Paris, February 8th, 2018
Q4 17: GOOD PERFORMANCE BY ALL THE
BUSINESSES,
NET INCOME MARKED BY EXCEPTIONAL ITEMS
2017: INCREASE IN UNDERLYING
PROFITABILITY
Highlights:
Good revenue
performance by the businesses in a mixed environment (2017
underlying net banking income(1) +0.5% vs.
2016):
-
Good commercial momentum in French Retail
Banking against a backdrop of low interest rates;
-
Record contribution from International Retail
Banking & Financial Services;
-
Resilient performance from Global Banking &
Investor Solutions.
Cost
discipline maintained throughout the Group (underlying
operating expenses(1) +1.5% vs.
2016)
Very low cost of
risk (19bp in 2017 vs. 37bp in 2016) confirming the quality of
the asset portfolio
Improvement in
the Group's profitability (2017 underlying ROTE(1) 9.6% vs.
9.3% in 2016)
2017 dividend
of EUR 2.20 per share proposed to the General Meeting
Financial
data:
Q4 2017
Revenues(1): EUR 6,228m
(+0.8% vs. Q4 16)
Operating expenses(1): EUR
-4,586m (+3.1% vs.
Q4 16)
Underlying net income(1): EUR 877m
(-24.1% vs.
Q4 16)
Book net income: EUR 69m
CET1 ratio: 11.4% at December 31st, 2017n |
Full-year 2017
Revenues(1): EUR
25,062m (+0.5% vs. 2016)
Operating expenses(1): EUR
-17,243m (+1.5% vs. 2016)
Underlying net income(1): EUR 4,491m
(+8.4% vs. 2016)
Book net income: EUR 2,806m
ROTE(1): 9.6% at
December 31st,
2017
|
Fréderic Oudéa, the Group's Chief Executive Officer,
commented:
"2017 was another
important and positive milestone in the Group's transformation:
ongoing adaptation of the business model, strengthening of the
businesses' innovation capacity, definition of the new strategic
plan "Transform to Grow", implementation of a new more agile
organisation. In addition to the impacts of a number of exceptional
items, the 2017 financial results reflect the healthy commercial
momentum of all our businesses, the disciplined management of our
costs and risks and the improvement in our underlying
profitability.
We are starting
2018 with confidence, sustained by the ambition to seize the growth
opportunities of our activities, in an economic and financial
environment that should gradually be more favourable. We will focus
on the disciplined execution of the first year of our new strategic
plan. With globally recognised expertise, the exceptional
commitment of our teams and a solid balance sheet, we are
resolutely aiming to be a trusted partner of our customers, deeply
involved in the positive transformation of our societies and
economies."
The footnotes *
and ** in this document are specified below:
*
When adjusted for
changes in Group structure and at constant exchange rates.
**
Excluding non-economic items.
(1) Underlying
data. See methodology note 5 for the transition from accounting
data to underlying data.
Societe Generale's Board of
Directors, which met on February 7th, 2018 under
the chairmanship of Lorenzo Bini Smaghi, examined the results for
Q4 and approved the results for full-year 2017.
The Societe Generale Group
generated book Group net income of EUR 2,806
million in 2017 vs. EUR 3,874 million in 2016. Book Group net
income amounted to EUR 69 million in Q4 17 vs.
EUR 390 million in Q4 16.
This result was impacted by
several exceptional items in Q4 2017: the expense related to the
acceleration in the adaptation of French Retail Banking networks,
the effects of the tax reforms in France and the United States, a
tax rectification proposal following the tax control by the French
authorities, the "Image Chèque" (interbank cheque fee system) fine
and an additional allocation to the provision for disputes.
When corrected for the impact of
these exceptional items, non-economic items and the linearisation
over the year of the IFRIC 21 charge recorded in Q1 2017, underlying Group net income totalled EUR 877 million in
Q4 2017 (EUR 1,156 million in Q4 2016). Underlying Group net income
amounted to EUR 4,491 million in 2017 (EUR 4,145 million in 2016),
up 8.4%. Underlying ROE stood at 8.3% in 2017 vs. 7.9% in 2016.
