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LaSer Cofinoga Annual Report

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      2011 LaSer Cofinoga Annual Report 
        1 REPORT TO THE ANNUAL GENERAL MEETING ............................................................................... 2

        2 KEY FIGURES, CONSOLIDATED EARNINGS & NOTABLE EVENTS ...................................................... 3

        3 BUSINESS ACTIVITY IN 2011 .......................................................................................................... 5
             3.1   FRANCE ......................................................................................................................................... 6
             3.2   BANQUE SOLFÉA ........................................................................................................................... 6
             3.3   NORTHERN EUROPE ....................................................................................................................... 6
             3.4   POLAND ......................................................................................................................................... 7
        4 RISK MANAGEMENT ..................................................................................................................... 7

        5                   ................................................................................................................. 14
              HUMAN RESOURCES

        6                   ...................................................................................................................15
             OUTLOOK FOR 2012

        7 FINANCIAL REPORT .................................................................................................................... 15
             7.1   CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2011............................................................ 16
             7.2   CONSOLIDATED INCOME STATEMENT AT 31 DECEMBER 2011 ..................................................... 17
             7.3   CONSOLIDATED EQUITY CAPITAL AT 31 DECEMBER 2011 ........................................................... 19
             7.4   CONSOLIDATED CASH FLOW STATEMENT AT 31 DECEMBER 2011 ...............................................20
             7.5   APPENDICES TO THE CONSOLIDATED FINANCIAL STATEMENTS ....................................................21
             7.6   CORPORATE RESULTS OF LASER COFINOGA SA .......................................................................... 15
        8 LEGAL INFORMATION .................................................................................................................67
             8.1 SIMPLIFIED LEGAL ORGANISATION AT 31 DECEMBER 2011 .........................................................67
             8.2 CHANGES TO SUBSIDIARIES AND HOLDINGS .................................................................................68
             8.3 OTHER LEGAL INFORMATION .......................................................................................................68
             8.4 REMITS AND FUNCTIONS OF LASER COFINOGA’S CORPORATE OFFICERS .....................................69
             8.5 REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS OF LASER COFINOGA .......................71
             8.6 ENVIRONMENTAL INFORMATION .................................................................................................79
             8.7 DRAFT RESOLUTIONS OF THE ORDINARY ANNUAL GENERAL MEETING OF ..................................
             30 APRIL 2012 ....................................................................................................................................80
             8.8 CERTIFYING STATEMENT .............................................................................................................81
             8.9 REMUNERATION AND CORPORATE BENEFITS PAID TO CORPORATE OFFICERS IN 2011 ..................81
        9    STATUTORY AUDITORS REPORT.................................................................................................83




2011 LaSer Cofinoga Annual Report                                                                                                                                 1
      LaSer Cofinoga 
      Société Anonyme (Limited company under French law) with a capital of €100,000,000 
      Registered office: 18 rue de Londres – 75009 PARIS 
      682.016.332 PARIS Trade and Companies Register 
                                                     
                                                        

      ORDINARY ANNUAL GENERAL MEETING DATED 30 APRIL 2012 

          1 Report to the Annual General Meeting 
       
      Ladies and Gentlemen, 
       
      We  have  called  you  to  an  Ordinary  General  Meeting  in  order  to  report  to  you  on  the 
      Company’s business activity and that of its subsidiaries during the 2011 financial year, and to 
      submit to you for your approval its individual and consolidated financial statements. 
       
      BOARD OF DIRECTORS 
       
      CHAIRMAN OF THE BOARD OF DIRECTORS 
      Mr Philippe Lemoine 
       
      Directors  
      Galeries Lafayette as a Société Anonyme              BNP PARIBAS Personal Finance as a 
      (limited company under French law),                  company, represented by Mr Thierry 
      represented by Mr Philippe Houzé,                    Laborde, 
      Mr Jacques Calvet,                                   Mr Benoit Cavelier,  
      Mr Ugo Supino,                                       Mr Vincent Bernard,  
                                                           Mr Bruno Salmon. 
       
      SHAREHOLDERS 
      LaSer 100% 
       
      CHIEF EXECUTIVE OFFICER 
      Mr Raffaele Cicala 
       
      SECRETARY OF THE BOARD OF DIRECTORS 
      Mr Daniel Rithou 
       
      AUDITORS 
      Statutory Auditors                                   Deputy Auditors 
      Cabinet Cailliau Dedouit & associés                  Mr Didier Cardon  
      PricewaterhouseCoopers Audit                         Mr Etienne Boris 
      Ernst & Young Audit                                  Picarle & Associés  




       
2011 LaSer Cofinoga Annual Report                                                                      2
      L     aSer Cofinoga is a wholly‐owned subsidiary of 
            LaSer,  an  independent  development  group 
            held  equally  by  the  Galeries  Lafayette  Group 
      and  BNP  Paribas  Personal  Finance  (BNP  Paribas 
      group). 
                                                                                        private label, prepaid, co‐branded, etc.), data (data 
                                                                                        analysis, customer knowledge, segmentation, etc.) 
                                                                                        and  services  (credit,  insurance,  remote  customer 
                                                                                        relationship,  etc.)  fields.  Through  its  trade  names, 
                                                                                        LaSer  also  offers  a  range  of  financial  services  and 
       




      LaSer is a services company active across Europe in                               affinity products to individuals.  
      the  intermediation  and  customer  relationship                                  LaSer’s  payment  card  and  consumer  credit 
      fields.  LaSer  develops  customer  portfolio                                     operations  are  handled  by  its  subsidiary,  LaSer 
      management  and  enhancement  solutions  on                                       Cofinoga. 
      behalf  of  retailers  and  brands  in  the  card  (loyalty, 

          2 Key figures, consolidated earnings & notable events 
       

      LaSer Cofinoga – Consolidated earnings 2011  
       
          In millions of euros                                  2007           2008             2009        2010           2011          Change 
          Under banking standards                                                                                                       2011/2010 
                                                                                                                                               
          New volumes (1)                                      8 406           7 378            5 084       5279           5 531           4.8% 
                                                                                                                                               
          Gross outstandings managed as at 31                  12 710          12 390           11 988     11 761         11 369           ‐3.3% 
          December (1) 
                                                                                                                                               
          Net banking income                                   1 277           1 222            1 257       1 252          1 089           ‐13% 
          On a like‐for‐like basis                                                                                                         ‐12.6% 
                                                                                                                                               
          Gross operating income                               654.7           651.8            719.8       713.9          541.6           ‐24% 
                                                                                             

                                                                                                                                              
          Operating income net of cost of risk                 286.9         186.3               50.1        83.7         ‐202.0            Ns 
          On a like‐for‐like basis                                                                                                            
           
                                                                                                                                           +69% 
                                                                                                                                               
                                                                                                                                               

          Net earnings ‐ Group share                           189.4           130.5             64.0        43.6         ‐174.4             ns 
                                                                                                                

          In %                                                                                                                                 
                                                                                                                                               

          Operating ratio                                       48.7            46.6             42.7        43.0           50.3               
                                                                                                                               
                                                                                                                                               
          After‐tax return of core shareholders’                20.8            12.8             5.1         3.3          ‐15.1% 
          equity  
                                                                                                                                               
           
                                                                                                                                               
          Solvency ratio                                        12.6            12.0             11.9        12.7           12.4 
                                                                                                                                               
          Tier 1 ratio                                           8.1            7.7              8.4         9.1            9.0                
                                                                                                                
                                                                                                                                               

          Consolidated equity capital (2)                      1 773           1 838            1 737       1 802          1 620           ‐182 
          Of which subordinated debt                            395             426              433         441            456 
                                                                                                                                               

          Staff as at 31 December (1)                          5 732           5 728            6 039       5 891          5 560           ‐331 
       
      (1) Considering 100% of subsidiaries and 100% of their employees and not the proportion held by the Group, not including Banque du 
      Groupe Casino in 2009, 2010 and 2011. 2010 new volumes and outstandings have been restated on a constant exchange rate basis in 
      relation to 2011 
      (2) Equity capital as at 31 December, including minority interests & subordinated debt 
      It should be noted that in accordance with IFRS 5, the results of Banque du Groupe Casino’s business activity and the expenses associated 
      with this partnership are presented on the income statement under “Net result of discontinued operations or assets being sold”. 
       

      Operating income: ‐202.0 million euros 
      The  operating  income  includes  an  exceptional  provision  for  unpaid  debt  of  255.4  million  euros  (*),  and 
      exceptional costs of 16.9 million euros. Thus, on a like‐for‐like and restated exceptional costs basis, operating 
      income grew by 69% compared to 2010. 
      (*)This provision corresponds to the impact of the change in provisioning procedures at the start of the financial year. The overall impact 
      over  the  year  came  to  268  million  euros.  Recent  regulatory  and  statutory  changes  and  the  introduction  of  back‐testing  (comparison 
      between estimated and actual losses) caused the need to update the provisioning method in 2011. 




2011 LaSer Cofinoga Annual Report                                                                                                             3
       
      At 1,089 million euros, LaSer Cofinoga’s net banking income fell by 13% compared to 2010. This drop is mainly 
      attributable  to  the  decrease  in  business  activity  in  France,  with  average  performing  outstandings  falling  by 
      6.3%. All in all, the financial margin on average outstandings fell from 14% in 2010 to 12.6% in 2011, impacted 
      by the decrease in customer interest, given that the average cost of refinancing remained stable.  
      As a result of the cost‐cutting plans and the improvement in operational efficiency put in place in recent years, 
      operating  expenses  fell  in  France,  with  payroll  costs  down  by  2.7%.  At  the  same  time,  growth  in  business 
      activities outside France generated a 4.5% increase in the wage bill. The negative trend in net banking income 
      led  to  an  undermining  of  the  operating  ratio  on  a  like‐for‐like,  constant  exchange  rate  basis  (43.6%  in  2010 
      compared to 48.7% in 2011. 
      Restated  with  the  exceptional  provision  of  255.4  million  euros,  the  cost  of  risk  saw  a  positive  shift,  with  an 
      improvement  of  more  than  22%  attributable  inside  France  to  the  significant  fall  in  the  number  of  accounts 
      referred  to  the  amicable  collection  process,  despite  a  deterioration  in  the  overindebtedness  situation,  and 
      outside France to a significant fall in the cost of risk in Poland.  
       
      Net income, Group share: ‐174.4 million euros 
      Net income for 2011 includes goodwill impairment of 32.8 million euros, resulting from the implementation of 
      annual impairment tests.  
       
      Notable events 2011 
       
          On 29 April 2011, LaSer’s Board of Directors appointed Raffaele Cicala Executive Vice Chairman of LaSer 
           and Chief Executive Officer of LaSer Cofinoga, to replace Michel Philippin. This appointment took effect on 
           16 June 2011. 
       
          LaSer Cofinoga decided to bring together its different consumer credit operations in France under a single 
           brand name, Cofinoga. The Cofinoga brand name was previously used in the in‐store credit environment 
           while the Médiatis name was used in the direct and internet marketing of loans. The new positioning of 
           the  Cofinoga  brand  name  is  characterised  by  three  words  relating  to  changing  lifestyles:  simplicity, 
           innovation,  and  aesthetics.  This  new  image  was  put  across  from  mid‐May  onwards  by  means  of  a  new 
           advertising campaign. 
           As  part  of  this  single  brand  name  project,  Médiatis  and  Soficarte  were  merged  into  LaSer  Cofinoga 
           (effective on 3 October 2011).  
       
          In  2011,  consumer  credit  operations  in  France  were  affected  by  the  continuing  implementation  of  the 
           French Consumer Credit Act, with the enforcement of such measures as the maximum repayment period 
           for  revolving  loans,  changes  to  the  cooling  off  period,  stronger  customer  solvency  checks,  mandatory 
           training for anyone tasked with giving explanations about loans to borrowers and the gradual overhaul of 
           the maximum allowable interest rate. 
       
          Further to the audit carried out by the Prudential Control Authority in the final quarter of 2010 on credit 
           risk,  business  practices  and  profitability,  LaSer  Cofinoga  received  the  report  by  the  Prudential  Control 
           Authority’s  General  Secretary  in  February  2011,  and  then  a  follow‐up  letter  in  July  2011.  At  the  end  of 
           September, LaSer Cofinoga sent a reply to this letter setting out its action plan in detail. 
       
          In Poland, the 2010 operational merger of the two Polish entities, Sygma Bank Polska and Cetelem Poland, 
           continued in the first half year of 2011 with the migration of management IT systems to a single tool. 
       
          Groupe Casino wished to put an end to the partnership tying it to LaSer Cofinoga by buying back the stake 
           (40%) held by LaSer Cofinoga in Banque du Groupe Casino via the exercise of its purchase option on 20 July 
           2010. The sale of the securities held by LaSer Cofinoga went through on 7 July 2011. This transaction was 
           part  of  an  overall  agreement,  the  other  component  of  which  was  the  concomitant  sale  by  Banque  du 
           Groupe  Casino  to  LaSer  Cofinoga  of  its  litigation  and  overindebtedness  outstandings.  This  overall 
           transaction has been treated in accordance with IFRS 5 in the financial statements to 31 December 2011, 
           as in those to 31 December 2010. 
       




2011 LaSer Cofinoga Annual Report                                                                                           4
          In Spain, following the discontinuation of lending operations and with a view to the branch’s final closure 
           in the first half year 2012, up‐to‐date outstandings and those in arrears by 1 to 3 months were taken over 
           by  Banco  Cetelem,  BNPP  Personal  Finance’s  Spanish  subsidiary,  with  effective  transfer  of  ownership  in 
           early 2012, while outstandings in arrears, litigation and written off were sold to Värde Investments Limited 
           at the end of 2011.  
       
          In early 2011, the Sygma Banque branch in Spain, Banco Sygma Hispania, was the victim of identity fraud 
           costing it a total of 5.2 million euros. The full amount of this fraud constitutes an expense for the financial 
           year booked under the cost of risk. 

          3 Business activity in 2011 
       
      In millions of euros                                                  2010                          2011                Change 2011/2010 
      New volumes at 100% inclusion                                                                                                        
      France                                                               2 595                         2 501                         ‐3.6% 
      Banque Solféa                                                         299                           293                          ‐1.8% 
      Northern Europe                                                      1 811                         2 163                        +19.5% 
      Poland                                                                575                           574                          ‐0.3% 
       
      These data are given on a comparable exchange rate basis and do not include Banque du Groupe Casino’s results.  
       

      Gross outstandings managed: 11.4 billion euros, ‐3.3%  
      In  2011,  eurozone  banks  toughened  up  their  underwriting  criteria  for  consumer  loans.  Behind  this  much 
      tougher stance was a combination of factors related to supply (cost of financing and balance sheet constraints) 
      and to perceptions of risk (linked to the economic outlook and to consumer solvency). In parallel to this, the 
      number of loan applications continued to shrink throughout the year as a result of lower consumer confidence 
      and lower spending on consumer durables. (Source: ECB monthly bulletin, October 2011) 
      In  France,  at  year‐end  2011,  new  lending  by  specialist  lenders,  covering  revolving  loans,  personal  loans  and 
      financing for household equipment, remained stable overall in comparison with 2010, although new revolving 
      loans fell by 6.1%. (Source: ASF statistics).  
       
      Given this context, LaSer’s business activity was affected. Managed outstandings came to 11.4 billion euros at 
      year‐end 2011, down 3.3% (excluding Banque du Groupe Casino).  
       
      France                    7 050       The  fall  in  outstandings  in  France  is  more  especially  noticeable  in  revolving  loans  and  card 
                                            products, for which the impact on LaSer has been greater than the market trend.  
                                 ‐6.0% 

      Solféa Bank                647        The  growth  in  outstandings  is  attributable  in  particular  to  the  increasing  share  of  longer‐term 
                                            loans for photovoltaic installations, leading to outstandings being paid off to a lesser degree. 
                                13.1% 

      Northern Europe           2 798       The United Kingdom, which accounts for 61% of outstandings for Northern Europe, saw sustained 
                                            20% growth in its outstandings thanks to its continuing business development. 
                                13.4% 
                                            Business  in  Scandinavia  saw  an  upturn,  with  outstandings  up  by  22%  at  €400m,  especially 
                                            attributable to the revival of loan marketing in Norway. 
                                            However LSN, the Dutch subsidiary, suffered to a greater extent from conditions on the consumer 
                                            credit market, and its outstandings fell by 3.8% in 2011. 

      Poland                     774        A fall in outstandings (not including outstandings in litigation) could not be avoided in 2011 given 
                                            the poor levels of new business, especially in cross selling. 
                                ‐14.2% 
      BSH                         99        In 2009, LaSer decided to discontinue its business in Spain. 

                                ‐69.3% 

      Outstandings at year‐end 2011 in millions of euros, 2011/2010 change at a like‐for‐like exchange rate 




2011 LaSer Cofinoga Annual Report                                                                                                             5
       

                        3.1 France 
       
            ■ Payment Operations, France
             
      In 2011, LaSer brought together its consumer lending businesses in France under one trade name, Cofinoga. In 
      keeping with the spirit of France’s new consumer credit regulations, Cofinoga is committed to delivering a high 
      quality  relationship  to  its  customers  based  on  care  and  services  appropriate  to  their  needs. Enhancement  of 
      the  relationship  with  the  customer  is  at  the  heart  of  a  system  in  which  Cofinoga  employees  provide 
      personalised advice and individual support, in order to guide and direct customers towards choosing the most 
      appropriate type of loan for the use they wish to make of it.  
      With 1.2 billion euros, new card volumes were fuelled by the development of the partnership with Système U, 
      the major French retail chain, and by the rollout in the middle of the year of a new card range offering short‐
      term instalment payments only for Ford and Speedy (automotive sector). In 2011, LaSer also launched a new 
      online  payment  solution,  the  “3xcard  payment”,  enabling  Mastercard  and  Visa  cardholders  to  pay  for 
      purchases in three monthly instalments on their card. This solution, run in partnership with Ogone is already 
      up and running on the Delamaison, BrandAlley and Tati websites, among others. 
      In  line  with  expectations  generated  by  France’s  Consumer  Credit  Act,  in‐store  split  payment  solutions  in 
      traditional  instalment  loan  format  saw  a  strong  upturn  in  2011,  accounting  for  117  million  euros  in  new 
      lending, thus doubling outstandings in 2011 from their 2010 level. 
      Total outstandings for France, not including the CDGP partnership, came to 6.7 billion euros at year‐end 2011. 
      The percentage of fixed rate loans (personal loans, instalment loans and debt consolidation loans) grew from 
      52% to 56% between 2010 and 2011. 
       
                CDGP, Compagnie de Gestion et de Prêts, a joint subsidiary with E.D.S.G. (formerly Quelle) 
      At  year‐end  2011,  CDGP’s  outstandings  amounted  to  374  million  euros,  down  13%  compared  to  2010. 
      Following the end of the card account opening partnership with the Quelle mail order company, the portfolio 
      of active customers decreased by 25% in 2011. Nevertheless, CDGP continued to position its website, Madame 
      Privilège.fr, as a platform dedicated to women between the ages of 35 and 55, providing tips and good ideas, 
      payment and credit facilities, and services. 
       
                        3.2 Banque Solféa  
      Banque Solféa is a subsidiary held jointly by LaSer and Gaz de France which offers a comprehensive range of 
      fixed term loans directed towards the financing of energy installations in private homes. Despite a 2% fall in 
      new business in 2011, growth in outstandings held steady at 13% due in particular to the progress made by 
      loans for photovoltaic installations and the 0% “eco” (green) loan, both of which are longer‐term loans. 
       
                        3.3 Northern Europe  
                 

                    ■ United Kingdom 
      New lending by LaSer UK grew by almost 20% from 1.479 billion euros in 2010 to 1.756 billion euros in 2011. 
      Instalment loans in points of sale account for nearly 40% of this total, the card business line for 30%, financing 
      of insurance premiums for 25% and Car loans for 5%. 
      LaSer UK continued to develop its partnership signed in mid‐2010 with Dixons Retail, one of Europe’s leading 
      electrical retailers, under which LaSer is to manage fixed term credit at all of its stores. Fly Be is still LaSer UK’s 
      main partner for the credit card business line. 
                     

                    ■ Scandinavia 
      In 2011, Denmark, where outstandings came to 340 million euros at year‐end 2011, consolidated its positions 
      with its partners Dansk Supermarked and El Giganten. In Norway, LaSer’s strategy is based on a repositioning 
      of the direct acquisition channel and on boosting the brokerage business. 
                     

                    ■ Netherlands 
      As a result of the difficulties encountered by LaSer Nederlands in 2011, a restructuring plan, announced in early 
      2012, was provisioned at the end of December 2011.  
       




2011 LaSer Cofinoga Annual Report                                                                                     6
              3.4 Poland  
      At the end of July 2011, Sygma Bank Polska completed the IT migration of the former Cetelem management 
      systems to Sygma Bank Polska. The resulting operational efficiency and fall in the number of accounts referred 
      to the collection process led to the introduction of a staff downsizing plan, provisioned at the end of December 
      2011.  In  parallel  to  this,  the  Sygma  Bank  brand  name  was  relaunched,  with  among  other  things  the  “Sygma 
      Bonus” programme”.  
       

          4 Risk Management 
       
      This chapter includes the information required by IRFS 7 on the risks relating to financial instruments such as 
      trade  loans  and  receivables,  financial  debts,  and  derivatives  contracted  within  the  interest  rate  and  foreign 
      exchange  risk  hedging  framework,  in  addition  to  the  information  described  in  the  appendices  to  the 
      consolidated financial statements. 
       
      I.        LaSer Cofinoga’s credit risks 
       
      Credit risks can be divided into three main types of exposure: 
            ■ Risk with regard to customers, 
            ■ Risk with regard to credit institutions, 
            ■ Counterparty risk in market activities. 
       
      A rigorous management system based on a strict organisation of the internal control system is in place for each 
      of these exposures. 
       
      I.1.      Governance of credit risk with regard to customers 
       
      In 2011, the Credit Risk Department continued the centralisation, control and harmonisation work initiated at 
      its creation in January 2010, so as to ensure an effective framework of rules and the independence of the Risk 
      function. 
      Its work in 2011 was mainly aimed at reinforcing the control system, the traceability of decisions made locally 
      and the standardisation of practices, with a stronger governance system. 
       
      I.2.      Customer risk management 
       
      Following a sharp deterioration in 2009 and then a significant upturn in 2010, in 2011 operational indicators of 
      risk remained on a positive track both inside and outside France, albeit with one area of concern ‐ changes in 
      the  overindebtedness  portfolio  in  France.  The  cost  of  risk  fell  from  4.7%  in  2010  to  3%  in  2011  (excluding 
      exceptional  items)  and  came  to  5.3%  with  exceptional  items.  In  2011,  LaSer  upgraded  certain  provisioning 
      procedures (mainly for France), which helped to increase the portfolio’s hedging rate and integrate the most 
      recently recorded changes more quickly. 
       
      Situation of France:  
      Shift in the structure of outstandings and collection performance 
      France’s Consumer Credit Act and the refocusing of operations on a less exposed (from the economic point of 
      view) target customer base had a strong impact on new lending in France, generating a decrease in up‐to‐date 
      outstandings  (down  by  6.3%  compared  with  2010).  Thanks  to  continuous  improvement  in  the  number  of 
      accounts  transferred  to  collection  and  to  the  performance  of  our  debt  collection  teams,  outstandings  in  the 
      amicable  settlement  process  fell  substantially  (down  by  20%  since  early  2010).  Outstandings  subject  to  legal 
      proceedings remained stable, with identical performance levels. 
      The  main  area  of  concern  continued  to  be  the  overindebtedness  portfolio.  Overindebtedness  outstandings 
      have been growing continuously for the last two years (up by 15% since December 2009), gathering pace when 
      the Consumer Credit Act was implemented in 2010. This phenomenon is particularly noticeable in the stock of 
      plan‐pending  accounts,  which  has  increased  by  almost  40%  since  the  new  regulations  came  into  effect  and 
      caused: 




2011 LaSer Cofinoga Annual Report                                                                                        7
          - An  increase  in  re‐filings  of  applications,  with  individuals  seeking  to  benefit  from  the  reduction  of  plan 
             terms from 10 years to 8 years,  
         - Delays in the processing of applications by Bank of France committees, which have not yet managed to 
             catch up with the backlog, 
         - The direct transfer of plan applications from performing and amiable strata to plan pending status. 
      The simpler personal debt rehabilitation procedure brought in by the Consumer Credit Act, whereby Bank of 
      France  committees  are  able  to  put  such  procedures  in  place  without  first  resorting  to  court‐supervised 
      liquidation,  encouraged  a  tendency  towards  this  type  of  procedure  (up  by  33%  compared  to  2010;  90%  of 
      personal debt rehabilitation procedures are put in place without court‐supervised liquidation), and away from 
      traditional debt relief plan procedures. The direct impact of this was an increase in losses related to debt write‐
      offs, which in 2011 increased by 75% compared to 2010, with a monthly average of 7 million euros compared 
      to 4 million euros in 2010. 
       
      Changes in lending quality indicators 
      With  the  exception  of  the  risk  on  new  Card  lending,  negatively  affected  by  the  Consumer  Credit  Act  which 
      reduces  the  potential  for  topping  up  outstandings,  risk  indicators  continued  to  progress  well  in  France. 
      Generally  speaking,  the  steps  taken  in  2009  and  2010  to  manage  and  drive  the  revolving  loan  portfolio,  the 
      golden  rules  for  marketing  campaigns  adopted  in  2011  and  repositioning  on  less  fragile  customer  targets 
      helped to keep risk under control. 
      The new Fixed Term Personal Loan strategy launched at the end of 2009 has led to greater control over risk 
      indicators.  A  slight  increase  in  the  6‐month  risk  can  be  seen,  attributable  to  the  decrease  in  business 
      investments  prior  to  the  launch  of  the  Single  Brand  in  May  2011  (strong  correlation  between  new  lending  / 
      campaign and risk level).  
      The  risk  on  loan  consolidation  was  fuelled  to  a  great  extent  by  the  2007  and  2008  generations  of  lending, 
      issued before underwriting criteria were tightened up (maturity effect). Indicators for new lending are stable 
      and at a satisfactory level. 
       
      Situation internationally: 
      Risk  indicators  for  the  International  sector  are  satisfactory  and  the  number  of  accounts  referred  to  the 
      collection  process  continued  to  decrease  steadily  in  all  countries  in  2011.  The  changes  in  the  provisioning 
      methods,  which  were  also  applied  to  the  International  sector,  led  to  an  increase  in  the  hedging  rate  on 
      amicable outstandings in the UK in particular. The impacts of these changes have been booked as exceptional 
      expenses.  In  parallel  to  this,  a  better  understanding  of  the  consolidated  customer  overview  generated 
      additional hedging on the Polish and UK outstandings.  
      The  cost  of  risk  in  the  International  business  (including  the  additions to  exceptional expenses) fell  sharply  in 
      2011 (down 42% from 2010). Payment default over outstandings fell in all countries except in the UK where it 
      remained stable. A very sharp decrease in the amount of unpaid debt was seen in Poland and Spain driven by 
      the excellent performance of collection teams on a portfolio mostly in run‐off.  
      Changes in outstandings and collection performance 
      In  the  International  business,  up‐to‐date  outstandings  increased  significantly  at  LaSer  UK  and  LaSer  Nordic, 
      (+20% and +28% respectively), thanks to strong growth in business activity driven by the Retail sector and, in 
      Denmark and in Norway, by the Direct and Broker channels. However, at LaSer Poland and LaSer Nederland, 
      up‐to‐date  outstandings  fell,  in  Poland  because  they  were  affected  by  the  decline  in  revolving  loan 
      outstandings put into run‐off in 2009, and in the Netherlands because of the slowdown in business, particularly 
      in the Retail sector.  
      As a result of the combined effects of a strong decrease in the number of accounts referred to the collection 
      process and the effectiveness of that process, generally speaking in all countries, amicable outstandings either 
      remained stable or fell sharply, as was the case in the Netherlands (‐ 27%) and especially in Poland (‐43%). In 
      the UK, the number of accounts transferred to the Financial Difficulties portfolio, of which there were many 
      during  the  crisis  period  (end  2008‐early  2010),  plummeted  (70%  fewer  since  mid‐2009)  and  the  stock 
      stabilised.  In  2011,  specific  action  was  put  in  place  in  Collection  to  challenge  and  optimise  the  whole  of  the 
      process across this portfolio.  
      In all countries, outstandings subject to legal proceedings generally remained at a stable percentage of total 
      outstandings.  It  should  be  noted  that  the  bulk  of  the  litigation  portfolio  in  Poland  (70%)  consists  of  the 
      portfolio of revolving loans in run‐off.  



