Net income for the period
Minority Interests
137 932
-147
199 500
77 893
36 994
52 691
427 117
77 746
138 079
121 607
36 994
52 691
349 371
9 716 983
63 405 804
75 169
9 716 983
63 405 804
Net banking income
Operating expenses
Cost of risk
Operating income
Share of net income of equity-accounted entities
Changes in goodwill
Pre-tax income
Income tax
International
Automobile
partnerships
298 153
-131 641
166 512
-69 332
97 180
France
520 125
-239 573
280 552
-211 100
69 452
10 731
-27
-12 656
67 500
-30 506
Segment assets
24 597 978
19 668 318
9 422 525
- o/w share of assets of equity-accounted entities
4 398
3 195
67 576
- o/w goodwill arising from transactions during the
734
period
Total assets
24 597 978
19 668 318
9 422 525
30
97 210
-44 519
Total
3
-1
1
-1
141
380
760
240
520
10
026
439
587
109
478
259
684
-12 656
518 765
-91 648
734
78
5.2.
Segment information: geographical analysis
The geographical analysis of segment assets and results is based on the place where operations
are booked for accounting purposes.
31/12/2010
territories )
Other European Union countries
Rest of Europe
Total
Net income
attributable
to owners of
the parent
156 455
225 546
7 732
15 837
-1 802
403 768
o/w NBI
1 408 419
1 928 532
16 403
2 086
3 355 440
31/12/2009
(1)
Segment
assets
25 657 748
39 246 903
314 659
128 108
26 541
65 373 959
Net income
attributable
to owners of
the parent
138
199
7
4
079
551
625
116
349 371
o/w NBI
Segment
assets
1 402 836
1 718 884
17 386
1 920
24 597 978
38 420 823
252 860
134 142
3 141 026
63 405 803
6.
Notes to the balance sheet
6.1.
Cash, central banks
Cash
Central banks (1)
Carrying amount
31/12/2010
Assets
Liabilities
990
605 723
1 394
606 713
1 394
31/12/2009
Assets
Liabilities
11 734
17 004
1 546
28 738
1 546
(1) Accrued interest is no longer identified separately and published 2009 data have
been reclassified accordingly.
6.2.
Financial assets and liabilities at fair value through profit or loss
(en milliers d'euros)
Financial assets held for trading
Carrying am ount
31/12/2010
31/12/2009
20 749
20 749
33 787
33 787
Carrying amount
31/12/2010
20 749
20 749
31/12/2009
33 787
33 787
79
31/12/2010
Financial liabilities held for trading
Carrying amount
31/12/2009
21 998
21 998
51 208
51 208
31/12/2010
Carrying amount
21 998
21 998
31/12/2009
51 208
51 208
Detailed information on derivatives held for trading is provided in note 3.2 on market risk, and
particularly interest rate risk.
6.3.
Detailed information is provided in note 3.4 on cash flow and fair value hedges, and particularly
interest and exchange rate hedges.
6.4.
31/12/2009 (2)
31/12/2010
Fair value
Gains recognised
in other
comprehensive
income
Losses recognised
in other
comprehensive
income
Fair value
Treasury bills and similar securities
4 973
5 444
Bonds and other fixed-income securities
639 133
4 444
90
201 736
Equities and other variable-income securities
7 698
2 330
7 068
Minority investments
22 341
1 024
19 863
Available-for-sale loans and receivables
Total available-for-sale securities
674 145
7 798
90
234 111
Total available-for-sale loans and receivables
Carrying amount of available-for-sale financial assets
674 145
7 798
90
234 111
(1)
Income tax
-1 631
-28
Gains and losses on available-for-sale financial
assets recognised in other comprehensive income
6 167
62
(net of tax)
(1) Including a €21,821 million impairment loss against securities and loans and
receivables
(2) Accrued interest is no longer identified separately and published 2009 data have been reclassified accordingly.
Gains recognised
in other
comprehensive
income
Losses recognised
in other
comprehensive
income
4 111
1 891
1 090
755
7 092
755
7 092
755
-1 518
-234
5 574
521
80
6.5.
Loans and receivables to credit institutions and customers
Credit institutions
Accounts and loans
o/w performing ordinary accounts in debit
o/w performing overnight accounts and loans
Repurchase agreements
Subordinated loans
Total
Accrued interest
Impairm ent
Net value
Carrying amount
31/12/2010
6 751
1 331
124
11
22
6 784
18
475
413
000
350
061
886
735
6 803 621
6 803 621
31/12/2009
6 921 854
1 503 484
76 407
11 350
20 266
6 953 470
17 969
-452
6 970 987
6 970 987
31/12/2010
31/12/2009
Transactions with customers
Customers receivables
Other loans and receivables to c ustomers
Ordinary accounts in debit
Total
Accrued interest
Impairm ent
Net value
Finance leases
Equipment finance leases, operating leases and similar
Total
Accrued interest
Impairm ent
Net value
Carrying amount
541 516
50 658 373
6 860
111 636
51 318 385
270 282
-3 350 281
48 238 386
504 287
49 110 053
6 860
56 693
49 677 893
240 748
-2 948 019
46 970 622
2 034 102
2 034 102
929
-72 221
1 962 810
50 201 196
1 970 898
1 970 898
1 219
-72 025
1 900 092
48 870 714
Loans given as collateral:
During 2010, the CACF Group provided €652.7 million of loans as collateral in respect of the
Crédit Agricole Group's participation in the refinancing granted by Société de Financement de
l'Economie Française (SFEF) compared with €1,155.9 million in 2009. The CACF Group retains
all the risks and rewards inherent in the ownership of these loans.
