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News Article | December 6, 2016
Site: www.businesswire.com

CHICAGO--(BUSINESS WIRE)--Ingram Micro Inc.'s (Ingram Micro) 'BBB-' Issuer Default Rating (IDR) and senior unsecured debt ratings are not affected by the close of the company's previously announced merger with Tianjin Tianhai Investment Co., Ltd. (Tianjin Tianhai), according to Fitch Ratings. Ingram Micro had approximately $1.3 billion of debt outstanding as of Oct. 1, 2016. The ratings reflect Fitch's view of Ingram Micro as a standalone entity due to the weak legal and operational ties with Tianjin Tianhai and the ultimate parent HNA Group. Ingram Micro is not responsible for liabilities of Tianjin Tianhai, including its $4.3 billion loan from the Agricultural Bank of China, New York Branch, whose proceeds will be used to fund the transaction. Conversely the debt outstanding at Ingram Micro does not benefit from any guaranty from either Tianjin Tianhai or HNA Group. Ingram Micro has amended its senior unsecured revolving credit facility credit agreement and senior unsecured note indentures, limiting the company's ability to upstream dividends to its shareholders. Ingram Micro will operate as a separate entity with a separate management team, board of directors and treasury functions. Fitch does not expect any material change to existing financial policies and expects credit protection measures to remain solid for the rating through the intermediate term. Total debt adjusted for rental expense to operating EBITDAR (adjusted leverage) should remain below 3.5x over the intermediate term and was 2.5x for the latest 12 months (LTM) ended Oct. 1, 2016. Operating EBITDA to gross interest expense should remain near 10x or better over the intermediate term and was 10.3x for this LTM period. Liquidity was solid as of Oct. 1, 2016 and consisted primarily of $689 million in cash and cash equivalents ($301 million in the U.S.), an undrawn $1.5 billion senior unsecured revolving credit facility expiring January 2020 and approximately $854 million of available capacity under the company's trade accounts receivable-backed financing programs. Upon consummation of the merger, Ingram Micro's revolving credit facility commitment was reduced from $1.5 billion to 1.05 billion. Negative: Fitch's expectations for adjusted leverage sustained above 3.5x, driven by: (i) lower operating EBITDA from sustained revenue declines or competitive pricing; or (ii) negative free cash flow (FCF) from lower profitability in conjunction with diminished working capital efficiency. Positive: Fitch does not anticipate positive rating action, given Ingram Micro's low profitability and significant working capital needs; however, positive rating actions could result from: (i) expectations for higher FCF of $750 million to $1 billion from sustained revenue growth and modest profit margin expansion; and (ii) management's commitment to managing borrowings to maintain adjusted leverage below 2x. Additional information is available on www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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HONG KONG, Dec. 6, 2016 /PRNewswire/ -- National Agricultural Holdings Limited ("National Agricultural" or "the Company", or together with its subsidiaries, the "Group"; stock code: 1236.hk) is pleased to announce that a press conference was held with Dalian Renewable Energy Exchange Company Limited ("Dalian Exchange") to highlight the joint establishment of Zhongxiao (Dalian) Data Processing Company Limited ("Data Processing Centre"), a joint venture enterprise of the Company and Dalian Exchange. A signing ceremony was also held at the press conference for the official launch of the "Tea and Ginseng Exchange Centre", which has been jointly developed by National Agricultural Tiancheng Supply Chain Company Limited and Shenzhen Agricultural Development Company Limited and operates on the Dalian Exchange's platform. The official launch of the Tea and Ginseng Exchange Centre will enrich the transaction segments of the Dalian Exchange and enhance the database of the Data Processing Centre. Invited to join the press conference were the management team of Dalian Exchange and Board of Directors; the management team of National Agricultural also attended. Hebei Agricultural Means of Production Company Limited, the substantial shareholder of National Agricultural; Sichuan Agricultural Means of Production Group Company Limited, our major supply and marketing cooperatives; Guangdong Supply and Marketing Cooperative; as well as the representatives of the Company's major financial partners including China Everbright Bank, China Minsheng Bank, Agricultural Bank of China and the People's Insurance Company (Group) Of China, also sent representatives. At the signing ceremony, the management of both parties praised the Data Processing Centre established by National Agricultural and Dalian Exchange. Mr. Kong Dechun, chairman of Dalian Renewable Energy Exchange Company Limited, pointed out: "The establishment of Zhongxiao (Dalian) Data Processing Company Limited is a great innovative step in the field of China's bulk commodity settlement. Dalian Exchange, established by China Co-Op Group Company Limited, is a national trading platform for renewable energy; while National Agricultural is the first and only overseas listed company under the All China Federation of Supply and Marketing Cooperatives. The cooperation is an important measure for Zhongxiao Group in its strategic deployment of services in the real economy, in providing services for 'agriculture, countryside and farmers' and build up the modern financial supply chain." He added, "The establishment of the Data Processing Centre will help improve the efficiency of online transaction data associated with the bulk commodity online trading platform of Dalian Exchange, so as to effectively reduce transaction costs of all platform trading parties, to enhance the overall operating efficiency of the commodity trading platform, and to improve the market credibility of the commodity trading platform. In the future, the Data Processing Centre will further explore and transform the intrinsic value (with over RMB1 trillion per year) of online real-time transaction data. In addition, a commodities price index, a corporate credit database and other top-grade data services will soon be launched." Mr. Chen Li-jun, Chairman of National Agricultural, said at the meeting: "The core development strategy of National Agricultural is to firmly grasp rural finance and rural E-commerce business development opportunities. Taking the bulk commodity trading platform -- the most representative within the supply and marketing cooperatives -- as the breakthrough, National Agricultural will make ample use of its edge in overseas capital markets and investment banking to further exploit the room for value-added services in various aspects in the bulk commodity trading platform, as well as enriching comprehensive supporting features, so as to promote the intrinsic value of the platform." He added: "National Agricultural and Dalian Exchange are committed to exploring innovative business models and development approaches under the trend of 'Internet plus.' Through the establishment of a joint venture to set up Zhongxiao (Dalian) Data Processing Company we will take advantage of the immense edge in network and resources that the supply and marketing cooperatives have nationwide to give full play to the existing operational advantage and influence, so as to form a strong bond and cooperation. I firmly believe that strong momentum will be created that will allow the Data Processing Centre to grow and thrive." National Agricultural Holdings Limited (1236.HK) is the first and only overseas listed supply and marketing systems in China, dedicated to providing services for agriculture, countryside and farmers and capturing the opportunities arising from rural financial services and rural e-commerce development. Riding on the two core platforms developed by the Group -- the China agricultural products trading platform and "Agripay" -- to develop e-commerce and rural financial services and actively promote the online trading of the supply chain resources of the agriculture capital groups and supply and marketing cooperatives in various provinces to further strengthen its framework of the nationwide online finance industry chain. Since its backdoor listing in 2013, the Company's market value has increased more than tenfold. The Company has successfully been chosen to be one of the candidates for the Shenzhen-Hong Kong Stock Connect (ranked 71 in order of market value). Dalian Renewable Energy Exchange Company Limited ("Dalian Exchange"), established by China Co-Op Group Company Limited, is a national trading platform for renewable energy. Focusing on renewable energy, agricultural by-products, agricultural fertilizer, tea and other fields, Dalian Exchange has set up a new, highly efficient and safe trading platform which provides all the online clients with the comprehensive support services including spot transactions, settlement, clearing, logistics supervision, informatics, commodity financing, transaction settlement, etc.


