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Annual Report 2011

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Annual Report 2011 Annual report Cariparma Crédit Agricole Group I 2011 Annual Report and Consolidated Financial Statements 1 Annual Report 2011 2011 Report and Consolidated Financial Statements of the Cariparma Crédit Agricole Group 2011 Report and Financial Statements of Cariparma 2 Cariparma Crédit Agricole Group I 2011 Annual Report and Consolidated Financial Statements Summary Letter from the Chairperson 5 Corporate Bodies and Independent Auditors 7 Profile of the Cariparma Crédit Agricole Group 8 The Crédit Agricole Group 10 The Crédit Agricole Group in Italy 12 Consolidated Report and Financial Statements 15 Report and Financial Statements of Cariparma 223 Annexes 377 Cariparma Crédit Agricole Group I 2011 Annual Report and Consolidated Financial Statements 3 4 Cariparma Crédit Agricole Group I 2011 Annual Report and Consolidated Financial Statements LETTER FROM THE CHAIRPERSON Letter from the Chairperson In 2011 the world economy was marked by uncertainty and instability. In the second half some European Countries had serious solvency issues and the banking sector was significantly affected by liquidity and capital requirements, as well as by the reform of the regulation set by Basel 3 and EBA (European banking Authority). Despite the seriousness of this crisis, the Cariparma Crédit Agricole Group continued to grant credit to its customers, substantiating the Group's commitment to pursue sustainable growth in line with its objectives of economic efficiency, risk control and capital soundness. Thanks to the expansion of its traditional banking business, the Group has achieved significant results, consolidated proximity to the areas of operations by providing support to households and businesses, as well as by cooperating with local authorities. In 2011, loans to households increased by 30% against the run of the Italian market where demand for loans decreased by 20%. 2011 was an important year also for the Group's internal structure. Cassa di Risparmio della Spezia and 96 branches transferred from Banca Intesa Sanpaolo became part of our Group, which was set up in 2007 by Crédit Agricole and Fondazione Cariparma: now we are the 7th banking Group in Italy for number of branches, with close to one thousand points of sale, over 8,000 employees and a total of 1.7 million customers. This highly-structured integration project was successfully completed thanks to the IT migration onto Cariparma's single platform, to the training provided to resources and to the commercial and product integration of the Group. To meet the requirements of the expansion project and to comply with the new Basel capital requirements, the Group also implemented significant measures to enhance its capital adequacy, in order to ensure business growth in a perspective of responsible development. We presented the “Opera” Strategic Plan, setting forth our growth targets and guidelines up to 2014 designed to enhance our vocation as proximity bank, fully in line with the Strategic Plan of the Parent Company Crédit Agricole and based on full sharing of values and objectives with the other Banks of the Group. The Plan is based on the values characterizing our Group, the centrality of our relations with customers and operating excellence as a structural element of the Group. Standing by the commitments made, in 2011 important investments were made to improve services to customers through the project for a new branch platform, a new, more flexible and responsive organization model for our distribution network, as well as the supply of new, even more competitive products. With regard to organization and focus on human resources, the design was finalized for the extension of the present Group Management Centre, located in Parma and intended to become the new management centre including all Management offices of the Parent Company, able to ensure greater cohesion between structures, enhancing unity and mutual cooperation. Moreover, the first company child care facility of the Bank was completed and is already operating, substantiating the Group's focus on the quality of life and work of its employees. Our stakeholders' confidence, which we have gained in the 150 years of our history, represents the best base to face, united and closely connected, the important challenges of 2012. The Chairperson ARIBERTO FASSATI Cariparma Crédit Agricole Group I 2011 Annual Report and Consolidated Financial Statements 5 6 Cariparma Crédit Agricole Group I 2011 Annual Report and Consolidated Financial Statements CORPORATE BODIES AND INDIPENDENT AUDITORS Corporate Bodies and Independent Auditors Board of Directors Board of Auditors CHAIRPERSON CHAIRPERSON Ariberto Fassati* Marco Ziliotti DEPUTY CHAIRPERSONS StaNDING AUDITORS Giudo Corradi Paolo Alinovi Fabrizio Pezzani* Angelo Gilardi CHIEF EXECUTIVE OFFICER Giovanni Ossola Giampiero Maioli* Umberto Tosi DIRECTORS AltERNatE AUDITORS Anna Maria Artoni Alberto Cacciani Giovanni Borri Giancarlo Ducceschi Bruno De Laâge* Senior Management Pierre Derajinski CO-GENERAL MANAGER Joel Fradin1 Philippe Voisin Marco Granelli DEPUTY GENERAL MANAGER Claude Henry2 Massimo Basso Ricci Stefano Lottici SENIOR MANAGER IN CHARGE OF THE PREparatiON Michel Mathieu OF THE CORPOratE ACCOUNTING statEMENTS Germano Montanari Pierre Débourdeaux Marc Oppenheim* Philippe Pellegrin Independent Auditors Marco Rosi Reconta Ernst & Young S.p.A. Jean-Louis Roveyaz * Members of the Executive Committee 1 In office until 1 February 2012, replaced by Nicolas Langevin effective from 1 February 2012. 