81
6.6.
Impairment deducted from financial assets
31/12/2009
o/w collective impairment
Finance leases
Change in
scope
Increases
452
Write-backs
Translation
adjustments
Other
movements
31/12/2010
-452
2 948 018
257 365
-15 288
-3 245
1 572 059
127 101
-1 157 732
-80 464
2 961
301
262
9 764
3 350 280
310 822
72 026
-261
27 489
-27 413
643
-263
72 221
11 535
-5 021
15 308
-1
21 821
1 423
-201
2 020
-147
-6
3 089
3 033 454
-20 771
1 616 876
-1 185 744
-8
3 447 411
31.12.2008
Change in
scope
Increases
Other financial assets
Total impairment of financial assets
3 604
Etat Pyramide 00RCA01210
o/w collective impairment
Finance leases
Write-backs
7 980
Translation
adjustments
Other
movements
31/12/2009
919
-8 447
452
2 102 376
221 054
552
552
1 347 489
44 622
-673 818
-15 546
2 660
172
168 759
6 511
2 948 018
257 365
48 996
2 969
46 435
-24 299
-141
-1 934
72 026
Other financial assets
Total impairment of financial assets
4 515
7 020
444
1 203
-217
1 402 147
-698 334
2 164 311
3 521
11 535
3 438
-7
1 423
158 371
3 033 454
Other movements in 2009 mainly concerned:
• Reclassification of an €8.5 million impairment loss initially recognised against credit
institutions to customer loans;
• Revaluations of Agos-Ducato assets for €158.6 million to determine the final amount of
goodwill within the twelve-month measurement period.
6.7.
Due to credit institutions and customers
Credit institutions
Deposits
o/w ordinary accounts in credit
Sub-total
Accrued interest
Carrying amount
31/12/2010
44 874 207
1 030 928
44 874 207
133 840
45 008 047
31/12/2009
39 317
342
39 317
143
39 460
352
389
352
540
892
82
Due to customers
Ordinary accounts in credit
Special savings accounts
Other amounts due to customers
Direct insurance liabilities
Reinsurance liabilities
31/12/2010
31/12/2009
70 634
66 725
151 420
140 976
222 054
590
222 644
207 701
569
208 270
Cash deposits received from cedants and
retrocessionnaires against technical insurance
commitments
Total
Accrued interest
Carrying amount
6.8.
Debt securities in issue and subordinated debt
31/12/2010
31/12/2009
Negotiable debt s ecurities
Bonds
Total
Accrued interest
Carrying amount
Subordinated debt
6 111 319
1 236 504
1 642 960
8 990 783
49 195
9 039 978
8 673 850
1 631 381
1 902 468
12 207 699
52 311
12 260 010
Total
Accrued interest
Carrying amount
1 465 204
920 000
2 385 204
7 380
2 392 584
1 464 898
920 000
2 384 898
8 558
2 393 456
Subordinated debt
All banks adjust the volume and nature of their liabilities continuously according to developments
in their uses of funds. Subordinated debt thus plays a part in regulatory capital management while
contributing to refinancing all of CACF Group's operations.
In 2010, the CACF Group did not issue any subordinated debt.
83
6.9.
Current and deferred tax assets and liabilities
Current tax assets
Deferred tax assets
31/12/2010
31/12/2009
38 095
857 136
41 146
774 489
Total current and deferred tax assets
895 231
815 635
Current tax liabilities
Deferred tax liabilities
297 208
18 605
398 149
18 321
Total current and deferred tax liabilities
315 813
416 470
Deferred tax assets and liabilities break down as follows:
31/12/2010
Deferred tax
Deferred tax
assets
liabilities
31/12/2009
Deferred tax
Deferred tax
assets
liabilities
Temporary difference between accounting
and tax profit
869 566
20 833
813 958
21 705
Non-deductible accrued expenses
16 910
16 835
Non-deductible provisions for liabilities and
charges
450 065
353 051
Other temporary differences (1)
402 591
20 833
444 072
21 705
Deferred tax/reserves for unrealised gains or
losses
12 338
748
4 263
103
28
234
103
Cash flow hedges
11 893
101
4 029
Gains and losses/actuarial gains and losses
417
647
104 075
125 867
75 048
115 293
Deferred tax/income
Effect of netting
-128 843
-128 843
-118 780
-118 780
857 136
18 605
774 489
18 321
Total deferred tax
(1) The amount of deferred tax relating to tax loss carryforwards was €14,704 thousand in 2010 and €12,154 thousand
in 2009.
Deferred taxes are netted in the balance sheet by tax entity.
6.10. Accruals, prepayments and other sundry assets and liabilities
Accruals, prepayments and other sundry assets
Other assets
Inventory accounts and miscellaneous
Sundry receivables
Settlement accounts
Other insurance assets
Accruals and prepayments
Collection and transfer accounts
Adjustment and suspense accounts
Accrued income
Prepaid expenses
Other accruals and prepayments
Carrying amount
31/12/2010
1 021 829
2 876
964 115
1 377
53 461
460 049
284 485
-710
127 231
49 043
1 481 878
31/12/2009
994 741
12 486
929 442
1 283
51 530
555 590
366 778
104
146 478
41 007
1 223
1 550 331
84
Accruals, prepayments and other sundry liabilities
31/12/2010
Other liabilities (1)
Sundry payables
Other
Accruals and prepayments
Collection and transfer accounts (2)
Adjustment and suspense accounts
Prepaid income
Accrued expenses
Other accruals and prepayments
Carrying amount
(1) Amounts include accrued interest
(2) Amounts expressed net
6.11.
