February 17, 2013Results for the full year 2012
DisclaimerThis presentation may contain forward-looking statements and comments relating to the objectives and strategy of...
Key messages                                                          Plan for the Banque Populaire banks and the Caisses ...
Key messages                                                             Stability in core business line revenues at €20.9...
Sommaire1.   Projected simplification of the structure of     Groupe BPCE2.   Groupe BPCE results3. Capital adequacy and l...
1.        Projected buy-back operation in view of subsequent cancellation, for a              total of €12.1bn1, by the Ba...
1. Objective and impacts of the projected operation                                                                       ...
1. Indicative timetable of the projected operation  This projected operation, which is subject to the approval of the resp...
Sommaire1.   Projected simplification of the structure of     Groupe BPCE2.   Groupe BPCE results3. Capital adequacy and l...
2. Groupe BPCE results            Non operational items               in millions of euros                                ...
2. Groupe BPCE 2012 results – excl. non operational items             Solid results in a sluggish environment             ...
2. Groupe BPCE quarterly results             Excluding non operational items                                              ...
2. Groupe BPCE 2012 results     Synergies ahead of the targetRevenue synergies between Natixis and the BanquePopulaire and...
2. Groupe BPCE results       Rising trend in the core business lines’ cost of risk reflecting the       deterioration of t...
2. Groupe BPCE results             GAPC : pursuit of the asset-disposal program                                           ...
Sommaire1.   Projected simplification of the structure of     Groupe BPCE2.   Groupe BPCE results3. Capital adequacy and l...
3. Capital adequacy and liquidity             Capital adequacy enhanced by 160bp since Dec. 31, 2011:             Basel 2....
3. Capital adequacy and liquidity               Achieved target of Common Equity Tier 1 ratio under Basel 3, without trans...
3. Capital adequacy and liquidity               Reduction of the Group’s wholesale funding requirements: target           ...
3. Capital adequacy and liquidity               Liquidity reserves and ST refinancing at December 31, 2012                ...
3. Capital adequacy and liquidity       MLT funding: 50% of the 2013 program completed at January 31, 2013              (i...
Sommaire1.   Projected simplification of the structure of     Groupe BPCE2.   Groupe BPCE results3. Capital adequacy and l...
4. Results of the core business lines   Commercial Banking and Insurance                                                  ...
4. Results of the core business lines           Commercial Banking and InsuranceUnless specified to the contrary, all chan...
4. Initiatives and synergies for the benefit of our customers   to promote the development of the local banking model     ...
4. Banque Populaire banks resultsUnless specified to the contrary, all changes are vs. Q4-11                              ...
4. Caisses d’Epargne resultsUnless specified to the contrary, all changes are vs. Q4-11                                   ...
4. Results of the core business lines              Real estate Financing1: dynamic commercial activity in a depressed     ...
4. Results of the core business lines   Core business lines of Natixis: Wholesale Banking, Investment   Solutions, Special...
4. Results of the core business lines            Wholesale Banking: very strong performance in 2012 Fixed Income activitie...
4. Results of the core business lines            Investment Solutions: continuing dynamic growth in asset            manag...
4. Results of the core business lines           SFS: good performance in 2012 and Q4-12Unless specified to the contrary, a...
4. Equity Interests1                                                                                                      ...
4. Equity Interests                                                                            Coface core activities1    ...
Sommaire1.   Projected simplification of the structure of     Groupe BPCE2.   Groupe BPCE results3. Capital adequacy and l...
5.        Groupe BPCE, a socially responsible banking institution          A distinctive identity      A bank             ...
5.                   Groupe BPCE, a socially responsible banking institution                         2012 highlights      ...
Sommaire1.   Projected simplification of the structure of     Groupe BPCE2.   Groupe BPCE results3. Capital adequacy and l...
6. Conclusion            Capital and liquidity targets achieved one year ahead of schedule: capital adequacy ratio        ...
February 17, 2013Results for the full year 2012Annexes
Annexes  Groupe BPCE                                                        Wholesale Banking, Investment Solutions   >   ...
Annex - Groupe BPCEAnnual income statement per business line                                                         Whole...
Annex - Groupe BPCEQuarterly income statement per business line                                                          W...
Annex - Groupe BPCEQuarterly income statement                                                                             ...
Annex - Groupe BPCEConsolidated balance sheet                    Assets in €m                         12/31/12       12/31...
Annex - Groupe BPCEGoodwill                                                  Dec. 31,          Acquisitions               ...
Annex – Financial structureStatement of changes in shareholders’ equity                                                   ...
Annex – Financial structure Reconciliation of shareholders’ equity to Tier-1 capitalin billions of euros    1 Deeply subor...
Annex – Financial structure    Prudential ratios1 and credit ratings                                                      ...
