the groupe crédit coopératif

Transcription

Crédit Coopératif
Annual financial
statements
2004
GROUPE BANQUE POPULAIRE
GROUPE CRÉDIT COOPÉRATIF
CONTENTS
■ PRESIDENT’S MESSAGE
2
■ ORGANISATION OF THE CREDIT COOPÉRATIF GROUP
4
■ KEY FIGURES FOR THE CREDIT COOPÉRATIF GROUP
6
■ BOARD OF DIRECTORS – composition -
8
■ MANAGEMENT REPORT FOR THE CREDIT COOPÉRATIF
9
Intermediate operating totals
20
Earnings record for the last five financial years
21
■ FINANCIAL INFORMATION
– PARENT-COMPANY FINANCIAL STATEMENTS
23
Balance sheet and off-balance-sheet statement
at 31 December 2004
24
Income statement
26
Notes to the financial statements
28
Statutory auditors’ general report
44
Statutory auditors’ special report
45
■ MANAGEMENT REPORT
FOR THE GROUPE CREDIT COOPÉRATIF
46
Consolidated activity
47
Intermediate operating totals
54
■ FINANCIAL INFORMATION
– CONSOLIDATED FINANCIAL STATEMENTS
55
Balance sheet and off-balance-sheet statement
at 31 December 2004
56
Income statement
58
Notes to the financial statements
60
Statutory auditors’ report
81
■ PRESIDENT’S ANNUAL REPORT
82
■ STATUTORY AUDITORS’ REPORT
89
■ DRAFT RESOLUTIONS SUBMITTED
TO THE MEMBERS’ GENERAL MEETING
90
■ THE CREDIT COOPÉRATIF BRANCH NETWORK
92
TL h
e eG G
r or uo u
p ep e C C
r ér dé idti t C C
o o po ép ré ar ta itfi f
The President’s message
2004 has turned out to be a satisfactory year in all respects for the
Groupe Crédit Coopératif.
The past year saw the final stages of the historic transition resolutely
undertaken in late 2002 under the memorandum of agreement signed
with the Groupe Banque Populaire. As forecast, we have seen our
capabilities for action expand to ensure that we remain a self-sustaining,
multi-specialist bank of national significance, proud to assert its
partnerships with its members and their movements, and fostering an
especial commitment to the social economy.
We have affirmed our place in our new group, the Groupe Banque
Populaire, involving ourselves in its action and cohesion, while also
pursuing our own specialist business line.
For the first time, we have consolidated in the financial statements all the
credit institutions with which the Crédit Coopératif has ties through
partnership agreements. These were financial tools at the service of our
members, and were affiliated to the Caisse Centrale de Crédit Coopératif;
our naturally close and congenial relations have been maintained on this
new footing.
Obviously, this widening of the group’s base has contributed to our
results, but the chief factor in the growth of our earnings is the dynamism
of the fundamental activity of the Crédit Coopératif and its subsidiaries,
to whose staff we must express our thanks for their very strong
involvement.
All the business objectives have been fulfilled and even, in most cases,
exceeded. We have:
- modernised our branch network, opened a new branch at Aix-enProvence and bolstered our sales force;
- asserted our ability to work in partnership, for example with the
Fédération Française du Bâtiment (French building-trades association),
the Fédération nationale des sociétés coopératives d’HLM (French
national cooperative low-income housing boards’ federation) or the
Confédération Générale des SCOP (confederation of workers’
cooperatives);
- migrated our IT system to UNIX in order to adapt to present and future
needs;
- turned to good account our asset-management capabilities, as
recognised by the further Trophée awards received by Ecofi
Investissements;
- considerably expanded our equity base.
2
All this requires continuity and visibility in our corporate governance.
Accordingly, our Board of Directors, the cornerstone of the democratic
governance which is fundamental to a cooperative group such as
ourselves, was renewed in 2004 so as to be more representative of all our
members. It reflects our growing significance in the French and European
social economy. Thus, after the reform of the local and regional bodies,
the changes have put our whole cooperative existence on a modern
footing of readiness, inviting all our customer-members to involve
themselves in the life of a bank of which they are the owners, to support
and advise it in designing and marketing its products and services, so as
to match their interests as closely as possible.
In this spirit, we have provided a driving role, on a European and a world
stage, in the framing of new international accounting standards, in our
defence of the equity status of cooperatives’ shares. We have also worked
hard, in implementing the new solvency ratio applicable to banks, to
ensure that the special features of non-profit-making associations are
taken into account. And the President of the Crédit Coopératif, who is
already very much involved in the proceedings of both national and
international bodies, has just been appointed president of the CEGES(1)
and the CEP-CMAF(2): to be at the service of the social economy, is part of
what the Crédit Coopératif stands for; to be at the hub of the trends and
developments in the bodies that compose it, is its ambition.
Jean-Claude Detilleux
President of the Groupe Crédit Coopératif
(2) European Standing Conference of Cooperatives, Mutual Societies Associations
and Foundations.
TLhee GGrroouuppee CCrrééddiitt CCooooppéérraattiiff ei n 2 0 0 3
Photo:
M. Labe
lle
(1) Conseil des Entreprises, Employeurs et Groupements de l’Economie Sociale
(French council of businesses, employers and groupings in the social economy);
4
THE CREDIT COOPÉRATIF
T H E C R E D I T C O O P É R AT I F
The Crédit Coopératif is a cooperative
bank of which the capital is owned by
its customer- members, mainly legal
entities. Created in the late 19th century by cooperators who formed their
own bank so as to have access to credit, today it responds to the full range of
needs of businesses and bodies in the
social economy, which are its prime
customers: cooperatives and consortia,
SME-SMI groupings, charitable and
voluntary organisations and services,
mutual societies, social-housing operators, and those engaged in the fight for
social inclusion, …
A pioneer of socially-committed
finance in France and Europe, it is also
a bank embodying a bond of affinity
with individuals and legal entities that
wish to give a different meaning to
their banking relationship.
The Crédit Coopératif is a société cooperative anonyme de banque populaire (a
social-banking cooperative in the form
of a public limited company). With an
interest in the capital of the Banque
Fédérale des Banques Populaires, it is
one of the parent companies of the
Groupe Banque Populaire of which, on
account of its expertise and its special
role, it is the unit specialising in the
social economy.
A banking group
The Crédit Coopératif is an all-round
banking group with subsidiaries, “partner” institutions, and partnership-based
investments in subsidiaries.
Its subsidiaries are specialised by business line or by product. BTP Banque is
the financial tool dedicated to businesses and institutions in the building and
civil-engineering industries. Ecofi
4/5
Investissements, an asset-management
company, manages a widely-diversified
range of products.
Inter-Coop and Coopamat provide their
specialist know-how in real-estate and
equipment finance leasing, BTP Capital
Investissement provides corporatefinance expertise, Batinorest provides
finance for business real estate in the
Nord Pas de Calais region…
From the close links the Group naturally maintains with its members and their
movements were born institutions providing mutual credit or the related
mutual guarantees. It underpins the liquidity and solvency of these institutions
under partnership agreements.
To widen the scope of its operations, it
has frequent recourse to partnerships,
within the Groupe Banque Populaire or,
for example, with the Groupe Esfin-Ides
for venture- and development-capital
activities, the Groupe Azur GMF for
insurance, the Caisse des Dépôts for the
development of the socially-responsible
and -committed economy.
Some of these ventures involve the taking of a long-term equity interest.
A cooperative bank
As a cooperative bank, the Crédit
Coopératif attaches great importance to
the day-to-day embodiment of the values of "working together". Its members
are given the opportunity of involving
themselves in the life of their bank
through consultation and decisionmaking bodies: branch meetings, management committees, the national
council and board of directors. Their
composition, through the presence of
the movements unifying the members,
enables their diversity to be genuinely
taken into account.
A soundly-based group
The Crédit Coopératif, through its interest in the capital of the Banque
Fédérale, is one of the parent companies
of the Groupe Banque Populaire. Under
the French Banking Act, it is affiliated
to the Banque Fédérale des Banques
Populaires, the central managing body
of the Groupe Banque Populaire.
Accordingly, it enjoys that group’s rating as the France’s 6th-largest banking
group.
THE GROUPE CRÉDIT COOPÉRATIF
The members
Banque Fédérale
des Banques
Populaires
The central body for the
Crédit Coopératif
CREDIT COOPERATIF
social-banking cooperative in the form
of a public limited company
Investments in subsidiaries
on a partnership basis
Associate
credit institutions
Subsidiaries
ESFIN-IDES
Banque EDEL
BTP Banque
Banque Populaire
Développement
Caisse Solidaire
du Nord Pas-de-Calais
IRD Nord Pas-de-Calais
Société financière
de la NEF
Croissance
Nord Pas-de-Calais
Gedex Distribution
Rhône Dauphiné
Développement
SIFA
Socorec
Mutual-guarantee
company:
CMGM
Coopamat
(equipment finance leasing)
Inter-Coop
(real-estate finance leasing)
ECOFI Investissements
(portfolio management company)
France Active Garantie
IFCIC
CGI Bat
Cap West Equities
BISE
SEFEA
AMOS et Cie
SME-SMI
financing
cooperatives:
Nord Financement
Sofigard
Sofindi
Sofirif
Sofiscop
Sofiscop Sud-Est
Somudimec
Somupaca
BTP Capital Investissement
(equity finance for the building
and civil-engineering industry)
Batinorest
KEY FIGURES FOR THE GROUPE CRÉDIT COOPÉRATIF IN 2004
(EUROS MILLION)
RESULTS*
Net banking income
General expenses
Gross operating profit
Cost of risk
Corporation tax
Appropriation to the General banking risk reserve
(of which FRS [special reserve])
NET INCOME attributable to Group
2003
2004
242.6
182.8
59.8
- 16.4
- 12.4
264.9
192.9
72.0
- 17.5
- 17.8
- 1.2
- 3.8
21.9
30.8
ÉVOLUTION
9.2 %
5.5 %
20.4 %
6.8 %
43.6 %
40.8 %
S U M M A R Y BA L A N C E S H E E T *
(EUROS BN)
2003
2004
2.64
4.34
0.32
0.22
3.57
4.64
0.19
0.22
7.52
8.62
2003
2004
0.81
4.78
0.75
0.48
0.70
1.06
5.55
0.70
0.52
0.79
7.52
8.62
Solvency ratio
11.34 %
11.77 %
Return on net assets**
**6.88
%
8.46 %
Operating ratio
75.36 %
72.82 %
Outstanding loans to customers (bn)
(excl. related receivables)
4.28
4.60
Customer deposits outstanding (bn)
UCITS under management
4.75
5.19
5.52
5.84
ASSETS
Interbank operations and securities portfolio
Customer loans
Miscellaneous
Securities held as long-term investments
(1)
T O TA L
LIABILITIES
Interbank operations
Customer deposits
Bond issues
Miscellaneous
Equity capital
(1)
T O TA L
(1) Including stock exchanged on repo and reverse repo.
* 2003: pro forma financial statements drawn up according to the 2004 consolidation scope.
** 2003: on the basis of the former consolidation scope.
6/7
KEY FIGURES FOR THE GROUPE BANQUE POPULAIRE
AT 31 DECEMBER 2004
PROFILE
22
94
2,770,000
6,600,000
44,509
2,692
116
Banques Populaires social banks (1)
Mutual-Guarantee companies
Members
Customers
Staff(2)
Branches
Foreign business bases (Natexis Banques Populaires and Coface)
R E S U LT S
(EUROS MILLION)
7,640
2,545
1,174
1,059
Net banking income
Gross operating profit
Earning power
Net income attributable to Group
(EUROS BN)
17.2
9.1 %
Total equity
Tier one ratio
(EUROS BN)
121.3
94.8
97.4
398
Loans outstanding(3)
Ordinary deposit savings accounts
Planned (financial) savings(4)
Custody of securities
(3)
(1) 20 regional Banques Populaires, CASDEN Banque Populaire and the Crédit Coopératif
(2) Serving staff
(3) Excluding repo and reverse repo operations
(4) Net assets of UCITS, employee savings schemes, life assurance and other financial savings
CRÉDIT COOPÉRATIF
BOARD OF DIRECTORS
DIRECTORS
Jean-Claude DETILLEUX,
President and Chief Executive
Jean-Louis BANCEL,
Delegate Vice-President *
UNAPEI – National Union Of
Associations Of Parents And Friends
Of Mentally-Handicapped Persons
Raymond GEDOR, Vice-President
FCC – Trade Association Of Retail
Traders’ Cooperatives
Retail Traders’ Association
Philippe ANTOINE, Vice-President
FNMF – French Mutual Societies’
National Federation
C.G. SCOP
Jean GAUTIER
FNCC – National Federation Of
Consumers’ Cooperatives
René LIOUVILLE
Non-Profit Making
Gilbert HENNIQUE
Housing Social Union
Claude TAFFIN
UNIOPSS – National Interfederal
Union Of Private Health And Welfare
Organisations
Hubert ALLIER
CNCC – National Cooperative
Credit Council
Jean-Marie MIRAMON
FNSC D’HLM – National Federation
Of Cooperative Low-Income Housing
Boards
Daniel CHABOD
Teachers' League
Jean-Marc ROIRANT
FFB – French Building Trades
Association
Christian GAY
CMGM – Mutual Guarantee Fund For
Mechanical-Engineering And Metal
Processing Industries
Martine CLEMENT
FNMI – National Federation
Of Interprofessional Mutual Societies
Maurice RONAT
GMF – Public Employees’ Mutual
Guarantee Institution
Thierry DEREZ
UNAT – National Union Of
Associations For Tourism And
Open-Air Activities
Jean-Marc MIGNON
DIRECTORS ELECTED
BY THE EMPLOYEES
Association UCEL
Jean DUPUIS
SCCMM – Central Shipowners’ Credit
Society
Michel GIBLAINE
SOCOREC – Cooperative Society For
Retailers’ Renovation And Capital
Investment
Hervé AFFRET
ESFIN
François SOULAGE
CCMCM – Confederation Of
Shipowners’ Cooperation, Mutual
Societies And Credit *
Jean-Luc de FEUARDENT
Société Financière de la NEF *
Philippe LECONTE
Alain LATREMOUILLE
Charles DELANNOY
Françoise GIRMA-ROMEYER
WORKS COUNCIL
REPRESENTATIVE
Colette PINEL
Sylvie CALIXTE
EXTERNAL CORPORATE
SUPERVISORS
SOCODEN-FEC – Cooperative
Mutual-Aid Society – Confederal
Economic-Development Fund
Jacques LANDRIOT
CNCC – Crédit Coopératif National
Council
Michel VALLADE
MAI – Tax Employees’ Mutual Health
Insurance Society
Jean-Claude NERISSON
UNAS-SAD – National Union Of
Home Help And Home Care
Associations
André FLAGEUL
FFCGA – French Trade Association Of
Small-Business Cooperatives And
Groups
Hubert LIBOTTE
✧✧✧✧
STATUTORY AUDITORS
Incumbent
KPMG Audit
SOFIDEEC "BAKER TILLY"
Alternate
Pascal BROUARD
Christian LAIRY
DELEGATE MANAGING
DIRECTORS
Pierre LAJUGIE de LA RENAUDIE
François DESPORTES
Alain TRUTIE de VAUCRESSON
Claude CAUVIN
* Subject to the approval of the members’
Ordinary General Meeting
8/9
CRÉDIT COOPÉRATIF
MANAGEMENT REPORT
BY THE BOARD OF DIRECTORS
OF THE CREDIT COOPÉRATIF
CRÉDIT COOPÉRATIF
BANKER TO THE SOCIAL
ECONOMY
A société coopérative anonyme de
Banque Populaire (social-banking
cooperative in the form of a public limited company) with variable capital
since 30 January 2003, the Crédit
Coopératif is also one of the parent
companies and an affiliate of the
Banque Fédérale des Banques
Populaires, the federating bank for the
French social banks.
Its origins go back to the late 19th century and its capital is owned by its
member customers, both legal entities
and individuals owning shares, whose
representatives sit on its Board of
Directors.
Present in all France’s regions, the
CREDIT COOPÉRATIF occupies an
unusual place in French banking. An
institution on a human scale, it lays
emphasis on neighbourly, face-to-face
relations with its prime customers: nonprofit-making associations and other
voluntary and charitable bodies,
Cooperatives and their members, SMESMIs. Its thorough knowledge of their
methods of development, together with
its powerful, versatile technological
resources, make the Crédit Coopératif
highly responsive, and give it the ability to adapt and innovate in line with
developments in its environment.
Moreover, it has become a benchmark
bank for individuals or legal entities
that are alive to socially-responsible
and -committed values, and wish to
give a different meaning to their banking relationship.
Its service offer and comprehensive
product range enable it to gear its
action efficiently to its members’ development projects and to develop the
very strongest ties with the movements
of which they are part.
In addition to the basic banking services, the following can be mentioned:
— its diversified short-, medium- and
long-term credit packages,
10/11
— its packages incorporating financial
instruments in bank investment
schemes, and a range of UCITS managed by the fund-management company, ECOFI INVESTISSEMENTS,
— its FACTOREM factoring arm,
and TOULOUSE, then at AGEN and
COURCELLES/POMMIER.
Continuous monitoring and in-depth
studies to adapt the branch network to
the new needs of customers and members will determine which decisions are
made in the years to come for establishing closer geographical links with
our customers over the whole of France.
— the INTEREPARGNE employee-savings fund, among the best performers
on the market,
THE ECONOMIC AND
FINANCIAL ENVIRONMENT
— its consulting, financial-engineering,
venture-capital, investment-capital
and debt-management services,
— the technological services dedicated
to special partnership schemes with
its members,
— its services geared to the development of international activities.
At 31 December 2004, the CREDIT
COOPÉRATIF branch network comprised 66 points of sale, with 65 regional branches and 1 representative office
at Le Havre. To these should be added
one Head Office branch and an onlinebanking branch named "COOPABANQUE".
After the opening of the AIX-ENPROVENCE branch, the moving of the
EURALILLE office under our partnership with NORD FINANCEMENT, and
the DIJON office move scheduled for
the 1st quarter of 2005, further projects
concern the following:
●
the opening of a Paris-region branch
at EVRY in the first quarter of 2005,
●
the creation of a fully-operating
branch at Le Havre and a new operating unit at BOULOGNE BILLANCOURT,
●
the transfer, in the short term, of the
following facilities to premises better
suited for receiving and serving customers:
- the VERSAILLES, ANGERS
CERGY-PONTOISE branches
and
- the MARSEILLE branch in early 2006,
- the LILLE CENTRE branch in 2007,
●
the continued work on major renovations in progress at CHAMALIERES
The tensions in Iraq and the Middle
East, the Presidential elections in the
United States, and the soaring oil prices
in 2004 failed to prevent world economic growth from reaching 5%, its
best performance since 1976, well
above its average of 3.5% recorded
since 1986.
However, the pattern of growth varied
widely according to geographical area.
While the United States and China both
continue to drive world economic
growth, recovery in Europe is at a distinctly slower pace.
The American economy grew 4.4% in
2004, one of the best performances in
the last fifteen years, and well above
that country’s average of 3% recorded
since 1979.
Consumers continued to enjoy tax concessions, and business investment
showed a healthy trend. Despite an
interest-rates rise of 1.25% by the
Federal Reserve in 2004, with its main
reference rate increasing from 1% to
2.25%, American monetary policy
remained very accommodating and
gave significant support to the economy as a whole.
In addition, the fall in the dollar, mainly against European currencies, allowed
American exports to score their best
performance since 1997.
Despite a buoyant international context, the economy in Europe grew only
1.8% in 2004, below its 2% average
recorded since 1979.
CRÉDIT COOPÉRATIF
While German exports achieved very
strong growth of 10% year-on-year, the
same did not apply to French, Italian or
Spanish products, which saw a distinct
fall in their price-competitiveness.
German domestic demand, on the other
hand, remained very depressed, affecting growth throughout the European
zone.
Monetary conditions were even tightened, with the European Central Bank
maintaining its reference rate at 2%
while at the same time the euro was
appreciating against the leading currencies.
The French economy for its part grew
2.2% in 2004, slightly above its average
of 2% recorded since 1979.
In an environment in which unemployment stood at its highest level since the
1999 year-end, driving a rise in the savings ratio, and in which households’
real disposable incomes continued to
stagnate, consumption increased 2.1%
in 2004. Businesses displayed a prudent
stance with regard to investment and
recruitment, in response to the rises in
both raw materials prices and the euro.
Furthermore, unlike Germany, the foreign-trade contribution to France’s
growth was negative, since exports
benefited little from the world economic upturn.
In a context of strong world growth
and rising raw-materials prices, inflation, whether total or excluding food
and energy, grew in the United States
and, to a lesser extent, in Europe.
In spite of this, the 10-year OAT government-debt rate fell in 2004, from
4.30% to 3.68%. Several factors may
explain this trend. The low growth in
Europe delayed the onset of a cycle of
interest-rate rises by the European
Central Bank. Purchases of dollars by
Asiatic central banks to support their
currencies against the fall in the dollar
led to purchases of American bonds,
and also supported the bond market
in Europe. Lastly, a number of institu-
tional investors (particularly pension
funds) reduced their equity-risk exposure (the French CAC 40 stock-market
index rose by just over 7% in 2004),
leading those investors to boost the
proportion of their investment in bonds.
LOANS
(excluding related receivables)
The consensus scenario for 2005 forecasts slowing growth both in the United
States and in Europe, inflation remaining controlled, continued raising of
rates by the Federal Reserve designed to
move towards a level more consistent
with the level of activity, a slight raising of rates by the European Central
Bank, even stable rates, and a moderate
recovery in European long-term rates.
However, numerous uncertainties jeopardise the feasibility of this scenario: a
very high rise in the dollar, or a fresh
sharp rise in the price of oil would lead
to lower growth and lower long-term
rates than today’s. Sharper inflation
and higher-than-expected world economic growth could, on the other hand,
result in a collapse of the bond market.
Averaged over the year (2.8 billion
euros), the increase came to 7.1%.
The outstanding balance of loans to
customers amounted to 3 billion euros
at 31 December 2004, having increased
5.8 %.
Employments of funds, broken down by
category, moved as follows:
trade debt portfolio and
s Overdrafts,
liquidity credit:
+ 1,7%
Mediumand
long-term
invests ment loans:
+ 8,4%.
New investment loan production
amounted to 644 million euros compared with 585 million euros in 2003.
Off-balance-sheet commitments on
behalf of customers (opening confirmed
credit facilities, deposits and guarantees) reached 1.3 billion euros at 31
December 2004 compared with 1.0 billion euros at 31 December 2003.
AC T I V I T Y
BANK RESOURCES
(excluding related liabilities)
Bank resources collected from customers amounted to 4.9 billion euros at
31 December 2004, a rise of 17.3%.
Averaged over the year, banking
resources collected from non-financial
customers, amounting to 3.2 billion
euros, increased 15.6%.
INVESTMENTS IN SUBSIDIARIES
The Crédit Coopératif portfolio of
investments in subsidiaries rose in one
year from 209.6 to 232.1 million euros.
The main investment operations were
as follows:
●
Broken down by category of resources,
the following changes can be observed:
deposits:
+ 11,3%
s Sight
Savings:
+
19,3%
s The aggregate of term deposit
s accounts, short-term loan notes
and negotiable debt securities:
+ 20,1%.
Total funds collected, in the form of
bank deposits and UCITS, averaged
over the year, amounted to close upon
6 billion euros, 12.2% up on 2003.
the raising to 80% of the shareholding in BATINOREST without changing
the
interest
in
IRD
NORD-PAS-DE-CALAIS (the new
name for SDR NPC [the development
body for France’s northern region]).
Hence, today, BATINOREST is a subsidiary of Crédit Coopératif.
●
the shareholding in BISE has been
raised to 37.9% (from the previous
30.5 %).
●
the SOPROMEC PARTICIPATIONS
shares still held were exchanged for
shares in BANQUE POPULAIRE
DEVELOPPEMENT (4.5 %).
CRÉDIT COOPÉRATIF
The other operations carried out related
to FEMU QUI (0.66 %), a Corsican venture capital company, VIGEO (7,2%), a
social rating organisation and SOGAMA CREDIT ASSOCIATIF (5%), a
finance company targeting the nonprofit sector.
At 31 December 2004, the bank’s main
shareholdings were as follows:
- Banque Fédérale des Banques
Populaires: 65.4 million euros (2% of
the capital)
- Banque Populaire de Développement:
10.4 million euros (4.5 % of the capital)
- BISE: 14.8 million euros (37.9% of the
capital)
- Esfin: 15.2 million euros (37.58% of
the capital)
- Ides: 1.8 million euros (5.2% of the
capital).
- IRD Nord-Pas-de-Calais: 5.7 million
euros (28.9% of the capital)
- Rhône Dauphiné Développement:
1.3 million euros (17.9 % of the capital)
ing down the legal status of cooperation, Livre [Book] II, Titres [Titles] I and
IV of the French Code of Commerce,
Livre V, Titre I, Chapter 1 and Titre III of
the Monetary and Financial Code, their
implementing regulations and the
bank’s own Articles of Association as
amended at 30 June 2003.
The Company is also bound by decisions of a general nature, particularly
the decision relating to the guarantee
system for the banques populaires network, issued by the Banque Fédérale
des Banques Populaires, under the powers delegated to it by Articles L. 511-30,
L. 511-31, L. 12-11 and L. 512-12 of the
Monetary and Financial Code. This
Company is a member of the Banque
Fédérale des Banques Populaires, its
central body.
- AMOS ET CIE (63.2 %)
- FRANCE ACTIVE GARANTIE (20%)
- CGI BAT (a 33.4 % shareholding by
BTP Banque).
LEGAL HIGHLIGHTS
LEGAL STATUS
Crédit Coopératif is a société coopérative anonyme de Banque Populaire
(social-banking cooperative in the form
of a public limited company) with variable capital, governed by articles
L. 512-2 and following of the French
Monetary and Financial Code and all
the statutory provisions relating to banques populaires (social banks), by Act
No. 47-1775 of 10 September 1947 lay-
12/13
The capital may also be increased by
cooperative non-voting preference
shares and non-voting preferred interest-bearing shares (subordinated loans).
These two types of security may not
represent, on aggregate, more than half
the capital.
DISTRIBUTION OF CAPITAL AND
VOTING RIGHTS
Accordingly, the capital in Crédit
Coopératif is divided into three categories of share. “A” shares which neither carry preferred interest nor are
non-voting and do not have any specific advantages, and “B” shares, which
can only be subscribed by holders of A
shares, and give their holders a special
advantage in the payment of interest
resolved by the General Meeting of
Members, even where no interest is paid
on A shares. “A” and “B” shares can
only be subscribed by legal entities, sole
traders or directors.
The capital is variable and is divided
into members’ shares of a nominal
amount of 15.25 euros each.
The voting rights of the holders of A
and B shares follow the cooperative rule
of “one man, one vote”.
The maximum amount of registered
capital within which the actual amount
of the company’s capital may be
increased, and the terms and procedures
for increasing it, are laid down, on the
report of the Board of Directors and
upon authorisation by the Banque
Fédérale des Banques Populaires, by the
Extraordinary General Meeting of
members. The actual capital is increased
by the entry of new members approved
on behalf of the company by the Board
of Directors or by the subscription of
new members’ shares of the same or of
differing categories, by members with
the approval of the Board of Directors.
Lastly, non-voting preferred-interestbearing “C” shares can only be subscribed by individuals.
In 2005, it is intended to amend the
Articles of Association, a step rendered
necessary, among other reasons, by the
transposition into French accountancy
rules of the European IAS 32 rules
relating to the maintaining of members’
shares as equity instruments.
- SEFEA: 2.1 million euros (64.5% of
the capital).
To the foregoing should be added:
The Board of Directors may set a ceiling
to the number of members’ shares that
may be held by a single member. This
ceiling may differ according to member
category. For members to whom a
financial facility has been extended by
the company or one of its subsidiaries,
this maximum number may be determined in accordance with the amount
of the facility extended.
At 31 December 2004, the capital in
Crédit Coopératif amounted to
232,779,629.50 euros.
At 31 December 2004, no member held
more than 5% of the company’s capital.
Pursuant to the inserted Article 157 –
(nouveau) of the French Companies Act
of 24 July 1966, it should be noted that
the employees own 0.0168% of the capital of Crédit Coopératif through a
Fonds Commun de Placement (French
mutual investment fund).
CRÉDIT COOPÉRATIF
REPORT ON DELEGATIONS OF
POWERS IN RELATION TO CAPITAL
OPERATIONS
No Extraordinary General Meeting has
delegated authority or power to the
Board of Directors for the purpose of
increasing the company’s capital.
INTEREST ON MEMBERS' SHARES /
REBATE
For purposes of the Act of 12 July 1965,
it is hereby stated that no interest was
paid on A shares in respect of the three
previous financial years. Interest paid to
the holders of B shares in respect of
2001, 2002 and 2003 amounted to
1,331,200 euros, 1,498,600 euros and
2,225,600 euros respectively. Interest
paid to the holders of C shares in
respect of those 3 financial years
amounted to 694,700 euros, 1,027,900
euros and 1,409,500 euros respectively.
A cooperative rebate was paid to members in respect of the years 2001, 2002
and 2003 respectively, as follows:
466,000 euros, 450,000 euros and
455,000 euros.