News Article | January 11, 2016
Site: www.altenergystocks.com

Another successful year for the green bond market with 2015 issuance hitting $41.8bn making it the biggest year ever for green bonds.Achieving scale hasn’t been the only reason to celebrate the green bond market at the year-end; the real success is the geographical spread of green bonds across the world. Green bond markets are popping up all across the world, in Brazil, China, Estonia, Mexico and India… just to name a few!Now we did push hard in 2015 to get $100bn issuance of green bonds out over the year; although the market has not yet hit our ambitious target, there is no doubt that green “shoots” of green bond markets are spreading far and wide. This was ever present at the Paris COP in December 2015 where green bonds were highlighted as a key tool in many of the Climate Finance side-events.Check out our COP blog for more details.Similar to 2014, the entry of more corporates, banks, and municipalities into the green bond market bolstered growth in 2015.  There was also a widening of the type of projects financed by green bonds with more proceeds leveraged for other green sectors outside of the renewable energy space, in particular low carbon transport and sustainable water.Building up to and post COP21, strong political commitment to grow local green bond markets has driven the global green bond market towards increasing involvement in emerging markets. In 2015, China and India have both had inaugural green bond issuances, and considered policy support. China published official green bond guidelines in December, and India have also started developing official guidelines.​India led with an inaugural green bond from Yes Bank, (INR 1000 crore, AA+, 10 yrs), followed by Export-Import Bank of India ($500m, BBB-, 5 yrs); CLP Wind Farms (INR 6bn, AA, 3-5yr), and lastly IDBI ($350m, BBB-, 5 yrs).China wasn’t far behind with its first corporate green bond (issued offshore in Hong Kong) from Goldwind ($300m, 3 yrs). Agricultural Bank of China then issued the first finance sector green bond in three tranches RMB600m, $400m, and $500m (A, 2-5 yrs).The US green bond market has been relatively slow to adopt the independent review model prevalent in other green bond markets (with the exception of DC Water, which got a Vigeo second review). Instead US issuers tend to use proxies such a green building certification to identify green projects, for example leveraging LEED to identify low carbon buildings.However, this year there was a small shift towards the independent review model Europe uses, with Morgan Stanley providing a review for its inaugural green bond ($500m, BBB+), followed by Renovate America ($201.5m, AA) and U.S. municipal bonds (Central Puget Sound Transit ($942.8m, AAA, 3-35 yrs); DC Water ($100m, AA, 3-12 yrs)). We expect this trend to continue in 2016.Certified green bonds have been issued by Mexico’s Nacional Financiera ($500m, BBB, 5 yrs); ABN AMRO (€500m, A, 5 yrs); ANZ (AUD600m, AA-, 5 yrs) and NAB ($300m, AA-, 7 yrs); and a number of smaller retail bonds from BELECTRIC in the UK. Certification provides assurance that proceeds are used for assets aligned with a low carbon and climate resilient economy.Growing investor demand, particularly by institutional investors and corporate treasuries, continues to result in over subscriptions as well as pledges to invest billions more capital into green bonds.2015 commitments to invest in green bonds include: EUR 1bn by ACTIAM, EUR 1bn by Deutsche Bank, $1bn by HSBC, £2bn by Barclays, $2bn by Zurich Insurance and EUR 1bn by KfWFurther to these commitments, specific green bond mandates or funds are being managed by AXA, SEB Investment Management, State Street, BlackRock, Calvert Investments, Nikko Asset Management and Shelton Capital Management.In December 2015, at the Paris COP, asset owners, investment managers and individual funds managing $11.2trn of assets signed a statement in support of the green bond market Reporting is key to validating the green credentials of the bonds. Investors need to know what their green bond holdings are financing. The Climate Bonds Initiative will dive further into reporting on trends and market states in 2016.We have seen higher quality reporting (e.g. EIB Climate Awareness Bonds broke down proceeds allocation by bonds and projects). There have also been strong trends in establishing outcome KPIs, disclosing reporting framework, and committing to third-party assurance on reporting.Half of outstanding green bonds were issued more than a year ago therefore should have reported. The majority of them have disclosed their annual reports. Over 90% of the reports disclosed proceeds allocation and climate impacts of projects or assets financed.In addition to the update of the Green Bond Principles wording on reporting, several development banks jointly drafted a framework on Green Bond impact reporting harmonization.we anticipate that the green bond market will diversify in financial products, with potentially the first sovereign green bond and green sukuk in the pipeline. Certified bonds are also expected to grow in the coming year, along with more forestry bonds.Read the full 2015 year end report here --———


