SOCIETE GENERALE: QUARTERLY FINANCIAL INFORMATION, Q2 2015 and H1 2015
(Thomson Reuters ONE) -
QUARTERLY FINANCIAL INFORMATION
Paris, August 5th, 2015
Q2 15: VERY GOOD SECOND QUARTER
* Strong growth in net banking income: +16.4% at EUR 6.9bn (+8.9%* vs. Q2 14
excluding non-economic items**), with an increase* in all the businesses
* Decline in the cost to income ratio((1)): -0.9 points vs. Q2 14
* Historically low cost of risk((2)) at 44bp in Q2 15 vs. 57bp in Q2 14
* Group net income: EUR 1,351m in Q2 15 (+25.2% vs. Q2 14)
* CET1 ratio of 10.4%, leverage ratio of 3.8% and total capital ratio of
15.2% at the end of Q2 15
* ROE((3)): 10.3%
H1 15: IN LINE WITH THE EXECUTION OF THE STRATEGIC PLAN
* Net banking income: EUR 13.2bn, +14.4% vs. H1 14, (6.7%* vs. H1 14
excluding non-economic items**)
* Cost to income ratio((1)) down -1.4 points vs. H1 14 despite the new
regulatory levies
* Decline in the cost of risk((2)): 49bp in H1 15 vs. 61bp in H1 14
* Book Group net income: EUR 2,219m in H1 15 (EUR 1,248m in H1 14)
EPS((4)): EUR 2.54 in H1 2015 (EUR 1.37 in H1 14)
* When adjusted for changes in Group structure and at constant exchange
rates, adjusted for the impact of costs recognised in NBI in 2014 and recorded
in operating expenses in 2015.
** Excluding non-economic items (revaluation of own financial liabilities and
Debt Value Adjustment) for EUR +53m in Q1 15 and EUR +326m in Q2 15 (EUR -153m
in Q1 14 and EUR -23m in Q2 14) in net banking income, or an impact on Group net
income of respectively EUR +35m in Q1 15 and EUR +213m in Q2 15 (and EUR -100m
in Q1 14; EUR -14m in Q2 14). See methodology notes.
Items relating to financial data for 2014 have been restated due to the
implementation of the IFRIC 21 standard which applies retrospectively as from
January 1st, 2015.
(1) Cost to income ratio excluding non-economic items, PEL/CEL provision and
adjusted for the effect of the implementation of IFRIC 21. The adjustment
relating to IFRIC 21 corrects, for each quarter, 25% of the taxes borne in their
entirety in H1 in respect of the financial year.
(2) Excluding litigation issues, in basis points for assets at the beginning
of the period, including operating leases. Annualised calculation.
(3) Annualised. Excluding non-economic items, collective provisions for
litigation issues, PEL/CEL. See methodology note No. 2.
(4) After deducting interest, net of tax effect, to be paid to holders of
deeply subordinated notes and undated subordinated notes for Q2 15 (respectively
EUR -104 million and EUR +3 million), and correction of the effect of capital
gains/losses on partial buybacks recorded during the quarter (nil in Q2 15), or
in H1 15 EUR -219 million for deeply subordinated notes, EUR +4 million for
undated subordinated notes, and 0 for capital gains/losses. See methodology note
No. 3. Excluding the revaluation of own financial liabilities, and DVA (Debt
Value Adjustment on financial instruments as a result of the implementation of
IFRS 13), earnings per share amounts to EUR 2.22, after deducting interest
payable to holders of deeply subordinated notes and undated subordinated notes.
Societe Generale's Board of Directors met on August 4th, 2015 under the
chairmanship of Lorenzo Bini Smaghi and examined the results for Q2 and H1 2015.
The Group's net banking income totalled EUR 6,869 million in Q2 2015 (up +16.4%
vs. Q2 2014), taking net banking income for H1 2015 to EUR 13,222 million
(+14.4% vs. the previous year and +11.5%* when adjusted for changes in Group
structure and at constant exchange rates). When restated for non-economic
items**, second quarter net banking income amounted to EUR 6,543 million (+8.9%*
vs. Q2 2014), with an increase in all the businesses (when adjusted for changes
in Group structure and at constant exchange rates). In H1, it was EUR 12,843
million, up +6.7%* vs. H1 2014.
Group net income was EUR 2,219 million in H1 2015, up +77.8% vs. H1 2014,
including EUR 1,351 million for Q2 (+25.2% vs. Q2 14).
The Group has concluded a very positive second quarter in terms of commercial
activity, in line with the beginning of the year. In a still very low interest
rate environment, French Retail Banking continued to win new customers, while
International Retail Banking & Financial Services' revenues grew* in all
activities excluding Russia. In Global Banking & Investor Solutions, Q2 provided
further confirmation of the trends observed at the beginning of the year, with
significant growth in Financing & Advisory and Global Markets and Investor
Services.
Operating expenses remained under control, with a cost to income ratio[1] down
-0.9 points in Q2 2015 vs. Q2 2014, and -1.4 points in H1 vs. the same period
the previous year, despite new contributions to Resolution Funds in Europe. With
the cost savings plan decided in 2012 having fulfilled its objectives, the Group
is embarking on new operating efficiency measures aimed at reducing its costs by
an additional EUR 850 million by end-2017.
The net cost of risk includes a new collective provision for litigation issues
of EUR 200 million, taking this provision to EUR 1.3 billion in total at end-
June 2015. The commercial cost of risk[2] continued to decline, to 44 basis
points in Q2 2015 and 49 basis points in H1, down by respectively -13 and -12
basis points vs. the same periods in 2014, and is therefore below the targets
set out in the strategic plan for end-2016 (55-60 basis points).
Finally, the Group provided further evidence of the robustness of its balance
sheet, with a "Basel 3" Common Equity Tier 1 (CET1) ratio of 10.4%(([3])), up
+31 basis points vs. March 31st, 2015, a leverage ratio of 3.8% and a total
capital ratio of 15.2%. It has therefore exceeded the targets set for end-2016
and has confirmed its intention to continue to strengthen its ratios. The CET 1
ratio is now expected to be around 11% at end-2016, with a leverage ratio
between 4% and 4.5%. The target for the total capital ratio is set above 18% for
end-2017 in anticipation of the regulatory deadlines related to the TLAC.
The Group's ROE[4]stood at 10.3% in Q2 and 9.7% in H1, close to the target of
10% announced for end-2016.