2011 LaSer Cofinoga Annual Report                                                                                           8
       
      Changes in lending quality indicators 
      Changes in lending quality indicators
      Risk indicators for new lending generally progressed well in 2011.  
       
      In Poland, 12‐month risk indicators continued to fall for cards and instalment loans, and remained stable for 
      the Broker portfolio (to be completely halted on 01/01/2012). The risk policy put in place after the 2009 crisis 
      has demonstrated its effectiveness. The highlight of the year was the IT switchover in July 2011 when the ex‐
      Cetelem (integrated in 2009) portfolio was transferred to the Sygma Bank Polska management system. 
       
      In  the  UK,  indicators  were  satisfactory  overall  for  cards,  especially  Bank  cards,  thanks  to  sustained  business 
      activity in the Retail sector and in Balance Transfer transactions, and were generally on a positive track for in‐
      store fixed term loan operations. 
       
      In  Denmark,  indicators  improved  in  comparison  with  2010  for  the  Retail  channel  (driven  by  our  partners’ 
      excellent sales promotion operations and the new product range) and for the Direct marketing channel (where 
      the  underwriting  process  was  reviewed  in  2010).  In  Norway,  the  underwriting  policy  for  debt  consolidation 
      loans through the Direct Broker channel was reviewed at the start of the year, to make growth of this channel 
      more secure.  
       
      The Netherlands saw a sharp fall in Retail activity with lending indicators under control. Risk indicators for the 
      Direct channel were in line with those of 2010. A tougher underwriting policy was introduced in 2011 for the 
      Retail and Direct marketing channels. New lending resulting from the launch of the Broker channel is subject to 
      greater control. 
       
      LaSer  Cofinoga’s  exposure  to  customer  risk  in  detail  and  an  analysis  by  residual  maturity  are  shown  in  the 
      appendices to the consolidated financial statements. 
       
      I.3.      Counterparty risk on market transactions 
       
      The aim of managing counterparty risk is to avoid dealing with counterparties who are likely to default. 
      LaSer Cofinoga and its subsidiaries can only handle cash and derivatives transactions with counterparties that 
      have  previously  been  authorised  by  LaSer  Cofinoga’s  Board  of  Directors.  The  authorised  counterparties  are 
      chosen  exclusively  from  leading  French  and  international  banking  names.  Limits  on  the  amounts  and  terms 
      authorised  are  set  for  each  counterparty  depending  on  their  rating  and  an  analysis  of  their  financial  health. 
      These limits are analysed quarterly, and their continuation as well as any change to them – be it in terms of 
      amount and/or term – are subject to prior approval by LaSer Cofinoga’s Board of Directors.  
      In  2011,  several  counterparties  were  suspended  or  reduced  as  a  preventive  measure,  primarily  a  number  of 
      Portuguese banks but also banks in other European countries. 
      In  addition,  the  Finance  and  External  Growth  Department  may  at  any  time,  without  waiting  for  a  Board 
      meeting to be held, take any steps necessary to reduce the maximum terms or amounts authorised, and even 
      prohibit any new transactions with a given counterparty. These measures are then ratified by the Board. 
      To date, 37 counterparties are authorised, 96% of which are rated Aaa and Aa, and all of which are located in 
      Europe (88% of which in France). 
       

      Breakdown of the derivatives portfolio according to counterparty rating 
       
                                                                         31/12/2011                      31/12/2010
                               (in millions of euros)               Nominal     Positive fair       Nominal     Positive fair
                                                                   value          value            value          value
                A                                                          190           -                 726           -
                Aa                                                      12 158               125        12 199               115
                TOTAL                                                   12 348               125        12 925               115
                                                                                                                                    




2011 LaSer Cofinoga Annual Report                                                                                                      9
      Breakdown of loans and amounts due from credit institutions according to counterparty rating: 
       
                                                     (in millions of euros)                              31/12/2011
                    Moody’s P-1                                                                                 1 155
                    Moody’s P-2                                                                                    61
                    Fitch F+1                                                                                      49
                    Other                                                                                           4
                    TOTAL                                                                                       1 269
                                                                                                                          
                                                                        
      II.        LaSer Cofinoga’s operational risks 
       
      LaSer Cofinoga is part of the scope of the BNP Paribas group with authorisation to use the Advanced Rating 
      Approach  and  as  such,  has  put  in  place  an  advanced  system  for  its  risk  management  and  measurement. 
      However, the standard method is used to calculate its own solvency ratio. 
      Factors relating to internal control are taken into account fully in the measurement of operational risks. 
      The framework for the management of operational risks includes: 
             ■  ...A  dedicated  and  independent  function  and  a  network  of  correspondents  covering  the  businesses 
                   consolidated by LaSer Cofinoga, 
             ■ Risk  governance  at  Group  level,  with  the  holding  of  a  monthly  meeting  of  the  internal  control 
                   committee which deals with operational risk and with all internal control issues,  
             ■ . A system for measuring and analysing recorded and potential risk, 
             ■ . Regular reporting to the directors, 
             ■ . Supervision  of  action  plans  aimed  at  reducing  the  frequency  and  severity  of  the  risks  studied  and 
                   observed. 
      The method applied is based on the mapping of processes performed in all LaSer Cofinoga entities.  
      In 2011, LaSer Cofinoga brought in a tool for compiling a list of all risk control and management systems, which 
      is  based  on  the  listing  of  all  procedures,  management  components  (such  as  Training,  Reports,  Committee 
      meetings, etc.), the business continuity plan, insurance and controls. The rollout of this tool provides greater 
      clarity  and  insight  into  current  risks,  and  is  a  means  of  encouraging  adjustments  to  control  plans  so  as  to 
      reduce the biggest risks. 
      Phase 1 of the rollout, which concerned Risk mapping, was completed in 2011 and Phase 2 finalising the listing 
      of all systems will be completed early in the 2012 financial year. 
      The Permanent Control Department is responsible for the methodology implemented.  
       

      III.       Solvency ratio (not audited by the Board of Auditors) 
       
      III.1.     Composition of regulatory capital 
       
      In millions of euros, at end December 
       
                                                                                          2011                 2010 
      Capital & premiums                                                                  193.8               193.8 
      Reserves & balance carried forward                                                 1 120.6              1 095.7 
      Minority interests                                                                   16.4                20.0 
      Net income for the financial year (net of dividends to be paid out)                 ‐174.4               43.6 
      Deduction from core capital                                                         ‐300.5              ‐345.4 
      Tier 1 capital                                                                      855.9               1 007.7 
      Supplementary capital                                                               320.0               400.0 
      Deductions from core capital and supplementary capital                                                      
      Total capital for calculating the solvency ratio                                   1 175.9              1 407.7 
       




2011 LaSer Cofinoga Annual Report                                                                                            10
       
      III.2.        Calculation of the solvency ratio 
       
      The solvency ratio as at 31/12/2011 is produced in accordance with Basel II regulations. The Group has applied 
      the  provisions  of  the  Order  dated  20  February  2007  on  capital  requirements  for  credit  establishments  since 
      1 January  2008. Capital requirements relating to credit risk have been calculated using the standard method. 
      Capital  requirements  relating  to  operational  risk  have  been  worked  out  by  applying  the  standard  approach, 
      except for certain entities with a non‐credit business line and for which the basic approach was adopted. 
       
      As at 31 December 2011, LaSer Cofinoga’s European solvency ratio was 12.4% (9.0% in Tier 1) compared with 
      12.7% at 31 December 2010 (9.1% in Tier 1).  
       
                                                                                                2011                2010 
      Tier 1 capital                                                                           855.9               1 007.7 
      Total capital                                                                            1 175.9             1 407.7 
                                                                                                                        

      Credit risk                                                                              7 665.5             9 029.3 
      Operational risk                                                                         1 849.9             2 041.8 
                                                                                                                        

      Tier 1 solvency ratio                                                                    9.00%                9.10% 
      Total solvency ratio                                                                     12.36%              12.72% 
       

      IV.           LaSer Cofinoga’s market risks 
       
      IV.1.         Liquidity risk 
       
      Since the increase of BNP Paribas’s stake in LaSer’s capital in 2005, LaSer Cofinoga has had direct access to the 
      refinancing offered by BNP Paribas. LaSer Cofinoga also continues to issue on financial markets. 
      At present, no difficulties in financing the 2012 plan are expected thanks to the financing possibilities at LaSer 
      Cofinoga’s disposal. 
       
      Refinancing raised by LaSer Cofinoga in 2011, outstandings at 31/12/2011:  
      Certificates of deposit: 2,465.5 million euros 
      Medium‐term notes: 201 million euros 
      Borrowings raised from BNP Paribas: 1,352.5 million euros 
       
      Breakdown of refinancing 
       
      Structure of refinancing of LaSer Cofinoga as at 31/12/2011, at nominal value  
       

                                               (in millions of euros)                                     31/12/2011         31/12/2010

          Preference shares (*)                                                                                  180                 180
          Subordinated bonds                                                                                     400                 400
          Bonds                                                                                                  300                 656
          Term loans                                                                                           5 264             5 006
          Negotiable debt securities (Certificates of deposit, Negotiable medium-term notes)                   3 571             4 132
          SFEF loans (**)                                                                                        126                 166
          TOTAL                                                                                                9 841            10 540

          (*) Instruments booked to equity under IFRS.
          (**) The change between 31/12/2010 and 31/12/2011 is attributable to redemptions in 2011 (€41m) and to changes in the exchange
          rate on the portion of these borrowings that is in USD.                                                                         
       




2011 LaSer Cofinoga Annual Report                                                                                               11
      The preference shares, subordinated bonds and bond issues are listed on the Luxembourg market. Their details 
      by transaction are as follows: 
       
      Transactions                                                      Nominal      Currency                              Maturity 
      Bond issues                                                    150 000 000         EUR                               26/03/14 
                                                                     150 000 000         EUR                               26/03/14 
      Subordinated bonds                                             200 000 000         EUR                               04/10/16 
                                                                     100 000 000         EUR                               04/10/16 
                                                                     100 000 000         EUR                               04/10/16 
                                                                                                                        st
                                                                                                            Perpetual, 1  call date: 
      Preference shares                                              100 000 000         EUR                               11/03/13 
                                                                      50 000 000         EUR                               15/01/14 
                                                                      30 000 000         EUR                               15/01/14 
       
      The international subsidiaries are refinanced: 
          ■ By LaSer Cofinoga, by means of intra‐group loans. The resources lent in this way by LaSer Cofinoga to 
               its  international  subsidiaries  come  from  drawdowns  on  BNPP  lines  and  from  funds  raised  by  LaSer 
               Cofinoga on financial markets. 
          ■ Through  banking  lines  negotiated  and  validated  by  LaSer  Cofinoga’s  Finance  and  External  Growth 
               Department. 
       
      Management of liquidity risk 
      Forecasts  of monthly financing  requirements  are  produced  over  a  period  of  three  rolling  years, and bring  to 
      light  the  short  and  long‐term  requirements  of  each  entity  financed  and  of  LaSer  Cofinoga  as  a  consolidated 
      entity. In this way, the planning of new financing arrangements can be optimised. 
      There  is  no  maturity  mismatch  at  LaSer  Cofinoga:  the  assets  on  the  balance  sheet  are  liquidity‐hedged  by 
      resources with the same maturity.  
       
      Liquidity ratio  
      In  accordance  with  the  new  regulations  in  effect  since  30  June  2010,  LaSer  Cofinoga’s  liquidity  ratio  is 
      calculated on an individual corporate basis. This ratio measures the potential lack of liquidity in the short term 
      (one month) and at 31 December 2011 came to 115% for LaSer Cofinoga, which is above the minimum limit of 
      100% set by the regulations. 
      LaSer Cofinoga benefits from a refinancing commitment by BNPP and so does not need to raise funds greatly in 
      advance. Consequently, the liquidity ratio is monitored so that it remains very close to the 100% standard. 
      Other LaSer Cofinoga entities subject to this ratio also comply with the minimum limit set by the regulations. 
       
      The analysis of contractual maturities of financial liabilities as at 31‐12‐2011 and the geographical breakdown 
      of financial debts are shown in the appendices to the consolidated financial statements. 
       
      IV.2.      Interest rate risk 
       
      In order to render its financial margin insensitive to interest rate volatility, LaSer Cofinoga hedges its interest 
      rate completely. 
            ■ Resources  allocated  for  appropriations  at  a  fixed  interest  rate  are  either  raised  directly  at  a  fixed 
                 interest rate, or raised at a variable interest rate then transformed or limited at a fixed interest rate. 
                 The hedging thus put in place follows the depreciation curve of the appropriations through to their 
                 maturity; 
              ■ Resources allocated for appropriations at a reviewable interest rate are transformed at a fixed rate 
                over  a  minimum  rolling  period  of  three  months  for  an  amount  corresponding  to  the  provisional 
                appropriations  for  that  period.  Beyond  this  period,  the  resources  at  variable  rates  may  be 
                transformed or limited at a fixed rate, within the limits of the appropriations present on the balance 
                sheet at the date of the analysis. 
      The  breakdown  of  the  nominal  value  of  derivatives  by  residual  maturity  is  shown  in  the  appendices  to  the 
      consolidated financial statements. 
       
       
       




2011 LaSer Cofinoga Annual Report                                                                                        12
      Hedge effectiveness 
      The  hedging  relationship  between  the  fair  value  hedging  instruments  and  the  corresponding  hedged  items 
      changed as follows over the period concerned. 
       
                                                                           31/12/2011                          31/12/2010
                              (in millions of euros)
                                                                      Assets          Liabilities         Assets          Liabilities
          Hedging derivatives, including coupons                               119              313                110              184

              - Fair value of cash flow hedging instruments                    (13)            (28)                (17)            (19)

              - Accrued coupons on financial instruments                       (15)            (41)                (13)            (48)

          Fair value of hedging derivatives, flat quotation                      91             244                 80              117
          Revaluation adjustment on interest rate-hedged customer
                                                                               242                                  97
          credits
          Revaluation adjustment on debts (refinancing)                                             88                                  60
          Revaluation adjustment on SFEF loans                                                      (1)                                  0
          Revaluation of liabilities in currency - exchange rate                                     2                                  0
          TOTAL                                                                333              333                177              177
                                                                                                                                              
                                                                      
       
      The financial impact of fluctuations in interest rates on the cost of refinancing for LaSer Cofinoga is neutralised 
      by  its  ability  to  adjust  its  customer  scales  accordingly  both  inside  and  outside  France,  within  the  limits  of 
      maximum allowable interest rates. 
       
      IV.3.         Foreign exchange risk 
       
      The foreign exchange risk related to financing in a currency other than the euro is systematically hedged: Polish 
      Zloty, UK Sterling, Danish and Norwegian Kroner. 
      The equity interests of subsidiaries outside the euro zone, notional capital advances for branches outside the 
      euro zone and the earnings of these entities are not hedged.  
       
      V.            Moody’s ratings of LaSer Cofinoga  
      On 13 December 2011, following the one‐notch fall in the rating of BNP Paribas, Moody’s lowered the rating of 
      LaSer Cofinoga by one notch as well, i.e. from A1 to A2. LaSer Cofinoga’s ratings are under ongoing review for a 
      possible downgrade, given the deteriorating macroeconomic environment and changing regulatory landscape 
      which inevitably are driving LaSer Cofinoga to adjust its business model. Support from BNP Paribas, especially 
      as  a  secure  source  of  funding  for  LaSer  Cofinoga,  remains  one  of  the  highly  positive  criteria  behind  LaSer 
      Cofinoga’s rating. 

      Moody's highlighted LaSer Cofinoga’s strong position on the consumer credit and private label card markets in 
      France and other European countries, its risk management expertise, and its access to funding through its 50% 
      shareholder, BNP Paribas (Aa3/P1).  

      Long term:                        A2  
      Short term:                       Prime 1  
      Financial strength:               C‐  
      Subordinated debt:                A3  
      Outlook:                          ratings under review for possible downgrade  




2011 LaSer Cofinoga Annual Report                                                                                            13
       

          5 Human resources 
       
      At year‐end 2011, LaSer Cofinoga (not including Banque du Groupe Casino) employed a total of 5,560 people, 
      compared with 5,891 at year‐end 2010. This overall fall is the outcome of decreases concentrated on France 
      (‐183) and Poland (‐179) linked to the implementation of the operational efficiency continuous improvement 
      plans  that  are  part  of  the  transformation  plans  ongoing  in  both  of  these  countries.  In  France,  the  fall  in  the 
      staffing level also coincides with a decrease in current business activity. On the other hand, the UK subsidiary’s 
      staffing level increased in 2011 (+97). 
      The Group’s HR policy takes on board in its action plan the findings of the Employee Motivation Rating survey 
      carried out among LaSer employees for the first time in 2011. This survey was based on three areas of work, 1/ 
      employee  understanding  of  LaSer’s  strategy,  of  its  purpose  and  of  customer  needs  (communication  media, 
      Culture  &  managerial  behaviours  programme,  product  training,  etc.),  2/  the  employability  of  employees  and 
      their potential flexibility within the company (mobility schemes and systems, new annual review tool, etc.), and 
      3/  working  conditions  (rollout  of  working  from  home,  stress  prevention  approach,  action  taken  to  reduce 
      absenteeism, etc.). The following examples illustrate the three issues revealed by the survey. 
      In order to meet the business’s new strategic and regulatory needs, training programmes were stepped up in 
      2011.  For  example,  the  Danish  subsidiary,  through  BNP  PARIBAS,  joined  a  European  programme  called 
      “Enlighten  your  career”,  while  in  Poland  training  was  targeted  on  three  areas,  languages  (130  employees 
      concerned),  business  lines  (amicable  collection  and  loan  selling)  and  the  partnership  with  the  university 
      “Student’s  internship”  scheme.  In  France,  the  training  department  undertook  educational  engineering  work 
      (programme design and rollout) focusing on two areas, a/ the Consumer Credit Act and b/ LaSer’s offerings. 
      Almost 300 employees changed jobs inside the group or their business line in 2011. Internal mobility was made 
      easier  by  the  tools  introduced  in  2010,  including  staff  reviews  and  career  committees,  internal  CVs, 
      employment committees, and the posting of all vacancies. In 2011, a process of identifying and following up 
      eligible  employees  and  internal  mobility  candidates,  greater  “sharing”  with  the  BNP  PARIBAS  &  Galeries 
      Lafayette  groups,  the  reworking  of  internal  job  offers  and  a  more  professional  approach by  HR  Managers  to 
      individual career management added to the tools already in place. 
      The development of employee talent was strengthened by the creation of an operations assessment centre in 
      our UK subsidiary, and our Polish subsidiary opened its first year of the Management Academy Project. 
      New  annual  appraisal  interview  tools  were  put  in  place  in  France,  the  Netherlands  and  Poland.  The  aim  in 
      France  is  to  give  all  interviews  a  formal  structure  and  facilitate  the  implementation  of  differentiated  career 
      management in 2012.  
      In France, LaSer launched testing of an alternate workplace system. To begin with, some 70 employees working 
      in  operational  back  office  jobs,  customer  relations  and  collection,  have,  with  the  support  of  their  managers, 
      volunteered to alternate between working at home and in the office. Everyone involved in this experimental 
      product is motivated and working towards the development of an expert model. The hope is that this type of 
      work organisation, which through the build up of trust, sense of responsibility and feeling of well‐being that it 
      encourages promotes employee commitment and improves their performance, can be made sustainable. 
      Employer‐supported  volunteering  of  skills  and  expertise  also  helps  to  strengthen  employee  motivation  by 
      enabling them to work for charities and not‐for‐profit organisations during their working hours. In 2011, LaSer 
      enabled  21  employees  to  volunteer  for  an  area  of  work  or  assignment  of  their  choosing  either  with  one  of 
      LaSer’s partner organisations or another player in a third party sector.  
      The managerial Culture and Behaviours programme initiated in 2010 took concrete shape in 2011 with the 
      sharing of the definition of the purpose of LaSer, an entrepreneurial undertaking with an associated method of 
      governance, a reference framework and a set of rules clarifying expected behaviours, illustrated by five 
      fundamental values: cooperation and sharing, conscientiousness, customer care and understanding, energy 
      and accountability. Above all, the approach is intended to be a practical one implemented by means of action 
      plans defined during Management Committee cohesion and coherence seminars, and in 2012 will be extended 
      to all managers. 




2011 LaSer Cofinoga Annual Report                                                                                           14
           6 Outlook for 2012 
       
      A  conjunction  of  unfavourable  economic  and  regulatory  factors  has  led  LaSer  to  develop  a  number  of 
      restructuring plans and a recovery programme for its subsidiaries. 
      In order to secure the company’s long‐term future and address the decrease in business activity and margins, 
      from the beginning of 2012, LaSer’s organisation will change, with the emphasis on three main areas of work: 
             - Focus on core businesses, 
             - Simplify the organisation, 
             - Restore the structural profitability of our core credit business line. 
       
      A plan to reduce the size of our teams has been developed on the basis of 433 net job losses for LaSer Cofinoga 
      in France. As part of this, a draft employment preservation plan was submitted to the Central Works Council on 
      20 January 2012.  

           7 Financial report 
       
                  7.1 Consolidated balance sheet at 31 December 2011 
       
                  7.2 Consolidated income statement at 31 December 2011 
       
                  7.3 Consolidated equity capital at 31 December 2011 
       
                  7.4 Consolidated cash flow statement at 31 December 2011 
       
                  7.5 Appendices to the consolidated financial statements 
       
                  7.6 Corporate results of LaSer Cofinoga SA 
       
      LaSer Cofinoga SA is the parent company of the LaSer Cofinoga Groupe. As such, its results do not reflect the 
      consolidated activity of LaSer Cofinoga. In 2011 the net result was a profit of 54.5 million euros. 
       
      Schedule of trade payables as at 31‐12‐2011: 
      In  accordance with  Article  L.441‐6‐1  of  the  French  Commercial  Code  (Code  de  Commerce)  introduced  by the 
      law modernising the economy, the following is a breakdown of trade payables at year‐end by remaining term: 
       
          In thousands of euros
                                             Less than 30 days     Between 30 and 60 days   More than 60 days       Total
          2011 annual financial statements                    22                    14                          -                36
          2010 annual financial statements                   106   -                26                          -                80

                                                                                                                                       
       




2011 LaSer Cofinoga Annual Report                                                                                           15
                                                                            LASER COFINOGA
                                                                    CONSOLIDATED BALANCE SHEET

                                 ASSETS                     31/12/2011      31/12/2010                                    LIABILITIES                 31/12/2011      31/12/2010
                     (Amounts in thousands of euros)                                                            (Amounts in thousands of euros)
Cash, Due from Central banks                                       89 849         26 041 Due to Central banks
Financial assets at fair value through profit or loss               6 468          5 047 Financial liabilities at fair value through profit or loss          10 459            3 610
Hedging derivatives                                               118 680        109 703 Hedging derivatives                                                312 666          184 007
Other financial assets available for sale                          83 140        105 391 Payables due to credit institutions                              5 345 918         5 070 355
Loans and amounts due from credit institutions                  1 269 277      1 464 925 Amounts owing to customers                                         189 879          243 169
Customer loans and receivables                                  9 145 245      9 780 797 Debts represented by securities                                  3 918 389         4 836 597
Revaluation adjustment on interest-rate hedged portfolios         241 915         96 762
Current tax assets                                                 17 052         15 307 Current tax liabilities                                              6 423            4 669
Deferred tax assets                                               291 358        193 251 Deferred tax liabilities                                              318               636
Suspense accounts and other assets                                165 364        120 210 Suspense accounts and other liabilities                            312 511          303 900
                                                                                           Provisions for risks and expenses                                 22 189           17 531
                                                                                           Subordinated debt                                                456 346          441 399
Non-current assets held for sale                                   81 387        321 263 Payables linked to non-current assets held for sale                121 716          169 092
                                                                                           EQUITY CAPITAL                                                 1 163 269         1 360 353
                                                                                           EQUITY CAPITAL - GROUP SHARE                                     960 604         1 154 134
Investments in companies quoted at equity                           2 474          1 862 Capital and linked reserves                                        203 966          203 966
Tangible assets                                                    43 777         47 285 Consolidated reserves                                              977 425          933 868
Intangible assets                                                  75 396         82 181 Gains and losses booked directly to equity capital                 -46 377           -27 287
Goodwill                                                          228 701        265 293 Net earnings - Group share                                        -174 410           43 587
                                                                                           Minority interests                                               202 665          206 219

TOTAL ASSETS                                                   11 860 083     12 635 318 TOTAL LIABILITIES                                               11 860 083      12 635 318




           2011 LaSer Cofinoga Annual Report                                                                                                                           16
                                              LASER COFINOGA
        CONSOLIDATED INCOME STATEMENT (PROFIT AND LOSS STATEMENT)

                             (Amounts in thousands of euros)                   31/12/2011     31/12/2010

+ Interest and similar income                                                      938 194      1 008 142
+ Reversal of provisions for loss of future margin                                 128 655        135 689
- Interest and similar expenses                                                   -175 984       -143 364
+ Commissions (income)                                                             214 700        270 988
- Commissions (expense)                                                            -31 244        -35 606
+/- Gains or losses on financial assets at fair value through profit or loss            45           -167
+ Net gains or losses on financial assets available for sale                           214           -247
+ Income from other activities                                                      17 440         19 090
- Expense from other activities                                                     -2 682         -2 676
NET BANKING INCOME                                                               1 089 338      1 251 849
- Operating expenses                                                              -508 771       -504 543
- Amortisation and depreciation of tangible & intangible assets                    -38 973        -33 429
GROSS OPERATING INCOME                                                             541 594        713 877
- Cost of risk                                                                    -658 244       -504 231
- Allocation to provisions for loss of future margin                               -85 361       -125 914
OPERATING INCOME                                                                  -202 011            83 732
+/- Share of earnings of companies quoted at equity                                     612              309
+/- Net gains or losses on other assets                                                 125              937
- Change in value of goodwill                                                       -32 800
PRE-TAX INCOME                                                                    -234 074            84 978
- Corporate income tax                                                              70 272            -18 750
 +/- Net result of discontinued operations or assets being sold                     -3 623            -10 185
NET INCOME                                                                        -167 425            56 043
Attributable to equity holders                                                    -174 410            43 587
Attributable to minority interests                                                   6 985            12 456

Earnings per share (in euros)                                                        -26,20              6,55
Earnings per share of continued assets (in euros)                                    -25,66              8,08




        2011 LaSer Cofinoga Annual Report                                                        17
                                              LASER COFINOGA
                                   NET INCOME
                                      AND
                GAINS AND LOSSES BOOKED DIRECTLY TO EQUITY CAPITAL


                             (Amounts in thousands of euros)              31/12/2011     31/12/2010

Net income                                                                   -167 425            56 043
Gains and losses booked directly to equity capital
Translation adjustments of foreign subsidiaries                                -18 416           10 191
Actuarial gains and losses on defined benefit plans                               -356             -726
Change in fair value of financial assets available for sale
Change in fair value of hedging derivatives                                      -568             1 643
Taxes in relation to gains and losses booked directly to equity capital           218              -316
Total gains and losses booked directly to equity capital                       -19 122           10 792
Net result and gains and losses booked directly to equity capital            -186 547            66 835

