Natixis — Groupe BPCE — H1 2009 Earnings Presentation
84 slides from Natixis's earnings presentation, Aug 26, 2009
Slide 1: Interim results for the 1st half of 2009
Interim results for the 1st half of 2009 August 26, 2009
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future event
Slide 3: Contents
Contents 1. Introduction 2. Presentation of Groupe BPCE 3. Review of the Group's structured asset portfolios 4. Result of the strategic review of Natixis 5. Asset guarantee in favor of Natixis 6. Interim pro forma results for the first half of the year 7. Conclusion 8. Annexes 3 - Interim results fo
Slide 4: Introduction
1 Introduction z Timetable of events o March 24 / 26: The Board of Directors of BFBP and the Supervisory Board of CNCE approve the merger plans and appoint François Pérol as Chief Executive Officer of Groupe Banque Populaire and of Groupe Caisse d’Epargne o April 30: The Board of Directors of Natixi
Slide 5: Introduction
1 Introduction z Our principal conclusions o The level of provisions booked with respect to the portfolios of structured assets at June 30, 2009 is adequate on the basis of the findings of the third-party audits o Refocusing of Natixis around three strategic businesses: Corporate & Investment Bankin
Slide 6: Contents
Contents 1. Introduction 2. Presentation of Groupe BPCE 3. Review of the Group's structured asset portfolios 4. Result of the strategic review of Natixis 5. Asset guarantee in favor of Natixis 6. Interim pro forma results for the first half of the year 7. Conclusion 8. Annexes 6 - Interim results fo
Slide 7: BPCE: the 2nd-largest French banking group
2 BPCE: the 2nd-largest French banking group z A cooperative, multi-business, multi-brand banking group at the service of a clientele of individual customers, companies and institutions z Three core business lines: retail banking; corporate & investment banking, asset management and financial servic
Slide 8: Core business lines of Groupe BPCE
2 Core business lines of Groupe BPCE 20 Banques Populaires Individual customers Self-employed professionals 63% Corporate customers net banking 17 Caisses d'Epargne Social economy income Retail Banking Public sector Social housing 55% risk Other network subsidiaries Insurance (li
Slide 9: Retail Banking: the Group operates through two major brands
2 Retail Banking: the Group operates through two major brands Strong positions in complementary areas in the French market: Banque Populaire: 20 SMEs: No.1 player in the French market Banques Populaires with a 37% penetration rate Self-employed professionals: Guadeloupe, French Guiana, No.2 play
Slide 10: Natixis refocused on 3 core business lines
Corporate & investment banking, asset management and 2 financial services: Natixis refocused on 3 core business lines An organization of banking activities into three operating divisions, allowing: Greater legibility of Natixis’ activities, Effective capture of development potential with the ret
Slide 11: Real Estate: BPCE, leader in France
2 Real Estate: BPCE, leader in France with 3 flagship brands: Crédit Foncier, Foncia and Nexity Organization of real estate activities within a dedicated division covering all related businesses: To ensure the coherence and legibility of BPCE’s presence in the real estate sector, To provide BPCE
Slide 12: Key figures of Groupe BPCE at June 30, 2009
2 Key figures of Groupe BPCE at June 30, 2009 37 million 7 million cooperative 120,000 8,200 customers shareholders employees branches €9.7 billion (pro forma H1-09) Net banking income €16.5 billion (pro forma 2008) Tier 1 capital €36 billion Risk weighted assets €414 billion Tier 1 ratio Tier 1 rat
Slide 13: Contents
Contents 1. Introduction 2. Presentation of Groupe BPCE 3. Review of the Group's structured asset portfolios 4. Result of the strategic review of Natixis 5. Asset guarantee in favor of Natixis 6. Interim pro forma results for the first half of the year 7. Conclusion 8. Annexes 13 - Interim results f
Slide 14: Review of the Group's structured asset portfolios: An exhaustive analysis