Commenting on the Group's results for H1 2015, Frédéric Oudéa - Chief Executive
Officer - stated:
"With Group net income of EUR 2.2 billion in H1 2015, substantially higher, the
Societe Generale Group has produced a good performance, illustrating its ability
to execute its strategic plan in a disciplined manner. Commercial activity was
very dynamic in all the businesses due to the teams' proactive stance in serving
customers. The cost of risk continued to decline and the capital structure was
further strengthened.
Mid-term, the Group is on track to achieve all the targets set. All the Group's
businesses have posted earnings in line with or above the targets, with the
exception of Russia where the situation is gradually normalising.
In the coming months, the Group will continue to develop in its strategic areas,
capitalising on the rebound in the European economy, and adapt to the
technological and regulatory changes through the rollout of its digital strategy
and the continuation of its operating efficiency efforts.
Drawing on the strengths and consistency of its business model and despite a
very restrictive regulatory environment for banks, Societe Generale has
demonstrated its ability to structurally generate profitable growth and create
value for its shareholders."
1 - GROUP consolidated results
--------- ---------
In EUR m Q2 14 Q2 15 Change H1 14 H1 15 Change
--------- ---------
Net banking 5,900 6,869 +16.4% +14.8%* 11,556 13,222 +14.4% +11.5%*
income
Net banking 5,923 6,543 +10.5% +8.9%* 11,550 12,843 +11.2% +6.7%*
income (1)
Operating (3,832) (4,124) +7.6% +5.4%* (7,905) (8,566) +8.4% +4.6%*
expenses
Gross operating 2,068 2,745 +32.7% +32.5%* 3,651 4,656 +27.5% +27.0%*
income
Gross operating income (1) 4,277 +17.3% +11.3%*
2,091 2,419 +15,7% +15,5% 3,827
Net cost of risk (752) (724) -3.7% -2.2%* (1,419) (1,337) -5.8% -4.1%*
Operating income 1,316 2,021 +53.6% +51.5%* 2,232 3,319 +48.7% +45.9%*
Operating income 1,339 1,695 +26.6% +25.1%* 2,226 2,940 +32.1% +20.0%*
(1)
Net profits or 202 (7) NM NM* 200 (41) NM NM*
losses from
other assets
Impairment 0 0 NM NM* (525) 0 NM NM*
losses on
goodwill
Reported Group 1,079 1,351 +25.2% +24.1%* 1,248 2,219 +77.8% +73.5%*
net income
Group net income 1,094 1,137 +4.0% +3.1%* 1,363 1,970 +44.5% +41.5%*
(1)
Group ROE (after 9.3% 11.2% 5.1% 9.1%
tax)
1. Adjusted for revaluation of own financial liabilities and DVA
Net banking income
The Group's net banking income totalled EUR 6,869 million in Q2 15, up +14.8%*
vs. Q2 14 and EUR 13,222 million in H1 15, or an increase of +11.5%* vs. H1
14.
Excluding non-economic items, the Group's net banking income was up +8.9%* vs.
Q2 14 (at EUR 6,543 million in Q2 15), and +6.7%* in H1 2015 vs. the
same period the previous year (at EUR 12,843 million) on the back of the
dynamic growth in the revenues of all activities excluding Russia.
* French Retail Banking (RBDF) revenues rose +1.9% in Q2 15 vs. Q2 14, and
+3.1% in H1 vs. H1 2014, excluding the PEL/CEL provision (and respectively
+4.2% and +1.7% in absolute terms). In an environment of still very low
interest rates, French Retail Banking provided further confirmation of its
commercial dynamism with growth in outstanding deposits and loans, and a
proactive approach to winning new customers.
* International Retail Banking & Financial Services (IBFS) provided further
evidence of its good revenue performance: overall, the pillar's revenues
rose +1.6%* in Q2 15 vs. Q2 14, and +2.1%* in H1 15 vs. H1 14. Financial
Services to Corporates and Insurance were significant contributors to this
performance, with net banking income up +10.2%* vs. Q2 14 (and +11.5%* in H1
15 vs. H1 14). Overall, net banking income shrank -2.6%* in International
Retail Banking in Q2 15 vs. Q2 14 (-2.3%* in H1 15 vs. H1 14). The business'
revenues were adversely affected by persistently weak activity in Russia (-
30.1%* in Q2 15 vs. Q2 14 and -33.2%* between H1 14 and H1 15).
Revenues were healthy in the other regions of activity: up +2.7%* in Europe
between Q2 14 and Q2 15 (+2.6%* in H1 15 vs. H1 14), and +4.6%* in Africa,
Asia and the Middle East in Q2 15 vs. Q2 14 (or +5.9%* in H1 15 vs. H1 14).
* After a good Q1, Global Banking & Investor Solutions (GBIS) posted revenues
up +9.6%* in Q2 15 vs. Q2 14, or an increase of +8.7%* in H1 15, driven by
healthy Equity activities and the very good performance of Financing &
Advisory.
The accounting impact of the revaluation of the Group's own financial
liabilities was EUR +312 million in Q2 15 (EUR -21 million in Q2 14), or EUR
+374 million for H1 15 (EUR -179 million in H1 14). The DVA impact (see
methodology note No. 7) totalled EUR +14 million over the period vs. EUR -2
million in 2014 (respectively EUR +5 million in H1 15 and EUR +3 million in H1
14). These two factors constitute the restated non-economic items in the
analyses of the Group's results.
Operating expenses
The Group's operating expenses amounted to EUR 4,124 million in Q2 15 vs. EUR
3,832 million in Q2 14, taking the total to EUR 8,566 million in H1 2015 vs.
EUR 7,905 million in H1 2014. Operating expenses take account of the change in
accounting method caused by the implementation of the IFRIC 21 standard. This
has resulted in a number of costs, which would have been smoothed over the year
according to previous accounting standards, being recognised in one instalment.
When corrected for the effects of the implementation of this new standard, non-
economic items and the variation in PEL/CEL provisions, the Group's cost to
income ratio declined by -0.9 points between Q2 14 and Q2 15, and by -1.4 points
between H1 14 and H1 15.
The Group continued with the disciplined execution of its savings plan and the
optimisation of its costs: at the end of H1, 97% of the savings provided for in
the current plan had therefore been secured.
After the success of the plan initiated in 2012, the Group is embarking on a new
phase of its cost control plan. Projects to simplify the organisational
structure, improve efficiency, reinforce controls on externalised costs and
review and simplify transactions with customers will enable the Group to
generate EUR -850 million of additional savings by 2017.
Operating income
The Group's gross operating income amounted to EUR 2,745 million in Q2 15, vs.