Underlying ROTE stood at 9.6% in 2017 vs. 9.3% in 2016
Book net banking
income totalled EUR 6,323 million in Q4 2017 (EUR 6,129 million
in Q4 2016) and
EUR 23,954 million in 2017 (EUR 25,298 million in 2016). Underlying net banking income amounted to
EUR 6,228 million in Q4 2017 (up +0.8% vs. Q4 2016) and EUR 25,062
million in 2017 (up +0.5% vs. 2016).
In Q4 2017, French Retail Banking
revenues were slightly lower against a backdrop of low interest
rates, International Retail Banking & Financial Services'
revenues continued to grow, driven by an excellent commercial
momentum, while Global Banking & Investor Solutions' revenues
proved resilient in a sluggish market environment still
characterised by historically low volatility levels.
Operating expenses were higher in
Q4 2017 (+14.2%) at EUR -5,024 million (EUR -4,398 million in Q4
2016). They totalled EUR -17,838 million in 2017 vs. EUR -16,817
million in 2016. When restated for exceptional items and the effect
of the linearisation of IFRIC 21, underlying operating expenses
were up +3.1% in Q4 2017 and +1.5% in 2017. The Group continued to
invest in its digital transformation and the growth of its
businesses, while continuing to rigorously control costs.
The decline in the net cost of
risk (excluding the variation in the provision for disputes)
observed in previous quarters continued, against the backdrop of an
improvement in the Group's risk profile. It amounted to
EUR -269 million in Q4 2017, an improvement vs. Q4 2016 (EUR -336
million). The net cost of risk (excluding the variation in the
provision for disputes) amounted to EUR -949 million in 2017,
significantly lower than in 2016 (EUR -1,741 million). The
provision for disputes was the subject of an additional allocation
of EUR -200 million in Q4 17 and now totals EUR 2.32 billion.
The Common Equity Tier 1
(fully-loaded CET1) ratio was 11.4% at December 31st, 2017 (11.5%
at December 31st, 2016).
Earnings per share, excluding non-economic items, amounts to EUR
2.98 at end-December 2017 (EUR 4.55 at end-December 2016).
-
GROUP CONSOLIDATED RESULTS
In EUR m |
Q4 17 |
Q4 16 |
Change |
2017 |
2016 |
Change |
Net banking income |
6,323 |
6,129 |
+3.2% |
23,954 |
25,298 |
-5.3% |
Net banking income(1) |
6,228 |
6,177 |
+0.8% |
24,011 |
25,653 |
-6.4% |
Operating
expenses |
(5,024) |
(4,398) |
+14.2% |
(17,838) |
(16,817) |
+6.1% |
Gross operating income |
1,299 |
1,731 |
-25.0% |
6,116 |
8,481 |
-27.9% |
Gross operating income(1) |
1,204 |
1,779 |
-32.3% |
6,173 |
8,836 |
-30.1% |
Net cost
of risk |
(469) |
(486) |
-3.5% |
(1,349) |
(2,091) |
-35.5% |
Operating income |
830 |
1,245 |
-33.3% |
4,767 |
6,390 |
-25.4% |
Operating income(1) |
735 |
1,293 |
-43.2% |
4,824 |
6,745 |
-28.5% |
Net profits
or losses from other assets |
(39) |
(262) |
+85.1% |
278 |
(212) |
n/s |
Income
tax |
(558) |
(508) |
+9.8% |
(1,708) |
(1,969) |
-13.3% |
Reported Group net income |
69 |
390 |
-82.3% |
2,806 |
3,874 |
-27.6% |
Group net income(1) |
3 |
421 |
|
2,848 |
4,107 |
|
|
|
|
|
|
|
|
Underlying Group net income(2) |
877 |
1,156 |
-24.1% |
4,491 |
4,145 |
+8.4% |
Underlying ROE(2) |
6.3% |
8.6% |
|
8.3% |
7.9% |
|
Underlying ROTE(2) |
7.4% |
10.9% |
|
9.6% |
9.3% |
|
-
Adjusted for revaluation of own financial
liabilities and DVA
-
Adjusted for non-economic and exceptional items
and IFRIC 21. See methodology notes.
Net banking
income
The Group's book net banking
income was up 3.2% at EUR 6,323 million in Q4 17 (EUR 6,129 million
in
Q4 16). Underlying net banking income increased by 0.8% to EUR
6,228 million in Q4 17 vs.
EUR 6,177 million in Q4 16.