Group share                                                                  -193 532            54 379
Minority interests                                                              6 985            12 456




        2011 LaSer Cofinoga Annual Report                                                   18
                                                                               LASER COFINOGA
                                      CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY CAPITAL

Statement of changes in shareholders' equity capital from 31/12/2009 to 31/12/2011



                                                 Capital and linked reserves          Consolidated reserves

                                                                                                     Gains and
                                                                   Reserves       Consolidated                                       Consolidated equity
                                                   Capital                                         losses booked       Net income                                       Total consolidated
      (Amounts in thousands of euros)                              linked to        reserves                                              capital          Minorities
                                                    (1)                                           directly to equity   Group share                                        equity capital
                                                                     capital           (2)                                              Group share
                                                                                                       capital



Equity capital as at 31/12/2009                   100 000          103 966           871 923          -40 105            63 980          1 099 764         204 375          1 304 139

Income allocation                                                                    63 980                              -63 980             0                                  0

Equity capital as at 1/01/2010                    100 000          103 966           935 903          -40 105              0             1 099 764         204 375          1 304 139

Result for the financial year 2010                                                                                       43 587            43 587           12 456           56 043
Gains and losses booked directly to equity
                                                                                                       10 792                              10 792                            10 792
capital
Total period result                                                                                    10 792            43 587            54 379           12 456           66 835

Capital increase / decrease                                                                                                                  0                                  0

Pay-out of dividends                                                                                                                         0              -10 612          -10 612

Change in scope                                                                        64                  -64                               0                                  0

Other changes                                                                        -2 099               2 090                              -9                0                -9

Equity capital as at 31/12/2010                   100 000          103 966           933 868          -27 287            43 587          1 154 134         206 219          1 360 353

Income allocation                                                                    43 587                              -43 587             0                                  0

Equity capital as at 1/01/2011                    100 000          103 966           977 455          -27 287              0             1 154 134         206 219          1 360 353

Result for the financial year 2011                                                                                      -174 410          -174 410           6 985          -167 425
Gains and losses booked directly to equity
                                                                                                      -19 122                             -19 122                            -19 122
capital.
Total period result                                                                                   -19 122           -174 410          -193 532           6 985          -186 547

Capital increase / decrease                                                                                                                  0                                  0

Pay-out of dividends                                                                                                                         0              -10 539          -10 539

Change in scope                                                                                                                              0                                  0

Other changes                                                                          -30                 32                                2                 0                2

Equity capital as at 31/12/2011                   100 000          103 966           977 425          -46 377           -174 410          960 604          202 665          1 163 269


(1) LaSer Cofinoga S.A.'s equity capital comprises 6,655,960 shares with a nominal value of 15.02 euros




            2011 LaSer Cofinoga Annual Report                                                                                                                             19
                                                              LASER COFINOGA
                                                   TABLE OF CONSOLIDATED CASH FLOW

                                          (Amounts in thousands of euros)                                                  31/12/2011          31/12/2010

Pre-tax result of continued assets                                                                                              -234 074                 84 978
Pre-tax result of discontinued operations and assets being sold                                                                  -19 509                -13 344

+/- Net allocations to amortisation and depreciation of tangible and intangible assets                                            39 223                33 744
- Amortisation and depreciation of goodwill and of other assets (1)                                                               32 667                   -43
+/- Net provisions and discount.                                                                                                 104 018               183 861
+/- Share linked to companies quoted at equity                                                                                      -612                  -308
+/- Net loss/gain on investments (2)                                                                                              11 980                  -931
+/- Other non-monetary changes                                                                                                    68 074                -1 263
Total non-monetary items included in the net pre-tax result and other adjustments                                                255 350               215 060

+/- Flows linked to transactions with credit institutions (3a)                                                                   753 219           -1 955 881
+/- Flows linked to transactions with customers (4)                                                                              399 475              316 288
+/- Flows linked to other transactions affecting financial assets or liabilities (3b)                                             16 699            1 130 581
+/- Flows linked to other transactions affecting non-financial assets or liabilities                                              -8 573               26 461
- Tax paid                                                                                                                       -15 057              -76 473
Net decrease / (increase) of assets and liabilities from operating assets                                                      1 145 763             -559 024

TOTAL NET CASH FLOW GENERATED BY OPERATING ASSETS (A )                                                                         1 147 530               -272 330
+/- Flows linked to financial assets and investments (5)                                                                           45 921                62 481
+/- Flows linked to tangible and intangible assets                                                                                -30 642               -19 447
TOTAL NET CASH FLOW LINKED TO INVESTMENT TRANSACTIONS ( B )                                                                        15 279                43 034
+/- Cash flow from or to shareholders                                                                                            -10 295               -10 637
+/- Other net cash flows from financing assets (6)                                                                              -914 668               380 713
TOTAL NET CASH FLOW LINKED TO FINANCING TRANSACTIONS ( C )                                                                      -924 963               370 076
Effect of exchange rate change on cash and cash equivalents ( D )                                                                      379                   184
NET INCREASE/(DECREASE) OF CASH AND CASH EQUIVALENTS ( A + B + C + D )                                                           238 225             140 964
Net cash flow generated by operating assets (A)                                                                                1 147 530            -272 330
Net cash flow linked to investment transactions (B)                                                                               15 279              43 034
Net cash flow linked to financing transactions ( C)                                                                             -924 963             370 076
Effect of exchange rate change on cash and cash equivalents (D)                                                                      379                 184
OPENING CASH AND CASH EQUIVALENTS                                                                                                  220 643                 79 679
of which opening funds of discontinued operations and assets being sold                                                               -170                 6 920
CASH, CENTRAL BANKS (ASSETS AND LIABILITIES)                                                                                        26 068                 36 018
ACCOUNTS (ASSETS AND LIABILITIES) AND LOANS AT SIGHT WITH CREDIT INSTITUTIONS                                                      194 575                 43 661
CLOSING CASH AND CASH EQUIVALENTS                                                                                                  458 868                220 643
of which funds of discontinued operations and assets being sold                                                                          0                  -170
CASH, CENTRAL BANKS (ASSETS AND LIABILITIES)                                                                                        89 849                 26 068
ACCOUNTS (ASSETS AND LIABILITIES) AND LOANS AT SIGHT WITH CREDIT INSTITUTIONS                                                      369 019                194 575
NET VARIATION IN CASH                                                                                                            238 225               140 964
(1) 2011: of which goodwill impairment (€32,8m)
(2) 2011: of which impact of the sale of Banque Casino securities.
(3) 2010: A liquidity reserve was formed in 2009, invested in Treasury Bonds and Certificates of Deposit in the CDC ("transactions affecting financial assets
or liabilities") [3b]. In 2010, most of this reserve was renewed through term loans ("transactions with credit institutions") [3a].
    2011: Changes in term loans/ borrowings (+€815m), subordinated loans (+€4m) and Credit Support Annexes (-€66m).

(4) 2010: Decrease in customer outstandings.
    2011: Decrease in customer outstandings and similar (+ €440m) and repayment of SFEF loan (-€40m).
(5) 2010: Collection of additions to the price of disposal of assets in Portugal and settlement of the balance of the purchase price of Cetelem Poland.
    2011: Sale of Banque Casino and acquisition of a proportion of their outstandings.
(6) 2010: Net issue of NCI (+€1,129m) and net repayment of bonds(-€751m).
    2011: Net repayment of NCI (-€561m) and net repayment of bonds (-€354m).




           2011 LaSer Cofinoga Annual Report                                                                                                      20
                                        LASER COFINOGA
       APPENDICES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                            31/12/2011
The consolidated financial statements of the LaSer Cofinoga Group were officially closed by the meeting of
the Board of Directors on 13 March 2012, which was preceded by the meeting of the Audit Committee on 17
February 2012.

        Notable events
        A- Changes in provisioning methods for customer outstandings

During the 2011 financial year, LaSer Cofinoga initiated work to back-test its customer risk provisioning methods
(comparison between estimated and actual losses). This review process came against a backdrop of worsening
economic conditions and changes to consumer credit legislation in France.

The resulting findings led the Group in 2011 to update the statistical model used to determine its provisioning for
credit risk, the aim being to apply across the board an approach based on receipts per generation of origin.

The portfolio of up-to-date receivables from Overindebtedness is divided into two categories:
    1. Overindebtedness outstandings where restructuring includes specific conditions (deferred payment period
         not ended and/or sums remaining to be collected at the end of the plan)
    2. Overindebtedness outstandings where the outcome of payment schedule restructuring is a plan without any
         specific conditions.

At 31/12/2011, further to the recent changes to the legislation and to the back-testing work, both categories in this
portfolio were treated in the same way, with a provision for credit risk calculated using the new method. The change
in the provision as compared with year-end 2010 is due to the Overindebtedness outstandings in category two
described above; at 31/12/2010, only an impairment mainly resulting from the discounting of future cash-flows
generated by the restructuring plan at the loan agreement’s original interest rate, was applied to these outstandings.
The change in the method of hedging category two Overindebtedness outstandings represents an additional
provision of €85m at year-end 2011.

The overall impact of the changes in the provisioning method for customer outstandings is an expense of €268m for
the financial year 2011 (France €256m; International €12m), appearing under “Cost of Risk” and “Allocations to
provisions for future loss of margin”.

    B- Group reorganisation and measurement of goodwill

The reorganisation of the Group in the second half of 2011 made it necessary to review the Group’s operating
sectors and, therefore, its Cash Generating Units, used for goodwill impairment tests.

Banque Solféa, which is a not-exclusively controlled partnership, forms one CGU. Apart from Banque Solféa, the
Group’s organisation is now based on three business groupings, which form the new CGUs:
 - France: credit and non credit,
 - Northern Europe (United Kingdom, Netherlands, Denmark, Norway): credit,
 - Poland: credit

Each of these three business groupings develops its own strategic measures, and the results in terms of profitability
are assessed separately, with the creation of same-level reports for Senior Management and shareholders.

Allocation of goodwill following changes in CGU scope in 2011




2011 LaSer Cofinoga Annual Report                                                                              21
In accordance with the principles set out in IAS36 concerning changes to the composition of one or more CGUs,
goodwill has been allocated to the aforementioned four new CGUs on the basis of the goodwill of each of the entities
concerned.

The following table summarises the switch from the 2010 CGUs to the 2011 CGUs for goodwill existing at the start of
the financial year.

In millions of euros

CGUs as at 01.01.2011                                                          Allocation to CGUs 31.12.2011
                                                                              Northern                Banque
                                                Total            France          Europe Poland        Solféa       Total

LMFS (offer to customers marketed under
                                                    224                   1         177         46             0       224
partnerships with the Retail world)

LCF (offer of loans to customers marketed
either directly or through brokers                      32             32             0          0             0           32


Banque Solféa                                            9                0           0          0             9           9

TOTAL                                               265                33           177         46             9       265



Goodwill impairment

Pursuant to the principles set out in paragraph 1.3.6 and on the basis of the Group’s updated business plan, an
impairment of €33m was applied at 31 December 2011 to the goodwill allocated to the France CGU. This impairment
covers the whole of the existing goodwill allocated to the said CGU.

       C- Events since the close of the financial year

A conjunction of economic (financial crisis, constant decline in the consumer credit market) and statutory (provisions
of the new Consumer Credit Act in France, which are especially unfavourable for revolving credit) factors has led the
Group to develop a restructuring plan which includes the downsizing of its teams.

On 19 January 2012, the Board of Directors of LaSer Cofinoga approved the draft Plan de Sauvegarde de l’Emploi
(employment preservation plan), which was then submitted to the Central Works Council meeting on 20 January
2012 for discussion at its meeting of 13 February 2012. This plan includes 433 net job losses for LaSer Cofinoga in
France.

The cost of these measures will be recognised in the financial statements for the year 2012 in accordance with
IAS19.

1.         ACCOUNTING METHODS
1.1.       General valuation and presentation principles

The Group’s consolidated financial statements have been prepared in accordance with the IFRS (International
Financial Reporting Standards) guidelines as adopted by the European Union and in effect at this time. These
guidelines include: International Financial Reporting Standards (IFRS), International Accounting Standards (IAS),
texts by the Standing Interpretations Committee (SIC) and by the International Financial Reporting Interpretations
Committee (IFRIC).

New standards whose mandatory implementation date was 1 January 2011 had no impact on LaSer Cofinoga’s
financial statements.




2011 LaSer Cofinoga Annual Report                                                                                    22
The Group has not made early application of any accounting standard, standard amendment or standard
interpretation whose effective implementation date was later than 1st January 2011 and that would have an impact on
the Group’s financial statements.

      Format of IFRS summary financial statements

The Group’s summary statements are presented in the format recommended by the Conseil National de la
Comptabilité (French National Accounting Council) in its Recommendation 2009-R.04 of 2 July 2009, which specifies
the format of summary financial statements for credit institutions applying IFRS international accounting guidelines.

The consolidated financial statements include the accounts of LaSer Cofinoga SA and those of the French and
foreign companies that are part of the Group. The financial statements of foreign subsidiaries, prepared in
accordance with local accounting regulations, have been restated to bring them in line with the accounting policies
adopted by the Group as at 31 December 2011.

      Use of estimates

In preparing its consolidated financial statements, the Group’s Management has to make estimates and assumptions
that may have an impact on the figures appearing in those financial statements and the notes accompanying them.
This task requires Management to exercise judgement and use the information available to it at the time of preparing
the financial statements to make the necessary estimates. The final outcomes of the transactions for which
Management has used estimates may ultimately differ from those estimates.

Estimates and assumptions are especially relevant to:

       -   provisions for risks and expenses,
       -   provisions for doubtful debt,
       -   impairment tests conducted on intangible assets and equity securities,
       -   the fair value of financial instruments.

      Management of financial risks

Through its management of financial risks, the Group protects its earnings against market risks (interest rate risk and
currency risk), counterparty risk and liquidity risk.

No major financial risk has been identified by the Group.

1.2.       Consolidation – basis and methods

1.2.1.     Scope and methods of consolidation

The consolidated financial statements include all companies over which the Group exercises exclusive control, joint
control or significant influence and whose consolidation is significant to the Group. Such companies are consolidated
fully, proportionately or by the equity method, respectively. When determining the percentage of control exercised,
potential voting rights are taken into account once they exercisable.

1.2.2.     Minority interests

Minority interests are presented separately in the consolidated net income statement and in the consolidated balance
sheet, within equity capital. These minority interests mainly represent the rights of holders of preference shares
issued by the Group and classified as equity instruments.

Preference shares

The Group issued perpetual preference shares carrying no voting rights for a total of 100 million euros in 2003, and
80 million euros in 2004. These shares were issued via UK-registered “Limited Partnerships” controlled exclusively


2011 LaSer Cofinoga Annual Report                                                                               23
by the Group, and entitle holders to non-cumulative priority dividends payable annually for the 100 million euro issue
and quarterly for the 80 million euro issue. After a certain date specified in the contract, the shares may be redeemed
by the issuer at par value on each coupon payment anniversary date.

1.2.3.     Translation of foreign currency transactions

The Group’s consolidated financial statements are drawn up and presented in euros.

Profit and loss items for foreign subsidiaries (outside the euro zone) are translated into euros at the average
exchange rate for the period; balance sheet items other than equity, which is presented at the historic exchange rate,
are translated at closing exchange rates.

The Group share of any translation adjustments recorded is posted in equity capital under “Translation adjustments”.
The third party share of any translation adjustments recorded is posted under “Minority interests”.

1.2.4.     Results of partnership companies

Loans managed under the auspices of partnership companies (PC) are posted, as applicable, either directly to the
Group’s balance sheet, where a subsidiary of the Group is the designated manager of the PC concerned, or to the
balance sheet of another partner in the PC with status as a financial institution, where a Group subsidiary is not the
designated manager.

Income and charges relative to credit transactions performed under the auspices of partnership companies are
posted by type under the different headings of the Group’s consolidated profit and loss statement, for loan funds
appearing on the consolidated balance sheet.

This type of entry, the aim of which is to reflect in the profit and loss statement the income and charges from
transactions included on the consolidated balance sheet, is not used for partnership company operations whose
loans are managed by external companies that manage the partnership companies. In such cases, only the Group
share of net profit or loss is posted as “Interest and similar income” or “Interest and similar expenses” for financial
PCs.

The Group share of net profit or loss for non-financial PCs is posted under “Net income from other activities ".

1.3.       Accounting principles and valuation methods

1.3.1.     Derivatives and hedge accounting

All derivatives are recognised on the balance sheet, on the trading date, at their transaction price, and are revalued
on the closing date at their fair value in the income statement or equity capital.

      Fair value of financial instruments

When first recognised, the fair value of a financial instrument is usually the negotiated price (in other words, the value
of the financial compensation paid or received).

Subsequently, the fair value of a financial instrument is measured on the basis of the market price at closing in the
case of derivatives traded on active markets. The majority of over-the-counter derivatives, swaps, caps, floors and
standard options are traded on active markets. They are valued using widely accepted models based on the listed
market prices of similar instruments or underlying assets.

The fair value measurement of other financial instruments, be they assets or liabilities, that are not listed on an active
market, is based on different methods and assumptions determined in accordance with actual market conditions on
the closing date.

      Hedging derivatives


2011 LaSer Cofinoga Annual Report                                                                                  24
Financial futures and options concern both interest rate instruments and cross currency interest rate swaps.

All financial futures and options are contracted in over-the-counter markets with first-class banks as counterparties.

The Group buys and sells contracts in various financial futures and options markets only to hedge its interest rate
exposure.

Under the provisions of IAS 39, financial futures and options transactions aimed at hedging the Group’s fixed rate
assets and liabilities or similar items are considered as fair–value hedges or cash flow hedges, whether the
derivatives are matched with refinancing instruments or assets comprised of accounts receivable.

In accordance with the “carved out” version of IAS 39 adopted by the European Union, it should be noted that fair
value hedge accounting for portfolio hedges of interest rate risks is used, particularly regarding the hedging of debt
portfolio interest rate risks.

In this context:

-   The risks designated as being hedged are the interest-rate risk associated with the fixed rate component
    included in the customer terms, and the exchange rate risk connected with intra-group loans in foreign
    currencies granted by LaSer Cofinoga to international entities.
-   It was decided that hedge accounting could be applied to revolving loans by analogy with the fact that IAS 39
    allows stable loans of demand deposits to be designated as hedged items.
-   The hedging instruments are either simple interest rate swaps, or Caps (options to buy at maturity), or cross-
    currency interest rate swaps.
-   The effectiveness of hedging is globally borne out by the fact that all derivatives, following their implementation,
    reduce the interest-rate risk on the portfolio of underlying instruments hedged and the currency risk on the intra-
    group loans hedged. Retrospectively, these hedges are de-designated when the underlying instruments
    specifically associated with them by maturity band become insufficient.

The principles governing the recognition of derivatives and hedged items depend on the hedging strategy. The Group
uses fair value hedges and cash flow hedges.

Fair value hedges
In this context, hedging instruments appear on the balance sheet at their fair value (under “Hedging derivatives”), as
do the hedged items for the hedged risk component (either under the hedged item heading or under “Revaluation
adjustment on interest rate hedged portfolios”, in particular for customer receivables portfolios), as opposed to the
profit and loss account (“Gains or losses on financial assets at fair value through profit or loss”).

In the case of fair value hedges through the purchase of Caps, only the intrinsic value is considered as hedging in
accordance with the terms of IAS39.

All premiums and issue expenses associated with hedged bonded loans are integrated into the initial fair value of
loans. Similarly, all possible equalisation payments and receipts are integrated into the fair value of financial futures
and options.

Ineffective hedging is recognised in the profit and loss account under “Gains or losses on financial assets at fair
value through profit or loss”.

Cash flow hedging
The Group subscribes to cross currency interest rate swaps in which an amount in euros at a variable rate is
exchanged (swapped) for an equal in another currency at a fixed rate in order to cover intra-group loans in fixed rate
currency granted to international entities; these cross currency interest swaps are cash flow hedging instruments.

In this context, these hedging instruments appear on the balance sheet at their fair value (under “Hedging
derivatives), as opposed to equity (“Gains and losses booked directly to equity capital) for the rate component, and


2011 LaSer Cofinoga Annual Report                                                                                 25
as opposed to the result (under “Gains or losses on financial assets at fair value through profit or loss) for the
exchange component.

   Derivatives held for transaction purposes

Financial futures and options that cannot be considered as hedging items under IAS 39 are recognised under
“Financial assets at fair values through profit or loss”. These concern in particular:
- Eonia / Euribor transformation swaps linked to Euribor loans,
- caps not linked to fair value hedging under the terms of IAS 39 as described in the previous paragraph,
- cross-currency interest rate swaps that cannot be designated as hedging derivatives under IAS 39; these are
    cross currency interest rate swaps in which an amount in euros at floating rate is exchanged (swapped) for an
    equal in another currency at a revisable rate.

The realized and unrealized gains and losses on these transactions are recognised in the profit and loss statement
under “Gains or losses on financial assets at fair value through profit or loss”.

1.3.2.   Financial assets available for sale

In accordance with the criteria set out under IAS 39, the Group classifies the following as “Financial assets available
for sale”:
- Non-consolidated equity securities: in the Group, this category consists solely of unlisted shares,
- Investment securities that the Group may take out when it has a cash surplus.

These securities are initially booked at their purchase price and fair value assessments as well as impairment tests
are undertaken at each year-end.

If these shares are listed on an active market, the fair value used is equal to the share price on that market; if there is
no listing on an active market, the fair value is determined by using the most appropriate valuation techniques:
discounted cash flows, multiples of financial ratios (net financial situation, net customer loans), reassessed net book
value of assets, or others.

The difference between the fair value of the shares at the closing date and their net book value is recognised in
equity capital, with the exception of any impairment.

The value of the shares may be depreciated if there has been prolonged or significant loss of value; this leads to an
additional individual qualitative analysis which may result in impairment.

The impairment of these shares is irreversible; it is recorded in the statements in net banking income under “Net
gains or losses on financial assets available for sale”. Once a share has been depreciated, any further impairment
must also be recorded in the statements.

1.3.3.   Customer advances

Customer advances as stated in the balance sheet include: principal outstanding on the closing date together with
interest, allowances and insurance premiums due and payable, and accrued interest due but not yet payable on the
closing date.

In keeping with IAS 39, customer advances are initially recognised at their fair value, which is equal to the sum of the
following:
- The original loan amount,
- Transaction costs directly attached to loans. These mainly consist of the business contribution commissions paid
     to third parties outside the Group,
- Administration fees and charges received from customers.




2011 LaSer Cofinoga Annual Report                                                                                   26
Afterwards, these customer advances are recognised on the balance sheet on an amortised cost basis. More
specifically, the transaction costs and administration fees and charges attached to the advances are recorded in the
profit and loss statement at the same rate as the interest on the advances.

The Group divides customer loans into the following categories:
- Performing loans,
- Restructured loans, which are loans restructured for reasons related to the customer’s financial difficulties and
    that are up to date and impaired,
- Impaired loans in arrears (receivables that are down-rated as soon as one missed payment is observed).

As a general rule, the credit risk impairment allowance system is the outcome of implementation of IAS39 and is
based on:

-   a statistical approach using homogenous portfolios of customer advances, given the low unit value of each debt if
    taken individually and their common characteristics in credit risk terms,
-   the likelihood of recovery at the different stages of collection.

Impairment is calculated by applying to each segment the statistical rate at which doubtful debts are converted into
legal recovery proceedings and the actual loss rate on those recovery proceedings, based on the historical data
observed. These data are regularly updated and segmented according to the type of product sold by the Group
(card, revolving credit, instalment loan, debt consolidation), so that their individual characteristics are taken into
account.

Credit risk impairment allowances are calculated by discounting, at the contract’s original effective interest rate,
expected recoveries of capital and interest. As a result, impairment allowances for loss of future margin are also
made in addition to impairment allowances for actual credit risks, due to the effect of discounting expected
recoveries. It should be noted that:

-   The impact of the discount is entered under the cost of risk as “Allocation to impairment for loss of future margin”;
-   The impact of unwinding the discount is then included in net banking income (NBI) under “Reversal of impairment
    for loss of future margin”.

1.3.4.   Fixed assets

Fixed assets appear on the balance sheet at their acquisition value, plus directly attributable expenses.

When they meet fixed asset criteria, software and information systems are entered on the balance sheet at their
direct development cost, which primarily consists of external costs.

Fixed assets are valued at cost and depreciated on a straight-line basis over their estimated useful life.

The Group has used a component-based approach for property as per the provisions of regulation CRC 2004-06 on
the recognition of assets and in keeping with IAS 16. In this context, each component is separately recognised and
amortised according to a specially-assigned amortisation plan. The components and their elected amortisation
durations are as follows:

-   Major construction (building structure)                     : 40 years
-   Secondary construction (roofing and exterior fittings)      : 25 years
-   General and technical installations                         : 15 years

Amortisation durations for fixed assets other than property are as follows:

-   Software and information systems                   : 1 to 8 years
-   IT equipment                                       : 3 to 5 years
-   Office furniture and equipment                     : 5 years
-   Fixtures                                           : 5 to 10 years


2011 LaSer Cofinoga Annual Report                                                                                 27
-   Vehicles                                          : 5 years

Impairment tests are conducted on depreciable fixed assets if, at year end, any loss of value indicators are identified.

Intangible fixed assets with no fixed length of life undergo a systematic annual impairment test.

In accordance with IAS 23 “Borrowing costs”, revised version applicable from the financial year 2009 onwards,
borrowing costs that are directly attributable to the acquisition, construction or production of a qualified asset, form
part of the cost of that asset and as such are recorded on the balance sheet. No borrowing costs are recorded on the
balance sheet for the financial year 2011 as no qualified asset reached the materiality criteria defined by the Group.

1.3.5.   Leases

   Lease-financing contracts in which the Group is a lessor:

These are primarily lease with purchase option contracts (covering equipment such as cars, household goods and
furnishings, etc.) with customers, which are considered as financing granted by the Group to the lessee for the
purchase of a good. In this context, leasing transactions are treated according to financial accounting policies.

   Lease-financing contracts in which the Group is a lessee:

In keeping with the treatment recommended under IAS 17, the Mérignac management centre, owned as part of a
property leasing contract, has been restated and posted as a balance sheet asset.

Equipment lease-financing contracts have not been restated according to IFRS, since such a restatement was not
considered significant.

   Lease contracts in which the Group is a lessee or lessor:

Examination of these contracts has not led to any restatements. In this context, sums disbursed under the terms of
contracts are booked in the profit and loss statement under “Operating expenses”, and sums received are booked in
the profit and loss statement under “Net Banking Income”.

1.3.6.   Business combinations and measuring goodwill

   Goodwill

The difference between the purchase cost of shares in consolidated companies and the Group's equity in the net
book value of the assets acquired is allocated wherever possible to clearly identifiable assets or liabilities in
recognition of their fair value.

The non-allocated portion is regarded as capitalised and non-amortised goodwill in accordance with IFRS 3 R.

Adjustments to the value of the assets and liabilities relative to acquisitions booked on a provisional basis are
recognised as retrospective adjustments of goodwill if they come within the twelve-month period from the date of
acquisition. After this period of time, the effects are reflected in the statements.

   Cash Generating Units (CGU) and impairment tests

As described in the “Notable events” section of this report, the Group consists of the following four Cash Generating
Units:
 - France: credit and non credit
 - Northern Europe (United Kingdom, Netherlands, Denmark, Norway): credit
 - Poland: credit
Banque Solféa



2011 LaSer Cofinoga Annual Report                                                                                 28
The Group’s goodwill has been broken down between the business groupings described above.

In accordance with IFRS 3 R and IAS 36, goodwill is tested annually at each closing. The book value of each CGU is
then compared with its recoverable value.

         - Determining the recoverable value of CGUs

The recoverable value of a CGU is defined as the higher of two values; its fair market value and its value in use.