EUR 2,068 million in Q2 14, up +32.5%*. Gross operating income rose +27.0%* to
EUR 4,656 million in H1 15 vs. H1 14. If non-economic items are stripped out,
gross operating income rose +15.5%* in Q2 15 vs. Q2 14 and +11.3%* in H1 15 vs.
H1 14.
The Group's net cost of risk amounted to EUR -724 million in Q2 15, down -2.2%*
vs. Q2 14. It included a new collective provision for litigation issues,
amounting to EUR -200 million in Q2 15, taking the total for this provision to
EUR 1.3 billion.
The Group's commercial cost of risk (expressed as a fraction of outstanding
loans) confirmed its downtrend, in line with the 2016 target. It stood at 44(1)
basis points in Q2 15 vs. 55 basis points in Q1 15.
* In French Retail Banking, the commercial cost of risk was sharply lower at
38 basis points (vs. 47 basis points in Q1 15), on the back of a significant
improvement for business customers and a slight decline for individual
customers.
* At 96 basis points (vs. 118 basis points in Q1 15), International Retail
Banking & Financial Services' cost of risk was substantially lower. There
was a significant improvement in the Mediterranean Basin and Africa. In
Russia, the portfolio was resilient despite the ongoing challenging economic
environment. In Europe, the cost of risk was stable at 71 basis points. In
Romania, there was a slight increase in the cost of risk after a low point
in Q1 15. However, it remains in line with the 2015 target.
* Global Banking & Investor Solutions' cost of risk remained low in Q2 15 at
10 basis points (vs. 12 basis points in Q1 15), confirming the quality of
the loan portfolio.
The commercial cost of risk(1) stood at 61 basis points for H1 2014. It declined
to 49 basis points in H1 15. The net cost of risk was EUR -1,337 million in
H1 15 vs. EUR -1,419 million in H1 14.
The gross doubtful outstandings ratio, excluding legacy assets, was 5.3% at end-
June 2015 (vs. 5.9% at end-June 2014). The Group's gross coverage ratio for
doubtful outstandings stood at 63%, up +1 point vs. end-June 2014.
The Group's operating income totalled EUR 2,021 million in Q2 15 and EUR 3,319
million in H1 15, up by respectively +51.5%* and +45.9%* vs. the same periods
the previous year, due primarily to the growth in gross operating income.
Net income
After taking into account tax (the Group's effective tax rate was 29.6% in Q2
15 and 29.5% in H1 15) and the contribution of non-controlling interests, Group
net income totalled EUR 1,351 million in Q2 15 and EUR 2,219 million in H1 15.
Group net income was EUR 1,079 million in Q2 14, with an effective tax rate of
26.5% and EUR 1,248 million for H1 14, with an effective tax rate of 24.9%.
When corrected for non-economic items (revaluation of own financial liabilities
and DVA)(2), Group net income amounted to EUR 1,137 million in Q2 15 vs. EUR
1,094 million in Q2 14, taking the total to EUR 1,970 million in H1 15 vs. EUR
1,363 million in H1 14.
The Group's ROE(3) stood at 9.7% for H1 15 and 10.3% in Q2 15 (respectively
9.1% and 11.2% in absolute terms).
Earnings per share amounts to EUR 2.54 in H1 15, after deducting interest
payable to holders of deeply subordinated notes and undated subordinated
notes(4). If the revaluation of own financial liabilities and DVA are stripped
out, earnings per share amounts to EUR 2.22, after deducting interest payable to
holders of deeply subordinated notes and undated subordinated notes. This is the
basis for the calculation of the proposed dividend distribution submitted to the
Annual General Meeting (50% payout ratio).
2 - the GROUP's financial structure
Group shareholders' equity totalled EUR 56.1 billion(1) at June 30th, 2015 (EUR
55.2 billion at December 31st, 2014) and tangible net asset value per share was
EUR 53.17, corresponding to net asset value per share of EUR 59.64, including
EUR 1.44 of unrealised capital gains.
The consolidated balance sheet totalled EUR 1,360 billion at June 30th, 2015
(EUR 1,308 billion at December 31st, 2014). The net amount of customer loans,
including lease financing, was EUR 397 billion (EUR 370 billion at December
31st, 2014). At the same time, customer deposits amounted to EUR 354 billion vs.
EUR 328 billion at December 31st, 2014 (excluding securities sold under
repurchase agreements).
In H1 2015, the Group issued EUR 17.8 billion of medium/long-term debt with EUR
13.8 billion at parent company level and EUR 4.0 billion by the subsidiaries (in
respect of a financing programme of EUR 25 billion to EUR 27 billion in 2015),
having an average maturity of 4.2 years and an average spread of 23.3 basis
points (vs. the 6-month mid-swap, excluding subordinated debt). The LCR
(Liquidity Coverage Ratio) was higher than at end-2014 and was well above
regulatory requirements. The LCR amounted to 128% at end-June 2015 vs. 118% at
end-2014.
The Group's risk-weighted assets amounted to EUR 361 billion at June 30th, 2015
(vs. EUR 353 billion at end-December 2014) according to CRR/CRD4 rules. Risk-
weighted assets in respect of credit risk represent more than 80% of the total.
At June 30th, 2015, the Group's Common Equity Tier 1 ratio(2) had risen by 31
basis points in Q2 15 and stood at 10.4%(3) (10.1% at end-December 2014). The
Tier 1 ratio was 12.7% (12.6% at end-December 2014) and the total capital ratio
amounted to 15.2% at end-June 2015 (14.3% at end-December 2014). The Group
proceeded to dispose of treasury shares (8.987 million shares, or around 1% of
the shares), carried out at an average disposal price of EUR 43.914 per share.
This operation had no impact on the Group's income statement, the result being
recorded in full under shareholders' equity in the accounts (impact of +13 basis
points on the Group's CET1 ratio in Q2 15).
In order to prepare for the new regulatory obligations by 2019 (TLAC) and
increase its leeway, the Group has decided to raise its capital targets: the
Group's Common Equity Tier 1(2) ratio target at end-2016 is now a ratio close to
11%, for a total capital ratio target of over 18% at end-2017.
The leverage ratio stood at 3.8%((2) )at end-June 2015 (3.8% at end-December
2014). The leverage ratio target has also been raised to 4% - 4.5% at end-2016.
The Group is rated by the rating agencies DBRS (long-term rating: "AA (low)" on
negative watch since May 20th, 2015; short-term rating: "R-1 (middle)" with a
stable outlook), FitchRatings (long-term rating: "A" with a stable outlook -
outlook raised on May 19th, 2015; short-term rating: "F1"), Moody's (deposit and
senior unsecured long-term ratings: "A2" with a stable outlook; short-term
rating: "P-1" and attribution of a long-term Counterparty Risk Assessment of
"A1" and short-term Counterparty Risk Assessment of "P-1" on May 28th, 2015),
Standard & Poor's (long-term rating: "A" with a negative outlook; short-term
rating: "A-1") and R&I (attribution of a long-term rating of "A" with a stable
outlook on May 20th, 2015).
