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2011 REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT 1 PRESENTATION OF THE BNP PARIBAS GROUP 3 5.7 Counterparty risk 261 5.8 Market risk 264 1.1 Group presentation 4 5.9 Liquidity and refi nancing risk 277 1.2 Key fi gures 4 5.10 Operational risk 280 1.3 History 5 1.4 Presentation of activities and business lines 6 5.11 Compliance and reputation risk 285 1.5 BNP Paribas and its shareholders 15 5.12 Insurance risks 286 Appendix: capital requirements of significant subsidiaries 288 2 CORPORATE GOVERNANCE 27 2.1 Board of Directors 28 2.2 Report of the Chairman of the Board of Directors 6 INFORMATION ON THE PARENT on the manner of preparation and organisation COMPANY FINANCIAL STATEMENTS 295 of the work of the Board and on the internal control procedures implemented by the Company 42 6.1 BNP Paribas SA fi nancial statements 296 2.3 Statutory Auditors’ report, prepared in accordance Notes to the parent company financial statements 298 with article L.225-235 of the French Commercial 6.2 Appropriation of income and dividend distribution Code on the report prepared by the Chairman for the year ended 31 December 2011 326 of the Board of Directors of BNP Paribas 68 6.3 BNP Paribas SA fi ve-year fi nancial summary 327 2.4 Executive Committee 70 6.4 Subsidiaries and associated companies of BNP Paribas SA at 31 December 2011 328 2011 REVIEW OF OPERATIONS 71 6.5 Details of equity interests acquired 3 by BNP Paribas SA in 2011 whose value exceeds 3.1 BNP Paribas consolidated results 72 5% of the share capital of a French company 331 3.2 Core business results 73 6.6 Statutory Auditors’ report 332 3.3 Selected exposures based on Financial Stability Board recommendations 83 3.4 Balance sheet 88 7 SOCIAL, COMMUNITY AND ENVIRONMENTAL ACTION 335 3.5 Profi t and loss account 91 3.6 Recent events 96 7.1 Human resources development 336 3.7 Outlook 97 7.2 NRE appendix – social chapter 357 7.3 NRE appendix – community involvement chapter 362 7.4 NRE Appendix - environmental chapter 367 4 CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL 8 GENERAL INFORMATION 373 FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION 99 8.1 Documents on display 374 8.2 Material contracts 374 4.1 Profi t and loss account for the year ended 31 December 2011 102 8.3 Dependence on external parties 374 4.2 Statement of net income and changes in assets 8.4 Signifi cant changes 375 and liabilities recognised directly in equity 103 8.5 Investments 375 4.3 Balance sheet at 31 December 2011 104 8.6 Founding documents and Articles of association 376 4.4 Cash fl ow statement for the year ended 8.7 Recovery and Resolution Plan 380 31 December 2011 105 8.8 Statutory Auditors’ special report on regulated 4.5 Statement of changes in shareholders’ equity agreements and commitments 381 between 1 January 2010 and 31 December 2011 106 4.6 Notes to the fi nancial statements prepared in accordance with International Financial Reporting Standards as adopted by the European Union 108 9 STATUTORY AUDITORS 383 4.7 Statutory Auditors’ report on the consolidated 9.1 Statutory Auditors 384 fi nancial statements 206 10 PERSON RESPONSIBLE 5 PILLAR 3 209 FOR THE REGISTRATION DOCUMENT 385 5.1 Scope of application 211 10.1 Person responsible for the Registration document 5.2 Risk management 213 and the annual fi nancial report 386 5.3 Sovereign risks 221 10.2 Statement by the person responsible for the Registration document 386 5.4 Capital management and capital adequacy 223 5.5 Credit risk 229 5.6 Securitisation in the banking book 251 11 TABLE OF CONCORDANCE 387 2011 Registration document and annual fi nancial report Only the French version of the Registration document has been submitted to the AMF. It is therefore the only version that is binding in law. The original document was filed with the AMF (French Securities Regulator) on 9 March 2012, in accordance with article 212-13 of the AMF’s General Regulations. It may be used in support of a financial transaction only if supplemented by a Transaction Note that has received approval from the AMF. This document includes all elements of the annual financial report specified by Section I of article L.451-1-2 of the Code Monétaire et Financier and article 222-3 of the AMF’s General Regulations. A table allowing cross-referencing between the documents specified in article 222-3 of the AMF’s General Regulations and the corresponding sections of this document is provided on page 387. The English language version of this report is a free translation from the original, which was prepared in French. All possible care has been taken to ensure that the translation is an accurate presentation of the original. However, in all matters of interpretation, views or opinion expressed in the original language version of the document in French take precedence over the translation. 