LIST OF DIRECTORSHIPS
AND OTHER OFFICES HELD
B Y T H E C O M PA N Y ’ S
OFFERS DURING THE
FINANCIAL YEAR
●
Director of NATEXIS ASSET
MANAGEMENT
●
President of the Société Nationale de
Mutualité (SNM)
●
Director of NATEXIS PRIVATE
EQUITY
●
Director of the Mutuelle Centrale des
Finances (MCF)
●
Director of COOPAMAT (SAS)
●
●
Director of INTER-COOP (SAS)
Director of the Mutuelle Accidents
Corporels (SMAC – personal-injury
mutual-insurance society)
●
Permanent representative of CREDIT
COOPÉRATIF on the Board of
Directors de BTP BANQUE
●
Director of the Union Prévoyance de
la Mutualité Française (UNPMF)
●
Member of the Board of Directors of
the Banque Fédérale des Banques
Populaires
●
Joint President of the Caisse de
Retraite et de Prévoyance Mutualiste
(CPM)
●
Director of the Alliance Coopérative
Internationale (ACI) and member of
the executive (NGO)
●
Director of the Assurance Mutuelles
de Fonctionnaires (AMF)
●
Director of the Mutuelle des
Assurances des Travailleurs
Mutualistes (MATMUT)
●
Director and Treasurer of the Groupe
des Mutuelles Associées (SGAM)
●
President of the Executive Board of
MUTRE
●
●
President and Chief Executive Office
of CREDIT COOPÉRATIF
President of the Supervisory Board
of ESFIN GESTION (French GIE
consortium/joint venture)
● Vice-President of ESFIN
● Vice-President of the Supervisory
Board of SOPROMEC
DIRECTORSHIPS IN ENTITIES IN
WHICH THE COMPANY IS
INTERESTED
● Vice-President of the Supervisory
Board of the Institut Régional de
Développement Nord/Pas-de-Calais
Vice-President of the Conseil
Supérieur de la Coopération (nonprofit-making association)
●
Director of Dot.coop (foreign SA –
public limited company)
●
President of the Board of Directors of
EUROMUT
●
Member of CCACE (non-profitmaking association)
●
●
Member of the Comité Consultatif de
l’Economie sociale – social-economy
consultative committee
Permanent representative of
EUROMUT on the Board of Directors
of OFIVALMO
●
Permanent representative of FNMF
on the Supervisory Board of
OFIVALMO GESTION
●
Permanent representative of FNMF
on the Supervisory Board of OFIVM
●
Representative on the Board of
Directors of SA Communication et
Participation
●
President of the CEP-CMAF (nonprofit-making association)
●
Member of the professional
representatives’ body of the
European Commission Enterprise
Policy Group.
Jean-Claude DETILLEUX
●
President of the Groupement
National de la Coopération (GNC)
(non-profit-making association)
●
President of CEGES (Conseil des
entreprises et Groupements de
l’Economie Sociale) (non-profitmaking association)
●
Incumbent representative of FNMF
on the Supervisory Board of the
SESA-ME-VITALE GIE (French
consortium/joint venture)
●
Director of ADIE (non-profit-making
association)
●
President of the International
Cooperative and Mutual Insurances
Federation (ICMIF)
●
Connaissance Formation pour la
Surdité (ACFOS – training for the
deaf)
●
Director of the Association pour la
promotion et la Diffusion du LPC
(ALPC)
●
Jean-Louis BANCEL
●
Delegate Vice-President
●
President of the Union Nationale de
Réassurance de la Mutualité
Française (UNRMF – reinsurance
union)
CRÉDIT COOPÉRATIF
Pierre LAJUGIE de LA RENAUDIE
● Delegate General Manager of CREDIT
COOPÉRATIF
● Director of Union Centrale du Crédit
Coopératif, société anonyme à
capital variable (public limited
company with variable capital),
● Permanent representative of Crédit
Coopératif for SICOMI-COOP, société
anonyme (cooperative business realestate leasing undertaking in the
form of a public limited company),
● Permanent representative of INTERCOOP on the Board of Directors of
BTP,
Coopératif on the Board of Directors
of COOPAMAT (SAS),
Coopératif on the Board of Directors
of INTER-COOP (SAS),
François DESPORTES
● Delegate General Manager of Crédit
Coopératif,
● President of the Board of Directors of
BTP BANQUE,
SICOMI-COOP, business real-estate
leasing company,
COOPAMAT (SAS),
INTER-COOP (SAS),
Batinorest, société anonyme (public
limited company),
● President of the Executive Board of
SDR Nord-Pas-de-Calais, société
anonyme (public limited company) –
term of office expires in June 2004,
● Director of Batixia, société anonyme
(public limited company),
● Permanent representative of BTP
BANQUE on the Supervisory Board
of CGI BAT, société anonyme (public
limited company),
● Permanent representative of
COOPAMAT on the Board of
Directors de l’I.R.D. Nord Pas-deCalais (Regional development
institute), Société anonyme (public
limited company),
14/15
Permanent representative of INTERCOOP on the Board of Directors of
BTP CAPITAL INVESTISSEMENT,
● Permanent representative of Ecofi
Investissements on the Board of
Directors of the Ecofi Convertibles
Euro SICAV (corporate-status
investment fund)
● Permanent representative of Sicomi
Coop on the Board of Directors of
Ecofi Investissements
● Member of the Supervisory Board of
Esfin Gestion, groupement d’intérêt
économique (joint
venture/consortium),
●
Alain TRUTIE de VAUCRESSON
Coopératif,
● Director of Union Centrale du Crédit
Coopératif, société anonyme à
capital variable (public limited
company with variable capital),
Philippe ANTOINE
● General Delegate “LES ENSEIGNES
DU COMMERCE ASSOCIE”
● Permanent representative of the
“LES ENSEIGNES DU COMMERCE
ASSOCIE" FCC on the Board of
Directors of Crédit Coopératif
● Vice-President of the Board of
●
Claude CAUVIN
Coopératif,
● Manager of Efitel,
● Director of CIRRA.
Union Nationale des Associations de
Parents, de Personnes Handicapées
Mentales et de leurs Amis (UNAPEI) Association reconnue d'utilité publique
– charitable status recognised by
Decree of 30 August 1963
15 rue Coysevox - 75018 PARIS
Raymond GEDOR
● Permanent representative of UNAPEI
on the Board of Directors of Crédit
Coopératif
● Vice-President of the Board of
Confédération Générale des Sociétés
Coopératives Ouvrières de Production
(C.G.SCOP) - Association (non-profitmaking association)
37 rue Jean Leclaire - 75017 PARIS
Jean GAUTIER
● Permanent representative of CGSCOP
Coopératif
● General Secretary of CGSCOP
Permanent representative of CGSCOP
on the Board of Directors of INTERCOOP, SAS
on the Board of Directors of SICOMICOOP
on the Board of Directors of
COOPAMAT, SAS
Fédération des Coopératives de
Commerçants (FCC) “Les Enseignes
du Commerce associé” – Non-profitmaking association
77 rue de Lourmel -75015 PARIS
●
President of FORMASUP since 1999
●
Officer on the Board of Directors of
APEC (Treasurer – Executives’
employment search organisation)
●
Treasurer of the Centre de Formation
des Assistants Techniques du
Commerce (CEFAC)
●
Director of UFR PEPS
(Pluridisciplinaire d’Enseignement
Professionnalisé Supérieur) de
Colmar
●
Permanent representative of the
“LES ENSEIGNES DU COMMERCE
ASSOCIE" FCC on the Board of
Directors of SICOMI-COOP
●
Director of the Groupement National
de la Coopération
●
Officer on the Board of the Conseil
Supérieur de la Coopération
●
Member of the French Commission
des Comptes Commerciaux de la
Nation – national trade accounts
commission
●
Member of the FISAC commission
(French intervention fund for small
businesses and retail traders)
CRÉDIT COOPÉRATIF
Fédération Nationale de la Mutualité
Française (FNMF)
National federation of mutual-society
groupings – charitable status
recognised by Decree of 23 May 1929
255 rue de Vaugirard - 75015 PARIS
ANCF/CEC non-profit-making
association
44 avenue d’Iéna 75016 - PARIS
Gilbert HENNIQUE
●
Permanent representative of ANCF CEC on the Board of Directors of
Crédit Coopératif
●
Manager of CONSEIL ET STRATEGIE
HENNIQUE & Fils SARL - Tourcoing
●
President of GIPEL (Groupement
Interprofessionnel Paritaire pour
l'Emploi et le Logement – Joint
interprofessional group for housing
and employment) - non-profitmaking association.
●
President and Chief Executive Officer
of NORD CREATION ( SAS)
●
Director of Crédit Immobilier de
LILLE et des Pays du Nord (HLM
low-income housing body in the
form of an SA)
●
Director of RESALLIANCE (S.A.)
●
Director of RESALLIANCE
FINANCES ( SAS)
●
Director of NORD INNOVATION
(SAS)
●
Director of CROISSANCE NORD
PAS-DE-CALAIS (SAS)
●
Director of ALLIANSYS (SAS)
●
Director of INOVAM ( SAS)
●
Director of HABITAT DE FLANDRE
(SAS)
●
President of S.C.I. Canaux Métropole
(SCI – non-trading real-estate
holding company)
Jean-Luc de FEUARDENT
Hubert ALLIER
Permanent representative of CCMCM
Coopératif
● General Secretary of CCMCM
● President of the Supervisory Board
of Union Pêcheur de France (fisheries
union)
● President of Armement Coopératif du
Finistère (shipowning cooperative)
●
UNIOPSS on the Board of Directors
of Crédit Coopératif
●
Director of G.I.C.
●
Member of the Supervisory Board of
“Chèque Domicile”
●
Manager of SEDIMS
●
Member of the Board of Directors of
Fondation Crédit Coopératif
●
Member of the Executive Board of
CNVA
●
Fédération Nationale des Sociétés
Coopératives d’HLM (FNSC D’HLM)
14 rue Lord Byron -75008 - PARIS
Daniel CHABOD
Permanent representative on the
Board of Directors of Crédit
Coopératif
● General Manager of the Société
Coopérative de Production d’HLM
“COIN DE TERRE ET FOYER” (lowincome housing development
cooperative)
● General Manager of “LE FOYER
MODERNE” SA d’HLM – low-income
housing company
● General Manager de la SAS
Compagnie Immobilière des Pays de
Loire
● General Manager of SARL Gestion
Patrimoniale Immobilière
● Delegate General Manager of C.I.A.
● Member of the Executive Committee
of Union Sociale pour l’Habitat
● President of the Société de Garantie
de l’accession à la propriété des
Organismes HLM – low-incomehousing bodies’ home-ownership
guarantee company
●
Confédération de la Coopération, de
la Mutualité et du Crédit Maritimes
(CCMCM)
Union Nationale Interfédérale des
Oeuvres et Organismes Privés
Sanitaires et Sociaux (UNIOPSS)
Union of non-profit-making
associations with charitable status
recognised by Decree of 3 August
1972
24 rue du Rocher -75008 - PARIS
133 rue Saint-Maur -75011 PARIS
●
Adviser to the Banque de France at
LILLE.
Fédération Nationale des
Coopératives de Consommateurs
(FNCC) - non-profit-making
association
Tour Mattei - 207 rue de Bercy 75012
PARIS
René LIOUVILLE
●
Permanent representative of FNCC
Coopératif
●
Delegate General Manager of Institut
de Développement Coopératif
●
of Société Générale des Coopératives
de Consommation
●
of Conseil de Gestion Finance des
Coopératives de France
●
Vice-President of Coop Normandie
Picardie
●
Permanent representative of FNCC,
External supervisor to IDES
Conseil National du Crédit Coopératif
33 rue des Trois Fontanot - 92000
NANTERRE
Jean-Marie MIRAMON
●
Permanent representative of CNCC
Coopératif
●
President of the Comité Régional
Languedoc Roussillon
●
President of Opéra Junior
Montpellier
●
Treasurer of Printemps des
Comédiens
CRÉDIT COOPÉRATIF
FEDERATION FRANCAISE DU
BATIMENT (F.F.B.)
33 avenue Kléber - 75116 PARIS
Christian GAY
●
President of SAS ETRELEC
●
Permanent representative of FFB on
the Board of Directors of Crédit
Coopératif
CAISSE MUTUELLE DE GARANTIE
DES INDUSTRIES MECANIQUES ET
TRANSFORMATRICES DES METAUX
(C.M.G.M.)
Variable-capital cooperative mutualguarantee company
39 - 41 rue Louis Blanc - 92400
COURBEVOIE
Martine CLEMENT
●
President de la CMGM
●
Permanent representative of CMGM
Coopératif
●
of S.G.I.
●
President of Orgeline (“Engineering
in Europe”)
FEDERATION NATIONALE DE LA
MUTUALITE
INTERPROFESSIONNELLE (F.N.M.I.)
3 rue Barthélemy -75015 PARIS
PLEIN AIR (UNAT)
8 rue César Franck -75015 PARIS
Jean-Marc MIGNON
●
Permanent representative of UNAT
Coopératif
●
General Delegate of UNAT
UNION SOCIALE POUR L’HABITAT
14 rue Lord Byron -75384 PARIS
CEDEX 08
Claude TAFFIN
●
Permanent representative on the
Coopératif
●
Director of Economic and Financial
Studies at the Union Sociale pour
l’Habitat
GARANTIE MUTUELLE DES
FONCTIONNAIRES
76 rue de Prony -75857 PARIS
CEDEX 17
Thierry DEREZ
●
Permanent representative of GMF on
the Board of Directors of Crédit
Coopératif
●
President of the Board of Directors
and General Manager of:
ASSURANCES MUTUELLES DE
FRANCE; AZUR GMF Mutuelles
d’Assurances Associées; GARANTIE
MUTUELLE DES FONCTIONNAIRES
Maurice RONAT
●
President of FNMI
●
Permanent representative of FNMI
Coopératif
●
President of Groupe EOVI
●
President of Mutuelles Présence
●
Vice-President of FNMF
●
General Treasurer of Mutualité de la
Loire
●
Member of the French Economic and
Social Council
●
Director of EUROMUT
●
Director of MATMUT
●
Director of Itinéraires
UNION NATIONALE DES
ASSOCIATIONS DE TOURISME ET DE
16/17
●
●
ALSACIENNE VIE on the Board of
BOISSY FINANCES
●
ASSURANCES MUTUELLES DE
FRANCE on the Boards of FIDELIA
Assistance - GESPRE EUROPE
●
Permanent representative of BOISSY
FINANCES on the Boards of AZUR
PATRIMOINE - AZUR VIE
●
Permanent representative of CERES
on the Board of LA SAUVEGARDE
●
Permanent representative of GMF
ASSURANCES on the Boards of
BOISSY GESTION - FILASSISTANCE
INTERNATIONAL TELEASSURANCES
●
Permanent representative of GMF
VIE on the Board of GRANS
MILLESIMES DE FRANCE
●
Permanent representative of LA
SAUVEGARDE on the Board of AME
REASSURANCE
●
AME LUX SA
●
President of AZURITALIA
ASSICURAZIONI S.P.A. ASSURANCES MUTUELLES
D’EUROPE
●
Vice-President and Director of AME
LIFE LUX - AZURITALIA VITA AZUR MULTIRRAMOS – AZUR
VIDA - EURAZUR – CLINICARE
LIMITED - LA CAPITALE
AZUR ASSURANCES i.a.r.d. - GMF
ASSURANCES
LIGUE DE L’ENSEIGNEMENT
3 rue Récamier - 75015 PARIS
Vice-President de FILASSISTANCE
INTERNATIONAL
Jean-Marc ROIRANT
●
Vice-President and Director of ANS
GMF - GMF SOLIDARITE
●
Director of l’ALSACIENNE VIE A.R.B.F. - GMF VIE – MAAF
ASSURANCES - LA CERES – ANS –
GMF VIE
●
●
Permanent representative of AZUR
GMF MUTUELLES D’ASSURANCES
ASSOCIEES on the Boards of
ASSISTANCE PROTECTION
JURIDIQUE - E-SANTE
●
Permanent representative of LA
LIGUE DE L’ENSEIGNEMENT on the
Coopératif
Alain LATREMOUILLE
● Director elected by the employees
Françoise GIRMA-ROMEYER
Colette PINEL
CRÉDIT COOPÉRATIF
Charles DELANNOY
● Director elected by the employees as from October 2004.
APPOINTMENTS
The Board hereby informs the General
Meeting:
of the names of the permanent representatives of the six new directors
appointed on 25 May 2004.
- la Caisse Mutuelle de Garantie des
Industries Mécaniques et Transformatrices des Métaux (C.M.G.M.), represented by its President, Mrs. Martine
CLEMENT,
- Union Sociale pour l’Habitat, represented by Mr. Claude TAFFIN,
- Union Nationale des Associations de
Tourisme et de Plein Air (UNAT), represented by Mr. Jean-Marc MIGNON,
General Delegate,
- Fédération Nationale des Mutuelles
Interprofessionnelles (FNMI), represented by its President, Mr. Maurice
RONAT,
- Garantie Mutuelle des Fonctionnaires
(GMF), represented by its President,
Mr. Thierry DEREZ,
- Fédération Française du Bâtiment (FFB),
represented by Mr. Christian GAY,
● of the names of the permanent representatives of the four new external
supervisors appointed on 25 May
2004:
- Société
Coopérative
pour
la
Rénovation et l’Equipement du
Commerce (SOCOREC), represented by
its General Manager, Mr. Hervé
AFFRET,
- Association UCEL, represented by Mr.
Jean DUPUIS,
- Société Centrale de Crédit Maritime
Mutuel (SCCMM), represented by its
President, Mr. Michel GIBLAINE,
- ESFIN company, represented by
Mr. François SOULAGE.
●
●
of the appointment as external
supervisor, on 18 June 2004, subject
to ratification by the Members’
Ordinary General Meeting, of the
Société Financière de la NEF,
represented by Mr. Jean Pierre
BIDEAU, its President,
● of the replacement of Mr. Pierre
BECKER by Mr. André FLAGEUL –
President – as permanent representative of UNASSAD, as from
1 September 2004,
●
●
●
of the replacement of Mr. Jean-Pierre
BIDEAU, for reasons of health, by Mr.
Philippe LECONTE – President – as
permanent representative of Société
Financière de la NEF, as from
16 September 2004,
of the appointment, as director
elected by the employees representing
the Executives’ section, of Mr. Charles
DELANNOY, to replace Mr. Bernard
LEURIDANT, on 14 October 2004, all
the other directors elected by the
employees having been re-appointed
for a further term.
of the appointment, as VicePresidents, from 3 December 2004, of
the following directors:
- Fédération des Coopératives de
Commerçants “Les Enseignes du
Commerce Associé” (FCC), represented
by Mr. Philippe ANTOINE, for the
business and cooperation sectors,
- Fédération Nationale de la Mutualité
Française (FNMF), represented by
Mr. Jean Louis BANCEL, for the
mutual societies sector,
● of the renewal in office as VicePresident, of Union Nationale des
Associations de Parents et Amis de
Personnes Handicapées mentales
(UNAPEI),
represented
by
Mr. Raymond GEDOR, for the nonprofit-making associations sector,
of
the
resignation
of
the
Confédération de la Coopération, de
la Mutualité et du Crédit Maritimes
(CCMCM), represented by Mr. JeanLuc de FEUARDENT, as director, from
10 February 2005,
● of the appointment by the Board as
individual director, subject to
ratification by the Members’ Ordinary
General Meeting, of Mr. Jean-Louis
BANCEL, as from 10 February 2005,
to replace the Confédération de la
Coopération, de la Mutualité et du
●
Crédit Maritimes, for the remainder of
the latter’s term of office and of
Mr. Bancel’s appointment as Delegated
Vice-President,
●
of the appointment as external
supervisor of the Confédération de la
Coopération, de la Mutualité et du
Crédit Maritimes, as from 10 February
2005, subject to ratification by the
Members’ Ordinary General Meeting,
●
of the continuing in office as director
of Fédération Nationale de la
Mutualité Française (FNMF).
HUMAN RESOURCES
(Crédit Coopératif and its
two subsidiaries: BTP
Banque and ECOFI
Investissements)
CONTINUOUSLY
ENHANCING SKILLS
Building on the key skills of Crédit
Coopératif remains a priority goal,
achieved by ensuring a high standard
of general training. Coping with staff
leaving and replacing the ageing generations constitute a strategic policy aim
in the Group’s human-resources management.
Thus, in 2004, 190 staff were recruited
of whom 118 on permanent contracts.
These recruitments brought new blood
to the head-office and branch-network
units in sales/marketing, expert and
development-support functions.
SUPPORTING CAREER
DEVELOPMENT
An undoubtedly essential part of
human-resources management is catering for employees’ career-development
aspirations, through targeted training
schemes designed to deal with tomorrow’s issues, and anticipating job-profile changes in organisations.
Investment in training has been commensurate with the scale of the issues
involved:
5% of the wages bill each year, equivalent to 40,000 hours of training.
This drive also involves responding to
CRÉDIT COOPÉRATIF
the requests of staff in the Group,
attesting to their wish to change,
enhance their skills and take on greater
responsibilities, as expressed in particular at the annual job-assessment interviews.
E Q U I T Y C A P I TA L A N D
C A P I TA L A S S E T S
In all, a favourable response was given
to 97 requests for career development
and mobility within the Group in 2004.
Equity capital, including the net income
for the financial year carried forward
to reserves, amounted to 387.8 million
euros at 31 December 2004 compared
with 330.8 million euros at
31 December 2003.
A REALISTIC PAY
AND PROMOTION POLICY
Share capital increased from 190.4 million euros at end December 2003, to
232.8 million euros at 31 December
2004.
Giving recognition to the achievements
and performance of each employee
through an appropriate pay policy is a
firmly-establish practice in our humanresources management systems.
In 2004, 65% of staff had their salary
increased (31%) or were awarded a
bonus (34%). Promotions broke down
into 54% of women and 46% of men.
The share capital breaks down into 51.1
million euros of A shares, 113.8 million
euros of B shares and 67.9 million euros
of C shares.
The value of the portfolio of investments in subsidiaries is 227.5 million
euros.
●
●
●
regarding recourse to overtime
working and increased rates of pay
for such work under predefined
conditions.
on the overhauling of the job
classification system, incorporating
advances and safeguards for
employees.
on the introduction of variable-pay
systems for the teams at the branches,
and for the Crédit Coopératif and BTP
Banque teams, representing in all
more than 60% of the
NUMBERS EMPLOYED
At 31 December 2004, registered numbers employed stood at 1.601 of whom
874 women and 727 men, having
increased by 31 persons.
18/19
- The rise in income from shareholdings
in subsidiaries was exceptional in
nature, on account of the first-time
dividend payments by Banque
Fédérale and Inter-Coop, and the
strong increase in dividends from BTP
Capital Investissement and EcofiInvestissements.
- The growth in the balance on commission is due to savings on expenses
and the expansion of this activity.
Financial commission, after falling in
2003, grew sharply, particularly on
account of the increase in fee income
passed on from Ecofi-Investissements.
GENERAL EXPENSES
Net capital assets amounted to 23 million euros compared with 22.9 million
euros at 31 December 2003.
General expenses, including depreciation, amounted to 122.8 million euros,
an increase of 5.5 million euros compared with 2003 (+4.7%) that breaks
down between staff expenses of
2.6 million euros and other management expenses of 2.9 million euros:
INCOME
- as regards staff, the number of FullTime Equivalents increased by 20.9 of
which 75% to strengthen the network
sales force,
CONSTRUCTIVE LABOUR-RELATIONS
DIALOGUE
On the initiative of the trade-union
organisations or of management,
important themes for Crédit Coopératif
were enshrined in collective labour
agreements:
market investments in UCITS made a
significant contribution in the 4th
quarter.
(see table of intermediate operating
totals)
NET BANKING INCOME
Net banking income amounted to 163.6
million euros. It rose by 16.1 million
euros, an increase of +10.9 %.
Growth was broke down among net
interest income (increased by +4.2 million euros), income from variableincome securities (+5.1 million euros),
net commission (+5.2 million euros)
and net income from the trading and
short-term investment portfolios (+1.6
million euros). Its sources a threefold,
and of equal significance:
- the positive effect of growth in
amounts under management outstripped the negative impact of
depressed short-term rates and the
continued reduction in margins on
new loans. The posting as profits in
December 2004 of gains on money-
- the increase in other management
expenses is mainly attributable to
real-estate service and other charges
and the increase in the subscription
paid to Banque Fédérale des Banques
Populaires.
GROSS OPERATING PROFIT
Gross operating profit came to 40.8
million euros compared with 30.2 million euros in 2003.
COST OF RISK
Cost of risk was stable, at 10.3 million
euros compared with 10.6 million euros
in 2003.
NET INCOME FROM CAPITAL ASSETS
Gains on financial investments consist
in the main of the contribution of the
CRÉDIT COOPÉRATIF
Sopromec shares and a reversal of an
exchange-risk provision resulting from
the recovery in the Zloty exchange rate.
This recovery partly offsets the provision for loss on the investment in the
BISE subsidiary. In 2003, the expenses
had chiefly consisted of the provision
for the depreciation in the Zloty.
NET EXTRAORDINARY LOSS
The net extraordinary loss of 466,000
euros was due to the costs incurred in
the move of Inter-Coop to other premises and the Batinorest acquisition
costs. In 2003, a loss of 1.5 million
euros had been incurred owing to incidents in the processing of chequeimage exchanges.
NET INCOME
The Fonds Régional de Solidarité du
réseau des Banques Populaires (social
banks’ mutual-help fund), which had
been supplied for the first time in 2003
with 1 million euros, was supplied in
2004 with 2.1 million euros.
A transfer of 1.5 million euros was
made to the General banking risk
reserve.
In 2003, the reversal from regulated
provisions included the whole of the
collective provision not allocated to
doubtful debts, and amounting to
27.3 million euros, shown in the financial statements of the Caisse Centrale de
Crédit Coopératif.
Corporation tax came to 7.2 million
euros, compared with 15.9 million
euros in 2003 (of which 10.2 million
euros as a result of the abolition of the
collective-provision tax regime).
Net income after tax was 21.4 million
euros compared with 25.7 million euros
in 2003.
PROPOSED APPROPRIATION OF
EARNINGS
For the financial year 2004, the Board
notes that the result for the year was net
income of 21,350,740.98 euros. It proposes to the General Meeting of
Members that, in accordance with the
Articles of Association, this net income
and the retained earnings of
1,679,553.96 euros, making a total distributable profit of 23,030,294.94 euros,
be appropriated as follows:
issue have increased by 30%, attesting
to the trust of our member customers.
The issue in December 2004 of a 30million-euro redeemable subordinated
loan, wholly invested in our branch
network, was a success.
● To
The ability to engage in partnerships
was evident throughout the year. Thus,
agreements were made with the
Confédération Générale des SCOP to
offer a wide range of products and services targeting both the SCOP members
and their own employees, with the
Fédération Nationale des Sociétés
Coopératives d’HLM and the Caution
Mutuelle du Crédit Immobilier. The
image of the Crédit Coopératif was
affirmed through the continuing of the
communication campaigns, which contribute among other aims to making the
company more widely known among
individuals sensitive to its action in the
socially-responsible and -committed
economy.
the legal reserve, 15% of the
net income (of 21,350,740.98 €)
. . . . . . . . . . . . . . . . . . . . . . . . . .3.202.611,15 €
● To
the reserve prescribed by the
articles . . . . . . . . . . . . . . .10.000.000,00 €
● To
the special investment reserve
. . . . . . . . . . . . . . . . . . . . . . . . . . .239.766,00 €
● To
remunerate the B shares at the rate
of 3% pro rata temporis
. . . . . . . . . . . . . . . . . . . . . . . . . . .2.953.060,98 €
● To
remunerate the C shares at the rate
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.803.263,11
€
● To
pay a cooperative rebate of
450,000.00 € to members, to be distributed in proportion to the value of
transactions made by each member
with the company,
● To carry forward as retained earnings
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .4.381.593,70
€
The Board of Directors proposes to the
General Meeting of Members that it
adopt the resolutions set out later in this
document, which accurately reflect the
company’s results.
PROSPECTS FOR 2005
The 2004 financial year was particularly successful for Crédit Coopératif.
Its commercial and profit objectives
were exceeded. All areas of its business
grew at a firm pace, in both the collection and the employment of funds. The
quality of its services is reflected in an
increase in fee income, which nevertheless remains at a reasonable level. The
membership base has been reinforced,
and the amounts of B and C shares in
The membership of Board of Directors,
of which the role is essential in the governance of cooperative institutions,
underwent renewal in 2004 so as to be
more representative of all the movements of the social economy with
which the Crédit Coopératif operates.
In order to achieve a more accurate
view of the economic entity constituted
by the Crédit Coopératif, its subsidiaries
and the non-subsidiary institutions that
have signed the association agreement,
the financial statements were consolidated as from 30 June 2004. The
arrangement now instituted demonstrates the ability of the company’s
structures to adapt to a new accounting
and prudential organisation.
Confident in the future and in the quality of its staff, whose commitment
made possible the advances noted earlier, the Crédit Coopératif is armed to
continue its action among the Banques
Populaires in the special role acknowledged and entrusted to it, for the benefit of its customers and members, whom
it firmly intends to serve in an exemplary manner.