The Group's book net banking
income totalled EUR 23,954 million in 2017, down -5.3% vs. 2016. It
includes several exceptional items: in 2017, the impact of the LIA
settlement (EUR -963 million) and the adjustment of hedging costs
in French Retail Banking (EUR -88 million) and, in 2016, the
capital gain on the disposal of Visa shares for EUR 725 million.
When restated for these items, underlying net banking income
increased by 0.5% to EUR 25,062 million in 2017 vs. EUR 24,928
million in 2016.
-
French Retail Banking's net banking income was
slightly lower in Q4 17 (-1.0% excluding PEL/CEL provision).
Commissions enjoyed another strong quarter, increasing +4.1%
in
Q4 17, whereas net interest income was down -4.6% in Q4 17. Net
banking income fell -2.9% in 2017, excluding PEL/CEL provision. In
a low interest rate environment, French Retail Banking fostered the
development of its growth drivers and fee-generating
activities.
-
International Retail Banking & Financial
Services' net banking income rose +6.6% (+6.2%*) in 2017 and +7.9%
(+8.3%*) in Q4 17, still driven by the very good commercial
momentum in all businesses and geographical regions. As a result,
in 2017, net banking income increased by +5.2% (+7.1%*) for
International Retail Banking, +12.0% (+6.6%*) for the Insurance
business and +7.5% (+3.5%*) for Financial Services to
Corporates.
-
Global Banking & Investor Solutions'
revenues declined by -4.9% in Q4 17. Net banking income was down
-4.5% in 2017. Global Markets and Investor Services proved
resilient
in Q4 17 despite the persistence of historically low volatility.
Financing & Advisory revenues were down -10.7% vs. Q4 16. In
Asset and Wealth Management, net banking income was down
-3.9%.
The accounting impact of the
revaluation of the Group's own financial liabilities was EUR +93
million in Q4 17 (EUR -50 million in Q4 16). The DVA impact was EUR
+2 million in Q4 17 (EUR +2 million in
Q4 16). The accounting impact of the revaluation of the Group's own
financial liabilities was EUR -53 million in 2017 (EUR -354 million
in 2016). The DVA impact was EUR -4 million in 2017
(EUR -1 million in 2016). These two factors constitute the restated
non-economic items in the analyses of the Group's
results.
Operating expenses
The Group's operating expenses
amounted to EUR -5,024 million in Q4 17, up 14.2% vs. Q4 16, and
were impacted by three exceptional items during the quarter:
-
the exceptional expense related to the
acceleration in the adaptation of French Retail Banking networks,
amounting to EUR -390 million,
-
the expense related to the receipt of a tax
rectification proposal following the tax control by the French
authorities regarding various operating taxes, amounting to EUR
-145 million,
-
the charge related to the consequences of the
judgment of the Paris Court of Appeal of December 21st, 2017
confirming the fine regarding the dematerialisation of cheque
processing, amounting to EUR -60 million.
When restated for these items and
the effect of the linearisation of IFRIC 21, underlying operating
expenses were up 3.1% at EUR -4,586 million.
Underlying operating expenses
totalled EUR -17,243 million in 2017 vs. EUR -16,988 million in
2016, representing a limited increase of +1.5%.
The increase reflects investments
in the growth of International Retail Banking & Financial
Services, the effects of rigorous cost control in Global Banking
& Investor Solutions as well as investments in the
transformation of French Retail Banking's business model.
Gross operating
income
The Group's book gross operating
income totalled EUR 1,299 million in Q4 17 (EUR 1,731 million in Q4
16) and EUR 6,116 million in 2017 (EUR 8,481 million in 2016).
The Group's underlying gross
operating income amounted to EUR 1,642 million in Q4 17 (EUR 1,731
million in Q4 16) and EUR 7,819 million in 2017 (EUR 7,940 million
in 2016).
Cost of
risk
The Group's net cost of risk,
excluding the variation in the provision for disputes, remained at
a low level in Q4 17 (EUR -269 million vs. EUR -336 million in Q4
16). It amounted to EUR -949 million in 2017, substantially lower
than in 2016 (EUR -1,741 million), confirming the improvement in
the Group's risk profile and the economic environment.
The provision for disputes
totalled EUR 2.32 billion at end-2017 following an additional
allocation of EUR
-200 million in Q4 17.