Fair market value is the amount obtainable from the sale of the CGU under normal market conditions. Value in use is
computed using a DCF (Discounted Cash Flows) method, taking into account assumptions about growth rates.
Future cash flows are determined on the basis of the development plans of the entities concerned and approved by
the Group’s Senior Management. At 31 December 2011, the duration used for projected cash flows was 7 years, the
growth rate used at the end of the projection period was 2% and the discount rates applied were between 10.19%
and 12.28%. These rates reflect long-term market rates plus a percentage representing risks specific to the business
conducted and the geographical area of each CGU concerned.

The Group also applies stress scenarios to these parameters in order to determine the sensitivity of the recoverable
value of its CGUs.

If a loss of value is observed once these tests have been carried out, an irreversible impairment of goodwill is
recognised in the profit and loss statement.

1.3.7.   Securities payable and non-permanent subordinated debt

The refinancing of credit activities is primarily conducted through debt financial instruments issued by the Group.

These debt financial instruments are initially measured at the fair value of the compensation received in return, less
transaction costs directly attributable to the transaction.

They are then measured at their depreciated cost unless they are the subject of fair value hedging (see § 1.3.1). All
expenses associated with the issue of loans and bonds, as well as any difference between issue income net of
transaction costs and the expected exit value, are reflected in profit and loss over the loan lifespan.

1.3.8.   CVAE (Cotisation sur la valeur ajoutée des entreprises)

Since 2010, businesses in France have had to pay the Territorial Economic Contribution (Contribution économique
territoriale or CET). The Territorial Economic Contribution has two components, 1/ the Contribution foncière des
entreprises or CFE, assessed on the rental value of property liable to property tax, and 2/ the Cotisation sur la valeur
ajoutée des entreprises or CVAE, computed on the basis of the added value generated by the company.

The accounting treatment chosen by the Group is as follows:

     CFE: this contribution continues to be booked under “Operating expenses”, as the local business tax (taxe
      professionnelle) was previously,

     CVAE: the Group has decided to book this tax under “Taxes on Income” in accordance with IAS 12,
      considering that the base rate of this contribution is determined according to a net aggregate on the profit
      and loss statement.
      The impact of accounting for the CVAE tax in accordance with IAS 12 is the booking of a net deferred tax
      asset resulting mainly from provisions for doubtful debts in the credit business, which are not deductible
      from the CVAE base rate but relate to expenses deductible from the CVAE at a later date.




2011 LaSer Cofinoga Annual Report                                                                                 29
1.3.9.   Deferred taxes

Consolidation restatements and timing differences between the recognition of profits for accounting and tax purposes
and between the fiscal base and book value of assets and liabilities give rise to deferred taxation. This deferred
taxation is calculated using the liability method.

Deferred tax assets are recognised only when there is a reasonable chance of their recovery in the foreseeable
future. Deferred taxes on tax loss carry-forwards are recognised to the extent that they are likely to be recoverable in
the short term. The recovery of the other sources of deferred tax assets is based on 10-year profit and loss forecasts.

Deferred taxes are presented on the balance sheet under “Tax assets” and “Tax liabilities”, depending on whether
the position is an asset or a liability. They are offset by each other if they originate from the same tax group.

Deferred taxes are recognised as income or a tax expense in the profit and loss account, except for those directly
recorded as equity capital which relate to securities available for sale, cash flow hedging instruments and actuarial
gains and losses on defined benefit pension plans.

1.3.10. Retirement gratuity and other retirement benefits

   Retirement gratuity, long service bonuses

A provision is booked in the consolidated statements to cover employee retirement gratuity payments and long
service bonuses. These commitments are calculated on an actuarial basis using the retrospective method, taking into
account an estimate of the contractual rights acquired by employees at year-end.

The valuation covers all permanent employees and takes into account assumptions about mortality and staff turnover
rates, and a probable retirement age of 62 or 64 depending on the staff category. The commitments are discounted
based on reference salaries adjusted by a revaluation coefficient. Calculations take social security contributions into
account.

   Additional guaranteed pension plans

Defined benefit pension plans

In keeping with widely accepted principles, pension schemes described as “defined benefit pension plans” are a
Group commitment giving rise to measurement and provisioning, for the excess discounted value of commitments
towards beneficiaries divided by the fair value of hedging assets.

The discounted value of the Group’s commitments and the fair value of the hedging assets for those commitments
give rise to an annual actuarial measurement that takes into account assumptions about mortality and staff turnover
rates, a probable retirement age, a revaluation coefficient for the reference salaries, the expected rate of return on
hedging assets and a discount rate.

Defined contribution pension plans

There are a number of defined contribution pension plans within the Group. The contributions to these plans are
recorded as expenses for the financial year.

   Discount rate

For the purpose of calculating these employee benefits, the rate for discounting Group commitments is determined
by referring to a market rate, at year-end, based on top-rated corporate bonds. The index mainly used is the
Bloomberg Euro-composite AA 15 years. The discount rate for Group commitments was within the range of 4.3% to
4.9% at 31/12/2011.

   Actuarial gains and losses


2011 LaSer Cofinoga Annual Report                                                                                30
The value of assets entrusted to the Group may fluctuate from one financial year to the next due to changes in
actuarial assumptions, and thereby lead to actuarial gains and losses. These actuarial gains and losses are booked
to equity, in accordance with IAS 19 (revised).

1.3.11. Provisions for risks and expenses

Other than provisions relating to social commitments, these also include provisions for litigation and tax penalties and
liabilities.

1.3.12. Commitments arising from partnership agreements

Within the framework of some of its partnership agreements, the Group has granted guaranteed commitments when
specific aggregates are reached.

The commitments of this type which are applied at year-end are provisioned in accordance with the scale of the risk
incurred, which came to an expense (pre-tax) of €16.7m for the financial year 2010 and €7m for the financial year
2011. At 31 December 2011, there were no longer any partnership agreements generating such commitments.

1.3.13. Puts and calls on associated interests

Within the framework of shareholder agreements signed for financial companies which are not wholly owned, and in
order to ensure a possible exit for shareholders in the event of a break-up of the partnership, the Group offers or has
given puts/calls on the shares of these entities.

Existing options relating to joint puts/calls on shares held must be taken into account when determining the
percentage of control and in the resulting method of consolidation, from the point at which they can be exercised.
No option existing at year-end can change the voting rights of the Group.

Existing options relating to joint puts/calls on shares in associated companies are considered as derivatives that are
required to appear on the balance sheet. The value of these options is equal to the discounted difference between
the fair value of the securities to which the options relate and the exercise price of these securities stipulated in the
option contracts. If the exercise price stipulated in the option contract is equal to the fair value of these securities, the
option’s value is zero. If the exercise price stipulated in the option contract is different to the fair value of these
securities, the value of the option value (equal to this difference) is recognised on the balance sheet.

At 31 December 2011, there were no longer any puts and calls. The only existing options concerned the Banque du
Groupe Casino subsidiary, and they were exercised on 20 July 2010.

1.3.14. Earnings per share

In the absence of either actual shares or options to subscribe to or buy shares issued by the Group, earnings per
share are calculated by dividing net earnings by the number of shares in circulation.

1.3.15. Segment information

In accordance with IFRS 8 on segment information, segment information is presented on the basis of the operating
segments used in internal reporting to Senior Management, which are the CGUs presented in §1.3.6.

1.3.16. Assets held for sale and discontinued operations (IFRS 5)

Groupe Casino wished to put an end to the partnership tying it to LaSer Cofinoga by buying back the stake (40%)
held by LaSer Cofinoga in Banque du Groupe Casino via the exercise of its purchase option on 20 July 2010. The
planned sale was treated in accordance with IFRS5 in the financial statements to 31/12/2010.

The sale of the securities held by LaSer Cofinoga went through in early July 2011.


2011 LaSer Cofinoga Annual Report                                                                                     31
This transaction was part of an overall agreement, the other component of which was the concomitant sale by
Banque du Groupe Casino to LaSer Cofinoga of its litigation and overindebtedness outstandings. As at 31/12/2011,
these outstandings appear on the balance sheet under “Non-current assets held for sale” for their recoverable value
and are impairment-tested at least once every six months. The corresponding refinancing is posted under “Debts
linked to non-current assets held for sale”.

In the Group’s financial statements as at 31 December 2011,
     - Banque du Groupe Casino is no longer included in the Group’s scope of consolidation,
     - The sale is treated in accordance with IFRS 5, as it was in the financial statements to 31 December 2010.

The impacts on the consolidated financial statements are described in the following paragraphs:
- Non-current assets held for sale and related debts (§3.1.15)
- Result net of tax of discontinued operations or assets being sold (§3.2.11)

The following table summarises the impacts on the consolidated financial statements:
In €m                                                       Impact on the balance       Impact on profit and loss
                                                                    sheet                       account
                                                          31/12/2011     31/12/2010    31/12/2011     31/12/2010
Assets
Customer loans and receivables (net)
Other assets
Non-current assets held for sale                                 81           321
Liabilities
Other liabilities
Payables linked to non-current assets held for sale              122          169
Period business result (net)                                                                  0             5
Net result recorded in other group companies, linked to the                                 (7)           (12)
partnership with Banque du Groupe Casino (*)
Difference between the book value and fair value of the                                       3            (3)
group of assets sold (net of tax)
Income net of taxes on assets sold or being sold                                            (4)           (10)
(*)This mainly consists of expenses relating to the guarantee commitment granted by LaSer Cofinoga concerning compliance
with certain financial ratios.




2011 LaSer Cofinoga Annual Report                                                                                   32
     2.     CHANGES IN THE SCOPE OF CONSOLIDATION
     All companies over which the Group exercises control or significant influence are included in the scope of
     consolidation.

     In 2011, the scope of consolidation changed as follows:

           IN FRANCE
                 SOFICARTE and MEDIATIS were absorbed by LASER COFINOGA SA on 3 October 2011 with
                   retrospective effect to 1 January 2011. This transaction had no impact on the consolidated balance
                   sheet or profit and loss statement.
                 BANQUE DU GROUPE CASINO (40% proportionately consolidated) was sold on 1 July 2011. The
                   planned disposal and then actual disposal have been restated since 2010 in accordance with IFRS
                   5 (§1.3.16).

           INTERNATIONAL
                 CREATION Commercial Products Ltd (ex Creation Insurance Ltd), was wound up on 21 October
                  2011. This transaction had no impact on the consolidated balance sheet or profit and loss
                  statement.
                 SYGMA BANK NL – the Dutch branch of Sygma Banque SA, was created on 8 July 2011.

     Consequently, the scope of consolidation as at 31 December 2011 stood as follows:

     LASER COFINOGA SA – Parent company
     18, rue des Londres - 75009 Paris

                                                                                   %            %        Consolidation
Financial subsidiaries                                                          interest     control       method
BANQUE SOLFEA SA                                                                44.87%       44.87%          PC
49, avenue de l’Opéra 75083 Paris cedex 02
COMPAGNIE DE GESTION ET DES PRETS SA (CDGP)                                       65%         100%             FC
103 boulevard de la Salle – 45760 Boigny sur Bionne
SYGMA BANQUE SA                                                                  100%         100%             FC
18, rue de Londres 75009 Paris
CREATION CONSUMER FINANCE                                                        100%         100%             FC
Royston House, 34 upper Queen Street- Belfast BT1 6FP – NORTHERN
IRELAND
CREATION FINANCIAL SERVICES Ltd                                                  100%         100%             FC
Chadwick house, Bleinheim Court, Solihull, B91 3AA – UNITED KINGDOM
LASER NEDERLAND BV                                                               100%         100%             FC
Larenwerg 78-96, 5234 KC, s’Hertogenbosch - NETHERLANDS
EKSPRES BANK A/S                                                                 100%         100%             FC
Struergade 12- DK2630 Taastrup - DENMARK
COFINOGA FUNDING ONE LP                                                          4.51%        100%             FC
Chadwick house, Bleinheim Court, Solihull, B91 3AA - UNITED KINGDOM
SYGMA FUNDING ONE Ltd                                                            100%         100%             FC
Chadwick house, Bleinheim Court, Solihull, B91 3AA - UNITED KINGDOM
COFINOGA FUNDING TWO LP                                                          4.93%        100%             FC
Chadwick house, Bleinheim Court, Solihull, B91 3AA - UNITED KINGDOM
SYGMA FUNDING TWO Ltd                                                            100%         100%             FC
Chadwick house, Bleinheim Court, Solihull, B91 3AA – UNITED KINGDOM




     2011 LaSer Cofinoga Annual Report                                                                         33
                                                                                        %          %      Consolidation
Financial branches
                                                                                     interest   control     method
BANCO SYGMA HISPANIA                                                                  100%       100%         FC
Calle Albasanz, 16 4ª planta 28037 Madrid - SPAIN
SYGMA BANK UK                                                                         100%      100%           FC
Chadwick house, Bleinheim Court, Solihull, B91 3AA – UNITED KINGDOM
SYGMA BANQUE SA ODDZIAL W POLSCE (“SYGMA BANQUE POLSKA”)                              100%      100%           FC
al. Suwak 3 – 00-676 Warsaw – POLAND
SYGMA BANK NL                                                                         100%      100%           FC
Larenwerg 78-96, 5234 KC, s’Hertogenbosch - NETHERLANDS
EKSPRES BANK A/S – Norway branch                                                      100%      100%           FC
Fornebuvejen 7, 1366 - Lyaker - NORWAY



                                                                                        %         %       Consolidation
Non-financial subsidiaries                                                                                  method
                                                                                     interest   control
ASSURTIS SA                                                                            45%       45%          PC
33, rue de Châteaudun 75009 Paris
COMMUNICATION MARKETING SERVICES SNC (CMS)                                            100%      100%           FC
18, rue de Londres 75009 Paris
COMMUNICATION MARKETING SERVICES VACANCES SNC                                         100%      100%           FC
(CMS VACANCES)
Hangar 17, Quai Bacalan 33000 Bordeaux
FIDECOM SA                                                                           31,37%     31,37%         EM
18, rue de Londres 75009 Paris
GESTION et SERVICES GROUPE COFINOGA GIE (GSGC)                                        100%      100%           FC
18, rue de Londres 75009 Paris
LASER ARCHIVES GIE                                                                   85,71%     100%           FC
18, rue de Londres 75009 Paris
OMNIOS SA                                                                             100%      100%           FC
18, rue de Londres 75009 Paris
FINPLUS                                                                               100%      100%           FC
ul. Jerozolimskie 92 - 00-807 – Warsaw - POLAND
GEANT KREDYT                                                                          48%        48%           PC
ul. Jerozolimskie 92 - 00-807 – Warsaw - POLAND
LASER SERVICES POLSKA SA (formerly Cetelem Polska Expansion)                          100%      100%           FC
ul. Kijowska 1 – 00-987 – Warsaw - POLAND
CREATION MARKETING SERVICES Ltd                                                       100%      100%           FC
Chadwick house, Bleinheim Court, Solihull, B91 3AA – UNITED KINGDOM
WEST MIDLAND DEBT COLLECTION Ltd                                                      100%      100%           FC
70 Great Bridgewater Street – Manchester, M1 5ES – UNITED KINGDOM
SYGMA MEDIACION, S.L                                                                  100%      100%           FC
Calle Albasanz n° 16, Planta 4 28 037 Madrid - SPAIN
     FC: Full Consolidation    EM: Equity Method   PC: Proportionate Consolidation




     2011 LaSer Cofinoga Annual Report                                                                         34
3. ADDITIONAL INFORMATION CONCERNING THE CONSOLIDATED BALANCE SHEET
AND PROFIT AND LOSS STATEMENT

3.1. Notes on the balance sheet

3.1.1. Cash, Central banks


                                       (in millions of euros)                                            31/12/2011        31/12/2010

Central banks                                                                                                         86             22
Automatic cash dispensers                                                                                             4               4
TOTAL                                                                                                                 90             26


3.1.2. Financial instruments at fair value


This paragraph analyses the fair value levels for financial instruments evaluated at fair value on the balance sheet.

                                                                     Level 1            Level 2            Level 3
                    (in millions of euros)                                                                                   Total
                                                                       (*)                (**)              (***)
As at 31/12/2011
1 - Financial assets                                                                              208                                 208
  Other assets available for sale                                                                 83                                     83
   - non-consolidated equity securities
   - treasury investment securities (****)                                                        83                                  83
  Derivatives                                                                                    125                                 125
   - interest rate swaps                                                                          125                                125
    - caps and FRA
2 - Financial liabilities                                                                         323                                 323
  Derivatives (interest rate swaps)                                                              323                                 323
As at 31/12/2010
1 - Financial assets                                                                              220                                 220
  Other assets available for sale                                                                105                                 105
   - non-consolidated equity securities
   - treasury investment securities (****)                                                        105                                105
  Derivatives                                                                                    115                                 115
   - interest rate swaps                                                                          115                                115
    - caps and FRA
2 - Financial liabilities                                                                         188                                 188
  Derivatives (interest rate swaps)                                                              188                                 188

(*) Level 1: this valuation is made using the price listed on an active market for identical financial instruments.
(**) Level 2: this valuation is carried out using prices listed on inactive markets or on active markets for similar products, which are
observable directly (i.e. prices) or indirectly (i.e. price-derived data) for the asset or liability concerned.

(***) Level 3: this valuation is made using data about the asset or liability that are not based on observable market data (non-
observable data).




    2011 LaSer Cofinoga Annual Report                                                                                            35
(****) Investment securities correspond to the temporary investment of refinancing surpluses aimed at covering borrowings expiring
in ths short term.

3.1.3. Analysis of derivatives

This note details the "Financial assets and liabilities at fair value through profit and loss" and "Hedging derivatives" items
on the consolidated balance sheet (including current interest).

                                                          31/12/2011                                    31/12/2010
        (in millions of euros)             Notional              Fair value               Notional             Fair value
                                            totals          Assets        Liabilities      totals         Assets          Liabilities
Transaction derivatives                            932               6              10          1 229                5                  4
Interest rate swaps                                877               6              10          1 149                5                  4
Caps & FRA                                          55               0               0             80                0                  0
Hedging derivatives                             11 416             119             313        11 696                110             184
Cash flow hedging                                  990               13             28          1 110               17              19
Interest rate swaps                                990              13              28         1 110                17               19
Fair value hedging                              10 426             106             285        10 586                93              165
Interest rate swaps                             10 040             106             285        10 354                93              165
Caps                                               386               0                           232                                  0
TOTAL                                           12 348             125             323        12 925                115             188

The "Transaction derivatives" item includes derivatives that do not meet the hedge accounting criteria of IAS 39. The derivatives
concerned are:
- swaps exchanging one variable rate for another variable rate, for €0.4m on assets and €1m on liabilities (€0.4m on assets and
€0.5m on liabilities as at 31/12/2010),
- Cross-Currency Interest Rate Swaps not treated according to hedge accounting rules, for €6m on assets and €9.4m on liabilities
(€4.6m on assets and €3.1m on liabilities as at 31/12/2010).

Derivatives listed under "Cash flow hedging" are derivatives that satisfy the IAS 39 rules on cash flow hedge accounting. These are
cross currency interest swaps hedging interest flows in subsidiary refinancing currencies.


Derivatives listed under "Fair value hedging" are derivatives that satisfy the IAS 39 rules on fair value hedge accounting. The
revaluation of the items hedged is booked under "Revaluation adjustment of interest-rate hedged portfolios" (see § 3.1.7) for the
customer receivables part, and under "Financial payables" (see § 3.1.16) for the refinancing part. The amounts booked are identical
to the fair value of the hedging instruments.

The derivatives used by the Group are mainly traditional instruments at rates negotiated under market conditions.


In the financial year 2011, the Group committed to a process of putting in place collateral arrangements with its main counterparties
(Credit Support Annex type agreements) so as to limit counterparty risk on long-maturity swaps. These Credit Support Annexes are
evidenced by exchanges of collateral (in cash only).




    2011 LaSer Cofinoga Annual Report                                                                                          36
Breakdown of the derivatives portfolio according to counterparty rating:

                                                                   31/12/2011                              31/12/2010
                      (in millions of euros)                               Positive fair                           Positive fair
                                                          Nominal value                           Nominal value
                                                                              value                                   value
A                                                                    190              -                      726              -
Aa                                                                12 158                  125             12 199                  115
TOTAL                                                             12 348                  125             12 925                  115


Breakdown of nominal value of derivatives by residual maturity at 31 December 2011:

                      (in millions of euros)                 <1 year          1 to 5 years           >5 years            Total
Transaction derivatives                                                645                287                                     932
Interest rate swaps                                                    590                287                                     877
Caps & FRA                                                              55                                                         55
Hedging derivatives                                                5 295              4 464                1 657             11 416
Cash flow hedging                                                      759                231                                     990
Interest rate swaps                                                  759                231                                     990
Fair value hedging                                                 4 536              4 233                1 657             10 426
Interest rate swaps                                                4 150              4 233                1 657             10 040
Caps                                                                 386                                                        386
TOTAL                                                              5 940              4 751                1 657             12 348


The hedging relationship between the fair value hedging instruments and the corresponding hedged items changed as
follows over the period concerned:

                                                                    31/12/2011                              31/12/2010
                      (in millions of euros)
                                                             Assets           Liabilities            Assets           Liabilities
Hedging derivatives, including coupons                                 119                313                   110               184

     - Fair value of cash flow hedging instruments                     (13)               (28)                (17)                (19)

     - Accrued coupons on financial instruments                        (15)               (41)                (13)                (48)

Fair value of hedging derivatives, flat quotation                       91                244                   80                117
Revaluation adjustment on interest rate-hedged customer
                                                                       242                                      97
credits
Revaluation adjustment on debts (refinancing)                                               88                                      60
Revaluation adjustment on SFEF loans                                                        (1)                                      0
Revaluation of liabilities in currency - exchange rate                                      2                                        0
TOTAL                                                                  333                333                   177               177




     2011 LaSer Cofinoga Annual Report                                                                                       37
3.1.4.Other financial assets available for sale

                                       (in millions of euros)                                       31/12/2011         31/12/2010

Non-consolidated equity securities                                                                                 1                  1
Impairment of non-consolidated equity securities                                                                 (1)                (1)
Certificates of Deposit issued by credit institutions                                                            83               105
Investment securities                                                                                            83               105
Impairment of investment securities
TOTAL NET ASSETS AVAILABLE FOR SALE PRIOR TO IMPAIRMENT                                                          84               106
TOTAL NET ASSETS AVAILABLE FOR SALE, NET OF IMPAIRMENT                                                           83               105
    of which unrealized gains on non-consolidated equity securities                                               0                  0

3.1.5. Loans and amounts due from credit institutions


                                       (in millions of euros)                                       31/12/2011         31/12/2010

Accounts and loans
                                                                              of which on demand               394                224
                                                                                 of which forward              875            1 241
Impairment
TOTAL                                                                                                      1 269              1 465

At 31/12/2011 as at 31/12/2010, loans and amounts due from credit institutions correspond mainly to the temporary investment of
refinancing surpluses aimed at covering borrowings due to expire during subsequent periods and also to meet regulatory liquidity
requirements.

Loans and amounts due from credit institutions – Analysis by residual maturity at 31 December 2011:
                                                                                                                  Attached
                                                                 <1    1 to 3 3 to 12         1 to 5
                    (in millions of euros)                                                           >5 years receivabl      Total
                                                                month months months           years              es
Accounts and loans                                               1 268                                                   1    1 269
Amounts received in pensions delivered                                                                                        -
Gross value                                                      1 268                                                   1    1 269
Impairment                                                                                                                    -
Net value                                                                                                                     1 269


Details of exposure to credit institutions

                                                                       31/12/2011                          31/12/2010
                    (in millions of euros)
                                                                France    Intern.         Total     France    Intern.        Total
Loans and amounts due from credit institutions                        1 228         41     1 269       1 409            56    1 465
Financing commitments given                                                                              157                    157
Provision for depreciation
Guarantees received                                                                                    (180)                  (180)

At 31/12/2010, commitments were mainly attributable to the financing granted to Banque du Groupe Casino for its share not
eliminated during consolidation. LaSer Cofinoga refinanced this subsidiary beyond the share held. The share not eliminated was
covered by a guarantee by the joint shareholders,




    2011 LaSer Cofinoga Annual Report                                                                                        38
Breakdown of loans and amounts due from credit institutions according to counterparty rating:

                                      (in millions of euros)                                          31/12/2011        31/12/2010

Moody's P-1                                                                                                  1 155                   nd
Moody's P-2                                                                                                     61                   nd
Fitch F+1                                                                                                          49                nd
Others                                                                                                           4                   nd
TOTAL                                                                                                        1 269


3.1.6. Customer loans and receivables

The Customer base mainly consists of private individuals. Companies and other business agents only account for a small
proportion of the total.


                                      (in millions of euros)                                          31/12/2011        31/12/2010

Customer loans and receivables - gross - (*)                                                                11 058             11 619
                                                                           of which Financial lease              3                  6
Provisions for depreciation on an individual basis (**)                                                     (1 913)            (1 838)
                                                    of which provisions for risk of payment default        (1 597)             (1 479)
                                                      of which provisions for loss of future margin          (316)              (359)
TOTAL                                                                                                        9 145              9 781

Current interest on impaired loans and receivables came to €139m at 31/12/2011 (€169m at 31/12/2010).
The item "Customer loans and receivables" comprises transaction costs tied to loans and residual to be amortised for €44m at
31/12/2011; this amount was €46m at 31/12/2010.
The share of the outstandings of Partnership Companies where LaSer Cofinoga is not the designated manager, and which are not
posted on the balance sheet, amounted to €22.9m at 31/12/2011 compared with €37.7m at31/12/2010.
(*) The Customer base mainly consists of private individuals. Companies and other business agents only account for a small
proportion of the total.
(**) At LaSer Cofinoga, the event generating a provision is always an identifiable risk event at the individual customer credit level.
There is no collective provision.

Customer loans and receivables – Analysis by residual maturity at 31 December 2011:

                                                                                                                    Attached
                                                                 <1    1 to 3 3 to 12           1 to 5
                    (in millions of euros)                                                             >5 years receivabl      Total
                                                                month months months             years              es
Customer loans and receivables                                     2 084        447     1 704     4 910    1 853         60    11 058
                                      of which Finance lease                                1         2                             3
Gross value                                                        2 084        447     1 704     4 910    1 853         60    11 058
Provision for depreciation                                                                                                     (1 913)
Net value                                                                                                                       9 145




    2011 LaSer Cofinoga Annual Report                                                                                          39
Exposure to customer risk in detail:


                                                                                        Impairment               Impairment
                                                             In arrears,               allowance on Depreciated allowance on
                                                                         Restructured,
          (in millions of euros)             Up to date         non-
                                                                          up to date
                                                                                       restructured outstandings depreciated         Total
                                                            depreciated                & up to date  in arrears outstandings
                                                                                       outstandings               in arrears


                                                 (1)            (2)          (3)          (4)             (5)          (6)

At 31/12/2011:
Customer loans and receivables                    7 733                       1 094         (463)          2 231       (1 450)             9 145
Commitments to customers (*)                      8 354                                                                                    8 354
Outstandings, as a share, of partnership
companies for which LaSer Cofinoga is
                                                       20                          2             (1)            5            (3)             23
not the designated manager and which
are not posted on the balance sheet (**)
At 31/12/2010:
Customer loans and receivables                    7 986                       1 139         (324)          2 494       (1 514)             9 781
Commitments to customers (*)                     12 614                                                                               12 614
Outstandings, as a share, of partnership
companies where LaSer Cofinoga is
                                                       34                          1             (1)            5            (1)             38
not the designated manager and which
are not posted on the balance sheet (**)

(*) This is the balance available on revolving outstandings, as well as the amounts of redeemable loans in the process of being
accepted.
(**) The partnership company where LaSer Cofinoga is not the designated manager and whose outstandings are not posted on
the balance sheet is the partnership with Allianz Banque (formerly Banque AGF). Consequently, the LaSer Cofinoga group carries in
its income statement its sole share of risk on outstandings not carried.