News Article | November 8, 2016
Site: globenewswire.com

Third quarter and first nine months 2016 results Strong growth of net profit and strengthened financial solidity Contribution to growth from all business lines The Group's third quarter results reflect strong business momentum in Retail Banking's branch networks, the specialised subsidiaries and the Large Customers business line. Profitability remains high thanks to tight cost control and a firm grip on the cost of risk, which remains at a low level. Underlying net income Group share[5] for the first nine months of 2016 amounted to €4.7 billion. In the 12 months to 30 September 2016, the Group has generated more than €6 billion in net income, increasing the fully-loaded Common Equity Tier 1 ratio to 14.4%, among the best in the sector and well above the regulatory requirements. At the publication of its 2015 results on 17 February 2016, the Group announced a plan to simplify its structure. The plan, named Eureka, involved the sale by Crédit Agricole S.A. of its 25% non-voting interest in each Regional Bank, held since its IPO in 2001 in the form of CCIs/CCAs, to SACAM Mutualisation, a company wholly-owned by the Regional Banks. The operation was completed in the third quarter and settlement and delivery took place on 3 August 2016. The price initially set, based on the balance sheets of the Crédit Agricole Regional Banks at 31 December 2015, was adjusted to take account of changes in their IFRS restated consolidated equity between 31 December 2015 and 30 June 2016, such that the final sale price of the CCIs and CCAs transferred by Crédit Agricole S.A. to SACAM Mutualisation was 18.542 billion euros. SACAM Mutualisation financed the operation through a capital increase taken up by the Regional Banks, which in turn was financed by a loan of 11 billion euros from Crédit Agricole S.A. The Switch 1 guarantee granted to Crédit Agricole S.A. by the Regional Banks was unwound, leading to the repayment of a 5 billion euros security deposit. The remainder of the amount was financed from own funds. The accounting impacts of this operation were cancelled out or offset at Crédit Agricole Group level, but were significant in the financial statements of both Crédit Agricole S.A. and the Regional Banks. Crédit Agricole Group's net income Group share for the third quarter of 2016 came to 1,394 million euros versus 1,751 million euros in the third quarter of 2015. Excluding specific items1 of -447 million euros this quarter versus -17 million euros in the third quarter of 2015, underlying net income Group share came to 1,841 million euros, up +4.1% compared with the same quarter of last year. Interest rates in the euro zone continued to fall during the quarter, putting further pressure on the interest margin on intermediation activities, particularly in Retail banking in France and Italy, triggering a new wave of loan renegotiations, especially at LCL in France. However, good commercial momentum in all business lines helped offset this pressure on revenues at Group level, with underlying1 revenues ultimately increasing by +3.2% year-on-year in the third quarter. This good performance was supported by tight control over costs, which were virtually unchanged compared with the third quarter of 2015 (down 0.4% underlying), and moderate growth of +10.1% in the cost of risk, mainly concentrated in the Regional Banks. However, the cost of risk relative to loan outstandings[6] remained low at 31 basis points. In addition, the Group strengthened its legal risk provisions by 50 million euros this quarter. The Regional Banks continued to enjoy buoyant business momentum with balanced growth in lending and deposits (up +3.7% and +3.6% respectively year-on-year at end-September 2016). Lending was driven by home loans (up +5.7%) and consumer finance (up +8.4%), while deposits were driven by demand deposits (up +11.7%) and home purchase savings plans (up +7.3%). The Regional Banks also achieved strong momentum in personal and property insurance. This good business momentum of Regional Banks makes a significant contribution to growth in Crédit Agricole S.A.'s business lines, many of whose products they distribute. The Regional Banks' revenues were affected this quarter by the impact of the Group's transaction to simplify its structure. Excluding this impact and excluding home purchase savings provisions, revenues were down ­2.9% due to the impact of low interest rates on the interest margin. Growth in operating expenses was contained to +1.0% and the cost of risk relative to outstandings[7] remained low at 19 basis points. In all, the Regional Banks' contribution to Crédit Agricole Group's net income came to 777 million euros in the third quarter and 2,383 million euros in the first nine months. During the quarter, Crédit Agricole Group further improved its financial solidity, with a fully-loaded Common Equity Tier 1 ratio2 of 14.4% at end-September 2016, an increase of +100 basis points compared with end-September 2015 and +20 basis points compared with end-June 2016. This ratio includes a buffer of 665 basis points, representing approximately 35 billion euros, above the distribution restriction trigger applicable as of 1 January 2017[8]. The estimated TLAC ratio was 19.7% at 30 September 2016, excluding eligible senior debt. The Group therefore already complies with the minimum requirement for 2019 set at 19.5%, even though this requirement includes eligible senior debt. The Group's liquidity position is strong. The Group's cash balance sheet, at 1,072 billion euros at 30 September 2016, shows a surplus of long term funding sources over long term applications of funds of 104 billion euros, stable compared to end-June 2016, and in line with the Group's target. Liquidity reserves including valuation gains and haircuts related to the securities portfolio amounted to 246 billion euros at 30 September 2016. They covered gross short-term debt more than three times over. During the first nine months of 2016, the main Crédit Agricole Group issuers raised 28.6 billion euros equivalent of senior and subordinated debt in the market and the branch networks. Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 7 November 2016 to examine the financial statements for the third quarter and first nine months of 2016. In the third quarter of 2016, net income Group share came to 1,864 million euros, including a gain of 1,254 million euros, net of tax and transaction costs, generated by the transaction to simplify the Group's structure. It also includes a charge of ­187 million euros after tax related to an adjustment to LCL's funding cost, as well as other more minor specific items. In all, specific items[10] added 845 million euros to net income Group share in the third quarter. Excluding specific items, underlying net income Group share came to 1,019 million euros, an increase of +26.9% compared with the third quarter of 2015. These excellent results were driven by strong commercial momentum in all Crédit Agricole S.A. Group's business lines and distribution networks, as well as the Regional Banks which distribute their products. This momentum was supported by tight control over costs, which were down year-on-year, and a continued low cost of risk. In recognition of its investment in business digitalisation, Crédit Agricole Group was again in 2016 among the Top 3 most advanced companies in France in terms of digital development and digital services (source : La Factory). Activity was buoyant in all business lines: Reflecting this strong business momentum, revenues excluding specific items1 increased by +11.9% or +467 million euros year-on-year in the third quarter, to 4,411 million euros, driven mainly by a sharp increase in Large Customers (up +23.6% or +406 million euros) and the initial positive recurring benefits of the transaction to simplify the Group's structure on Corporate Centre (up +211 million euros in the third quarter). Other divisions remained stable or were down slightly. Insurance revenues were affected by a low level of capital gains (down ­4.2% or ­23 million euros) while low interest rates put pressure on LCL's interest margin (revenues excluding funding cost adjustment charge and home purchase savings down ­2.0% or ­17 million euros) and on Retail banking in Italy (down ­0.2%). Compared with the second quarter of 2016, underlying revenues increased by +1.7% or +74 million euros, driven by Large Customers (up +10.2% or +136 million euros) and LCL (up +2.5% or +21 million euros underlying), despite the seasonal effect in Asset gathering (down ­5.0% or ­58 million euros). Operating expenses remained under control in all business lines, with a year-on-year decrease of ­1.8% or ­50 million euros in the third quarter, despite investment in Specialised financial services (up +3.7% or +12 million euros) and premises relocation costs for Large Customers (circa -20 million euros), which were more than offset by a decrease in costs at LCL (­29 million euros) and the Corporate Centre (­36 million euros) coupled with a provision reversal in Wealth Management (­25 million euros). Cost of risk remained under control, standing at a low level of 444 million euros, up just +4.0% year-on-year adjusted for cancellation of the Switch 2 guarantee trigger[11]. Relative to outstandings, that represents 41 basis points[12], a decrease of ­2 basis points year-on-year and stable quarter-on-quarter. Cost of risk has decreased for seven consecutive quarters in Retail banking in Italy (101 basis points), has stabilised in Consumer finance (134 basis points) and, while remaining low, has increased from a very low baseline in the third quarter of 2015 at both LCL (18 basis points) and the Large Customers division's Financing activities (32 basis points). A 50 million euros additional legal risk provision was taken in the third quarter, an identical amount to the provision taken in the second quarter. Like the second-quarter provision, it has not been allocated to any specifically identified litigation. At end-September 2016, Crédit Agricole S.A.'s capital ratios were further strengthened. The fully-loaded Common Equity Tier 1 stood at 12.0%, an increase of +170 basis points compared with end-September 2015 and +80 basis points compared with end-June 2016. The improvement was mainly due to the impact of the transaction to simplify the Group's structure (+72 basis points) coupled with the quarter's distributable net income. The ratio at end-September takes into account the adjustment over one quarter to the prudential deduction relative to the dividend payment, based on the intention to recommend to the AGM in May 2017 a dividend of 0.60 euro per share i.e. a negative impact of ­7 basis points. Excluding the transaction to simplify the Group's structure, risk-weighted assets remained stable over the quarter. This level of CET1 ratio enables a buffer above the distribution restriction trigger applicable as at 1 January 2017 of 475 basis points[13], representing 14 billion euros. Crédit Agricole S.A.'s phased-in leverage ratio stood at 4.7%[14] at end-September 2016 as defined in the Delegated Act adopted by the European Commission, representing an improvement of +0.1 percentage points compared with end-June 2016. Both Crédit Agricole S.A. and the Group had an LCR ratio of over 110% at end-September 2016. At 30 September 2016, Crédit Agricole S.A. had completed 79% of its 2016 14 billion euros medium- and long-term market funding programme (senior and subordinated debt). It raised the equivalent of 9.6 billion euros in senior debt and 1.5 billion euros in subordinated debt. Crédit Agricole S.A. is awaiting the forthcoming adoption of the French law on senior non-preferred debt to optimise the cost of the balance sheet structure. In the first nine months of 2016, net income Group share was 3,249 million euros. Other than the third-quarter specific items referred to above, this figure also includes the +327 million euros gain on the disposal of Visa shares recognised in the second quarter of 2016 and other more minor specific items in the first half. Excluding all specific items, underlying net income Group share for the first nine months of 2016 amounted to 2,233 million euros, a year-on-year increase of +13.8%. On the occasion of the COP22 climate talks, Crédit Agricole Group reasserts its commitment to a leadership role in green finance. Concrete achievements demonstrate the progress the Group has made since its formal announcement during the COP21 conference that it would support energy transition toward a low-carbon economy. In the first nine months of the year, the Group was slightly ahead of announced targets, including: -     22.5 billion euros in arrangements supporting energy transition - close to 38% of the 60 billion euros targeted over three years, -     858 million euros cash invested in Green Bonds out of the 2 billion euros planned by Crédit Agricole S.A. and Crédit Agricole CIB, -     A +12% increase in renewable energies financing over the past year (403 million euros versus 359 million euros in 2015), -     150 million euros in financing raised by Amundi via its asset management joint ventures with EDF and Agricultural Bank of China out of the 5 billion euros planned by 2020 In keeping with the commitments made in May 2015 to no longer provide financing for coal mines, Crédit Agricole decided in late October 2016 to extend its policy to the non-financing of power plants or extensions to power plants running on coal, no matter the country in which they are located. This decision also applies to businesses whose primary activity is focused on such projects. In other aspects of its business, the Group recently conducted its second CSR survey of 3,200 internal and external respondents (general public, customers, employees and opinion leaders). The results strengthened