31/12/2009
760 946
725 735
35 211
800 650
389 294
13 437
106 327
288 471
3 121
1 561 596
985 352
944 260
41 092
893 872
457 533
15 363
119 960
292 749
8 267
1 879 224
Investment property
Changes in
scope of
consolidation
31/12/2009
Increases
(acquisitions)
Gross amount
5 452
-4 835
Amortisation and impairment
617
Carrying amount
Including investment property let to third parties under operating leases
Decreases
(disposals and
retirements)
1
-150
-149
Translation
adjustments
Other
movements
31/12/2010
5 453
-4 835
618
150
150
Etat Pyramide 00RCA01180
Changes in
scope of
consolidation
31/12/2008
Increases
(acquisitions)
Gross amount
5 452
-4 831
621
Carrying amount
Including investment property let to third parties under operating leases
6.12.
Decreases
(disposals and
retirements)
-155
-155
Translation
adjustments
Other
movements
31/12/2009
5 452
-4 835
617
151
151
Property, plant and equipment and intangible assets (other than
goodwill)
31/12/2009
Chang es in
scope of
consolidation
Increases
(acquisitions,
business
combinations)
Decreases
(disposals and
retirements)
Translation
adjustments
Other movements
31/12/2010
Property, plant and equipment used in operations
Gross amount
Carrying amount
1 551 501
-623 378
928 123
24 815
-5 337
19 478
Gross amount
Carrying amount
505 605
-292 438
213 167
-5 136
3 619
-1 517
272 108
-242 454
29 654
-341 951
191 243
-150 708
246
-113
133
915
-626
289
1 507 634
-680 665
826 969
-4 496
2 363
-2 133
4 949
-807
4 142
241
-25 673
-25 432
520 939
-342 474
178 465
Intangible assets
19 776
-29 538
-9 762
Other movements in 2010 mainly included amortisation of the intangible asset arising from the
allocation of Forso and Agos-Ducato goodwill.
85
31/12/2008
Chang es in
scope of
consolidation
Increases
(acquisitions,
business
combinations)
Decreases
(disposals and
retirements)
Translation
adjustments
Other movements
31/12/2009
Property, plant and equipm ent used in operations
Gross amou nt
Carrying amount
1 529 387
-551 813
977 574
769
-234
535
Gross amou nt
Carrying amount
322 925
-235 296
87 629
27 666
23
27 689
341 752
-278 419
63 333
-328 566
210 762
-117 804
33
-35
-2
8 126
-3 639
4 487
1 551 501
-623 378
928 123
-3 107
118
-2 989
1 069
-130
939
134 871
-69
134 802
505 605
-292 438
213 167
Intangible assets
22 181
-57 084
-34 903
Other movements in 2009 concerned:
• recognition of the gross amount and impairment of an asset initially accounted for at its
net amount;
• Recognition of an intangible asset arising from the allocation of Forso and Agos-Ducato
goodwill.
6.13.
Insurance technical reserves
Breakdown of insurance technical reserves
Insurance contracts
Total technical reserves
Net technical reserves
Life
38 468
38 468
38 468
31/12/2010
Non-life
14 468
14 468
14 468
Total
52 936
52 936
52 936
Insurance contracts
Total technical reserves
Net technical reserves
Life
25 460
25 460
25 460
31/12/2009
Non-life
15 604
15 604
15 604
Total
41 064
41 064
41 064
6.14.
Provisions
31/12/2009
Risks related to home loan savings products
Risks related to calling of guarantees given
Operational risks
Retirement and similar benefit obligation (1)
Litigation
Equity investments
Restructuring
Other risks
Changes in
scope of
consolidation
Charge
Reversals
used
Reversals not
used
Goodwill
Other
movements
31/12/2010
18 643
-10 849
-2 334
15
8 144
57 259
4 070
-1 034
-1 519
1 033
46 644
3 905
2 415
-17
2 987
80
132
-12 641
-9 784
-115
113
25 623
-861
65
051
-6
284
-56 271
2
-2 520
43 445
Total
175 958
3 124
90 311
-30 825
-69 908
-98
6 770
(1) Including €16,071 thousand for long-service awards in CACF France and €47,694 thousand for post-employment defined benefit plans in the CACF Group, as described
7.4, including €14,871 thousand for CACF France.
31.12.2008
Risks related to home loan savings products
Risks related to calling of guarantees given
Operational risks
Retirement and similar benefit obligation (1)
Litigation
Equity investments
Restructuring
Other risks
762
Changes in
scope of
consolidation
Charge
(2)
Reversals
used
Reversals not
used
Goodwill
Other
movements
(2)
70 878
49 194
9 290
3 408
42 562
175 332
in note
31/12/2009
-762
58 294
8 313
-2 475
-7 374
34
467
49 119
3 850
-4 679
-1 613
-33
47
2 987
-47
1 844
24 940
-160
-1 205
204
51 500
45 874
-8 380
-41 874
-3 675
Total
161 566
85 964
-16 503
-52 066
238
-3 241
(1) Including €10,859 thousand for long-service awards in CACF France and €44,243 thousand for post-employment defined benefit plans in the CACF Group, as described
7.4, including €12,270 thousand for CACF France.