3 - FrENCH RETAIL BANKING
--------- ---------
In EUR m Q2 14 Q2 15 Change H1 14 H1 15 Change
--------- ---------
Net banking income 2,066 2,153 +4.2% 4,139 4,208 +1.7%
Net banking income ex. PEL/CEL 2,080 2,119 +1.9% 4,154 4,283 +3.1%
Operating expenses (1,269) (1,304) +2.8% (2,649) (2,695) +1.7%
Gross operating income 797 849 +6.5% 1,490 1,513 +1.5%
Gross operating income ex. 811 815 +0.5% 1,505 1,588 +5.5%
PEL/CEL
Net cost of risk (269) (183) -32.0% (501) (413) -17.6%
Operating income 528 666 +26.1% 989 1,100 +11.2%
Group net income 348 419 +20.4% 639 692 +8.3%
Group net income ex.PEL/CEL 357 399 +11.8% 649 739 +13.9%
ROE 13.8% 17.1% 12.6% 14.1%
In Q2 and H1 15, French Retail Banking posted an excellent financial performance
on the back of strong commercial performances.
The expansion of the customer base observed in H1 15, particularly for mass
affluent and high net worth clients, reinforced the value of the business model
of the three competing and complementary retail banking brands. The number of
net openings of current accounts for individual customers was higher for all
three brands (Societe Generale, Crédit du Nord and Boursorama), having increased
+69.8% in Q2 and +69.1% in H1 (+185,000 in H1, including +81,000 in Q2).
Moreover, Boursorama had 676,000 customers in France at end-June 2015.
In line with previous quarters, outstanding balance sheet deposits rose +5.6%
vs. Q2 14 to EUR 170.8 billion (average outstandings). This
performance was driven by sight deposit inflow, which increased +13.9% vs. Q2
14. At the same time, gross life insurance inflow was up +17.2% vs. Q2 14 and
+8.5% vs. H1 14, with a unit-linked subscription rate in gross inflow for Q2 and
H1 15 of 22%.
The trends observed on production and outstanding loans reflect an improved
outlook. Loan production was up +61.3% in H1 15 vs. H1 14 and average
outstanding loans amounted to EUR 176.7 billion, an increase of +1.3% vs. Q2
14. The average loan/deposit ratio amounted to 103% in Q2 15 vs. 108% in Q2 14,
thereby improving by 5 points year-on-year.
The current commercial dynamism resulted in revenues up +1.9% in Q2 15 vs. Q2
14, after neutralisation of the impact of PEL/CEL provisions. French Retail
Banking revenues, excluding the PEL/CEL effect, were also higher (+3.1%) in H1
15 than in H1 14. Excluding the PEL/CEL effect, the interest margin was up
+0.7% vs. Q2 14 and +3.5% vs. H1 14 with, in particular, the increase in
outstanding deposits and loans and the good level of loan margins offsetting the
effects of low interest rates. Commissions were also higher than in Q2 14
(+3.6%) and H1 14 (+2.5%), underpinned by strong commercial activity and the
development of synergies with the Group's other businesses.
Operating expenses were up +2.8% vs. Q2 14 (which included positive non-
recurring items) and +1.7% vs. H1 14, due primarily to the implementation of the
European Single Resolution Fund. However, the increase in operating expenses was
lower than the growth in NBI, resulting in French Retail Banking posting a cost
to income ratio of 62.2%, excluding the PEL/CEL effect and restated for 50% of
the impact of the implementation of the IFRIC 21 standard.
The net cost of risk was substantially lower (-32.0% between Q2 14 and Q2 15 and
-17.6% between H1 14 and H1 15).
Excluding the PEL/CEL effect, French Retail Banking's contribution to Group net
income totalled EUR 399 million in Q2 15, up +11.8% vs. Q2 14, and EUR 739
million in H1 15, up +13.9% vs. H1 14.
4 - InternationaL RETAIL BANKING & FINANCIAL SERVICES
In Q2 15, the division posted a substantial increase in revenues in all the
businesses and regions with the exception of Russia (+1.6%* vs. Q2 14 at EUR
1,854 million, +6.0%* restated for International Retail Banking activities in
Russia). Over the same period, operating expenses amounted to EUR
-1,047 million, up +3.6%* due to the development of fast growing activities
(Africa, Insurance and ALD) and the contribution to the local resolution fund in
the Czech Republic. Gross operating income totalled EUR 807 million and the
cost to income ratio stood at 56.5%. Over the same period, there was a general
improvement in the cost of risk which was down -3.8%*. The division's
contribution to Group net income came to EUR 312 million in Q2 15, slightly
lower than in Q2 14 (EUR 334 million) given the loss realised in Russia; the
contribution was higher in all the division's other activities.
Revenues totalled EUR 3,636 million in H1 2015, up +2.1%* vs. H1 14. Operating
income amounted to EUR 812 million (+1.9%*) and the contribution to Group net
income came to EUR 451 million.
--------- ---------
In EUR m Q2 14 Q2 15 Change H1 14 H1 15 Change
--------- ---------
Net banking 1,887 1,854 -1.7% +1.6%* 3,677 3,636 -1.1% +2.1%*
income
Operating (1,041) (1,047) +0.6% +3.6%* (2,160) (2,204) +2.0% +4.8%*
expenses
Gross operating 846 807 -4.6% -0.9%* 1,517 1,432 -5.6% -1.6%*
income
Net cost of risk (312) (287) -8.0% -3.8%* (690) (620) -10.1% -6.0%*
Operating income 534 520 -2.6% +0.7%* 827 812 -1.8% +1.9%*
Net profits or 0 (1) NM NM* 3 (26) NM NM*
losses from
other assets
Impairment 0 0 NM NM* (525) 0 NM NM*
losses on
goodwill
Group net income 334 312 -6.6% -2.9% (9) 451 NM NM*
ROE 14.3% 12.9% NM 9.4%
International Retail Banking
For International Retail Banking, the second quarter generally saw a
continuation of the trend observed at the beginning of 2015. At EUR 77.3
billion, outstanding loans were up +1.5%* vs. Q2 14. Commercial performances
were very good in the Czech Republic, Germany and Africa whereas outstandings
were lower in Russia and Romania.