the case for the measures it has already taken to protect customers' personal data, promote a culture of high ethical standards within the Group and enhance effectiveness for customers. These were the three main areas in which stakeholders suggested the Group needs to take action. These themes were incorporated as action areas in the Group's "Strategic Ambition 2020" medium-term plan. 15 February 2017                   Publication of fourth quarter and full-year 2016 results 11 May 2017                            Publication of 2017 first quarter results 24 May 2017                            Annual General Meeting in Tours 3 August 2017                          Publication of second quarter and first half 2017 results 8 November 2017                   Publication of 2017 third quarter results This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, §10). This information was compiled from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly for the calculation of market values and asset impairments. Readers must take all of these risk factors and uncertainties into consideration before making their own judgement. The figures presented for the six-month period ended 30 June 2016 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting" and has not been audited. Throughout the document, data on 2015 results is presented pro forma: transfer of CACEIS from Asset Gathering to Large Customers, transfer of Insurance Switch from the Corporate centre to Insurance and reclassification of the contribution of the Regional Banks under IFRS5. Within Crédit Agricole S.A., "Retail banking" now covers only LCL and International retail banking. In the third quarter of 2016, revenues totalled 3,738 million euros, including a charge of -300 million euros related to a funding cost adjustment in French Retail banking (LCL) and various costs related to the Eureka operation totalling -23 million euros. Excluding these specific items[15] and the usual accounting restatements (revaluation of debt, DVA running and loan hedges) totalling ­350 million euros, underlying revenues amounted to 4,411 million euros, an increase of +11.9% or +467 million euros compared with the third quarter of 2015. This growth was driven by an excellent performance from Large Customers (revenues up +36% or +406 million euros) and the initial recurring impacts of the transaction to simplify the Group's structure, which added +211 million euros to Corporate Centre revenues in the third quarter. Revenues in other divisions remained quasi stable, with excellent commercial momentum offsetting the pressure on margins in intermediation activities caused by low interest rates and the lower level of capital gains in the Insurance business. Operating expenses were down ­1.8% to 2,688 million euros. As they did not include any specific items1 either this quarter or in the third quarter of 2015, the change was therefore the same on an underlying basis, reflecting strict cost discipline. The cost of risk includes a legal risk provision of 50 million euros, as in the second quarter of 2016. Excluding this provision, the cost of credit risk amounted to 444 million euros. In the third quarter of 2015, the cost of risk included a 173 million euros charge corresponding to the cancellation of the Switch Insurance guarantee triggered in the second quarter of 2015. The cost of credit risk in the third quarter of 2016 increased by +4.0% compared with the third quarter of 2015 restated for this charge. The cost of risk relative to outstandings[16] stood at 41 basis points compared with 43 basis points one year earlier, remaining low in all business lines. Impaired loans[17] amounted to 15.9 billion euros and represented 3.6% of gross outstanding customer and interbank loans, down by ­0.1 percentage point compared to end-September 2015. The coverage ratio of impaired loans by individual provisions was 51.9%; including collective provisions, the coverage ratio was 67.7% Share of net income from equity-accounted entities amounted to 149 million euros in the third quarter, including 59 million euros in the Large Customers business line, and in particular Banque Saudi Fransi (quasi stable contribution), 55 million euros in Specialised financial services and in particular the car finance partnerships (contribution up +29%), and 27 million euros in the Corporate Centre and, primarily Eurazeo (the contribution of which was boosted in the third quarter of 2015 by an exceptional gain). The fall in contribution from equity-accounted entities compared with the third quarter of 2015 was entirely due to the Eurazeo gain in 2015. Please note that no contribution from the Regional Banks has been recorded due to their reclassification under IFRS 5 as part of the transaction to simplify the Group's structure. The financial statements for the third quarter of 2015 have been restated to take account of this reclassification. In all, Crédit Agricole S.A.'s net income Group share came to 1,864 million euros in the third quarter of 2016. Excluding the specific items[18] referred to above, underlying net income Group share was 1,019 million euros, a year-on-year increase of +26.9% on a comparable basis. In the first nine months of 2016, net income Group share was 3,249 million euros. It includes the gain on Visa Europe shares sold in the second quarter (+327 million euros), the non-recurring impacts of the transaction to simplify the Group's structure (+1,254 million euros) and LCL's funding cost adjustment (-187 million euros). After adjustment for all the specific items listed in Appendix, underlying net income Group share increased by +13.8% to 2,233 million euros. The specific P&L items taken into account to reconcile stated and underlying amounts and changes for the third quarter and first nine months of 2016, as well as comparable data for 2015, are detailed in Appendix of this press release, on page 24. At end-September 2016, Crédit Agricole S.A.'s solvency was further strengthened. The fully-loaded Common Equity Tier 1 stood at 12.0%, an increase of +170 basis points compared with end-September 2015 and +80 basis points compared with end-June 2016. The improvement in the third quarter was mainly due to the impact of the Group simplification transaction (+72 basis points) coupled with the quarter's distributable net income, i.e. +21 basis points, and the variation of comprehensive income reserves, i.e. +12 basis points, offset to some extent by the adjustment over one quarter to the prudential deduction for the dividend payment, on the intention to pay out 0.60 euro per share (­36 basis points). Excluding the transaction to simplify the Group's structure, risk-weighted assets remained stable over the quarter. The phased-in global ratio stood at 20.0% at 30 September 2016, up +120 basis points compared with end-June 2016. Crédit Agricole S.A.'s phased-in leverage ratio[19] stood at 4.7% at end-September 2016 as defined in the Delegated Act adopted by the European Commission. Crédit Agricole Group's cash balance sheet totalled 1,072 billion euros at end-September 2016, compared with 1,066 billion euros in the previous quarter and 1,038 billion euros at end-September 2015. The surplus of long term funding sources over long-term applications of funds was 104 billion euros at 30 September 2016, stable compared to 30 June 2016 (104 billion euros) and to 30 September 2015 (106 billion euros). At 30 September 2016, liquidity reserves including valuation gains and haircuts related to the securities portfolio amounted to 246 billion euros, representing three times short-term debt, versus 277% at 30 June 2016 and 225% at 30 September 2015. The LCR ratio of Crédit Agricole Group and of Crédit Agricole S.A. continued to exceed 110% at end-September 2016. During the first nine months of 2016, the main Crédit Agricole Group issuers raised 28.6 billion euros of senior and subordinated debt in the market and the branch networks. Crédit Agricole S.A. itself raised the equivalent of 9.6 billion euros of senior debt and 1.5 billion euros of subordinated debt, of which a US dollar denominated Additional Tier 1 issue of 1.15 billion euros equivalent, which was completed at the beginning of 2016. At 30 September 2016, Crédit Agricole S.A. had completed 79% of its medium-to long term market funding programme (senior and subordinated) of 14 billion euros. Crédit Agricole S.A. is awaiting the forthcoming adoption of the French Law on senior non-preferred debt, to optimise the cost of its balance sheet structure. The third quarter of 2016 was in line with previous quarter trends, with continued good commercial momentum coupled with year-on-year growth in net income excluding the charge related to the adjustment of the funding cost of loans. The loan book grew by +4.2% between September 2015 and September 2016, driven by a hefty rise of +7.4% in lending to professionals and entreprises. Home loans grew by +3.2% over the same period. On-balance sheet deposits increased by +8.6% year-on-year, fuelled by a +13.1% growth in demand deposits. Insurance products continued to perform well in the third quarter of 2016, especially in property & casualty (home, motor and health), with growth of +14% compared with the third quarter of 2015. The quarter also saw a high level of home loan renegotiations (4.4 billion euros), although they did not exceed the peak seen in the second and third quarters of 2015 (4.7 and 4.6 billion euros respectively). Early redemption volumes were also up during the quarter, to 1.4 billion euros. During the third quarter, LCL made an adjustment of the funding cost of its loans in order to adapt to the impact of low interest rates on the interest margin. This operation, which will generate positive effects as of the fourth quarter of 2016, had a negative impact of ­187 million euros on net income Group share and ­300 million euros on revenues in the third quarter. Excluding this factor, LCL's third-quarter revenues amounted to 870 million euros, down ­2.4% compared with the third quarter of 2015. Excluding the home purchase savings provision reversal recorded in the third quarter of 2015, the year-on-year decrease was reduced to ­2.0%. Revenues rose by +2.5% compared with the second quarter of 2016. This quarter-on-quarter increase was thanks to the improvement in net interest margin (up +6.0% or +28 million euros compared with the second quarter of 2016), which included the non-recurring benefit of fees on early redemptions and renegotiations of home loans (respectively, 12 million euros and 19 million euros versus, respectively, 7 million euros and 7 million euros in the second quarter of 2016). The decrease in operating expenses accelerated in the third quarter, with a sharp fall of ­5.4% compared with the third quarter of 2015. Excluding expenses related to the transformation plan, the decrease was ­4.7%. The cost of risk was 55 million euros in the third quarter of 2016, stable compared with the third quarter of 2015, restated for the impact of the litigation reversal recorded in the third quarter of 2015. All in all, LCL's underlying net income Group share for the third quarter of 2016 totalled 157 million euros excluding the adjustment of funding cost, a year-on-year increase of +5.4%. For the first nine months of 2016, underlying net income Group share was 350 million euros excluding the adjustment of funding cost and provision for network optimisation. This represents a year-on-year decrease of ­21.7%, mainly due to the negative impact on the net interest margin of the surge in home loan renegotiations and early repayments in 2015. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter and first nine months of 2016 and comparable data for 2015 are detailed in Appendix. Net income Group share for the business line was 79 million euros in the third quarter, a year-on-year increase of +14.2%. In Italy, Crédit Agricole S.A. announced at end-October a rebranding of its three retail banking networks (Cariparma, Friuladria and Carispezia) in order to strengthen the visibility and uniformity of the Group's footprint in Italy. International retail banking in Italy (IRB Italy) delivered sustained business momentum and results in the third quarter. Customer assets stood at 99.2 billion euros at 30 September 2016, a sharp year-on-year increase of +6.3%. Growth in off-balance sheet assets was particularly strong: they increased by +9.8% over the period to 65.4 billion euros[21]. On-balance sheet deposits were stable over one year, amounting to almost 33.8 billion euros1 at 30 September 2016. Loans outstanding totalled 34.7 billion euros at 30 September 2016, an increase of +2.7% over one year, still driven by home loans which increased by +4.7% over one year compared with just +3.1% for the Italian market. Early repayment volumes declined in the third quarter of 2016 compared with the previous quarter. At the same time, loans to large corporates increased by +20.4% year-on-year while loans to SMEs and small businesses declined by -0.9% over the same period. IRB Italy's revenues were stable year-on-year in the third quarter at 406 million euros, thanks mainly to a +5% increase in fee and commission income, fuelled by a rebound in off-balance sheet asset inflows. The net interest margin remained affected by the negative impact of low interest rates. Operating expenses remained under control, up slightly by +0.7% year-on-year to 232 million euros in the third quarter, enabling IRB Italy to maintain a satisfactory cost/income ratio of 57.1%. Cost of risk continued to fall significantly, amounting to 71 million euros in the third quarter of 2016, down almost ­26% year-on-year. This progress was due to an improvement in the quality of IRB Italy's portfolio, with a further ­29% decrease in new defaults in the third quarter compared to the third quarter 2015. Following the