57 259
46 644
2 987
25 623
43 445
175 958
in note
86
6.15.
Equity
Breakdown of share capital at 31 December 2010
Number of
shares at 31 % of share
December
capital
2010
CACF shareholders
Major shareholders
8 885 209
99,99%
% of voting
rights
99,99%
597
Retail shareholders
TOTAL
8 885 806
The shares have a par value of €39. They are all fully paid. The total amount of share capital is
€346,456,434.
Earnings per share
31/12/2010
Net income attributable to owners of the parent (in thousands of euros)
403 768
Weighted average number of ordinary shares in issue during the period
8 822 852
Basic earnings per share (in euros)
45,76
Diluted earnings per share (in euros)
45,76
31/12/2009
(1)
349 371
8 716 214
40,08
40,08
Dividends
The Board of Directors of the CACF Group recommended a net dividend of €43.00 per share for
2010, subject to approval at the annual general meeting of shareholders.
Dividends
At the annual general meeting of 1 April 2010, the shareholders approved a net dividend for 2009
of €41.00 per share, payable in shares or cash at the option of each shareholder.
(in euros)
Net dividend per share
Total dividend payout
2010
2009
recommended
43,00
41,00
382 089 615
358 261 116
87
Dividends paid during the year:
The amount of dividends paid can be found in the statement of changes in equity. They amounted
to €358,261,116 in 2010, including €896 paid to Valris.
The shareholders resolved to distribute the sum of €244,967,359.40 from the share premium
account and €113,293,756.60 from retained earnings.
The dividend payment was made as follows:
• in shares, for the sum of €115,895 thousand,
• in cash, for the sum of €242,366 thousand.
Appropriation of 2010 net income and 2010 dividend recommendation
The proposed appropriation of net income and recommended dividend for 2010 were set out in
the resolutions presented by the Board of Directors to CACF's annual general meeting of
shareholders on 5 May 2011.
The proposed resolutions are as follows:
Fourth resolution
At the proposal of the Board of Directors and voting under the quorum and majority conditions
required for ordinary business, the shareholders resolve to distribute the sum of €200,795,774.80
from the share premium account.
Fifth resolution
Voting under the quorum and majority conditions required for ordinary business, the shareholders
duly note that net income for 2010 amounted to €181,293,840.24. Consequently, having duly
noted that the legal reserve has already reached 10% of the share capital, the shareholders
resolve to apply the net income for the year, plus the sum of €200,795,774.80 from the share
premium account in accordance with the fourth resolution, in payment of a net dividend of €43.00
per share, making a total of €382,089,615.00.
88
6.16.
Breakdown of financial assets and liabilities by contractual
maturity
The following tables shows a breakdown of financial assets and liabilities by contractual due date.
The due dates of derivatives held for trading and hedging corresponds to their contractual
maturity date.
Equities and other variable-income securities do not, by their very nature, have a due date and
are classified as "Undefined".
31/12/2010
Cash, central banks
Valuation adjustments on portfolio of hedged items
Total financial assets by due date
Central banks
Due to customers
Subordinated debt
Total financial liabilities by due date
Under 3 months
606 713
7 439
4 738
3 835
2 446 003
6 499 320
419 961
9 988 009
-1 394
-8 354
-46 384
-9 023 463
-137 563
-3 965 071
-7 405
-6 818
-13 196 452
3 months
to 1 year
1 to
5 years
Over 5 years
Undated
7 620
12 989
7 916
1 922 633
9 667 711
5 690
56 051
5 431
2 318 158
25 161 478
57 438
575 000
101 492
6 619 824
81 964
15 336
2 252 864
11 618 869
27 546 808
7 353 754
2 350 164
-8 114
-111 959
-9 999 589
-65 619
-2 134 234
-5 530
-449 787
-25 126 042
-1 511
-923 799
-420 179
-42 185
-858 954
-15 455
-2 016 216
-1 195 000
-1
-2 496
-658
-770 000
-12 319 515
-26 926 848
-4 127 810
-773 155
Total
606 713
20 749
131 216
674 146
6 803 622
50 201 197
419 961
58 857 604
-1 394
-21 998
-650 315
-45 008 049
-222 644
-9 039 978
-2 392 584
-6 818
-57 343 780
31/12/2009
Cash, central banks
Total financial assets by due date
Central banks
Due to customers
Subordinated debt
Total financial liabilities by due date
Under 3 months
28 738
7 687
3 months
to 1 year
20 149
1 to
5 years
Over 5 years
Undated
26 504
2 807 133
6 677 207
567 304
5 594
1 758 206
9 679 102
5 951
40 560
147 291
2 262 052
24 118 686
10 114 573
-1 546
-12 324
-68 470
-10 915 751
-130 581
-6 569 817
-8 350
-4 913
-17 711 752
11 463 051
26 574 540
5 612 977
3 003 323
-20 883
-169 163
-9 665 300
-48 987
-1 277 316
-18 001
-498 533
-18 801 792
-12 067
-1 756 511
-220 806
-68 371
-33 876
-15 456
-2 528 894
-1 244 300
-44 173
-1 179
-127 472
-920 000
-11 181 649
-21 307 710
-3 890 897
-1 092 824
22 263
60 025
5 530 689
54 722
83 571
2 865 030
Total
28 738
33 787
62 823
234 111
6 970 987
48 870 714
567 304
56 768 464
-1 546
-51 208
-804 537
-39 460 892
-208 270
-12 260 010
-2 393 456
-4 913
-55 184 832
89
7. Employee benefits and other compensation
7.1.