Review of the Group's structured asset portfolios 3 An exhaustive analysis z Exhaustive review of the Group's portfolios of structured loans o Natixis: • "Segregated" assets (workout portfolio management, or "GAPC"): chiefly securitization assets including protection acquired from credit enhancers (
Slide 15: Assets of the GAPC of Natixis
Review of the Group's structured asset portfolios 3 Assets of the GAPC of Natixis z Securitized assets of the GAPC : correct valuation of underlying assets Valuation in Natixis books Valuation by third-party experts Correct valuation 52.8 11.2 of portfolio 2 41.6 34.4 34.6 36,6 34.6 Notional Reducti
Slide 16: Review of structured asset portfolios: Other assets
Review of the Group's structured asset portfolios 3 Other assets - Review of LBO portfolio LBO portfolios in - Focus on the sectors affected by the economic crisis and review of the Europe and the USA rating method applied to counterparties Commercial real estate - USA : financing, chiefly protected
Slide 17: Diagnosis resulting from the exhaustive analysis
Review of the Group's structured asset portfolios 3 Diagnosis resulting from the exhaustive analysis z Reinforcement of risk coverage related to LBO portfolio, commercial real estate finance and other structured transactions z Adequate level of risk coverage at June 30, 2009 o After additional write
Slide 18: Contents
Contents 1. Introduction 2. Presentation of Groupe BPCE 3. Review of the Group's structured asset portfolios 4. Result of the strategic review of Natixis 5. Asset guarantee in favor of Natixis 6. Interim pro forma results for the first half of the year 7. Conclusion 8. Annexes 18 - Interim results f
Slide 19: Need to proceed with a strategic repositioning of Natixis
Need to proceed with a strategic 4 repositioning of Natixis A tighter business scope in line with the Group, resulting in: • A simple corporate governance and clearly defined strategy • An effective capture of development potential with the retail networks • A high level of integration between the t
Slide 20: Activities offering weak synergies with the Group
Activities offering weak synergies with the 4 Group Management aimed at value creation Insufficient operational synergies for industrial integration Coface Managed as a financial investment; a shareholder playing its role to the full Procyclical businesses: gradual reorientation towards Private equi
Slide 21: Corporate & Investment Banking
Corporate & Investment Banking 4 A commercial bank at the service of structured finance and capital markets Structured Business with Finance corporates and institutionals Capital Markets 2012 targets z Systematic development of cross- selling activities Net banking income €3.2bn o Creation of a dedi
Slide 22: Corporate & Investment Banking
4 Corporate & Investment Banking Value creating business having a strategic fit with the Group Structured finance: continued Capital markets: faster development of development with a focus on customer Equity and Fixed-income activities (interest franchises and banking expertise rates, foreign curren
Slide 23: Investment Solutions
4 Investment Solutions a worldwide ambition 2012 targets A natural tie-up enabling expertise sharing and an optimum use of Net banking income €2.2bn distribution platforms Cost/income ratio 65% z Asset management: development of the ROE > 25% distribution platform worldwide o Extend the distribution
Slide 24: Specialized Financial Services
4 Specialized Financial Services Key businesses for the development of retail banking 2012 targets 7 business activities chiefly dedicated to Net banking income €1.0bn the retail banking networks sharing similar industrial rationale and distribution challenges Cost/income ratio 65% ROE > 20% z Strat
Slide 25: An ambitious strategy with realistic targets for Natixis
An ambitious strategy with realistic targets in 4 view of the resources at Natixis’ disposal Core businesses: net banking income % customer contribution: 90% 6.4(1) 5.8 1.0 CAGR 2009/2012 Definition of the 2012 plan on 1.0 the basis of constant risk- 2.2 +11% weighted assets (€120bn) 2.2 3.2 2.6 Cap