Results bpce q4_12
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Results bpce q4_12

  1. 1. February 17, 2013Results for the full year 2012
  2. 2. DisclaimerThis presentation may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By theirvery nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linkedto future events, transactions, products and services as well as on suppositions regarding future performance and synergies.No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based onassumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; futureacquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation.Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expectedresults. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in noevent have any obligation to publish modifications or updates of such objectives.Information in this presentation relating to parties other than Groupe BPCE or taken from external sources has not been subject toindependent verification; the Group makes no statement or commitment with respect to this third-party information and makes no warrantyas to the accuracy, fairness or completeness of the information or opinions contained in this presentation. Neither Groupe BPCE nor itsrepresentatives shall be held liable for any errors or omissions or for any harm resulting from the use of this presentation, the content of thispresentation, or any document or information referred to in this presentation.The financial information presented in this document relating to the fiscal period ended December 31, 2012 has been drawn up in compliancewith IFRS guidelines, as adopted in the European Union.The consolidated financial statements of Groupe BPCE for the fiscal period ended December 31, 2012 approved by the Management Board at ameeting convened on February 13, 2013, were verified and reviewed by the Supervisory Board at a meeting convened on February 17, 2013.This presentation includes financial data related to publicly-listed companies which, in accordance with Article L. 451-1-2 of the FrenchMonetary and Financial Code (Code Monétaire et Financier), publish information on a quarterly basis about their total revenues per businessline. Accordingly, the quarterly financial data regarding these companies is derived from an estimate carried out by Groupe BPCE. Thepublication of Groupe BPCE’s key financial figures based on these estimates should not be construed to engage the liability of theabovementioned companies.The audit procedures relating to the consolidated financial statements for the year ended December 31, 2012 have been substantiallycompleted. The reports of the statutory auditors regarding the certification of these consolidated financial statements will be publishedfollowing the verification of the Management Report and the finalization of the procedures required for the registration of the referencedocument.Notes on methodologyCapital is now allocated to Groupe BPCE’s core business lines on the basis of 9% of average risk-weighted assets against 7% in 2011.Furthermore, the consumption of capital related to the securitization operations involving a deduction from regulatory Tier 1 and Tier 2capital is now attributed to the core business lines. Related figures are published on a pro-forma basis to account for this new allocation.The Eurosic and Foncia equity interests, sold in June and July 2011, have been reclassified under "Other Businesses".Groupe BPCE sold part of its equity interest in Volksbank International AG (previously attributed to the Commercial Banking and InsuranceDivision) on February 15, 2012. On December 31, 2011, the financial items corresponding to the businesses in the process of divestmentwere reclassified under "Other Businesses" and non-divested businesses were attributed to the Equity Interests division.The effects of operations related to the active management of the Crédit Foncier balance sheet (disposal of securities and debt buybacks)have been carried under “Other Businesses” as of Q2-12.The segment information of Groupe BPCE has been restated accordingly for previous reporting periods. February 17, 2013 Results for the full year 2012 2
  3. 3. Key messages Plan for the Banque Populaire banks and the Caisses d’Epargne to buy back, in view of subsequent cancellation, for a total of €12.1bn1, the cooperative investment certificates (CCIs) held by Natixis Threefold objective: simplification of the Group’s structure, clearer appreciation of Natixis’ performance, and optimization of the allocation of equity within the Group Project aimed at simplifying the An operation that creates value for Natixis’ shareholders: exceptional payment of Group’s structure dividends2 for a total of €2bn (€0.65 per share), improvement of the cost/income ratio3, enhanced ROTE3 (from 8.1% before the operation to 8.5% after the operation) No impact on Groupe BPCE results and marginal impact on its capital adequacy (estimated 15 basis points decline in the Common Equity Tier 1 ratio under Basel 34 on a pro forma basis at December 31, 2012) Core Tier 1 ratio of 10.7%5 under Basel 2.5 at December 31, 2012, +160 basis points in 1 year Enhancement of Common Equity Tier 1 ratio under Basel 3 of 9%4,5 at Dec. 31, 2012, ahead of the the Group’s target financial structure Goal to reduce liquidity requirements by €35bn achieved 1 year in advance; liquidity in 2012 reserves of €144bn at December 31, 2012, equal to an increase of €34bn in 1 year MLT funding plan 50%6 complete at January 31, 201311.05 x the aggregate equity of the BP and CE 2 Proposal submitted to the Extraordinary General Shareholders’ Meeting 3 Excluding non-operating items – 2012 pro forma vs. real 20124 Without transitional measures and after restatement for deferred tax assets and subject to the finalization of regulatory provisions 5 Estimate 6 Including amounts raised end of 2012 in excess ofthe 2012 program February 17, 2013 Results for the full year 2012 3
  4. 4. Key messages Stability in core business line revenues at €20.9bn (-1.0% vs. 2011) Solid 2012 results Net income attributable to equity holders of the parent (excluding revaluation in a tight business of the Group’s own debt) of €2.34bn (-5.9% vs. 20111) environment Net income attributable to equity holders of the parent of €2.15bn Banque Populaire and Caisse d’Epargne retail networks o Strong growth in the number of active customers, leading to substantial growth in on-balance sheet savings deposits and continued support given to the French economy Continued Crédit Foncier adaptation of the o Active balance sheet management with the disposal of international assets for a business models total of €4.9bn since Nov. 30, 2011; 7% cost reduction vs. 2011; launch of the developed by the project to pool IT resources with the Caisses d’Epargne platform core business lines Natixis o Adoption of the “Originate to distribute” model by the Wholesale Banking arm and implementation of the Operating Efficiency Program, the goal of reducing capital and liquidity consumption achieved one year earlier than planned1 Pro forma to account for the disposal of Eurosic and Foncia in June and July 2011 February 17, 2013 Results for the full year 2012 4