2 Left office on 15 February 2012. Cariparma Crédit Agricole Group I 2011 Annual Report and Consolidated Financial Statements 7 PROFILE OF THE cariPARMA CRÉDIT AGRICOLE GROUP Profile of the Cariparma Crédit Agricole Group As at 31 December 2011, the Cariparma Crédit Agricole Group, led by the Parent Company, Cariparma, had an extensive branch network: n 902 branches, divided as follows: n 30 Enterprise Centres: n 618 Cariparma n 17 Cariparma n 208 FriulAdria n 8 FriulAdria n 76 Carispezia n 5 Carispezia n 24 Private Banking Centres: n 7 Corporate Areas: n 17 Cariparma n 5 Cariparma n 6 FriulAdria n 1 FriulAdria n 1 Carispezia n 1 Carispezia The Group ranks seventh in Italy by number of branches, following the acquisition in 2011 of Cassa di Risparmio della Spezia S.p.A., a Territorial Bank, a bank with strong bonds with the community, with a Network of 83 Points of Sale located in the Liguria, Tuscany and Emilia Romagna Regions, as well as of 96 Branches from Intesa SanPaolo. The entry of the 96 Retail Branches into the Group has allowed its operations to be significantly enhanced in Italy's largest cities, such as Rome (+26 Branches, for a total of 42 PoS), Milan (+19 Branches, for a total of 40 PoS), Florence (+8 Branches, for a total of 15 PoS) and Padua (+3 Branches, for a total of 7 PoS); it has also allowed operations to start in Umbria, through the acquisition of 4 PoS located in the municipalities of Perugia, Foligno, Città di Castello and Spoleto. In 2011, the Group opened 6 new branches, 2 in Central Italy and 4 in the North. The Cariparma Crédit Agricole Group holds a 2.7% market share at a national level (in terms of percentage of branches), with shares of 26.3% in Parma, 25.2% in Piacenza, 19.0% in Pordenone and of 39.9% in La Spezia). BRANCH DISTRIBUTION AS AT 31 DECEMBER 2011 7% South 65 branches 13% Centre 112 branches 80% North 725 branches 8 Cariparma Crédit Agricole Group I 2011 Annual Report and Consolidated Financial Statements PROFILE OF THE cariPARMA CRÉDIT AGRICOLE GROUP »B RANCH MARKET SHARE BY REGION Total Branches: 902 12,2% 2,7% 2,6% 2,4% 5,6% 7,7% 2,3% 0,9% 1,7% 4,0% Market shares: 0-2% 2-5% 5-10% > 10% » MARKET SHARES BY BRANCHES IN THE MAIN PROVINCES OF OPERATIONS 39,9% 26,3% 25,2% 19,0% La Spezia Parma Piacenza Pordenone Cariparma Crédit Agricole Group I 2011 Annual Report and Consolidated Financial Statements 9 CRÉDIT AGRICOLE GROUP Profile The Crédit Agricole Group is market leader in full-service retail banking in France and one of the largest banks in Europe. Serving the real economy, the Crédit Agricole Group is a leading partner supporting its Customers with their projects in all areas of retail banking and associated specialized business lines. With its new pay off “Le bons sens a de l’avenir”, the Crédit Agricole Group reasserts its values and commitment. It focuses its operations on the satisfaction and interests of its 54 million Customers, 1.2 million Shareholders, 6.5 million Cooperative Shareholders and of its 160,000 employees. On the strength of its cooperative and mutualistic foundations, the Crédit Agricole Group implements policies focused on corporate social responsibilities and respect for the environment which translate into continuous improvement for its Customers, Employees and the environment, as substantiated by the main indexes. www.credit-agricole.com 54 Mio 35,1 Bln � 812 Mio � Customers worldwide Net income- Group share Net profit - Group share 160 000 70,7 Bln � 10,2 % Employees Shareholders’ equity- Group share Core Tier 1 Ratio excluding floor effects 10 Cariparma Crédit Agricole Group I 2011 Annual Report and Consolidated Financial Statements CRÉDIT AGRICOLE GROUP The Group's organization 6.5 million Cooperative hold the most of the Shareholders share capital of the 39 56,2 % form the basis of Crédit Regional Banks. of Crédit Agricole’s share capital Agricole’s cooperative held by the 39 Regional Banks organizational structure. The Regional Banks are via the Holding Company SAS Rue La Boetié cooperative regional They own the capital of banks providing their the 2.531 Regional Customers with a % Banks In the form of 43,5 comprehensive range of of Crédit Agricole’s share capital shares products and services. held by the market and appoint their • Institutional Investors: 27.9% • Individual Shareholders: 10.8% representatives each The discussion body for • Employees Via employee year: 32.227 directors the Regional Bank is the mutual funds: 4.8% who convey their Fédération National du expectations to Group.
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