CRÉDIT COOPÉRATIF
I N T E R M E D I AT E O P E R AT I N G T O TA LS
(EUROS 000)
FINANCIAL YEAR
2004
FINANCIAL YEAR
2003
Net interest income
Income from equities and other variable-income securities
Net commission
Net income from trading and short-term investment portfolios
Other net operating income/loss
112,872
8,877
34,255
7,675
-68
108,677
3,781
29,017
6,092
-101
N E T BA N K I N G I N C O M E
163,610
147,465
General operating expenses and depreciation
Staff expenses
Other administrative expenses
Depreciation
122,801
77,197
44,723
881
117,314
74,598
42,426
290
G R O S S O P E R AT I N G P R O F I T
40,808
30,151
Cost of risk
-10,285
-10,602
N E T O P E R AT I N G I N C O M E
30,524
19,548
1,801
-1,410
32,325
18,138
-466
-7,173
-3,335
-2,257
-15,932
25,787
21 , 3 51
25,737
RUBRIQUES
Net income/loss on capital assets
N E T O P E R AT I N G I N C O M E B E F O R E TA X
Net extraordinary income/loss
Corporation tax
Appropriation to/Reversal from General Banking Risk Reserve and Regulated Reserves
NET INCOME
20/21
CRÉDIT COOPÉRATIF
F I N A N C I A L R E S U LT S O F T H E C O M PA N Y
FOR THE LAST FIVE FINANCIAL YEARS
2000
C A P I TA L
SHARE CAPITAL
NUMBER OF SHARES IN ISSUE
2004(1)
2001
2002
2003
78.755.330
5.166.011
124.827.594
8.185.416
141.668.825
9.289.759
190.368.846
12.483.203
232.779.630
15.264.238
291.747.332
317.958.171
300.096.581
376.804.797
390.079.804
17.929.183
4.813.830
577.966
15.798.491
4.385.153
543.420
30.716.361
4.515.669
718.473
19.538.977
15.931.876
2.738.739
22.606.131
7.201.872
1.289.480
6.178.683
1.538.546
6.141.251
2.491.824
17.217.313
2.976.498
25.736.605
4.090.097
21.350.741
5.206.324
2.54
1.39
2.82
0.29
1.01
1.20
3,5%
0.75
3,5%
1.85
3,0%
2.06
3,0%
1.40
3,0%
846
30.384.398
871
32.411.164
903
33.198.099
1.408
54.220.351
1.412
56.216.818
15.783.450
16.394.866
16.550.027
27.627.194
29.274.804
O P E R AT I O N S A N D R E S U LT S
FOR THE FINANCIAL YEAR
GROSS REVENUE NET OF VAT
NET INCOME BEFORE TAX, DEPRECIATION
AND PROVISIONS
CORPORATION TAX
EMPLOYEE PROFIT SHARING FOR THE FINANCIAL YEAR
NET INCOME AFTER TAX,
DEPRECIATION AND PROVISIONS
DISTRIBUTED NET INCOME
R E S U LT S
PER SHARE
BUT BEFORE DEPRECIATION AND PROVISIONS
DEPRECIATION AND PROVISIONS
DIVIDEND PER SHARE
(2)
S TA F F
AVERAGE NUMBERS OF STAFF EMPLOYED
DURING THE FINANCIAL YEAR
WAGES BILL
AMOUNTS PAID UNDER COMPANY BENEFIT SCHEMES
(COMPANY SOCIAL BODY AND BENEFIT SCHEMES)
(1) Subject to approval by the Members’ Ordinary General Meeting.
(2) Rate of interest on B and C members' shares.
CRÉDIT COOPÉRATIF
22/23
CRÉDIT COOPÉRATIF
FINANCIAL STATEMENTS
OF THE CRÉDIT COOPÉRATIF
BALANCE SHEET
INCOME STATEMENT
NOTES TO THE ACCOUNTS
STATUTORY AUDITORS' GENERAL REPORT
STATUTORY AUDITORS' SPECIAL REPORT
CRÉDIT COOPÉRATIF
BA L A N C E S H E E T AT 31 D E C E M B E R 2 0 0 4
(EUROS 000)
FINANCIAL YEAR
2004
FINANCIAL YEAR
2003
107,340
448,692
1,908,249
671,299
1,236,950
3,057,660
224,321
2,581,640
251,699
33,515
247,128
2,352,776
420,844
1,931,933
2,949,605
221,555
2,496,476
231,575
1,477,185
259,512
71,409
156,110
682,759
253,968
53,349
155,418
1,807
21,205
1,807
21,146
22,470
103,457
21,507
209,063
7,635,097
6,982,039
C A P I TA L C O M M I T M E N T S BY T H E C O M PA N Y
FINANCING COMMITMENTS
COMMITMENTS IN FAVOUR OF CREDIT INSTITUTIONS
COMMITMENTS IN FAVOUR OF CUSTOMERS
130,540
318,902
126,667
252,869
GUARANTEE COMMITMENTS
COMMITMENTS ON BEHALF OF CREDIT INSTITUTIONS
COMMITMENTS ON BEHALF OF CUSTOMERS
1,613
1,017,477
2,975
795,995
19,500
13,789
ACTIF
CASH, CENTRAL BANKS, POSTAL-GIRO ACCOUNTS
GOVERNMENT STOCK AND SIMILAR SECURITIES
RECEIVABLES FROM CREDIT INSTITUTIONS
- SIGHT
- TERM
RECEIVABLES FROM CUSTOMERS
- TRADE CREDIT
- OTHER LOANS TO CUSTOMERS
- OVERDRAFTS ON CURRENT ACCOUNTS
- FACTORING
BONDS AND OTHER FIXED-INCOME SECURITIES
EQUITIES AND OTHER VARIABLE-INCOME SECURITIES
INVESTMENTS IN SUBSIDIARIES AND OTHER SECURITIES HELD LONG-TERM
SHARES IN AFFILIATE UNDERTAKINGS
ASSETS ON FINANCE LEASE AND ON PURCHASE-OPTION RENTAL
ASSETS ON OUTRIGHT RENTAL
INTANGIBLE ASSETS
TANGIBLE FIXED ASSETS
SUBSCRIBED, UNPAID SHARE CAPITAL
COMPANY’S HOLDING OF ITS OWN SHARES
OTHER ASSETS
PREPAYMENTS, ACCRUED-INCOME AND OTHER ACCRUAL ACCOUNTS
TOTAL ASSETS
OFF-BALANCE-SHEET STATEMENT
COMMITMENTS RELATING TO SECURITIES
SECURITIES ACQUIRED ON REVERSE REPO
OTHER COMMITMENTS BY THE COMPANY
24/25
CRÉDIT COOPÉRATIF
(EUROS 000)
FINANCIAL
YEAR 2004
FINANCIAL
YEAR 2004
1,275,192
285,468
989,724
2,900,785
1,380,835
248,364
1,132,470
2,551,035
531,484
114,288
430,857
104,336
1,921,758
333,255
2,607,484
15,970
1,746,997
268,846
2,326,956
14,893
2,061,937
529,578
1,700,758
611,305
79,465
144,080
7,045
214,717
13,316
393,012
232,780
66,106
69,802
69,128
117,302
7,760
184,363
9,742
334,919
190,369
66,106
48,232
1,295
1,680
1,534
2,941
LIABILITIES
CENTRAL BANKS, POSTAL-GIRO ACCOUNTS
PAYABLES TO CREDIT INSTITUTIONS
- SIGHT
- TERM
CUSTOMERS’ CREDIT BALANCES
REGULATED SAVINGS ACCOUNTS
- SIGHT
- TERM
OTHER DEBT
- SIGHT
- TERM
LIABILITIES IN THE FORM OF SECURITIES ISSUED
- SHORT-TERM LOAN NOTES
- INTERBANK SECURITIES
AND NEGOTIABLE DEBT SECURITIES
- BONDS ISSUED
- OTHER LIABILITIES IN THE FORM OF SECURITIES ISSUED
OTHER LIABILITIES
ACCRUED CHARGES AND OTHER ACCRUAL ACCOUNTS
PROVISIONS FOR CONTINGENCIES AND LOSSES
SUBORDINATED DEBT
GENERAL BANKING RISK RESERVE
EQUITY CAPITAL EXCLUDING GENERAL BANKING RISK RESERVE
- CAPITAL SUBSCRIBED
- SHARE PREMIUM ACCOUNT
- RESERVES
- REVALUATION RESERVE
- REGULATED PROVISIONS AND INVESTMENT GRANTS
- BALANCE OF RETAINED EARNINGS (+/-)
- RESULT PENDING APPROVAL
- NET INCOME/LOSS FOR THE YEAR (+/-)
TOTAL LIABILITIES
-
-
21,351
25,737
7,635,097
6,982,039
350,033
307,276
24,500
13,789
COMMITMENTS RECEIVED
COMMITMENTS RECEIVED FROM CREDIT INSTITUTIONS
SECURITIES SOLD ON REPO
OTHER COMMITMENTS RECEIVED
CRÉDIT COOPÉRATIF
P U B L I S H E D I N C O M E S TAT E M E N T
P E R I O D F R O M 1 s t J A N U A R Y T O 31 D E C E M B E R 2 0 0 4
(EUROS 000)
FINANCIAL YEAR
to 31/12/2004
FINANCIAL YEAR
to 31/12/2003
INTEREST RECEIVED AND SIMILAR INCOME
INTEREST AND SIMILAR INCOME ON OPERATIONS
WITH CREDIT INSTITUTIONS
INTEREST AND SIMILAR INCOME ON OPERATIONS WITH CUSTOMERS
INTEREST AND SIMILAR INCOME ON BONDS
AND OTHER FIXED-INCOME SECURITIES
OTHER INTEREST RECEIVED AND SIMILAR INCOME
+
+
IINTEREST PAID AND SIMILAR EXPENSES
INTEREST PAID AND SIMILAR EXPENSES ON OPERATIONS
WITH CUSTOMERS
INTEREST PAID AND SIMILAR EXPENSES ON BONDS
OTHER INTEREST PAID AND SIMILAR EXPENSES
-
INCOME AND EXPENSES FROM BANKING OPERATIONS
306,229
59,384
293,681
71,865
156,916
89,910
155,130
66,670
19
17
193,357
38,084
-
185,004
43,081
26,209
24,282
119,205
107,633
9,859
10,007
INCOME FROM FINANCE-LEASING OPERATIONS AND PURCHASE-OPTION RENTAL OPERATIONS
EXPENSES ON FINANCE-LEASING OPERATIONS AND PURCHASE-OPTION RENTAL OPERATIONS
INCOME FROM OUTRIGHT RENTAL OPERATIONS
EXPENSES ON OUTRIGHT RENTAL OPERATIONS
INCOME FROM VARIABLE-INCOME SECURITIES
+
8,877
+
3,781
COMMISSION INCOME
+
53,134
+
49,812
COMMISSION EXPENSES
-
18,879
-
20,796
TRADING-PORTFOLIO GAINS OR LOSSES
NET GAIN/LOSS ON OPERATIONS IN TRADED SECURITIES
NET GAIN/LOSS ON FOREIGN-EXCHANGE OPERATIONS
NET GAIN/LOSS ON TRANSACTIONS IN DERIVATIVE FINANCIAL INSTRUMENTS
+
1,376
82
124
1,169
+
-
160
77
586
503
GAINS OR LOSSES ON PORTFOLIO-INVESTMENT AND SIMILAR TRANSACTIONS
+
6,299
+
5,932
26/27
CRÉDIT COOPÉRATIF
C O M P T E D E R É S U LTAT P U B L I A B L E
P É R I O D E D U 1 E R J A N V I E R A U 31 D É C E M B R E 2 0 0 2
OTHER INCOME FROM BANKING OPERATIONS
(EUROS 000)
FINANCIAL YEAR
to 31/12/2004
FINANCIAL YEAR
to 31/12/2003
+
+
1
97
INCOME FROM REAL-ESTATE DEVELOPMENTS
OTHER INCOME
OTHER BANK OPERATING EXPENSES
EXPENSES ON REAL-ESTATE DEVELOPMENTS
OTHER EXPENSES
98
-
NET BANKING INCOME
166
150
15
136
-
251
166
251
163,610
147,465
GENERAL OPERATING EXPENSES
STAFF EXPENSES
OTHER ADMINISTRATIVE EXPENSES
-
121,921
77,197
44,723
-
117,024
74,598
42,426
DEPRECIATION, AMORTISATION AND PROVISIONS ON INTANGIBLE
AND TANGIBLE FIXED ASSETS
-
881
-
290
-
40,808
10,285
-
30,151
10,602
COST OF RISK
30,524
NET OPERATING INCOME
GAINS OR LOSSES ON INVESTMENTS IN CAPITAL ASSETS
GAINS OR LOSSES ON INTANGIBLE AND TANGIBLE FIXED ASSETS
GAINS OR LOSSES ON LONG-TERM FINANCIAL ASSETS
+
1,801
1,801
19,548
-
32,325
PROFIT BEFORE TAX ON ORDINARY OPERATIONS
1,410
92
1,318
18,138
NET EXTRAORDINARY INCOME/LOSS
-
466
-
2,257
CORPORATION TAX
-
7,173
-
15,932
APPROPRIATIONS TO/REVERSALS FROM GENERAL BANKING RISK RESERVES AND REGULATED PROVISIONS
APPROPRIATIONS TO/REVERSALS FROM GENERAL BANKING RISK RESERVES
APPROPRIATIONS TO/REVERSALS FROM REGULATED PROVISIONS
-
3,335
3,574
240
25,787
21,351
25,737
NET INCOME/LOSS FOR THE YEAR
26,809
CRÉDIT COOPÉRATIF
NOTES
T O T H E PA R E N T - C O M PA N Y F I N A N C I A L S TAT E M E N T S -
Crédit Coopératif, a société coopérative anonyme de Banque
Populaire à capital variable, a people’s bank in the form of
a cooperative public limited company with variable capital
has included within its consolidation scope in 2004 the credit institutions that signed an association agreement and the
minority-held and non-banking subsidiaries.
I – AC C O U N T I N G P R I N C I P L E S A N D M E T H O D S
The annual financial statements are drawn up in accordance
with the regulations applicable to credit institutions and in
compliance with the generally-accepted French accounting
principles. The rules for publication of financial statements
have been applied in accordance with regulation 2000-03 of
the Comité de la Réglementation Comptable (French accounting regulation committee).
●
Customer loans
Customer loans are entered in the balance sheet at their
nominal value. Accrued interest on receivables is posted
under counterpart related-receivables accounts to the related income-statement items.
●
2004 FINANCIAL
YEAR
Doubtful debts: debts are classed as doubtful when, even
though they are secured, they present a credit risk ascertained by the occurrence of one of the following situations:
one or more unpaid accounts within not less than three
months,
• a worsening in the financial situation of the counterparty,
• the existence of disputes or litigation between the institution and the counterparty.
•
Compromised doubtful debts: debts specifically identified
from among doubtful debts where the solvency of a counterparty is in a state such that after classification for a reasonable period among doubtful debts, no reclassification as
healthy debt can any longer be foreseen.
Segmentation of doubtful debt
The segmentation of doubtful debt and compromised doubtful debt is performed on the same basis as for overall gross
amounts of debt outstanding, by counterparty type:
non-financial companies, sole traders, individuals, government and non-government administration, other customer
segments.
Doubtful debts and provisions
CRC regulation No. 2002-03 concerning the accounting
treatment of credit risk determines the classification of
doubtful debts in the balance sheet and the accounting treatment of restructured debts.
Debt classification
Healthy debt: Debts are classed as healthy debt when they
correspond to a normal commercial relationship, excluding
all ascertained credit risk.
A credit risk is ascertained when the institution is unlikely to
recover all or part of the sums owed by the counterparty in
accordance with the initial contractual terms and despite the
existence of a guarantee or deposit.
Restructured debt: Debit is restructured either on market
terms, or on non-market terms when the renegotiated rate is
lower than market terms prevailing at the date of restructuring. In these circumstances, restructured debts are identified
in a special category of healthy debt. A discount is calculated on such debts, representing the present value of the future
interest differential. This discount is charged to income as
cost of risk. It is written to income under interest margin,
using an actuarial method according to the term of the loan.
Crédit Coopératif has not recorded any restructured loans on
non-market terms.
28/29
Rules governing doubtful debt
In general, doubtful debt is identified by means of attributes,
and compromised doubtful debts are recorded in special
accounts. Classification as doubtful debt or as compromised
doubtful debt has a knock-on effect, with the classification
on the same footing of the whole of the outstanding debt
and commitments relating to the counterparty concerned,
notwithstanding the existence of a security or guarantee.
In general, doubtful debt is identified by means of attributes,
and compromised doubtful debts are recorded in special
accounts. Classification as doubtful debt or as compromised
doubtful debt has a knock-on effect, with the classification
on the same footing of the whole of the outstanding debt
and commitments relating to the counterparty concerned,
notwithstanding the existence of a security or guarantee.
This rule concerns neither debt affected by isolated or shortduration disputes unrelated to the any insolvency of the
counterparty, nor the credit risk dependent upon the solvency of a third party and not upon that of the counterparty
itself. Where the counterparty belongs to a group, the institution examines the implications of such failure to pay for
the customer group, and determines whether to class as
doubtful debt all or part of the outstanding debt relating to
the legal entities forming such customer group.
CRÉDIT COOPÉRATIF
Regrading as healthy debt reflects the resumption of normal
trading relations, which is observed when regular payments
are resumed of the amounts corresponding to contractual
instalments.
term investment, investment in subsidiaries, shares in affiliates – determined according to the intention for which they
are held.
Where, after regrading as healthy debt, the debtor fails to
keep up the payments at the set dates, the outstanding debt
is immediately downgrade to compromised doubtful debt. A
debt classed as a doubtful debt is downgraded to a compromised doubtful debt at the elapse of one year, unless there
are good grounds for maintaining the debt as merely doubtful. Where the debt becomes ascertainably bad, the debt is
written off as a loss, regardless of whether any provision has
previously been set aside for it.
Trading securities
Accounting for hedging instruments
Hedging mechanisms arising from the following:
- a short-term credit policy stance favouring back-to-back
financing (trade discount and trade debt assignment),
- effective implementation of second-level auditing, performed by the commitments management department,
- partnerships with insurance companies to pool signature
commitment risks or mutual-society partnerships pooling
medium- and long-term risks,
- selection of collateral security (mortgage charges, fixed
and floating charges, pledges, etc.) or even securities given
by local government authorities.
Provisioning rules
Doubtful-debt provisions are set aside on doubtful debts or
for risks, for the amount of probable losses and taking into
account any securities in favour of the bank.
These provisions for loss are calculated after individual
analysis of each of the doubtful cases and are determined at
quarterly intervals. Provisions for risk are recorded as liabilities in the balance sheet for unallocated customer risks and
for off-balance-sheet commitments. The future cash-flow
discounting method will be applied as from 1 January 2005.
Interest on recorded doubtful debt is fully provisioned; interest on compromised doubtful debt is no longer recorded in
the accounts.
●
Securities portfolio
Securities are classified according to their nature – government stock, bonds and other fixed-income securities, equities and other variable income securities – and their purpose
– for trading, short-term investment, portfolio activity, long-
Acquired with the intention of being resold within a maximum of six months, these are recorded at the time at their
acquisition cost. At the year-end date, they are valued at
their market value, and any unrealised gains and losses are
written to income.
Short-term investment securities
These securities are purchased with the intention of holding
for longer than six months, excluding securities classed as
long-term investments. Recorded at the time of purchase for
their acquisition price excluding costs, short-term investment securities are valued at the year-end at stock-market
price for listed securities, and on the basis of their probable
trade value for unquoted securities, while only unrealised
losses are covered by a provision for loss.
Portfolio-activity securities
This category cover venture-capital securities held with the
purpose of securing a medium-term capital gain without
influencing the management of the issuer companies.
Acquired net of costs, these securities are valued at the yearend at their fair value to the institution. Unrealised gains are
not recorded, while unrealised losses are covered by provisions for loss.
Long-term investment securities
These are fixed-income securities that are acquired with the
intention of holding them until maturity, and that are
hedged for interest rate or liquidity. They are recorded at the
time of purchase for their acquisition cost, and any difference between the acquisition cost and redemption value is
written to income in stages over the residual maturity of the
securities. No unrealised losses or gains are recorded at the
year-end.
Investments in subsidiaries and shares in affiliates
These are securities of which the durable possession is considered conducive to the activity of the institution. They are
recorded net of costs at their purchase price and valued at
the year-end at their fair value to the institution. Unrealised
capital gains are not recorded, whereas unrealised capital
losses are covered by provisions for loss.
CRÉDIT COOPÉRATIF
●
Bond issues
The costs relating to the issue of bonds are written down on
a straight-line basis over the maturity period of the issues;
premiums are also written down in equal amounts over the
term of the issues, regardless of the repayment intervals.
●
Derivative financial instruments
Hedging and dealing operations in interest-rate, foreignexchange or equities future financial instruments are recorded in the accounts in accordance with CRB (French banking
regulation committee) regulations 90.15 and 92.04. The
nominal commitments entered in the off-balance-sheet
statement attest to the volume of trades in progress while
not reflecting the counterpart risk or the market risk. The
expenses and income relating to hedging operations are
posted to income on the counterpart side to the entries for
expenses and income for the assets hedged; for interest-rate
futures, items are recorded on the same line heading as for
the expenses and income of the assets hedged. Expenses and
income from global interest-risk hedging operations are
posted to income pro rata temporis.
●
Currency operations
All assets liabilities and off-balance-sheet commitments
denominated in currencies are converted at the official
exchange rate at the year-end date.
Unrealised or final foreign-exchange gains and losses are
posted to income.
●
Accounting method changes
- Long-service awards: bonuses paid in respect of longservice awards were recorded in the accounts in the form
of provisions for contingencies and losses. The long-service awards had been treated as pension commitments
(commitments after the end of service) until the publication of the Conseil National de la Comptabilité (French
national accounting council) recommendation on pension
commitments and similar benefits (No. 03-R-01 of 1 April
2003, applicable at 1 January 2004): Accordingly, it there
was no requirement to set aside a provision covering them.
Since the date of entry into force of the foregoing recommendation, long-service awards have been excluded from
the scope of pension commitments and similar benefits,
and now fall under CRC regulation CRC No. 2000-06 on
liabilities: such awards must therefore be covered by a provision as from 1 January 2004. Since this is a change in
accounting method arising from a new accounting rule,
for the first year, this provision was charged against equity for an amount net of tax of 1,155,000 €.
- Bank card subscriptions and custody fees: until 2003,
bank card subscriptions and fees charged for the custody
of customer portfolios were recorded when they were
received. From 2004 onwards, these fees were regarded as
remuneration for a continuous service and, accordingly,
the pro rata temporis method should be applied to them.
As a result of this change of method, the following
amounts were charged to equity:
- bank card subscriptions: ...................................- 395,000 m€
- custody fees: ......................................................+ 212,000 m€
Foreign-currency expenses and income paid or received are
recorded at the rate prevailing on the transaction date,
whereas expenses and income that are accrued by not paid
or received are converted at the exchange-rate prevailing at
the year-end date.
●
Country risks
A debt receivable from a credit institution resident in Poland
was provisioned for 5% of its value, in accordance with tax
regulations.
●
Fixed assets
Fixed assets are initially recorded at their acquisition cost
and depreciated on a straight-line basis, in accordance with
their estimated working lives under the tax rules:
buildings: 25 to 50 years
• fittings and fixtures: 10 years
• office furniture and equipment: 5 to 10 years.
•
30/31
I I - I N F O R M AT I O N O N T H E I T E M S
I N T H E BA L A N C E S H E E T,
OFF-BALANCE-SHEET AND INCOME
S TAT E M E N T S TAT E M E N T
●
BALANCE SHEET (notes 1 to 18),
●
OFF-BALANCE-SHEET STATEMENT (notes 19 and 20),
●
INCOME STATEMENT (notes 21 to 24).
To improve their presentation, some notes have been modified compared with 2003.
CRÉDIT COOPÉRATIF
I I I - O T H E R I N F O R M AT I O N
●
Operations with the Network
The Crédit Coopératif network, formed by the Crédit
Coopératif and the subsidiary and non-subsidiary credit
institutions that signed an association agreement with it, is
itself part of the Banques Populaires network.
deductions, which was revised on account of the merger
with the Caisse Centrale de Crédit Coopératif in 2003. The
charge set aside to provisions as a result of the update
amounted to 447,000 €, bringing the total amount of the
provision to 1,312,000 €.
●
General banking risk reserve
This reserve, which can be classed with equity capital,
records the following:
●
Numbers employed
Average numbers of serving staff during the 2004 financial
year were as follows:
Clerical workers
Middle management
Executives
TOTAL
●
47
580
695
1,322
Remuneration, advances, loans and commitments in
favour of members of the Senior Management and
Executive bodies
- Overall amount of pension commitments en remuneration
and allocated in respect of the financial year 2004
•
to members of the Board . . . . . . . . . . . . . . . . . . . . . . nil
•
to members of Executive bodies . . . . . . . . 909,000 m€
- Overall amount of advances and loans extended in 2004
●
•
to members of the Board . . . . . . . . . . . . . . 686,000 m€
•
to members of Executive bodies . . . . . . . . . . 97,000 m€
Retirement gratuities
Retirement gratuities are evaluated using an actuarial
method taking account of age, seniority and likelihood of
presence in the business at the time of retirement of employees. A provision for contingencies and losses was set aside
for the first time in 1999. In 2000, retirement-gratuity commitments were covered by a single-premium insurance policy of which the payment was spread over 3 years. The last
instalment of this subscription was paid in December 2002.
In 2003, the commitments were converted to current value
to take account of the effects of the reform in retirement legislation and the implementation of the Banques Populaires
agreement. The average rate of employer’s contributions
included in the evaluation was also adjusted. In 2004, the
conversion to current value was carried out according to the
same assumptions as for 2003, except the rate of welfare
- the appropriation to the regional solidarity fund instituted
as part of the guarantee system for the Banques Populaires
network,
- the appropriation to cover general risks.
●
Commitments guaranteeing the liquidity and solvency
of the Banques Populaires
The system for guaranteeing the liquidity and solvency of
the Banques Populaires network was laid down by a general decision of the Banque Fédérale des Banques Populaires,
as central body, pursuant to Articles L. 511-30, L. 511-31, L.
511-32 and L. 512-12 of the Monetary and Financial Code.
This guarantee system relies on the whole of the equity capital of the network-member institutions through an internal
mutual-support mechanism.
The Banque Fédérale resorts to the network’s mutual support
by calling on the banques populaires to provide the necessary financial support, within the limit of their equity capital. The equity capital of the Banque Fédérale are relied-on,
in the last resort, to support the liquidity and solvency of the
banques populaires. Under this internal mutual-support
mechanism, a first line of mutual support is instituted. The
first constituent of this line is the Federal solidarity fund,
which is included in the general banking risk reserve of the
Banque Fédérale. Its other constituents are the regional solidarity funds, which are included in the general banking risk
reserves of the banques populaires. These regional funds are
supplied every year with 10% of the net income earned by
the banques populaires before depreciation and any distribution, and as adjusted for corporation tax. The banques
populaires cannot have disposal of those funds without the
permission of the Banque Fédérale.
It should be recalled, moreover, that the institutions of the
banques populaires network are members of the Deposit
Guarantee Fund instituted by law, of which all approved
credit institutions in France are members.