Analysis of personnel costs
31/12/2010
31/12/2009
(1)
Wages and salaries
-406 313
-423 844
Contributions to defined contribution pension plans
-27 638
-21 541
Contributions to defined benefit pension plans
-11 223
-1 607
Other social securities expenses
-71 043
-61 411
Employee profit-sharing
-36 828
-32 857
Payroll taxes
-27 883
-27 558
Total personnel costs
-580 928
-568 818
7.2.
Year-end headcount
Headcount
France
International
Total
7.3.
31/12/2010
3 923
6 576
10 499
31/12/2009
3 998
4 983
8 981
Post-employment benefits, defined contribution plans
French employers contribute to a variety of compulsory pension schemes. Plan assets are
managed by independent organisations and the contributing companies have no legal or
constructive obligation to pay additional contributions if the funds do not have sufficient assets to
cover all benefits corresponding to current and past services rendered by employees.
Accordingly, CACF Group companies have no liability other than the contributions payable.
90
7.4.
Post-employment benefits, defined benefit plans
31/12/2010
Change in actuarial
liability
Actuarial liability at 31/12/n-1
Current service cost
Interest cost
Employee contributions
Plan amendments, curtailments and settlements
Change in scope
Benefits paid (mandatory)
Actuarial (gains)/losses
Actuarial liability at 31/12/n
31/12/2009
(1)
77 424
3 326
3 088
1 840
760
77 416
9 861
844
1 641
498
-7 336
-5 500
77 424
-4 079
5 848
88 207
31/12/2010
Breakdown of net
expense
recognised in the
income statement
Service cost
Interest cost
Expected return on plan assets
Amortisation of past service cost
Net actuarial (gains)/losses
Amortisation of gains/losses generated by plan amendments, curtailments and
settlements
Net expense recognised in the income statement
31/12/2009
(1)
-6 264
-835
298
-484
7 831
-3 326
-3 088
1 642
-113
-2 362
-7 247
-48
498
31/12/2010
Change in fair
value of plan
assets and
available refunds
Fair value of plan assets/available refunds at 31/12/n-1
Expected return on plan assets
Actuarial gains/(losses)
Employer's contributions
Employee contributions
Plan amendments, curtailments and settlements
Benefits paid by the plan
Fair value of plan assets/available refunds at 31/12/n
31/12/2009
(1)
31 219
361
2 801
544
304
-170
-1 878
33 181
30 970
1 642
-906
18 820
280
-871
49 935
31/12/2010
Actuarial liability at the period end
88 207
Unrecognised past service cost (plan amendment)
-2 148
Impact of asset ceiling
11 570
Fair value of assets at period end
49 935
Net position (liability)/asset at period end
47 694
31/12/2009
(1)
Net
position
77 424
Items recognised immediately through SoRIE (Statement of Recognised Income
and Expense) and booked in comprehensive Income (amounts in millions of
euros)
Actuarial gains and losses on post-employment benefit plans
Total recognised immediately through SoRIE during the year
Cumulative actuarial gains and losses in SORIE at the year end
Defined benefit plans: main actuarial assumptions
Discount rate (2)
Expected salary increases (3)
(1) CACF contract assets are not ring-fenced but held in the insurers' general portfolio.
(2) Discount rates are determined on the basis of the average period of the commitment,
i.e. the arithmetical mean of the periods between the measurement date and the
payment date weighted by staff turnover assumptions.
(3) As a function of the relevant employee category (managerial or non-managerial).
33 181
44 243
31/12/2010
6 753
6 753
31/12/2009
-4 840
-4 840
1 913
-4 840
31/12/2010
4
3
31/12/2009
5,19
2,5
91
7.5.
Other employee benefits
CACF's collective variable compensation policy is based mainly on the following items.
Mandatory profit-sharing is defined in the profit-sharing agreement signed on 29 June 2010 and
last amended on 30 September 2010 (amendment no. 1). For 2010, an expense of €23.9 million
was recognised.
Discretionary profit-sharing is defined in the 2008/2009/2010 discretionary profit-sharing
agreement signed on 26 June 2008 between General Management and the trade unions, last
amended on 3 February 2009. For 2010, an expense of €12.8 million was recognised.
Retirement benefits and long-service awards (including seniority bonuses) are covered by the
company agreement negotiated each year between management and the various trade unions. A
provision of €31 million was recognised in respect of these long-term benefits in the 2010 financial
statements.
Other similar benefits exist in some of the Group's international subsidiaries. Their terms and
conditions are defined locally in accordance with local legislation and regulations. A provision of
€39.9 million was recognised in respect of these commitments in the 2010 financial statements.
The number of hours acquired by CACF employees under the individual training entitlement (Droit
Individuel à la Formation) amounted to 366,081 at 31 December 2010. The following table shows
the movement in this entitlement during the year. No provision has been recognised in the
financial statements.
No. of hours at 31/12/09
Used in 2010
Vested in 2010
No. of hours at 31/12/10
7.6.
331,260
3,596
38,417
366,081
Share-based payments
Stock options plans are mainly those granted by CACF and Crédit Agricole S.A. in France and by
Agos outside France.
CACF
CACF's stock option plans were all established prior to 6 October 2006. All the stock options had
been exercised at end-2010. In 2010, the expense related to these plans recognised in the
consolidated financial statements amounted to €763 thousand.
Agos
Since 2001, Agos has established six stock option plans (one a year). All the stock options had
been exercised at end-2009.