Outstanding deposits continued to enjoy buoyant growth (+6.2%*) and therefore
totalled EUR 69.6 billion at end-June 2015. Inflow remained very strong in
Central and Eastern European countries and in Sub-Saharan Africa.
In Q2 15, International Retail Banking's substantially higher revenues in
Western Europe, Central and Eastern Europe and Africa partially offset the
decline in Russia. Revenues were therefore slightly lower (-2.6%* at EUR 1,261
million). Over the same period, the business posted gross operating income of
EUR 462 million and a contribution to Group net income of EUR 109 million, down
-18.2%* due to Russia's negative contribution. In H1 15, International Retail
Banking's revenues totalled EUR 2,471 million and the contribution to Group
net income came to EUR 129 million compared to a loss of EUR -343 million in H1
14, after taking account of the total write-down of the goodwill on the Russian
activities.
In Western Europe, where the division has operations in Germany, Italy and
France, exclusively in consumer finance, outstanding loans were up +3.3%* vs. Q2
14 at EUR 14.1 billion, on the back of the healthy commercial momentum in
Germany (+9.3%*). The region posted revenues of EUR 176 million and gross
operating income of EUR 88 million in Q2 15. The contribution to Group net
income was double the figure for Q2 14 at EUR 35 million (x 2.2%*).
In the Czech Republic, the Komercni Banka Group (KB) enjoyed a solid commercial
momentum in Q2 15, with outstanding loans growing +6.7%* vs. Q2 14 to EUR 18.9
billion. Over the same period, deposit inflow remained strong, with outstandings
increasing +6.3%* to EUR 24.2 billion. Revenues were stable* in Q2 15 vs. Q2 14
at EUR 256 million. Operating expenses amounted to EUR 147 million in Q2 15,
higher than in Q2 14 (+13.8%*) due to the new contribution to the local
resolution fund. The contribution to Group net income came to EUR 52 million (-
6.2%* vs. Q2 14) and continued to benefit from a low cost of risk.
In Romania, despite the improvement in the economic environment, loan demand
remained moderate. Against this backdrop, the BRD Group's outstanding loans
remained down -1.6%* vs. Q2 14 at EUR 6.2 billion. Deposit inflow remained
high in Q2 15, with outstandings increasing +11.6%* to EUR 8.5 billion. The BRD
Group's revenues remained lower in Q2 at EUR 128 million (down -7.7%* vs. Q2
14) on the back of lower loan volumes and margin pressure. The BRD Group made a
positive contribution of EUR 8 million in Q2 15 due to the rigorous control of
operating expenses (+0.2%*) and a sharp reduction in the cost of risk (-39.1%*).
In Russia, in a still strained market environment, outstanding loans were down
-15.0%* vs. Q2 14 at EUR 9.4 billion due to an increasingly selective
approach in loan production. However, loan production levels are gradually
normalising (car financing, mortgages). At the same time, outstanding deposits
were down -7.6%* vs. Q2 14 at EUR 7.4 billion, whereas the SG Russia entity's
liquidity position was strong. Against this backdrop, net banking income
declined -30.1%* vs. Q2 14 to EUR 161 million, but improved significantly in Q2
15 vs. Q1 15 (+15.8%*) due to the margin recovery under way. Costs totalled EUR
165 million, representing a further decline (-1.7%* vs. Q2 14 and -6.9%* vs. Q1
15), notably with the reduction of the workforce by 1,200 FTE in Q2. Rosbank's
contribution in International Retail Banking & Financial Services came to EUR
-61 million (breakeven contribution in Q2 14). All in all, the SG Russia(1)
operation's contribution to Group net income was a EUR -45 million loss in Q2
15, an improvement compared with the contribution in Q1 15 (EUR -91 million).
In the other European countries, the Group maintained a strong inflow in Q2 15
for both deposits, up +16.1%* at EUR 10.6 billion and loans, up +5.0%* at EUR
11.1 billion. Revenues were 10.7%* higher in Q2 15 than in Q2 14 at EUR 178
million while operating expenses remained under control at EUR 112 million
(-1.0%* vs. Q2 14). The contribution to Group net income came to EUR 31 million
in Q2 15, substantially higher than in Q2 14 (+37.2%*).
In Africa and the other regions where the Group operates, outstanding loans rose
+4.5%* overall in Q2 15 vs. Q2 14 to EUR 17.7 billion, rising sharply in Sub-
Saharan Africa (+16.1%*) and more moderately in the Mediterranean Basin
(+4.1%*). Over the same period, outstanding deposits increased +5.2%* overall.
Revenues totalled EUR 362 million in Q2 15, up +4.6%* vs. Q2 14. Operating
expenses were higher than in Q2 14 (+7.5%*) at EUR 211 million, in conjunction
with the expansion of the business in Africa. The cost of risk declined -9.5%*
over the period. As a result, the contribution to Group net income totalled EUR
44 million in Q2 15, substantially higher (+15.9%*) than in Q2 14.
Insurance
The Insurance business maintained a healthy commercial momentum in Q2 15,
continuing in the same vein as Q1 15.
Net savings inflow came to EUR 0.7 billion in Q2 15, with a substantial
proportion of unit-linked products (81%). Life insurance outstandings rose
+7.0%* vs. Q2 14 to EUR 93.2 billion.
In terms of Protection (Personal and Property/Casualty insurance), premiums
totalled EUR 318 million in Q2 15 (2.7%* higher than in Q2 14), on the back of
significant growth in France over the period (+8.5%).
Net banking income totalled EUR 205 million in Q2 15 (+8.1%* vs. Q2 14) and EUR
410 million in H1 15 (+10.9% vs. H1 14). The Insurance business'
contribution to Group net income amounted to EUR 88 million in Q2 15 (+6.0%* vs.
Q2 14) and EUR 158 million in H1 15 (+9.3%* vs. H1 14).
Financial Services to Corporates
Financial Services to Corporates enjoyed a buoyant commercial momentum and
strong earnings growth in H1 2015.
Operational Vehicle Leasing and Fleet Management provided further evidence of
the solid growth in its vehicle fleet in Q2 15 (+6.2%(1) vs. Q2 14) with 1.15
million vehicles due to continued organic growth. It therefore maintained its
leadership position in Europe and globally.
Equipment Finance enjoyed a good level of new business in Q2 15 (up +6.3%* vs.
Q2 14), which was particularly healthy in Germany. Outstanding loans totalled
EUR 15.6 billion (excluding factoring), up +4.1%* vs. Q2 14.