The commercial cost of risk
(expressed as a fraction of outstanding loans) continued to
decline, to 22 basis points in Q4 17 (vs. 30 basis points in Q4
16). The commercial cost of risk amounted to 19 basis points in
2017, substantially lower than in 2016 (37 basis points).
-
In French Retail Banking, the commercial cost of
risk amounted to 37 basis points in Q4 17 (39 basis points in Q4
16) in an improved economic environment in France. It amounted to
30 basis points in 2017 vs. 36 basis points in 2016.
-
International Retail Banking & Financial
Services' cost of risk was lower, at 34 basis points vs. 53 basis
points in Q4 16. The cost of risk amounted to 29 basis points in
2017 vs. 64 basis points in 2016. In an improved macro-economic
environment, the Group continued with its risk management
efforts.
-
Global Banking & Investor Solutions' cost of
risk amounted to -9 basis points in Q4 17
(3 basis points in Q4 16). The cost of risk amounted to -1 basis
point in 2017 vs. 20 basis points in 2016.
The Group is expecting a
commercial cost of risk of between 25 and 30 basis points for
2018.
The gross doubtful non-performing
loans ratio was lower, at 4.4% at end-December 2017 (vs. 5.0% at
end-December 2016). The Group's gross doubtful loans coverage ratio
stood at 61% (vs. 64% at end-December 2016).
Operating
income
Book Group operating income
totalled EUR 830 million in Q4 17 (EUR 1,245 million in Q4 16)
and
EUR 4,767 million in 2017 (EUR 6,390 million in 2016).
Underlying operating income
amounted to EUR 1,373 million in Q4 17 (EUR 1,395 million in Q4 16)
and EUR 6,870 million in 2017 (EUR 6,199 million in 2016), up
+10.8% vs. 2016.
Net
income
In EUR m |
Q4 17 |
Q4 16 |
2017 |
2016 |
Reported
Group net income |
69 |
390 |
2,806 |
3,874 |
Group net
income(1) |
3 |
421 |
2,848 |
4,107 |
Underlying
Group net income(2) |
877 |
1,156 |
4,491 |
4,145 |
|
Q4 17 |
Q4 16 |
2017 |
2016 |
Underlying
ROE(2) |
6.3% |
8.6% |
8.3% |
7.9% |
Underlying
ROTE(2) |
7.4% |
10.9% |
9.6% |
9.3% |
-
Adjusted for revaluation of own financial
liabilities and DVA
-
Adjusted for non-economic and exceptional items
and IFRIC 21. See methodology notes.
Net income for Q4 17 includes an
exceptional expense of EUR -416 million, the impact of the tax
reforms in France and the United States.
-
In France, the impact of all the tax measures
(refund of the 3% additional contribution, creation of the
exceptional surtax and decline in the corporate tax rate between
now and 2022) amounts to EUR
-163 million.
-
In the United States, the decline in the federal
corporate tax rate results in the recognition of an expense of EUR
-253 million.
Earnings per share amounts to EUR
2.92 in 2017 (EUR 4.26 in 2016). When adjusted for non-economic
items, EPS is EUR 2.98 in 2017 (EUR 4.55 in 2016).
On this basis, the Board of
Directors has decided to propose the payment of a dividend of EUR
2.20 per share to the General Meeting of Shareholders. This will be
detached on May 30th, 2018 and
paid on June 1st, 2018.
-
THE GROUP'S FINANCIAL STRUCTURE
Group shareholders' equity totalled EUR 59.4 billion at
December 31st, 2017 (EUR
62.0 billion at December 31st, 2016). Net
asset value per share was EUR 63.22 including EUR 1.29 of
unrealised capital gains. Tangible net asset value per share was
EUR 56.78(1).
The consolidated
balance sheet totalled EUR 1,275 billion at December
31st, 2017 (EUR
1,354 billion at December 31st,
2016(2)). The net
amount of customer loan outstandings, including lease financing,
was
EUR 404 billion at December 31st, 2017 (EUR
403 billion at December 31st, 2016) -
excluding assets and securities sold under repurchase agreements.
At the same time, customer deposits amounted to EUR 394 billion,
vs. EUR 397 billion at December 31st, 2016
(excluding assets and securities sold under repurchase
agreements).