(1) Receivables that are up to date are receivables for which no instalment is unpaid.
(2) The provisioning model adopted by the Group means that there can be no non-depreciated receivables in arrears.
(3) Up-to-date restructured receivables consist of overindebtedness receivables and voluntary restructurings in France, and of
similar receivables outside France.
(4) Restructuring gives rise to the booking of an impairment allowance and a provision for credit risk.
(5) Depreciated receivables in arrears are receivables for which at least one instalment has remained unpaid for longer than one
month.
(6) The provision is for the risk of unpaid debt calculated on a discounted basis in accordance with IFRS rules.


Geographical distribution:

                             (in millions of euros)                                     France            International            Total
At 31/12/2011:
Customer loans and receivables - Gross value                                                     7 453              3 605             11 058
Provision for depreciation                                                                      (1 171)             (742)             (1 913)
Customer loans and receivables - Net value                                                       6 282              2 863                  9 145
At 31/12/2010:
Customer loans and receivables - Gross value                                                     7 931              3 688             11 619
Provision for depreciation                                                                       (945)              (893)             (1 838)
Customer loans and receivables - Net value                                                       6 986              2 795                  9 781




    2011 LaSer Cofinoga Annual Report                                                                                                  40
Guaranteed outstandings

                                                                               31/12/2011                                31/12/2010
                    (in millions of euros)
                                                                   France         Intern.      Total     France             Intern.    Total
Guaranteed customer outstandings                                       1 019                     1 019             886                      886


The guarantees given to the Group are first rate mortgages, or securities, taken upon implementation of debt consolidation
accommodations.

At 31 December 2011, the market value of mortgage guarantees came to €979m. The outstandings guaranteed by these mortgages
came to €977m at 31/12/2011 (€837m at 31/12/2010).
Outstandings guaranteed by securities came to €42m at 31/12/2011 (€49m at 31/12/2010)

Changes in provisions for amortisation, depreciation and impairment:

                                       (in millions of euros)                                             31/12/2011             31/12/2010
Total amortisation, depreciation and impairment allocated at period start                                           (1 838)            (1 493)
Allocations for impairment booked under cost of risk                                                                  (691)              (587)
Allocations to provisions for loss of future margin recognised under cost of risk                                        (85)           (126)
Allocations for impairment booked in NBI (interest on doubtful receivables)                                              (17)               (21)
Reversal of impairment no longer relevant, booked under cost of risk (*)                                                   19                 52
Reversal of impairment used, booked under cost of risk (**)                                                               504               368
Reversal of impairment booked in NBI (interest on doubtful receivables )                                                   41                  3
Reversal of provision for loss of future margin recognised in NBI                                                         128               136
Changes in scope and cash equivalents                                                                                      26               (26)
Changes linked to discontinued operations or assets being sold (***)                                                                    (144)
Total amortisation, depreciation and impairment booked at period end                                                (1 913)            (1 838)

(*) At 31/12/2010, this line includes the reversal of €34.3m of the provision booked for the discontinuation of BSH's operations at
31/12/2009.
(**) At 31/12/2011, this line include a reversal of €163m further to the disposal of BSH's litigation portfolio.
(***) At 31/12/2010, this line records the reinstatement to current items of provisions for Spain (-€201m), which had been
declassified to "Assets held for sale" in 2009 and the reclassification of impairments for Banque du Groupe Casino (€57m) from
"Customer loans and receivables" to "Assets held for sale".

Details of financial lease operations:

                                       (in millions of euros)                                             31/12/2011             31/12/2010
Gross investments (future rents)
                                                                                    Due within 1 year                       2                  3
                                                             Due beyond 1 year and within 5 years                           2                  4
                                                                                 Due beyond 5 years
Total gross investments                                                                                                     4                  7
                                                           of which financial products not acquired                         0                  1
                                                of which total net investments, prior to impairment                         4                  6
                                                                                            Impairment                     (1)               (1)
Total investments net of impairment                                                                                        3                 5




    2011 LaSer Cofinoga Annual Report                                                                                                  41
3.1.7. Revaluation adjustment of interest-rate hedged portfolios

                                                                                  31/12/2011                           31/12/2010
                        (in millions of euros)
                                                                            Assets        Liabilities            Assets        Liabilities
Revaluation of the interest rate component of customer receivables                  242                                      97
TOTAL                                                                               242                                      97

This item recognises changes in the value of customer receivables hedged by rate for the hedged risk component.


3.1.8.Current and deferred taxes


                                              (in millions of euros)                                            31/12/2011         31/12/2010

Current and deferred tax assets                                                                                           308                 208
Current taxes                                                                                                                17                15
Deferred taxes                                                                                                            291                 193
Current and deferred tax liabilities                                                                                        6                   6
Current taxes                                                                                                                 6                  5
Deferred taxes                                                                                                                0                  1


Deferred tax in detail:

                                                                                              Impact on
                        (in millions of euros)                             31/12/2010                             Other            31/12/2011
                                                                                                result
Provisions for corporate commitments                                                  2                    1                                    3
Provisions, mainly for doubtful receivables                                         178                   96                                  274
Derivatives                                                                             (1)                                                     (1)
Allocation of commissions                                                                                 (8)                                   (8)
Special depreciations                                                              (13)                    2                                  (11)
Other restatements                                                                       3                (1)                                    2
Deferred tax on deficit tax carryovers                                                  18                 8                 (2)                24
Contribution Valeur Ajoutée des Entreprises (CVAE)                                    5                 3                                       8
TOTAL                                                                               192               101                    (2)              291

                                                   Deferred tax assets              193                                                       291
                                                Deferred tax liabilities                (1)                                                    (0)

Deferred taxes for France have been calculated at the rate of 34.43% for 2010 and 2011. For foreign subsidiaries, tax has been
calculated at the local rate. The French local business tax, the deferred CVAE, has been calculated at the rate of 1.5 %.

Deficits not capitalised:

At 31 December 2011, tax deficits not capitalised came to:
- France: €1.5m (Assurtis)
- Spain: €78.8m (BSH)
- Poland: €2.4m (Geant Kredyt)




     2011 LaSer Cofinoga Annual Report                                                                                                   42
3.1.9. Suspense accounts and other assets and liabilities


                                                                            Assets                          Liabilities
                   (in millions of euros)
                                                                  31/12/2011     31/12/2010        31/12/2011       31/12/2010

Suspense accounts                                                         34              35              123              108
Cheques for collection                                                     3                  3
Prepaid expenses and income                                                8                  8             14              16
Accrued income                                                            23              24
Prepaid customer charges                                                                                    55              40
Other charges to be paid                                                                                    23              21
Provisions for paid holiday, profit-sharing and variable bonuse                                             31              31
Other assets and liabilities                                             131              85              189              196
Store payables for credit sales financing                                                                   18              17
Guarantee deposit, security payments                                       2                  2
Guarantee deposit on derivatives (*)                                      82                                16
State                                                                      2                  5             11                  9
Personnel, social bodies                                                   1                  1             22              28
Operating suppliers                                                                                         81              90
Stocks                                                                     3                  2
Receivables on sales of securities                                                            8
Payables due to insurance companies                                                                         12              17
Other debtors / creditors                                                 41              67                29              35
TOTAL                                                                    165             120               312             304

(*) In 2011, LaSer Cofinoga signed Credit Support Annex agreements with certain bank counterparties, under which the party with a
positive net derivative exposure receives funds from the other party aimed at hedging part of that exposure.



3.1.10. Investments in companies quoted at equity


          (in millions of euros)               31/12/2010         Acquisition        Result        Transl. Diff      31/12/2011

Fidecom SA (31.37%)                                    1,8                                0,6                               2,4


Financial data for Fidecom for the financial year 2010, established in accordance with IFRS principles, are as follows:


                                                                                                  Share of result
                                             Total Balance                      Net result at
          (in millions of euros)                           Turnover 2011                            quoted at     Equity at 100%
                                              31/12/2011                           100%
                                                                                                      equity

Fidecom SA                                            35,7              27,1              1,6              0,6              4,9




    2011 LaSer Cofinoga Annual Report                                                                                      43
3.1.11. Tangible fixed assets


Changes in tangible fixed assets


          (in millions of euros)            31/12/2010        Increase           Decrease          Other (*)       31/12/2011

Land                                                     5                                                                      5
Constructions                                            64                 1               (1)                                 64
Other tangible fixed assets                              76                 6               (8)                                 74
GROSS VALUE                                           145                   7               (9)                               143

Constructions                                        (39)                  (4)                 1                              (42)
Other tangible fixed assets                          (59)                  (7)                 8               1              (57)
Depreciation/Provisions                              (98)                 (11)                 9               1              (99)

NET VALUE                                                47                (4)                                 1                44

(*) The "Other" column corresponds to changes in scope and exchange rates.


of which fixed assets acquired under lease financing: the LaSer Cofinoga operating centre in Mérignac


                   (in millions of euros)                     31/12/2010         Increase          Decrease        31/12/2011

Land                                                                      3,3                                                 3,3
Constructions                                                         16,0                                                   16,0
Other tangible fixed assets
GROSS VALUE                                                           19,3                                                   19,3

Constructions                                                         (9,5)              (0,3)                               (9,8)
Other tangible fixed assets
Depreciation/Provisions                                               (9,5)              (0,3)                               (9,8)

NET VALUE                                                                 9,8            (0,3)                                9,5


Breakdown of minimum future rent payable under leasing, by maturity:


                   (in millions of euros)                      < 1 year          1 - 5 years       > 5 years         Total

Minimum future rent (*)                                                   1,6               2,9                               4,5
Discounted value of this future rent                                      1,2               2,4                               3,6
Future financial expense not booked                                       0,4               0,5                               0,9

(*) The contract expires in October 2014.




    2011 LaSer Cofinoga Annual Report                                                                                    44
3.1.12. Intangible fixed assets


Changes in intangible fixed assets


          (in millions of euros)                31/12/2010          Increase          Decrease             Other (*)         31/12/2011

Right to lease                                                4                                                                            4
Software acquired                                          187                 10                 (3)                   5               199
Software produced by the company                              3                                                         2                  5
Other (including fixed assets in process of a                10                12                 (1)                  (7)                14
GROSS VALUE                                                204                 22                 (4)                                   222

Right to lease
Software acquired                                        (118)               (27)                  3                                (142)
Software produced by the company                             (1)               (1)                                                        (2)
Other                                                        (3)               (1)                 1                                      (3)

Depreciation/Provisions                                  (122)               (29)                  4                                (147)


NET VALUE                                                    82                (7)                                                        75

(*) The "Other" column corresponds to the transfer to 'software" of assets in the process of acquisition at the time of their start-up,
and to changes in scope and exchange rates.


3.1.13. Goodwill

                                                31/12/2010                                                Translation        31/12/2011
          (in millions of euros)                                   Increase (*)       Decrease
                                                    (*)                                                 differences (**)
France                                                       33                                                                           33
Poland                                                       46                                                        (4)                42
Northern Europe                                            177                                                          1               178
Other (BANQUE SOLFEA)                                         9                                                                            9
TOTAL                                                      265                                                         (3)              262

Impairment (***)                                                             (33)                                                       (33)
NET VALUE                                                  265               (33)                                      (3)              229

(*) Pro forma according to the new reassignment of CGUs presented in "Notable events" § B.
(**) Net change is the translation difference on goodwills in foreign currencies, mainly in the Polish zloty
(***) The impairment that has been determined in accordance with the provisions described in § 1.3.6 concerns the France CGU.




    2011 LaSer Cofinoga Annual Report                                                                                              45
3.1.14.Breakdown of current and non-current assets and liabilities

                                                                                 31/12/2011                                  31/12/2010
                     (in millions of euros)
                                                                  < 1 year         > 1 year       Total       < 1 year         > 1 year       Total
ASSETS
Cash, Central banks                                                      90                           90             26                            26
Financial assets at fair value through profit or loss                        6                            6              4                1            5
Derivatives                                                              13             105          118             14               96           110
Loans and amounts due from credit institutions                        1 268                   1    1 269          1 465                        1 465
Customer loans and receivables                                        2 485            6 660       9 145          2 823            6 958       9 781
Current tax assets                                                       17                           17             15                            15
Deferred tax assets                                                                     291          291                            193            193
Suspense accounts and other assets                                     164                    1      165           119                    1        120
LIABILITIES
Financial liabilities at fair value through profit or loss                   9                1       10                 4                             4
Derivatives                                                              48             265          313             39             145            184
Payables to credit institutions                                        915             4 431       5 346          1 023            4 047       5 070
Trade payables                                                         147                43         190           118              125            243
Debts represented by securities                                       3 252             666        3 918          4 158             679        4 837
Current tax liabilities                                                      6                            6              5                             5
Deferred tax liabilities                                                                                                                  1            1
Suspense accounts and other liabilities                                263                49         312           265                39           304
Provisions for risks and expenses                                        10               12          22                 7            11           18
Subordinated debt                                                            5          452          457                 4          437            441


3.1.15. Non-current assets held for sale and related debts

This table details assets and liabilities for Banque du Groupe Casino in 2010, and the litigation and overindebtedness
portfolio acquired as part of the overall exit agreement in 2011.

                                         (in millions of euros)                                                31/12/2011           31/12/2010


Non-current assets held for sale
Customer loans and receivables                                                                                               81                303
Revaluation adjustment of interest-rate hedged portfolios                                                                                          1
Current tax assets                                                                                                                                 2
Deferred tax assets                                                                                                                             10
Suspense accounts and other assets                                                                                                                 2
Tangible assets                                                                                                                                    1
Intangible assets                                                                                                                                2
TOTAL                                                                                                                        81                321




     2011 LaSer Cofinoga Annual Report                                                                                                        46
                                      (in millions of euros)                                       31/12/2011      31/12/2010
Payables linked to non-current assets held for sale
Derivatives                                                                                                                   2
Payables to credit institutions (*)                                                                        122            153
Trade payables                                                                                                                1
Provision for risk and expenses                                                                                               3
Suspense accounts and other liabilities                                                                                    10
TOTAL                                                                                                      122            169
OFF-BALANCE SHEET ITEMS
Derivatives                                                                                                               440
Commitments to customers (Revolving)                                                                                      823

(*) In 2011,payables cover the gross value of the loans and receivables included under assets net of impairment.




    2011 LaSer Cofinoga Annual Report                                                                                    47
3.1.16. Financial payables

In 2011 as in 2010, LaSer Cofinoga met all of its contractual commitments (including covenants) to counterparties linked to
the borrowings and credit lines granted to it.

                                       (in millions of euros)                                            31/12/2011        31/12/2010

Amounts owing to credit institutions                                                                            5 346             5 070
Demand accounts and loans                                                                                          25                   29
Leasing                                                                                                             7                    8
Term accounts and loans (*)                                                                                     5 301             5 033
                                                                             of which accrued interest                37                27
Revaluation of interbank borrowings                                                                                   13
Debts represented by securities                                                                                 3 918             4 836
Negotiable debt securities (Negotiable medium-term notes and Certificates of Deposit)                           3 586             4 147
Bond issues                                                                                                       310               666
                                                                                            fixed rate            300               300
                                                                                        revisable rate                              356
                                                                                     accrued interest                 10                10
Revaluation of negotiable debt securities and bonds issued at fixed rate and fair value hedged                        22                23
Subordinated debt                                                                                                 456               441
Subordinated bond issues                                                                                          404               404
                                                                                            fixed rate            400               400
                                                                                     accrued interest                 4                 4
Revaluation of subordinated bonds issued at fixed rate and fair value hedged                                          52                37
SFEF loans (**)                                                                                                   129               169
Loans from the Société pour le Financement de l'Economie Française (SFEF)                                         128               169
                                                                                           fixed rate             126               166
                                                                                     accrued interest               2                 3
Revaluation of SFEF loans issued at fixed rate and fair value hedged                                                1
TOTAL                                                                                                           9 849            10 516

(*) Of which counterparty BNPP €5,301m at 31/12/2011 and €5,033m at 31/12/2010.

(**) SFEF loans are classified as "Trade payables" as the SFEF is not considered as a credit institution.




   2011 LaSer Cofinoga Annual Report                                                                                              48
Comparison between amortised cost and fair value

                                                                           31/12/2011                             31/12/2010
                  (in millions of euros)                                   amortised                              amortised
                                                                fair value            difference       fair value            difference
                                                                              cost                                   cost
Payables to credit institutions                                     5 346        5 333           13             5 070        5 070
Debts represented by securities                                     3 918        3 896           22             4 836        4 813               23
Subordinated debt                                                     456          404           52               441          404               37
SFEF loans                                                            129          128            1               169          169
TOTAL                                                               9 849        9 761           88            10 516       10 456               60

The fair value of the payables is equal to the sum total of amortised costs and the counterparty of fair value of the fair value hedge
derivatives used to hedge such payables.

The amortised cost of subordinated debts is posted as€404m. This breaks down to a nominal value of €400m plus €4m in interest.

The portfolio of main subordinated debt is as follows:

           (in millions of euros)                    Borrower          Amount             Term                  Maturity      Benchmark rate

         Subordinated bond - 2004              LaSer Cofinoga           €200m            12 years               Oct 2016       4.75% fixed rate

         Subordinated bond - 2005              LaSer Cofinoga           €100m            11 years               Oct 2016       4.75% fixed rate

         Subordinated bond- 2006               LaSer Cofinoga           €100m            10 years               Oct 2016       4.75% fixed rate

All subordinated debts are treated as bullet loans.

Analysis of the contractual maturities of financial liabilities as at 31 December 2011:

                                                                     <1       1 to 3 3 to 12          1 to 5                Attached
                    (in millions of euros)                                                                       >5 years                 Total
                                                                    month    months months            years                 liabilities

Financial liabilities posted on the balance sheet:
Financial derivatives (*)                                              7         10       40           126         140                     323
Interest rate swaps                                                    7         10       40           126         140                     323
Payables to credit institutions                                       28         127      723         3 034       1 397        37         5 346
Debts represented by securities (**)                                  787       1 271    1 169         666                     25         3 918
Negotiable debt securities (Certificates of deposit, Negotiable
                                                                      787       1 271    1 169         344                     15         3 586
medium-term notes)
Bond issues                                                                                            322                     10          332
                                          issued at a fixed rate                                         322                        10       332
                                      issued at a revisable rate
Subordinated debt (**)                                                                                 452                     4           456
Redeemable subordinated bonds                                                                          452                     4           456
SFEF loans (**)                                                       21          42       22           42                     2           129
TOTAL                                                                 843       1 450    1 954        4 320       1 537        68         10 172
Off-balance-sheet commitments:
Commitments given (***)                                              8 354                                                                8 354

(*) The spread of negative fair value according to the contractual maturity date of the swap.
(**) Including the revaluation of borrowings issued at a fixed rate and fair value-hedged.
(***) Mainly customer disposables on revolving outstandings. The commitment is positioned in the "one month at most" interval, as
contractually, the customer is entitled to use this disposable within this time interval.



   2011 LaSer Cofinoga Annual Report                                                                                                        49
Geographical breakdown of financial debts:

                                                                         31/12/2011                         31/12/2010
                  (in millions of euros)
                                                             France       Internat.   Total      France      Internat.     Total
Accounts and loans (demand, term)                                5 272           74      5 346      4 855          215        5 070
Negotiable debt securities (Certificates of deposit,
                                                                 3 586                   3 586      4 147                     4 147
Negotiable medium-term notes)
Bond issues                                                       332                     332         689                       689
Subordinated bond issues                                           456                     456        441                       441
SFEF loans                                                         129                     129        169                       169
TOTAL                                                            9 775           74      9 849     10 301          215       10 516

Structure of refinancing of LaSer Cofinoga, at nominal value:

                                        (in millions of euros)                                     31/12/2011         31/12/2010
Preference shares (*)                                                                                       180              180
Subordinated bonds                                                                                          400              400
Bonds                                                                                                       300              656
Term loans                                                                                                5 264            5 006
Negotiable debt securities (Certificates of deposit, Negotiable medium-term notes)                        3 571            4 132
SFEF loans (**)                                                                                             126              166
TOTAL                                                                                                     9 841           10 540

(*) Instruments booked to equity under IFRS.
(**) The change between 31/12/2010 and 31/12/2011 is attributable to redemptions in 2011 (€41m) and to changes in the exchange rate
on the portion of these borrowings that is in USD

3.1.17. Provisions for risks and expenses

                                                                                  Reversal of
                                                                                              Reversal of
                                                                                  provisions
                  (in millions of euros)                   31/12/2010 Allocations             provisions      Other      31/12/2011
                                                                                   no longer
                                                                                                 used
                                                                                    relevant

Provisions for corporate commitments                               11             2                   (1)                          12
Provisions for corporate costs and taxes (*)                        2             6                   (1)                           7
Other provisions for risks and expenses                             5                                 (2)                           3
TOTAL                                                              18             8                   (4)                          22




   2011 LaSer Cofinoga Annual Report                                                                                          50
Details of provisions for corporate commitments

Analysis of the provision recognised on the balance sheet, by type:

                              (in millions of euros)                            31/12/2010         Change           31/12/2011
Retirement gratuities                                                                      6,5             (0,1)                6,4
Defined benefit pension plan (*)                                                           3,4               1,1                4,5
Long service bonuses                                                                       0,8                                  0,8
Provision booked                                                                          10,7               1,0               11,7

(*) Commitments for the benefit of French corporate agents, which are the gratuities or bonuses due or likely to be due upon their
retirement, are contracted by GIE LaSer Archives, a Group company. Defined benefit pension commitments outside France concern
LaSer Nederland and Creation Consumer Finance.



Reconciliation of the provision with the discounted debt and the value of investments made to hedge that debt:

                              (in millions of euros)                            31/12/2010         Change           31/12/2011

Actuarial debt with future salary level                                                   25,1               2,9                28,0
- Market value of investments                                                           (14,4)             (1,9)              (16,3)
Provision booked                                                                          10,7               1,0               11,7

Change in actuarial debt

                                                                                                  31/12/2011
                                                                                Retirement
                              (in millions of euros)                                          Defined benefit
                                                                               gratuities and                         Total
                                                                                                   plan
                                                                                  similar

Cost of services provided during the year                                                   0,5              0,4                 0,9
Charge linked to the discounting of commitments                                             0,3              0,1                 0,4
Decrease following retirements                                                            (0,1)            (0,3)               (0,4)
Changes through equity (scope, translation, etc.)
Actuarial difference through equity                                                       (0,8)              1,1                0,3
Other costs                                                                                                (0,2)               (0,2)
Reclassification counterparty market value of investments                                                    1,9                 1,9
Change                                                                                    (0,1)              3,0                 2,9

Change in market value of investments for the defined benefit plan:


                                                (in millions of euros)                                              31/12/2011
Performance of plan assets                                                                                                         nc
Contributions made to funds                                                                                                        nc
Benefits paid by fund                                                                                                              nc
Other items through profit and loss account
Changes through equity (scope, translation, etc.)
Reclassification actuarial debt counterparty                                                                                    1,9
Change                                                                                                                          1,9




   2011 LaSer Cofinoga Annual Report                                                                                          51
Main actuarial assumptions used:

                                                 (in %)                                                     31/12/2011        31/12/2010

Discount rate (*)                                                                                         4,3% - 4,9%         4% - 4,5%
Salary review rate (**)                                                                                      2,25%          2,25% - 2,50%
of which inflation rate                                                                                      2,00%              2,00%

(*) Sensitivity of actuarial debt to changes in the discount rate:

Discount rate                                                                             3,80%               4,30%             4,80%
Actuarial debt in €m                                                                       30,3                28,0              24,0

(**) This rate is applied when calculating retirement gratuities. The rate for defined benefit pension plans is calculated according to the
population group concerned.

3.1.18. Unrealized gains and losses booked directly to equity capital

                                                                                               Changes in        Other
                  (in millions of euros)                       31/12/2010     Overall result                                   31/12/2011
                                                                                                 scope          changes
Translation differences                                                (28)             (18)                                             (46)
AFS revaluation
Fair value of Cash Flow Hedges                                            2              (1)                                                 1
Actuarial gains/losses - pensions                                       (1)                                                                (1)
Deferred taxes
TOTAL                                                                  (27)             (19)                                             (46)
                                    Of which group share              (27)              (19)                                            (46)
                                Of which minority interests


3.1.19. Minority interests

Changes in the "Minority interests" item are presented in the general table showing changes in consolidated equity capital.
As at 31/12/2011, minority interests consisted of the rights of holders of preference shares in principal and accrued interest for a total of
€186m, and the share of CDGP minority interests for €16m.
Dividends paid out over the period to holders of preference shares came to€11m.
No dividends were paid out to CDGP minority interests.


3.1.20. Pay-out of dividends

No dividends were paid out during the financial year 2011.




   2011 LaSer Cofinoga Annual Report                                                                                                    52
3.1.21. Regulatory capital requirements

In accordance with current regulations set out by the French Prudential Control Authority, booked equity capital has been moved to the
prudential funds as follows:

                                        (in millions of euros)                                       31/12/2011        31/12/2010
Equity capital - Group share                                                                                 961                1 153
+ Preference shares (*)                                                                                      180                  180
- Pay-out of dividends (**)
- Intangible fixed assets, net of lease fees                                                                 (72)                 (80)
+ CDGP minority interests                                                                                      16                   20
- Goodwill                                                                                                  (229)               (265)
Tier 1 - Core capital                                                                                         856               1 008
Redeemable subordinated notes (***)                                                                          320                 400
Tier 2 - Supplementary capital                                                                               320                 400

- Investments in credit institutions and finance companies
Core capital after deductions                                                                                856                1 008
Supplementary capital after deductions                                                                       320                  400
Total Regulatory Capital                                                                                    1 176               1 408

The establishments included in the scope of consolidation for prudential supervision purposes are the same as those included in the
scope of consolidation for accounting purposes, LaSer Cofinoga, Sygma Banque and CDGP are all exempt from the requirement to
establish prudential ratios on an individual entity basis.

(*) The instruments issued by LaSer Cofinoga and its subsidiaries that are classified as equity capital and taken up in the prudential
capital in accordance with current regulations set out by the French Prudential Control Authority are as follows:

                     (in millions of euros)                            Amount         Call        Benchmark rate         Step up

Preference shares - 2003                           Tier 1              €100m       March 2013      6.82% fixed rate Eur 3 M + 375 bp


Preference shares - 2004                           Tier 1               €80m      January 2014    TEC 10 + 1.35%            -


(**) No pay-out of dividends for the financial year 2011 is planned.
(***) In accordance with CRBF regulation 90-02 on own funds, the amount from which these subordinated debts (§.3.1.16) have been
included in the capital has been reduced by a fifth, as these borrowings reach their term in October 2016.




   2011 LaSer Cofinoga Annual Report                                                                                              53
3.1.22. Off-balance-sheet commitments


                                        (in millions of euros)                        31/12/2011   31/12/2010

Commitments received                                                                       3 044        3 113
Financing commitments                                                                       474           85
           Commitments received from credit institutions                                    474           85

Guarantee commitments                                                                      1 037        1 331
           Commitments received from credit institutions                                      16           10
           Commitments received from customers                                             1 021        1 321

Currency transactions                                                                      1 533        1 697


Commitments given                                                                        10 148       14 773
Financing commitments                                                                      8 354       12 771
Commitments to credit institutions                                                                        157
Commitments to customers                                                                   8 354       12 614
of which confirmed revolving lines of credit                                               8 240       12 493
of which other commitments to customers                                                      114         121

Guarantee commitments                                                                       231          283
           Commitments tied to credit institutions                                             3            3
             Commitments tied to customers                                                    2             2
             Credits pledged (SFEF)                                                         226          278

Currency transactions                                                                      1 554        1 699

Rental commitments                                                                             9          20


The nominal value of derivatives is given in detail in § 3.1.3 with the fair value.