Financial Services to Corporates' revenues rose +11.4%* in Q2 15 vs. Q2 14 to
EUR 382 million. Over the same period, good control of operating expenses
(+8.3%*) resulted in a +14.6%* increase in gross operating income. The
contribution to Group net income was up +12.4%* at EUR 118 million in Q2 15. In
H1 2015, revenues came to EUR 746 million and the contribution to Group net
income amounted to EUR 227 million (+19.3%* vs. H1 14).
5 - GLOBAL BANKING & INVESTOR SOLUTIONS
--------- ---------
In EUR m Q2 14 Q2 15 Change H1 14 H1 15 Change
--------- ---------
Net banking 2,295 2,675 +16.6% +9.6%* 4,422 5,265 +19.1% +8.7%*
income
Operating (1,546) (1,760) +13.8% +6.2%* (3,084) (3,634) +17.8% +6.0%*
expenses
Gross 749 915 +22.2% +16.9%* 1,338 1,631 +21.9% +15.3%*
operating
income
Net cost of 28 (56) NM NM* (26) (106) x4.1 x 3.3*
risk
Operating 777 859 +10.6% +6.2%* 1,312 1,525 +16.2% +10.4%*
income
Group net 601 691 +15.0% +11.1%* 1,031 1,213 +17.7% +12.2%*
income
ROE 18.9% 17.8% 16.4% 16.7%
Global Banking & Investor Solutions saw the healthy commercial trend in Q1
continue in Q2 15: accordingly, revenues rose +16.6% vs. Q2 14 to EUR 2,675
million, on the back of the commercial dynamism of the different activities and
a positive currency impact. When adjusted for changes in Group structure and at
constant exchange rates, the increase in revenues was strong, at +9.6%*.
Net banking income amounted to EUR 5,265 million in H1 2015, representing a
solid increase of +19.1%, (+8.7%*) year-on-year.
Global Markets & Investor Services
The Global Markets & Investor Services business posted revenues of EUR 1,732
million in Q2 15, up +16.2% vs. Q2 14 (and +20.6% in H1 15 at EUR 3,502 million
(+7.8%*)).
The second quarter was marked by tensions in the European debt market, resulting
in an increase in risk premiums and particularly volatile interest rates,
adversely affecting part of Fixed Income, Currencies & Commodities activities.
Equity activities progressed in a more favourable environment providing an
opportunity to affirm the expertise of all the businesses by meeting clients'
growing needs.
* Equity activities turned in a very good performance in Q2 15, with revenues
up +61.1% vs. Q2 14 at EUR 799 million (+63% restated for CVA/DVA impacts),
and an increase of +45.0% in H1 15. All the activities provided further
confirmation of the healthy trend in Q1 15, posting a strong rise in
revenues vs. Q2 14, notably in Europe and Asia. Cash equity activities
benefited from a dynamic primary market while Listed activities maintained
their No. 1 position in warrants in Q2 15 with a 13.5% market share (vs.
12.5% at end-March 2015). Derivatives continued their excellent performance,
posting a high level of revenues. Structured products enjoyed significant
growth, mainly in Asia and the United States on the back of considerable
investor interest.
* Fixed Income, Currencies & Commodities posted revenues down -14.6% in Q2 15
(-18% restated for CVA/DVA impacts) and -9.2% in H1 15. Players' "wait-and-
see attitude" and reduced market liquidity in Q2 had a negative impact on
rate and credit activities which posted lower revenues. However, the decline
was partially offset by the good performance of currency activities driven
by Corporate clients' growing hedging requirements and the healthy growth of
structured products.
* Prime Services' revenues were sharply higher (+40.6%) at EUR 142 million in
Q2 15 (and +32.4% in H1 15 at EUR 286 million), bolstered by a favourable
environment and driven notably by solid revenues in the Equities segment in
Europe and new clients won.
* Securities Services' assets under custody were up 5% at EUR 3,971 billion
year-on-year. At the same time, assets under administration increased +19%
to EUR 604 billion. Securities Services' revenues were up +4.5% in H1 15 vs.
H1 14 at EUR 372 million.
Financing & Advisory
At EUR 685 million, Financing & Advisory's revenues were substantially higher
(+25.5%) than in Q2 14 (+23% restated for CVA/DVA impacts). Natural resources
financing enjoyed an excellent quarter marked by major project financing
transactions while export and infrastructure financing also contributed to the
business line's good results. Q2 15 was also marked by the strong commercial
dynamism of investment banking activities, notably ECM activities, whereas a
"wait-and-see attitude" prevailed in the debt markets in an uncertain
environment related to Greece. Financing activities once again demonstrated
their excellent commercial dynamism: the total amount of transactions originated
was up by around +50% vs. H1 14, with the conclusion of several emblematic
deals.
The business' expertise was once again recognised with the prestigious title of
"Best Export Finance Bank" in the Best in Class Awards hosted by Trade Export
Finance (June 2015).
Revenues were up +20.8% at EUR 1,207 million in H1 15.
Asset and Wealth Management
The revenues of the Asset and Wealth Management business line totalled EUR 258
million in Q2 15, stable in absolute terms vs. Q2 14, and up +1.6%* when
adjusted for changes in Group structure and at constant exchange rates. The
increase amounted to +9.2%* in H1.
Private Banking's assets under management totalled EUR 116.5 billion at end-June
2015, up 0.7% vs. H1 14 due to positive net inflow and favourable market
effects. Net banking income rose +2.1%* in Q2 15 and +11.0%* in H1 15 to EUR
440 million, reflecting the commercial dynamism of all the franchises. Societe
Generale confirmed its status as "Best Private Bank in Europe", being awarded
the title by Private Banker International magazine, an award that comes on top
of the award received in April from WealthBriefing.
The gross margin stood at 110 basis points in H1 15.
Driven by strong inflow of EUR +6.0 billion mainly in ETFs, Lyxor's assets under
management ended H1 15 at EUR 99.5 billion. Lyxor confirmed its No. 3 ranking in
ETFs in Europe, increasing its market share (11.1% at end-June 2015 vs. 10.6% in
December 2014). Lyxor's revenues totalled EUR 52 million in Q2 15, up +4.0% vs.
Q2 14 (+6.1% at EUR 104 million in H1 15).
Operating expenses
In Q2 15, Global Banking & Investor Solutions' operating expenses increased more
slowly than revenues, with a year-on-year rise of +13.8%, (+6.2%*), reflecting
the ongoing investment programme and the growth in the businesses. Operating
expenses were up +17.8%, (6.0%*), in H1 15, adversely affected by the
contribution to the Single Resolution Fund (EUR 100 million, recognised in its
entirety in the first quarter in accordance with the IFRIC 21 standard). When
restated for this implementation (equitable distribution of taxes subject to the
IFRIC 21 standard over the year, and therefore inclusion amounting to 50% in H1
15), the Group provided further confirmation of its operating efficiency, with a
pro forma cost to income ratio of 67.3%, in line with the targets of the
strategic plan.