disposal of a 120 million euro sofferenze portfolio in the third quarter of 2016, the impaired loans ratio was 13.4% and the coverage ratio 45.6% including collective reserves. IRB Italy's net income Group share therefore came to 48 million euros in the third quarter of 2016, up by almost +28%. The contribution to net income Group share of all Crédit Agricole S.A.'s business lines in Italy totalled 125 million euros in the third quarter and 362 million euros for the first nine months. For the first nine months of the year, due to the combined effect of a ­4.4% decrease in revenues and a +1.0% increase in expenses, IRB Italy's gross operating income was down by almost ­11% year-on-year to 514 million euros. Cost of risk decreased by ­18.7% year-on-year in the first nine months, limiting the decline in net income Group share to ­1.6% year-on-year, to 129 million euros. The Group's other international entities (Other IRB) also delivered strong business momentum and a sustained financial performance in the third quarter. However, when expressed in euros, these were impacted by negative currency effects, particularly due to a ­13% and ­17% depreciation respectively of the Egyptian and Ukrainian currencies in the year to 30 September 2016. Excluding the currency effect, on-balance sheet deposits increased by +5.5% over one year to 11.5 billion euros at end-September 2016, driven mainly by strong growth in Poland (up +8%), Ukraine (up +41%) and Egypt (up +10%), while Morocco remained stable. Again excluding the currency effect, total customer assets increased by +1.8% over one year, to 12.7 billion euros at 30 September 2016. Loans outstanding amounted to 10.3 billion euros at 30 September 2016, a year-on-year increase of +3.3% excluding currency effects. The surplus of deposits over loans was 2 billion euros at 30 September 2016. Revenues decreased by ­1.0% year-on-year in the third quarter of 2016 to 225 million euros. Operating expenses increased by +3.9%, due for half to an increase in bank taxes in Poland, but also to inflation in Egypt. Gross operating income therefore decreased by ­6.8% year-on-year to 96 million euros. Cost of risk decreased by ­24.6% year-on-year to 37 million euros in the third quarter. The contribution to net income Group share of Other IRB was 31 million euros, down ­1.9% compared with the third quarter of 2015. Excluding the currency effect, net income Group share increased by +8%. More particularly: For the first nine months of 2016, the contribution to net income Group share of Other IRB amounted to 80 million euros, a sharp increase of +43.1% year-on-year, thanks to strict cost control (down ­1.0% year-on-year) but above all an improvement in cost of risk (down -27.0% year-on-year). Revenues were penalised by adverse currency effects, down by ­3.3% year-on-year to 676 million euros. At 30 September 2016, assets under management were up +5.5% or 77 billion euros compared with 31 December 2015, to 1,473 billion euros, confirming the sustained business momentum already seen in the first six months of the year. Net inflows totalled +47 billion euros, including +39 billion euros for Amundi, +7 billion euros for life insurance and +1 billion euros for wealth management. Apart from this solid commercial performance, the business line also recorded a positive market and currency effect of +22 billion euros and a scope effect of +8 billion euros. Underlying net income Group share for the business line increased by +9.1% year-on-year in the first nine months of 2016 (excluding the impact of the Switch trigger in Q2-15 and clawback in Q3-15) to reach 1,241 million euros, including 447 million euros in the third quarter of 2016. In Asset management, Amundi's [23] assets under management stood at 1,054 billion euros (up +10.8% over one year and +7.0% vs 31 December 2015). This was achieved thanks to a strong level of inflows, positive market effects (+21.7 billion euros in the nine first months of 2016) and a change in scope (+8.6 billion euros of additional assets under management through the acquisition of KBI Global Investors finalised on 29 August). In the first nine months of 2016, net inflows remained buoyant despite increased customer risk aversion, amounting to +39.1 billion euros, of which +25.8 billion euros in medium and long-term assets[24], from all asset classes in this category. The Institutional segment contributed +24.9 billion euros, of which +9.1 billion euros in medium and long-term assets. The Retail segment collected +14.2 billion euros of which +16.7 billion in medium and long-term assets, mainly through the joint ventures in Asia (+12.6 billion euros). The net inflows from French networks was slightly positive in medium and long-term assets, at +0.6 billion euros. In the third quarter, net inflows totalled +22.3 billion euros. Net inflows in medium and long-term assets remained at a high level (+8.6 billion euros), complemented by particularly strong net inflows of +13.8 billion euros in treasury products. In the third quarter of 2016, Amundi's net income Group share at 100% (including minorities) increased by +13.7% year-on-year to 134 million euros. In an environment of falling equity markets and strong volatility, these excellent results were driven by resilient revenues and strict cost control. Net income Group share, affected by the decrease in Crédit Agricole S.A's stake from 78.6% in the third quarter of 2015 to 74.2% in the third quarter of 2016, amounted to 99 million euros compared with 93 million euros in the third quarter of 2015, an increase of +6.9%. Revenues were up +5.1% year-on-year thanks to resilient management and performance fees, while operating expenses were up +3.0% compared to the third quarter 2015. For the first nine months of 2016, net income Group share was 299 million euros versus 304 million euros in the same period of 2015. The decrease was mainly due to the decrease in percentage ownership: net income Group share at 100% was up +5.1% to 406 million euros. Revenues increased by +0.7% and operating expenses decreased by ­0.6%. The cost/income ratio therefore improved by 0.7 percentage points to 53.1% compared with the first nine months of 2015, reflecting an excellent level of operating efficiency. The Insurance business delivered premium income[25] of 6.9 billion euros in the third quarter of 2016. The savings/retirement segment was down in the third quarter, penalised by a seasonal effect and the low interest rate environment. Premium income amounted to 5.4 billion euros versus 5.6 billion euros in the third quarter of 2015, a year-on-year decrease of ­3.3% despite a good performance in the international markets. Assets managed amounted to 266.9 billion euros at end-September 2016, up +4.2% over one year. Funds in euros amounted to 215.9 billion euros, while unit-linked funds amounted to 51 billion euros or 19.1% of the total. However, unit-linked funds accounted for 24.3% of third-quarter inflows. Property & casualty insurance enjoyed above-market growth in France. The farming and small business segment was up sharply by +19.9% versus the first nine months of 2015. The 12 million policy milestone was reached in June 2016 and a further 175,000 new policies were written in the third quarter. Property & casualty premium income rose by +7.4% year-on-year to 711 million euros in the third quarter of 2016. The combined ratio[26] was down slightly to 96% on the Pacifica scope. In the Death & disability/Health/Creditor segment, premium income rose by +5.1% year-on-year in the third quarter of 2016, to 792 million euros. In the third quarter of 2016, net income Group share for the Insurance business was 305 million euros, a year-on-year increase of +21.9% excluding the effect of the Switch guarantee trigger[27]. For the first nine months of 2016 net income Group share was 865 million euros, a year-on-year increase of +19.8% restated for the effect of the Switch guarantee trigger3. The Wealth management business maintained its assets under management in the third quarter, despite challenging market conditions. They amounted to 152.1 billion euros at end-September 2016 (up +3.6% versus end-September 2015). Net income Group share for the third quarter of 2016 was boosted by a reversal of provisions for pension benefits following a decrease in the conversion rate required by Swiss regulations, which offset a wait-and-see attitude of investors in the face of uncertainty in the financial markets and the initial effects of refocusing the business on countries adhering to the rules of the Automatic Exchange of Information (AEoI) agreement. It amounted to 43 million euros, an increase of +77% compared with the third quarter of 2015. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter and first nine months of 2016 and comparable data for 2015 are detailed in Appendix. Specialised financial services business line includes consumer credit (CA Consumer Finance - CACF) and leasing and factoring (CA Leasing & Factoring - CAL&F). Specialised financial services delivered net income Group share of 157 million euros in the third quarter of 2016 versus 143 million euros the previous year, an increase of +9.9%. In line with previous quarters, CA Consumer Finance (CACF) performed well in the third quarter of 2016, with new lending of 9.3 billion euros. This represents a year-on-year increase of +15.3%, driven by all segments and more particularly by car finance partnerships (up +19.5% year-on-year) and the Group's branch networks (up +26.3%). The managed loan book therefore stood at 75 billion euros at end-September 2016, up +7% since end-September 2015 and a record since June 2013. The geographical breakdown remained unchanged from previous quarters, with 38% of outstandings in France, 32% in Italy and 30% in other countries. In the third quarter of 2016, CACF's revenues amounted to 527 million euros, down slightly by ­0.9% compared with the third quarter of 2015 but up +0.8% compared with the second quarter of 2016. Operating expenses increased by +5.5% year-on-year to 262 million euros, due to investments as per the medium-term strategic plan. Lastly, cost of risk remained virtually unchanged (down ­0.2%) year-on-year in the third quarter of 2016. CACF's net income Group share was 124 million euros compared with 114 million euros in the third quarter of 2015, an increase of +9.3%. For the first nine months of 2016, CACF's revenues decreased by ­1.2% to 1,566 million euros compared with the first nine months of 2015, mainly due to the new rules applicable to credit insurance in case of early repayment of loans in Italy. Operating expenses were up slightly, by +2.3% to 802 million euros in the first nine months of 2016. Cost of risk was down significantly, mainly due to an improvement in quality of the customer portfolio. It amounted to 388 million euros in the third quarter, a year-on-year decrease of ­22.0%. Cost of risk relative to outstandings stood at 134 basis points[28] in the first nine months of 2016, versus 201 basis points in the same period of 2015. Car finance partnerships contributed to CACF's profitability, with a +15.1% increase in their equity-accounted contribution (up +18.6%). CACF's net income Group share therefore came to 347 million euros compared with 259 million euros in the same period of 2015, an increase of +34%. CAL&F's leasing book continued to grow, reaching 15.3 billion euros at end-September 2016, an increase of +3.2% over one year. Factored receivables increased by 1.8% compared with the third quarter of 2015, to 16.2 billion euros. Growth was particularly strong in France, with a year-on-year increase of +5.2% to 10.5 billion euros at end-September 2016. In the third quarter of 2016, CAL&F's revenues amounted to 131 million euros, up +0.8% year-on-year. Operating expenses were down ­3.2% year-on-year to 67.4 million euros, while cost of risk increased by +6.7%. CAL&F's net income Group share therefore increased by +11.9% year-on-year in the third quarter of 2016, to 33 million euros. In the first nine months of 2016, CAL&F's revenues amounted to 398 million euros, up +2.8% year-on-year due mainly to the increase in lease finance outstandings in France. Operating expenses were down slightly, contracting by ­1.4% to 217 million euros. Cost of risk was 46 million euros compared with 48 million euros in the first nine months of 2015. In all, CAL&F's net income Group share for the first nine months of 2016 was 93 million euros, representing a year-on-year increase of +20.2%. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter and first nine months of 2016 and comparable data for 2015 are detailed in Appendix. Net income Group share for the Large Customers business line was 458 million euros in the third quarter of 2016. Excluding loan hedges and the impact of DVA, underlying net income Group share was 502 million euros, a year-on-year increase of +78.6% driven by good performances in all capital markets and structured finance activities. It also included an additional legal risk provision of 50 million euros. Net income Group share for the business line comprised a contribution of 206 million euros from Financing activities, 274 million euros from Capital markets and investment banking and 22 million euros from Asset servicing (versus, respectively, 247 million euros, 9 million euros and 25 million euros in the third quarter of 2015). The third quarter of 2016 saw a marked rebound in business activity and markets after the Brexit shock at the end of June, which was accompanied by a fall in interest rates, a decrease in risk premiums and a drop of the pound sterling. Continued central bank support policies benefited the primary bond market, which represents a competitive source of alternative financing for companies. Against this backdrop and despite the usual August seasonal effect, commercial activity was good in all Corporate and investment banking activities. In the third quarter of 2016 revenues for the Large Customers business line were 1,465 million euros (excluding effects of loan hedges and DVA), a sharp year-on-year increase of +38.3% on an underlying basis and +23.6% excluding xVA, thanks to strong commercial momentum in capital markets and structured finance activities. Revenues from capital markets activities (fixed income, credit, forex and treasury) amounted to 644 million euros in the third quarter, up +42.5% excluding xVA compared with the third quarter of 2015 (when, by contrast, demand in the credit market was very weak). Fixed income, forex and credit enjoyed strong momentum in a favourable post-Brexit market environment VaR remained contained at 13.9 million euros on average over the quarter. CACIB ranks world No. 2 in sovereign, agency and supranational bond issues in euros[30] and in green bond issues[31]. It has also gained a place compared to the last quarter to become world No. 4 in euro bond issues2. Investment banking, which ranks No. 2 in France in convertible bond issues[32] and No. 1 in Europe in ABCP securitisation[33], completed several major convertible bond deals during the quarter. Its revenues for the quarter were 56 million euros, a year-on-year increase of +35.5%. Structured finance revenues rose sharply in most product lines, amounting to 304 million euros in the third quarter of 2016, a year-on-year increase of +20.8% despite challenging conditions in the shipping and oil & gas sectors. CACIB remains world No. 1 in aircraft financing[34]. Commercial banking revenues were up +11.4% year-on-year in the third quarter, to 278 million euros, driven by good origination volumes in Corporate Acquisition activities, although export and trade activities continued to suffer from the global slowdown in world trade. CACIB ranks third in syndicated loans in France1. Asset servicing revenues remained stable at 183 million euros in the third quarter of 2016. Operating expenses for the Large Customers business line totalled 738 million euros in the third quarter of 2016 versus 713 million euros in the same period of 2015. This quarter included about 20 million euros of non-recurring expenses related to the transfer of CACIB's teams in Paris to the Group Campus. Excluding this event, operating expenses were stable. The cost/income ratio over the first nine months of 2016 was 56.3%[35]. Cost of risk was stable compared with the first and second quarters of 2016 despite an additional provision for the shipping sector (excluding the 50 million euros legal risk provision taken in both the second and third quarters of 2016). Cost of risk relative to outstandings for Financing activities was 32 basis points in the third quarter of 2016[36]. Share of income from equity-accounted entities amounted to 59 million euros, stable compared with the third quarter of 2015, reflecting a good performance by Banque Saudi Fransi. In the first nine months of 2016, net income Group share for the Large Customers business line was 984 million euros and 1,021 million euros on an underlying basis (restated for loan hedges, the impact of DVA and the legal provision booked in Q2-15), broadly stable compared with the same period of 2015. The first nine months of 2016 included a contribution to the Single Resolution Fund (SRF) of 149 million euros and a legal risk provision of 100 million euros. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter and first nine months of 2016 and comparable data for 2015 are detailed in Appendix. In the third quarter of 2016, Corporate Centre results reflected the impacts of the transaction to simplify the Group's structure, which included: Underlying revenues (adjusted for the specific items detailed in Appendix) amounted to ­320 million euros, an improvement of +104 million euros compared with the third quarter of 2015. This improvement was driven by the positive recurring impacts of the transaction to simplify the Group's structure. Operating expenses were 182 million euros, down by ­16.2% compared to the third quarter of 2015. The change in equity-accounted entities was affected by Eurazeo's exceptional contribution in the third quarter of 2015. Corporate Centre net income Group share amounted to +753 million euros and -323 million euros excluding the specific items referred to above. In the first nine months of 2016, Corporate Centre net income Group share was +238 million euros. Excluding specific items, the loss amounted to -1,029 million euros, ­7.2% lower than the loss for the first nine months of 2015. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter and first nine months of 2016 and comparable data for 2015 are detailed in Appendix. Outstanding customer loans of Crédit Agricole Group amounted to close to 783 billion euros at 30 September 2016. Customer accounts on the balance sheet were almost 679 billion euros. In the third quarter of 2016, Crédit Agricole Group reported revenues of 7,099 million euros. Excluding specific items[38], in particular the funding cost adjustment charge at LCL (-300 million euros) and issuer spreads (-281 million euros), underlying revenues were 7,777 million euros, a year-on-year increase of +3.2%. Operating expenses were down slightly in the third quarter of 2016, contracting by ­0.4% to 4,710 million euros compared with 4,728 million euros in the third quarter of 2015. The cost of credit risk remained low at 597 million euros, i.e. 31 basis points[39], an increase of +10.1% or 55 million euros, mainly due to the Regional Banks (up 39 million euros), whose cost of risk was particularly low in the third quarter of 2015. In addition, the Group strengthened its legal risk provisions by 50 million euros this quarter. Underlying net income Group share1 came to 1,841 million euros, an increase of +4.1% compared with the third quarter of 2015. For the first nine months of 2016, revenues were 22,524 million euros. Excluding specific items, underlying revenues were 23,482 million euros, more or less stable (down ­0.3%) compared with the first nine months of 2015. The Group's operating expenses were up slightly by +0.9% compared with the first nine months of 2015, while the cost of credit risk was also up +0.9% to 1,855 million euros. A legal risk provision of 50 million euros was taken in both the second and third quarters, making a total of 100 million euros in the first nine months. Underlying net income Group share[40] came to 4,705 million euros, a slight increase of +1% compared with the first nine months of 2015. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter and first nine months of 2016 and comparable data for 2015 are detailed in Appendix. Business was brisk during the quarter, contributing to the development of Crédit Agricole S.A.'s business lines. Customer assets rose by +3.6% year-on-year to 633.9 billion euros. Growth was driven by on-balance sheet deposits (up +5.1% over one year to almost 382 billion euros at end-September 2016), while off-balance sheet customer assets also rose by +1.4% to almost 252 billion euros. On-balance sheet deposits continued to be driven by demand deposits (up +11.7% year-on-year) and home purchase savings plans (up +7.3%). Meanwhile, off-balance sheet customer assets continued to be driven by life insurance, with outstandings up +3.2% year-on-year to almost 181 billion euros at end-September 2016. Loans outstanding rose by +3.7% year-on-year, to 423.9 billion euros at end-September 2016. Growth continued to be driven by home loans and consumer finance (up +5.7% and +8.4% respectively, year-on-year). Loans to farmers and SMEs/small businesses both increased by +2.3%. The Regional Banks also achieved strong momentum in personal and property insurance during the third quarter. The Regional Banks' revenues were affected this quarter by the initial impacts of the transaction to simplify the Group's structure: (i) elimination of Switch 1 income following the unwinding of Switch 1 on 1 July 2016 (-115 million euros), (ii) cost of the 11 billion euros 2.15% loan granted by Crédit Agricole S.A. on 3 August 2016 (­38 million euros). Excluding these impacts and excluding provisions for home purchase savings plans[41], the Regional Banks' revenues amounted to 3,433 million euros in the third quarter of 2016, down -2.9% compared with the third quarter of 2015. In all, the Regional Banks' net income Group share was 777 million euros in the third quarter of 2016, representing a year-on-year decrease of -17.2% excluding the impacts of the Switch clawback in the third quarter of 2015. In the first nine months of 2016, the Regional Banks' net income Group share totalled 2,383 million euros, a year-on-year decrease of -9.9%. The specific P&L adjustments made to reconcile stated and underlying amounts and changes for the third quarter and first nine months of 2016 and comparable data for 2015 are detailed in Appendix. Crédit Agricole S.A.'s financial information for the third quarter and first nine months of 2016 consists of this press release and the attached presentation. All regulated information, including the registration document, is available on the website www.credit-agricole.com/Finance- and Shareholders under "Financial reporting" and is published by Crédit Agricole S.A. pursuant to the provisions of article L. 451-1-2 of the Code Monétaire et Financier and articles 222-1 et seq. of the AMF General Regulation. reconciliation between the stated and the underlying results of lcl reconciliation between the stated and the underlying results of asset Gathering reconciliation between the stated and the underlying results of Large Customers reconciliation between the stated and the underlying results of Corporate centre reconciliation between the stated and the underlying results of Regional banks [1] See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 and comparable data for 2015. [3] 465bp using the phased-in CET1 ratio, subject to confirmation by the ECB of the pre-notification of SREP requirements for 2017 [4] Dividend of 0.60€ per share entirely deducted from the CET1 capital as of 30/09/2016. [5] See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 and comparable data for 2015. [6] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [7] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [8] 645 basis points using the phased-in CET1 ratio, buffer of 795 basis points upon the distribution restriction trigger applicable as at 1 January 2017 using the global phased-in ratio of 19,2% at end-September; subject to confirmation by  the ECB of the pre-notification of SREP requirements for 2017. [9] As defined in the Delegated Act. Assumption of non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of information obtained from the ECB. [10] See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 and comparable data for 2015. [11] Corresponding to a charge of 173 million euros in the third quarter of 2015, cancelling out a revenue of the same amount recognised in provisions in the second quarter of 2015. [12] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [13] 475 basis points using the phased-in CET1 ratio, buffer of 925 basis points upon the distribution restriction trigger applicable as at 1 January 2017 using the global phased-in ratio of 19,2% at end-September; subject to confirmation by  the ECB of the pre-notification of SREP requirements for 2017. [14] As defined in the Delegated Act. Assumption of exemption of intra-group operations for Crédit Agricole S.A. (110bps impact) and of non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of information obtained from the ECB. [15] See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 and comparable data for 2015. [16] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [18] See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 and comparable data for 2015. [19] As defined in the Delegated Act. Assumption of exemption of intra-group operations for Crédit Agricole S.A. (110bps impact) and of non-exemption of exposures related to the centralisation of CDC deposits, according to our understanding of information obtained from the ECB [20] Restated for network reorganisation provision in Q2-16 and adjustment of funding cost in Q3-16. [21] Pro forma for reclassification in Q3-16 of financial clients deposits from on-balance sheet deposits to market funding. [22] After restatement of effects of triggering of Switch guarantee in Q2-2015. [23] Amundi is a listed company and published its detailed results for the third quarter and first nine months of 2016 on 28 October last. 1 Breakdown of IFRS premium income by new business line following transfer of individual health and personal accident from "Death & disability/health/creditor" to "Property & casualty insurance". [27] The Switch guarantee trigger had a favourable impact of 66 million euros on the Insurance business line's pro forma cost of risk in the second quarter of 2015. [28] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [29] See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 and comparable data for 2015. [35] Calculated on the basis of underlying revenues and operating expenses excluding SRF. [36] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [37] See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 and comparable data for 2015. [38] See Appendix, page 24 of this press release for details of specific items for the third quarter and first nine months of 2016 and comparable data for 2015. [39] Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. [40] See Appendix, page 27 of this press release for details of specific items for the third quarter 2015. [41] Charge of 1 million euros to provisions for home purchase savings plans in the third quarter of 2016 and reversal of 12 million euros in the third quarter of 2015.