CRÉDIT COOPÉRATIF
NOTE No. 1
31/12/2004
31/12/2003
107,341
448,692
439,960
8,732
1,908,248
663,783
1,234,040
10
10,415
33,515
247,127
244,133
2,994
2,352,777
413,359
1,908,995
10
30,413
TOTAL
2,464,281
2,633,419
* of which network
* of which Crédit Coopératif network
1,104,048
803,858
1,496,827
1,326,339
O P E R AT I O N S W I T H C U S T O M E R S – A S S E T S
– Cash, CCP postal-giro a/cs, central banks
– Government stock and similar securities
- Treasury bills and OAT French treasury bonds
- related receivables
– Receivables from credit institutions
- sight
- term
- net doubtful debts
- Crédit Coopératif network: institutions that have signed an association agreement with the Crédit Coopératif
NOTE No. 2
31/12/2004
31/12/2003
– Central banks, CCP postal-giro a/cs
– Payables to credit institutions:
- sight
- term
- Other amounts payable
- Related accounts payable
1,275,192
282,245
984,963
0
7,984
1,380,834
246,076
1,113,799
0
20,959
TOTAL
1,275,192
1,380,834
531,700
343,703
943,015
888,010
I N T E R BA N K O P E R AT I O N S – L I A B I L I T I E S
* of which network
* of which Crédit Coopératif network
32/33
CRÉDIT COOPÉRATIF
NOTE No. 3
31/12/2004
31/12/2003
235,069
216,201
0
2,521,681
18,902
65,806
210,518
219,554
0
2,429,975
19,403
70,155
3,057,659
2,949,605
31/12/2004
31/12/2003
– Export credit facilities
- Liquidity and consumer credit facilities
- Capital-equipment investment credit
- Housing loans
- Other loans
- Securities received on reverse repo
- Stocks received on reverse repo
- Subordinated loans
4,540
153,798
2,081,098
224,368
17,788
4,661
160,867
1,952,992
192,010
19,481
35,000
5,089
92,523
7,440
TOTAL
2,521,681
2,429,974
O P E R AT I O N S W I T H C U S T O M E R S – A S S E T S
ASSETS WITH CUSTOMERS – NET VALUES
-
Overdrafts on current accounts
Trade credit
Factoring
Other loans to customers - Details
Related receivables and unposted items
Net doubtful debts
TOTAL
O T H E R L OA N S T O C U S T O M E R S - D E TA I LS
BREAKDOWN OF LOANS ECO
BY NOMIC TRANSACTOR
– LOANS TO CUSTOMERS
Non- financial
companies
Sole
traders
Individuals
Non-government
administration
Government
agencies and
social security
Other
customer
segments
Total
31/12/2004
Total
1,760,576
21,206
294,029
883,241
25,614
32,891
3,017,557
Sub-total
1,728,603
17,590
287,721
860,917
24,029
32,891
2,951,751
195,134
1,290
0
20,393
0
216,817
- Export Credit
4,454
86
0
0
0
4,540
- Cash advances
61,990
778
88,506
2,524
0
153,798
1,271,236
9,368
0
759,017
16,397
25,080
2,081,098
- Housing loans
29,472
2,784
181,422
3 172
7,518
0
224,368
- Other loans
17,847
591
1,510
9,448
114
120
29,630
148,470
2,693
16,283
66,363
0
7,691
241,500
- HEALTHY DEBT
- Trade debt
- Capital-equipment investment credit
- Overdrafts on current accounts
- of which restructured loans
DOUBTFUL ACCOUNTS RECEIVABLE
FROM CUSTOMERS
Sub-total
1,419
131
1,550
- Non-compromised doubtful debts
71,251
10,604
8,058
1,199
14,057
2,092
49,748
7,404
3,533
525
0
0
146,647
21,824
- Compromised doubtful debts
60,647
6,859
11 ,965
42,344
3,008
0
124,823
-39,278
-4,442
-7,749
-27,424
-1,948
0
-80,841
-3,788
- 428
- 747
-2,645
- 189
0
-7,797
-35,490
-4,014
-7,002
-24,779
-1 759
0
-73,044
PROVISIONS ON DOUBTFUL DEBT
RECEIVABLE FROM CUSTOMERS – Sub-total
– Provisions on non-compromised
doubtful debts
– Provisions on compromised
doubtful debts
CRÉDIT COOPÉRATIF
NOTE No. 4
2004
O P E R AT I O N S W I T H C U S T O M E R S – L I A B I L I T I E S
2003
PAYABLE TO CUSTOMERS – SUMMARY
– Customer deposits and borrowings
- sight
- term
2,415,138
439,918
2,140,287
366,228
37,925
37,421
7,805
7,099
2,900,786
2,551,035
- Deposits and guarantees
- Other amounts payable
- Related accounts payable
TOTAL
31/12/2004
31/12/2003
PAYA B L E T O C U S T O M E R S – D E T A I L S
sight
- Specially-regulated savings accounts
- Customer deposits and borrowings
term
sight
term
531,461
114,278
430,829
104,308
1,883,677
270,540
1,709,458
190,145
- Borrowings from financial customers
300
- Securities sold on repo
- Securities delivered on repo
55,100
TOTAL
2,415,138
439,918
71,475
2,140,287
366,228
NOTE No. 5
T E R M R E C E I VA B L E S A N D PAYA B L E S B R O K E N D O W N
BY R E S I D UA L M AT U R I T Y
ASSETS
- RECEIVABLES FROM CREDIT INSTITUTIONS
- RECEIVABLES FROM CUSTOMERS
- BONDS AND OTHER FIXED-INCOME SECURITIES
TOTAL
D<=3months 3<D<=1year 1<D<=5years 5 years<D Indefinite term
Total
546,108
402,764
453,684
200,708
292,378
480,792
419,819
1,172,577
492,593
507,304
870,148
33,197
60
15
1,673,999
2,737,882
1,460,266
1,402,556
973,878
2,084,989
1,410,649
75
5,872,147
465,878
199,567
1,133,610
3,791
1,129,819
71,891
81,803
405,362
9,343
322,501
279,099
139,809
636,499
2,314
468,271
168,095
18,739
390,539
46
114,179
73,517
165,915
64,791
276,314
107,000
22,868
515,746
194,659
1,120,198
684,373
22,868
4,185,550
LIABILITIES
–
–
–
–
–
PAYABLES TO CREDIT INSTITUTIONS
CUSTOMERS’ CREDIT BALANCES
SHORT-TERM LOAN NOTES
INTERBANK SECURITIES
984,963
439,918
2,566,010
15,494
2,034,770
AND NEGOTIABLE DEBT SECURITIES
– BOND ISSUES
– SUBORDINATED LOANS
TOTAL
1,799,055
34/35
559,056
CRÉDIT COOPÉRATIF
NOTE No. 6
BREAKDOWN OF SECURITIES PORTFOLIO AT 31/12/2004
Quoted securities
- Unquoted securities
- Related receivables
-
Trading securities
1,541
1,542
21,215
65
of which subordinated securities
GROSS TOTAL
Short-term investment securities Securities held to maturity
4,582
1,541
948,153
512,114
18,276
4,727
9,309
22,822
1,454,180
1,478,543
-1,356
-2
-1,358
1,541
21,466
1,454,178
1,477,185
Trading securities
Short-term investment securities
Bearer share securities
Provisions for loss
NET TOTAL
945,070
490,899
18,211
Total
Total
- Quoted securities
- Unquoted securities
1,651
255,145
6,912
1,651
262,057
GROSS TOTAL
256,796
6,912
263,708
-2,982
-1,214
-4,196
253,814
5,698
259,512
Provisions for loss
NET TOTAL
NOTE No. 7
CHANGES IN SECURITIES
H E L D T O M AT U R I T Y
31/12/03
Purchases
Disposals Redemptions Currency
- Government stock
244,133
277,955
-79,000
- Bonds and other fixed-income securities
669,503 5,175,991
-4,392,228
Premium/
discount
- 347
Other
items
31/12/2004
-3,128
439,960
-6,696
7,958 1,454,181
The premium remaining to be spread over on securities held to maturity amounts to 24,099,000 €.
This premium is equal to the difference between the redemption value (1,851,831,000 €) and the gross book value (1,851,831,000 €)
NOTE No. 8
31/12/2004
FINANCIAL ASSETS
Shares in affiliates
31/12/2003
Minority shareholdings
in subsidiaries
Total
- Gross financial assets
- Provisions for loss
156,110
76,540
-4,629
232,650
-4,629
208,777
-1,711
Net financial assets
156,110
71,911
228,021
207,066
- 501
- 501
1,653
48
71,410
227,520
208,767
- Translation differences
TOTAL
156,110
CRÉDIT COOPÉRATIF
NOTE No. 9
I N TA N G I B L E
ASSETS
AND FIXED ASSETS
31/12/2003
Mergers
Increases
Decreases
31/12/04
TANGIBLE FIXED ASSETS
-
Land and buildings used for operations
Non-operating land and buildings
Fixed assets under construction
Other assets
22,120
480
372
8,872
595
618
-570
-550
22,418
480
397
8,940
31,844
1,511
-1,120
32,235
-10,699
-881
550
-11,030
21,145
630
-570
21,205
GROSS SUB-TOTAL
- Depreciation
- Provisions
NET TOTAL
298
INTANGIBLE ASSETS
-
Partnership certificates – Deposits guarantee fund
Leasehold rights
Trade goodwill
Software
GROSS SUB-TOTAL
- Amortisation
- Provisions
NET TOTAL
1,397
410
4,589
27
0
-27
1 397
410
4,589
0
6,423
0
-27
6,396
27
-4,182
-407
0
1,807
-4,209
-407
1,807
0
N O T E N o . 10
31/12/2004
31/12/2003
P R E PAY M E N T S , A C C R U A L S A N D M I S C E L L A N E O U S A S S E T S
OTHER ASSETS
- OPTIONS INSTRUMENTS PURCHASED
- SETTLEMENTS OF TRANSACTIONS IN SECURITIES
- OTHER STOCKS AND MISCELLANEOUS EMPLOYMENTS OF FUNDS
- SUNDRY DEBTORS
- DOUBTFUL DEBTS, NET
- RELATED RECEIVABLES
TOTAL
553
916
269
2,950
21,001
18,255
32
22,470
21,506
ACCRUAL ACCOUNTS (ASSETS)
-
COLLECTION ACCOUNTS
ADJUSTMENT ACCOUNTS
POTENTIAL LOSSES ON UNMATURED FUTURES HEDGING CONTRACTS
POTENTIAL LOSSES ON MATURED FUTURES HEDGING CONTRACTS
PREPAYMENTS
DEFERRED INCOME
ISSUE PREMIUMS TO BE CARRIED FORWARD
OTHER DEFERRED CHARGES
OTHER ACCRUAL ACCOUNTS
TOTAL
36/37
41,942
78,083
3,583
2,200
33,676
4,256
1,319
4,611
3,636
29,035
4,302
17,801
88,077
103,458
209,063
CRÉDIT COOPÉRATIF
N O T E N o . 11
31/12/2004
31/12/2003
AC C R U E D C H A R G E S & M I S C E L L A N E O U S L I A B I L I T I E S
OTHER LIABILITIES
-
OPTIONS INSTRUMENTS SOLD
SETTLEMENTS OF TRANSACTIONS IN SECURITIES
LIABILITIES ON SECURITIES
OUTSTANDING PAYMENTS ON SECURITIES NOT FULLY PAID
SUNDRY CREDITORS
INVESTMENT GRANT
ALLOCATED GOVERNMENT STOCKS
RELATED ACCOUNTS PAYABLE
TOTAL
ACCRUED CHARGES
- COLLECTION ACCOUNTS
- ADJUSTMENT ACCOUNTS
- VARIANCE ACCOUNTS
- POTENTIAL GAINS ON UNMATURED FUTURES HEDGING CONTRACTS
- POTENTIAL GAINS ON MATURED FUTURES HEDGING CONTRACTS
- UNEARNED INCOME
- ACCRUED CHARGES
- OTHER ACCRUED CHARGES
TOTAL
204
2,385
275
858
1,285
73,455
1,024
63,258
2,136
3,669
45
79,465
69,129
43,287
568
46,512
1,420
914
4,931
21,421
72,959
477
3,470
6,537
23,658
35,229
144,080
117,303
NOTE No. 12
P R OV I S I O N S W R I T T E N
AG A I N S T A S S E T S
31/12/03
Increase
Decrease
Other
change
31/12/04
- Provisions for doubtful debts
- Provisions for loss
90,375
7,191
14,741
3,933
-23,842
- 476
1
- 57
81,275
10,591
TOTAL
97,566
18,674
-24,318
-56
91,866
NOTE No. 13
P R OV I S I O N S F O R
CONTINGENCIES AND LOSSES
31/12/03
Appropriations
Reversals
Miscellaneous
Regrading
31/12/04
- Retirement gratuities and
long-service awards
- Country risks
- Exchange risk on investments in subsidiaries
- Sectoral risk
- Customers
- Disputed claims
- Banking operations
- Other
865
447
0
1.155
0
2,467
696
1,653
1,430
1,128
1,729
197
62
0
0
0
682
1
0
0
570
1,653
0
3,058
339
0
29
0
0
0
0
0
0
0
0
0
0
2,649
0
0
0
126
0
1,430
1,401
1,391
197
33
TOTAL
7,760
1,130
5,649
1,155
2,649
7,045
CRÉDIT COOPÉRATIF
NOTE No. 14
31/12/2004
31/12/2003
15,495
14,381
2,034,769
426,199
786,331
822,239
515,746
1,680,840
481,691
681,255
517,894
592,293
41,475
39,441
2,607,485
2,326,955
DEBT INSTRUMENTS ISSUED
- SHORT-TERM LOAN NOTES AND SAVINGS BONDS
- INTERBANK MARKET SECURITIES
- NEGOTIABLE DEBT SECURITIES
- OF WHICH - SUBSCRIBED BY CREDIT INSTITUTIONS
- SUBSCRIBED BY FINANCIAL CUSTOMERS
- SUBSCRIBED BY CUSTOMERS
- BONDS ISSUED
- OTHER LIABILITIES IN THE FORM OF SECURITIES ISSUED
- RELATED ACCOUNTS PAYABLE
TOTAL
NOTE No. 15
31/12/2003
Issues
Redemptions
31/12/2004
BONDS ISSUED
- FIXED-RATE BORROWINGS
- RELATED ACCOUNTS PAYABLE
592,293
19,012
TOTAL
611,305
0
76,547
515,746
13,832
76,547
529,578
NOTE No. 16
S U B O R D I N AT E D
DEBT
Issue
Currency
dates
Maturity
Reference
(€ 000)
Date
rate
Bond market
monthly
average yield
31/12/2004
31/12/2003
22,867
22,867
7.15 %
5.95 %
5.35 %
6.25 %
6.00 %
4.00 %
19,056
30,490
15,245
30,000
47,000
30,00
19,056
30,490
15,245
30,000
47,000
0
194,658
164,658
15,961
15,562
4,098
4,143
214,717
184,363
Near-equity loans (1)
27/01/1986
francs
22,867
Undated
Other subordinated debt (2)
21/06/1996
19/12/1997
29/06/1998
30/06/2000
28/06/2002
17/12/2004
euros
euros
euros
euros
euros
euros
19,056
30,490
15,245
30,000
47,000
30,000
21/06/2006
12/09/2007
29/06/2008
29/06/2010
28/06/2012
17/12/2014
194,658
SUB-TOTAL
MUTUAL GUARANTEES EXTENDED
TOTAL
Balance o/s at
Amount of issue
1) Near-equity loans: non-redeemable except at par in the event of liquidation. The Crédit Coopératif reserves the right to redeem these
securities through the market (Public Offer for Purchase [“OPA”]) and to offer to exchange them (Public Offer for Exchange [“OPE”]).
(2) Subordinated loans: in the event of the issuer’s going into liquidation, these securities are redeemed after paying off all preferential
or ordinary creditors, but before redeeming near-equity and equity capital instruments.
The Crédit Coopératif reserves the right to redeem securities early by repurchasing through the market; it may also redeem these securities through Public Offers for Exchange [“OPE”] and Public Offers for Purchase [“OPA”].
38/39
CRÉDIT COOPÉRATIF
NOTE No. 17
31/12/03
CHANGES
I N E Q U I T Y C A P I TA L
Net income 2003
appropriation
- Share capital – details
- Issue premiums and the like
- Reserves
- Legal reserve
- Other reserves
- Special reserve for long-term capital gains
- Special investment reserve
- Regulated provisions - Details
- Retained earnings
- Net income for the year
- Cooperative rebate
- Dividends
190,369
66,106
48,232
6,126
19,034
22,347
725
1,534
2,941
25,737
TOTAL
334,919
-239
-1,338
21,351
232,780
66,106
69,802
9,987
36,034
22,895
886
1,295
1,680
21,351
62,185
393,014
21,570
3,861
17,000
548
161
77
-25,737
455
3,635
455
3,635
0
4,090
Number of shares
Unit value
3,351,432
7,461,798
4,451,008
A SHARES
B SHARES
C SHARES
TOTAL
Total amount
15,25
15,25
15,25
51,109,338.00
113,792,419.50
67,877,872.00
15,264,238
Years
Appropriated in
1999
2000
2001
2002
2003
2004
31/12/04
distribution
42,411
S H A R E C A P I TA L B R E A K D OW N - D E TA I LS
R E G U L AT E D P R OV I S I O N S
I N V E S T M E N T P R OV I S I O N S
- D E TA I LS
Other changes
232,779,629.50
Amount of
Takeover
2004
2005
2006
2007
2008
2009
TOTAL
appropriation
Movements
during the
financial year
Provision at
31/12/2004
240
189
148
307
651
0
-240
0
0
189
148
307
651
0
1,535
-240
1,295
CRÉDIT COOPÉRATIF
NOTE No. 18
AMOUNT
P R O P O S E D A P P R O P R I AT I O N O F E A R N I N G S
DETERMINATION OF EARNINGS TO APPROPRIATE
- NET INCOME for the year
- RETAINED EARNINGS
- Drawing from reserve prescribed by the Articles
21,350,740.98
1,679,553.96
EARNINGS AVAILABLE FOR APPROPRIATION
23,030,294.94
APPROPRIATION OF AVAILABLE EARNINGS
-
Legal reserve (15% of 21,350,740.98)
Reserve prescribed by the Articles
Special investment reserve
Special reserve for long-term capital gains
Other reserves
Dividends on B shares
Dividends on C shares
Rebate
RETAINED EARNINGS carried forward
3,202,611.15
10,000,000.00
239,766.00
2,953,061.98
1,803,263.11
450,000.00
4,381,594.70
TOTAL
23,030,294.94
NOTE No. 19
31/12/2004
31/12/2003
O F F - BA L A N C E - S H E E T S TAT E M E N T
COMMITMENTS BY THE COMPANY
- Capital commitments
- in favour of credit institutions
. of which network
- in favour of customers
130,540
130,540
318,902
126,667
126,167
252,869
- Guarantee commitments
- on behalf of credit institutions
. of which network
- on behalf of customers
1,613
13
1,017,477
2,975
13
795,995
19,500
13,789
1,488,032
1,192,295
- Guarantee commitments
- received from credit institutions
. of which network
350,033
173,329
307,276
165,661
- commitments relating to securities
- other commitments received
24,500
13,789
374,533
321,065
- commitments relating to securities
- other commitments by the company
TOTAL
- Capital commitments
- received from credit institutions
. of which network
TOTAL
40/41
CRÉDIT COOPÉRATIF
NOTE No. 20
T R A N S A C T I O N S I N D E R I VA T I V E
FINANCIAL INSTRUMENTS
Transactions on organised
markets
Firm
transactions
Over-the-counter transactions
Transactions
in options
Firm
transactions
Transactions
in options
HEDGING TRANSACTIONS
INTEREST-RATE INSTRUMENTS
- BUND 6.100 CONTRACTS
2,841,206
2,449,228
391,978
- INTEREST-RATE SWAPS
Micro-hedged
Macro-hedged
BREAKDOWN OF INTEREST-RATE SWAPS BY RESIDUAL MATURITY:
1 year and less
1.423.525
Over 1 year to 5 years incl.
1.108.066
Over 5 years
309.615
- INTEREST-RATE OPTIONS - CAP / FLOOR / COLLAR
22,600
EXCHANGE-RATE INSTRUMENTS
- EXCHANGE-RATE OPTIONS
16,152
OTHER INSTRUMENTS
- CAC / S & P 500 INDEX
6,661
OTHER TRANSACTIONS
INTEREST-RATE INSTRUMENTS
EXCHANGE-RATE INSTRUMENTS
OTHER INSTRUMENTS
Contracts
I N F O R M A T I O N O N D E R I VA T I V E I N S T R U M E N T S
Interest-rate
NATURE OF OVER-THE-COUNTER CONTRACTS
Exchange-rate
NOTIONAL AMOUNT
(OF WHICH OPTIONS)
2.863.805
22.599
479.174
16.152
BREAKDOWN BY RESIDUAL MATURITY
(EXCL. OPTIONS INSTRUMENTS SOLD)
< 1 YEAR
> 1 YEAR AND < 5 YEARS
> 5 YEARS
1.432.252
1.108.066
317.110
443.315
12.002
15.027
GROSS REPLACEMENT COST
POSITIVE
NEGATIVE
72.098
15.476
74
2.851
POTENTIAL CREDIT RISK OF TRANSACTIONS
10.297
6.161
C R E D I T R I S K O F C O N T R AC T S T R A D E D OV E R
-THE-COUNTER
POSITIVE GROSS REPLACEMENT COST
POSITIVE NET REPLACEMENT COST
POTENTIAL CREDIT RISK
EQUIVALENT CREDIT RISK BEFORE SECURITY
SECURITY
EQUIVALENT CREDIT RISK AFTER SECURITY
WEIGHTING
Credit institutions
Customers
20%
50%
75,567
59,891
13,815
73,706
53,537
20,169
1,608
1,608
2,643
4,251
4,251
CRÉDIT COOPÉRATIF
N O T E N o . 21
AT 31/12/2004
COMMISSIONS
Income
-
Cash and interbank transactions
Transactions on payment instruments
Transactions with customers
Transactions in securities
Foreign-exchange transactions
Financial services provided
Consultancy
TOTAL
Expenses
AT 31/12/2003
Net
Income
Expenses
Net
837
16,711
22,527
526
135
12,398
-752
-16,182
-1,945
85
529
20,582
526
135
12,398
740
16,549
21,109
386
130
10,898
-603
-18,864
-1,329
137
-2,315
19,780
386
130
10 898
53,134
-18,879
34,255
49,812
-20,796
29,016
NOTE No. 22
G E N E R A L O P E R AT I N G E X P E N S E S
31/12/2004
Staff expenses
- Salaries and other emoluments
- Pension contributions
- Other welfare contributions
- Employee profit sharing
- Payroll taxes and levies
- Staff expenses billed to customers
- Staff costs transferred
- Change in provision for contingencies and losses
77,197
56,217
7,158
22,117
1,289
8,238
-18,129
-90
397
74,598
54,220
6,927
20,700
2,739
7,259
-17,353
-90
196
44,723
3,536
41,187
42,426
3,600
38,826
Other general operating expenses
- Taxes and dues
- Other general operating expenses
TOTAL
31/12/2003
121,920
117,024
NOTE No. 23
AT 31/12/2004
COST OF RISK
Income
Expenses
AT 31/12/2003
Net
Income
Expenses
Net
Allocated provisions
- Interbank balances o/s
- Misc. debtors and securities
Sub-total
Provisions for contingencies and losses
- Off-Balance-Sheet commitments
- General provisions
- Country-risk provisions
Sub-total
Losses not covered by provisions
Amounts recovered on bad debts written off
- Interbank balances o/s
- Sundry receivables from customers
- Sundry debtors and securities
Sub-total
TOTAL
-14,229
-434
-14,663
1,336
-12,893
-434
-13,327
-683
3,347
570
3,917
2,664
570
3,234
-1,714
5,398
120
5,518
-1,588
1,396
-192
-614
398
-216
-1,588
1,396
-192
- 614
398
-216
-16,934
6,649
-10,285
-20,727
10,125
-10,602
-683
1,336
-18,399
4,209
-14,190
-18,399
4,209
-14,190
-1,714
3,684
120
3,804
NOTE No. 24: Corporation tax amounts to 7,173,000 € , including standing contributions (3%) and welfare levies (3.3%); excluding net
extraordinary income/loss, it comes to 7,338,000 €.
42/43
CRÉDIT COOPÉRATIF
I N F O R M AT I O N C O N C E R N I N G S U B S I D I A R I E S
AND MINORITY SHAREHOLDINGS – FINANCIAL YEAR 2004
C O M PA N I E S O R G R O U P S
O F C O M PA N I E S
Share
capital
Equity
capital
Percentage
other
interest
than share
held
capital
Book
value of
securities
held
(euros)
Outstanding
loans and
advances
granted
by the
company
Amount of
depositions
and
guarantees
provided by
the company
Gross
revenue
for the
latest
financial
year
Dividends
Net income
received by
or loss for
the company
the latest
during the
financial
financial
year
year
A) DETAILED INFORMATION CONCERNING
SHAREHOLDINGS EXCEEDING
1% OF THE VALUE OF THE CAPITAL
OF THE COMPANY REQUIRED TO DECLARE
THE SIGNIFICANT SHAREHOLDING
I - SUBSIDIARIES (NOT LESS THAN 50% OF
THE SHARE CAPITAL HELD BY THE COMPANY)
ECOFI INVESTISSEMENT
4,445,154
3,536,471
99.08 %
21,779,067
-
-
30,187,002
3,801,732
1,957,944
INTERCOOP
4,000,000
17,637,365
100.00 %
21,532,525
203,432,594
-
45,419,495
1,212,514
2,000,000
BTP BANQUE
19,215,000
32,876,288
99.95 %
19,056,093
100,062,389
20,846,275
49,164,518
5,203,586
-
BTP CAPITAL INVESTISSEMENT
14,073,752
2,327,232
79.42 %
9,209,458
-
-
1,020,586
3,991,204
1,923,370
GIE-USCC
15,300,000
-
54.53 %
8,343,090
-
-
28,583,351
121,233
-
COOPAMAT
4,000,000
992,026
100.00 %
4,932,325
163,597,999
-
79,360,038
20,711
-
SEFEA
2,983,000
-
70.90 %
2,115,000
-
-
SICOMI-COOP
4,573,800
4,234,237
50.34 %
4,182,687
36,976,247
48,128
661
-
14,852,167
328,909
271,404
79,542
II - MINORITY INVESTMENTS (10% TO 50%
OF THE SHARE CAPITAL HELD BY THE COMPANY)
ESFIN
38,277,228
2,045,582
37.58 %
15,228 844
-
-
1,204,290
1,651,831
BISE (ESTIMATE)
17,006,651
9,898,000
37.91 %
11,756,939
2,535,243
-
27,089,974
1,223,870
-
IRD - (EX SDR NORD PAS DE CALAIS)
26,604,677
13,467,000
28.92 %
5,652,172
153,181,930
-
20,268,253
2,700,00
403,644
2,241,484
109,163
-
97,996
3,663,989
-
-
231,680
B) GLOBAL INFORMATION
CONCERNING OTHER SUBSIDIARIES
OR INVESTMENTS
I - SUBSIDIARIES NOT MENTIONED IN § A
a) French subsidiaries (taken together)
b) Foreign subsidiaries (taken together)
II - INVESTMENTS NOT MENTIONED IN § A
a) French subsidiaries (taken together)
b) Foreign subsidiaries (taken together)
CRÉDIT COOPÉRATIF
STATUTORY
AUDITORS' GENERAL REPORT
FINANCIAL YEAR 2004
Ladies and Gentlemen,
In fulfilment of the assignment entrusted
to us by your General Meeting, we present to you below our report on the financial year ended 31 December 2004 concerning:
– the audit of the annual financial statements of Crédit Coopératif S.A., as
attached to this Report;
– the evidence and arguments substantiating our opinions; and
– the special checks and disclosures
required by law.
The annual financial statements were
drawn up by the Board of Directors. Board
of Directors. It is our task, on the basis of
our audit, to express an opinion on those
financial statements.
I OPINION ON THE ANNUAL
F I N A N C I A L S TAT E M E N T S
We performed our audit in accordance
with accounting principles and standards
applicable in France; these principles and
rules require us to perform investigations
so as to obtain reasonable assurance that
the annual financial statements are free
from material misstatement. An audit
includes examining, on a test basis, the
evidence substantiating the data contained in these financial statements. An
audit also includes assessing the accounting principles used and significant estimates made in drawing up the financial
statements, as well as evaluating their
overall presentation. We believe that our
audit provides a reasonable basis for our
opinion, as expressed hereafter.
We hereby certify that the annual financial statements, viewed in the light of
French accounting principles, are properly drawn up, accurate and give a true
and fair view of the net income from
operations for the financial year ended and
of the financial position and net assets of
the company at the end of that financial
year.
Without qualifying the opinion given
above, we wish to draw your attention to
Note I "accounting principles and meth-
44/45
ods" in the notes to the financial statements, setting out the changes in the
accounting treatment of long-service
awards, bank card subscriptions and custody fees.
I I EVIDENCE SUBSTANTIATING
OUR ASSESSMENT
Pursuant to Article L.225-235 of the
French Commercial Code relating to the
evidence substantiating our assessments,
we should like to draw your attention to
the following points:
Changes in accounting treatment
• In our assessment of the accounting
standards and principles followed by your
company, we satisfied ourselves as to the
legitimacy of the changes of accounting
method above-mentioned and of the presentation made of them.
Accounting estimates
• Your company sets aside provisions to
cover the credit risks inherent in its activities as described in Note I "accounting principles and methods" in the notes to the
financial statements. In our assessment of
the significant estimates made in drawing up the financial statements, we examined the scheme of control and supervision for monitoring credit risks, for
evaluating risks of non-recovery and for
covering such risks by special provisions
and by loss provisions intended to cover
customer risks not specifically covered
otherwise.
• Your company holds positions in securities and in derivative financial instruments. Note I “Accounting principles and
methods” sets out the accounting principles
and methods used for securities and derivative financial instruments. We examined the scheme for control and supervision
relating to the accounting classification
and the determination of the parameters
used to value those positions. We ascertained the appropriateness of the accounting methods adopted by the company
and of the information supplied in the
notes to the financial statements, and
assured ourselves of their having been
correctly applied.
Our assessments as given in the foregoing are consistent with our approach in
auditing the annual financial statements
as a whole, and therefore contributed to
the forming of our unreserved opinion
as expressed in the first part of this report.
III SPECIAL CHECKS
A N D I N F O R M AT I O N
Also in accordance with professional
standards applicable in France, we conducted the special checks required by law.
The truth, fairness and consistency with
the annual financial statements of the
information given in the Management
Report by the Board of Directors and in
the documents sent to members regarding the financial position and annual
financial statements call for no comment
on our part.
As required by law, we satisfied ourselves
that the various points of information
relating to shareholdings and corporate
control were duly communicated to you
in the management report.
Paris La Défense and Paris,
6 April 2005
KPMG Audit
A department of KPMG S.A.
Rémy Tabuteau
Partner
Sofideec Baker Tilly
Pierre Faucon
Partner
Christian Alibay
Partner
CRÉDIT COOPÉRATIF
STATUTORY
AUDITORS' SPECIAL REPORT
CONCERNING REGULATED AGREEMENTS
FINANCIAL YEAR 2004
In our capacity as Statutory Auditors of
your company, we are required to present to you our report on the regulated
agreements of which we have been
informed.
lier financial years, remained in effect
in the financial year under review.
6 April 2005
• Agreement with Ecofi-Investissements for the making-available
of resources
KPMG Audit
Agreements authorised during the
financial year
Nature and object
Our task does not include ascertaining
the existence of agreements, but we are
required to communicate to you, on the
basis of the information supplied to us,
the characteristics and essential terms
of those agreements notified to us,
without our commenting on their usefulness or expediency. It is your task,
under Article 92 of the Decree of 23
March 1967, to assess the usefulness of
entering into these agreements for the
purpose of approving them.