Slide 26: Contents
Contents 1. Introduction 2. Presentation of Groupe BPCE 3. Review of the Group's structured asset portfolios 4. Result of the strategic review of Natixis 5. Asset guarantee in favor of Natixis 6. Interim pro forma results for the first half of the year 7. Conclusion 8. Annexes 26 - Interim results f
Slide 27: Asset guarantee in favor of Natixis
5 Asset guarantee in favor of Natixis Goals of the transaction z BPCE and Natixis have agreed to set up a guarantee system designed to protect Natixis against future losses and neutralize the volatility of results caused by the portfolios of assets managed on a run-off basis, the so-called GAPC asse
Slide 28: Asset guarantee in favor of Natixis
5 Asset guarantee in favor of Natixis Scope of the assets covered by the transaction z The scope of the transaction covers the entire GAPC portfolio with the exception of certain specific items not requiring any particular protection z The portfolio covered by this guarantee represents a nominal val
Slide 29: Asset guarantee in favor of Natixis
5 Asset guarantee in favor of Natixis Description of the structure and valuation of the premium A guarantee based on two mechanisms: z A guarantee covering the value, at June 30, 2009, of the assets carried in Natexis’ books as "instruments at fair value through profit and loss – trading portfolio"
Slide 30: Asset guarantee in favor of Natixis
5 Asset guarantee in favor of Natixis Impacts for Natixis and BPCE Impacts for Natixis z Accounting impact: no initial impact of the cost of the guarantee on results; future impacts limited to the revaluation of the TRS o The €0.5bn premium will be assessed at market value depending upon the value o
Slide 31: Asset guarantee in favor of Natixis
5 Asset guarantee in favor of Natixis Governance of the protection mechanism z Risk sharing: 85% BPCE and 15% Natixis and the latter also benefits from a purchase option in order to align the interests of both BPCE and Natixis regarding the future management of the assets guaranteed z The day-to-day
Slide 32: Contents
Contents 1. Introduction 2. Presentation of Groupe BPCE 3. Review of the Group's structured asset portfolios 4. Result of the strategic review of Natixis 5. Asset guarantee in favor of Natixis 6. Interim pro forma results for the first half of the year 7. Conclusion 8. Annexes 32 - Interim results f
Slide 33: Interim results of Groupe BPCE (pro forma)
6 Interim results of Groupe BPCE (pro forma) Good operating performance in a depressed environment Corporate & investment Activities managed Banking, on a run-off basis Retail Banking Real Estate Asset Management and other and Financial Services businesses in millions of euros Net banking inc. 6,311
Slide 34: Retail Banking
6 Retail Banking Strength and dynamism in a contrasting environment Banques Populaires Other networks Retail Banking Caisses d'Epargne and Insurance * in millions of euros Net 2,864 2,882 564 6,311 + 9%* banking inc. Gross op. inc. 912 673 92 1,676 + 27%* Cost - 342 - 159 - 143 - 644 X 2* of risk Ne
Slide 35: Retail Banking - Banque Populaire network
Retail Banking - Banque Populaire network 6 Good commercial dynamics in millions of euros Net banking income Operating expenses Gross operating income Net income 2,864 - 1,953 2,718 -1,864 + 1%* =* 912 854 + 4%* 442 381 - 16%* H1-08 H1-09 H1-08 H1-09 H1-08 H1-09 H1-08 H1-09 * On a like-for-like basi
Slide 36: Banque Populaire network: new deposit taking
Retail Banking – Banque Populaire network 6 Sustained pace of new deposit taking z Strong growth in savings deposits o + 5% / H1-08 on a like-for-like basis z Individual customers market Savings deposits (in €bn) o Life insurance: €1.5bn in new life funds against a background of lower interest rates
Slide 37: Banque Populaire network: financing the French economy
Retail Banking– Banque Populaire network 6 Constant efforts to finance the French economy z Dynamism in all the markets o + 4% / H1-08 on a like-for-like basis z Increase in mortgage loans outstanding: + 7% Loans outstanding (in €bn) o + 5% on a like-for-like basis o Revival in new lending in June 2