At December 31st, 2017,
Societe Generale SA had issued EUR 30 billion of medium/long-term
debt, having an average maturity of 4.5 years and an average spread
of 16.4 basis points (vs. the 6-month mid-swap, excluding
subordinated debt). The subsidiaries had issued EUR 5 billion. At
December 31st, 2017, the
Group had issued a total of EUR 35 billion of medium/long-term
debt. The LCR (Liquidity Coverage Ratio) was well above regulatory
requirements at 116% at end-December 2017.
The Group's risk-weighted assets (RWA) amounted to EUR 353.3
billion at December 31st, 2017
(vs.
EUR 355.5 billion at end-December 2016). Risk-weighted assets in
respect of credit risk represent 82.0% of the total, at EUR 289.5
billion, down -1.6% vs. December 31st, 2016.
At December 31st, 2017,
the Group's fully-loaded Common Equity Tier 1
ratio stood at 11.4%(3) (11.5% at
end-December 2016), down 13 basis points vs. end-December 2016. The
Tier 1 ratio stood at 14.3% at end-December 2017 (14.5% at
end-December 2016) and the total capital ratio amounted to
17.6%.
With a level of 21.4% of RWA and
6.6% of leveraged exposure at end-December 2017, the Group's TLAC
ratio is already above the FSB's requirements for 2019.
The leverage
ratio stood at 4.3% at December 31st, 2017 (4.2%
at end-December 2016, 4.2% at end-June 2017).
Concerning the implementation of
IFRS 9, the anticipated impact of first-time adoption on January
1st, 2018 is
around 15 basis points on the CET1 ratio.
Concerning the finalisation of
Basel III, and following the December agreement, a number of items
still need to be clarified. At this stage, the Group believes that
the impact of this agreement is likely to be an increase of around
EUR 38 billion in risk-weighted assets in respect of credit and
operational risks, based on the balance sheet and income statement
at December 31st, 2016. This
estimate does not take account of the impact on market risks
(FRTB), whose calibration is currently under review, or the effect
of adjustment measures and procedures for transposition into
European law. The Group believes that there will be no output floor
impact before 2027.
The Group is rated by the rating
agencies DBRS (long-term rating: "A (high)" with a stable outlook;
short-term rating: "R-1(middle)" and long-term Critical Obligations
Rating of "AA" and short-term Critical Obligations Rating of
"R-1(high)"), FitchRatings (long-term senior unsecured preferred
rating raised on September 28th 2017 to "A+"
with a stable outlook; short-term rating: "F1" and long-term
Derivative Counterparty Rating at "A(dcr)"), Moody's (long-term
deposit and senior unsecured ratings: "A2" with a stable outlook;
short-term rating: "P-1" and long-term Counterparty Risk Assessment
of "A1" and short-term Counterparty Risk Assessment of "P-1"),
Standard & Poor's (long-term rating: "A" with a stable outlook;
short-term rating: "A-1" and long-term Counterparty Risk Assessment
of "A" and short-term Counterparty Risk Assessment of "A-1"),
R&I (long-term rating: "A" with a stable outlook).
(1) EUR 54.36
according to new methodology. See: Methodology
(2) Amount restated in relation to the financial
statements published in 2016, following the modification of the
presentation of options premiums payable and
receivable
(3) The phased-in ratio stood at 11.6% at
end-December 2017, vs. 11.8% at end-December 2016.
-
FRENCH RETAIL BANKING
In EUR m |
Q4 17 |
Q4 16 |
Change |
2017 |
2016 |
Change |
Net banking income |
2,084 |
2,177 |
-4.3% |
8,131 |
8,403 |
-3.2% |
Net banking income excl. PEL/CEL |
2,069 |
2,090 |
-1.0% |
8,099 |
8,343 |
-2.9% |
Operating expenses |
(1,882) |
(1,411) |
+33.4% |
(6,108) |
(5,522) |
+10.6% |
Gross operating income |
202 |
766 |
-73.6% |
2,023 |
2,881 |
-29.8% |
Gross operating income excl. PEL/CEL |
187 |
679 |
-72.4% |
1,991 |
2,821 |
-29.4% |
Net cost of
risk |
(184) |
(182) |
+1.1% |
(567) |
(704) |
-19.5% |
Operating
income |
18 |
584 |
-96.9% |
1,456 |
2,177 |
-33.1% |
Reported Group net income |
22 |
402 |
-94.5% |
1,010 |
1,486 |
-32.0% |
RONE |
0.8% |
14.8% |
|
9.1% |
14.0% |
|
Underlying RONE (1) |
11.8% |
12.2% |
|
12.5% |
13.6% |
|
(1) Adjusted for
IFRIC 21, PEL/CEL provision, adjustment of hedging costs in Q3 17,
the exceptional expense in respect of the acceleration in the
transformation of the French networks and the "Echange Image
Chèque" fine in Q4 17.