The agreement initially made between
Efigestion and the Caisse Centrale de
Crédit Coopératif on 24 November 1990
was extended by an agreement signed
on 13 December 2004, to take account
of the absorption-mergers that had
occurred
within
the
Group.
Accordingly, Crédit Coopératif is maintaining in being the undertaking to provide Ecofi-Investissements with the
resources – particularly staff, premises
and equipment – necessary for the latter’s operations.
We wish to inform you that we were
notified of no agreement falling within
Article L 225-38 of the Commercial
Code .
Agreements approved in previous financial years which were maintained in
being during the financial year under
review
Pursuant to the Decree of 23 March
1967, we were also informed that the
following agreements, approved in ear-
Terms
Rémy Tabuteau
Partner
SOFIDEEC Baker Tilly
Pierre Faucon
Partner
The amounts re-invoiced for this purpose in the 2004 financial year totalled
€ 995,643.
We conducted our audit in accordance
with professional standards applicable
in France; these standards require us to
conduct investigations so as to verify
the concordance of the information
notified to us with the underlying documents from which it was derived.
Christian Alibay
Partner
MANAGEMENT REPORT
OF THE GROUPE CRÉDIT COOPÉRATIF
46/47
The consolidation scope of the Groupe
Crédit Coopératif has been widened to
include all credit institutions that have
signed an association agreement with the
Crédit Coopératif; in addition to the latter’s subsidiaries, this scope now includes
the former members of the Caisse Centrale
de Crédit Coopératif – excluding the Crédit
Maritime Mutuel institutions directly
attached to the Banque Fédérale des
Banques Populaires – making a total of
15 credit institutions, among them Edel
and Batinorest.
It is at this level that the activity and
results are most appropriately appraised.
The significant figures are as follows:
●
265 million euros in net banking
income, showing an increase of 9.2%,
●
72 million euros in gross operating
profit, increased 20.4%,
●
30.8 million euros of net income, showing +40.8% growth.
As it currently runs, and with its own
partnership basis, the Crédit Coopératif
relies for its development on several working and partnership circles:
The circle of associated
institutions
The associated institutions are structures
of which the Crédit Coopératif does not
control the capital, but of which it guarantees the solvency and liquidity, and
which contribute to the Group’s development through their ability to influence
demand, their expertise and risk support.
The bodies involved mainly include the
six regional financial cooperatives and
the two SOFISCOPs, or industry-specific
bodies such as CMGM, the tool of the
FEDERATION DES INDUSTRIES
MECANIQUES [mechanical industries
trade association], GEDEX Distribution
and SOCOREC, the instrument of the
ENSEIGNES DU COMMERCE ASSOCIE
retailer traders’ association), as well as
the Banque EDEL, the offspring of a partnership with the Leclerc movement. In
all, these bodies contributed close upon
750 million euros in finance to the businesses within their ambit.
The specialist-institutions
circle
The subsidiaries circle
●
●
the specialist-business subsidiaries,
such as ECOFI Investissements, an
asset management company that is
independent for regulatory and ethical reasons, or the finance-leasing
structures INTER-COOP, SICOMICOOP and COOPAMAT.
the partner subsidiaries, that enable
the Group to take action within a particular sector or territory. This is the
case of BTP Banque, an instrument in
a strengthened partnership with the
FEDERATION FRANÇAISE DU BATIMENT [French building-trades association], and similarly of BATINOREST,
which has the support of the Nord
Pas-de-Calais Regional Council and
trade organisations.
In businesses complementary to its banking activity, the Crédit Coopératif has
often engaged in ventures alongside partners that share its values and the areas of
society it supports.
The major commitment of this kind is
development capital for social-economy
business, through IDES and SIFA, or SMESMIs through the activities of the ESFIN
Group, BANQUE POPULAIRE DEVELOPPEMENT or a network of regional bodies such as IRD Nord-Pas-de-Calais and
its subsidiary CROISSANCE NORD PASDE-CALAIS, RHONE DAUPHINE DEVELOPPEMENT, CENTRE CAPITAL DEVELOPPEMENT or IRDI. At the end of 2004,
Groupe Crédit Coopératif contributed a
total of almost 53 million euros in equity
funding.
Partnerships
●
Insurance
In this sector, the Crédit Coopératif also
formed valuable partnerships with the
Mutuelles du GEMA, MUTAVIE, and the
public servants’ mutual-guarantee body,
GARANTIE MUTUELLE DES FONCTIONNAIRES, besides partnerships with
trade organisations in the building industry, such as SMABTP and CGI Bâtiment
for guaranteeing individual building construction.
●
Social housing
The Crédit Coopératif took part in the
structuring of the HLM low-income housing agencies under the Borloo Act of
August 2003, by taking minority shareholdings in some ten social-housing businesses: HLM boards in the form of Sociétés
Anonymes or of cooperatives.
Alternative,
socially-committed finance
The Groupe Crédit Coopératif is also the
recognised pioneer of socially-responsible, -committed finance, in a multiplicity of facets and in many forms of partnership. It is committed to three lines of
action:
●
Ethical and socially-committed savings
schemes; alongside organisations
involved in socially-committed activities (NGOs, non-profit-making
associations), the Crédit Coopératif
offers committed, socially-responsible
investors financial products in keeping with their values. In this area,
Crédit Coopératif is close to FINANSOL, an organisation promoting
committed and socially-responsible
investment.
●
Support for those involved in promoting the caring society: the Crédit
Coopératif contributes technical and
financial expertise to bodies involved
in the inclusion of the handicapped in
the world of work and in vocational
training.
●
Promoting or guaranteeing sociallyresponsible finance: the Group is
committed to micro-credit organisations such as the CAISSE SOLIDAIRE
NORD PAS- DE-CALAIS, the Société
Financière de la NEF, or organisations
encouraging people to return to an
active part in the economy, such as
ADIE or France Active, with which
latter an outline partnership agreement was signed in January 2005.
Thus, the Groupe Crédit Coopératif, with
its deep involvement and expertise, has
successfully brought together a multiplicity of partners in great variety of
schemes, with social, economic and financial results that attest to the fruitfulness
of this approach.
AC T I V I T Y
The figures set out below are for the consolidation scope widened to all credit
institutions that have signed an association agreement with the Crédit Coopératif.
Pro forma financial statements have been
drawn up for the position at 31 December
2003.
FUNDS COLLECTED – BANKING
RESOURCES
(excluding related accounts payable)
The total amount of banking resources
and assets under management in UCITS
reached 10.4 bn euros at the 2004 financial year-end, 13.1% higher than at
31 December 2003 on an equivalent consolidation basis.
At 31 December 2004, ECOFI Investissements
managed assets of 5.84 bn euros, increasing 12.5% compared with 31 December
2003.
Customers’ banking resources, including
negotiable debt securities (but excluding
securities sold on repo) reached 5.5 bn
euros at 31 December 2004 compared
with 4.7 bn euros at 31 December 2003.
48/49
Broken down by category of resources, sight
deposits grew 7.5%, savings grew 20.7%
and remunerated resources increased
24.1%, including negotiable debt
securities.
LOANS
(excluding related receivables)
New investment loans to customers of
the Crédit Coopératif and its subsidiaries
amounted to 813 million euros, over 9%
up on 2003.
Total loans to customers on the new consolidation scope reached 4.6 bn euros,
7.4% higher, thanks to the buoyancy of
medium- and long-term loans (+7.9%).
Off-balance-sheet commitments on behalf
of customers (opening confirmed credit
facilities, deposits and guarantees) reached
2.4 billion euros at 31 December 2004
compared with 2.1 billion euros at
31 December 2003.
THE TECHNOLOGICAL
OFFER
Again in 2004, the regulatory environment
featured a tight timetable and demanding new requirements: IAS accounting
standards, Basle II (McDonough ratio)
risk-monitoring measures.
In this context, the Group continued the
work of adapting to the Internet environment of the ASTEL product offer to legal
administrators of protected persons’ estates.
A cash-withdrawal card with systematic
authorisation on available balances was
launched at the year-end to meet the
demand of protected-estate administration bodies.
The use of the COOPANET remote-banking services on the Internet and the Internet
version of the COOPATRANS data-transmission services saw strong growth among
both individuals and legal entities.
The Banque des Solidarités website underwent numerous developments.
Cheque processing was made fully reliable so that today, the Crédit Coopératif
can remain well positioned in the processing of payment instruments.
The Groupe also switched its IT technical architecture over to the UNIX universe, an open-ended, flexible and economic solution. The aptness of the group’s
choices was recognised at audits performed by external consultants and by the
Groupe Banque Populaire control bodies. The migration of the IT processing
systems was completed within the scheduled deadlines and within budget. The
Groupe demonstrated its ability to perform
processing for associated institutions by
taking over the operations of the Caisse
Solidaire du Nord-Pas-de-Calais.
The technological environment is now
in place to deal with the impacts of the
Medium Term Plan.
MEASURING THE RISKS
OF THE GROUPE CRÉDIT
C O O P É R AT I F
CONTROL OF RISKS
The control of the risks of the Crédit
Coopératif is based on principles of organisation and arrangements which are part
and parcel of the fundamental principles
of banking management, as enacted in the
amended Regulation 97-02 of the Comité
de la réglementation bancaire et financière [French banking and financial regulation committee]. These principles and
arrangements are embodied in an internal control charter approved by the Audit
Committee. This charter conforms to the
one drawn up for the Groupe Banque
Populaire, and:
●
ensures strict independence of risk
business lines from operational line
managements,
●
requires that each unit have within it
an internal control arrangement
covering each type of risk.
The situation as regards the level of risk
control is reported-on at regular intervals to different dedicated committees.
The main committees involved are:- Audit,
Major Risks, Internal Control, and IT
Security. This top-down monitoring system ensures the relevance, consistency
and permanence of the supervisory arrangements.
●
In coordination with the teams of the
Banque Fédérale des Banques Populaires,
the Crédit Coopératif is conducting a
large-scale project to integrate in its
organisation and tools the principles laid
down by the new Basle II agreement on
risk evaluation. Considerable progress
has already been made with this project,
which will enter an operational phase in
2005.
A tiered scheme is used to closely monitor credit risk.
CREDIT RISKS
Approval of risks
Each credit decision is made on identical
principles regardless of the Groupe Crédit
Coopératif institution involved.
●
every commitment requires prior
authorisation,
●
authorisations are given by the head
office or by the branches under
appropriate delegations of powers
that depend on the type and amount
of facilities applied-for,
●
credit applications are processed on
the basis of a structured loan-processing framework tailored to each type
of customer,
●
The Commitments Department analyses the loan applications within its
competence and controls the decisions taken at branches. It acts in full
independence of the sales/marketing
business lines. It conducts sectoral
studies and ensures consistent application of the credit policy defined by
General Management,
authorisations lapse after not more
than twelve months, and accordingly,
the situations are reviewed at least
annually.
Quality breakdown
of the loans portfolio
at 31/12/2004
Poor risk
2%
Ordinary risk
35%
Recovery proceedings
contemplated 0.3%
Very good quality
8%
INTERNAL CONTROL
Commitments control
Good quality
55%
The branches have information tools for
daily checking of compliance with authorisations.
This scheme is supplemented by secondlevel controls performed on each loan
file individually, by the Commitments
Department, using its own specific alarm
procedures. At least once a month, all
positions that have overrun their limits are
reviewed through exchanges of information with each of the branches. These
controls are themselves supplemented by
missions performed by the Group General
Inspection Department acting on behalf
of General Management. Loan files with
difficulties are monitored on a difficultbusiness committee meeting each week,
that decides with the technical units the
guidelines to follow.
An internal rating is given to each customer. This rating is based on the analysis of the intrinsic quality of the customer
and on the type and quantity of facilities
outstanding, and of the security. The rating tracks changes in the quality of the
customer business. It is a major instrument
in guiding credit policy.
Each month, General Management is
informed by means of a detailed report
on:
●
the overall trend in the quality of
loans outstanding,
●
the quality of the largest loans outstanding,
●
the detailed situation of customers
with loans outstanding of more than
380,000 that have overrun their
authorisation limit.
Sectoral breakdown
of the loans portfolio
at 31/12/2004
Social housing
3%
Institutionals
0%
Business
46%
Cultural
and leisure
Fisheries
non-profit
and food
2% Individuals assns. 2%
5%
Training
and
teaching Health & Welfare
non-profit non-profit assn.
assn. 2%
17% Local govt.,
trade unions,
mutual
societies 2%
Miscellaneous
1%
Retailing
20%
STOCK-MARKET ACTIVITIES
The risks taken by the Crédit Coopératif
in connection with its market activities are
limited. They include first, the purchase
of private bonds held in the investment
portfolio for less than two years and secondly, the purchase of UCITS shares or units
and three dedicated FCP mutual-investment funds of which two carry a capital
and performance guarantee. A middleoffice unit performs the necessary controls and submits the valuation results at
the financial committee meetings.
INTEREST-RATE AND LIQUIDITY RISKS
The Crédit Coopératif faces the interestrate and liquidity risks in connection with
its activity of collecting resources and
distributing loans to customers.
Two methods are used to measure interest-rate risk. The first is based on fixedrate shortfalls impassesgaps in which all
the employments and sources in the balance sheet and off-balance-sheet state-
ment are scheduled either according to their
contractual provisions (loans, e.g.), or
according to a schedule based on statistical analyses that measure the actual
behaviour of our different customer
segments (sight deposits and savings
accounts). In order to reduce the interest-rate risk, a long-term investment
portfolio is built up.
The second method is the one used by
the Banque Fédérale des Banques Populaires
and consists of setting limits on changes
in the earning power and interest-rate
margin according to a number of interest-rate behaviour scenarios.
An ALM committee defines the financing and risk-hedging policies. As regards
the liquidity risk, the Crédit Coopératif is
structurally a lender on the interbank
market and collects resources in connection with its activity and requirements,
particularly in the form of redeemable
subordinated loans (TSR - titre subordonné remboursable). The liquidity risk
is measured using a crisis scenario in
which the amounts of CDs, short-term
loan notes and term deposits fall by 25%
over one year, then rise in accordance
with the commercial assumptions adopted.
Limits are set within which the resources
must cover at least 80% of employments
for the next six months and for the year
N+4.
●
Control of the risks entailed in each
activity is the responsibility of the line
managements concerned, that are
required to develop and maintain a
system of supervision based on procedures for and checks on processing.
●
Each unit draws up indicator sets for
monitoring its own risks, and a correspondent links with the General
Inspection Department.
●
The General Inspection Department
also conducts missions to evaluate the
systems so instituted. In 2004, a dedicated continuous-control team was
set up within the General Inspection
Department. This team supervises the
internal-control systems specific to
each unit.
In compliance with the regulations, a
development project has been started to
provide the Crédit Coopératif with an
activities continuity plan in the event of
major risks materialising. It is being introduced on the basis of a method common
to the whole of the Groupe Banque
Populaire. To step up its action in combating money laundering and respond
to a tighter regulatory and legal context
in the fight against crime and terrorism,
the Groupe Crédit Coopératif has adapted
its organisation and resources.
A dedicated unit, under the authority of
the General Inspection Department, is in
charge of all these aspects.
OPERATING RISKS
Operating risks are defined as the risks
of direct or indirect loss arising from the
unsuitability or failure of procedures, persons or systems to respond to internal or
external events.
Under CRBF regulation 97.02, the Groupe
Crédit Coopératif has developed an internal-control system covering all of its
activities. Its implementation was supervised by the General Inspection Department
which thus ensured its coherence.
The organisation of the internal-control
system is based on the following principles:
50/51
MONITORING ASSOCIATED
INSTITUTIONS
Although it no longer has the legal status of a central body, the Crédit Coopératif
has maintained with the institutions previously affiliated to it very close ties of
trust, the fruit of past relations and of
each party’s thorough knowledge of the
other. Encouraged by the supervisory
authorities, the Crédit Coopératif signed
an association agreement in 2003 with each
of the 14 non-subsidiary institutions:
- a bank (BANQUE EDEL);
- four finance companies providing credit
or finance leasing (CAISSE SOLIDAIRE,
GEDEX DISTRIBUTION, SOCIETE
FINANCIERE DE LA NEF and SOCOREC);
- nine finance companies providing guarantees (CMGM, NORD FINANCEMENT,
SOFIGARD, SOFINDI, SOFIRIF, SOFISCOP, SOFISCOP SUD-EST, SOMUDIMEC
and SOMUPACA).
Under this association agreement, the
Crédit Coopératif guarantees the liquidity and solvency of the Associated
Institutions. In return, the Crédit Coopératif
exercises administrative, legal, technical
and financial supervision over those institutions’ organisation and management. In
particular, it ensures their compliance
with the regulations governing the internal control of credit institutions. In this
area, it provides all the assistance required,
particularly for the drafting of the annual
internal-control report.
The Crédit Coopératif is those institutions’ intermediary with the Commission
Bancaire [Banking Commission], the
Comité des Etablissements de Crédit et
Entreprises d’Investissement (CECEI –
Committee for credit institutions and
investment undertakings), the Autorité
des Marchés Financiers (AMF – financial markets authority), the Fonds de
Garantie des Dépôts [depositors’guarantee fund] and the Association Française
des Sociétés Financières (ASF – French association of financial companies).
Accordingly, it provides on the one hand,
accounting and prudential supervision,
since the accounts of the Associated
Institutions are consolidated with those
of the Crédit Coopératif, and on the other,
a regulatory and even legal watch. Lastly,
it regularly monitors their activity and
is usually a member of their respective Boards
of Directors or Supervisory Boards. The
Crédit Coopératif also provides the support of its own departments and network
to contribute, in the best mutual interest, to the coordinated development of
their activity.
EQUITY CAPITAL, REGULATORY
RATIOS AND RATING
EQUITY CAPITAL
The Group’s equity capital (in the prudential sense) amounted to 707.9 million
euros at end December 2004 . That capital increased by 62.4 million euros over
the financial year (on a pro forma basis),
equivalent to a rate of 9.7%.
The basic equity capital reached 522.6 million euros, raising its share in the total to
73.8%. This capital increased by 35.2 million euros over the year, at a rate of 7.2%.
REGULATORY RATIOS
The consolidated solvency ratio stood at
11.77% at end December 2004 as against
a regulatory minimum of 8%.
The ratio of equity capital and permanent resources measures the coverage of
employments at more than 5 years’ maturity by equity capital and resources with
a residual maturity in excess of 5 years.
At end 2004, the ratio for the Crédit
Coopératif, the Group’s refinancing body,
stood at 66.59%, set against a minimum
requirement of 60%.
As regards liquidity, the Group is structurally in surplus. The liquidity ratio
exceeds the requirement laid on each of
the institutions (100%). At end 2004, the
liquidity ratio of the Crédit Coopératif
was 187%, and for BTP Banque, 247%.
For purposes of controlling major risks,
the regulations set the following limits:
- 25% of equity capital for the risks borne
in respect of a given beneficiary,
- 8 times the amount of equity capital
for the total of commitments which,
per beneficiary, exceed 10% of equity
capital.
The Groupe Crédit Coopératif has developed a wide dispersion of risks, so that at
end 2004, no weighted unit commitment
exceeds 10% of its equity capital.
RATING
The Groupe Crédit Coopératif has benefit of the Groupe Banque Populaire rating, namely F1 for short-term and A+
for long-term issues from the Fitch Ratings
Agency.
R E S U LT S
(see table of intermediate operating
totals)
Pro forma financial statements have been
drawn up for the 2003 financial year on
the new consolidation basis. They are
used for the comparisons with 2004.
NET BANKING INCOME
In its new configuration, net banking
income reached 264.9 million euros in
2004 compared with 242.6 million euros,
an increase of 9.2%.
Net banking income for the previous consolidation scope was 223.7 million euros,
7.8% increased over the 2003 figure
(207.5 million euros).
As in previous years, the intermediated
resources of non-financial customers
underwent two-figure growth. On the
other hand, growth in UCITS assets under
management subscribed by customers
varied according to type of product: while
growth remained modest overall (+1.4%),
it was nevertheless particularly strong in
equities products (+58%), which were the
most remunerative.
Overall, therefore, resources increased by
6.3%, a figure very close to the growth
in employments (5.6%), especially for
medium- and long-term loans (6.8%),
which substantially provided the drive
for this increase. A noteworthy development was the rate of growth in signature commitments, which reached 14.0%.
These good commercial performances
thus offset the restrictive effect on net
banking income performance from shrinking rates of margin: the yield on customer employments eased somewhat in
2004, in line with market rates, which
remained at historically low levels. On
the other hand, the recurrent vigorousness
of funds collection is broadening the base
and lengthening the term of financial
investments, which thus underpin steady
growth in an additional source of earnings.
Moreover, a distinctive feature of the
2004 financial year was a very strong
growth in net commission, attesting to
the success of the policy pursued in asset
management and payment instruments,
the contribution from which has added its
share to the growth in products which is
naturally concomitant with the expansion
in activity, particularly in deposits and
guarantees.
In addition, these positive developments
were bolstered by new items, such as the
dividend from the Banque Fédérale des
Banques Populaires: 1.7 million euros,
or items which are not certain to recur,
such as the capital gains on disposals
contributed by the venture-capital
activity.
The consolidation of associated institutions, among them BATINOREST, has
resulted in an additional 41.2 million
euros in net banking income, compared
with 35.2 million euros in 2003. This
growth is attributable to BATINOREST,
which took over the loan portfolio held
by SDR Nord Pas-de-Calais – renamed
IRD Nord Pas-de-Calais after the withdrawal of its approval as a credit institution.
GENERAL EXPENSES
General expenses amounted to 192.9 million euros compared with 182.8 million
euros on a pro forma basis in 2003 (+5.5%).
General expenses on the previous consolidation
basis amounted to 163.2 million euros, having come to 158.8 million euros in 2003
(+2.8%).
Staff expenses, at 106.4 million euros,
increased 4%. This performance, broadly
in line with forecast, is explained by the
reinforcement both quantitatively and
qualitatively of staff numbers: some
highly-specialised functions were expanded.
Other management expenses, on the other
hand, at 56.8 million euros (including
depreciation) remained remarkably contained, even displaying virtual stability (+0.5%).
After several financial years of expenditure on renovating the C4M platform, IT
costs fell back, offsetting increases in
other expenses which nevertheless remained
limited, except for the subscription paid
to the Banque Fédérale des Banques
Populaires, which is still being phased in.
General expenses of associated non-subsidiary institutions amounted to 29.7 million euros, compared with 24 million
euros in 2003.
BATINOREST, with the re-sizing of its
resources, accounted for 60% of this rise.
This reach 72 million euros, increasing
20.4% compared with 2003 (24.2% on
the previous consolidation basis) and the
operating ratio turned out at just below
73%, gaining more than 3 points on the
previous year, before the widening of the
consolidation scope (gaining over 2 points
on a comparable basis).
RESULTS FROM COMPANIES
CONSOLIDATED ACCORDING
TO THE EQUITY METHOD
The loss returned by BISE accounts for the
negative contribution from the companies
consolidated according to the equity
method.
GAINS OR LOSSES ON CAPITAL
ASSETS
The transfer of the Sopromec shares to Banque
Populaire Développement resulted in a
gain of 3.1 million euros. Moreover, the
foreign-exchange provision set aside in
2003 against the depreciation of the zloty
to cover the shareholding in BISE was
wholly written back (1.7 million euros).
GENERAL BANKING RISK
RESERVE
3.8 million euros were written to the general banking risk reserve in 2004, bringing its amount to a total of 14.1 million
euros at 31 December 2004. Under the
mutual-support mechanism of the Groupe
Banque Populaire, it includes the Fonds
Régional de Solidarité (regional solidarity fund), to which provisions of 2.1 million euros were written in 2004.
NET INCOME ATTRIBUTABLE
TO THE GROUP
COST OF RISK
Amounts allocated to the cost of risk
totalled 17.5 million euros compared with
16.4 million euros in 2003.
The increase is attributable to the Crédit
Coopératif and its subsidiaries. A sizeable reversal of provisions had occurred
in 2003 in respect of a commitment guaranteeing the performance of a fonds commun de placement French mutual investment fund.
52/53
The net income attributable to the Group
came to 30.8 million euros, rising more
than 40% over 2003 and 23% up on the
2002 result. The widening of the consolidation scope to non-subsidiary associated members had virtually no effect on
the net income attributable to the Group.
PROSPECTS FOR 2005
Forecast as a year of consolidation after
the period of re-organisation that
followed the entry into the Groupe Banque
Populaire, 2004 met every expectation
made of the measures to simplify the
structures and renew the IT system, which
have now come to fulfilment.
The year just ended lay at the meetingpoint between extremely buoyant activity, as reflected in an appreciable expansion in net banking income figures, and
the prudent stance on expenditures, which
stood still, thereby giving the organisation as a whole the time to turn to best
account the progress contributed by the
investments carried out. By comparison,
the 2005 financial year is the year in
which new challenges must be set and
met so as to enable the new capacities
with which the Groupe Crédit Coopératif
has equipped itself to show themselves at
their full potential.
Thus, to begin with, the task in the first
few months of this year is to specify, finetune then explain and adapt its strategy
and the terms and procedures for implementing it. In the aim of strengthening
the Group’s competitiveness while remaining in line with its values, the mediumterm brainwork involved is designed to
explore new avenues, both commercial and
organisational, for strengthening the
Crédit Coopératif in its acknowledged
role within the Groupe Banque Populaire
as a centre of excellence in the socialeconomy sector.
The next step will be to follow on from
this forward-looking vision with more
narrowly-targeted plans of action, designed
to reach out to the preferred customers of
the Groupe Crédit Coopératif, and drawing on the creativeness and responsiveness of its human-scale organisation to
offer methods of approach and products
that best suit the specific needs of each
of its partners, whether we are dealing
with the non-profit, mutual-society and
cooperative sectors, small businesses in
the building trades, or private individuals sensitive to the values of solidarity
and sharing that the Groupe Crédit
Coopératif has consistently defended.
Focusing on the search for a radical mobilisation of the new sources of potential
generated by the just-completed periods
of adaptation and modernisation, 2005 should
decisively mark the starting-point of an
era of renewed and widened drive and
competitiveness, designed to assure for the
Groupe Crédit Coopératif the prosperity
that will enable it to carry on contributing to its customers the active, effective
partnership they expect of it.
