CREDIT AGRICOLE SA : Valuation of SAS la Boétie shares in the consolidated
financial statements of the Crédit Agricole Regional Banks
Montrouge, 25 January 2013
Valuation of SAS Rue la Boétie shares in the consolidated financial statements
of the Crédit Agricole Regional Banks
Crédit Agricole S.A. announces that the Crédit Agricole Regional Banks have
just changed the method they use to value their shares in SAS Rue La Boétie
(SAS RLB) - the majority shareholder in Crédit Agricole S.A. - when preparing
their consolidated financial statements under IFRS.
Based on a multi-criteria method, this valuation results in an overall
impairment charge of 651 million euros in relation to these shares in the
consolidated financial statements of the Regional Banks in the fourth quarter
of 2012. On average, this charge represents less than 4% of the historical
cost price of the SAS RLB shares on the Regional Banks' balance sheets.
The Regional Banks' contribution to Crédit Agricole S.A.'s consolidated income
in the fourth quarter of 2012 will be adversely affected for an amount of
around 160 million euros, equal to 25% of the total charge.
Crédit Agricole Group's consolidated results and solvency ratios will not be
affected by this impairment charge. Since the Local Banks, the Regional Banks,
SAS RLB and Crédit Agricole S.A. together form Crédit Agricole Group's
reporting entity, the capital links between these structures are neutralised.
This methodological change does not affect the Regional Banks' individual
financial accounts, which are established under French GAAP. It therefore has
no impact on their distributable income nor on the valuation of cooperative
associate certificates (CCAs) issued by some Regional Banks to their mutual
Furthermore, it has no impact on the Regional Banks' solvency ratios.
The Regional Banks' aggregate consolidated income was 4,111 million euros in
2011, and 2,444 million euros in the first nine months of 2012.
SAS La Boétie
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Source: CREDIT AGRICOLE SA via Thomson Reuters ONE
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