   2011 LaSer Cofinoga Annual Report                                                                      54
3.2. Notes on the result

3.2.1. Management balances expressed as a percentage of NBI


                                                                                                       31/12/2011         31/12/2010
Net banking income (in millions of euros)                                                                     1 089             1 252
Operating expenses                                                                                          -46,7%            -40,3%
Amortisation and depreciation of tangible and intangible fixed assets                                        -3,6%             -2,7%
Gross operating income                                                                                       49,7%             57,0%
Cost of risk and provisions for loss of future margin                                                       -68,3%            -50,3%
Operating income                                                                                            -18,5%              6,7%
Share of net earnings of companies quoted at equity                                                           0,1%              0,0%
Net gains or losses on other assets                                                                           0,0%              0,1%
Change in value of goodwill                                                                                  -3,0%
Current pre-tax earnings                                                                                    -21,5%              6,8%
Corporate income tax                                                                                          6,5%              -1,5%
Net result of discontinued operations or assets being sold                                                   -0,3%              -0,8%
Net earnings for the financial year                                                                         -15,4%               4,5%


3.2.2. Net interest income and similar revenues


                                       (in millions of euros)                                          31/12/2011         31/12/2010

Interest and similar income                                                                                    938              1 008
On transactions with credit institutions                                                                        26                 18
On transactions with customers (*)                                                                             912                983
Share of the result in financial Partnership companies whose management is not the
                                                                                                                                      7
responsibility of a Group company
Share of the external associates in financial Partnership companies whose management is the                                           1
responsibility of a Group company
Reversal of provision for loss of future margin (**)                                                           129                136
Interest and similar expenses (***)                                                                           (176)             (143)
On transactions with credit institutions                                                                      (106)             (116)
On transactions with customers                                                                                   (3)               (4)
On bonds and other fixed income securities                                                                     (91)               (51)
On hedging transactions                                                                                          24                32
Share of the result in the financial Partnership companies whose management is the
                                                                                                                                   (4)
responsibility of a Group company
Others
TOTAL                                                                                                          891              1 001

(*)Macro-hedging swaps back-to-back with customer loans exchanging variable loan rates for fixed loan rates generated interest
differences for the period of -€82m at 31/12/2011 compared with -€116m at 31/12/2010.
(**) The reversal of the provision for loss of future margin is attributable to the impact of the cancellation of the discount applied to
the provision for loss of future margin initially allocated to the cost of risk. This reversal recreates the theoretical financial margin
initially forecast at credit onset for applications that were restructured (€60m at 31/12/2011) and for applications that were impaired
(€69m at 31/12/2011).




    2011 LaSer Cofinoga Annual Report                                                                                            55
3.2.3. Commissions


                                       (in millions of euros)                            31/12/2011    31/12/2010

Commissions - Income                                                                            215           271
Insurance commissions (management and brokerage)                                                152           177
Other commissions on transactions with customers                                                 63            94
Commissions - Expenses                                                                         (31)          (36)
Commissions paid to third parties                                                              (23)          (26)
Other commissions on transactions with customers                                                 (8)         (10)
TOTAL                                                                                           184          235


3.2.4. Gains or losses on financial assets at fair value through profit or loss


                                       (in millions of euros)                            31/12/2011    31/12/2010
Instruments classed under transaction portfolio                                                   0               0
Change in value of financial assets at fair value through profit or loss                          0               0
Hedging instruments and fair-value hedged items                                                   0               0
Change in value of hedging instruments classed as fair value hedges                           (117)            32
Revaluation of fair-value hedged items                                                          117          (32)
TOTAL                                                                                             0             0


3.2.5. Gains or losses on financial assets available for sale


                                       (in millions of euros)                            31/12/2011    31/12/2010

Capital gain or loss                                                                            0,2
Loss in value                                                                                   0,0          (0,5)
Dividends and other income from short-term investments                                                         0,3
TOTAL                                                                                           0,2          (0,2)


3.2.6. Income and expense of other activities


                                       (in millions of euros)                            31/12/2011    31/12/2010

Share of the result in the financial Partnership companies whose management is not the
                                                                                                  1               1
responsibility of a Group company
Re-invoicing                                                                                      8               8
Other income / expense                                                                            6             7
TOTAL                                                                                            15            16




    2011 LaSer Cofinoga Annual Report                                                                        56
3.2.7. General operating expenses


                                       (in millions of euros)                                       31/12/2011        31/12/2010
Personnel costs                                                                                            (241)             (233)
Salaries                                                                                                   (173)             (167)
Social contributions                                                                                        (53)              (49)
Pension expenses (of which provision)                                                                       (12)              (11)
Employee profit-sharing schemes and bonuses                                                                  (3)               (6)
Other external expenses                                                                                    (268)             (271)
General outsourcing                                                                                         (66)              (65)
Fees                                                                                                        (36)              (40)
Marketing, advertising and loyalty                                                                          (53)              (51)
Postage and telecommunications                                                                              (32)              (38)
Rents, leases and maintenance                                                                               (41)              (44)
Taxes and duties                                                                                            (22)              (20)
Travel expenses                                                                                              (7)               (9)
Supplies and sundry items                                                                                    (4)               (7)
Other (*)                                                                                                    (7)                 3
TOTAL                                                                                                      (509)             (504)

(*) In 2010, this line incorporates the reversal of the provision for general operating expenses (€8m) booked in 2009 with a view to
the sale of BSH.

3.2.8. Cost of risk and provisions for loss of future margin


                                       (in millions of euros)                                       31/12/2011        31/12/2010

Losses on irrecoverable debts, provisioned (*)                                                             (504)             (368)
Losses on irrecoverable debts, not provisioned                                                               (8)               (1)
Depreciated debt recovered                                                                                   22                35
Net change in the BSH provision (*)                                                                         168                34
Net change in the provision for credit risk (**)                                                           (336)             (204)
Cost of risk                                                                                               (658)             (504)
Provisions for loss of future margin                                                                        (85)             (126)
TOTAL                                                                                                      (743)             (630)

(*) of which the disposal in 2011 of BSH's litigation outstandings for a gross value of €168m included under "Losses on irrecoverable
debts, provisioned", offset by a reversal of impairment for the same amount,
(**) of which in 2011, and expense of -€268m resulting from the change in the provisioning method for customer outstandings (see
§.1.3.3 and "Notable events"§A).

3.2.9. Net gains or losses on other assets


                                       (in millions of euros)                                       31/12/2011        31/12/2010

On intangible fixed assets
On tangible fixed assets                                                                                                          1
On financial fixed assets
TOTAL                                                                                                                             1



    2011 LaSer Cofinoga Annual Report                                                                                        57
3.2.10. Tax expense


                                       (in millions of euros)                                   31/12/2011        31/12/2010

Current taxes                                                                                           (31)             (52)
 - Corporate income tax                                                                                 (27)             (46)
 - CVAE                                                                                                  (4)              (6)
Deferred taxes (*)                                                                                      101                33
 - Corporate income tax                                                                                  97                28
 - CVAE net of corporate income tax                                                                       4                 5
Tax on profit                                                                                            70              (19)


(*) The increase in deferred taxes between 2010 and 2011 is to a large extent attributable to additional allocations (subject to
deferred taxing) further to the change in method described in § 1.3.3 and in the "Notable events" section of the Annual Report.


Analysis of effective tax rate:

                                       (in millions of euros)                                   31/12/2011        31/12/2010

Consolidated after-tax result of continued operations                                                  (164)               66
Actual tax                                                                                                70             (19)
Pre-tax earnings                                                                                       (234)               85
Average effective rate of taxation                                                                  29,91%            22,35%
Theoretical tax rate of 34.43%                                                                           81              (29)
Difference between theoretical tax and actual tax                                                       (11)               10

Details:
Permanent taxation differences                                                                             1                  1
Goodwill impairment without tax effect                                                                  (11)
Non-taxed earnings of BSH branch, including reversal of provision                                          2               14
Differences in tax rates of international subsidiaries and liability method effect                         3              (5)
Deferred taxes not capitalised on timing differences                                                     (7)
Non-taxed earnings of other subsidiaries                                                                                  (1)
Expense - CVAE net of corporate income tax                                                               (3)              (4)
Capitalisation of deferred taxes on CVAE net of corporate income tax                                       4                5
TOTAL                                                                                                   (11)               10




     2011 LaSer Cofinoga Annual Report                                                                                   58
3.2.11 Result net of tax of discontinued operations or assets being sold

                                                                                                 31/12/2011        31/12/2010
                                      (in millions of euros)
                                                                                                     (**)

Net banking income                                                                                        24                56
Operating expenses                                                                                       (13)             (26)
Cost of risk of which loss of future margin                                                              (22)             (40)
Operating result (*)                                                                                     (11)             (10)
Capital gain on sale, net of tax                                                                           1
Current taxes                                                                                              3                   3
Difference between book value and fair value of the group of assets held for sale                          3                (3)
Net income                                                                                                (4)             (10)

Earnings per share of discontinued operations or assets being sold (in euros)                           (0,6)             (1,5)

(*) The result of Banque du Groupe Casino operations includes, in addition to the expenses and income specific to this entity,
expenses at LaSer Cofinoga relating to guarantee commitments made in this entity's favour and to costs related to the takeover of
some of its assets.
(**) In 2011, the result consists of 6 months of business by Banque du Groupe Casino and impacts related to the end of the
partnership.


3.2.12. Minority interests

The minority result consists of the remuneration of preference shares for the period concerned and minority interests in CDGP's
result (35%). The "Group share" result is obtained by deducting this item from the net year result.




    2011 LaSer Cofinoga Annual Report                                                                                     59
3.3.Sector information

LaSer Cofinoga's activity over the scope of businesses pursued is analysed as follows:
- France (credit and non credit),
- Northern Europe (United Kingdom, Netherlands, Denmark, Norway),
- Poland,
- Solfea: partnership without sole control,
- Spain: discontinuation of business in progress, temporarily an independent and individual CGU.

The group prepares reports for each of LaSer's two shareholders in the required format: banking presentation for BNPP,
business/commercial presentation for Galeries Lafayette.

                                                             31/12/2011                                             31/12/2010
   (in share and in millions of
                                                Northern




                                                                                                       Northern
                                                 Europe




                                                                                                        Europe
                                                           Poland




                                                                                      TOTAL




                                                                                                                  Poland




                                                                                                                                             TOTAL
                                       France




                                                                                              France
                                                                    Solféa




                                                                                                                           Solféa
                                                                             Spain




                                                                                                                                    Spain
              euros)


Analytical turnover                    739       375       130      17       34      1 295    877       346       192      16       47      1 478
Gross margin                           575       334       112      10       32      1 063    712       313       161      10       44      1 240
Operational contribution               59         38         8        1      15       121     103        18       -37        1       1       86
Corporate & Developpement                                                             -27                                                    -32
Off-contribution                                                                      -24                                                    -10
Current operating income                                                              70                                                      44
Financial income                                                                                                                              -1
Other operating income/expenses
                                                                                     -272                                                    42
(*)
Cancellation of net gains or losses
                                                                                                                                              -1
on assets
Operating result                                                                     -202                                                    84

New lending volumes                   2 501 2 163          573      132              5 369    2 594 1 811         575      134              5 114
Average outstandings financed         7 287 2 620          824      271      277     11 279 7 625 2 248 1 018              237      350     11 478

(*) 2010: Net reversal of the provision for negative future cash-flows of the BSH branch booked in 2009 following application of IFRS
classification and valuation requirements to the Spanish branch's financial statements.
In 2011: This line consists of -€255m for the impact at the start of the financial year of the change in method described in § 1.3.3
and in "Notable events", and of -€17m for other exceptional expenses.

Analytical turnover: Turnover of non-credit activities and interest and insurance income tied to credit outstandings.
Gross margin: This is an analytical concept representing aggregate income (income from credit and non-credit operations) minus
related costs (refinancing costs for credit operations, purchases reducing the margin on non-credit operations).
Operational contribution: This is the gross margin minus commercial expenses, unpaid debt and operational costs directly
attributable to the activity.
Corporate and development: Analytically, Corporate function and development project costs are monitored independently.

Off-contribution: This analytical item comprises non-recurring components of the result consideration of which would distort budget
analysis of the operational contribution.

Current operating result (Commercial): This is the pre-tax business result excluding the financial result (see below).

Financial result (Commercial): This item corresponds to the business definition of the interim management balance: cost of
refinancing non-credit activities, result of financial instruments in accordance with IAS 39 (result on trading derivatives, change in
fair value of financial assets and liabilities evaluated at fair value, result of interest-rate and exchange-rate hedging on financial
assets and liabilities).




    2011 LaSer Cofinoga Annual Report                                                                                                        60
Gains/Losses and net on assets (Bank): This item comprises net gains and losses on sales of tangible and intangible assets
allocated to the establishment's operations, and on consolidated securities included in the scope of consolidation. These gains and
losses are part of the Current Operating Result, and not of Operating Income.
Operating result (Bank): This is the interim management balance stated in the consolidated statutory financial statements (bank
format), i.e. the difference between the gross operating result and the cost of risk,


3.4. Geographical information

3.4.1. Geographical breakdown of the balance sheet


                                                                         31/12/2011                             31/12/2010
                     (in millions of euros)
                                                                  France      Intl           Total       France      Intl        Total
ASSETS
Cash, Central banks                                                     83              7         90           18            8         26
Financial assets at fair value through profit or loss                    6                           6          5                        5
Derivatives                                                           118               1       119          109             1        110
Other financial assets available for sale                               83                        83         105                      105
Loans and amounts due from credit institutions                       1 228             41     1 269         1 409          56     1 465
Customer loans and receivables                                       6 282          2 863     9 145         6 987       2 794     9 781
                           of which provisions for depreciation    (1 171)          (742)    (1 913)        (945)       (893)    (1 838)
Non-current assets held for sale                                        81                        81         321                      321
LIABILITIES
Financial liabilities at fair value through profit or loss              10                        10            4                        4
Derivatives                                                           308               5       313          181             3        184
Payables due to credit institutions                                  5 272             74     5 346         4 855         215     5 070
Amounts owing to customers                                            177              13       190          215           28         243
Debts represented by securities                                      3 918                    3 918         4 837                 4 837
Subordinated debt                                                     456                       456          441                      441
Payables linked to non-current assets held for sale                   122                       122          169                      169


3.4.2. Geographical breakdown of the profit and loss statement

                                                                             31/12/2011                          31/12/2010
                     (in millions of euros)
                                                                  France          Intl       Total       France       Intl       Total
Net banking income                                                     666             423    1 089           799          453    1 252
Gross operating income                                                 323            219       542          450           264      714
Operating income                                                     (240)             38      (202)           62          22          84
Current pre-tax earnings                                             (272)             38      (234)           63          22          85
Result net of tax of discontinued operations or assets being s         (4)                       (4)         (10)                     (10)
Net income                                                           (193)             26      (167)           36          20          56
Net earnings attributable to equity holders                          (200)             26      (174)           24          20          44




     2011 LaSer Cofinoga Annual Report                                                                                           61
3.5. Fair value of financial assets and liabilities

The information given in this note should be used and interpreted very carefully, for the following reasons:


- these fair values of financial assets and liabilities represent an estimation of the instantaneous value of the instruments concerned
at year-end. Their value is liable to fluctuate from day to day due to variations in a number of factors, including interest rates and the
quality of counterparty lending. Consequently, they may differ significantly from the sums actually received or paid upon maturity of
the instruments. In the majority of cases, this fair value is not intended to be immediately realized, and in actual fact may not be. It
does not therefore represent the actual value of the instruments from a business continuity perspective.
- the revaluation of financial instruments recognised at historical cost often implies the use of valuation models, practices and
assumptions that may vary from one institution to another. Consequently, a comparison of the fair values presented for financial
instruments recognised at historical cost by different financial institutions is not necessarily pertinent.

It is deemed that the net book value of the following financial assets and liabilities is the same as their fair value:
 - financial instruments for which contractual maturity is less than 1 year,
 - financial instruments at variable rates or reviewable rates,
 - forward financial instruments .
In the Group's accounts, only customer loans issued at a fixed rate (personal loans and fixed term credit) for all categories of loans
have their fair value specifically calculated.
Their fair value is determined by measuring the difference between the rate component and the credit component:
  - the rate component is obtained by discounting forecast future cash flows at the average rate of customer receivables on the
closing date;
Thus calculated, the fair value of these assets came to €10,314m at 31/12/2011, for a net book value of €10,497m and to €11,550m
at 31/12/2010 for a net book value of €11,351m. As stated in the introduction, these differences, of -€183m and +€199m
respectively do not represent unrealized capital gains in relation to market value, but only by convention, the result of a performance
rate comparison for fixed rate outstandings between the average performance of the current receivables stock and the last customer
rate agreed as at the date of closing, it being specified that the last customer rates agreed at the closing date are higher than the
average performance rate of the receivables stock.

In view of these factors, the fair value of financial assets and liabilities is:

                                                                            31/12/2011                           31/12/2010
                    (in millions of euros)
                                                                      value           Fair value           value           Fair value
Financial assets                                                        10 497            10 314             11 351            11 550
Loans and amounts due from credit institutions                           1 269              1 269              1 465             1 465
Financial assets available for sale                                         83                 83               105                105
Customer loans and receivables                                           9 145              8 962              9 781             9 980
Financial liabilities                                                    9 910              9 910            10 591             10 591
Payables due to credit institutions                                      5 346              5 346              5 070             5 070
Amounts owing to customers                                                 190                190               243                243
Debts represented by securities                                          3 918              3 918              4 837             4 837
Subordinated debt                                                          456                456               441                441


3.6. Shareholders

At 31 December 2011, the LaSer Cofinoga Group was held fully by LaSer SA, which in turn was held equally by the
Groupe Galeries Lafayette and Groupe BNP Paribas (BNPP Personal Finance).




    2011 LaSer Cofinoga Annual Report                                                                                             62
3.7. Employee numbers

The Group's average workforce (including the equivalent proportion of the workforce for proportionaltely consolidated
companies and not including the employees of BGC, the securities in which were sold in 2011) breaks down as follows:

                                                                                          31/12/2011      31/12/2010

France                                                                                         2 632           2 736
International                                                                                  2 588           2 605
TOTAL                                                                                          5 220           5 341

The Group's employees are divided up as follows:
          - 26.4% of all employees are management grade (25.5 % in December 2010),
          - 73.6% of all employees are non-management staff (74.5 % in December 2010).


3.8. Transactions with associated parties

Parties who have ties with the LaSer Cofinoga Group are:
- shareholders who control the LaSer Cofinoga Group entity, namely LaSer SA, Groupe Galeries Lafayette, Groupe BNP
Paribas
- joint ventures.


Exchanges with solely controlled consolidated companies, considered as associated parties, are not included in the
consolidated financial statements and therefore are not presented hereinafter.


Accumulated receivables and debts with associated parties included in the balance sheet assets and liabilities as at 31
December 2011 and 31 December 2010 are as follows:

                                   (in millions of euros)                                 31/12/2011      31/12/2010

Gross receivables                                                                                 206             288
Debts                                                                                         (5 534)         (5 310)
TOTAL                                                                                         (5 328)         (5 022)


Transactions with associated parties included in the income statement as at 31 December 2011 and at 31 December
2010 are as follows:

                                   (in millions of euros)                                 31/12/2011      31/12/2010

Net banking income                                                                              (95)              (2)
Other operating expenses                                                                        (20)             (10)
TOTAL                                                                                          (115)             (12)




    2011 LaSer Cofinoga Annual Report                                                                           63
Transactions with associated parties included in the off-balance sheet as at 31 December 2011 and at 31 December
2010 are as follows:


                                  (in millions of euros)                                        31/12/2011    31/12/2010

Off-balance sheet                                                                                     418            197
                                                  of which financing commitments (received)           418             40
                                                     of which financing commitments (given)                         157
TOTAL                                                                                                  418          197


3.8.1. With LaSer (and its subsidiaries)


                                  (in millions of euros)                                        31/12/2011    31/12/2010

Gross receivables                                                                                       13            21
Debts                                                                                                 (11)          (14)
TOTAL                                                                                                    2               7


                                  (in millions of euros)                                        31/12/2011    31/12/2010

Net banking income                                                                                       7               9

                                                                           of which invoicing           7                9
                                        of which share in the result of Partnership companies           1                1
                                                                      of which loyalty impact          (1)           (1)
Other operating expenses                                                                              (17)          (23)
TOTAL                                                                                                 (10)          (14)


3.8.2. With the Galeries Lafayette Group


                                  (in millions of euros)                                        31/12/2011    31/12/2010

Gross receivables                                                                                        1             2
Debts                                                                                                  (8)           (8)
TOTAL                                                                                                  (7)           (6)


                                  (in millions of euros)                                        31/12/2011    31/12/2010

Net banking income                                                                                     (13)          (14)
                                                    of which business provider commissions            (15)          (15)
Other operating expenses                                                                               (3)           (3)
TOTAL                                                                                                 (16)          (17)




    2011 LaSer Cofinoga Annual Report                                                                               64
3.8.3. With the BNP Paribas Group


                                   (in millions of euros)                                           31/12/2011    31/12/2010

Gross receivables                                                                                           191            95
Debts (re-financing)                                                                                    (5 501)       (5 267)
                                                              of which term accounts and loans         (5 301)       (5 033)
                                        of which debts linked to non-current assets held for sale        (122)         (152)
                                                                          of which bonded loans           (31)          (35)
                                                            of which subordinated bonded loans            (47)          (47)
Debts (other creditors)                                                                                    (14)          (17)
TOTAL                                                                                                   (5 324)       (5 189)


                                   (in millions of euros)                                           31/12/2011    31/12/2010

Net banking income                                                                                        (91)           (6)
                                                                      of which net commissions            109           121
                                                                   of which net interest charges         (141)         (133)
                                          of which gains and losses on derivatives at fair value          (59)               6
Other operating expenses                                                                                    (1)           (3)
TOTAL                                                                                                      (92)           (9)


                                   (in millions of euros)                                           31/12/2011    31/12/2010

Financing commitments (received)                                                                           418            40
TOTAL                                                                                                      418            40


3.8.4. With joint ventures



These are transactions with jointly-controlled companies (Banque du Groupe Casino, Banque Solféa and Assurtis).

                                   (in millions of euros)                                           31/12/2011    31/12/2010

Gross receivables                                                                                            1           170
Debts (re-financing)                                                                                                      (4)
TOTAL                                                                                                        1           166


                                   (in millions of euros)                                           31/12/2011    31/12/2010

Net banking income                                                                                           2               9
                                                            of which interest and similar income             2               9
Other operating expenses                                                                                     1            19
                                                    of which expense to Partnership companies                8           17
TOTAL                                                                                                        3           28


                                   (in millions of euros)                                           31/12/2011    31/12/2010

Financing commitments (given)                                                                                            157
TOTAL                                                                                                                    157


    2011 LaSer Cofinoga Annual Report                                                                                   65
3.8.5. With the main Directors of LaSer Cofinoga and its shareholders

The persons concerned are corporate officers, and the sums indicated are remunerations and benefits in kind evaluated
for the entire scope of LaSer and its subsidiaries.


                                          (in euros)                                      31/12/2011         31/12/2010

Remunerations and benefits in kind paid for the year                                        3 541 244         1 183 198


3.9. Auditors' fees


Fees paid to Auditors in 2011, not including proportionately consolidated companies, break down as follows:

                                            Cailliau Dedouit et                      PricewaterhouseCoopers
                                                                 Ernst & Young Audit
                                                 Associés                                     Audit
   (in thousands of euros, ex-VAT)
                                           Amount          %    Amount          %     Amount         %
                                         2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Audit
Statutory auditing, certification,
examination of individual and
consolidated statements, of which:
     Issuer                               82     65    47%   35%   82    65    14%    9%      82       65     25%   22%
     Consolidated subsidiaries            88     122   51%   65%   483   564   81%    82%     182      147    56%   50%
Other duties and services directly
linked to the Statutory Auditing task,
of which:
     Issuer
     Consolidated subsidiaries             3            2%
Audit sub-total                           173    187   100% 100%   565   629   95%    91%     264      212    81%   73%
Other services rendered by the
networks to fully consolidated
subsidiaries:
Legal, tax, social                                                 27    57     5%   8%       62        80    19%   27%
Other                                                               5     4     1%   1%
Other services - sub total                                         32    61     5%   9%       62       80      19% 27%
TOTAL                                     173    187   100% 100%   597   690   100% 100%      326      292    100% 100%




    2011 LaSer Cofinoga Annual Report                                                                               66
       

          8 Legal information 
                8.1 Simplified legal organisation at 31 December 2011 
       
      LaSer 
       
                                                                                                                                     Société Anonyme
              BNPP PF                                                                                                              GALERIES LAFAYETTE
       
                                                                50%                                                  50%
       
       
       
       
                                                                              LASER
       
                                                                              LaSer Prestations
                                                                              LaSer Prestations                 99%
       
                                                                              DOM FINANSOWY
                                                                              DOM FINANSOWY
                                                                                QS S.P. z.o.o..                100%
                                                                                QS S.P. z.o.o
        LASER COFINOGA
        LASER COFINOGA                                                             (Poland)
                                                                                    (Poland)                                                LASER LOYALTY
                                                                                                                                            LASER LOYALTY
             100%                                                                  ACONTO
                                                                                   ACONTO                        35%                                         100%
       
                                                                              XANGE CAPITAL                    6.53%
                                                                              XANGE CAPITAL
       
       
       
      LaSer Cofinoga  
       
                                                                                    LaSer Cofinoga                                         100%

                                                                                                                                                         Sygma Banque
                 France                           Netherlands          Scandinavia                           Poland                        United Kingdom            Spain
       
                                               100%
                                                                                                  100%
                                                                                                                                           100%                     100%
                                                                                                    Finplus
        44.87% Banque          55.13%
                                                                       100%
                                                                                                                                                  Creation                    Banco
                                                    LaSer                                                                                         Financial                   Sygma
                Solféa           COGAC –                           EkspresBank                                       100%
                                  Misc.           Nederland                                                                                       Services          Branch   Hispania
                                                                100%
                                                                                                      Sygma
                                                                                                    Bank Polska                            100%    Creation
                                                                                                                                                                    100%
                                                                                  100%
        65% CDGP               35%                 Sygma
                                                                                                              100%
                                                                                                         Branch                                   Consumer               Sygma Mediacion
                                                                                                                                                                            operator de
                                                                                                                                                                                         -
                                  A.D.S.G         Bank NL          EkspresBank                                                                     Finance
                                                                                                                                                                         Seguros Vinculado
                                (ex. Quelle)
                                                      Branch         Norway
                                                                                                         40%                  40%

                                                                         Branch                                                    Geant
        45%                                                                                         Geant Kredyt               Polska             Creation
                               55%                                                                                                         100%
               Assurtis                                                                                                                           Marketing
                                 April DVPT
                                                                                         20%
                                                                                                      LaSer                                       Services
                                                                                    Banque du
                                                                                  Groupe Casino      Services               100%
                                                                                                      Polska                                                 100%

        100%
              CMS SNC                                                                                                                             Sygma Bank UK
                                                                                                                                                    Branch



                        100%
                CMS
              Vacances
       
       
       




2011 LaSer Cofinoga Annual Report                                                                                                                                   67
              8.2 Changes to subsidiaries and holdings 
       
      Sales and acquisitions: 
             ■ LaSer Cofinoga sold its interest in Banque du Groupe Casino on 1 July 2011. 
      Creations and closures: 
             ■ Creation of a Sygma Banque branch in the Netherlands on 8 July 2011. 
             ■ Winding‐up  of  Soficarte  without  liquidation  following  the  merger  into  LaSer  Cofinoga  on  3 
                    October 2011. 
               ■ Winding‐up of Médiatis without liquidation following the merger into LaSer Cofinoga on 3 October 
                    2011. 
      Others: 
            ■ Name change for Cetelem Expansion, which is now LaSer Services Polska. 
       
              8.3 Other legal information 
       
      No other events have occurred since the close of the financial year.  
       