  5. 5. Sommaire1. Projected simplification of the structure of Groupe BPCE2. Groupe BPCE results3. Capital adequacy and liquidity4. Results of the core business lines5. Groupe BPCE, a socially responsible banking institution6. Conclusion February 17, 2013 Results for the full year 2012 5
  6. 6. 1. Projected buy-back operation in view of subsequent cancellation, for a total of €12.1bn1, by the Banque Populaire banks and Caisses d’Epargne of Cooperative Investment Certificates (CCIs) held by Natixis Structure of the Group before the operation Structure of the Group after the operation Cooperative Cooperative shareholders shareholders 80% 80% 100% 100% 50% 50% 50% 50% 72% 72% CCIs CCIs 20% 20% 28% 28% Free float Free float Ownership loop of the Banque Populaire banks Banque Populaire banks and Caisses dEpargne and Caisses dEpargne by Natixis wholly-owned by their cooperative shareholders1 1.05 x the aggregate equity of the BP and CE February 17, 2013 Results for the full year 2012 6
  7. 7. 1. Objective and impacts of the projected operation Threefold objective Simplification of the Clearer appreciation of Optimization of the Group’s structure Natixis’ activities and allocation of equity within results the Group The projected operation has been made possible by the far-reaching transformation of Natixis’ business model o Activities refocused on customer franchises and the creation of the Wholesale Banking arm o Substantially reduced risk profile o Revived profitability o Strong position within Groupe BPCE Natixis, a fully integrated subsidiary in Groupe BPCE, is the BPCE’s publicly listed vehicle responsible for the Group’s core business lines in pursuit of its long-term strategy No impact on the results as it consists of an internal operation Impacts on Marginal impact on the Common Equity Tier 1 ratio under Basel 31 pro forma at Dec. 31, 2012 Groupe Estimated decline of 15 basis points, corresponding to the distribution of dividends to BPCE the minority shareholders of Natixis1 Estimate without transitional measures after restatement to account for deferred tax assets and subject to the finalization of regulatory provisions February 17, 2013 Results for the full year 2012 7
  8. 8. 1. Indicative timetable of the projected operation This projected operation, which is subject to the approval of the respective Boards of the individual Banque Populaire banks, Caisses d’Epargne and Natixis and consultations with the employee representatives, could be closed in Q3-13 February 17, 2013 o Approval of the operation in principle by the Natixis Board of Directors and the BPCE Supervisory Board June 2013 o Opinion of the employees’ representatives about the operation o Report from Ricol Lasteyrie consulting firm on the accounting and prudential impacts of the projected operation for the BP banks and CE o Meeting of the employee representative bodies of the BP banks, the CE, Natixis and BPCE o Signature of a final memorandum of understanding between the BP banks, the CE, Natixis and BPCE Mid-July 2013 o Special meeting of holders of CCIs who vote on the buy-back operation o Extraordinary General Meetings of the BP/CE, BPCE and Natixis on the terms and conditions of the CCI buy-back operation and the capital reduction Late July/early August 2013 o Meeting of the BP/CE Boards, the Board of Directors of Natixis and the BPCE Management Board marking the official launch of the CCIs buy-back and exceptional dividend payment of Natixis February 17, 2013 Results for the full year 2012 8
  9. 9. Sommaire1. Projected simplification of the structure of Groupe BPCE2. Groupe BPCE results3. Capital adequacy and liquidity4. Results of the core business lines5. Groupe BPCE, a socially responsible banking institution6. Conclusion February 17, 2013 Results for the full year 2012 9
  10. 10. 2. Groupe BPCE results Non operational items in millions of euros 2012 2011 Q4-12 Q4-11 • Revaluation of own debt1 -407 +295 -150 +186 • Prolonged decline in value of the interest in Banca Carige -190 - - - • Restitution of the fine with respect to the « Cheque image +91 - - - exchange » • MBIA commutation -52 - - - Net banking income -558 +295 -150 +186 Impact of non operational items • Greek government bonds impairment -24 -921 - -70 Cost of risk -24 -921 - -70 Impact of non operational items • Sale of equity interests - - -187 - -187 • Goodwill impairment and value adjustments -280 -89 -276 -60 Income before tax -862 - -902 -426 - -131 Impact of non operational items Net income attributable to equity holders of the parent -607 -723 -346 -187 Impact of non operational items1 Concerns Natixis and Crédit Foncier February 17, 2013 Results for the full year 2012 10
  11. 11. 2. Groupe BPCE 2012 results – excl. non operational items Solid results in a sluggish environment Core 2012/ business 2012/ in millions of euros 2012 20111 lines2 2011 2012 Net banking income 22,504 -1.2% 20,867 -1.0% Operating expenses -15,935 +2.1% -14,061 +2.9% Excl. new fiscal measures -15,760 +1.0% -13,913 +1.8% Gross operating income 6,569 -8.3% 6,806 -8.1% Cost/income ratio 70.8% +2.3pts 67.4% +2.5pts Cost of risk -2,176 +17.7% -1,788 +22.5% Income before tax 4,605 -16.6% 5,236 -14.7% Net income attributable to equity 2,754 -18.3% 3,075 -18.2% holders of the parent ROE 9% -2.0pts Stability in the core business lines’ revenues in a depressed environment The rise in the cost of risk reflects the deterioration in the economic environment and the impact of a specific case of funding of a financial leasing activity in partnership with a specialized company (+13.3% excl. the impact of this specific case) Net income attributable to equity holders of the parent excluding revaluation of own debt: €2,344m, -5.9% vs. 201111 Pro forma to account for the disposal of Eurosic and Foncia in June and July 2011 2 Commercial Banking and Insurance, Wholesale Banking, Investment Solutions and Specialized Financial Services February 17, 2013 Results for the full year 2012 11
  12. 12. 2. Groupe BPCE quarterly results Excluding non operational items Core Q4-12 / business Q4-12 / in millions of euros Q4-12 Q4-11 lines1 Q4-11 Q4-12 Net banking income 5,662 +0.2% 5,326 - Operating expenses -4,157 +2.0% -3,678 +4.0% Gross operating income 1,505 -4.5% 1,648 -7.8% Cost/income ratio 73,4 % +1.3pt 69,1% +2,6% Cost of risk -644 +5.3% -469 +15.2% Income before tax 915 -12.4% 1,239 -13.2% Net income attributable to equity 521 -12.4% 728 -15.5% holders of the parent ROE 8% -1.0pt1 Commercial Banking and Insurance, Wholesale Banking, Investment Solutions and Specialized Financial Services February 17, 2013 Results for the full year 2012 12