Slide 38: Retail Banking - Caisse d'Epargne network
Retail Banking – Caisse d'Epargne network 6 Strong growth in revenues in millions of euros Net banking income Operating expenses Gross operating income Net income 2,882 2,540 - 2,181 - 2,210 + 14% 673 + 1% 359 341 + 87% 169 X2 H1-08 H1-09 H1-08 H1-09 H1-08 H1-09 H1-08 H1-09 z Growth in net banking i
Slide 39: Caisse d'Epargne network: commercial performance
Retail Banking – Caisse d'Epargne network 6 Outstanding commercial performance in a context marked by the deregulation of the distribution of Livret A passbook accounts z 4% increase in savings deposits o Against a background of declining interest rates, movement to secure medium-/long-term savings
Slide 40: Caisse d'Epargne network: financing the French economy
Retail Banking – Caisse d'Epargne network 6 Major commitment to financing the French economy z Consumer credit: almost €3bn in commitments, up 3% / H1-08 in a market suffering from a net contraction o + 0.5-point market share in one year Loans outstanding(in €bn) o No.2 distributor of consumer credi
Slide 41: Corporate & investment banking, asset management and financial services
Corporate & investment banking, asset management 6 and financial services: €424m in recurring pre-tax income posted by Natixis excluding assets managed on a run-off basis z Results severely impacted by the exceptional provisions Corporate & investment booked with regard to the cost of risk banking,
Slide 42: Real estate
6 Real estate Resilience in a downward market cycle in millions of euros Net banking income Operating expenses Gross operating inc. Net income 1,317 1,126 - 918 - 880 - 15% 399 - 4% 246 165 132 - 38% - 20% H1-08 H1-09 H1-08 H1-09 H1-08 H1-09 H1-08 H1-09 Contribution of the entities to z A decline in
Slide 43: Real estate - Crédit Foncier
6 Real estate - Crédit Foncier z Individual customers o Growth in market share in a declining market (interest-free loans and PAS loans to facilitate home-ownership among low- income families, the so-called Scellier scheme) Crédit Foncier Key figures in €m o Decline in volumes chiefly linked to the
Slide 44: Real estate - Real estate services
6 Real estate - Real estate services Foncia, Nexity Foncia Foncia Key figures in €m z Resilience of the business model based on the recurrent > Revenues: 268 activities of rental property and condominium management + 3% / H1-08 o Rental property management portfolio: + 11% / H1-08 o Condominium unit
Slide 45: Cost of risk
6 Cost of risk z Networks: cost of risk under close rein pp Cost of risk H1-09 o Caisses d'Epargne: 22 bp* (14 bp* in 2008) p €2.99bn o Banques Populaires: 49 bp* (34 bp* in 2008) z Corporate & Investment Banking, Asset Management and Financial Services 22% 35% o Conservative approach to the LBO por
Slide 46: A significant amount of exceptional items
6 A significant amount of exceptional items z Goodwill impairment: €996m o Write-downs concentrated in the Real Estate division recognizing assets acquired recently at the height of the business cycle z Gain thanks to the reclassification of deeply subordinated securities (DSS): €1, 485m o Modificat
Slide 47: Interim results of Groupe BPCE (pro forma)
Interim results of Groupe BPCE (pro forma) 6 Net income of €567m from the business divisions in millions of euros O/w business H1-08 O/w business % change H1-09 divisions divisions business div. > Net banking income * 9,699 10,035 8,536 10,415 - 4% > Operating expenses - 8,047 - 7,832 - 8,162 - 7,96
Slide 48: A robust financial structure
6 A robust financial structure Regulatory (in billions of euros) z Tier 1 capital of €36bn * 3 ,0 restatements - 4 ,8 Deductions o Including the contribution from the French state (€4bn Minority - 2 in deeply subordinated securities and €3bn in interests preference shares without voting rights) o Th
Slide 49: A favorable positioning in terms of liquidity