I N T E R M E D I AT E O P E R AT I N G T O TA LS
(EUROS 000)
FINANCIAL YEAR
2004
Interest received and similar income
Interest paid and similar expenses
–
364,128
196,538
FINANCIAL YEAR
2003
PROFORMA
–
349,270
193,995
Sub-total – interest margin
Income from variable-income securities
Net commission
Net income from trading and short-term investment portfolios
Other net operating income/losses
167,590
3,167
78,623
12,172
3,349
155,275
1,290
68,606
9,496
7,929
N E T BA N K I N G I N C O M E
264,901
242,596
General operating expenses, depreciation
and provisions
– Staff expenses
– Other administrative expenses
– Depreciation and provisions
192,909
119,149
61,520
12,240
182,822
111,895
58,736
12,191
72.82 %
75.36 %
71,992
59,774
Operating ratio
Cost of risk
–
Share in net income of companies consolidated according to the equity method
Net income/loss from capital assets
N E T I N C O M E AT T R I B U TA B L E T O G R O U P
54/55
–
54,455
–
N E T O P E R AT I N G I N C O M E B E F O R E TA X
Net extraordinary income/loss
Corporation tax
Transfer to/Reversal from goodwill on acquisition
Appropriation to/Reversal from General Banking Risk Reserve
and Regulated Reserves
Minority shareholders’ interest
17,537
628
4,426
16,419
43,355
–
58,253
1,219
1,256
43,318
–
–
–
587
17,820
408
–
–
-
2,800
12,409
106
–
–
3,766
4,858
–
–
1,210
4,914
30,814
21,879
GROUP FINANCIAL STATEMENTS
BALANCE SHEET
INCOME STATEMENT
NOTES TO THE FINANCIAL STATEMENTS
STATUTORY AUDITORS’ GENERAL REPORT
STATUTORY AUDITORS’ SPECIAL REPORT
ASSETS
INTERBANK AND SIMILAR OPERATIONS
CASH, CENTRAL BANKS, POSTAL-GIRO ACCOUNTS
GOVERNMENT STOCK AND SIMILAR SECURITIES
RECEIVABLES FROM CREDIT INSTITUTIONS
OPERATIONS WITH CUSTOMERS
TRADE CREDIT
OTHER LOANS TO CUSTOMERS
OVERDRAFTS ON CURRENT ACCOUNTS
FINANCE LEASE AND SIMILAR OPERATIONS
OPERATIONS IN SECURITIES
FINANCIAL ASSETS
(EUROS 000)
FINANCIAL YEAR
2004
FINANCIAL YEAR FINANCIAL YEAR
2003
2003 PRO FORMA
1,763,603
117,409
449,786
1,196,408
1,570,959
39,349
247,127
1,284,483
1,547,357
42,949
247,305
1 257,283
3,750,180
344,608
3,077,119
328,453
3,186,390
340,147
2,582,657
263,586
3,522,887
346,419
2,871,631
304,837
916,674
523,511
909,859
1,776,891
1,502,756
274,135
966,970
708,312
258,658
998,132
730,386
267,746
135,292
140,542
128,888
EQUITY INVESTMENTS AND SHARES IN AFFILIATE UNDERTAKINGS,
OTHER SECURITIES HELD LONG-TERM
EQUITY INVESTMENTS AND SHARES IN AFFILIATE UNDERTAKINGS
CONSOLIDATED ACCORDING TO THE EQUITY METHOD
91,691
86,977
88,961
43,601
53,565
39,927
INTANGIBLE ASSETS AND TANGIBLE FIXED ASSETS
81,259
67,736
84,209
6,014
6,757
6,757
187,635
60,196
127,439
279,956
43,773
236,183
319,852
76,072
243,780
8,617,548
6,742,821
7,518,121
478,771
478,771
348,226
47,377
300,849
415,743
500
415,243
1,938,214
12,323
1,925,891
1,588,366
12,122
1,576,244
1,672,401
12,122
1,660,279
19,500
13,789
13,789
SECURITIES ACQUIRED ON REVERSE REPO
OTHER COMMITMENTS BY THE GROUP
19,500
13,789
13,789
GOODWILL ON ACQUISITION
PREPAYMENTS, ACCRUED-INCOME AND OTHER ACCRUAL ACCOUNTS, OTHER ASSETS
OTHER ASSETS
PREPAYMENTS, ACCRUED-INCOME AND OTHER ACCRUAL ACCOUNTS
TOTAL ASSETS
COMMITMENTS BY THE GROUP
COMMITMENTS IN FAVOUR OF CREDIT INSTITUTIONS
COMMITMENTS IN FAVOUR OF CUSTOMERS
COMMITMENTS ON BEHALF OF CREDIT INSTITUTIONS
COMMITMENTS ON BEHALF OF CUSTOMERS
56/57
LIABILITIES
INTERBANK AND SIMILAR OPERATIONS
(EUROS 000)
FINANCIAL YEAR
2004
2003
2003 PRO FORMA
1,165,775
616,986
881,386
3,313,020
647,774
2,665,246
2,789,811
536,592
2,253,219
2,932,069
536,592
2,395,477
2,830,484
2,428,288
2,528,492
472,369
266,043
206,326
290,221
151,556
138,665
433,277
285,559
147,718
1,495
1,830
1,830
38,880
21,933
41,861
237,438
184,363
206,097
GENERAL BANKING RISK RESERVE
14,124
9,742
10,317
MINORITY INTERESTS
93,445
88,587
4,858
8,715
7,992
723
96,647
91,735
4,912
450,518
232,780
45,133
390,932
190,369
45,133
386,145
190,368
45,008
141,791
30,814
133,518
21,912
128,890
21,879
8,617,548
6,742,821
7,518,121
85,369
85,369
0
0
217,874
217,874
291,868
291,868
477,480
477,480
432,660
432,660
24,500
13,789
13,789
SECURITIES SOLD ON REPO
OTHER COMMITMENTS RECEIVED
24,500
13,789
13,789
OPERATIONS WITH CUSTOMERS
REGULATED SAVINGS ACCOUNTS
OTHER LIABILITIES
ACCRUED CHARGES AND OTHER ACCRUAL ACCOUNTS, OTHER LIABILITIES
SUNDRY LIABILITIES
ACCRUED CHARGES AND DEFERRED INCOME ACCOUNTS
GOODWILL ON ACQUISITION
PROVISIONS FOR CONTINGENCIES AND LOSSES
SUBORDINATED DEBT
IN RESERVES
IN NET INCOME
EQUITY CAPITAL (EXCL. GENERAL BANKING RISK RESERVE)
CAPITAL SUBSCRIBED
SHARE PREMIUM ACCOUNT
CONSOLIDATED RESERVES, REVALUATION RESERVE,
TRANSLATION DIFFERENCE, GOODWILL ON EQUITY-METHOD CONSOLIDATION
NET INCOME/LOSS FOR THE YEAR (+/-)
TOTAL LIABILITIES
P U B L I S H E D I N C O M E S TAT E M E N T
P E R I O D F R O M 1 s t J A N U A R Y T O 31 D E C E M B E R 2 0 0 4
(EUROS 000)
FINANCIAL YEAR
31/12/2004
31/12/2003
31/12/2003
PRO FORMA
+
+
INCOME AND EXPENSES FROM BANKING OPERATIONS
INTEREST RECEIVED AND SIMILAR INCOME
364,128
313,669
+
349,270
24,202
36,026
31,367
WITH CUSTOMERS
202,627
177,818
204,842
INTEREST AND SIMILAR INCOME ON BONDS
91,149
66,581
68,337
OTHER INTEREST RECEIVED AND SIMILAR INCOME
46,150
33,244
44,724
AUTRES INTÉRÊTS ET PRODUITS ASSIMILÉS
INTEREST PAID AND SIMILAR EXPENSES
-
196,538
-
173,574
-
193,995
37,781
27,236
40,137
WITH CUSTOMERS
25,774
26,638
34,126
132,983
119,700
119,732
INTEREST PAID AND SIMILAR EXPENSES ON BONDS
EXPENSES ON FINANCE-LEASING OPERATIONS AND SIMILAR EXPENSES
OTHER INTEREST PAID AND SIMILAR EXPENSES
INCOME FROM VARIABLE-INCOME SECURITIES
+
3,167
+
1,184
+
1,290
COMMISSION INCOME
+
129,663
+
81,806
+
120,193
COMMISSION EXPENSES
-
51,040
-
25,604
-
51,587
1,743
183
283
NET GAIN ON OPERATIONS IN TRADED SECURITIES
455
102
202
NET GAIN/LOSS ON FOREIGN-EXCHANGE OPERATIONS
124
585
585
TRADING-PORTFOLIO GAINS
OR LOSSES
NET LOSS ON TRANSACTIONS IN DERIVATIVE FINANCIAL INSTRUMENTS
GAINS OR LOSSES ON PORTFOLIO-INVESTMENT
AND SIMILAR TRANSACTIONS
58/59
1,164
10,429
-
504
9,150
-
504
9,213
C O M P T E D E R É S U LTAT P U B L I A B L E
P É R I O D E D U 1 E R J A N V I E R A U 31 D É C E M B R E 2 0 0 2
OTHER INCOME FROM BANKING OPERATIONS
(EUROS 000)
FINANCIAL YEAR
31/12/2004
31/12/2003
31/12/2003
PRO FORMA
+
+
5,850
OTHER INCOME
OTHER BANK OPERATING EXPENSES
5,850
-
2,501
2,761
+
2,761
-
2,115
16,367
16,367
-
8,438
2,501
2,115
8,438
NET BANKING INCOME
264,901
207,460
242,596
180,669
149,708
170,631
119,149
102,284
111,895
61,520
47,424
58,736
OTHER EXPENSES
STAFF EXPENSES
OTHER ADMINISTRATIVE EXPENSES
DEPRECIATION, AMORTISATION AND
PROVISIONS ON INTANGIBLE AND TANGIBLE
FIXED ASSETS
-
COST OF RISK
-
-
NON-FINANCIAL SUBSIDIARIES
FINANCIAL SUBSIDIARIES
-
71,992
SHARE IN NET INCOME/LOSS OF SUBSIDIARIES CONSOLIDATED ACCORDING TO THE EQUITY METHOD
12,240
-
GAINS OR LOSSES ON INVESTMENTS IN CAPITAL ASSETS
GAINS OR LOSSES ON INTANGIBLE AND TANGIBLE FIXED ASSETS
GAINS OR LOSSES ON LONG-TERM FINANCIAL ASSETS
P R O F I T B E F O R E TA X O N O R D I N A R Y O P E R AT I O N S
17,537
9,115
-
48,637
-
13,082
12,191
59,774
-
16,419
54,455
35,555
43,355
628
2,706
1,219
1,628
395
395
2,256
2,311
824
4,426
-
1,695
30
-
112
4,396
-
1,583
58,253
-
1,256
327
-
36,566
1,583
43,318
NET EXTRAORDINARY INCOME/LOSS
-
587
-
2,932
-
2,800
CORPORATION TAX
-
17,820
-
9,870
-
12,409
GOODWILL ON ACQUISITION WRITTEN OFF
-
408
-
106
-
106
APPROPRIATIONS TO/REVERSALS FROM GENERAL BANKING RISK RESERVES AND REGULATED PROVISIONS
-
3,766
-
1,022
-
1,210
MINORITY INTERESTS
N E T I N C O M E AT T R I B U TA B L E T O T H E G R O U P
NET INCOME PER SHARE ATTRIBUTABLE TO THE GROUP, €
4,858
724
4,914
30,814
21,912
21,879
2,02
1,76
1,75
NOTES
TO THE GROUP FINANCIAL STATEMENTS –
The joining together between the Groupe Crédit Coopératif
and the Groupe Banque Populaire resulted in the following,
in 2003:
- the Caisse Centrale de Crédit Coopératif ceasing to exist as
Central Body,
- the Crédit Coopératif assuming the status of a société
anonyme coopérative de banque populaire à capital variable
[social-banking cooperative in the form of a public limited
company with variable capital],
- the absorption by merger of the Caisse Centrale de Crédit
Coopératif by the Crédit Coopératif,
- the signature of an association agreement between the
Crédit Coopératif and the former member institutions of the
Caisse Centrale de Crédit Coopératif – excluding the institutions of the Crédit Maritime Mutuel directly attached to the
Banque Fédérale des Banques Populaires.
At 30 June 2004, the consolidation scope of the Groupe
Crédit Coopératif was widened to include all credit institutions having signed an association agreement with the
Crédit Coopératif.
The non-subsidiary “associates” of the Crédit Coopératif are
now fully consolidated.
I – B A S E S F O R D R AW I N G U P T H E G R O U P
The financial statements of the Groupe Crédit Coopératif
have been drawn up in accordance with CRC regulation No.
99-07 of 24 November 1999 concerning consolidation rules
and CRC regulations Nos. 2000-04 and 2000-08 concerning
the presentation of summarising consolidated documents
applicable to businesses within the remit of the Comité de la
Réglementation Bancaire et Financière [French banking and
financial regulation committee].
The specific features of the Groupe Crédit Coopératif are set
out below:
● Particular features of the Group.
The consolidated financial statements of the Groupe Crédit
Coopératif consolidate the financial statements of the Crédit
Coopératif, société anonyme coopérative de banque populaire
à capital variable [social-banking cooperative in the form of
a public limited company with variable capital], and those of
all the (subsidiary or non-subsidiary) credit institutions that
have signed an association contract with the Crédit
Coopératif, under which the latter guarantees their liquidity
and solvency, and provides administrative and technical
assistance.
●
Methods for drawing up financial statements.
The subsidiaries BTP Banque, Coopamat, Inter-Coop,
Sicomi-Coop, Batinorest, BTP Capital Investissement,
Ecofiinvestissements and Efitel are fully consolidated owing
to the fact that the Crédit Coopératif holds 50% or more of
60/61
2004 FINANCIAL
YEAR
their capital. For these companies, any significant minority
interests are explicitly identified in the financial statements.
Non-subsidiary credit institutions that have signed an association agreement are also fully consolidated. This new
approach has resulted in a change in the consolidation
method for EDEL, previously consolidated according to the
equity method.
Consolidation according to the equity method consists of
substituting, for the book value of the securities held, the
Group’s share in the equity capital and in the income for the
financial year of the consolidated companies. This method
has been applied for the interests in the following companies:
- BISE, credit institution,
- ESFIN, financial undertaking,
- IRD Nord Pas-de-Calais, financial undertaking,
- CGI du Bâtiment, insurance undertaking.
I I – G R O U P C O N S O L I DAT I O N S C O P E
A T 31 D E C E M B E R 2 0 0 4
● The consolidation scope at 31 December 2004 has undergone the following changes from the scope at
31 December 2003:
1) The following companies entered the Group:
- The 15 credit institutions (including EDEL) having
signed an association agreement with the Crédit
Coopératif are fully consolidated.
- BATINOREST in which the Crédit Coopératif acquired
80% of the shares on 23 June 2004 is included in the
consolidation scope.
2) The following entities left the Group:
- Crédit Coop Trésorerie Plus: This closed UCITS was dissolved on 10 December 2004.
- Transimat was liquidated on 22 November 2004.
3) The following company was excluded from the consolidation scope:
The Société Européenne pour la Finance Ethique et
Alternative, although 64.48% held by the Crédit Coopératif,
has been excluded from the consolidation scope.
The financial impact of this Italian variable-capital cooperative public limited company, which is undergoing development, is not significant. The interest of the Crédit Coopératif
will decrease as new members invest in the Italian company.
As an indication, the 2003 result was positive but lower than
1,000 € and the estimate for 2004 is 7,700 €.
● Pro forma financial statements for the 2003 financial year
have been drawn up on the basis of this new consolidation scope.
● Thus, the consolidation scope breaks down as follows:
I. CREDIT INSTITUTIONS
CONSOLIDATING ENTITY
1) Consolidating entity
Crédit Coopératif (SCA)
Registered office: 33, rue des Trois-Fontanot – 92000 NANTERRE
% Control
% holding
% consolidation Consolidation
method
2) Associate Credit Institutions
in which the Crédit Coopératif holds more than 20%
BTP Banque (SA)
Coopamat (SAS)
Inter-Coop ( SAS)
SICOMI COOP
Registered offices: 33, rue des Trois-Fontanot – 92000 NANTERRE
BATINOREST
96, rue de Jemmapes BP 79 59028 LILLE Cedex
GROUPE EDEL (MONINFO)
Registered office: Parc de la Plaine, 5, avenue Marcel Dassault
BP 5806 31505 TOULOUSE Cedex
100 %
100 %
100 %
50.35 %
99.95 %
100.00 %
100.00 %
50.35 %
100 %
100 %
100 %
100 %
Full
Full
Full
Full
80.00 %
80.00 %
100 %
Full
33.94 %
33.95 %
100 %
Full
35.51 %
37.91 %
37.91 %
Equity method
11.40 %
100 %
Full
6.95 %
100%
Full
0.00 %
100 %
Full
0.29 %
100 %
Full
5.06 %
100 %
Full
1.68 %
100 %
Full
3.92 %
100 %
Full
4.29 %
100 %
Full
1.74 %
100 %
Full
0.35 %
100 %
Full
6.03 %
100 %
Full
0.96 %
100 %
Full
0.00 %
100 %
Full
3) Foreign Credit Institution
in which the Crédit Coopératif holds more than 20%
B.I.S.E. S.A.
Registered office: ul. Dubois 5a
00-184 WARSZAWA (POLOGNE)
4) Associate Credit Institutions
in which the Crédit Coopératif holds less than 20%
CAISSE SOLIDAIRE
3, Contour Saint Martin 59100 ROUBAIX
SOFINEF
114, Boulevard du 11 Novembre 69625 VILLEURBANNE Cedex
SOCOREC
77, rue de Lourmel 75015 PARIS
SOFIGARD
13, bis Boulevard Talabot 30000 NIMES
SOFINDI
11, rue de Belat 16000 ANGOULEME
SOFISCOP
7, rue Herpin Lacroix BP 6647 35006 RENNES
SOFISCOP SUD EST
70, rue Maurice Flandrin BP 3164 69211 LYON Cedex 03
SOFIRIF
Z.I. BETHUNES BP 9032 95071 CERGY PONTOISE
SOMUPACA
9, place de la Liberté 83000 TOULON
SOMUDIMEC
2, chemin du Vieux Chêne BP 79 38242 MEYLAN
C.M.G.M.
39-41, rue Louis Blanc 92038 PARIS LA DEFENSE Cedex
NORD FINANCEMENT
40, rue Eugène Jacquet 59078 MARCQ EN BARŒUL
GEDEX DISTRIBUTION
24, rue Chaptal 92300 LEVALLOIS PERRET
P
A
R
T
N
E
R
S
H
I
P
C
O
N
T
T
R
A
C
T
S
II. FINANCIAL UNDERTAKINGS
Union des Sociétés du Crédit Coopératif (GIE consortium/JV)
Transimmo (SARL)
Société Civile Immobilière du Crédit Coopératif
Société Civile Immobilière du Crédit Coopératif de Saint Denis
Efitel (SARL)
BTP Capital Investissement
Registered offices: 33, rue des Trois-Fontanot – 92000 NANTERRE
Ecofi- Investissements
Registered office: 251, boulevard Péreire - 75852 PARIS Cedex 17
Groupe ESFIN (ESFIN PARTICIPATIONS, IDES, SPOT)
Registered office: 10-12, rue des Trois-Fontanot - 92000 NANTERRE
IRD Nord Pas-de-Calais
Registered office: 96, rue de Jemmapes - BP 79 - 59028 LILLE Cedex
100 %
100 %
100 %
100 %
100 %
79,42 %
100 %
100 %
100 %
100 %
100 %
79,44 %
100 %
100 %
100 %
100 %
100 %
100 %
Full
Full
Full
Full
Full
Full
100 %
100 %
100%
Full
37,58 %
37,58 %
37,58 %
Equity method
28,92 %
28,92 %
28,92 %
Equity method
33,40 %
33,40 %
33,40 %
Equity method
100 %
100 %
100 %
100 %
100 %
100 %
Full
Full
III. INSURANCE UNDERTAKINGS
CAISSE DE GARANTIE IMMOBILIERE DU BATIMENT
Registered office: 6, rue La Pérouse,
75016 PARIS
IV. CREDIT COOPERATIF DEDICATED UCITS
CAISSE CENTRALE
MONE+CC2
French corporate-form abbreviations:
SCA : Société Coopérative Anonyme (Cooperative public limited company).
SAS : Société Anonyme Simplifiée (simplified joint-stock corporation).
Country is France unless otherwise stated
III - GENERAL PRINCIPLES AND METHODS
O F VA L U A T I O N
The valuation methods adopted comply with the specific
Regulations and Instructions pertaining to consolidation of
financial statements and those relating to the operations
recorded. Among those operations, particular attention is
drawn to the terms and procedures for treating the following
items:
●
•
. a worsening in the financial situation of the counterparty,
. disputes or litigation between the institution and its
counterparty.
•
Compromised doubtful loans: where the solvency of a
counterparty is in a state such that after classification for
a reasonable period among doubtful loans, no reclassification as healthy loans can any longer be foreseen, the loans
concerned are specifically identified among doubtful loans
as compromised doubtful loans.
●
Rules governing loan segmentation
Loans outstanding and provisions.
CRC regulation No. 2002-03 concerning the accounting treatment of credit risk determines the classification of doubtful debts
in the balance sheet.
Debt classification
Healthy loans: outstanding loans that correspond to a normal commercial relationship, excluding all ascertained credit risk.
• Loans restructured on non-market terms: loans of which
the repayment terms have been amended on account of the
counterparty’s financial situation, at interest rates below
current market rates.
•
62/63
Doubtful loans: loans carrying an ascertained credit risk
corresponding to a situation arising from the existence of:
. one or more unpaid accounts,
Loans have been segmented according to economic transactor, and hence, the following sections have been identified: non-financial companies, sole traders, individuals,
government and non-government administration, other
customer segments.
• Rating system: the banks consolidated in the financial
statements have a rating system appropriate to their
customers.
•
Rules governing doubtful loans and provisioning
The rules applied in the individual accounts for each of the consolidated institutions are not adjusted in the Group financial
statements.
The published income statement shows a total share in net income
of –628,000 _ of which ESFIN accounted for 738,000 €, IRD
Nord Pas-de-Calais -190,000 €, CGI du Bâtiment 1,818,000 €
and BISE, -2,994,000 €.
●
●
Investment in subsidiaries.
Investment in minority-held subsidiaries is recorded at purchase value or the value of the capital contributed, according
to the historic-cost principle. The holdings are valued for each
asset individually on the basis of the mathematical value of
the asset, and taking account of the earnings prospects of
each company. Only unrealised capital losses are recorded in
the form of provisions for loss.
The foreign-exchange risk relating to equity investments
denominated in foreign currency and financed in euros is
evaluated and recorded in the accounts where necessary.
The main non consolidated investments under this item are
as follows:
- Banque Fédérale des Banques Populaires: 65,395,000 €,
a shareholding of 2%
- Banque Populaire Développement: 10,413,000 €, a shareholding of 4.97%
- Rhône Dauphiné: 1,336,000 €, a shareholding of 17.86%
- France Active Garantie: 464,000 €, a shareholding
of 20%.
- SEFEA: 2,115,000 €, a shareholding of 64.48%.
●
Shareholdings consolidated according to the equity method.
The BISE, ESFIN, IRD Nord Pas-de-Calais and CGI du Bâtiment
companies in which the Crédit Coopératif exercises significant management influence were consolidated according to
the equity method. Under this method, the consolidated balance sheet shows, instead of the book value of the securities,
the share they represent in the equity capital of the consolidated companies.
At 31 December 2004, the value of securities included in the
balance sheet totalled 43,601,000 €, of which ESFIN accounted
for 15,746,000 €, IRD Nord Pas-de-Calais 10,595,000 €, CGI
du Bâtiment 6,775,000 € and BISE, 10,485,000 €.
The consolidated income statement includes the relevant share
in net income of the companies consolidated according to the
equity method.
Finance-leasing operations and fixed assets.
Assets not leased after termination of finance-leasing contracts, and real-estate assets intended for outright rental are
covered by provisions for loss where such loss appears lasting, in order to take account of market trends.
●
Tangible fixed assets and intangible assets.
These are entered in the balance sheet at their acquisition cost.
Tangible fixed assets are depreciated using the straight-line or
diminishing-balance method in accordance with standard
practice and in compliance with the tax rules in force.
Intangible assets are recorded at acquisition cost. They are
either amortised or provisioned where appropriate in the individual accounts of the consolidated companies.
It should be noted that the goodwill recorded in the accounts
of Batinorest as a result of the acquisition of a loan portfolio
from IRD Nord Pas-de-Calais, was written off on a straightline basis in the entity’s own accounts. In the consolidated
financial statements, an adjustment was made so as to write
off that goodwill in keeping with the schedule of income
expected from that acquisition.
It is specified that software is amortised over a maximum
period of 5 years.
●
Bond issue costs.
Starting with the 1994 issues, and pursuant to the new provisions of the amending Finance Act [loi de finances rectificative],
the option was taken of carrying these costs forward over the
period of maturity of the bond issue in proportion to the
accrued income.
●
Operations in securities.
Securities are classified according to the investment intention, in accordance with CRB regulation 90.01 of 23 February
1990. Their valuation and the corresponding accounting treatment of them comply with CB Instruction 94.07 of 14 March
1994, as amended by CB Instruction 2000-12 of 4 December
2000.
The dedicated UCITS are fully consolidated.
●
Future financial instruments.
Operations using future financial instruments are recorded in
accordance with CRB regulations 88.02 and 90.15. The relevant commitments are posted in the off-balance-sheet statement at the nominal value of the contracts. Gains or losses on
allocated hedging operations are posted to income symmetrically to the posting of income or expenses on the asset
hedged and within the same line item.
Hedging expenses and income relating to the company’s global
interest-rate risk are posted to income pro rata temporis.
●
Currency operations.
Assets, liabilities and off-balance-sheet commitments denominated in foreign currency are converted at the official exchange
rate at the period-ending date.
Unrealised exchange gains or losses on equity investments
denominated in foreign currency but financed in euros are
entered in the balance sheet under a translation-difference
account.
Other unrealised or materialised gains and losses on exchange
are posted to income.
Expenses paid and income received are recorded on the date
of the transaction. However, expenses and income accrued
but not paid or received are converted at the period-end date.
●
Goodwill on acquisition.
1. The liability item “goodwill on acquisition” represent the
balance of goodwill not posted to any particular balance
sheet item and recorded at the date of acquisition of equity
investments, being the difference between the cost to the
company of their acquisition and the share in the corresponding
net equity.
The buying in of securities of IRD Nord-Pas-de-Calais (a
company consolidated according to the equity method)
since 1998 has resulted in negative acquisition goodwill for
which the writing-down period was set at 10 years reckoning from the year following the acquisition of those
securities.
2. The takeover of POMMIER-FININDUS generated positive acquisition goodwill, which was posted to real-estate assets; this
goodwill is written down in accordance with the practices
pertaining to such assets.
3. The positive goodwill on the acquisition of ECOFI-INVESTISSEMENTS is written down over 10 years.
64/65
4. The positive goodwill recorded on consolidation of BISE according to the equity method is written down over 10 years
starting from the 2004 financial year.
●
Other adjustments.
a. Finance-leasing operations are recorded as assets in the
Group balance sheet for their value as determined after
deduction of amortisation. The unrealised reserve arising
on them amounts to 10,565,000 €.
b. Revaluations of fixed assets performed on the occasion of
the Group’s restructuring on 30 June 1989 and shown as assets
of the Crédit Coopératif have been cancelled.
c. Profits on intra-Group transactions have been eliminated.
Those profits consist mainly of dividends received.
d. The provision for investment recorded in the company
accounts has been neutralised.
e. The corporation tax charge was altered as a result of the foregoing adjustments. The unrealised expense or income so
arising is posted either to the income for the year or to
Group reserves. The liability method is used to account for
deferred tax.
f. Lastly, the exceptional 2.5% levy on special long-term capital gain reserves, not provisioned in the company accounts,
was posted as an expense in the consolidated financial statements.
Moreover, the time difference between the recording of an
income or expense item in the accounts and its inclusion in
the determination of the taxable net income of each entity
also led to the calculation of a deferred-tax charge plus the
contribution additionnelle levy (3% for 2004, 1.50% for 2005
and 0% beyond that date) in accordance with a tax-liability
schedule determining the financial years in which tax liability arises. The incidence on the adjustments from the contribution additionnelle levy and the 3.30% contribution sociale
de solidarité is a net expense of 35,000 €.
Thus the net impact from deferred corporation tax is a liability entry in the Group balance sheet of 284,000 €.
●
Incidence of a change of accounting method
in the company financial statements.
Previously, long-service awards had been treated as pension
commitments (post-employment commitments), until the publication of the recommendation by the Conseil National de la
Comptabilité [French national accountancy council] on
pension commitments and similar benefits (No. 03-R-01 of
the 1 April 2003, applicable at 1 January 2004): accordingly,
no provision previously needed to be set aside.
Since the date of entry into force of the above-mentioned
recommendation, however, long-service awards have been
excluded from the scope of pension commitments and similar benefits, and fall within the scope of regulation No. 200006 on liabilities: a provision must therefore now be set aside
for them as from 1 January 2004. This new provision concerns
the following employer institutions: Crédit Coopératif, BTP
Banque and Ecofi-Investissements. Since this is a change in
accounting method arising from a new accounting rule, for
the first year, this provision was charged against equity in the
accounts of each of the three institutions, for a total amount
net of tax of 1.447,000 €.
●
Average numbers of serving staff employed during the period
under review came to 1,692.
●
. to members of the Board .................................................nil
. to members of Executive bodies....................1,126,000 €
- Overall amount of advances and loans extended in 2004
. to members of the Board ...................................686,000 €
. to members of Executive bodies. ........................97,000 €
●
●
BALANCE SHEET (notes 1 to 16),
●
OFF-BALANCE-SHEET STATEMENT (notes 17 to 19),
●
INCOME STATEMENT (notes 20 to 23).
Remunerations, advances, loans and commitments benefiting members of the Senior Management and Executive
bodies.
- Overall amount of retirement commitments and remuneration allocated in respect of the 2004 financial year
In the consolidated financial statements, the provision for
risks was increased to its gross amount, as the counterpart
entry to a deferred-tax asset entry of 757,000 €.
I V – I N F O R M AT I O N O N T H E I T E M S
I N T H E BA L A N C E S H E E T,
A N D I N C O M E S TAT E M E N T
Workforce.
Estimated results for certain consolidated companies.
Since the results for the companies enumerated below are not
available, in drawing up the Group financial statements, the
estimated amounts communicated by those companies were
taken into account: BISE, CGI du Bâtiment, IRD Nord Pas-deCalais.
●
Breakdown of net banking income at 31 December 2004
by business line.
- Retail banking (funds collection, flows management,
liquidity lending, commercial portfolio) ...................60.5%
- Investment finance........................................................26.8%
- Asset management ........................................................10.7%
V ●
O T H E R I N F O R M AT I O N
Operations with the Network
Details of the main financial dealings with the member institutions of the Banque Fédérale des Banques Populaires are
set out in the tables giving details of the balance sheet and offbalance-sheet statement under the heading “Network”.
●
Change of presentation.
In 2004, the expenses and income on finance-lease operations were entered on a net basis on the line “other operating
income”. Simultaneously, the same netting was performed in
the figures for the previous year restated in these financial
statements.
- Financial engineering .....................................................2.0%
The breakdown of net banking income by business line is
mainly derived from management information.