  13. 13. 2. Groupe BPCE 2012 results Synergies ahead of the targetRevenue synergies between Natixis and the BanquePopulaire and Caisse d’Epargne networks Cost synergies End of December 2012 €616m 2013 objective €810m Cost synergies worth a total of €930m at December 31, 2012 for the Group as a Linearized objective : whole, ahead of the target fixed for the end €608m of 2013 (€1bn excluding the Operating Efficiency Program adopted by Natixis) Three major contributions (as a % of additional net banking income generated) Rationalization of third-party expenses, optimization of group purchasing and pooling of IT-related costs Good performance achieved by businesses related to financing, running significantly ahead of the linearized objective > Strong growth enjoyed by consumer finance buoyed up, in particular, by the launch of the personal loan offering in the Banque Populaire banks > Sustained growth of leasing activities in the Caisses d’Epargne Adverse environment for financial savings February 17, 2013 Results for the full year 2012 13
  14. 14. 2. Groupe BPCE results Rising trend in the core business lines’ cost of risk reflecting the deterioration of the economic environment Cost of risk in bp Commercial Banking and Insurance1 Wholesale banking, Investment Solutions, and SFS Core business lines1 Groupe BPCE2 Q4-11 Q1-12 Q2-12 Q3-12 Q4-121 Cost of risk expressed in annualized basis points on gross customer loan outstandings at the beginning of the period (excluding depreciation on a specific item in Q4-11, Q1-12 and Q2-12)2 Excluding Greek government bonds impairment February 17, 2013 Results for the full year 2012 14
  15. 15. 2. Groupe BPCE results GAPC : pursuit of the asset-disposal program Risk-weighted assets1 (in €bn) Pursuit of the asset-disposal program: €3.6bn disposed of in 2012 €1.7bn decline in risk-weighted assets over Q4-12 58% decline in risk-weighted assets since June 2009 Contribution of GAPC to the net income attributable to equity holders of the parent (in €m) No significant impact of GAPC on the Group’s net income1 Risk-weighted asset calculated under Basel 2.5 since Dec. 31, 2011 February 17, 2013 Results for the full year 2012 15
  16. 16. Sommaire1. Projected simplification of the structure of Groupe BPCE2. Groupe BPCE results3. Capital adequacy and liquidity4. Results of the core business lines5. Groupe BPCE, a socially responsible banking institution6. Conclusion February 17, 2013 Results for the full year 2012 16
  17. 17. 3. Capital adequacy and liquidity Capital adequacy enhanced by 160bp since Dec. 31, 2011: Basel 2.5 Core Tier-1 of 10.7%1 Change in capital (in €bn) and ratios21 Estimate at December 31, 2012 2 Excluding the floor effect which applied until Dec. 31, 2011 3 Dec. 31, 2010 – Capital and ratios pro forma of the full reimbursement of the French state February 17, 2013 Results for the full year 2012 17
  18. 18. 3. Capital adequacy and liquidity Achieved target of Common Equity Tier 1 ratio under Basel 3, without transitional measures1, > 9% in 2013 ≈ -170 bp > 9,0 % 9.5% -15 bp -10 bp - 10.7% 9.0% 9.0% 1 1 11 Estimate after restatement for deferred tax assets and subject to the finalization of regulatory provisions February 17, 2013 Results for the full year 2012 18
  19. 19. 3. Capital adequacy and liquidity Reduction of the Group’s wholesale funding requirements: target achieved a year in advance Rest of the Group, including Commercial Natixis (Wholesale Banking and GAPC) Banking and Insurance > €71bn reduction in liquidity requirements between > Continued increase in on-balance sheet deposits early 2009 and the end of December 2012 through the BP and CE retail networks: loan-to- deposit ratio of 114%1 at December 31, 2012 > Asset disposals in 2012: €2.1bn at Wholesale Banking and €3.6bn at GAPC > Asset disposals in 2012: €3.6bn at Crédit Foncier > Reduction of €21.7bn vs. June 30, 2011 > Reduction of €12.9bn vs. June 30, 2011 Progress report for the Group as a whole Overall target of reducing €11.0bn liquidity requirements between €25bn and €35bn between €22.9bn June 30, 2011 and Dec. 31, 2013 Midpoint objective: €30bn1 Estimate February 17, 2013 Results for the full year 2012 19
  20. 20. 3. Capital adequacy and liquidity Liquidity reserves and ST refinancing at December 31, 2012 Liquidity reserves (in €bn) ST1 refinancing outstandings (in €bn) Liquidity reserves/short-term refinancing outstandings (as a %) 94% 140%1 Estimate February 17, 2013 Results for the full year 2012 20
  21. 21. 3. Capital adequacy and liquidity MLT funding: 50% of the 2013 program completed at January 31, 2013 (incl. amounts raised in excess of the 2012 program) Medium/long-term funding plan completed at January 31, 2013 2013 MLT funding plan for a total of €21bn, down from €24.5bn in 2012 €10.6bn1 raised from the 2 funding pools > Unsecured bond issues: €6.8bn > Covered bond issues: €3.8bn Average maturity at issue: 5.8 years at January 31, 2013 Change in spreads (in bp) At an average mid-swap rate of +60 bp 300 BPCE : issuing spreads f or 5 years unsecured bonds (in bp) BPCE’s MLT funding pool > 59% of the €14bn program completed 250 > €8.3bn1 raised with an average maturity of 4.0 years 200 150 CFF’s MLT funding pool > 33% of the €7bn program completed 100 > €2.3bn1 raised with an average maturity of 12.1 years 50 01 Including €5.4bn raised in excess of the 2012 plan and allocated to the 2013 plan (€4.0bn from the BPCE funding pool and €1.5bn from the CFF funding pool) February 17, 2013 Results for the full year 2012 21
  22. 22. Sommaire1. Projected simplification of the structure of Groupe BPCE2. Groupe BPCE results3. Capital adequacy and liquidity4. Results of the core business lines5. Groupe BPCE, a socially responsible banking institution6. Conclusion February 17, 2013 Results for the full year 2012 22
  23. 23. 4. Results of the core business lines Commercial Banking and Insurance 2012/ Q4-12/ in millions of euros 2012 2011 Q4-12 Q4-11 % change % change Net banking income 14,779 -2.6% 3,754 -3.4% Excluding changes in provisions for home purchase savings schemes 14,846 -1.8% 3,794 -2.0% BP 6,032 -4.7% 1,502 -6.0% BP - excluding changes in provisions for 6,049 -3.6% 1,522 -2.5% home purchase savings schemes CE 6,756 -0.7% 1,743 -0.5% CE - excluding changes in provisions for 6,806 +0.2% 1,762 -0.3% home purchase savings schemes Real estate Financing 808 -12.3% 208 -4.6% Insurance, International and Other networks 1 183 +5.2% 301 -5.9% Operating expenses -10,063 +2.3% -2,626 +1.9% Excl. new fiscal measures -9,933 +1.0% Gross operating income 4,716 -11.8% 1,128 -14.0% Cost/income ratio 68.1% +3.3pts 70.0% +3.7pts Cost of risk1 -1,447 +13.3% -364 +2.2% Income before tax 3 472 -18.1% 821 -17.6% Net income attributable to equity 2,233 -20.8% 536 -18.4% holders of the parent ROE 8% -2pts 7% -2pts 1Cost of risk excluding the impact of a specific case of funding of a financial leasing activity in partnership with a specialized company: +6.6% 2012 vs.2011 February 17, 2013 Results for the full year 2012 23