      Proposed allocation of earnings for the financial year 
      After having noted that the results for the year ended 31 December 2011 would be posted at €54,455,868.56
      the General Meeting is expected to decide to carry the profit forward, taking the balance to €544,154,285.48. 
       
      Dividends paid out in respect of the last three financial years were as follows (euros per share):  
       
                        Financial year                                Net dividend 
                        2008                                          12.08 
                        2009                                          0 
                        2010                                          0 
       
      Shareholding and Article L225‐184 of the French Commercial Code 
      No  transactions  were  carried  out  by  virtue  of  the  provisions  of  Articles  L225‐177  to  L225‐186  of  the  French 
      Commercial Code (code de commerce). 
       
      Article L225‐102‐1 of the French Commercial Code 
      In accordance with the provisions of Article L 225‐102‐1 (paragraph 3) of the French Commercial Code, there 
      follows  hereafter  a  list  of  all  remits  and  functions  performed  in  each  company  by  each  LaSer  Cofinoga 
      corporate officer in 2011. 
       
      Article L225‐100 of the French Commercial Code 
      In accordance with the provisions of Article L 225‐100 of the French Commercial Code, it is expressly stipulated 
      that no powers have currently been granted to the Board of Directors by the general meeting in connection 
      with capital increases. 
       
      Presentation of the resolutions of the General Meeting 
       
      The agenda for your General Meeting shall be as follows: 
            After  hearing  and  considering  the  Statutory  Auditors’  general  report  on  the  annual  financial 
               statements,  approval  of  the  annual  financial  statements  for  the  year  ended  31  December  2011, 
               approval of the management report, and granting the Directors discharge in respect of duties for the 
               year, 
            Allocation of earnings,  
            Having  heard  and  considered  the  Statutory  Auditors’  general  report  on  the  consolidated  financial 
               statements,  approval  of  the  consolidated  financial  statements  for  the  year  ended  31  December 
               2011, 




2011 LaSer Cofinoga Annual Report                                                                                       68
                  Approval of the contents of the Statutory Auditors’ special report on the agreements governed by 
                   Article L 225‐38 of the French Commercial Code (Code de Commerce), 
                  Approval of an agreement in accordance with Article L225‐40 of the French Commercial Code (Code 
                   de Commerce), 
                  Ratification of the decision to co‐opt a Director, 
                  Powers to perform formal duties. 
       
                 8.4 Remits and functions of LaSer Cofinoga’s corporate officers 
       
                          LIST OF REMITS AND FUNCTIONS OF LASER COFINOGA’S CORPORATE OFFICERS 
                                      (Article L225‐102‐1 of the French Commercial Code) 
                                                                                    
                 Mr Philippe Lemoine, Chairman of the Board of Directors, 
       
              - Chairman and Chief Executive Officer of LaSer                          ‐ Deputy Chairman of the Supervisory Board ‐ Bazar de 
              - Chairman of the Board of Directors of LaSer Cofinoga and                  l’Hôtel de Ville – BHV (SASU) 
                 of Sygma Banque                                                       ‐ Sole Director of GIE Recherche Haussmann and GIE LaSer 
              - Director of BNP PARIBAS Personal Finance                                  Archives 
              - Director of Monoprix                                                    ‐ Chairman of the Fondation LaSer Initiatives Solidaires  
              - Director of Unincofra                                                   ‐ Chair of the “Digital Economy” Committee, MEDEF 
              - Director of Telemarket (until 12.05.2011)                               ‐ Co‐Manager of GS1 France 
               - Permanent representative of LaSer Cofinoga at the Board                ‐ Chairman  of  FING  (Fondation  Internet  Nouvelle 
                 Meetings of Fidecom                                                        Génération) 
               - Permanent representative of LaSer Cofinoga at the Board                ‐ Director of Fondation du Collège de France 
                 Meetings of Médiatis (until 03.10.2011)                                ‐ Director of Maison des Sciences de l’Homme 
              ‐ Principal of GDF ‐SUEZ                                                  ‐ Director of Anvie 
             ‐ Director of La Poste                                                     ‐ Director of Etablissement Public Culturel le 104 
             ‐ Chairman of Grands Magasins Galeries Lafayette – GMGL                    ‐ Chairman  of  the  Forum  d’Action  Modernités,  a 
                                                                                            foundation under the aegis of the Fondation de France 
              
             Mr Raffaele Cicala, Chief Executive Officer, 
              
             -   Executive Vice‐Chairman of LaSer                                      - Director and Chief Executive Officer of Sygma Banque 
             -   Chief Executive Officer of LaSer Cofinoga                             - Chairman of LaSer Loyalty                             
             -   Director of Fidecom                                                   - Director  of  CFS,  LaSer  Nederland  BV,  Eksresbank  and 
             -   Chairman of Galtour                                                     LaSer Nordic Services 
             -   Sole Director of GIE GSGC                                             - Principal of GIE S’Miles                              
             -   Manager of LaSer Prestations                                          ‐ Permanent representative of LaSer at the Board Meetings 
             -   Director of Banque Solféa                                               of Xange Capital 
              
             Mr Jacques Calvet, Director, 
              
                                                                                       - Director of Société Foncière Lyonnaise 
             - Deputy  Chairman  of  the  Supervisory  Board,  Chairman  of            - Director of the Ayache Group 
               the  Finance  and  Audit  Committee  and  Member  of  the               - Principal of: 
               Remunerations  and  Appointments  Committee  of  Société                ‐ E.P.I. (Société Européenne de Participations Industrielles) 
               Anonyme des Galeries Lafayette                                          ‐ Scherlafarge (Agence H) 
             - Chairman  of  the  Supervisory  Board  ‐  Bazar  de  l’Hôtel  de        - Honorary Chairman of B.N.P. Paribas 
               Ville – BHV                                                             - Consultant director of the Bank of France 
             - Director of LaSer                                                       - Member of the Management Committee of Motier until 
             - Director of LaSer Cofinoga                                                07/06/10 
             - Director and Chairman of the Audit Committee of Icade                   - Director of ALDETA until 30/06/10 
             - Director of Cottin Frères 
              
             Mr Philippe Houze, permanent representative of Société Anonyme des Galeries Lafayette, 
              
             - Chairman of the Board of Directors of Société Anonyme                        - Monoprix SA on the Board of Fidecom 
               des Galeries Lafayette                                                       ‐ Société Anonyme des Galeries Lafayette on the Boards 
             - Chairman‐Chief Executive Officer of Monoprix SA                                of LaSer and of LaSer Cofinoga 
             - Chairman of the Board of Directors of Artcodif (SA)                     - Director of HSBC‐France 
             - Chairman  of  the  Board  of  Directors  of  the  Fondation             - Director of HSBC Banque plc 
               d’Entreprise Monoprix                                                   - Director of Casino Guichard Perrachon 
             - Chairman  of  Galeries  Lafayette  Haussmann  –                         - Chairman  of  the  Union  du  Grand  Commerce  de  Centre 
               GLHaussmann (SAS)                                                         Ville (an association protecting the interests of high‐street 
             - Vice‐Chairman and Chief Executive Officer of Motier (SAS)                 retail traders) 
             - Member  of  the  Supervisory  Board  ‐  Bazar  de  l’Hôtel  de          - Member  of  the  Board  of  Directors  of  the  National  Retail 
               Ville – B.H.V (SAS)                                                       Federation (NRF‐USA) 
             - Elected  member  of  the  Paris  Chamber  of  Commerce  and             - Deputy  Chairman  of  INSEAD  (European  Institute  of 
               Industry                                                                  Business Administration) 
             - Permanent representative of:                                             



                                                                                                                                                   
2011 LaSer Cofinoga Annual Report                                                                                                           69
              
             Mr Ugo Supino, Director, 
              
             - Member of the Board of Directors of Société Anonyme des             - Member  of  the  Supervisory  Board  ‐  Bazar  de  l’Hôtel  de 
               Galeries Lafayette                                                    Ville – B.H.V (SAS) 
             - Chairman‐Chief Executive Officer of Unincofra (SA)                  - Director of LaSer 
             - Chairman of Union Pour les Investissements Commerciaux              - Director of LaSer Cofinoga 
               – UPLIC                                                             - Representative  of  Société  Anonyme  des  Galeries 
             - Chairman of Société des Grands Magasins de l’Est                      Lafayette,  member  of  the  board  of  Middle  East 
             - Chairman of Groupe Galeries Lafayette Services                        Department Stores FZCO (Dubaï) (until 17.06.2011) 
             - Chairman of GLOPERA 3 (until 05.10.2011)                            - Chief Executive Officer of Aldeta (company listed on the B 
             - Chief  Executive  Officer  of  Grands  Magasins  Galeries             compartment of Eurolist) until 30/06/10 
               Lafayette (SAS)                                                     - Co‐manager of Restauration du Bazar (formerly known as 
             - Chairman of GLOPERA 4 (since 15.11.2011)                              GL Opéra) until 30/11/10 
             - Deputy Managing Director of Motier 
     
             Mr Thierry Laborde, permanent representative of BNPP Personal Finance,  
              
             - Chief  Executive  Officer  and  Director  of  BNPP  Personal        - Permanent  representative  of  BNPP  Personal  Finance  on 
               Finance                                                               the Board of Directors of LaSer Cofinoga 
             - Member  of  the  Supervisory  Board  of  BNP  Paribas  Real         - Permanent  representative  of  BNPP  Personal  Finance  on 
               Estate                                                                the Board of Directors of Natixis Financement 
             - Director of BNP Paribas Assurance                                   - Member  of  the  Boards  of  Directors  of  Banco  Cetelem 
             - Permanent  representative  of  BNPP  Personal  Finance  on            (Spain), Findomestic (Italy), Banco BNPP Personal Finance 
               the Board of Directors of LaSer                                       (Portugal), UCI (Spain) and UCI EFC (Spain) 
              
             Mr Vincent Bernard, Director,  
              
             - Financial  Management  Officer  and  member  of  the                - Member  of  the  Supervisory  Board  of  Magyar  Cetelem 
               Executive Committee of BNPP Personal Finance                          Bank (Hungary) 
             - Director of LaSer Cofinoga                                          - Member  of  the  Supervisory  Board  of  UCB  Ingatlanhitel 
             - Director of LaSer                                                     (Hungary) 
             - Director of Banco Cetelem (Spain) 
              
             Mr Bruno Salmon, Director, 
              
             - Chairman of the Board of Directors and Director of BNPP             - Director on the Board of Banco BGN (Brazil) 
               Personal Finance                                                    - Deputy  Chairman  of  the  Board  of  Directors  of  BGN 
             - Director of LaSer Cofinoga                                            Leasing (Brazil) 
             - Director of LaSer                                                   - Director  of  Banco  Cetelem  (Spain),  Banco  BNPP  Personal 
             - Chairman of the ASF                                                   Finance (Portugal), Director of Cetelem IFN SA (Romania), 
             - Deputy Chairman of the AFECEI                                         Director of UCB Suisse (Switzerland) 
             - Director of Vicat                                                   - Member  of  the  Supervisory  Board  of  BNPP  Personal 
             - Director of Findomestic Banca SPA (Italy)                             Finance EAD (Bulgaria) 
             - Deputy  Chairman  of  the  Board  of  Directors  of  Cetelem 
               Brasil SA (Brazil) 
              
             Mr Gérard Chaurand, Director (term of office ended 19.01.2012), 
              
             - Chairman  of  the  Board  of  Directors  of  CMV  Médiforce         - Director of OBPS (until 28.11.2011) 
               (until 27.10.2011),                                                 - Deputy  Chairman  of  the  Board  of  Directors  of  Fimaser 
             - Director of Axa Banque Financement (until 21.10.2011),                (Belgium) (until 18.10.2011) 
             - Director of Natixis Financement (until 30.11.2011),                 - Director of CPV (Carrefour) Brazil 
             - Director of LaSer (until 15.12.2011),                               - Member  of  the  Board  of  Directors  of  Banco  CSF 
             - Director of LaSer Cofinoga (until 19.01.2012),                        (Carrefour) Brazil 
             - Director of Domofinance (until 30.09.2011),                         - Director of BSF Holding (Brazil) 
             - Permanent  representative  of  BNPP  Personal  Finance  on           
               the  Board  of  Directors  of  Carrefour  Banque  (until             
               20.10.2011), 
              
             Mr Benoit Cavelier, Director (term of office started 19.01.2012), 
              
                 - Chairman  of  the  Board  of  Directors  of  CMV                - Director of Domofinance (since 30.09.2011), 
                   Médiforce (since 27.10.2011),                                   - Permanent  representative  of  BNPP  Personal  Finance  on 
                 - Director  of  Axa  Banque  Financement  (since                    the  Board  of  Directors  of  Carrefour  Banque  (since 
                   21.10.2011),                                                      20.10.2011), 
                 - Director of Natixis Financement (since 30.11.2011),             - Deputy  Chairman  of  the  Board  of  directors  of  Fimaser 
                 - Director of LaSer (since 15.12.2011),                             (Belgium) (since 18.10.2011) 
                   - Director of LaSer Cofinoga (since 19.01.2012),             
              




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                     8.5 Report of the Chairman of the Board of Directors of LaSer Cofinoga 
              
             I – INTERNAL CONTROL PROCEDURES 
             ‐    This report will be approved by the Board of Directors at its meeting of 13 March 2012. It will then 
                  be made public by being filed with the Clerk of the Commercial Court. 
              
             Introduction: Objectives of internal control 
             The purposes of the internal control procedures in effect within the company are:  
             ‐ To ensure that all actions relating to the management and execution of operations, and the conduct 
                 of  employees,  are  in  keeping  with  the  framework  set  by  the  directions  given  to  the  company’s 
                 businesses by its corporate bodies, by applicable statutory and regulatory provisions, and by its own 
                 in‐house values, standards and regulations;  
             ‐ To ensure that the accounting, financial and management information disclosed to the company’s 
                 corporate bodies are a true and honest reflection of the company’s business activity and situation.  
              
             The objectives of internal control in this context are to: 
                   - Prevent errors and fraudulent acts, 
                   - Protect the integrity of the company’s assets and resources, 
                   - Ensure sound management of the company’s assets. 
              
             1. General organisation of internal control procedures at company level 
              
             1.1  Players and structures involved in control activities 
              
                    1.1.1.          Senior Management and the Board of Directors 
             Under the authority of the Board of Directors, Senior Management is responsible for the Internal Control 
             approach and for quality control of the system in place.  
             Twice a year, the LaSer Audit Committee and the Board of Directors examine Internal Control activity at 
             LaSer and quality thereof. The main support used for this is the six‐monthly regulatory CRB 97/02 LaSer 
             Cofinoga report produced by the Permanent Control Department. 
              
             The Board of Directors has the following members: 
             Chairman of the Board of Directors                         Chief Executive Officer 
             Mr Philippe Lemoine                                        Mr Raffaele Cicala 
              
             Directors 
             Galeries  Lafayette  as  a  Société  Anonyme                    BNP PARIBAS Personal Finance as a company, 
             (limited  company  under  French  law),                         represented by par Mr Thierry Laborde, 
             represented by Mr Philippe Houzé,                               Mr Benoit Cavelier,  
             Mr Jacques Calvet,                                              Mr Vincent Bernard,  
             Mr Ugo Supino,                                                  Mr Bruno Salmon. 
              
             Secretary to the Board 
             Mr Daniel Rithou 
              
                    1.1.2. Teams responsible for control 
              
                    ■ LaSer Internal Audit (IA) 
             The role of this team is to carry out regular audits (periodic control) within LaSer and its subsidiaries and 
             to monitor the implementation of any recommendations made further to the audits performed. 
             This  18‐member  team,  responsible  for  the  periodic  control  system,  reports  directly  to  Senior 
             Management. 
              

                    ■ Internal Audit ‐ Subsidiaries 
             Some  subsidiaries  outside  France  have  their  own  Internal  Audit  structure  with  one  to  nine  staff 
             members.  The  role  of  these  teams  is  to  carry  out  regular  audits  (periodic  control)  on  the  subsidiary’s 


2011 LaSer Cofinoga Annual Report                                                                                       71
             business activity, applying the methodology defined by the LaSer Internal Audit team, and to report on 
             their work to the LaSer Internal Audit team. 
             These  structures  are  jointly  managed  by  the  subsidiary’s  own  Management  team  and  by  the  Internal 
             Audit Department (joint supervision rule), and are staffed by a total of fourteen auditors. 
              

                    ■ LaSer Permanent Control Department (PCD) 
             Reporting directly to Senior Management and with a staff of 42 people, this department consists of the 
             following teams: 
             - “Permanent Control and Operational Risk Coordination”, which: 
                    defines permanent control and operational risk methodology, 
                    coordinates and supervises control at sector‐level, in both “credit” and “marketing services” 
                         entities. 
                    produces regulatory reports in respect of credit operations (CRB, AMF, FSA). 
                    oversees  and  coordinates  the  operational  risk  management  system  as  a  whole  for  LaSer 
                         Cofinoga, in accordance with the Basel II standard method. 
             - “Risk Management”, which: 
                    is responsible for identifying and managing accidental and random risks 
                    coordinates the development of business continuity and crisis management plans 
                    defines the Group’s information security policy 
                    manages “corporate risk” insurance. 
             - The “Financial Back and Middle Office”, which: 
                    records financial transactions and handles the administration thereof 
                    controls compliance with internal standards governing intervention on financial markets. 
             - “Fraud and Compliance”, which: 
                    supervises and manages fraud detection and prevention tools 
                    performs automated and spot checks in credit businesses in France. 
                    manages non‐compliance and reputational risks.  
             - “Governance”, which: 
                    jointly manages the Permanent Control functions in the entities and subsidiaries 
                    oversees projects and tools connected with the Permanent Control function. 
             There  are  also  Permanent  Control  structures  within  the  entities  and  subsidiaries  that  are  jointly 
             managed  (joint  supervision  principle)  by  the  Management  of  the  entity  concerned  and  by  the 
             Permanent Control Department. These structures are required to cover the same scope of responsibility 
             as that of the PCD. 
             These structures comprise 55 people. 
              

                    ■ Credit Risk Department 
             This  Department  reports  directly  to  Senior  Management  and  is  separate  and  independent  from  every 
             other structure (Operations, Finance and Permanent Control Departments, etc.). 
             The  Credit  Risk  Department  is  responsible  for  defining  general  standards  and  for  analysing  and 
             controlling credit risk across the whole of the scope covered by credit both inside and outside France. It 
             is also responsible for continuously controlling the modelling used in respect of the advanced method 
             adopted by LaSer Cofinoga under the Basel II framework.  
             The Credit Risk Department includes the following teams: 
               - Scores & Projects, which: 
                          develops, monitors and upgrades the scoring systems used in the Group’s decision‐making 
                                       processes 
                          is responsible for Basel II governance and coordination 
                          ensures that the best statistical methods are used 
                          manages and oversees projects on risk tools.  
               - Research and Unpaid Debts, which: 
                          coordinates analysis of unpaid debt 
                          supervises budget work on unpaid debt forecast calculations 
                          carries out provisioning work in conjunction with the Finance Department 




2011 LaSer Cofinoga Annual Report                                                                                72
                         carries out research (cross‐disciplinary research in the risk field and supporting research for 
                          business  and  marketing  processes)  and  coordinates  cross‐disciplinary  projects  involving  a 
                          risk component.  
                 - Risk Monitoring, which: 
                         manages and monitors the way the risk policy is put into practice and shares good practices 
                         analyses risk indicators 
                         acts as an interface with the collection team in analysing changes in risk.  
                 - Governance & Oversight, which: 
                         leads the LaSer Risk Committee 
                         consolidates entity risk reports 
                         sets out Group Standards and ensures they are applied appropriately in the entities 
                         makes  sure  that  control  systems  exist  and  are  implemented  across  risk  processes,  and 
                          monitors any corrective action taken. 
              
             So  that  it  is  able  to  fulfil  its  remit,  Corporate  Risk  is  based  on  Corporate  management  of  entity  risk 
             officers  (hierarchical  chain  of  command  for  France,  Poland  and  Spain,  joint  supervision  for  Northern 
             Europe) and close collaboration with line staff.  
             This structure consists of 54 people in France, including CDGP, (of which 33 Corporate people) and 53 
             people in foreign subsidiaries.  
              

                     ■ Finance and External Growth Department 
             This Department includes teams that contribute fully to the permanent control of operations.  
             ‐ “Purchasing, Operational Efficiency, Program Management Office”, which: 
                            conducts  and  supervises  projects  aimed  at  the  continuous  improvement  of  operational 
                             processes 
                            examines and has validated by Senior Management projects involving large sums of money 
                            monitors the Group’s project portfolio to make sure that the commitments made at project 
                             outset are met over time (especially profitability commitments) 
                            manages the Group process base using the MEGA tool. 
             ‐  “Planning”,  which  groups  together  management  control  and  accounting  and  has  at  its  disposal 
                       permanent  control  procedures  in  the  finance  and  accounting  fields  (See  details  in  §  2.4: 
                       Permanent control procedures in finance and accounting). 
                                          
             These  different  teams  have  staff  who  liaise  with  the  operational  and  support  entities,  particularly  on 
             management control. 
              
             With regard to accounting, subsidiary accounting supervisors are jointly managed (joint accounting and 
             fiscal supervision) by their entity’s Management and the Planning Department. 
              
                     ■ Information Systems Department. 
             This  Department  has  an  Information  Systems  Security  team  which  ensures  the  reliability,  security  and 
             continuity of operation of information systems and data links.  
              
             1.2.   Internal and external benchmarks 
              
             The internal control system put in place is aimed at ensuring compliance with: 
                   ■ Current  laws  and  regulations  in  effect,  especially  CRBF  Regulation  no.  97‐02  of  21 February 
                        1997 concerning the internal control systems of credit institutions and investment firms. 
                   ■ France’s Financial Security Act, 
                   ■ Consumer Credit legislation, 
                   ■ Data protection legislation and the insurance code. 
              
             LaSer Cofinoga also has and complies with the following standards and procedures: 
              

             Organisation and control:  
                     -       Development and implementation of procedures (cross‐functional procedures), 



2011 LaSer Cofinoga Annual Report                                                                                         73
                     -     Internal Control Charter, Permanent Control Charter, Internal Audit Charter 
                     -     Procedure for conducting audits, 
                     -     Procedure for monitoring the implementation of audit recommendations 
                     -     Procedure for launching a new business line or product, 
                     -     Control procedure for outsourced activities 
                     -     Physical safety regulations, 
                     -     Code of professional ethics 
                     -     Sensitive persons and conflicts of interest 
                     -     Rules of ethics in the credit business. 
                     -     System for preventing money‐laundering and the financing of terrorism 
                     -     Confidentiality. 
                     -     Operational Risk Management procedures 
                     -     Business continuity standard  
              

             Accounting and management control: 
                     ‐     Accounting and fiscal joint‐supervision charter 
                     ‐     Accounting standards (rules on the booking of transactions), 
                     ‐     Group accounting procedure for performing bank reconciliation, 
                     ‐     Procedures relating to advances and travel expenses, 
                     ‐     Rules on invoicing and settlements, 
                     ‐     Procedures relating to the management and control of disbursements, 
                     ‐     Rules on delegations of authority with respect to expenditure, 
                     ‐     Budgeting and strategic planning procedures, 
                     ‐     Procedure for the creation of companies and capital flows. 
              

             Refinancing and cash‐flow transactions: 
                     ‐  Rules on intervention in financial markets (with respect to the hedging of counterparty, interest 
                        rate, liquidity and foreign exchange risks), 
                     ‐  Rules and delegations of authority in respect of financial flows. 
              

             Legal issues: 
                     ‐  Legal  procedures  relating  to  the  validation  of  service  provision  agreements  or  contracts  with 
                        corporate partners, to legal action, to CNIL (data protection) declarations, to the transmission 
                        of files, and to the compliance of consumer credit advertising with legal requirements. 
              

             Communications: 
                     ‐ Hiring of spokespersons to represent and speak on behalf of the company, 
              

             Information technology:   
                     ‐  Procedures relating to the management of authorisations, 
                     ‐  Rules on IT security (systems and data back‐ups, network security and data‐link security, etc.). 
                     ‐  Code of ethics applicable to Information System security 
              

             Customer credit and transactions: 
                 -        TRACFIN requirements concerning financial transactions (see fight against money‐laundering), 
                 -        Credit Risk Standards, 
                 -        Governance procedure, “Procedure for the governance of the credit risk functions”  
                 -        Delegation  of  authority  procedure,  “Management  of  information  and  of  the  delegation  of 
                          authority in the context of changes to rules impacting credit risk”  
                 -        Structure  and  organisation  of  risk  management  (committees,  task  of  corporate  risk,  of 
                          international  credit  risk,  of  operational  risk  (risk  in  the  entity,  delegation  of  authority  and 
                          control system), 
                 -        Individual  customers  (legal  contract  formalities,  approval  rules,  removal  of  upper  limits  and 
                          other operations on the customer’s account, etc.), 
                 -        Corporate partners (legal contract formalities, “prohibited” activities, approval of points of sale, 
                          risk monitoring of each point of sale, advances on commissions, specific rules for employees of 
                          corporate partners or the LaSer Group), 




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                 -              Tools  (scores,  use  of  negative/positive  files,  application  examination  procedure,  fraud 
                                detection, purchasing controls, new media), 
                  -             Strategy (strategy tests, strategy documentation), 
                  -             Collection (organisation, strategies, management and oversight system, professional charter of 
                                ethics), 
                  -             Reporting: monitoring of risk and unpaid debt (management charts, score tracking, provisioning 
                                system for unpaid debt), 
                 -              Operational  procedures  relating  to  collection  (processing  timelines,  frequency  of  reminders, 
                                management of over‐indebtedness, write‐off rules), 
                 -              Fraud prevention procedure. 
                             
             A number of tools are put in place by all teams for this purpose, namely: a function‐based organisation 
             chart,  job  and  task  descriptions,  a  system  of  authority  and  delegation  thereof,  process  descriptions, 
             operational  procedures  issued  by  corporate  entities  relating  to  business‐line  specific  and  cross‐
             functional aspects of company operation, reporting and communication tools, and the organisation of 
             permanent controls. 
              

                 Marketing services business:  
                 ‐              Internal  control  procedures  are  based  on  the  business  deal  life‐cycle,  from  the  point  when 
                                business opportunities are identified through to complete performance of the contract agreed 
                                with the customer (service provided, settlement of final invoices issued, and no disputes). 
                 ‐              These procedures are in place in operational entities and concern: 
                                                  • The business deal life cycle 
                                                  • Management of opportunities and orders 
                                                  • Acceptance of contracts 
                                                  • Purchase management 
                                                  • Invoicing 
                                                  • Collection. 
                  ‐             To help them implement these procedures, entities use “Changepoint”, a management tool for 
                                services projects. 
              
             2. Presentation of summary information on internal control procedures  
              
             2.1. Risk identification  
              
             Risks  are  identified  and  classified  in  groups.  To  summarize,  there  are  six  categories  of  risk,  namely: 
             operational risk, credit risk, market risk, non‐compliance risk, reputational risk, and economic risk. 
              
             2.2. Centralised and decentralised nature of control procedures 
              
             Internal control procedures are both centralised and decentralised to the extent that they are in practice 
             in the company consolidating the accounts and in the subsidiaries consolidated. 
              
             2.3. Procedures for permanent controls and periodic controls  
              
             There are three control levels: 
              
                        2.3.1 Permanent control (Levels 1 and 2) 
                         
             Frequency of controls: at intervals of between one day and less than one year  
              
             Level 1: Self‐supervision and direct hierarchical control 
             This is carried out continuously by operators or their direct line management within the entities. 
             ‐      Verification of the accuracy of the operations performed, 
             ‐      Permanent control of the quality of task performance. 