6 A favorable positioning in terms of liquidity z Low level of dependency of the Banque Populaire banks and the Caisses d’Epargne on the financial markets with 84%* of customer loans financed by customer deposits (excluding centralized Livret A deposits) z Portfolio of €55bn in ECB collateral (BPCE/
Slide 50: Long-term ratings
Long-term ratings at a good level that the 6 Group intends to improve still further Long-term ratings (July 31, 2009) A+ stable outlook Aa3 stable outlook A+ stable outlook 50 - Interim results for the first half of 2009 - August 26, 2009
Slide 51: Contents
Contents 1. Introduction 2. Presentation of Groupe BPCE 3. Review of the Group's structured asset portfolios 4. Result of the strategic review of Natixis 5. Asset guarantee in favor of Natixis 6. Interim pro forma results for the first half of the year 7. Conclusion 8. Annexes 51 - Interim results f
Slide 52: Next step: Definition of the strategic plan of BPCE
7 Next step: Definition of the strategic plan of BPCE Define the strategic ambitions of Cultivate the creation of value the core business activities from the new Group Core business projects Cross-functional projects Natixis at the service net banking income Banques Populaires Real Estate Operationa
Slide 53: Cultivate the creation of value from the new Group
7 Cultivate the creation of value from the new Group Plans to create a single payments platform BPCE wants to create a single payments platform for all the Banque Populaire banks and Caisses d’Epargne. This platform will be a front-ranking player both in France and in the wider European market with
Slide 54: Conclusion
7 Conclusion z Reminder of our principal conclusions o The level of provisions booked with respect to the portfolios of structured assets at June 30, 2009 is adequate on the basis of the findings of the third-party audits o Refocusing of Natixis around three strategic businesses: Corporate & Investm
Slide 55: Contents
Contents 1. Introduction 2. Presentation of Groupe BPCE 3. Review of the Group's structured asset portfolios 4. Result of the strategic review of Natixis 5. Asset guarantee in favor of Natixis 6. Interim pro forma results for the first half of the year 7. Conclusion 8. Annexes 55 - Interim results f
Slide 56: Annexes
8 Annexes z Presentation of Groupe BPCE z Results of the business activities o Summary presentation o Breakdown of the business results per o A new central body with prerogatives division reinforced by French law o Retail Banking o Simplified corporate governance structure • Results of the sub-divis
Slide 57: Summary presentation of the new central body
8 Annex - Presentation of Groupe BPCE Summary presentation of the new central body 3 founding principles z Merger between equals based on a decentralized model z Preservation of the two brands and network independence maintained z Equal ownership of the new central body by the 2 networks Creation of
Slide 58: A new central body with prerogatives reinforced by French law
8 Annex - Presentation of Groupe BPCE A new central body with prerogatives reinforced by French law A strong central body, at the service of the Banques Populaires and Caisses d’Epargne networks and of the other affiliated entities (including Natixis) z Define corporate policies and strategic orient
Slide 59: Simplified corporate governance structure for the central body
8 Annex - Presentation of Groupe BPCE Simplified corporate governance structure for the central body z Legal status: French public limited company (société anonyme) governed by a Management Board and a Supervisory Board z Supervisory Board: 18 members • 7 members from the Banques Populaires: Philipp
Slide 60: A respected timetable
8 Annex - Presentation of Groupe BPCE A respected timetable z Feb. 26, 2009 Launch of the project – Appointment of François Pérol z March 16, 2009 Signature of the negotiation agreement z June 19, 2009 Publication in the Official Gazette of the Act dated June 18, 2009 related to the central body of
Slide 61: Organization chart