NOTE No. 1
31/12/2004
31/12/2003
– Cash, CCP postal-giro a/cs, central banks
- Government stock and similar securities
- Receivables from credit institutions
- sight
- term
- net doubtful debts
117,409
449,786
1,196,408
664,716
522,971
10
8,711
39,349
247,127
1,284,483
427,233
842,067
10
15,173
TOTAL
1,763,603
1,570,959
300,355
413,745
188,432
31/12/2004
31/12/2003
– Central banks, CCP postal-giro a/cs
Deposits taken and borrowings:
- sight
- term
Other amounts payable
Related accounts payable
129,549
1,025,475
3
10,748
159,992
450,554
TOTAL
1,165,775
616,986
216,235
159,790
102,904
I N T E R BA N K & S I M I L A R O P E R AT I O N S
ASSETS
of which network
of which Crédit Coopératif network
- Network: member institutions of the Banque Fédérale des Banques Populaires
of which Crédit Coopératif network in 2003: institutions that have signed
an association agreement with the Crédit Coopératif
NOTE No. 2
I N T E R BA N K A N D S I M I L A R O P E R AT I O N S
LIABILITIES
of which network
of which Crédit Coopératif network
- Network: member institutions of the Banque Fédérale des Banques Populaires
of which: Crédit Coopératif network in 2003: institutions that have signed
an association agreement with the Crédit Coopératif
66/67
6,440
NOTE No. 3
31/12/2004
31/12/2003
O P E R AT I O N S W I T H C U S T O M E R S
ASSETS WITH CUSTOMERS – NET VALUES
- OVERDRAFTS ON CURRENT ACCOUNTS
306,205
327,884
234,495
334,627
- NET DOUBTFUL DEBTS
3,002,341
22,423
91,327
2,513,555
21,569
82,144
TOTAL
3,750,180
3,186,390
- TRADE CREDIT
- FACTORING
- OTHER LOANS TO CUSTOMERS
- RELATED RECEIVABLES AND UNALLOCATED ITEMS
31/12/2004
31/12/2003
O P E R AT I O N S W I T H C U S T O M E R S
OTHER LOANS TO CUSTOMERS
-
Export credit facilities
Liquidity and consumer credit facilities
Capital-equipment investment credit
Housing loans
Other loans
Securities received on reverse repo
Stocks received on reverse repo
Subordinated loans
TOTAL
4,650
356,888
2,295,130
232,624
59,467
4,661
161,640
2,029,217
197,605
20,469
35,000
18,582
92,523
7,440
3,002,341
2,513,555
NOTE No. 4
31/12/2004
FINANCE-LEASING
AND SIMILAR
O P E R AT I O N S
Realestate
Equipment
finance leasing finance leasing
31/12/2003
Total
Realestate
Equipment
finance leasing finance leasing
Total
Assets leased to customers
Unleased assets
Provisions for loss/deterioration
Net doubtful receivables
Related receivables
690,492
13,724
-2,743
22,886
12,500
173,772
2,448
- 322
2,742
1,175
864,264
16,172
-3,065
25,628
13,675
323,347
9,697
-3,291
5,852
1,220
180,660
1,653
-422
3,713
1,082
504,007
11,350
-3,713
9,565
2,302
Total finance-leasing and similar operations
736,859
179,815
916,674
336,825
186,686
523,511
NOTE No. 5
Government,
Individuals Non-government government
administration agencies and
social security
B R E A K D O W N O F L O A N S Non- financial Sole traders
BY ECONOMIC
companies
T R A N SAC T O R
Other
customer
segments
TOTAL
31/12/2004
LOANS TO CUSTOMERS – TOTAL
2,114,100
147,919
498,582
890,079
25,862
38,636
3,715,178
HEALTHY DEBT Sub-total
2,064,891
141,267
487,383
867,397
24,277
38,636
3,623,851
93,106
-56,695
9,288
-5,149
20,142
-10,343
43,427
-25,628
3,008
-1,759
168,971
-99,574
36,411
4,139
9,799
17,799
1,249
69,397
Non-compromised doubtful loans
Provisions for non-compromised doubtful loans
23,617
-10,819
8,723
-6,210
2,230
- 830
7,668
-2,785
525
- 189
42,763
-20,833
- sub-total
12,798
2,513
1,400
4,883
336
21,930
FINANCE LEASING
885,970
3,519
7,427
19,758
916,674
Assets finance-leased and on outright rental
Compromised doubtful receivables
Provisions for compromised doubtful receivables
848,286
31,849
-29,988
3,413
194
- 178
7,225
383
- 347
19,015
1,282
-1,202
877,939
33,708
-31,715
1,861
16
36
80
1,993
Provisions for non-compromised doubtful loans
39,123
-3,300
100
- 10
181
- 15
755
- 92
40,159
-3,417
- sub-total
35,823
90
166
663
36,742
Compromised doubtful loans
Provisions for compromised doubtful loans
Compromised doubtful loans
- sub-total
Compromised doubtful receivables
- sub-total
NOTE No. 6
31/12/2004
O P E R AT I O N S W I T H
CUSTOMERS – LIABILITIES
PAYABLE TO CUSTOMERS
Specially-regulated savings accounts
Customer deposits and borrowings
31/12/2003
Sight
Term
NET
Sight
Term
NET
533,166
114,608
647,774
431,928
104,610
536,538
2,201,755
339,388
2,541,143
1,921,520
196,741
2,118,261
1,096
1,096
300
300
55,100
55,100
71,475
71,475
1,578
1,578
Borrowings from financial customers
Securities delivered on repo
Stocks delivered on repo
Factoring accounts payable
Guaranteed deposits
Other amounts payable
TOTAL
of customers’ credit accounts
68/69
61,925
61,925
56,114
56,114
4,404
4,404
7,124
7,124
3,313,020
2,416,686
2,801,250
511,770
373,126
2,789,812
NOTE N° 7
31/12/2004
31/12/2003
FINANCIAL ASSETS
Gross financial assets
93,204
88,213
Provisions for loss
-2,119
-1,763
Net financial assets
91,085
86,450
Interests in subsidiaries consolidated according to the equity method
43,601
51,912
Currency translation differences
1,653
Related receivables
TOTAL
606
527
135,292
140,542
OF FINANCIAL ASSETS
NOTE No. 8
31/12/2004
31/12/2003
O P E R AT I N G C A P I TA L
ASSETS
Gross
Intangible assets
46,849
-26,209
- 407
20,233
27,466
-14,989
Tangible fixed assets
99,392
-49,629
- 20
49,743
89,081
-42,967
146,241
-75,838
- 427
69,976
116,547
-57,956
Tangible fixed assets
815
- 168
647
480
- 149
331
sub-total
815
- 168
647
480
- 149
331
30,394
-18,852
- 906
10,636
24,672
-13,754
-1,697
9,221
177,450
-94,858
-1,333
81,259
141,699
-71,859
-2,104
67,736
sub-total
Deprec.
Prov.
NET
Gross
Deprec.
Prov.
-407
NET
12,070
46,114
-407
58,184
Non-operating capital assets
Intangible assets
Capital assets hired out on
outright rental
TOTAL
INTANGIBLE & TANGIBLE FIXED ASSETS
NOTE No. 9
Residual maturity of term bank resources and employments
Total of
D<=
3 months
3 months
<D<=1 year
1<D<=5 years
>5 years
Indefinite term
term items
E M P L OY M E N T S
Receivables from credit institutions
and similar institutions
Receivables from customers
Assets on finance lease
Bonds and other fixed-income securities
419,436
121,152
111,929
311,507
594,408
39,811
461,584
368,833
113,424
486,595
1,422,794
416,090
502,523
944,175
294,939
34,497
394
3,330,225
864,264
1,485,593
1,515,239
1,090,004
2,453,336
1,585,118
409
6,644,106
Payable to credit institutions
Payable to customers
Liabilities in the form of securities issued
Subordinated loans
363,028
231,003
1,277,349
98,004
95,583
483,375
374,594
153,972
639,198
64,791
189,849
29,634
388,282
107,000
24,926
1,025,475
510,192
2,788,204
196,717
TOTAL RESOURCES
1,871,380
1,232,555
714,765
24,926
4,520,588
TOTAL EMPLOYMENTS
964,024
15
RESOURCES
70/71
676,962
N O T E N o . 10
31/12/2004
31/12/2003
P R E PAY M E N T S , A C C R U A L S A N D M I S C E L L A N E O U S A S S E T S
OTHER ASSETS
Options instruments purchased
Settlements of transactions in securities
Deferred-tax assets
Other stocks and miscellaneous employments of funds
Sundry debtors
Doubtful debts, net
Related receivables
573
2,138
7,619
108
49,047
269
4,142
10,678
27,277
711
1,407
SUB-TOTAL
60,196
43,773
46,211
89,296
ACCRUAL ACCOUNTS (assets)
Collection accounts
Adjustment accounts
Potential losses on unmatured futures
hedging contracts
Potential losses on matured futures
hedging contracts
Prepayments
Deferred income
Issue premiums pending deferral
Other deferred charges
Other accrual accounts
1,319
3,583
4,740
41,863
4,167
4,675
22,200
4,611
4,547
31,436
4,117
140
100,717
SUB-TOTAL
127,439
236,183
TOTAL
187,635
279,956
N O T E N o . 11
31/12/2004
31/12/2003
224
2,458
7,335
275
2,478
10,266
1,285
188,099
64,507
2,135
1,232
115,646
17,741
3,669
249
266,043
151,556
77,326
568
53,234
1,420
41,599
AC C R U E D C H A R G E S & M I S C E L L A N E O U S L I A B I L I T I E S
OTHER LIABILITIES
Options instruments sold
Settlements of transactions in securities
Deferred-tax liabilities
Liabilities on securities
Uncalled amount on securities not fully paid
Sundry creditors
Investment grant
Allocated government stocks
SUB-TOTAL
ACCRUED CHARGES
Collection accounts
Adjustment accounts
Variance accounts
Potential gains on unmatured futures
hedging contracts
Potential gains on matured futures
hedging contracts
Unearned income
Accrued charges
Other accrued charges
477
913
11,771
26,054
89,694
3,470
11,389
25,497
1,579
SUB-TOTAL
206,326
138,665
TOTAL
472,369
290,221
NOTE No. 12
P R OV I S I O N S W R I T T E N AG A I N S T
ASSETS
31/12/2003
Increase
Decrease
Changes in
consolidation
scope
Other
change
31/12/2004
Provisions for doubtful debts
Provisions for loss
Country-risk provisions
144,341
15,510
23,845
4,268
- 31,403
- 3,225
16,413
1,246
- 49
-2,158
153,147
15,641
TOTAL
159,851
28,113
- 34,628
17,659
- 2,207
168,788
72/73
NOTE No. 13
31/12/2004
31/12/2003
DEBT INSTRUMENTS ISSUED
SHORT-TERM LOAN NOTES AND SAVINGS BONDS
15,811
14,439
2,256,647
426,199
771,404
1,059,044
515,746
1,781,307
481,691
686,255
613,361
592,293
42,280
40,249
2,830,484
2,428,288
INTERBANK MARKET SECURITIES
NEGOTIABLE DEBT SECURITIES
of which
- subscribed by credit institutions
- subscribed by financial customers
- subscribed by customers
BONDS ISSUED
OTHER LIABILITIES IN THE FORM OF SECURITIES ISSUED
TOTAL DEBT INSTRUMENTS ISSUED
NOTE No. 14
P R OV I S I O N S F O R C O N T I N G E N C I E S
AND LOSSES
PROVISIONS FOR COUNTERPART RISKS
Provisions for off-balance-sheet commitments
Sectoral provisions
Customer dispute provisions
Other customer provisions
SUB-TOTAL
31/12/03
1,845
326
7,440
4,196
4,537
18,344
CHANGES IN
APPRO- REVERSALS
MISCEL- 31/12/04
CONSOLIDATION
PRIATIONS
LANEOUS
SCOPE
1,230
- 1,396
- 570
4,271
- 110
- 3,718
- 106
363
40
6,502
- 4 081
5,840
- 244
7,900
8,848
390
- 5,790
4,674
2,311
22,734
-1,653
297
297
2,550
-1,731
8,885
9,704
10,001
460
1,505
3,195
PROVISIONS FOR RISKS OF LOSS
Portfolio of securities and future financial instruments
Financial assets
Real-estate development
Other assets
1,653
SUB-TOTAL
1,653
2,550
- 3,384
9,182
1,369
585
-3
238
2,485
4,674
131
436
1
316
- 245
- 590
35
1,053
147
187
69
1,402
1,936
902
- 838
1,326
2,819
6,145
21,933
6,647
- 10,012
15,182
5,130
38,880
PROVISIONS FOR OPERATING EXPENSES AND LOSSES
Serving-staff pension commitments
Retired-staff pension commitments
Tax, duty and other levies
Other provisions for future general expenses
SUB-TOTAL
TOTAL
NOTE No. 15
CHANGES IN EQUITY CAPITAL
AND MINORITY SHAREHOLDERS’ INTERESTS
EQUITY CAPITAL ATTRIBUTABLE TO GROUP
NET INCOME
CAPITAL
RESERVES
FOR THE
TOTAL
YEAR
POSITION AT START OF FINANCIAL YEAR 1/1/04
CHANGES IN CAPITAL OF COMPANIES INCLUDED
IN THE COMMUNITY OF INTERESTS
190,369
178,651
21,912
390,932
30,814
30,814
- 21,912
- 4,857
42,411
42,411
NET INCOME FOR THE YEAR (BEFORE APPROPRIATION)
DIVIDENDS PAID AND APPROPRIATIONS
TO RESERVES DURING THE FINANCIAL YEAR
17,055
RESERVES IN RESPECT OF NEW ASSOCIATE COMPANIES
(CHANGE OF CONSOLIDATION SCOPE)
10,989
10,989
DEDICATED UCITS – CHANGE OF CONSOLIDATION METHOD
- 3,764
- 3,764
COS. CONSOLIDATED ACCORDING TO THE EQUITY METHOD
(ESFIN: -311; IRD NPC: 1,645; BISE: 661; EDEL: -12,774)
- 10,786
- 10,786
- 1,630
- 1,630
497
497
- 4,841
- 4,841
723
723
29
29
CHANGE OF METHOD (LONG-SERVICE AWARDS: -1,447;
BANK-CARD COMMISSION: -183)
CHANGE IN CONSOLIDATION SCOPE
(SOPROMEC NO LONGER CONSOLIDATED; SCP SHARE INCREASED)
ELIMINATION OF SUBSIDIARIES’ CROSS-SHAREHOLDINGS
IN THE PARENT CO.
ADJUSTMENT OF NET INCOME ATTRIBUTABLE TO MINORITY
INTERESTS AT START OF YEAR (SICOMICOOP: 245; BTPKI: 478)
LIQUIDATION OF TRANSIMAT
POSITION AT YEAR-END: 31/12/2004
MINORITY SHAREHOLDERS’ INTERESTS
TOTAL
74/75
232,780
186,923
30,814
450,517
78,155
10,432
4,857
93,444
310,935
197,355
35,671
543,961
NOTE No. 16
2004
2003
G O O D W I L L O N AC Q U I S I T I O N - A S S E T S
5,127
NET VALUE AT 1ST JANUARY (PRO FORMA)
NET VALUE AT 1ST JANUARY
6,757
743
2,157
527
6,014
6,757
2004
2003
1,830
2,236
355
14
422
1,495
1,828
APPROPRIATION FOR THE YEAR
REVERSAL FOR THE YEAR
RECLASSIFICATION
NET VALUE AT 31ST DECEMBER
G O O D W I L L O N AC Q U I S I T I O N - L I A B I L I T I E S
NET VALUE AT 1ST JANUARY
NET VALUE AT 1ST JANUARY (PRO FORMA)
APPROPRIATION FOR THE YEAR
REVERSAL FOR THE YEAR
RECLASSIFICATION
NET VALUE AT 31ST DECEMBER
NOTE No. 17
31/12/2004
31/12/2003
478,771
348,226
47,377
COMMITMENTS BY THE COMPANY
Capital commitments
• in favour of credit institutions
– of which entities with which a shareholding relationship exists
– of which CC network
• in favour of customers
Guarantee commitments
• on behalf of credit institutions
• on behalf of customers
Commitments relating to securities
478,771
1,938,214
12,323
1,925,891
19,500
46,876
300,849
1,588,366
12,122
1,576,244
13,789
TOTAL
2,436,485
1,950,381
Capital commitments
• received from credit institutions
Guarantee commitments
• received from credit institutions
– of which network
– of which CC network
Commitments relating to securities
85,369
85,369
291,868
291,868
24,500
477,480
477,480
255,365
232,746
13,789
TOTAL
401,737
491,269
- Network: member institutions of the Banque Fédérale des Banques Populaires,
of which Crédit Coopératif (CC) network in 2003: institutions that have signed
an association agreement with the Crédit Coopératif.
76/77
NOTE No. 18
I N T E R E S T - R AT E
INSTRUMENTS
( AT 31 ST D E C E M B E R 2 0 0 4 )
TRANSACTIONS
ON ORGANISED MARKETS
Firm
Option
OVER-THE-COUNTER
TRANSACTIONS
Firm
Option
OFF
BALANCE
SHEET
2,547,928
HEDGING OPERATIONS
POTENTIAL LOSSES ON UNMATURED
HEDGING OPERATIONS
POTENTIAL GAINS ON UNMATURED
HEDGING OPERATIONS
LOSSES TO BE CARRIED FORWARD
ON MATURED HEDGING OPERATIONS
GAINS TO BE CARRIED FORWARD
LOSSES
GAINS
3,583
913
508
164
19,199
33,162
62
27
OTHER OPERATIONS
LOSSES
GAINS
391,978
MACRO-HEDGED INTEREST-RATE SWAPS
11,126
12,411
LOSSES
GAINS
OTHER FUTURE
INSTRUMENTS
TRANSACTIONS
ON ORGANISED MARKETS
Firm
POTENTIAL LOSSES ON UNMATURED
HEDGING OPERATIONS
POTENTIAL GAINS ON UNMATURED
HEDGING OPERATIONS
LOSSES TO BE CARRIED FORWARD
GAINS TO BE CARRIED FORWARD ON MATURED
HEDGING OPERATIONS
GAINS
OTHER OPERATIONS
LOSSES
GAINS
Firm
Option
OFF
BALANCE
SHEET
6,662
HEDGING OPERATIONS
LOSSES
Option
OVER-THE-COUNTER
TRANSACTIONS
854
341
NOTE No. 19
I N F O R M A T I O N O N D E R I VA T I V E I N S T R U M E N T S
(euros 000)
INTEREST-RATE
CONTRACTS
NATURE OF OVER-THE-COUNTER CONTRACTS
NOTIONAL AMOUNT
(Of which options)
BREAKDOWN BY RESIDUAL MATURITY
1 year
1 year and £< 5 years
5 years
GROSS REPLACEMENT COST
Positive
Negative
2,933,805
(22,599)
479,174
(16,152)
1,446,252
1,164,066
317,110
443,315
12,002
15,027
72,098
15,476
74
2,851
10,297
6,161
POTENTIAL CREDIT RISK OF TRANSACTIONS
CREDIT RISK OF CONTRACTS TRADED OVER-THE-COUNTER
WEIGHTING
EXCHANGE-RATE
CONTRACTS
CREDIT
INSTITUTIONS
CUSTOMERS
20 %
50 %
75,567
59,891
13,815
73,706
53,537
20,169
POSITIVE GROSS REPLACEMENT COST
POSITIVE NET REPLACEMENT COST
POTENTIAL CREDIT RISK
EQUIVALENT CREDIT RISK BEFORE SECURITY
SECURITY
EQUIVALENT CREDIT RISK AFTER SECURITY
1,608
1,608
2,643
4,251
4,251
NOTE No. 20
2004
COMMISSION
INCOME
Cash and interbank transactions
Transactions on payment instruments
Transactions with customers
Transactions in securities
Foreign-exchange transactions
Off-balance-sheet commitments
Financial services provided
Consultancy
TOTAL COMMISSION
78/79
EXPENSES
2003
NET
INCOME
391
57,000
37,015
3,235
161
591
30,607
663
- 4,319
- 39,752
- 1,879
-9
-1
-6
- 5,074
- 3,928
17,248
35,136
3,226
160
585
25,533
663
81
22,523
28,903
2,315
130
129,663
- 51,040
78,623
81,806
27,431
423
EXPENSES
- 3,377
- 15,838
- 1,261
-1
-5,127
- 25,604
NET
- 3,296
6,685
27,642
2,315
130
-1
22,304
423
56,202
N O T E N o . 21
31/12/2004
31/12/2003
Salaries and other emoluments
FGX – salaries and other emoluments
PDT – staff costs re-invoiced
- 72,194
3,427
- 61,849
3,007
SUB-TOTAL
- 68,767
- 58,842
Pension contributions
Other welfare contributions
Employee profit sharing
Payroll taxes and levies
Employee share-owning incentive scheme
PROV – appropriation/reversal R&C – staff
- 9,565
- 28,664
- 2,428
- 9,703
- 174
152
- 8,581
- 24,104
- 3,285
- 7,977
- 119,149
- 102,284
Taxes, duty and other levies
Other general operating expenses
- 6,387
- 55,133
- 5,519
- 41,905
OTHER GENERAL OPERATING EXPENSES SUB-TOTAL
- 61,520
- 47,424
- 180,669
- 149,708
STAFF EXPENSES SUB-TOTAL
TOTAL GENERAL OPERATING EXPENSES
505
NOTE No. 22
2004
COST OF RISK
EXPENSES
ALLOCATED PROVISIONS
Interbank balances o/s
Misc. debtors and securities
INCOME
2003
NET
EXPENSES
INCOME
NET
-23,015
- 434
- 418
4,751
- 520
- 418
-18,264
- 954
-22,948
5,280
-17,668
-23,449
3,813
- 19,636
-22,947
5,276
-17,671
Provisions for contingencies and losses
Off-Balance-Sheet commitments
General provisions
-1,230
-1,966
1,396
3,823
570
166
1,857
570
-778
-2,518
33
7,985
120
-745
5,467
120
SUB-TOTAL
-3,196
5,789
2,593
-3,296
8,138
4,842
LOSSES NOT COVERED BY PROVISIONS
AMOUNTS RECOVERED ON DEBTS WRITTEN OFF
Interbank balances o/s
Sundry debtors and securities
- 12
-2,173
- 61
118
1,516
118
106
- 657
57
-704
451
-253
SUB-TOTAL
-2,246
-17,537
-494
-704
451
-253
-28,891
11,354
-17,537
-26,947
13,865
-13,082
SUB-TOTAL
TOTAL COST OF RISK
NOTE No. 23
(EUROS 000)
INCIDENCES (31ST DECEMBER 2004)
C O R P O R A T I O N T A X (euros 000)
INCLUDED IN PARENT-COMPANY ACCOUNTS
On earnings
On reserves
15,951
Total
15,951
DEFERRED TAX LIABILITY GENERATED BY ADJUSTMENTS:
-
Finance-leasing operations
Time differences
Deficit eligible for carry-forward
Exit tax
Goodwill on acquisition
Sectoral-risk provisions
Retirement gratuity
Issue costs
BTPK1 dividends payable to CCCC
Investment provisions
Foreign-exchange loss on BISE shares
Dedicated UCITS
Capital gain on disposal of Dôme-CFF shares
Capital gain on disposal of SOPROMEC shares
Miscellaneous adjustments
36
561
560
- 36
- 84
- 266
13
400
- 61
586
41
3,643
-1,730
- 983
- 220
-2,636
- 396
- 66
834
- 586
3,679
-1,169
- 983
560
- 256
-2,720
- 662
- 53
400
773
51
67
218
42
482
41
218
93
549
TOTAL DEFERRED TAX LIABILITY
1,868
- 1,398
470
TOTAL
17,819
- 1,398
16,421
Corporation tax included in the parent-company financial statements amounted to €15,951,000.
Excluding the extraordinary item, this charge would be €16,187,000.
80/81
STATUTORY AUDITORS' REPORT
ON THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR 2004
In fulfilment of the assignment entrusted
to us by your General Meeting, we have
audited the consolidated financial statements of Crédit Coopératif S.A. for the
financial year ended 31 December 2004,
as attached to this report.
The consolidated financial statements
were drawn up by the Board of Directors.
Board of Directors. It is our task, on the
basis of our audit, to express an opinion
on those financial statements.
I OPINION ON
T H E C O N S O L I DAT E D
We performed our audit in accordance
with accounting principles and standards
applicable in France; these principles and
standards require us to perform investigations so as to obtain reasonable assurance that the consolidated financial statements are free from material misstatement.
An audit includes examining, on a test basis,
the evidence substantiating the data contained in these financial statements. An
audit also includes assessing the accounting principles used and significant estimates made for drawing up the financial statements, as well as evaluating their
overall presentation. We believe that our
audit provides a reasonable basis for our
opinion, as expressed hereafter.
We hereby certify that the annual financial statements, in the light of French
accounting principles and standards, are
properly drawn up, accurate and give a
true and fair view of the net assets, financial position and net income of the businesses comprising the consolidated entity.
Without qualifying the foregoing opinion, we wish to draw your attention to Note
III, “General principles and methods of
valuation”, in the notes to the financial
statements, setting out the changes in
the accounting treatment of long-service
awards.
I I EVIDENCE SUBSTANTIATING
OUR ASSESSMENT
Pursuant to Article L.225-235 of the
[French] Commercial Code relating to the
evidence substantiating our assessments,
we should like to draw your attention to
the following points:
Changes in accounting treatment
●
In our assessment of the accounting
standards and principles followed by
your company, we satisfied ourselves
as to the legitimacy of the changes in
accounting method above-mentioned
and of the presentation made of them.
Accounting estimates
●
●
Your company sets aside provisions
to cover the credit risks inherent in its
activities as described in Note III,
“General principles and methods of
valuation”, in the notes to the
financial statements.
In our assessment of the significant
estimates made in drawing up the financial statements, we examined the scheme
of control and supervision for monitoring
credit risks, for evaluating risks of nonrecovery and for covering such risks
by special provisions and by liabilityside provisions intended to cover customer risks not specifically covered
otherwise.
Your company holds positions in
securities and in derivative financial
instruments. Note III, “General
principles and methods of valuation”,
sets out the accounting principles and
methods used for securities and
derivative financial instruments. We
examined the scheme for control and
supervision relating to the accounting
classification and the determination
of the parameters used to value those
positions. We ascertained the
appropriateness of the accounting
methods adopted by the company
and of the information supplied in the
notes to the financial statements, and
assured ourselves of their having been
correctly applied.
Our assessments as given in the foregoing are consistent with our approach in
auditing the consolidated financial statements as a whole, and therefore contributed to the forming of our unreserved
opinion as expressed in the first part of
this report.
III SPECIAL CHECK
We also checking the information given
in the Group management report. The
truth, fairness and consistency with the
consolidated financial statements of the
information given in that report call for
no comment on our part.
6 April 2005
KPMG Audit
Rémy Tabuteau
Partner
Pierre Faucon
Partner
Christian Alibay
Partner
PRESIDENT’S ANNUAL REPORT
The majority of the Crédit Coopératif
share capital is held by the different families making up the social economy: the
mutual societies, cooperatives and nonprofit-making associations, together with
a diversified class of customers featuring, among others, small and medium-sized
businesses.
The composition of the Board of Directors
takes account of these different sectors
of activity.
PROCEEDINGS OF THE BOARD
Preamble
The Board of Directors of the Crédit
Coopératif operates according to the corporate-governance principles defined in
the Articles of Association adopted on
30 January 2003 and amended on 30
June 2003, referring to the French New
Business Regulations Act No. 2001-420
of 15th May 2001 [Loi NRE]. The Crédit
Coopératif is a member bank of the Banque
Fédérale des Banques Populaires, its
central body.
I. Overview of the Board
of Directors:
The Board of Directors is currently composed of eighteen members appointed
for six-year terms, representing the movements of which the different classes of
customer are members, their members in
turn being members of the Crédit Coopératif.
In addition, four directors are elected by
the employees for three-year terms.
The chief qualities expected of a director
are business experience, personal commitment
to the proceedings of the Board, an understanding of the business and financial
world, the ability to work together while
respecting each other’s opinions, the
courage to speak up even when in a
minority, a sense of responsibility to members and other interested parties, and
integrity. Eleven external supervisors
(censeurs) have also been appointed for
a term not exceeding six years, to assist
the directors. Lastly, the Board of Directors
has appointed three Vice-Presidents, each
82/83
representing the three major sections of
non-profit-making bodies: the cooperatives, mutual societies and non-profitmaking associations.
1.1. Board meetings:
The Board meets at the registered office,
on notice issued by its President, as often
as required by the interests of the Crédit
Coopératif and not less than six times a
year. In 2004, the Board of Directors met
seven times:
●
on 23 March at 10:00 a.m. for 3 hrs.
30 min.,
●
on 5 Mary at 10:00 a.m. for 3 hrs.
30 min.,
●
on 18 June at 9:00 a.m. for 4 hrs.
40 min.,
●
on 16 September at 10:00 a.m. for
3 hrs. 30 min. and at a Board of
Directors seminar at 3:00 p.m.,
●
on 26 October at 10:00 a.m. for
3 hrs. 00,
●
on 3 December at 10:00 a.m. for
3 hrs. 00.
The Officers of the Board of Directors met
three times: on 11 February, 11 May and
10 November 2004. The proceedings of
the officers’ meetings focused on the
Company’s commitments and risks, changes
in the rating system and disputed loans.
The business discussed at these board
meetings were as follows:
●
agreements in existence,
●
the activity, the three-year forecasts
for 2004 to 2007 and the budget for
2004,
●
the commercial policy guidelines and
strategy,
●
A round-up on the activity sectors,
●
The admission of new members,
●
Preparation for the Ordinary General
Meetings of members,
●
The making-up of the company
financial statements,
●
Internal control,
●
Commitments and risks,
●
Declaration of low-rated financial
facilities,
●
Group restructuring operations – The
new organisation
●
The indicators,
●
Election of the Vice-Presidents,
●
Following up the guarantees provided
for ECOFI INVESTISSEMENTS,
●
The list of banks and financial institutions selected as counterparties,
●
Implementation of the memorandum
of agreement signed with the Groupe
Banque Populaire,
●
The creation of the Risks and Audit
committees,
●
The taking of a controlling interest in
BATINOREST,
●
The refinancing of SOCOREC,
●
International capital-adequacy regulations and the McDonough ratio,
●
The response to the inspection by the
Banque Fédérale,
●
The development of BISE and the
EBRD subordinated loan,
●
The capital increase of the Caisse solidaire du Nord-Pas-de-Calais,
●
The sale of SOPROMEC,
●
Corporate governance,
●
financial operations, issues, borrowings, sundry investments in subsidiaries,
●
Changes in the operation of the Board
of Directors and the changing of its
composition,
●
the legal operations arising from the
simplification of the corporate
structures,
●
Activity forecasts for the Groupe
Crédit Coopératif in 2005,
●
●
Group strategy and prospects,
The schedule of Board meetings for
2005.