  24. 24. 4. Results of the core business lines Commercial Banking and InsuranceUnless specified to the contrary, all changes are vs. Q4-11 A solid growth in commercial activity Contribution to income before tax in 2012 > Growth in on-balance sheet savings deposits (+7.2%1), buoyed up by passbook savings accounts (+10.0%) and term accounts (+12.5%) > New significant rise in loan outstandings (+6.0%) despite a sluggish economic climate that is depressing demand and new loan production Net banking income: €14.8bn, -1.8%2 vs. 2011 > Limited decline in revenues in an adverse business environment: continued decline in interest rates, regulations governing commissions (reduction in commissions on centralized savings deposits, loss on foreign exchange commissions) > Net interest margin of the BP and CE retail networks (+3.1%2), Cost of risk (in bp4) > Commissions earned by the BP and CE retail networks (-4.9%) Limited growth in operating expenses: +1,0%3 vs. 2011 Cost of risk: €1.4bn, + 13.3% vs. 2011 > Level of collective provisions raised in response to a deterioration in the economic climate > Higher level of risk on corporate customers (marked increase in company failures in 2012)1Excluding centralized savings products 2 Excluding changes in provisions for home purchase savings schemes 3 Excluding impact of new fiscal measures 4 Cost of risk expressed in annualized bp ongross customer loan outstandings at the beginning of the period (excluding provisions booked in relation to a specific case in Q4-11, Q1-12 and Q2-12) February 17, 2013 Results for the full year 2012 24
  25. 25. 4. Initiatives and synergies for the benefit of our customers to promote the development of the local banking model Pursuit of the multi-channel distribution program, in favor of closer customer relations o To respond to our customers’ new consumption patterns triggered by new technological developments:Renewed local Online branches rolled out by all Group entities,presence in line High public visibility of the websites of both retail banking networks:with behavioral and 54 million monthly visits to the Caisse d’Epargne websitetechnological 25 million monthly visits to the Banque Populaire accountchanges management site 2.7 million mobile applications downloaded in 2012 for both retail networks Launch of the “Digital Enterprise” program throughout the Group o Starting in 2013, customers visiting their branches will be able to subscribe for a savings contracts using a digital tablet, thereby avoiding the use of printed paper documents Enhanced synergies with Natixis o Distribution of consumer finance solutions: building on Natixis’ know-how developed in the Caisses d’Epargne, general rollout of the consumer finance distribution tool (VCC) in the Banque Populaire banks (new loan production in 2012 up 4% in a depressed market down 4%)Concrete initiatives o Factoring: 4.4% growth in factored sales, reaching a total of €15.1bnfor the benefit ofour customers Ambition Banker Insurer o Continued consolidation of the distribution of provident and non-life insurance products within the Group’s entities, with significant growth in 2012 results: Net sales of non-life insurance contracts: +50%; Provident insurance contracts: +81% Portfolio of 4.5 millions contracts February 17, 2013 Results for the full year 2012 25
  26. 26. 4. Banque Populaire banks resultsUnless specified to the contrary, all changes are vs. Q4-11 Savings deposits: growth in 1 year (as a %) Customer base: continued success in placing products and services with individual customers > Individual customers: +3.3% for active customers using banking services; +4.9% for active customers using banking services and insurance products > Professional and corporate customers: +1.6% Savings: growth in on-balance sheet savings (+6.0%1) > Passbook savings accounts held by individual customers (deposits +17.3%) > Development of term accounts among professional and corporate customers (deposits +22.7%), in arbitrage with mutual funds Loan outstandings (in €bn) > Stability in life insurance funds Loan outstandings: +3.3% > Home loans: outstandings stood up well +4.0%; 25% decline in new loan production vs. 2011 but less than the market overall (-26.4%2) > Consumer finance: outstandings oriented upwards (+0.4%); new loan production +5% vs. 2011 thanks to the development of synergies with Natixis > Corporate customers: slower growth enjoyed by equipment loans (+1.4%) but rapid expansion in short-term credit facilities (+16.6%), reflecting a more uncertain economic environment1 Excluding centralized savings products 2 Source: Observatoire Crédit Logement February 17, 2013 Results for the full year 2012 26
  27. 27. 4. Caisses d’Epargne resultsUnless specified to the contrary, all changes are vs. Q4-11 Savings deposits: change over the past year Customer base: continued dynamic (as a %) development > +313,000 active individual customers in 2012, including +247,000 principal active customers using banking services > Annual growth rate of 7% in the base of active professional customers and of 9% for corporate customers Savings: growth in on-balance sheet savings (+8.1%1) > Dynamic performance in all on-balance sheet savings segments: passbook account savings (+8.1%), demand deposits (+6.1%) and term accounts (+4.8%) Loan outstandings (in €bn) > Life insurance stood up well (life funds +1.3%) despite the adverse market conditions Loan outstandings: +8.4% > Real estate loans (+8.1%) with a limited decline in new loan production (-17% vs. 2011) compared with the market (-26.4%2) > Consumer finance: buoyant growth in outstandings (+3.5%) while new production remained stable in a sluggish environment > Equipment loans: outstandings +11.1%, driven by the growing customer base1 Excluding centralized savings products 2 Source: Observatoire Crédit Logement February 17, 2013 Results for the full year 2012 27