8 Annex - Presentation of Groupe BPCE Organization chart Groupe BPCE 20% 20% (CICs) 20 17 (CICs) Banques Caisses Populaires 50% 50% d'Epargne BPCE * Other network subs. Insurance subsidiaries and international GCE Insurances Financière Océor CNP Insurances (17.7%) BCP France & Luxembourg S
Slide 62: Principles governing the preparation of the pro forma financial statements
Annex – pro forma financial information 8 Principles governing the preparation of the pro forma financial statements z Merger operation between mutual banking companies o Merger of equals: impossible to identify an acquiring party z Accounting approach based on the historical book values method, wit
Slide 63: Reconciliation of accounts with pro forma statements at June 30, 2009
Annex – pro forma financial information 8 Reconciliation of the consolidated accounts of GCE and GBP with the pro forma financial statements of BPCE at June 30, 2009 – Income statement Groupe Groupe Caisse In millions of euros Banque Restatements Groupe BPCE d'Epargne Populaire NET BANKING INCOME 3
Slide 64: Reconciliation of accounts with pro forma statements at June 30, 2008
Annex – pro forma financial information 8 Reconciliation of the consolidated accounts of GCE and GBP with the pro forma financial statements of BPCE at June 30, 2008 – Income statement Groupe Groupe Caisse Pro forma In millions of euros Banque Restatements d'Epargne Groupe BPCE Populaire NET BANKING
Slide 65: Pro forma balance sheet of BPCE
8 Annex – pro forma financial information Pro forma balance sheet of BPCE At June At December At June At December In millions of euros In millions of euros 30, 2009 31,2008 30, 2009 31,2008 Cash and amounts due from central banks 18 622 19 168 Amounts due to central banks 922 844 Financial assets at
Slide 66: Customer deposits
8 Annex – pro forma financial information Customer deposits June December In millions of euros 30, 2009 31, 2008 Current accounts 89 673 101 499 Accounts and deposits 33 284 35 806 Special savings accounts 204 614 203 166 Repurchase agreements 32 888 26 594 Other due to customers 3 666 3 670 TOTAL 3
Slide 67: Goodwill
8 Annex – pro forma financial information Goodwill At Exchange Disposal of In millions of euros December Impairment Reclass. differences & At June 30, 2009 CACEIS 31, 2008 Other Retail banking 2 128 -169 -93 -3 1 863 Corporate & investment banking, asset 2 988 -467 66 2 587 management and financial
Slide 68: Statement of changes in shareholders' equity
Annex – pro forma financial information 8 Financial structure – Statement of changes in shareholders' equity Equity Perpetual Gains & losses attributable to Share capital & deeply directly In millions of euros equity holders of Reserves subordinated recognized in the parent bonds equity At December
Slide 69: Principal issuers of the Group
8 Annex – pro forma financial information Financial structure – Principal issuers of the Group BPCE: short-term refinancing program Type of instrument Issuer Operator Instruments Currency Ceiling (€m) Certificates of deposit multi 60,000 Regulatory capital (Tier 1 and Tier 2) BPCE Euro Commercial Pa
Slide 70: Breakdown per division
8 Annex – Results of the business activities Breakdown per division Corporate & investment Activities managed on a banking, asset Groupe Retail banking Real Estate Business divisions run-off basis and other management and BPCE businesses financial services In millions of euros H1 - 2009 H1 - 2008 H1
Slide 71: Retail Banking: results of the sub-divisions
8 Annex: Core Businesses – Retail Banking Results of the sub-divisions Other networks and Banques Populaires Caisses d'Epargne Retail banking Change Insurance In millions of euros H1 - 2009 H1 - 2008 H1 - 2009 H1 - 2008 H1 - 2009 H1 - 2008 H1 - 2009 H1 - 2008 % Net banking income 2 864 2 718 2 882 2
Slide 72: Aggregate results of the Banques Populaires
8 Annex: Core Businesses – Retail Banking Aggregate results of the Banques Populaires Change Income Statement (in €m) H1 09 H1 08 in €m As a % Net banking income 3 026 2 936 90 3% Net banking income, excl. mvt provision for EL 2 990 2 900 90 3% Operating expenses -1 953 -1 864 -89 5% Gross operating
Slide 73: Aggregate results of the Caisses d'Epargne