92
Stock options on Crédit Agricole S.A. shares were granted to certain executive officers of the
CACF Group from 2003 to 2006. Shares that could potentially be issued under these plans
represented an expense of €762 thousand for 2010. This sum was recognised in employee
benefits expense with a corresponding increase in "Consolidated reserves attributable to owners
of the parent", as required by IFRS 2.
7.7.
Executive compensation
The Directors of CACF do not receive any compensation in respect of their office.
In 2010, members of CACF's Executive Committee (21 people) received aggregate compensation
of €3,493,683.25. This amount includes fixed salary, variable compensation, benefits and 2009
mandatory and discretionary profit-sharing paid in 2010.
Other long-term benefits represented a cost of €721,475 in 2010.
The items listed above do not include any banking or consumer credit benefits on terms available
to all CACF employees. Nor do they include any entitlement to retirement benefits and longservice awards, the amount of which is calculated on an actuarial basis in accordance with the
company agreements and on terms applicable to all employees. These amounts are included in
provisions.
93
8. Financing and guarantee commitments and other collateral
Commitments given and received
31/12/2010
31/12/2009
Commitments given
Financing commitments
. Financing commitments given to credit institutions
. Financing commitments given to customers
Confirmed credit lines
- Other confirmed credit facilities
Other financing commitments given to customers
Guarantee commitments
. Guarantee commitments given to credit institutions
Other guarantee commitments
. Guarantee commitments given to customers
Other customer guarantee commitments
20 273
84
20 189
20 111
20 111
77
60
54
54
5
5
971
896
075
198
198
877
026
593
593
433
433
20 360 551
79 156
20 281 395
20 223 641
20 223 641
57 754
34 378
28 590
28 590
5 788
5 788
430
200
230
2 101
2 054
47
023
000
023
226
077
149
439 441
206 719
232 722
1 004 617
961 532
43 085
1 425
41 660
Commitments received
Financing commitments
. Financing commitments received from credit institutions
. Financing commitments received from customers
Guarantee commitments
. Guarantee commitments received from credit institutions
. Guarantee commitments received from customers
Guarantee commitments received from governments and similar
Other guarantee commitments received
47 149
Assets pledged as collateral for liabilities
Security deposits for market transactions
Total
31/12/2010
391 630
391 630
31/12/2009
314 333
314 333
Assets held as collateral
Assets held as collateral which the CACF Group is authorised to sell or re-use as collateral are
not material. The taking of such collateral is not a systematic policy given its marginal contribution
to the CACF Group's activities.
The CACF Group does not recognise any assets obtained through repossessions. As part of their
automobile financing business, the Group's entities may repossess financed vehicles during the
legal debt collection process. Repossessed vehicles are not accounted for separately and are
sold as soon as possible. Amounts recovered are applied in reduction of the sums owned by the
customers.
The statistical determination of collective and individual impairment takes account of this type of
future cash inflow.
94
Reclassification of financial instruments
•
Reclassifications made by the CACF Group
As in previous years, the CACF Group did not reclassify any financial instruments in 2010
pursuant to the amendment to IAS 39 adopted by the European Union on 15 October 2008.
95
9. Fair value of financial instruments
Fair value of a financial instrument is the amount for which an asset could be exchanged, or a
liability settled, between knowledgeable, willing parties in an arm's length transaction.
The fair values shown below are estimates made on the reporting date. They may change in
subsequent periods due to developments in market conditions or other factors.
The calculations represent best estimates, which are based on various valuation models and
assumptions. To the extent that these models contain uncertainties, the fair values shown may
not be achieved upon actual sale or immediate settlement of the financial instruments concerned.
In practice, and in line with the going-concern principle, not all these financial instruments would
necessarily be settled immediately at the values estimated below.
9.1.
Fair value of financial assets and liabilities measured at amortised cost
ASSETS
Investment property
LIABILITIES
Due to customers
Subordinated debt
31/12/2010
Estimated
Carrying
market
amount
value
31/12/2009
Carrying
amount
Estimated
market value
6 803 621
50 201 197
7 368 281
50 456 803
6 970 987
48 870 714
6 969 422
48 495 969
618
618
617
617
45 008 047
222 644
9 039 978
2 392 584
44 415
222
8 887
2 401
470
644
063
585
39 460
208
12 260
2 393
892
270
010
456
39 460
208
12 027
2 410
007
270
698
804
For financial instruments quoted in an active market, the best estimate of fair value is the market
price (quoted, published prices).
In the absence of an active market or reliable market data, fair value is determined using an
appropriate method consistent with usual practice in the financial markets, e.g. by reference to the
market value of a comparable instrument, discounted future cash flows or valuation models.
When fair values have to be estimated using valuation techniques, discounted cash flow is the
mostly commonly used method.
In addition, the CACF Group has taken account of the report published by the IASB Expert
Advisory Panel on 31 October 2008 on measuring and disclosing the fair value of financial
instruments in markets that are no longer active.
In some cases, market values are close to carrying amounts. This mainly applies to:
•
variable-rate assets or liabilities whose fair value is not much affected by interest
rate changes as the rates on these instruments are frequently re-set to market
rates;
96
•
short-term assets or liabilities for which repayment values are considered to be
close to market values;
•
regulated instruments (e.g. regulated savings accounts) where prices are set by
the government;
•
demand liabilities;
•
transactions for which there are no reliable observable market data.
97
9.2.
•
Information on financial instruments measured at fair value
Analysis of financial instruments at fair value according to the fair value hierarchy
Financial assets measured at fair value
The amounts shown include accrued interest and are net of impairment.