Operating income
Gross operating income was substantially higher (+22.2%) in Q2 15 at EUR 915
million (+16.9%*). In H1 15, the increase amounted to +21.9% at EUR 1,631
million (+15.3%*).
The net cost of risk remained low at EUR -106 million in H1 15, reflecting the
quality and diversification of the portfolios, vs. EUR -26 million in H1 14
following provision write-backs in Q2 14.
The division's operating income totalled EUR 1,525 million in H1 15, a
substantial increase year-on-year of +16.2%, (+10.4%*).
Net income
Global Banking & Investor Solutions' three business lines enjoyed significant
growth compared with the same period last year.
There was an increase in the division's contribution to Group net income which
amounted to EUR 691 million in Q2 15 (+15.0% vs. Q2 14) and EUR 1,213
million in H1 15, up +17.7%.
Pro forma for the IFRIC 21 impact, ROE amounted to 17.5% in H1 15 vs. 16.8% in
H1 14.
6 - CORPORATE CENTRE
--------- --------
In EUR m Q2 14 Q2 15 H1 14 H1 15
--------- --------
Net banking income (348) 187 (682) 113
Net banking income (1) (325) (139) (506) (266)
Operating expenses 24 (13) (12) (33)
Gross operating income (324) 174 (694) 80
Gross operating income (1) (301) (152) (518) (299)
Net cost of risk (199) (198) (202) (198)
Net profits or losses from other assets 206 (12) 206 (3)
Group net income (204) (71) (413) (137)
Group net income (1) (189) (285) (298) (386)
1. Adjusted for revaluation of own financial liabilities and DVA
The Corporate Centre includes:
- the property management of the Group's head office,
- the Group's equity portfolio,
- the Treasury function for the Group,
- certain costs related to cross-functional projects and certain costs
incurred by the Group and not re-invoiced to the businesses.
The Corporate Centre's revenues totalled EUR 187 million in Q2 15 (vs. EUR -348
million in Q2 14). They include in particular the revaluation of the Group's own
financial liabilities amounting to EUR +312 million (EUR -21 million
in Q2 14).
Operating expenses amounted to EUR -13 million in Q2 15, vs. EUR 24 million in
Q2 14.
Gross operating income was EUR 174 million in Q2 15 vs. EUR -324 million in Q2
14. When restated for the revaluation of own financial liabilities (see
methodology note No. 7), it amounted to EUR -152 million (vs. EUR -301 million
in Q2 14).
The Corporate Centre's contribution to Group net income was EUR -71 million in
Q2 15 vs. EUR -204 million in Q2 14 and included an additional collective
provision of EUR -200 million for litigation issues. When restated for the
revaluation of own financial liabilities (see methodology note No. 7), it
amounted to EUR -285 million in Q2 15 (vs. EUR -189 million in Q2 14).
7 - conclusion
Societe Generale ended H1 2015 with Group net income of EUR 2.2 billion and has
demonstrated its ability to execute its strategic plan, helped by the quality of
its portfolios and the commercial dynamism of its teams. With a ROE close to
10% at end-June 2015, operating expenses and a cost of risk under control, the
Group is positioned on the trajectory of its plan for end-2016, despite the
situation in Russia and the new regulatory requirements. Against this backdrop,
the Group will focus its attention over the next few quarters on rolling out its
digital expertise in all the businesses and continuing to improve its operating
efficiency, in order to be in a position to capitalise on the recovery taking
shape in Europe, while at the same time maintaining the conditions for
profitable growth and a payout ratio of 50%.
8 - 2015 FINANCIAL CALENDAR
2015 financial communication calendar
November 5th, 2015 Publication of third quarter and nine months 2015
results
February 11th, 2016 Publication of fourth quarter and FY 2015 results
+------------------------------------------------------------------------------+
| |
|This document contains forward-looking statements relating to the targets and|
|strategies of the Societe Generale Group. |
|These forward-looking statements are based on a series of assumptions, both|
|general and specific, in particular the application of accounting principles|
|and methods in accordance with IFRS (International Financial Reporting|
|Standards) as adopted in the European Union, as well as the application of|
|existing prudential regulations. |
|These forward-looking statements have also been developed from scenarios based|
|on a number of economic assumptions in the context of a given competitive and|
|regulatory environment. The Group may be unable to: |
|- anticipate all the risks, uncertainties or other factors likely to affect|
|its business and to appraise their potential consequences; |
|- evaluate the extent to which the occurrence of a risk or a combination of|
|risks could cause actual results to differ materially from those provided in|
|this document and the related presentation. |
|Therefore, although Societe Generale believes that these statements are based|
|on reasonable assumptions, these forward-looking statements are subject to|
|numerous risks and uncertainties, including matters not yet known to it or its|
|management or not currently considered material, and there can be no assurance|
|that anticipated events will occur or that the objectives set out will|
|actually be achieved. Important factors that could cause actual results to|
|differ materially from the results anticipated in the forward-looking|
|statements include, among others, overall trends in general economic activity|
|and in Societe Generale's markets in particular, regulatory and prudential|
|changes, and the success of Societe Generale's strategic, operating and|
|financial initiatives. |
|More detailed information on the potential risks that could affect Societe|
|Generale's financial results can be found in the Registration Document filed|
|with the French Autorité des Marchés Financiers. |
|Investors are advised to take into account factors of uncertainty and risk|
|likely to impact the operations of the Group when considering the information|
|contained in such forward-looking statements. Other than as required by|
|applicable law, Societe Generale does not undertake any obligation to update|
|or revise any forward-looking information or statements. Unless otherwise|
|specified, the sources for the business rankings and market positions are|
|internal. |
| |
+------------------------------------------------------------------------------+
9 - Appendix 1: FINANCIAL data: 2014 data adjusted following the retrospective
implementation of the IFRIC 21 standard on January 1st, 2015