  28. 28. 4. Results of the core business lines Real estate Financing1: dynamic commercial activity in a depressed marketUnless specified to the contrary, all changes are vs. Q4-11 Loan outstandings2 (in €bn) Implementation of the 2012-2016 strategic plan of Crédit Foncier > Continued drive to reduce assets & liabilities: international portfolio disposals Sale of international securities: €3.6bn in 2012, or €4.9bn since the plan was first launched Debt buybacks: €1.3bn in 2012, or €2.3bn since the plan was first launched Net impact on net banking income in 2012: -€41m (listed under “Other businesses”) > Cost-cutting plan • Agreement on the forward-looking management of retirement: final rate of adherence of 88% • Launch of the plan to pool the IT resources of CFF and the Caisses d’Epargne • 7% reduction in costs vs. 2011 New loan production2 (in €bn) > Change in the business model: launch of the first syndication operations in the Corporates sector and the securitization of individual customer receivables (€1bn securitized in 2012) Activity > Individual customers: moderate decline in new loan production (-15%) in a depressed market, buoyed up by a stronger presence in lending to first-time buyers and loans to facilitate home-ownership for low-income families (Crédit Foncier market share > 40%3) > France Corporates: strong resilience of lending to the social housing sector1 Principal entity contributing to the core business line: Crédit Foncier 2 2011 loan outstandings and new loan production, excl. International Corporates 3 Source : SGFGAS, January 2013 February 17, 2013 Results for the full year 2012 28
  29. 29. 4. Results of the core business lines Core business lines of Natixis: Wholesale Banking, Investment Solutions, Specialized Financial Services 2012/ Q4-12/ in millions of euros 2012 2011 Q4-12 Q4-11 % change % change Net banking income 6,088 +3.3% 1,572 +9.4% Wholesale Banking 2,829 -0.7% 682 +11.3% Investment Solutions 2,069 +9.4% 584 +9.9% SFS 1,190 +2.7% 306 +4.3% Operating expenses -3,998 +4.4% -1,052 +9.6% Gross operating income 2,090 +1.2% 520 +9.0% Cost/income ratio 65.7% +0.7pt 67.0% +0.1pt Cost of risk -341 +86.3% -105 x2.1 Income before tax 1,764 -7.1% 418 -3.2% Net income attributable to 842 -10.4% 192 -6.3% equity holders of the parent ROE 14% +1pt 14% +4pts Contribution figures ≠ figures published by Natixis February 17, 2013 Results for the full year 2012 29
  30. 30. 4. Results of the core business lines Wholesale Banking: very strong performance in 2012 Fixed Income activities and adaptation to new challenges for Financing activitiesUnless specified to the contrary, all changes are vs. Q4-11 Financing activities Change in revenues (in €m) Commercial Banking > 7% growth in Q4-12 net revenues driven by dynamic activity with corporate customers > 12% decline in 2012 revenues vs. 2011 in line with the reduction of scarce-resource consumption Structured Finance > Net revenues stabilized in Q4-12 and inched down 4% in 2012 vs. 2011 despite the additional deleveraging program (including €1.3bn of asset disposals in 2012) Capital markets Change in revenues (in €m) Fixed Income, Forex, Commodities andTreasury businesses > Net banking income up 2% in Q4-12 vs. Q4-11 and by 16% in 2012 vs. 2011 notably thanks to debt platform activities > Front-ranking positions in euro-denominated primary bonds: • # 1 on covered bonds1 • # 1 for European agencies2 • # 2 for French Corporate issuers3 Equities > 7% revenue growth in Q4-12 vs. Q3-12, driven by brisk business in derivatives1 Source: Dealogic & IFR – Thomson Reuters2 In number of operations – Source: IFR – Thomson Reuters 3 Source: Dealogic February 17, 2013 Results for the full year 2012 30
  31. 31. 4. Results of the core business lines Investment Solutions: continuing dynamic growth in asset management activities, difficult context in 2012 for life insuranceUnless specified to the contrary, all changes are vs. Q4-11 Assets under management (in €bn) Completion of the acquisition of McDonnell in the USA, specialized in fixed income and municipal bonds (€10bn of assets under management at December 31, 2012) Net inflows of €4.5bn in the US zone in 2012 Investment Solutions net banking income: +8%1 in Q4-12 and +5%1 in 2012 vs. 2011 > The net banking income generated on insurance products returned to a more normal level in Q4-12 and rates offered to policy holders maintained Asset management: change in net banking income1 (in €m) > Net banking income from asset management activities: +13%1 in Q4-12 Increase in expenses reflects investments, notably related to Asset Management’s international distribution platform ROE2 improved to 33.2% in 2012 vs. 2011 1 At constant exchange rates 2 Normative capital allocation methodology based on 9% of average RWA and specific allocation for insurance companies February 17, 2013 Results for the full year 2012 31
  32. 32. 4. Results of the core business lines SFS: good performance in 2012 and Q4-12Unless specified to the contrary, all changes are vs. Q4-11 Commercial dynamism > Consumer finance: 20% increase in outstandings % between the end of 2011 and the end of 2012 to Q4-12 Q4-11 change €13.6bn Consumer finance > Factoring: factored sales in France increase 14% Outstandings in €bn 13.6 11.3 +20% between the end of Dec. 2011 and the end of (end of period) Dec. 2012 Leasing > Employee savings schemes: assets under Outstandings in €bn 11.6 11.7 -1% (end of period) management of €19.4bn at the end of 2012, up 10% vs. the end of 2011 Factoring Outstandings in France in €bn 4.2 4.0 +6% (end of period) Dynamic growth in net banking income in Sureties and guarantees 52.5 54.2 -3% Q4-12, driven in particular by specialized Gross premiums written in €m financing activities % Q4-12 Q4-11 Tightly managed expenses: level virtually change stable in Q4-12 and marginally down in Payments 862 854 +1% Transactions in millions (estimate) 2012 vs. 2011 Securities 2.1 2.6 -18% Transactions in millions Cost of risk up in Q4-12 vs. Q4-11, due to Employee savings schemes a low basis of comparison but also Assets under management in €bn 19.4 17.6 +10% (end of period) reflecting a more difficult economic environment in France February 17, 2013 Results for the full year 2012 32
  33. 33. 4. Equity Interests1 2012/ Q4-12/ in millions of euros 2012 2011 Q4-12 Q4-11 % change % change Net banking income 1,756 +1,9% 455 +5.4% Operating expenses -1,417 -2.9% -358 -11.3% Gross operating income 339 +28.4% 97 x3.5 Cost of risk -5 -85.3% 1 n.s Income before tax 309 n.s 68 n.s Net income attributable to equity holders of the 76 n.s -8 n.s parent1 The “Equity Interests” division includes investments in Coface, Meilleurtaux, Nexity and Volksbank Romania as well as the Private Equity activities pursued by NatixisThe Eurosic and Foncia equity interests have been reclassified under “Other businesses” since June 30, 2011. The sector information of Groupe BPCE has been restated accordingly for the periods inquestion February 17, 2013 Results for the full year 2012 33
  34. 34. 4. Equity Interests Coface core activities1 Revenues: +1% in 2012 vs. 2011, including a 3% increase in the credit insurance business in a more challenging business environment Significant improvement in profitability: pre- tax income rose to €164m in 2012 2012 combined ratio: improved 2.2pps to 82.2%, vs. 2011, including a 1.4pp reduction in the cost ratio vs. 2011 > Claims ratio: 56.7% in 2012, down 0.8pp vs. 2011 Revenues (in €m) Credit insurance revenues (in €m) +1% +3%1 Credit insurance activities worldwide and factoring activities in Germany and Poland February 17, 2013 Results for the full year 2012 34