News Article | October 31, 2016
Site: www.prnewswire.co.uk

DMCC, la autoridad gubernamental de Dubái acerca de comercio, empresa y materias primas y la Free Zone número uno en el mundo, concluyó la Dubai Week in China, Shangai, con tres destacados acuerdos comerciales de materias primas y su "Made for Trade. Together" durante la celebración del Shanghai Forum. El evento de DMCC atrajo a más de 130 responsables de gobienro senior, líderes empresariales e instituciones financieras, incluyendo a Su Excelencia Abdulla Al Saleh, vicesecretario del Ministerio de Economía de Comercio Extranjero y Asuntos Industriales de los EAU; el consejero general Su Excelencia Ibrahim Al Mansouri, Consulado General de los United Arab Emirates of Shanghai; Jiao Jinpu, presidente de Shanghai Gold Exchange; Gautam Sashittal, consejero delegado de DMCC; Matthew Pang, director administrativo de Mega Capital; y Zhonghua Chi, responsable general de Yunnan State Farms Group. "Los acuerdos de asociación DMCC se anunciaron hoy durante la Dubai Week in China, Shangai, siendo una evidencia de las conexiones profundas entre China y Dubái, además del papel creciente del comercio de Dubái en acercar nuestro mundo. China es el socio comercial número uno de Dubái. Las relaciones que se han cementado aquí con el Shanghai Gold Exchange, Agricultural Bank of China, Mega Capital y Yunnan State Farms Group subrayarán aún más el papel que DMCC está desarrollando en impulsar las materias primas junto al pasillo entre oriente y occidente - conectándose de forma directa en la China's Belt and Road Initiative". Durante el evento de la Dubai Week in China, DMCC firmó tres asociaciones de materias primas destacadas: DMCC además ha lanzado lo ultimo dentro de una serie de informes en 'The Future of Trade', hospedando una mesa redonda de expertos para llevar a cabo el debate acerca de las formas de comerciar y el cambio a nivel mundial. El informe se centra especialmente en el potencial de la digitalización con el impacto comercial, declarando que hay unos 350 millones de negocios en el mundo que podrían exportar artículos por primera vez si fueran a adoptar una estrategia digital completa. Hay además un interés considerable dentro de la Free Zone de DMCC, denominada Global Free Zone of the Year 2016 por medio de The Financial Times fDi Magazine por segundo año consecutivo, y su debate del panel empresarial denominado 'Making Business Happen in Dubai. Together'. Entre los ponentes del panel están representantes de las principales compañías de China con sede en la DMCC Free Zone en Dubái, Zhu Jianchao, vicepresidente/responsable de ingeniería de China State Construction Engineering Corporation; Wu Qing, responsable de administración de PowerChina; Robert Wang, director técnico de Hikvision; y Timothy Chong, director de Mega Capital; que compartieron sus visiones acerca de por qué DMCC es un lugar tan propenso para los negocios, y cómo la infraestructura de nivel mundial de Dubái, su conectividad y aproximación de asociación crean un entorno único para que las compañías de China impulsen el crecimiento en Oriente Medio, África y más allá, además de contar con oportunidades para forjar lazos cercanos entre las ciudades gemelas de Dubái y Shangai.


DUBAI, VAE, October 30, 2016 /PRNewswire/ -- DMCC gab Partnerschaften mit der Shanghai Gold Exchange, der Agricultural Bank of China, Mega Capital sowie mit der Yunnan State Farms Province bekannt.   DMCC, Dubais Autorität für Handel, Unternehmen und Gebrauchsgüter und...


DUBAI, EAU, October 31, 2016 /PRNewswire/ -- DMCC anuncia su asociación con Shanghai Gold Exchange; Agricultural Bank of China; Mega Capital y Yunnan State Farms Province    DMCC, la autoridad gubernamental de Dubái acerca de comercio, empresa y materias primas y la F...