2011 Registration document and annual fi nancial report - BNP PARIBAS 1 2 2011 Registration document and annual fi nancial report - BNP PARIBAS PRESENTATION 1 OF THE BNP PARIBAS GROUP 1.1 Group presentation 4 1.2 Key fi gures 4 Results 4 Market capitalisation 4 Long term credit ratings 5 1.3 History 5 1.4 Presentation of activities and business lines 6 Retail Banking 6 Investment Solutions 9 Corporate and Investment Banking 12 BNP Paribas “Principal Investments” 14 Klépierre 15 1.5 BNP Paribas and its shareholders 15 Share capital 15 Changes in share ownership 16 Listing information 17 Key shareholder data 19 Creating value for shareholders 20 Communication with shareholders 21 Shareholder Liaison Committee 22 Dividend 23 Dividend evolution (euro per share) 23 BNP Paribas registered shares 24 Annual General Meeting 24 Disclosure thresholds 26 2011 Registration document and annual fi nancial report - BNP PARIBAS 3 PRESENTATION OF THE BNP PARIBAS GROUP 1 Group presentation 1.1 Group presentation 1 BNP Paribas, Europe’s leading provider of banking and fi nancial services, ■ BeLux Retail Banking, has four domestic retail banking markets in Europe, namely in Belgium, ■ Europe-Mediterranean, France, Italy and Luxembourg. ■ BancWest, It is present in 79 countries and has almost 200,000 employees, including ■ Personal Finance, over 155,000 in Europe. BNP Paribas holds key positions in its three ■ activities: Equipment Solutions; ■ Investment Solutions; ■ Retail Banking, which includes the following operating entities: ■ Corporate and Investment Banking (CIB). ■ French Retail Banking (FRB), BNP Paribas SA is the parent company of the BNP Paribas Group. ■ BNL banca commerciale (BNL bc), Italian retail banking, 1.2 Key fi gures RESULTS 2007 2008 2009 2010 2011 Revenues (in millions of euros) 31,037 27,376 40,191 43,880 42,384 Gross operating income (in millions of euros) 12,273 8,976 16,851 17,363 16,268 Net income Group share (in millions of euros) 7,822 3,021 5,832 7,843 6,050 Earnings per share (in euros)(*) 8.25 2.99 5.20 6.33 4.82 Return on equity(**) 19.6% 6.6% 10.8% 12.3% 8.8% (*) Restated to account for the capital increase with maintained preferential subscription rights carried out in 2009. (**) Return on equity is calculated by dividing net income Group share (adjusted for interest on undated super-subordinated notes deemed equivalent to preferred shares issued by BNP Paribas SA and treated as a dividend for accounting purposes) by average equity attributable to equity holders at 1 January and 31 December of the period concerned (after distribution and excluding undated super-subordinated notes deemed equivalent to preferred shares issued by BNP Paribas SA). MARKET CAPITALISATION 31/12/2006 31/12/2007 31/12/2008 31/12/2009 31/12/2010 31/12/2011 Market capitalisation (in billions of euros) 76.9 67.2 27.6 66.2 57.1 36.7 Source: Bloomberg. 4 2011 Registration document and annual fi nancial report - BNP PARIBAS PRESENTATION OF THE BNP PARIBAS GROUP History 1 LONG TERM CREDIT RATINGS 1 Standard and Poor’s: AA-, negative outlook – outlook revised on 23 January 2012 Moody’s: Aa3, on watch with a view to a possible downgrade – 15 February 2012 Fitch: A+, stable outlook – rating revised on 15 December 2011 1.3 History 1966: Creation of BNP 1998: Creation of Paribas The merger of BNCI and CNEP to form BNP represented the largest On 12 May 1998, the merger between Compagnie Financière de Paribas, restructuring operation in the French banking sector since the end of Banque Paribas and Compagnie Bancaire was approved. the Second World War. 1999: A momentous year for the Group 1968: Creation of Compagnie Financière de Paris Following an unprecedented double tender offer and a stock market battle et des Pays-Bas waged over six months, BNP was in position to carry out a merger of 1982: Nationalisation of BNP and Compagnie equals with Paribas. For both groups, this was the most important event Financière de Paris et des Pays-Bas at the time since their privatisation. It gave rise to a new Group with tremendous of the nationalisation of all French banks prospects. At a time of economic globalisation, the merger created a In the 1980s, deregulation of the banking sector and the growing tendency leading player in the European banking sector. of borrowers to raise funds directly on the fi nancial market transformed 2000: Creation of BNP Paribas the banking business in France and worldwide. BNP and Paribas merged on 23 May 2000.
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