2017 was marked by a persistently low interest rate environment and
by the acceleration in the transformation of the French networks.
Against this backdrop, French Retail Banking maintained a healthy
commercial momentum and a satisfactory level of profitability.
Activity and net
banking income
French Retail Banking's three brands, Societe Generale, Crédit du
Nord and Boursorama, continued their commercial expansion,
particularly for their growth drivers.
In the business segment, French
Retail Banking entered into relationships with approximately 4,500
new companies in 2017 (+1.0% vs. 2016), thanks to various
initiatives, in particular SG Entrepreneurs, which aims to offer a
comprehensive range of products and services to entrepreneurs.
In the professional client
segment, onboarding remains dynamic (1.4% increase in 2017). As
part of the rollout of the new "Pro Corners" ("Espaces Pro") model nationwide, Societe Generale
already opened three new "XL Pro Corners" in 2017 in order to offer
its professional clients greater proximity and more expertise. It
plans to open six in 2018.
At the same time, there has been a
particular focus on mass affluent and wealthy clients (the number
of clients increased by +4.7% in 2017 for the Societe Generale and
Crédit du Nord networks).
Finally, Boursorama saw the number
of its customers increase by 30% vs. 2016 to 1.3 million customers
at end-2017, strengthening its position as the leading online bank
in France.
In a low interest rate
environment, the Group decided to be selective in terms of
origination in order to protect the level of margins and its risk
appetite.
French Retail Banking's housing
loan production enjoyed robust growth in 2017 (+21% to EUR 22.0
billion), while home loan outstandings increased by +2.2% (to EUR
94.8 billion). Corporate investment loan production was up +18%
year-on-year (at EUR 11.2 billion), reflecting the healthy economic
environment and the dynamism of the teams. Average investment loan
outstandings rose +1.8% vs. 2016.
Overall, average loan outstandings
increased by +1.4% vs. 2016, to EUR 185.8 billion.
Average outstanding balance sheet
deposits came to EUR 195.3 billion in 2017. They were up +6.6%,
driven by sight deposits (+16.1%), particularly in the business
segment. As a result, the average loan/deposit ratio stood at 95%
in 2017 (vs. 100% on average in 2016).
Retail Banking's growth drivers
enjoyed a healthy momentum, thereby boosting the contribution of
fee-generating activities.
Assets under management for
Private Banking in France were up +5.5% in 2017 (at EUR 62.2
billion), while average life insurance outstandings were up +2.0%
(at EUR 92.0 billion), with an increase in the proportion of
unit-linked products to 22% (+3 points vs. 2016).
Net banking income (after
neutralising the impact of PEL/CEL provisions) amounted to EUR
2,069 million in Q4 17, down -1.0%, due primarily to the
contraction in net interest income.
Net interest income was down -4.6%
in Q4 17, penalised by the negative interest rate environment on
the re-investment of deposits and mortgage renegotiation trends.
Note, however, further confirmation of the normalisation of the
renegotiation trend.
Conversely, commissions were up
+4.1% reflecting the gradual transformation of the business model
and the increased momentum of growth drivers. Commissions
represented around 44% of income in 2017 (excluding the impact of
adjustments in hedging costs in Q3 17) vs. 40% in 2014.
Still buoyant brokerage and life
insurance activities, particularly for unit-linked contracts,
resulted in a sharp rise in financial commissions (+27.3% in Q4 17
and +21.3% in 2017). The increase also reflects Antarius'
contribution, after the Group acquired total control of the
company. Service commissions were stable (-2.0% in Q4 17 and stable
in 2017) especially for business customers.
Net banking income (after
neutralising the impact of PEL/CEL provisions) came to
EUR 8,099 million in 2017, down -2.9% (-1.9% excluding the
adjustment of hedging costs recorded in Q3 17), in accordance with
expectations.