Total at
31/12/2010
Quoted prices on
Valuation based
active markets
on observable
for identical
inputs:
instruments:
Level 2
L evel 1
20 749
20 749
20 749
20 749
674
4
639
30
146
973
134
039
8 203
660 301
7 929
274
630 640
29 661
131 215
1 901
129 314
Total financial assets measured at fair value
826 110
10 104
810 364
Total at
31/12/2009
Total financial assets measured at fair value
Quoted prices on
Valuation based
active markets
on observable
for identical
inputs:
instruments:
Level 2
L evel 1
33 787
33 787
234
5
201
27
Valuation
based on
unobservable
inputs:
Level 3
5 642
4 973
565
104
5 642
Valuation
based on
unobservable
inputs:
Level 3
33 787
33 787
111
444
031
636
7 512
471
6 579
462
6 946
107
6 839
62 823
73
62 750
330 721
7 585
103 483
219 653
4 973
194 345
20 335
219 653
98
Financial liabilities measured at fair value
The amounts shown include accrued interest.
Financial liabilities measured at fair value
Total at
31/12/2010
Quoted prices on
Valuation based
active markets
on observable
for identical
inputs:
instruments:
Level 2
Level 1
21 998
21 998
21 998
21 998
650 314
46 135
604 179
Total financial liabilities measured at fair value
672 312
46 135
626 177
Total at
31/12/2009
Quoted prices on
Valuation based
active markets
on observable
for identical
inputs:
instruments:
Level 2
Level 1
51 208
51 208
Valuation
based on
unobservable
inputs:
Level 3
51 208
51 208
804 537
64 726
739 811
Total financial liabilities measured at fair value
855 745
64 726
791 019
•
Valuation
based on
unobservable
inputs:
Level 3
Reclassifications
Unlisted equity instruments classified as Level 3 at 31 December 2009 were reclassified as Level
2 in 2010. Their valuation in the CACF Group's financial statements is based on published, and
therefore observable, financial statements.
•
Financial instruments classified as Level 3
At 31 December 2010, financial instruments classified as Level 3 mainly comprise public notes
held by FGA Capital.
Net changes in financial instruments classified as Level 3
Financial assets at fair value classified as Level 3
Total
Opening balance at 01/01/2010)
Purchases during the period
Change in scope
Transfers
Transfers into level 3
Transfers out of l evel 3
Closing balance (31/12/2010)
219 653
53
-139 111
-74 953
Treasury
bills and
similar
securiti es
4 973
194 345
53
-139 111
-54 722
4
20 335
-20 231
4
-74 957
5 642
Derivative
hedging
Bonds and Equities and A vailable-forother fixed- other variable- sale financial instruments
income
income
assets
securities
securities
-54 722
4 973
565
-20 235
104
99
Financial liabilities measured at fair value classified as Level 3
No financial liabilities were classified as Level 3.
10. Subsequent events
No significant events have occurred since 31 December 2010.
11. Scope of consolidation at 31 December 2010
List of subsidiaries, joint ventures and
associates
Country of
operation
France
CA Consumer Finance (ex-Sofinco)
SEDEF
EDA
Sofinco Participations
Credit Lift
Valris
France
France
France
France
France
France
Fia-Net
France
Crealfi
Menafinance
Sofilead
Sofiliance
CCDS
Alsolia
Ucalease
France
France
France
France
France
France
France
Consolidation method at
31.12 2010
Full consolidation
Full consolidation
Full consolidation
Full consolidation
Full consolidation
Full consolidation
Full consolidation
(disposal)
Full consolidation
Proportionate consolidation
Non-consolidated
Non-consolidated
Equity method
Equity method
Equity method
Climauto
France
Equity method
Finaref
France
Non-consolidated (merger)
% voting rights
% interest
31.12.10
31.12.09
31.12.10
31.12.09
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
51.00%
50.00%
51.00%
50.00%
100.00%
100.00%
49.00%
20.00%
50.00%
51.00%
50.00%
51.00%
50.00%
100.00%
100.00%
49.00%
20.00%
50.00%
49.93%
49.93%
49.00%
20.00%
50.00%
49.93%
49.00%
20.00%
50.00%
100.00%
49.93%
100.00%
Finaref Assurances
France
Full consolidation
100.00%
100.00%
100.00%
100.00%
Argence Investissement
France
100.00%
100.00%
100.00%
100.00%
Argence Management
France
100.00%
100.00%
100.00%
100.00%
Argence Participation
France
Full consolidation
Full consolidation
(in liquidation)
Full consolidation
100.00%
100.00%
100.00%
100.00%
Argence Développement
France
Full consolidation
100.00%
100.00%
100.00%
100.00%
BC Finance
France
Full consolidation
55.00%
55.00%
55.00%
55.00%
CACF Holding
France
Non-consolidated (merger)
Italy
Agos
ARES
Credit Lift SPA
Logos Finanziaria SPA
Italy
Ireland
Italy
Italy
Italy
Full consolidation
Full consolidation
Full consolidation
Full consolidation
Equity method (disposal)
61.00%
100.00%
100.00%
94.82%
40.00%
61.00%