CONSOLIDATED INCOME STATEMENT
(in EUR millions)
--------- | ---------
Q2 14 Q2 15 Change | H1 14 H1 15 Change
Q2 vs. | H1 15 vs. H1
Q2 | 14
-----------------+ ---------
Net banking 5,900 6,869 +16.4% 11,556 13,222 +14.4%
income
|
Operating (3,832) (4,124) +7.6% |(7,905) (8,566) +8.4%
expenses |
--+
Gross operating 2,068 2,745 +32.7% 3,651 4,656 +27.5%
income
Net cost of (752) (724) -3.7% (1,419) (1,337) -5.8%
risk
|
Operating 1,316 2,021 +53.6% | 2,232 3,319 +48.7%
income |
--+
Net income from 49 42 -14.3% 102 110 +7.8%
companies accounted for
by the equity method
Net profits or 202 (7) NM 200 (41) NM
losses from
other assets
Impairment 0 0 NM (525) 0 NM
losses on
goodwill
Income tax (402) (597) +48.5% (605) (967) +59.8%
|
Net income 1,165 1,459 +25.2% | 1,404 2,421 +72.4%
--+
O.w. non 86 108 +25.6% | 156 202 +29.5%
controlling |
interests |
--+
Group net 1,079 1,351 +25.2% | 1,248 2,219 +77.8%
income |
--+
Tier 1 ratio at 12.5% 12.7% 12.5% 12.7%
end of period
* When adjusted for changes in Group structure and at constant exchange rates
NET INCOME AFTER TAX BY CORE BUSINESS
(in EUR millions)
------- -------
Q2 14 Q2 15 Change H1 14 H1 15 Change
Q2 vs. H1 15 vs. H1 14
Q2
------- -------
French Retail Banking 348 419 20.4% 639 692 +8.3%
International Retail 334 312 -6.6% (9) 451 NM
Banking & Financial
Services
Global Banking and 601 691 +15.0% 1,031 1,213 +17.7%
Investor Solutions
CORE BUSINESSES 1,283 1,422 +10.8% 1,661 2,356 +41.8%
Corporate Centre (204) (71) +65.2% (413) (137) +66.8%
GROUP 1,079 1,351 +25.2% 1,248 2,219 +77.8%
CONSOLIDATED BALANCE SHEET
------------
Assets (in billions of euros) 30.06.2015 31.12.2014
------------
Cash, due from central banks 71.9 57.1
Financial assets measured at fair value through profit 528.0 530.5
and loss
Hedging derivatives 14.8 19.4
Available-for-sale financial assets 145.8 143.7
Due from banks 89.8 80.7
Customer loans 370.2 344.4
Lease financing and similar agreements 26.7 26.0
Revaluation differences on portfolios hedged against 2.8 3.4
interest rate risk
Held-to-maturity financial assets 4.1 4.4
Tax assets 7.1 7.4
Other assets 71.7 65.2
Non-current assets held for sale 0.7 0.9
Investments in subsidiaries and affiliates accounted for 2.9 2.8
by equity method
Tangible and intangible fixed assets 18.9 17.9
Goodwill 4.4 4.3
Total 1,359.5 1,308.2
------------
Liabilities (in billions of euros) 30.06.2015 31.12.2014
------------
Due to central banks 7.7 4.6
Financial liabilities measured at fair value through 473.0 480.3
profit and loss
Hedging derivatives 9.7 10.9
Due to banks 102.5 91.3
Customer deposits 377.2 349.7
Securitised debt payables 109.0 108.7
Revaluation differences on portfolios hedged against 7.3 10.2
interest rate risk
Tax liabilities 1.3 1.4
Other liabilities 89.7 75.1
Non-current liabilities held for sale 0.5 0.5
Underwriting reserves of insurance companies 105.9 103.3
Provisions 4.6 4.5
Subordinated debt 11.5 8.8
Shareholders' equity 56.1 55.2
Non controlling Interests 3.5 3.6
Total 1,359.5 1,308.2
10 - APPENDIX 2: METHODOLOGY
1- The Group's consolidated results as at June 30th, 2015 were examined by the
Board of Directors on August 4th, 2015.
The financial information presented in respect of H1 2015 has been prepared in
accordance with IFRS as adopted in the European Union and applicable at that
date, and has not been audited. The limited examination procedures carried out
by the Statutory Auditors on the summarised interim consolidated financial
statements are in progress.
Note that the data for the 2014 financial year have been restated due to the
retrospective implementation on January 1st, 2015 of the IFRIC 21 standard,
resulting in the publication of adjusted data for the previous financial year.
2- Group ROE is calculated on the basis of average Group shareholders' equity
under IFRS excluding
(i) unrealised or deferred capital gains or losses booked directly under
shareholders' equity excluding conversion reserves, (ii) deeply subordinated
notes, (iii) undated subordinated notes recognised as shareholders' equity
("restated"), and deducting (iv) interest payable to holders of deeply
subordinated notes and of the restated, undated subordinated notes. The net
income used to calculate ROE is based on Group net income excluding interest,
net of tax impact, to be paid to holders of deeply subordinated notes for the
period and, since 2006, holders of deeply subordinated notes and restated,
undated subordinated notes (see below).
As from January 1st, 2014, the allocation of capital to the different businesses
is based on 10% of risk-weighted assets at the beginning of the period.
3- For the calculation of earnings per share, "Group net income for the period"
is corrected (reduced in the case of a profit and increased in the case of a
loss) for capital gains/losses recorded on partial buybacks (neutral in 2015)
and interest, net of tax impact, to be paid to holders of:
(i) deeply subordinated notes (EUR -104 million in respect of Q2 15 and EUR
-219 million for H1 15),
(ii) undated subordinated notes recognised as shareholders' equity (EUR +3
million in respect of Q2 15 and EUR +4 million for H1 15).
Earnings per share is therefore calculated as the ratio of corrected Group net
income for the period to the average number of ordinary shares outstanding,
excluding own shares and treasury shares but including (a) trading shares held
by the Group and (b) shares held under the liquidity contract.
4- Net assets are comprised of Group shareholders' equity, excluding (i) deeply
subordinated notes
(EUR 8.3 billion), undated subordinated notes previously recognised as debt (EUR
0.4 billion) and (ii) interest payable to holders of deeply subordinated notes
and undated subordinated notes, but reinstating the book value of trading shares
held by the Group and shares held under the liquidity contract. Tangible net
assets are corrected for net goodwill in the assets and goodwill under the
equity method. In order to calculate Net Asset Value Per Share or Tangible Net
Asset Value Per Share, the number of shares used
Unternehmensinformation / Kurzprofil:
Datum: 05.08.2015 - 07:03 Uhr
Sprache: Deutsch
News-ID 411568
Anzahl Zeichen: 65652
contact information:
Town:
Paris
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 133 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SOCIETE GENERALE: QUARTERLY FINANCIAL INFORMATION, Q2 2015 and H1 2015"
steht unter der journalistisch-redaktionellen Verantwortung von
Société Générale (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