  35. 35. Sommaire1. Projected simplification of the structure of Groupe BPCE2. Groupe BPCE results3. Capital adequacy and liquidity4. Results of the core business lines5. Groupe BPCE, a socially responsible banking institution6. Conclusion February 17, 2013 Results for the full year 2012 35
  36. 36. 5. Groupe BPCE, a socially responsible banking institution A distinctive identity A bank A bank A bank A for present at a committed cooperative everyone local level to solidarity bank • 36 million customers: • A strong local • The Group’s long-term • A status that private individuals, presence: commitment to emphasizes professionals, small 8,000 branches promoting health, governance at the and large businesses, present in one third of social solidarity, local level local authorities, “sensitive” urban areas education, • 8.6 million cooperative institutionals, etc. • Close to actors in the environmental shareholders • A comprehensive local and regional protection and culture range of banking and economy through the Caisse financial products and d’Epargne and Banque • Investments geared to Populaire Foundations services the long term • Responsible commitment to major societal challenges in the everyday pursuit of its activities as a banker February 17, 2013 Results for the full year 2012 36
  37. 37. 5. Groupe BPCE, a socially responsible banking institution 2012 highlights 1. 1st French reference bank chosen by the European Commission to finance energy efficiency projects in • April 2012 ENVIRONMENTAL France 2. The Group is a signatory to the United Nations Global Compact • April 2012 3. Eco-loans for individual and professional customers • An extensive range of products offered by the Caisses d’Epargne and Banque Populaire banks (PREVair, CODEVair, • Outstandings of more than €2bn Ecureuil Sustainable Development Loan, etc.) 4. A determined drive to reduce the Group’s carbon footprint • More than 2 out of every 3 entities • Publication of a simplified, operational Bilan Carbone®1 carbon audit for the banking sector, effective down to the have completed their Bilan individual branch level Carbone® 1. A leading SRI and solidarity-based asset managers in France and Europe with Natixis Asset Management • €9.3bn managed on the basis of • Creation of Mirova, a center of expertise in socially responsible investment, a specialist of “Impact investing” in SRI and solidarity-based principles companies not listed on the stock exchange in France SOCIETAL 2. No.1 in solidarity-based savings in France • 55.5% of the assets managed in • A partner and reference shareholder of France Active, the No.1 solidarity-based finance provider with more than the French market (Finansol 20,000 jobs created or consolidated ranking) • More than 12,000 personal and 3. No.1 French Group providing microcredit solutions professional microcredits granted for a total of €84m 4. A leading group in its commitment to social solidarity • 3 publicly recognized corporate Foundations, sponsorship and partnership operations in favor of social and cultural • €32.5m devoted to societal actions initiatives and projects designed to promote individual autonomy • Nearly 4,000 new hires on 1. An employer “of choice” permanent contracts in France SOCIAL 2. A concrete commitment in favor of gender diversity in the workplace • 36% of the executive staff are • Launch of concrete actions including the creation of 23 women’s networks in the Group women • 224 jobs for disabled workers 4. A socially responsible and solidarity-based purchasing policy with the PHARE project created by the Group’s purchases • 3 awards won by the Group for its drive to develop procurement from companies in the sheltered sector, from the EA and ESAT2 employing disabled workers organizations1 Bilan Carbone® is a registered trademark of ADEME 2 At December 31, 2011 February 17, 2013 Results for the full year 2012 37
  38. 38. Sommaire1. Projected simplification of the structure of Groupe BPCE2. Groupe BPCE results3. Capital adequacy and liquidity4. Results of the core business lines5. Groupe BPCE, a socially responsible banking institution6. Conclusion February 17, 2013 Results for the full year 2012 38
  39. 39. 6. Conclusion Capital and liquidity targets achieved one year ahead of schedule: capital adequacy ratio under Basel 31, reduction in the Group’s wholesale funding requirements Ability to comply with the liquidity rules under Basel 3 thanks to the adaptation efforts already made Resilience of the Group’s core business lines (Commercial Banking and Insurance, Wholesale Banking, Investment Solutions, and Specialized Financial Services) in an adverse economic environment in 2013 Simplification of the Group’s organizational structure with the projected cancellation of the Cooperative Investment Certificates (CCIs) A robust cooperative banking group that has redirected its focus on its core business lines and customer-oriented activities during its “Together” 2010-2013 strategic plan, ready to embark upon a new phase in its development with its new 2014-2017 strategic plan1 Without transitional measures and after restatement for deferred tax assets and subject to the finalization of regulatory provisions February 17, 2013 Results for the full year 2012 39
  40. 40. February 17, 2013Results for the full year 2012Annexes
  41. 41. Annexes Groupe BPCE Wholesale Banking, Investment Solutions > Income statement and SFS > Income statement per business line > Income statement > Consolidated balance sheet > Goodwill Equity interests > Income statement Financial structure > Statement of changes in shareholders equity Workout portfolio management > Reconciliation of shareholders equity to and "Other businesses" Tier-1 capital > Income statement > Prudential ratios and credit ratings > GAPC - Detailed presentation Commercial Banking and Insurance Risks > Income statement > Non-performing loans and impairment > Banque Populaire network – • Groupe BPCE Change in savings deposits and loan • Networks outstandings > Breakdown of commitments > Caisse dEpargne network – > Exposure to the sovereign debts of peripheral Change in savings deposits and loan European countries outstandings > Exposure to European sovereign risks > Real estate Financing > Exposure to countries subject to a rescue > Insurance, International and Other networks plan Sensitive exposures (recommendations of the Financial Stability Forum – FSF) February 17, 2013 Results for the full year 2012 41