100.00%
100.00%
94.82%
40.00%
61.00%
61.00%
61.00%
57.84%
24.40%
61.00%
61.00%
61.00%
57.84%
24.40%
International
CACF Nederland
Ribank
DNV BV
Creditplus Bank AG
Netherlands
Netherlands
Netherlands
Belgium
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Credigen Bank
Hungary
100.00%
100.00%
100.00%
100.00%
Credibom
Belgium
Full consolidation
Full consolidation
Full consolidation
Full consolidation
Full consolidation
(deconsolidation)
Full consolidation
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100
associates
Country of
operation
31.12 2010
% voting rights
31.12.10
31.12.09
% interest
31.12.10
31.12.09
Credium
Credium Slovakia
Wafasalaf
Emporiki Credicom
Emporiki Car Rent
Emporiki Credicom Insurance Brokers
Czech Republic
Slovakia
Morocco
Greece
Greece
Greece
Emporiki Rent (ex-Antena)
Greece
Sofinco Saudi Fransi
Saudi Arabia
Finaref Benelux
Belgium
Full consolidation
Full consolidation
Equity method
Full consolidation
Full consolidation (merger)
Full consolidation
Full consolidation
(first-time)
(deconsolidation)
Full consolidation
100.00% 100.00% 100.00% 100.00%
100.00% 100.00% 100.00% 100.00%
49.00% 49.00%% 49.00% 49.00%%
100.00% 100.00% 100.00% 100.00%
100.00% 100.00% 99.63% 100.00%
100.00% 100.00% 100.00% 100.00%
Finalia
Belgium
Equity method
Finaref AB
Sweden
Full consolidation
100.00% 100.00%
100.00% 100.00%
Finaref AS
Norway
Full consolidation
100.00% 100.00%
100.00% 100.00%
99.63%
50.00%
99.63%
50.00%
50.00%
50.00%
49.00%
49.00%
100.00%
49.00%
49.00%
100.00%
Finaref Oy
Finland
Full consolidation
100.00% 100.00%
100.00% 100.00%
NCF
Denmark
Full consolidation
100.00% 100.00%
100.00% 100.00%
Dan Aktiv
Denmark
Full consolidation
100.00% 100.00%
100.00% 100.00%
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Full
Full
Full
Full
Full
Full
Full
Full
Full
Full
Full
Full
Full
Full
Full
Full
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
consolidation
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Full consolidation
100.00%
100.00%
100.00%
100.00%
Full
Full
Full
Full
consolidation
consolidation
consolidation
consolidation
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
InterBank/DMC Group
InterBank N.V.
Antera Incasso B.V.
Crediet Maatschappij "De Ijssel" B.V.
Eurofintus Financieringen B.V.
Financieringsmaatschappij Mahuko N.V.
Finata Bank N.V.
Finata Sparen N.V.
Finata Zuid-Nederland B.V.
IDM Finance B.V.
Iebe Lease B.V.
Mahuko Financieringen B.V.
NVF Voorschotbank B.V.
VoordeelBank B.V.
DMC Groep N.V.
IDM Lease Maatschappij N.V.
Assfibo Financieringen B.V.
Aetran Administrative Dientverlening
B.V.
IDM Financieringen B.V.
J.J.P. Akkerman Financieringen B.V.
Matriks N.V.
Regio Kredietdesk B.V.
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Euroleenlijn B.V.
Netherlands
Full consolidation
100.00%
100.00%
100.00%
100.00%
Krediet '78 B.V.
Netherlands
Full consolidation
100.00%
100.00%
100.00%
100.00%
Money Care B.V.
Netherlands
Full consolidation
100.00%
Financierings Data Netwerk B.V.
Netherlands
Full consolidation
44.00%
100.00%
44.00%
100.00%
44.00%
100.00%
44.00%
De Kredietdesk B.V.
Netherlands
Full consolidation
100.00%
100.00%
100.00%
100.00%
Dealerservice B.V.
Netherlands
Full consolidation
100.00%
100.00%
100.00%
100.00%
Automobile partnerships
Forso Sweden
Sweden
50.00%
50.00%
50.00%
50.00%
Forso Finland
Finland
50.00%
50.00%
50.00%
50.00%
Forso Norway
Norway
50.00%
50.00%
50.00%
50.00%
101
associates
Country of
operation
% voting rights
% interest
31.12 2010
31.12.10
31.12.09
31.12.10
31.12.09
50.00%
50.00%
50.00%
Forso Denmark
Denmark
50.00%
GAC Sofinco
China
Equity method
50.00%
50.00%
FGA Capital Group
FGA Capital
FGA Bank Germany
Fiat Bank Polska
FGA Leasing Polska
FC France
FL Auto
FL Location Auto
FGA Capital UK
FGA Capital Ireland Plc
FGA Capital Spain EFC
FGA Retail IFIC
FGA Capital Netherlands
FGA Capital Denmark
Fidis Finance
FGA Capital Lux
FGA Capital Hellas
FGA Insurance Hellas
FGA Leasing
FGA Bank
FGA Re Limited
Italy
Germany
Poland
Poland
France
France
France
United Kingdom
Ireland
Spain
Portugal
Netherlands
Denmark
Switzerland
Luxembourg
Greece
Greece
Austria
Austria
Ireland
FGA Capital Belgium
FGA Wholesale UK
Fidis Finance Polska
FGA Distribuidora
Leasys
FGA Capital Services Spain
FGA Contracts UK
Belgium
United Kingdom Proportionate consolidation
Poland
Portugal
Italy
Spain
United Kingdom Proportionate consolidation
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
50.00%
FAL Fleet Services
France
50.00%
50.00%
50.00%
50.00%
102

Consolidated Financial Statements CACF Group 122010_V3

Transcription

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