News Article | October 31, 2016
Site: en.prnasia.com

DMCC, Dubai's Government authority on trade, enterprise and commodities and the world's number one Free Zone, concluded Dubai Week in China, Shanghai, with three significant commodity trade agreements and its "Made for Trade. Together" in Shanghai Forum. DMCC's event attracted over 130 senior government officials, business leaders and financial institutions including His Excellency Abdulla Al Saleh, Under Secretary of the UAE Ministry of Economy for Foreign Trade and Industry Affairs; Consul General His Excellency Ibrahim Al Mansouri, Consulate General of The United Arab Emirates of Shanghai; Jiao Jinpu, Chairman, Shanghai Gold Exchange; Gautam Sashittal, Chief Executive Officer, DMCC; Matthew Pang, Managing Director of Mega Capital; and Zhonghua Chi, General Manager of Yunnan State Farms Group. "The DMCC partnership agreements we announced at Dubai Week in China, Shanghai, today, is evidence of the deep links between China and Dubai, and the growing role the Dubai trade has in bringing our world's closer. China is Dubai's number one trading partner. The relationships that we have cemented here with the Shanghai Gold Exchange, Agricultural Bank of China, Mega Capital and Yunnan State Farms Group will further underpin the role that DMCC is playing in boosting the commodities trade along the West to East corridor - connecting directly into China's Belt and Road Initiative." During the Dubai Week in China event, DMCC signed three significant commodity partnerships: DMCC also launched the latest in a series of reports on 'The Future of Trade', hosting a roundtable of experts to discuss the ways that trade is changing the world. The report focus heavily on the potential for digitalisation to impact trade, stating that as many as 350 million businesses would begin exporting goods for the first time if they were to adopt an end-to-end digital strategy. There was also considerable interest in DMCC's Free Zone, named the Global Free Zone of the Year 2016 by The Financial Times fDi Magazine for the second year running, and its Business Panel debate 'Making Business Happen in Dubai. Together'. Panel Speakers representing leading Chinese companies based in the DMCC Free Zone in Dubai, Zhu Jianchao, Vice president/Chief Engineer; China State Construction Engineering Corporation; Wu Qing, Administration Manager, PowerChina; Robert Wang, Technical Director, Hikvision; and Timothy Chong, Director, Mega Capital; shared their views on why DMCC is such a pro-business place, and how Dubai's world-class infrastructure, connectivity and partnership approach create a unique environment for Chinese companies to drive growth in the Middle East, Africa and beyond, and opportunities to forge closer ties between the twin cities of Dubai and Shanghai.


News Article | October 29, 2016
Site: www.prnewswire.co.uk

DMCC, Dubai's Government authority on trade, enterprise and commodities and the world's number one Free Zone, concluded Dubai Week in China, Shanghai, with three significant commodity trade agreements and its "Made for Trade. Together" in Shanghai Forum. DMCC's event attracted over 130 senior government officials, business leaders and financial institutions including His Excellency Abdulla Al Saleh, Under Secretary of the UAE Ministry of Economy for Foreign Trade and Industry Affairs; Consul General His Excellency Ibrahim Al Mansouri, Consulate General of The United Arab Emirates of Shanghai; Jiao Jinpu, Chairman, Shanghai Gold Exchange; Gautam Sashittal, Chief Executive Officer, DMCC; Matthew Pang, Managing Director of Mega Capital; and Zhonghua Chi, General Manager of Yunnan State Farms Group. "The DMCC partnership agreements we announced at Dubai Week in China, Shanghai, today, is evidence of the deep links between China and Dubai, and the growing role the Dubai trade has in bringing our world's closer. China is Dubai's number one trading partner. The relationships that we have cemented here with the Shanghai Gold Exchange, Agricultural Bank of China, Mega Capital and Yunnan State Farms Group will further underpin the role that DMCC is playing in boosting the commodities trade along the West to East corridor - connecting directly into China's Belt and Road Initiative." During the Dubai Week in China event, DMCC signed three significant commodity partnerships: DMCC also launched the latest in a series of reports on 'The Future of Trade', hosting a roundtable of experts to discuss the ways that trade is changing the world. The report focus heavily on the potential for digitalisation to impact trade, stating that as many as 350 million businesses would begin exporting goods for the first time if they were to adopt an end-to-end digital strategy. There was also considerable interest in DMCC's Free Zone, named the Global Free Zone of the Year 2016 by The Financial Times fDi Magazine for the second year running, and its Business Panel debate 'Making Business Happen in Dubai. Together'. Panel Speakers representing leading Chinese companies based in the DMCC Free Zone in Dubai, Zhu Jianchao, Vice president/Chief Engineer; China State Construction Engineering Corporation; Wu Qing, Administration Manager, PowerChina; Robert Wang, Technical Director, Hikvision; and Timothy Chong, Director, Mega Capital; shared their views on why DMCC is such a pro-business place, and how Dubai's world-class infrastructure, connectivity and partnership approach create a unique environment for Chinese companies to drive growth in the Middle East, Africa and beyond, and opportunities to forge closer ties between the twin cities of Dubai and Shanghai.


News Article | October 30, 2016
Site: www.prnewswire.co.uk

DMCC, Dubais Autorität für Handel, Unternehmen und Gebrauchsgüter und weltweite Nummer 1 aller Freihandelszonen, beendete die in Shanghai (China) stattfindende Dubai Week mit drei wichtigen Rohstoffhandelsabkommen sowie dem Forum "Made for Trade. Together" im Rahmen des Shanghai Forum. Auf der von DMCC organisierten Veranstaltung versammelten sich über 130 hochrangige Regierungsbeamte, führende Unternehmer und Finanzinstitute wie beispielsweise seine Exzellenz Abdulla Al Saleh, Untersekretär des Ministeriums für Wirtschaft, Außenhandel und Branchenangelegenheiten der VAE (Ministry of Economy for Foreign Trade and Industry Affairs), seine Exzellenz Generalkonsul Ibrahim Al Mansouri, Generalkonsul der Vereinigten Arabischen Emirate von Shanghai, Jiao Jinpu, Vorsitzender der Shanghai Gold Exchange, Gautam Sashittal, Vorstandsvorsitzender von DMCC, Matthew Pang, Geschäftsführer von Mega Capital oder Zhonghua Chi, Geschäftsführer der Yunnan State Farms Group. "Die DMCC-Partnerschaftsvereinbarungen, die wir heute auf der Dubai Week in Shanghai (China) verkündet haben, untermauern die tiefe Bindung zwischen China und Dubai sowie die zunehmende Rolle, die der Handel mit Dubai bei der Annäherung unserer beiden Welten spielt. China ist Dubais wichtigster Handelspartner. Die Beziehungen, die wir hier mit der Shanghai Gold Exchange, der Agricultural Bank of China, Mega Capital sowie der Yunnan State Farms Group vertieft haben, werden die Rolle, die DMCC hinsichtlich der Förderung des Rohstoffhandels entlang des West-Ost-Korridors eingenommen hat, weiter stärken, und eine direkte Verbindung zu Chinas ‚Belt and Road Initiative' (OBOR) herstellen." Während der Dubai Week in China unterzeichnete DMCC drei bedeutende Rohstoff-Partnerverträge: DMCC veröffentlichte außerdem den neuesten Beitrag aus einer Reihe von Berichten über die Zukunft des Handels "The Future of Trade" und ist Gastgeber einer Gesprächsrunde unter Experten, im Rahmen welcher die Möglichkeiten besprochen werden, die der Handel bietet, um die Welt zu verändern. Der Bericht konzentriert sich intensiv auf das Potenzial der Digitalisierung zur Beeinflussung des Handels und behauptet, dass bis zu 350 Millionen Unternehmen mit der Ausfuhr von Waren beginnen könnten, wenn sie eine digitale Endstrategie implementieren würden. Weiterhin gab es großes Interesse an der DMCC-Freihandelszone, die 2016 vom "fDi Magazine" der The Financial Times zum zweiten Jahr in Folge zur Freihandelszone des Jahres ("Free Zone of the Year") ernannt wurde sowie an der DMCC Business-Podiumsdiskussion "Making Business Happen in Dubai. Together". Zu den Podiumsteilnehmern zählten führende chinesische Unternehmen mit Sitz in der DMCC-Freihandelszone in Dubai, Zhu Jianchao, Vice President/Chief Engineer bei der China State Construction Engineering Corporation, Wu Qing, Administration Manager bei PowerChina, Robert Wang, Technical Director bei Hikvision sowie Timothy Chong, Director bei Mega Capital. Sie teilten ihre Ansichten darüber, weshalb DMCC ein derart geschäftsfördernder Ort ist, wie die Weltklasse-Infrastruktur, die Anbindung sowie der partnerschaftliche Ansatz Dubais für chinesische Unternehmen einzigartige Bedingungen zur Steigerung des Wachstums im Nahen Osten, Afrika und darüber hinaus schafft sowie über Möglichkeiten, die Bindung zwischen den Partnerstädten Dubai und Shanghai zu vertiefen.

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