The rate of attendance of members at the
meetings of the Board of Directors was very
high, with the quorum being reached at
each meeting.
1.2. Directors’ fees:
A fixed annual sum for directors’ fees is
distributed among the members of the
Board (directors and external supervisors) and takes account of actual attendance at the meetings of the Board.
1.3. Information provided for the Board:
All Board meetings are preceded by the
timely sending of all documents and
information required for their proceedings.
In addition to the information received,
each director may request any documents
he may consider necessary for the performance
of his mission.
2. Arrangements for preparing
the proceedings of the Board:
The President finalises the documents
prepared by the internal departments,
organises and directs the proceedings of
the Board. He ensures that the directors
are able to fulfil their mission, taking
particular pains to ensure that they have
the necessary information and documents
available. Lastly, he ensures that the representatives of the staff representation
bodies are duly notified of the meetings.
The Board has set up two new study committees with the role of supplying information on the topics for discussion by
the directors:
- the risks committee, whose role includes
regularly reviewing the scheme for controlling operating risks, market and
credit risks for each institution and on
a consolidated basis. This committee
has decision-making powers regarding
loan applications and counterparty limits. It also monitors observance of the
equity allocation policy.
- the audit committee ensures the accuracy, truthfulness and fair view reflected
by the company and consolidated financial statements of the Crédit Coopératif,
and the quality of the procedures used
in drawing them up. This committee
also satisfies itself that every type of
risk has been identified and is covered
by procedures.
He represents the Company in its dealings
with third parties. The Company is committed even by acts of the General Manager
that are outside the corporate objects,
unless the company can prove that the third
party was aware that the act in question
exceeded the corporate objects, or that it
could not be unaware of the fact in view
of the circumstances.
- the remuneration committee, already
in existence for several years, sets the
remuneration of the President and
General Manager, using an analysis of
the highest remunerations in the Groupe
Crédit Coopératif and of those set at
the Banque Fédérale. Furthermore, it
recruits executives for the General
Management Department.
Mr. Jean-Claude Detilleux is assisted by
four delegate general managers: Mr. Pierre
Lajugie de La Renaudie, Mr. François
Desportes, Mr. de Vaucresson and Mr. Cauvin,
whose powers are limited neither under
the Articles nor by resolution of the Board.
The Board of Directors has also appointed
three Vice-Presidents, each of whom represents one of the three major non-profitmaking sectors: the cooperatives, mutual
societies and non-profit-making associations.
INTERNAL CONTROL PROCEDURES
Introduction
3. General Manager’s powers:
The terms and procedures for exercising
General Management responsibilities are
set out in Article 22 of the Articles of
Association. Depending upon the method
of exercise adopted by the Board of
Directors, the President or the General
Manager under the latter’s responsibility performs the General Management
duties for the Company. Where the
Company’s General Management is performed by the President, the provisions
pertaining to the General Manager apply
mutatis mutandis to the President. At the
Crédit Coopératif, Mr. Jean-Claude Detilleux
is President of the Board of Directors and
General Manager of the Company.
The General Manager enjoys the widest
powers in acting in all circumstances on
behalf of the Company. He exercises his
powers within the limits of the corporate
objects, and subject to those powers
expressly reserved by law to the General
Meetings of Members and the Board of
Directors.
A charter, approved by the Audit Committee,
defines the Crédit Coopératif internal control system. It is based on the banking
regulations and the risk-control principles
of the Groupe Banque Populaire of which
it is a member. These principles are defined
by the Board of Directors of the Banque
Fédérale des Banques Populaires, the central body of the Groupe Banque Populaire
of which the President of the Crédit
Coopératif is a member, and are supplemented by benchmark documents specifying by family of risk – credit, financial
and operating – an appropriate and uniform level of control within the Groupe
Banque Populaire. The implementation
of new international prudential standards,
termed McDonough standards, coordinated throughout the Groupe Banque
Populaire, will enrich those group-specific benchmark documents.
The internal control system is regularly
reported-on to the Banque Fédérale des
Banques Populaires and the latter may
perform inspections of it.
drafting its own procedures, which
are made available to staff members
via the Groupe Crédit Coopératif
intranet.
1. General organisation
The internal control system at the Crédit
Coopératif was developed in accordance
with the CRBF regulations. The system
covers all the structures of the Groupe
Crédit Coopératif, its business units and
each step of its organisation. The President
defines its organisational structure. He
allocates responsibilities and resources
optimally so as to ensure, in keeping with
the guidelines laid down by the Board of
Directors, the coverage of risks, their
exhaustive evaluation and their management.
The internal control system is based on
a number of committees dedicated to
supervising specific risks, and on control/inspection rules developed by each unit,
under its own responsibility, with methodological support from the General Inspection
Department.
This architecture is designedly pragmatic,
adapting to each activity in order to instil
a risk-control culture at every level of
the organisation. Thus, it strives to leave
no area unsupervised. Two committees
are wholly dedicated to the risk aspects:
the internal control committee helps in managing the risk-control systems, and ensures
their coherence; the major-risks committee meets three times a year to discuss the situation concerning all the risks
of the Groupe Crédit Coopératif.
The internal actors involved
in risk control
Three means of control are implemented:
●
first level: self-inspection, performed
prior to operations or at the same time
as they are performed, by each staff
member for purposes of the actions
executed by that member in his function. This is the essential bedrock of
the internal control system.
It is enshrined in formally-enacted
procedures and exists in material
form. Each unit is responsible for
84/85
●
second level: continuous control
ascertains compliance with the rules
of the profession or those specific to
the Institution, and ensures the existence, permanence and relevance of
the controls. This level covers both
functional controls of areas such as
accounts, commitments and risks,
and the controls laid down under
regulations.
The procedures define the methods of
controls, their frequency and the channels for feeding back information to
line management and the General
Inspection Department.
third level: the periodical inspection is
conducted by the General Inspection
Department, acting through investigations and missions. It has access to
all information required for the due
exercise of its mission. For purposes
of that mission, no considerations of
professional secrecy or reserved area
can be upheld against it.
The Inspection Department works
according to rules laid down in its charter, and applies the IFACI professional
standards relating to Auditing.
●
The Inspection programme is submitted
to the General Management Department. A written report is produced,
reflecting the views of all parties, and is
forwarded to the General Management
Department and to the managers of the
units concerned. In these reports,
recommendations are formulated and
are followed up.
The Internal Control manager is responsible for ensuring the coherence and effectiveness of the risk-control system.
Answering directly to the President of
the Crédit Coopératif, that manager reports
to the President on the fulfilment of his
mission. He submits to the Audit Committee
the report on the situation of the risksurveillance system.
The role of the Board of Directors
The Board of Directors monitors and
ensures the control of the main risks
incurred by the Institution and satisfies
itself of the quality and reliability of the
internal control system, in accordance
with prudential regulations. The Board
regularly examines loan files in dispute,
files exhibiting particular risks and requiring provisioning. The Board also examines the report on the company’s internal control, which is sent to the French
Banking Commission and to the statutory auditors.
The Board appoints an Audit and Risks
Committee with the task of examining, in
accordance with banking regulations, on
both a company and a consolidated basis,
the main lessons to be learned from risk
surveillance, the internal control findings and the main conclusions of the
inspection missions. This Committee meets
twice a year: one of its meetings examines the financial statements, and the
other discusses internal control. It issues
an assessment of the quality and coherence of the risk measurement, surveillance and control systems. This Committee
is also responsible for proposing any additional actions that may be required. Its meetings are attended by the internal control
and accounts managers, the General
Management Department, the members
of the Board of Directors and the statutory auditors.
II. Risk monitoring and control: presentation
of the main internal control procedures
implemented
The activities of the Groupe Crédit
Coopératif expose it to four major categories of risk:
●
credit risks,
●
market activity risks,
●
global interest-rate, foreign-exchange
and liquidity risks, and
●
operating risks.
CREDIT RISKS
The reform of the solvency ratio – the
McDonough ratio – has caused the Crédit
Coopératif to start a major project in 2004
to meet the regulatory requirements, with
particular emphasis on credit risks.
Conducted in close touch with the dedicated teams of the Banque Fédérale des
Banques Populaires, it is part of a uniform
approach developed for the Groupe Banque
Populaire as a whole. This project, conducted by the commitments department,
draws on sizeable information-technology resources. From 2005 onwards, it
will lead to the operational deployment
of a new range of tools for evaluating
commitments and alarms management.
Analysis
Loan files are analysed on the basis of
formally enacted and defined procedures
and channels of referral. The relevant
studies are developed on the basis of analytical spreadsheets to which are entered
the accounting and financial information required to assess customer quality
and gathered by the sales/marketing teams
through interviews with their customers.
This approach is supplemented by external information (Banque de France,
Commercial Court Registries) and internal information (summaries on the customer relationship produced by the management system).
in the day-today management of commitments. As a result of the McDonough
implementation drive, the rating system
will undergo changes to incorporate the
rating generated by the tools developed
by the Banque Fédérale des Banques
Populaires.
Monitoring commitments
The Group Commitments Department
monitors risks individually and using
global approaches by recourse to a number of alarm systems, and by analysing
debt quality.
A weekly committee meeting is attended
by the Commitments and Disputed-loan
managers. It makes decisions on the riskiest loan files, laying down a plan of action.
A report is written for each decision.
A monthly roundup is made on the control of its commitments by each branch,
on the basis of alarm indicators and the
quality of its risk assessment. The proceedings are summarised by the award of
a rating to each branch. The Inspection
Department reviews all the branches twice
a year to assess their risk levels. The
roundup is made on the basis of indicators derived from the internal control systems and enables the Inspection Department
to target the branches in which to conduct its inspection assignments. When
these are performed, quality of risks and
compliance with procedures are assessed
on the spot.
Decisions and delegations of powers
Every loan application is formally recorded
using a standard file adapted to each customer segment. This makes for uniform,
efficient loan processing. Loan decisions
are based on a system of delegations of
powers taking account of the nature and
amount of the facilities applied-for.
Rating
A rating is assigned to the customer at each
new loan decision. This rating is used to
monitor loan portfolio quality and helps
Monitoring outstanding debt
Risk is analysed using a consolidated
approach to the commitments for a given
group. Tables summarising the situation
by sector of activity and by major customer segment are forwarded to General
Management every month, with an appraisal
of any changes in quality of risks. This
approach also takes account of the risk premiums, which are reported quarterly, broken down by customer sector and by
branch, and grouped by General Delegation.
Managing doubtful customers / customers
in dispute
A special procedure defines the rules for
downgrading loan files into the disputedclaim category. Each candidate file for
moving into the disputed-claim category
is examined beforehand by the Commitments
Department. This performs a first evaluation of risk, then the provisions are determined by the Disputes Department. These
provisions are reviewed quarterly at a
committee meeting attended by General
Management and the technical departments concerned by loan management.
MARKET TRANSACTIONS RISKS
The Financial Operations Department is
responsible for managing liquidity, placing financial products with customers,
own-account management, Group assetliability management and a debt-management consultancy mission to local
government among other customers.
LIQUIDITY AND OWN-ACCOUNT
MANAGEMENT
The risks taken by the Crédit Coopératif
in connection with its market-making
activities are limited. They include first,
the purchase of private bonds held in the
investment portfolio for less than two
years and secondly, the purchase of UCITS
shares or units and three dedicated mutualinvestment FCPs of which two carry a
capital and performance guarantee.
These operations are performed under
authorisations given in terms of counterpart limits, and limits as to duration and
amount.
The Crédit Coopératif also has a limited
activity in proprietary foreign-exchange
trading, while currency operations on
behalf of customers are for the most part
covered by market trading.
A financial committee is composed of
General Management, the managers for
asset management, middle office, liquidity management, ALM, accounts and
financial control, and the Financial Director.
This committee meets each week and sets
the major guidelines for managing proprietary operations.
A middle-office unit performs the necessary
checks and submits the portfolio valuation findings to the financial committee
meetings.
An internal risk-management tool has
been developed, using a VaR model, for
measuring the main market risks, particularly the risks inherent in the dedicated
FCP mutual investment funds subscribed
outside the Crédit Coopératif.
Transactions are processed under the
internal procedures controlling activity
and concerning the following:
1) market risks:
- foreign-exchange transactions
management,
- the primary and secondary bond
market,
- the monitoring and control of market
risks: interest-rate and liquidity
limits.
2) the operating risks inherent in
dealing-floor activities:
- checking the entry of transactions by
branches in debt instruments issued
by the Crédit Coopératif,
- the management of trading tickets
from the front office to the back office,
- the sending of confirmation for transactions effected directly by traders
with customers having direct access
to the dealing floor,
- first-level controls by traders and by
the activity manager for the day’s
transactions entered in the front-office
software.
Counterparty risk monitoring is also covered by procedures describing the newcounterparty application process and the
monitoring of compliance with limits.
The financial committee decides on the
application submitted to it, and a middle-
86/87
office unit responsible for monitoring
transactions ensures compliance with the
limits laid down. A report on the list of
authorisations is made both to the Crédit
Coopératif decision-making body and to
the Banque Fédérale des Banques Populaires.
its structural position, does not exceed
the threshold 2% of equity capital at
which a special capital-adequacy declaration must be made relating to the foreign-exchange risk, as required by CRB
regulation 95-02.
Liquidity risk
ASSET-LIABILITY MANAGEMENT
Interest-rate risk
The Crédit Coopératif faces the interestrate and liquidity risks in connection with
its ordinary activity of collecting resources
and distributing loans to customers.
Two methods are used to measure interest-rate risk. The first is based on fixedrate shortfalls in which all the employments and sources in the balance sheet
and off-balance-sheet statement are scheduled either according to their contractual provisions (loans, e.g.), or according
to a schedule based on statistical analyses that measure the actual behaviour of
our different customer segments (sight
deposits and savings accounts). In order
to reduce the interest-rate risk, a long-term
investment portfolio is built up.
The second method is the one used by
the Banque Fédérale des Banques Populaires
and consists of setting limits on changes
in the earning power and interest-rate
margin according to a number of interest-rate behaviour scenarios: 2% rise in
short or long rates, 2% fall in short or
long rates, overall rise or fall in rates and
distortion of the interest-rates curve.
An ALM committee, composed of General
Management, the treasurer, the ALM, the
accounts and financial control manager,
and the Financial Director, meets on average once a month, and determines the
financing policies and the coverage of
risks.
Foreign-exchange risk
At end 2004 the foreign-exchange position of the Crédit Coopératif, excluding
As regards liquidity risk, the Crédit
Coopératif is structurally a lender on the
interbank market and collects resources
for purposes of its activity and requirements, particularly in the form of redeemable
subordinated loans.
The liquidity risk is measured using a crisis scenario, developed by the Banque
Fédérale des Banques Populaires, in which
the amounts of CDs, short-term loan notes
and term deposits fall by 25% over one
year, then rise in accordance with the
commercial assumptions adopted. Limits
are set within which the resources must
cover at least 80% de employments for
the next six months and for the year N+4.
OPERATING RISKS
Operating risks are defined as the risks
of direct or indirect loss arising from the
unsuitability or failure of procedures, persons or systems to respond to internal or
external events.
Control of operating risks
Control of operating risks relies above
all on an internal-control system applied
to all activities, and on the principle of the
responsibility of the operating line managements for their own risks. A risk-mapping methodology has been defined that
is consistent with the Groupe Banque
Populaire benchmark document. This has
enabled the risks and their impacts to be
identified.
As regards the aspects relating to the
curbing of money laundering, a dedicated unit permanently monitors operations, and is fully in line with the legal
and regulatory framework.
Risks inherent in ethical issues are monitored by the Group compliance officer.
The latter relies on a set of rules disseminated among all exposed staff members,
and performs regular surveillance of operations likely to be sensitive.
Resources are dedicated to the management of information-technology risk. A
charter lays down rules for the proper
use of the tools made available for staff
members to use. Audits conducted across
all the structures of the Groupe Crédit
Coopératif assist in reducing operating
risks.
As regards the Continuity of Activity
Plan, the work begun in the third quarter of 2004 under the aegis of the Banque
Fédérale is based on common reference
documents for surveying activities and
essential information systems, and on a
drafting guide, and is designed to provide a uniform methodology for the Group
institutions. Drawing on internal best
practices, it will enable those institutions,
in the course of 2005 and basing themselves on the existing facilities, to have
Continuity of Activity Plans that are
updated and compliant with the Regulator’s
expectations. Tests of two major-crisis
scenarios (unavailability of the information systems and inaccessibility of premises) will be conducted in the first half
of 2005.
on an organised framework termed the “rules
of the game”, that incorporates predefined accounting schedules, and uses a general system of accounts the operation of
which obeys rules set and administered
by the Accounts Department (chart of
accounts, accounting schedules, authorisations,
etc.). Accounting and financial information is based on the chronological recording of operations, the keeping of documentary evidence, and the drafting of
accounting procedures; formal enactment of the latter point is in progress.
The end-to-end responsibility for the
accounting process lies with the Accounts
Department, which defines the accounting checks to be performed by each of
the management units.
In keeping with the principles outlined
above, for purposes of the general organisation of the internal control system, the
internal-control actors involved in providing accounting and financial information break down into the following
three levels of control:
●
decentralised self-inspection performed by staff in the operating departments, as regards the conditions for
performance of banking operations,
●
permanent accounting control performed by the operating departments
and by the Accounts Department.
Thus, vouchered reports evidencing
general-accounts balances are output
monthly by the departments and at
the branches, and then centralised for
checking and analysis by the
Accounts Department. The latter also
performs reconciliations between the
inventories and the accounting
balances. Any anomalies observed are
fed back to the line management
directly concerned, and to the
Inspection Department,
III. Organisation of the internal
control procedures relating
to accounting and financial
information
The accounting function is decentralised
in the sense that accounting information
is generated from the processing of the various operations by authorised units using
dedicated applications, or by direct accounting entry.
Under a general, centralised processing system, the information technology system
produces standardised, referenced elementary accounts posting entries, based
●
lastly, periodical checks, which are in
the remit of:
he Crédit Coopératif Inspection
Department, performing targeted
missions at branches and in the
central services,
the Statutory Auditors as part of
their annually scheduled missions
for auditing the financial statements
at 30 June and 31 December,
and externally, the Inspection
Departments of the BFBP and the
Commission Bancaire [French banking commission].
Main accounting-control procedures
Progress in accounting controls is recorded
as it happens using a monitoring table,
analysed at regular intervals by the
Accounts Department line management,
and summarised half-yearly for the information of the Inspection Department and
the Senior Accounts Management. Within
this framework, various alarms are issued
as regards suspense accounts (amount,
direction, duration, type, etc.), the balances of anomalous accounts and the
difficulties experienced by the counterparty units.
The statutory reports are produced at regular intervals using a dedicated system associating with the accounting data a variety of attributes generated by the various
applications. Documents are cross-checked
to ensure consistency in the information
produced. These reports are drawn up for
the company itself and at the level of the
Crédit Coopératif and Banques Populaires
“networks”.
The Accounts Department performs a
monthly calculation of net banking income
and a quarterly determination of the result
after corporation tax. These items are
checked against the budget data. The
financial-statements finalising schedule
is disseminated to the units concerned,
stating the information required and the
time-limits to be adhered-to.
Some off-balance-sheet commitments
that are not included in the internal information technology systems are dealtwith manually.
Apart from the actions of the Statutory
Auditors, the quality of the accounting
processes is inspected by the Crédit
Coopératif Inspection Department, the
Inspection Department of the Banque
Fédérale des Banques Populaires and the
Commission Bancaire official services;
these officials perform their checks on
the basis of statutory reports sent to them
at regular intervals, or perform inspections
on the spot.
EXTERNAL CONTROL PROCEDURES
The Statutory Auditors have a permanent, independent mission of verifying
the Company’s accounting amounts and
documents, of checking the compliance
of the accounts with the current rules,
and of checking consistency with the
annual financial statements and the truth
of and fair view given by the information
set out in the management report by the
Board of Directors.
88/89
FINANCIAL YEAR 2004
STATUTORY AUDITORS' REPORT
drawn up pursuant to Article L. 225-235, last paragraph, of the Commercial Code,
and covering the report by the President of the Board of Directors of Crédit Coopératif S.A.,
on the internal control procedures which relate to the origination and processing
of the accounting and financial information.
To the Shareholders
In our capacity as the statutory auditors
of Crédit Coopératif S.A., and pursuant to
Article L. 225-235, last paragraph, of the
Commercial Code, we submit to you our
own report on the report drawn up by
your company’s President in accordance
with Article L. 225-37 of the Commercial
Code in respect of the financial year ended
31 December 2004.
It is the President’s task, in his report, to
give an account, among others, of the
manner in which the proceedings of the
Board were prepared and organised, and
of the internal-control procedures instituted in the Company.
It is our duty to communicate to you any
remarks we have to make on the information given in the President’s report on
the internal control procedures which
relate to the origination and processing
of the accounting and financial information.
We conducted our examination in accordance with professional rules and practices applicable in France. Those rules
and practices require us to perform inve-
tigations to assess the truth and fairness
of the information given in the President’s
report on the internal control procedures
which relate to the origination and processing of the accounting and financial
information. These investigations focused
among others on the following:
●
●
acquainting ourselves with the objectives and general organisation of the
internal-control function, and with the
internal-control governing the generation and processing of accounting
and financial information, as set out
in the President’s report;
6 April 2005
KPMG Audit
Rémy Tabuteau
Partner
acquainting ourselves with the work
and activities underlying the information so set out in that report.
On the basis of this work and these activities, we have no remark to formulate regarding the information given on the internal control procedures which relate to
the origination and processing of the
accounting and financial information, as
set out in the report by the President of
the Board of Directors drawn up in accordance with Article L. 225-37, last paragraph, of the Commercial Code.
Pierre Faucon
Partner
Christian Alibay
Partner
CRÉDIT COOPÉRATIF
DRAFT RESOLUTIONS
FIRST RESOLUTION
The General Meeting, having heard read
out the management report of the Board
of Directors and the Statutory Auditors'
general report, approves as presented the
parent-company financial statements for
the year ended on 31 December 2004.
That meeting approves unreservedly all
the operations carried out during the 2004
financial year, and gives discharge to the
directors for their management of the
affairs of the parent company for that
financial year.
rate of interest on the special preference
shares, termed “B” shares, entitled to a
50% tax rebate as stated in Article 93 of
the French Finance Act for 2004, for the
sole benefit of individuals, sole traders, and
intuitu personae partnerships [sociétés
de personnes]. This interest shall be paid
on 29 June 2005. Holders of such shares
shall have the option of receiving the
interest payment in B shares or in cash.
Any such holder wishing to be paid in B
shares must return the reply coupon before
20 June 2005.
FIFTH RESOLUTION
SECOND RESOLUTION
out the management report of the Board
of Directors and the Statutory Auditors'
report, approves as presented the consolidated financial statements for the year
ended on 31 December 2004.
THIRD RESOLUTION
In accordance with Article 9 of the Articles
of Association and on a proposal of the
Board of Directors, the General Meeting
sets at 3% for the financial year 2004 the
rate of interest on the non-voting preferred-interest shares, termed “C” shares,
entitled to a 50% tax rebate as stated in
Article 93 of the French Finance Act for
2004, for the benefit of individuals only.
This interest shall be paid on 27 June
2005. Holders of such shares shall have
the option of receiving payment of the interest in C shares or in cash. Any such holder
wishing to be paid in C shares must return
the reply coupon before 20 June 2005.
The share of distributed income entitled
to the 50% rebate is 100%.
Noting that the result for the financial
year 2004 was net income of 21,350,740.98
euros, and that the balance sheet shows
a positive balance on retained earnings
of 1,679,553.96 euros the General Meetings
resolves that, in accordance with Article
42 of the Articles of Association, the total
distributable profit of 23,030,294.94 euros
be appropriated as follows:
to the legal reserve, 15% of the net
income (21,350,740.98 €)
. . . . . . . . . . . . . . . . . . 3,202,611.15 €
● to the reserve prescribed by the articles
. . . . . . . . . . . . . . . . . 10,000,000.00 €
● to the special investment reserve
. . . . . . . . . . . . . . . . . . . 239,766.00 €
● to remunerate the B shares at the rate
. . . . . . . . . . . . . . . . . . 2,953,060.98 €
● to remunerate the C shares at the rate
. . . . . . . . . . . . . . . . . . 1,803,263.11 €
● l to pay a cooperative rebate of
. . . . . . . . . . . . . . . . . . 450,000.00 €
to members, to be distributed in proportion to the value of transactions
made by each member with the company,
●
●
FOURTH RESOLUTION
In accordance with Article 9 of the Articles
of Association and on a proposal of the
Board of Directors, the General Meeting
sets at 3% for the financial year 2004 the
90/91
to be carried forward as retained earnings..............................4,381,593.70 €.
The General Meeting is reminded that no
interest was paid to members holding
ordinary shares, termed “A” shares, in
respect of the three previous financial
years. A cooperative rebate was paid in
respect of the financial years 2001, 2002
and 2003. Interest was paid to the holders of C shares in respect of financial
years 2001, 2002 and 2003 and to the
holders of C shares in respect of financial
years 2001, 2002 and 2003.
SIXTH RESOLUTION
The General Meeting duly notes that the
long-term capital-gain reserve shown in
the balance sheet at 31 December 2004
amounting to 22,894,774.49 € has been
transferred to the ordinary reserve account
on which the exceptional levy of 2.5%,
instituted by Article 39-IV of the French
Amending Finance Act for 2004, will be
charged for an amount of 572,369.36 €.
SEVENTH RESOLUTION
out the Statutory Auditors' special report
on agreements falling within Articles
L. 22538 and following of the Commercial
Code, approves the operations set out
therein.
EIGHTH RESOLUTION
The General Meeting duly notes that the
share capital, which had amounted to
190,368,845.75 € at 31 December 2003
reached 232,779,629.50 € at 31 December
2004, having increased by 42,410,783.75 €.
NINTH RESOLUTION
The General Meeting resolves, in accordance with Article 14 of the Articles of
Association, to ratify the Board’s appointment as director of Mr. Jean-Louis Bancel,
to replace CCMCM, which resigned, for the
remainder of the latter’s term of office, i.e.
until the close of the Ordinary General
Meeting convened to vote upon the financial statements for the company’s 2008
financial year.
CRÉDIT COOPÉRATIF
TENTH RESOLUTION
FOURTEENTH RESOLUTION
Association, to ratify the appointment as
external supervisor [censeur] Société
Financière de la N.E.F. for a term of six
years to expire at the close of the Ordinary
General Meeting convened to vote upon
the financial statements for the company’s 2010 financial year.
Association, to renew the appointment
as external supervisor [censeur] of the
Fédération Française des Coopératives et
Groupements d’Artisans (F.F.C.G.A.) for
a term of six years to expire at the close
of the Ordinary General Meeting convened to vote upon the financial statements
of the company’s 2010 financial year.
ELEVENTH RESOLUTION
FIFTEENTH RESOLUTION
external supervisor [censeur] the Confédération
de Coopération de la Mutualité et du
Crédit Maritimes (C.C.M.C.M.) for a term
of six years to expire at the close of the
Ordinary General Meeting convened to vote
upon the financial statements for the
company’s 2010 financial year.
TWELFTH RESOLUTION
external supervisor [censeur] Monsieur
Claude Henri Audouit, as representative
of the holders of non-voting preferred-interest shares, termed “C” shares, for a term
of six years to expire at the close of the
Ordinary General Meeting convened to vote
upon the financial statements for the
company’s 2010 financial year.
THIRTEENTH RESOLUTION
Mutuelle des Agents des Impôts (M.A.I.)
for a term of six years to expire at the close
Union Nationale des Associations de Soins
et Services à Domicile (U.N.A.S.S.A.D.)
for a term of six years to expire at the close
SIXTEENTH RESOLUTION
Association, to set the sum of 200,000 €
as the overall annual amount of fees paid
to directors and external supervisors
[censeurs]. This resolution, applicable to
the current financial year, shall be maintained until resolved otherwise.
SEVENTEENTH RESOLUTION
The General Meeting confers the fullest
powers upon the bearer of a copy or
extract of the minutes of this meeting
for the fulfilment of all formalities of filing and declaration prescribed by law.
92
Crédit Coopératif
Banque Populaire social-banking cooperative in the form
of a public limited company with variable capital
Entry B 349 974 931 in the Nanterre, France,
trade and corporate register - APE 651D (activity code)
Registered office :
Parc de la Défense - 33, rue des Trois-Fontanot
B.P. 211 - 92002 Nanterre Cedex, France
Tel.: +33 (0)1 47 24 85 00 - www.credit-cooperatif.coop
Réf. ARF 2005 - Avril 2005 - IOP - Printed on bleach-free paper.
as its name implies

the groupe crédit coopératif

Transcription

Documents pareils

14.08.04 .2014 First-half results

4228 Holland Dr Des Moines, IA 50310 | Home for Sale | Real

canada - CHAIRE de RECHERCHE en FISCALITÉ et en FINANCES

Jài enduré vos discours et jài lòreille en feu

Entities of the Group - Groupe Crédit du Nord

press release - Banque Fédérative du Crédit Mutuel

What can you expect from the NEOMA Business School MBA ?

victor place as early advocate of fractional reserve central banking in