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32010 MANAGEMENT REPORT• CRÉDIT AGRICOLE CIB (SA) CONDENSEDINCOME STATEMENT2010 2009€ millionNet banking income 3,339 4,368Operating expenses (2,201) (1,995)Gross operating income 1,138 2,373Cost of risk (594) (1,691)Net operating income 544 682Net gain/loss on disposal of non-current assets (335) (19)Pre-tax income on ordinary activities 209 663Net extraordinary items (2) 0Corporate income tax 1,176 45Net allocation to the FGBR and regulated reserves 5 12Net income/(loss) 1,388 720Crédit Agricole CIB’s net banking income in 2010 was €3.3 billion.In the diffi cult market climate, revenues from the fi xed- incomeactivities have clearly declined compared with the exceptionalmarket conditions in 2009 for treasury activities and debt andcredit markets businesses in particular. Nevertheless, in 2010fi nancing activities delivered a record performance, particularlyin structured fi nance. Losses from discontinuing activities significantly decreased compared with previous years and have nowa moderate impact on revenues (a - €374 million in net bankingincome).General operating expenses increased by €206 million (+11%).This increase resulted from a historically low level of costs in 2009(due to measures to reduce costs) and an unfavourable currencyeffect.Crédit Agricole CIB generated a gross operating income of €1.1billion in 2010.The cost of risk amounted to -€0.6 billion in 2010 (versus a lossof €1.7 billion in 2009), half of the provisions concerns discontinuingactivities. The decrease in the cost of risk refl ects a globalimprovement in business conditions and in the specifi c risk onCrédit Agricole CIB counterparties. This reduction is also due tothe signifi cantly reduced losses from discontinuing activities.The item «corporate income tax« is positive in 2010 (+€1.2 billion)due to the purchase by Crédit Agricole S.A. of previous carryforwardtax defi cits according to the tax consolidation group(impact of +€1.4 billion versus €135 million in 2009).Crédit Agricole CIB is part of the Crédit Agricole S.A. tax consolidationgroup. The tax consolidation agreement between CréditAgricole S.A. and Crédit Agricole CIB enables Crédit Agricole CIBto sell its tax defi cits.Crédit Agricole CIB (SA) generated a net income of €1,388 millionin 2010 as opposed to a €720 million gain in 2009. Crédit AgricoleCIB France accounted for +€828 million of this profi t, while itsbranches accounted for +€560 million.90SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010
2010 MANAGEMENT REPORT 3• FIVE-YEAR FINANCIAL SUMMARYITEMS 2006 2007 2008 2009 2010Share capital at year-end (€) 3,435,953,121 3,714,724,584 3,714,724,584 6,055,504,839 6,055,504,839Number of shares issued 127,257,523 137,582,392 137,582,392 224,277,957 224,277,957Total result of realized transactions (€)Gross revenue (excl. tax) 382,645,157,674 367,761,333,633 488,353,038,936 447,272,516,791 292,137,398,707Profi t before tax, depreciation,amortisation and reserves1,789,896,247 (2,237,246,750) (2,936,075,816) 1,519,217,173 110,543,984Corporate income tax 317,676,006 (12,205,109) 135,098,156 (27,584,540) (1,178,684,864)Profi t after tax, depreciation, amortisationand reserves1,530,910,827 (2,855,358,688) (4,153,939,642) 719,761,962 1,388,131,633Amount of dividends paid 2,048,450,000 0 0 0 955,424,097Earnings per share (€)Profi t after tax but before depreciation,amortisation and reservesProfi t after tax, depreciation, amortisationand reserves(2)11.57(3)(16.17)(4)(22.32)(5)6.90(6)5.75(2)12.03(3)(20.75)(4)(30.19)(5)3.21(6)6.19Dividend per share 16.10 0.00 0.00 0.00 4.26PersonnelNumber of employees(7)7,735(7)8,363(7)7,695(7)7,415(7)7,455Wages and salaries paid during thefi nancial yearEmployee benefi ts and socialcontributions961,599,074 1,011,387,894 855,077,555 826,742,162 888,153,068336,915,857 323,470,829 339,015,389 294,878,902 304,213,017Payroll taxes 53,599,575 29,752,164 33,903,795 33,192,628 32,772,179(1)Calculation based on number of shares issue excluding treasury stock at end-2005, i.e. 115,547,092.(2)Calculation based on number of shares issue excluding treasury stock at end-2006, i.e. 127,257,523.(3)Calculation based on number of shares issue excluding treasury stock at end-2007, i.e. 137,582,392.(4)Calculation based on number of shares issue excluding treasury stock at end-2008, i.e. 137,582,392.(5)Calculation based on number of shares issue excluding treasury stock at end-2009, i.e. 224,277,957.(6)Calculation based on number of shares issue excluding treasury stock at end-2010, i.e. 224,277,957.(7)Average headcount.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 91
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CONTENTSPRESENTATION OF CRÉDIT AGR
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1PRESENTATION OF CRÉDIT AGRICOLE C
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