2005 Annual Report - Banque PSA Finance

30 Banque PSA Finance - 2005 annual report
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of changes in equity attributable to equity holders of the parent and minority interests
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
AND MINORITY INTERESTS
Share capital and other reserves Reserves Deferred gains and losses (net of tax)
Capital in Deferred gains Profit Equity
excess of and losses attributable attributable to
Share par value of Treasury Translation Revaluation on financial to equity of equity holders Minority Total
(in millions of euros) Capital stock (1)
stock Reserves Reserve Reserve instruments (2) (3) the parent of the parent interests equity
Equity at January 1, 2004 – French GAAP
Effect on opening equity of fair value adjustments,
177 332 - 991 - - - 274 1,774 63 1,837
before tax (4) Effect on opening equity of the change of method
(5) (5) (5)
concerning pension obligations, before tax (14) (14) (14)
Deferred tax effect of the change of method (5) (9) (9) (9)
Net effect on opening equity of IFRS adjustments (28) (28) (28)
Equity at January 1, 2004 – IFRS 177 332 - 963 - - - 274 1,746 63 1,809
Appropriation of prior-year income 267 (274) (7) (30) (37)
Income for the year (5) (6) - 326 326 5 331
Fair value adjustments - - - - - - -
Translation adjustments 2 2 1 3
Equity at December 31, 2004 - IFRS 177 332 - 1,232 - - - 326 2,067 39 2,106
Appropriation of prior-year income (5) (6) 230 (326) (96) (5) (101)
Income for the year (5) (6) - 402 402 3 405
Fair value adjustments (3) Deferred taxes on unrealized or deferred
- - - 5 5 - 5
gains or losses - - - (2) (2) - (2)
Translation adjustments 15 15 1 16
Equity at December 31, 2005 - IFRS 177 332 - 1,477 - - 3 402 2,391 38 2,429
Share capital amounts to €177 million, made up of 11,088,000 common shares, all fully paid. There
were no changes in capital during the year.
(1) Including the Banque PSA Finance legal reserve.
(2) Including fair value adjustments to cash flow hedges.
(3) The intrinsic value of swaptions at maturity is recognized over the life of the external swap purchased
as a hedge of the outstanding loans (fair value hedge) (see note 5).
(4) Detail of this amount is given in note 3.2 of the Banque PSA Finance 2004 Consolidated Financial
Statements prepared in accordance with IFRS.
(5) Compared with the published IFRS financial statements for the year ended December 31, 2004,
recognition of a deferred tax liability on revaluation of the underlying assets of subsidiary Vernon
Wholesale Investment Company Limited had an impact of €(15) million on the opening balance
sheet at January 1, 2004. In light of the time factor, the liability was reduced by
€1 million at December 31, 2004 and by another €1 million at December 31, 2005.
(6) Compared with the published IFRS financial statements for the year ended December 31, 2004, the
Group has elected to value a liability using the fair value option. The impact net of deferred taxes
was €(4) million at December 31, 2004 and €(1) million at December 31, 2005.
Consolidated regulatory capital calculated in accordance with regulation 90-02 of the Comité de la Réglementation Bancaire et Financière :
French GAAP
Pro forma
French GAAP
(in millions of euros)
Tier 1 capital
Dec. 31, 2005 Dec. 31, 2004 Dec. 31, 2003
Consolidated equity 2,429 2,126 1,837
Unrealized capital gains on cash flow hedges (3) - -
Proposed dividend, PSA Peugeot Citroën Group (161) (96) (7)
Proposed dividend, minority interests (3) (5) (28)
Intangible assets (50) (40) (28)
Goodwill (81) (76) (81)
Total Tier 1 capital 2,131 1,909 1,693
Tier 2 capital
Subordinated debt - 150 173
Equity interests in credit institutions - (1) (16)
Guarantees granted to SPVs (69) (64) (25)
Total Tier 2 capital (69) 85 132
Regulatory capital 2,062 1,994 1,825