4.4 Legal risk - Scor

APPENDIX A: UNCONSOLIDATED
FINANCIAL STATEMENTS OF SCOR SE
CORPORATE
1 HISTORIC FINANCIAL INFORMATION - CORPORATE
FINANCIAL STATEMENTS
Pursuant to Article 28 of Regulation (EC) No. 809/2004 of the European Commission, the following information is included
by reference in this Registration Document:
(i)
The corporate financial statements for the year ended 31 December 2011 and the Auditors’ Report pertaining thereto
published on pages 349 to 379 and 380 to 381, respectively, of the registration document filed with the Autorité des
Marchés Financiers on 8 March 2012 under number D.12-0140 and from pages 329 to 358 and from pages 359 to 360,
respectively, of the free translation into English of the Registration Document filed with the Autorités des Marchés
Financiers with such translation being available on SCOR's website www.scor.com;
(ii) The corporate financial statements for the year ended 31 December 2010 and the Auditors’ Report pertaining thereto
published on pages 312 to 342 and 343 to 344, respectively, of the registration document filed with the Autorité des
Marchés Financiers on 8 March 2011 under number D. 11-0103 and from pages 292 to 320 and from pages 321 to
322, respectively, of the free translation into English of the Registration Document filed with the the Autorités des
Marchés Financiers with such translation being available on SCOR's website www.scor.com.
SCOR’s unconsolidated corporate financial statements for the financial year ended 31 December 2012 are shown below:
1.1 Significant events of the year
“Significant events of the year” are an integral part of the notes to the unconsolidated corporate financial statements.
This year, SCOR SE carried out the following significant transactions:
Extention of contingent equity line
On 16 May 2012, SCOR SE signed a new natural catastrophe financial coverage facility in the form of a contingent capital
equity line with UBS. This new facility is an extension of its existing 2010 contingent capital equity line. Under this new
equity line, SCOR benefits from an additional EUR 75 million financial coverage from 1 January 2012 to 31 December 2013,
thereby increasing its existing contingent capital equity line from EUR 75 million to EUR 150 million. See Section 3.6.7 –
Financial debt and capital management.
Extention of CHF perpetual subordinated notes
On 10 September 2012, SCOR issued CHF 250 million perpetual subordinated notes, redeemable by SCOR each quarter
as at payment of interest dates from 8 June 2018. The strong market demand observed prompted the Group to extend its
placements from CHF 250 million to a total of CHF 315 on 24 September 2012. The settlement of the notes took place on 8
October 2012. The coupon has been set to 5.25% (until 2 June 2018) and 3-month CHF LIBOR plus a margin of 4.8167%
thereafter.
SCOR has entered into a cross-currency swap which exchanges CHF 250 million of the principal into EUR and exchanges
the CHF coupon on the notes to EUR 6.2855% and matures on 8 June 2018. SCOR has entered into a second crosscurrency
swap which exchanges CHF 65 million of the principal into EUR and exchanges the CHF coupon on the notes to
EUR 6.2350% and matures on 8 June 2018.
Early redemption of EUR 50 million perpetual subordinated notes
During 2012, the Group re-purchased the entire tranche of its EUR 50 million perpetual subordinated Notes, at a price of
80%. The purchase price of this debt at a discount rate gave rise to a consolidated pre-tax profit of EUR 10 million.
Merger of PREVOYANCE RE into SCOR GLOBAL LIFE SE
The boards of PREVOYANCE RE and SCOR GLOBAL LIFE SE, both affiliates of SCOR SE, agreed that the two entities
should be merged with effect from 1 January 2012. As a consequence, PREVOYANCE RE was dissolved and merged into
SCOR GLOBAL LIFE SE and SCOR GLOBAL LIFE SE increased its share capital from EUR 274,540,000 to EUR
287,040,000, creating 1,250,000 new shares all subscribed to by SCOR SE.
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