  42. 42. Annex - Groupe BPCEAnnual income statement per business line Wholesale Banking, Workout portfolio Commercial Banking & Investment Solutions & Total core businesses Equity interests management & Other Groupe BPCE Insurance Specialized Financial businesses Services In millions of euros 2012 2011 2012 2011 2012 2011 % 2012 2011 2012 2011 2012 2011 %Net banking income 14 779 15 177 6 088 5 896 20 867 21 073 -1,0% 1 756 1 724 -677 560 21 946 23 357 -6,0%Operating expenses -10 063 -9 833 -3 998 -3 831 -14 061 -13 664 2,9% -1 417 -1 460 -457 -757 -15 935 -15 881 0,3%Gross operating income 4 716 5 344 2 090 2 065 6 806 7 409 -8,1% 339 264 -1 134 -197 6 011 7 476 -19,6%Cost / income ratio 68,1% 64,8% 65,7% 65,0% 67,4% 64,8% 2,5 pts 80,7% 84,7% ns ns 72,6% 68,0% 4,6 ptsCost of risk -1 447 -1 277 -341 -183 -1 788 -1 460 22,5% -5 -34 -406 -1 275 -2 199 -2 769 -20,6%Income before tax 3 472 4 241 1 764 1 898 5 236 6 139 -14,7% 309 111 -1 802 -1 587 3 743 4 663 -19,7%Income tax -1 195 -1 385 -555 -560 -1 750 -1 945 -10,0% -148 -112 532 417 -1 366 -1 640 -16,7%Minority interests -44 -38 -367 -398 -411 -436 -5,7% -85 -79 266 177 -230 -338 -32,0%Net income attributable toequity holders of the parent 2 233 2 818 842 940 3 075 3 758 -18,2% 76 -80 -1 004 -993 2 147 2 685 -20,0% February 17, 2013 Results for the full year 2012 42
  43. 43. Annex - Groupe BPCEQuarterly income statement per business line Wholesale Banking, Workout portfolio Commercial Banking & Investment Solutions & Total core businesses Equity interests management & Other Groupe BPCE Insurance Specialized Financial businesses Services In millions of euros Q4-12 Q4-11 Q4-12 Q4-11 Q4-12 Q4-11 % Q4-12 Q4-11 Q4-12 Q4-11 Q4-12 Q4-11 %Net banking income 3 754 3 887 1 572 1 437 5 326 5 324 0,0% 455 431 -269 84 5 512 5 839 -5,6%Operating expenses -2 626 -2 576 -1 052 -960 -3 678 -3 536 4,0% -358 -404 -121 -137 -4 157 -4 077 2,0%Gross operating income 1 128 1 311 520 477 1 648 1 788 -7,8% 97 27 -390 -53 1 355 1 762 -23,1%Cost / income ratio 70,0% 66,3% 66,9% 66,8% 69,1% 66,4% 2,6 pts 78,7% 93,7% ns ns 75,4% 69,8% 5,6 ptsCost of risk -364 -356 -105 -51 -469 -407 15,2% 1 -11 -176 -264 -644 -682 -5,6%Income before tax 821 996 418 432 1 239 1 428 -13,2% 68 -100 -817 -413 490 915 -46,4%Income tax -275 -327 -127 -126 -402 -453 -11,3% -60 -30 195 45 -267 -438 -39,0%Minority interests -10 -12 -99 -101 -109 -113 -3,5% -16 -14 77 57 -48 -70 -31,4%Net income attributable toequity holders of the parent 536 657 192 205 728 862 -15,5% -8 -144 -545 -311 175 407 -57,0% February 17, 2013 Results for the full year 2012 43
  44. 44. Annex - Groupe BPCEQuarterly income statement Groupe BPCE In millions of euros Q1-11 Q2-11 Q3-11 Q4-11 2011 Q1-12 Q2-12 Q3-12 Q4-12 2012 Net banking income 5 922 6 116 5 480 5 839 23 357 5 450 5 671 5 313 5 512 21 946 Operating expenses -4 006 -4 096 -3 702 -4 077 -15 881 -3 953 -3 899 -3 926 -4 157 -15 935 Gross operating income 1 916 2 020 1 778 1 762 7 476 1 497 1 772 1 387 1 355 6 011 Cost / income ratio 67,6% 67,0% 67,6% 69,8% 68,0% 72,5% 68,8%0 73,9%0 75,4% 72,6% Cost of risk -390 -534 -1 163 -682 -2 769 -460 -648 0 -447 0 -644 -2 199 Income before tax 1 583 1 579 586 915 4 663 1 081 1 187 985 490 3 743 Income tax -524 -496 -182 -438 -1 640 -380 -408 -311 -267 -1 366 Minority interests -70 -126 -72 -70 -338 -36 -111 0 -35 0 -48 -230 Net income attributable to equity holders of the parent 989 957 332 407 2 685 665 668 639 175 2 147 February 17, 2013 Results for the full year 2012 44
  45. 45. Annex - Groupe BPCEConsolidated balance sheet Assets in €m 12/31/12 12/31/11 Liabilities in €m 12/31/12 12/31/11 C ash and amounts due from central banks 53 792 15 995 Amounts due to central banks 0 15 Financial assets at fair value through profit or loss 214 991 225 477 Financial liabilities at fair value through profit or loss 194 793 227 996 Hedging derivatives 10 733 11 320 Hedging derivatives 11 116 9 979 Available-for-sale financial assets 83 409 84 826 Amounts due to banks 111 399 117 914 Loans and receivables due from credit institutions 118 795 141 471 Amounts due to customers 430 519 398 737 Loans and receivables due from customers 574 856 571 880 Debt securities 230 501 222 318 Interest rate hedging reserve 7 911 5 471 Remeasurement adjustment on interest-rate risk hedged portfolios 1 994 1 731 Held-to-maturity financial assets 11 042 8 864 Tax liabilities 612 726 Tax assets 6 186 6 499 Accrued expenses and other liabilities 47 997 46 804 Accrued income and other assets 51 145 50 804 Technical reserves of insurance companies 49 432 46 785 Deferred policyholders’ participation 0 902 Provisions 4 927 4 634 Investments in associates 2 442 2 149 Subordinated debt 9 875 11 882 Investment property 1 829 2 028 Consolidated equity 54 356 48 874 Property, plant and equipment 4 783 4 819 Equity attributable to equity holders of the parent 50 554 45 136 Intangible assets 1 358 1 385 Minority interests 3 802 3 738 Goodwill 4 249 4 505 TOTAL 1 147 521 1 138 395 TOTAL 1 147 521 1 138 395 February 17, 2013 Results for the full year 2012 45
  46. 46. Annex - Groupe BPCEGoodwill Dec. 31, Acquisitions Other Dec. 31, in millions of euros Impairment Conversion 2011 /Disposals movements 2012 Commercial Banking 937 - -32 -1 5 909 and Insurance entities Natixis 2,668 9 - -16 -18 -9 2,634 Equity interests 900 -210 16 706 TOTAL 4,505 9 -258 -19 12 4,249Goodwill amortization is imputed to the “Other businesses” line February 17, 2013 Results for the full year 2012 46
  47. 47. Annex – Financial structureStatement of changes in shareholders’ equity Equity attributable in millions of euros to equity holders of the parent December 31, 2011 45,136 Distribution -491 Capital increase (cooperative shares) 2,611 Income 2,147 Remuneration of deeply subordinated notes and related currency -245 effect Changes in gains & losses directly recognized in equity 1,328 Transactions with minorities 26 Others 42 December 31, 2012 50,554 February 17, 2013 Results for the full year 2012 47
  48. 48. Annex – Financial structure Reconciliation of shareholders’ equity to Tier-1 capitalin billions of euros 1 Deeply subordinated notes: €4.6bn of BPCE deeply subordinated notes included in equity attributable to equity holders of the parent + €1bn of deeply subordinated notes issued by Natixis included in minority interests 2 Minority interests (prudential definition) notably excluding the deeply subordinated notes issued by Natixis February 17, 2013 Results for the full year 2012 48
  49. 49. Annex – Financial structure Prudential ratios1 and credit ratings December 31, December 31, June 30, 2012 20121 20112 Credit risk €324bn €327bn €335bn Market risk €20bn €22bn €17bn Operational risk €38bn €37bn €36bn Total risk-weighted assets €382bn €386bn €388bn Core Tier-1 capital €40.9bn €38.8bn €35.4bn Tier-1 capital €46.5bn €44.5bn €41.1bn Core Tier-1 ratio 10.7% 10.1% 9.1% Tier-1 ratio 12.2% 11.5% 10.6% Total Capital Ratio 12.5% 12.3% 11.6% Long-term credit ratings (February 17, 2013) A outlook negative A2 outlook stable A+ outlook negative1 Estimate at December 31, 2012 2 Pro forma to take into account the IRB approach homologation for the exposure to the Caisses d’Epargne retail customers segment February 17, 2013 Results for the full year 2012 49

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