8 Annex: Core Businesses – Retail Banking Aggregate results of the Caisses d’Epargne Change Income Statement (in €m) H1 09 H1 08 in €m As a % Net banking income 3 082 2 931 151 5% Net banking income, excl. mvt provision for EL 3 066 2 877 188 7% Operating expenses -2 211 -2 182 -29 1% Gross operatin
Slide 74: Highlights H1 2009: Banques Populaires
8 Annex: Core Businesses - Retail Banking Highlights H1 2009: Banques Populaires > Continued expansion of the customer base: + 200,000 new customers since the beginning of the year Retail Banking (of which 55% of young people aged 28 or less) Geographical and relational proximity > + 28 net new bran
Slide 75: Highlights H1 2009: Banques Populaires
8 Annex: Core Businesses - Retail Banking Highlights H1 2009: Banques Populaires > Market operating at a national level over the past three years with a view to: > Satisfying our priority customer targets by offering turnkey solutions > Enhancing the efficiency of account advisers (wealth management
Slide 76: Highlights H1 2009: Caisses d'Epargne Retail Banking
8 Annex: Core Businesses - Retail Banking Highlights H1 2009: Caisses d'Epargne – Retail Banking > Trend in savings deposits to secure medium-/long-term products > New inflows (excluding Livret A): + 84% / H1-08 driven by life insurance (+ 27% / H1-08) and the performance on cooperative shares (fund
Slide 77: Highlights H1 2009: Caisses d'Epargne Regional Development Banking
Annex: Core Businesses - Retail Banking 8 Highlights H1 2009: Caisses d'Epargne – Regional Development Banking > Growth in banking services: average aggregate deposits + 7% (vs end of June 2008) Regional > Substantial excess fund inflows of €1.9bn (+ 15% / H1-08), driven by the social economy and so
Slide 78: Insurance
8 Annex: Core Businesses - Retail Banking Insurance z Life insurance: revived dynamic o Revenues: + 15% / H1-08, concentrated on Euro-denominated funds o Excess fund inflows: + 30% / H1-08 o Number of new deals: + 21% / H1-08 Key figures (in €m) z Non-life division: contract portfolio up by more tha
Slide 79: Real Estate: results of the sub-divisions
8 Annex: Core Businesses – Real Estate Results of the sub-divisions Crédit Foncier Real Estate Services Real Estate Change In millions of euros H1 - 2009 H1 - 2008 H1 - 2009 H1 - 2008 H1 - 2009 H1 - 2008 % Net banking income 472 557 654 760 1 126 1 317 -14% Operating expenses -283 -293 -596 -625 -88
Slide 80: Sensitive exposure (excluding Natixis)
Annex – Sensitive exposure (excluding 8 Natixis) Recommendations of the Financial Stability Forum Foreword z The information contained in the following pages is based on the scope of consolidation of Groupe BPCE (excluding Natixis) z For specific details about the sensitive exposures of Natixis, ple
Slide 81: CDOs
Annex – Sensitive exposure (excluding 8 Natixis) CDOs ABS CDOs exposed to the US residential market (unhedged) z Net residual exposure at June 30, 2009: €10m (vs €13m at December 31, 2008) Other CDOs (unhedged) z Net residual exposure at June 30, 2009: €1,950m Breakdown of residual Breakdown of resi
Slide 82: MBS
Annex – Sensitive exposure (excluding 8 Natixis) MBS z CMBS: net residual exposure at June 30, 2009 (excluding Natixis): €431m Breakdown of residual exposure by geographic region Breakdown of residual exposure by rating 61% 43% 39% France Germany UK 30% AAA 3% 9% Italy 9% AA and A 6% Other Europe BB
Slide 83: Protection acquired
8 Annex – Sensitive exposure (excl. Natixis) Protection acquired Breakdown of residual exposure by counterparty z Credit enhancers (monoline) Net residual exposure at June 30, 2009: €50m 27% o Protection acquired from credit enhancers by Crédit Foncier de France are not included for the appraisal of
Slide 84: LBO financing / Conduits
8 Annex – Sensitive exposure (excl. Natixis) LBO financing / Conduits Breakdown by industry z LBO financing Net residual exposure at June 30, 2009 18% €2,771m 22% o Exposure exclusively comprised of shares 17% not intended for sale o Average commitment per deal: €1.8m 7% 23% 4% 4% 3% Services Distri