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             Level 2: Permanent control of operations  
             This is the responsibility of the permanent control officers in each operational or support entity, whose 
             duties and role are completely segregated from those of the other employees of that entity: 
             ‐      Control  using  sampling  techniques  to  check  compliance  with  standards,  procedures  and 
                    delegations of authority on a daily, weekly or monthly basis, 
              
             Level 2: Permanent control of functions 
             This  is  the  responsibility  of  the  Corporate  departments  in  charge  of  certain  types  of  risk  (Fraud  & 
             Compliance,  Accounts,  IS,  Risk,  etc.).  A  policy  of  independence  and  separation  from  the  operational 
             entities in question is applied: 
                    ‐  Control  of  application  by  the  entities  of  the  cross‐functional  corporate  standards  and 
                        procedures issued by Corporate Departments within their respective scope of responsibility. 
                    ‐  Controls carried out using automated request and manual selection techniques, 
              
             The Permanent Control Department coordinates the permanent control system as a whole: 
                    ‐ It defines the standard framework for the performance of permanent controls. 
                    ‐ It ensures the completeness of permanent controls across all areas of business. 
                    ‐ It produces regulatory reports.  
                     
                    2.3.2. Periodic control (Level 3) 
              
             Frequency of controls: at intervals of between one year and four years  
              
             Internal audit  
             These  controls  are  the  responsibility  of  the  Corporate  Internal  Audit  team,  which  intervenes  in  all 
             entities and for all types of risk: 
                    ‐ Verification of the quality, compliance and effectiveness of the internal control system. 
                    ‐ Performance of full audits, and effectiveness/compliance audits. 
                    ‐ Performance of one‐off audits to address specific issues. 
             ‐      Follow‐up  of  recommendations  issued  by  the  Internal  Audit  team  and  certain  external  control 
                   bodies (Prudential Control Authority, IG BNP Paribas, etc.). 
                     
             This type of audit may be carried out in subsidiaries by their own internal audit teams, in this case under 
             the functional responsibility of the Corporate Internal Audit department. 
              
             2.4.  Internal  control  procedures  relating  to  the  preparation  and  processing  of 
             accounting and financial information 
              
                    2.4.1 Permanent control system relating to accounting (Levels 1 and 2) 
             The permanent control system relating to accounting is based on two levels of controls, which are aimed 
             at ensuring the lawfulness, security and validation of the transactions performed, and the monitoring of 
             risks across the associated processes. 
              
             Level 1 controls: 
             ‐  Level 1 control is the responsibility of the accounting line teams. It includes: 
                     The self‐supervision performed by staff in charge of the various accounting tasks, 
                      The controls performed by line managers. 
              
             The different types of control performed are as follows: 
                 Line controls on the proper stating of transactions, via flow and stock control systems 
                    For example: 
                    ‐ Event  overflows  from  management  application  tools  (credit  chain,  cash  flows,  collections, 
                        litigation,  non‐credit)  in  the  accounting  software  are  subject  to  daily  and  monthly  controls. 
                        These  controls  are  carried  out  through  reference  to  audit  trails  and  restitution  statements. 




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                        The  new  account  interpreter  put  in  place  in  early  2008  is  helping  to  strengthen  controls  on 
                        these flows. 
                     ‐ Banking  flows  for  all  businesses  are  subject  to  close  monitoring  in  addition  to  daily 
                        verifications. Formal procedures are in place for monthly bank reconciliation. 
                     ‐ Controls relating to the completeness of credit chain outstandings, litigation, overheads and 
                        bank liabilities are performed monthly, as are off‐balance sheet transactions. In this respect, 
                        synchronisations  of  accounting  and  management  data  on  performing  and  doubtful  loan 
                        outstandings  are  carried  out  on  a  monthly  basis.  Off‐balance  sheet  transactions  are  also 
                        monitored on a monthly basis by means of reconciliation with data from the Front Office. 
                     These line controls are formally recorded (for example, by means of control deliverables). 
              
                  Preparation of account documentation 
                      
                  Preparation of certain accounting and fiscal “reports” 
              
             ‐    Level  2  control  is  the  responsibility  of  accounting  team  supervisors  and  of  the  Methods  & 
                 Procedures and Consolidation teams. It includes: 
                      Controls performed by team supervisors, 
                      Controls performed in accordance with the principle of segregation of duties. 
                  
                 These controls are performed on a regular basis and include the following: 
                    ‐ The preparation of bank reconciliation, 
                    ‐ Verification  of  third  party  payer  details  (especially  business  registration  number,  name, 
                       address and IBAN), 
                    ‐ Validation and control of accounting system authorisations and approvals, 
                    ‐ Review of closure documents and control deliverables by team supervisors, 
                    ‐ Monthly consolidation tasks aimed at ensuring the overall high quality of financial reporting 
                       and at meeting the deadlines for the production of those statements. 
              
              
             Level 2 controls: 
             The purpose of Level 2 controls is to ensure the effectiveness of the control systems put in place at the 
             level of the accounting teams, the lawfulness of operations and compliance with procedures.  
             They are performed at regular intervals by various teams: 
                 The Accounting Controls team, dedicated to Level 2 controls: 
                     ‐ Checks that Level 1 controls do exist, 
                     ‐ Performs  and/or  validates  key  controls  relating  to  accounting  (Fundamental  Monitoring 
                        Points), 
                     ‐ Performs  controls  relating  to  accounting  consistency  (for  example,  analytical  reviews  of 
                        accounts), 
                     ‐ Performs cross‐checks (e.g. comparison of accounting income against analytical income, etc.). 
                 The Taxation team: 
                     ‐ Ensures proper implementation of tax regulations, 
                     ‐ Produces the income tax record, 
                     ‐ Verifies the tax returns prepared by the accounting teams. 
                 The Standards & Coordination team: 
                     ‐ Reviews the consolidated financial statements, 
                     ‐ Validates the financial result, 
                     ‐ Is responsible for the regulatory reports to France’s Prudential Control Authority. 
                 The Financial Research & Unpaid Debts team: 
                     ‐ Defines and disseminates provisioning rules, 
                     ‐ Validates methodological systems relating to unpaid debts (with the Risk Department), 
                     ‐ Performs discounting and allowance calculations, 



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                     ‐ Controls data concerning unpaid debts (with the Credit Risk Department). 
              
                    2.4.2 Periodic control of the accounting and financial function 
              
             Periodic control of the accounting function is provided by LaSer Internal Audit, by external audits (audits 
             by  shareholders,  by  corporate  partners),  by  the  Statutory  Auditors  and  by  France’s  Prudential  Control 
             Authority. 
              
             2.5. Customer risk management procedures 
              
             The structure of the credit approval system is based on: 
                   ■ A system of delegation of authority which sets upper limits on commitments, 
                   ■ Differing  acceptance  procedures  according  to  the  product  and  recruitment  channel 
                       concerned, 
                   ■ A commitment committee in France for the largest debt consolidation transactions, 
                   ■ A Level 1 and Level 2 permanent control system across all areas. 
              
             Credit  approval  policies  are  based  on  both  statistical  models  used  to  determine  internal  ratings 
             (acceptance and behaviour scores), and on regularly reviewed guidelines. The scores used are developed 
             in‐house using the most relevant segmentation criteria by a team set up specifically for this purpose.  
              
             Regarding revolving (renewable) products, the authorised limits set when an account is opened may be 
             reviewed at regular intervals using criteria based on the customer’s credit payment behaviour, and may 
             be  increased  up  to  the  maximum  allowed  limit,  which  is  set  at  15,000  euros.  Likewise,  once  a  certain 
             amount of the credit facility has been used, the customer’s budget situation is reviewed with him or her, 
             on the basis of the supporting documents he or she is requested to provide. 
              
             The  LaSer  Cofinoga  Group  uses  the  same  provisioning  method  in  all  of  its  subsidiaries.  In  accordance 
             with IFRS standards, this is based on the calculation of the probability of loss applied to outstandings on 
             which there is at least one late payment or that have been restructured.  
              
             Receivables deemed to be irrecoverable are written off in France once a certificate of irrecoverable debt 
             has been issued and in most other countries by fairly similar management methods, excepting those few 
             which traditionally book losses earlier in the collection cycle. Other factors, as for example in the case of 
             proven fraud, may lead to a loss being booked much more quickly. 
              
             II ‐ PREPARATION OF MEETINGS OF THE BOARD OF DIRECTORS 
              
             Meetings of the Board of Directors are planned under the supervision of the Chairman of the Board of 
             Directors, who is responsible for all preparations in this regard in accordance with Article L 225‐51 of the 
             French Commercial Code. 
             Approximately  four  preparatory  meetings  are  held  for  each  meeting  of  the  company’s  Board  of 
             Directors. Participants in these preparatory meetings include representatives from Senior Management, 
             the Finance Department and the Corporate Secretary’s Office.  
             The Chairman of the Board of Directors sets the agenda for meetings of the Board and gives instructions 
             to be followed in the preparatory meetings preceding each Board meeting and in the preparation of the 
             relevant documents.  
             The  Chairman  of  the  Board  of  Directors  distributes  the  agenda  to  the  Directors  prior  to  each  Board 
             meeting. 
              
             Task of preparatory meetings 
             As instructed by the Chairman of the Board of Directors, preparatory meetings are tasked with: 
                    ■ Preparing documents for submission to the Board in conjunction with various departments, 
                        including  the  teams  responsible  for  business  development  in  France  and  abroad,  and  the 
                        accounting,  credit  risk,  permanent  control,  internal  audit,  back  and  middle  office, 
                        management control, and treasury and refinancing teams,  




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                    ■ Preparing  investment  and  other  reports  for  submission  to  the  Company’s  Directors,  for 
                       information or approval, 
                    ■ Preparing explanatory reports on the issues to be addressed at the Board Meeting, to assist 
                       the  Chairman  of  the  Board  of  Directors  and  Senior  management  in  chairing  and  facilitating 
                       the meeting, 
                    ■ The general organisation of the meeting. 
             All  documents  submitted  to  the  Company  Directors  are  submitted  for  the  prior  approval  of  the 
             Chairman of the Board of Directors. 
              
             Preparation of documents 
             The  Corporate  Secretary’s  Office  is  responsible  for  the  centralised  management  of  all  documents 
             submitted  to  the  Directors,  and  to  this  end  compiles  files  that  are  approved  by  the  Chairman  of  the 
             Board of Directors in his role as such.  
              
             III. SPECIAL SHAREHOLDER PARTICIPATION PROCEDURES 
              
             Shareholders  take  part  in  General  Meetings  as  prescribed  by  law  and  the  Company’s  Articles  of 
             Association. 
              
                     8.6 Environmental information 

             As part of the work of the newly created Corporate Social and Environmental Responsibility team, which 
             reports to HR Management, a continuous improvement approach was put in place in 2011 to follow up 
             an action plan aimed at limiting the environmental impacts of our activities, which are divided into three 
             main areas: transport, buildings and Green IT. 
              
             With “lifestyle” costs closely overseen, growing awareness of the company’s rules helped to gradually 
             change  employee  habits  in 2011. For  example,  the number  of  journeys  made  fell substantially, with  a 
             13% decrease in flights and a 4% decrease in train journeys. At the same time, the average duration of 
             each trip increased, as employees sought to optimise each journey made by staying as long as possible 
             at  their  destination.  Consequently,  hotel  bookings  (+8%)  and  car  hire  (+18%)  increased.  Overall, 
             transport costs fell by 5% between 2010 and 2011 for the group as a whole.  
              
             The results of the energy audit of buildings on the Mérignac site (36,800 m2) are as follows: 
                  - Electricity  consumption  fell  by  5.5%  in  2011,  as  a  result  of  awareness  campaigns  designed  to 
                       encourage  maintenance  teams  to  tweak  heating/air‐conditioning/lighting  system  settings  and 
                       parameters. The milder weather conditions enjoyed throughout 2011 also played a part.  
                  - Water consumption was also down, by 8.5% 
                  - Gas consumption rose by 13%. An analysis is currently in progress to identify the causes of this 
                       increase. 
                  - The recycling of used batteries and cartridges remained stable.  
                  - The amount of non‐hazardous industrial waste increased following the many moves.  
                   
             Following the move of our Paris head office at the end of 2010, the year 2011 is considered as a baseline 
             year  and  so  the  results  are  difficult  to  interpret.  However,  the  building  management  company  that 
             manages the new site reported a 40% electricity saving compared to the previous tenant. 
              
             Green IT is also making progress at LaSer through a number of different projects:  
                  - The  project  with  the  most  impact  in  2011  related  to  the  discontinuation  of  the  source  code 
                       which was no longer used. This enabled us to get rid of almost 2 million lines (saving of almost 
                       25% on the initial volume) 
                  - The  lifespan  of  obsolete  PCs  was  extended  by  installing  Citrix,  a  virtualisation  system  for  180 
                       workstations on the Jurançon site. Note also the rollout of 70 additional workstations for home 
                       working.  
                  - The new photocopiers put in place enabled us to monitor our paper consumption much more 
                       precisely.  Our  use  of  paper  varies  depending  on  our  business  activity  and  monitoring  it  will 




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                       enable  us  to  confirm  the  trends  observed  in  2011,  for  example,  the  increase  in  the  use  of 
                       printing on both sides of the sheet.  
                  -    The video‐conferencing rooms at the Paris head office posted occupancy rates of over 60% for a 
                       seven‐hour day. However, online meeting tools continued to be underused (use down by 15% 
                       compared to 2010).  
              
             The first Sustainable Development week was organised by volunteers on the LaSer Mérignac site. Four 
             corporate  partners  (Veolia,  Mobilidéal,  TBC  and  Screlec)  came  along  to  raise  employee  awareness  of 
             recycling and the use of public transport. This event showed that LaSer’s employees have environmental 
             expectations in particular with respect to travel, which is the biggest generator of CO2 emissions on the 
             company’s carbon balance sheet. 
              
                      8.7 Draft resolutions of the Ordinary Annual General meeting of 30 April 2012 
              
             FIRST RESOLUTION 
             Having heard and considered the management report and the report of the Statutory Auditors on the 
             annual financial statements, the General Meeting approves the annual financial statements for the year 
             ended 31 December 2011 as presented and the business operations reflected therein and summarised 
             in the reports. 
              
             The shareholders grant the Board members discharge in respect of their duties for that year. 
              
             SECOND RESOLUTION 
             After having noted that the results for the year were posted at  
             €54,455,868.56, the General Meeting decides to carry this sum forward, taking the balance to 
             €544,154,285.48. 
              
             Dividends paid in respect of the last three years were as follows (euros per share):  
              
                              Financial year                                   Net dividend 
                              2008                                             12.08 
                              2009                                             0 
                              2010                                             0 
              
             THIRD RESOLUTION 
             Having  heard  and  considered  the  report  of  the  Statutory  Auditors  on  the  consolidated  financial 
             statements, the General Meeting approves the consolidated financial statements for the financial year 
             ended  31  December  2011  as  presented  and  approves  the  business  operations  reflected  therein  and 
             summarised in the reports. 
              
             FOURTH RESOLUTION 
             Having heard and considered the special report of the Statutory Auditors on the agreements governed 
             by Article L 225‐38 of the French Commercial Code (Code de Commerce), the General Meeting approves 
             the  contents  of  that  report,  particularly  in  accordance  with  Article  L225‐42  of  the  French  Commercial 
             Code  (Code  de  Commerce)  with  respect  to  the  agreement  that  has  not  followed  the  authorisation 
             procedure of Article L225‐38 of the French Commercial Code (Code de Commerce). 
              
             FIFTH RESOLUTION 
             In  accordance  with  Article  L225‐40  of  the  French  Commercial  Code  (Code  de  Commerce),  the  General 
             Meeting approves the agreement signed between Mr CICALA and the Company, authorised by the Board 
             of Directors at its meeting on 29 April 2011, granting the following to Mr CICALA,  
              in the event of the non‐renewal or termination of his term of corporate office by the company, a 
                  fixed lump sum severance payment equivalent to one and a half times his agreed annual fixed and 
                  variable remuneration, and 
              in the event of transfer of control of the company prior to expiry of a period of 36 months following 
                  the  effective  start  of  his  term  of  office,  a  compensation  payment  equivalent  to  the  total  sum  of 
                  remunerations  granted  to  Mr  CICALA  calculated  over  three  years,  less  any  sums  paid  to  him 



2011 LaSer Cofinoga Annual Report                                                                                      80
                 between the effective start of his term of office and the date of his resignation; this compensation 
                 payment shall be dependent upon Mr CICALA’s resignation within three months following a change 
                 of control of the company. 
                                          
             The  General  Meeting  officially  notes  that  the  performance  criteria  tied  to  the  awarding  of  these 
             payments were set at the Board of Directors’ meeting on 13 March 2012. 
              
             SIXTH RESOLUTION 
             The General Meeting ratifies the decision to co‐opt Mr Benoit CAVELIER as a Director, as appointed by 
             the Board of Directors at its meeting on 19 January 2012. 
              
             SEVENTH RESOLUTION 
             The General Meeting confers all powers on anyone holding the relevant original or copy hereof, to file 
             any information required by the Clerk of the Commercial Court of Paris with respect to any declarations 
             modifying, rectifying, adding to or cancelling entries in the Trade and Companies Register, and for the 
             purpose of fulfilling any requisite legal formalities arising from this Annual General Meeting. 
              
                         8.8 Certifying statement 

             We hereby declare that to the best of our knowledge, the financial statements contained in the annual 
             financial  report  have  been  produced  in  accordance  with  current  accounting  standards  and  give  a  true 
             and fair picture of the assets and liabilities, financial situation and profits or loss of LaSer Cofinoga and of 
             all companies included within its scope of consolidation. We also declare that the annual report is a true 
             reflection  of  the  business  development,  results  and  situation  of  LaSer  Cofinoga  and  of  all  companies 
             included  within  its  scope  of  consolidation,  and  provides  a  description  of  the  principal  risks  and 
             uncertainties facing the Group. 
              
             Date and signatures of accountable persons 
              
             Raffaele Cicala                                        Philippe Reffay 
             Chief Executive Officer                                Head of Finance & External Growth 
              
                         8.9 Remuneration and corporate benefits paid to corporate officers in 2011  

             The following presentation has been adopted in accordance with the recommendations set out in the 
             AFEP‐MEDEF corporate governance code. 
              
             Table 1: Summary of remunerations, options and shares allocated to each corporate 
             officer 
               
             In euros                                          Total remunerations           Valuation of options             Valuation of 
                                                                                          allocated during the year       performance shares 
                                                                                                                       allocated during the year
                                                                                                                                     
             Philippe Lemoine                          2011         609 388                        None                          None 
             Chairman of the Board of Directors        2010         593 845                        None                          None 

                                                                                                                                     
             Michel Philippin                          2011         2 685 631                      None                           None 
             Chief Executive Officer                   2010          589 353                       None                           None 
             (until 16 June 2011)                                                      

                                                                                                                                     
             Raffaele Cicala                                                                                                         
             Chief Executive Officer                   2011         246 225                        None                           None 
             (as from 16 June 2011) 

              
              
              



2011 LaSer Cofinoga Annual Report                                                                                            81
                 Table 2: Table summarising the remunerations of each corporate officer 
               
             In euros                              Remunerations        Directors’ fees paid  Benefits in    Contractual and            Total 
                                                                             by group           kind             agreed              remuneration 
                                                                 
                                                                            companies                         compensation 
                                                  Fixed     Variable 
                                                                                                                     
                                                                                                                                           
             Philippe Lemoine            2011    467 671    135 000            None              6 717                                 609 388 
             Chairman of the Board of    2010    467 128    120 000            None              6 717                                 593 845 
             Directors 
                                                                                                                                            
             Michel Philippin            2011    310 645    135 000            None              3 901         2 236 085              2 685 631 
             Chief Executive Officer     2010    463 502    120 000            None              5 851                                 589 353 
             (until 16 June 2011)           
                                            
                                                                                                                                           
             Raffaele Cicala             2011    245 706                                          519                                  246 225 
             Chief Executive Officer        
             (as from 16 June 2011) 
              
                  
             Remunerations are those paid in 2011 and cover the entire scope of LaSer and its subsidiaries. 
             Company  performance  criteria  are  used  to  calculate  the  variable  component  of  corporate  officers’ 
             remuneration. 
             The  agreement  covering  the  term  of  corporate  office  of  Mr  Cicala,  who  is  not  a  salaried  employee, 
             stipulates  a  long‐term  variable  bonus  payment.  The  criteria  under  which  this  bonus  is  allocated  are 
             dependent on annual performance rates set by the Board of Directors. The agreement also includes a 
             clause setting out compensation in the event of termination or non‐renewal of said agreement by the 
             Company, and in the event of Mr Cicala’s resignation subsequent to a change of control of the Company.  
             The  amount  of  the  compensation  payable  in  the  event  of  termination  or  non‐renewal  of  Mr  Cicala’s 
             term of office by the Company is below the maximum limit set in the AFEP agreement (24 months) and 
             represents 18 months of remuneration.  
             The amount of the compensation payable in the event of Mr Cicala’s resignation subsequent to a change 
             of control of the company is equal to the total sum of the remunerations awarded to him and calculated 
             over three years, less any sums paid to him between the effective start of his term of corporate office 
             and the date of his resignation. 
             With the exception of Mr Cicala, corporate officers also benefit from a defined‐benefit pension plan, the 
             terms of which are described in the appendices to the consolidated financial statements. 
             The other tables shown in the AFEP‐MEDEF corporate governance code, relating to distributions of stock 
             options  or  call  options,  or  to  the  allocation  of  performance  shares,  do  not  apply  to  LaSer  Cofinoga. 
             Furthermore, the company does not pay out directors’ fees to its directors.
              


                 9 Statutory Auditors’ Report 
                  




2011 LaSer Cofinoga Annual Report                                                                                               82
      CAILLIAU DEDOUIT ET                    PricewaterhouseCoopers Audit               ERNST & YOUNG Audit
             ASSOCIES                             179, cours du Médoc                     1/2, place des Saisons
        19, rue Clément Marot                           CS 3008                   92400 Courbevoie - Paris - La Défense 1
              75008 Paris                        33070 Bordeaux Cedex

          Statutory Auditors                       Statutory Auditors                       Statutory Auditors
       Member of the Compagnie                  Member of the Compagnie                  Member of the Compagnie
          Régionale de Paris                     Régionale de Versailles                  Régionale de Versailles




LaSer Cofinoga
Financial year ended 31 December 2011



Statutory auditors’ report on the consolidated financial statements




Dear Shareholders,

Under the terms of the mission assigned to us by your Annual General meeting, we hereby present our report for
the financial year ended 31 December 2011, on:

    The audit of the consolidated financial statements of LaSer Cofinoga, as attached to this report;

    The basis for our assessment;

    The specific audit required by law.

The consolidated financial statements were drawn up by the Board of Directors. It is ou r responsibility to give an
opinion on these financial statements, based on our audit.


I.     Opinion on the consolidated financial statements

We conducted our audit in accordance with the standards of our profession in France. These standards require
auditors to take all reasona ble care to ensure that the consolidated financial statements do n ot contain any
significant anomalies. An audit involves examining the key elements supporting the data and figures disclosed in
the financial statements by means of sampling techniques or other methods of selection. It also involves evaluating
the appropriateness of accounting policies used, any significant estimates used in drawing up the statements, and
their overall presentation. We believe that the audit evidence we have collected is suf ficient and appropriate to
provide a basis for our opinion.

We hereby certify that the consolidated financial statements for the financial year give a true and fair view of the
assets and liabilities and the financial position of the Group as formed by the individuals and entities included
within its scope of consolidation, and of the result of its operations, in accordance with IFRS guidelines as adopted
by the European Union.




 2011 LaSer Cofinoga Annual Report                                                                                  83
II. Basis of our assessment

The accounting estimates used in preparing the consolidated financial statements to 31 December 2011 were made
in an uncertain economic environment, linked to the public finance crisis in certain eurozone countries, a general
economic crisis and a liquidity crisis, all of which make the economic outlook difficult to judge. It is in this context
that, in accordance with the provisions of Article L.823-9 of the French Commercial Code (Code de commerce)
relating to the basis of our assessment, we bring to your attention the following matters.


1.   Accounting rules and policies

Derivatives

Notes 1.3.1 and 3.1.3 of th e appendices set out the principles governing the eligibility as hedging instruments of
derivatives used in the context of interest rate risk hedging for loan portfolios, in accordance with the “carved out”
version of IAS 39 adopted by the European Union.

Discontinued operations or assets being sold

Notes 1.3.16, 3.1.15 and 3.2.11 of the a ppendices describe the accounting m ethods used by the Group to treat the
disposal of the stake held by your company in Banque du Groupe Casino, which are in accordance with IFRS 5.

Goodwill

The paragraph entitled “Notable events–B” in the appendices describes the retrospective reallocation of goodwill to
the new operating sectors and corresponding reallocation of goodwill to the Cash Generating Units (CGUs),
following the Group’s reorganisation. In accordance with IAS 8, all comparative information for the 2010 financial
year shown in th e consolidated financial statements has been restated in order to take th is reorganisation into
account on a retrospective basis.


As part of our assessment of the accounting rules and policies followed by your Group, we have verified the
appropriate nature of the accounting rules and policies referred to above and the information supplied in the notes,
and checked that they are correctly applied.



2.   Accounting estimates


The Management of your company is required to make estimates and produce assumptions that affect the figures
shown in the consolidated financial statements. Such estimates and assumptions are, by nature, uncertain and so
may ultimately differ from actual figures, results and events. Accounts that require significant accounting estimates
include goodwill, impairment allowances made to hedge credit risk, and deferred tax assets.

Goodwill
Your Group posts the goodwill as described in note 3.1.13 of the appendices on the asset side of the consolidated
balance sheet. In accordance with the terms described in the paragraph entitled “Notable events–B” and in note
1.3.6 of the a ppendices, at each year-end, your Group perform s goodwill i mpairment tests on t he basis of the
forecast growth plans established by the cash generating units concerned.

On the basis of t he information disclosed to us, o ur work consisted in v erifying the appropriate nature of th e
methodology used by your Group in this area, in ex amining the way in which these impairment tests were
implemented, and in examining the cash flow forecasts and assumptions used.




 2011 LaSer Cofinoga Annual Report                                                                                 84
Impairment allowances made to hedge credit risk
Your Group books impairment allowances to cover the credit risks that are an integral part of its business, using the
methodology described in notes 1.3.3 and 3.1.6 of the appendices. As indicated in the paragraph entitled “Notable
events–A” in the appendices, changes were made to the credit risk provisioning methods at the end of the financial
year. Details of the financial impacts of these changes are given in note 3.2.8 of the appendices.

On the basis of the information disclosed to us, our work consisted in assessing the data and assumptions on which
the approach used by your Group is based, using the facts available to date in order to estimate those risks, and in
carrying out sample tests to check the method leading to these risks being covered by impairment allowances. We
also verified the appropriate nature and relevance of the abovementioned methodological changes and presentation
thereof.

Deferred tax assets
Your Group posts deferred tax assets as described in note 3.1.8 of the appendices on the asset side of the
consolidated balance sheet. As described in note 1.3.9 of the appendices, deferred tax assets are rec ognised when
they are considered likely to be recoverable, based on ten-year taxable profit and loss forecasts.

Our work consisted in verifying the appropriate nature of the methodology used in this area, and in examining the
profit and loss forecasts and assumptions used and their underlying documents.


These assessments were made as part of our audit of the consolidated financial statements taken as a whole, and
therefore contributed to the opinion we formed, which is expressed in the first part of this report.


III. Specific audit

In accordance with the standards of our profession applicable in France, and as req uired by law, we have al so
specifically audited the information presented about the Group in the management report.

We have no comments to report as to its fair presentation and its con sistency with th e consolidated financial
statements.

                        Drawn up in Paris, Bordeaux and Paris-La Défense, on 6 April 2012


      CAILLIAU DEDOUIT ET                  PRICEWATERHOUSECOOPERS                      ERNST & YOUNG Audit
           ASSOCIES                                  Audit




             Laurent Brun                          Antoine Priollaud                          Frank Astoux




LaSer Cofinoga
Financial year ended 31 December 2011
 2011 LaSer Cofinoga Annual Report                                                                               3
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