For 2018, the Group expects the
full-year revenues of French Retail Banking to stabilise.
Operating
expenses
At end-November 2017, the Group announced a new plan for the
reorganisation of the French Retail Banking networks. This will
lead to around 900 job cuts in addition to the 2,550 already
announced at the beginning of 2016, taking the total number to
around 3,450 by 2020. This reorganisation, together with the
accelerated overhaul of certain compliance systems, resulted in the
Group booking an exceptional expense of EUR -390 million in the Q4
17 accounts.
Operating expenses for Q4 17
include an exceptional item relating to the booking of a charge
following the judgment of the Paris Court of Appeal of December
21st, 2017
confirming the fine related to the litigation on the
dematerialisation of cheque processing, amounting to EUR -60
million.
French Retail Banking's operating
expenses totalled EUR -1,882 million. When restated for exceptional
items, they rose +1.5% vs. Q4 16, in line with the acceleration of
digital transformation investments and the development of growth
drivers.
Operating expenses increased by
+2.5%, excluding exceptional items, in 2017. On this same basis,
the cost to income ratio stood at 69.1% in 2017. As part of its
transformation plan, the Group closed more than 100 branches in
France in 2017.
Operating
income
The net cost of risk was slightly higher (+1.1%) in Q4 17 than in
Q4 16. The net cost of risk decreased by
-19.5% in 2017 vs. 2016 and amounted to 30 basis points.
Operating income totalled EUR 18
million in Q4 17 (EUR 584 million in Q4 16) and EUR 1,456 million
in 2017 (EUR 2,177 million in 2016).
Contribution to
Group net income
French Retail Banking's contribution to Group net income amounted
to EUR 22 million in Q4 17
(EUR 402 million in Q4 16) and EUR 1,010 million in 2017 (EUR 1,486
million in 2016).
The pillar reported resilient
profitability against a backdrop of low interest rates and
transformation: when restated for exceptional items, the
linearisation of the IFRIC 21 charge and the PEL/CEL provision,
RONE was 11.8% in Q4 17 (vs. 12.2% in Q4 16) and 12.5% in 2017
(13.6% in 2016).
4. INTERNATIONAL
RETAIL BANKING & FINANCIAL SERVICES
The pillar's net banking income
totalled EUR 8,070 million in 2017, up +6.6% vs. 2016, driven by a
healthy commercial momentum in all regions and businesses.
Operating expenses remained under control and amounted to EUR
-4,474 million (+4.7%) over the same period, resulting in a cost to
income ratio of 55.4% in 2017. Gross operating income
totalled EUR 3,596 million (+9.0%) in 2017. There was a significant
improvement in the net cost of risk to EUR -400 million in 2017
(down -48.7%), following the improvement in the macroeconomic
environment, risk management efforts, and an insurance payout
received in respect of Romania. Overall, the pillar made a
contribution to Group net income of EUR 1,975 million in 2017,
substantially higher than in 2016 (+21.1%), on the back of another
record contribution from Europe and Africa, the ongoing recovery in
Russia, as well as the good performances of the Insurance business
and Financial Services to Corporates.
Net banking income amounted to EUR
2,095 million in Q4 17 (+7.9% vs. Q4 16). Gross operating income
was EUR 927 million (+6.6%) and the contribution to Group net
income came to EUR 474 million, up +8.2% vs. Q4 16.
The pillar reported an increase in
profitability, with underlying RONE of 16.5% in Q4 17 (vs. 15.3% in
Q4 16) and 17.7% in 2017 (15.2% in 2016).
In EUR m |
Q4 17 |
Q4 16 |
Change |
2017 |
2016 |
Change |
Net banking income |
2,095 |
1,941 |
+7.9% |
+8.3%* |
8,070 |
7,572 |
+6.6% |
+6.2%* |
Operating expenses |
(1,168) |
(1,071) |
+9.1% |
+10.7%* |
(4,474) |
(4,273) |
+4.7% |
+4.6%* |
Gross operating income |
927 |
870 |
+6.6% |
+5.2%* |
3,596 |
3,299 |
+9.0% |
+8.3%* |
Net cost of
risk |
(119) |
(169) |
-29.6% |
-26.4%* |
(400) |
(779) |
-48.7% |
-51.6%* |
Operating
income |
808 |
701 |
+15.3% |
+12.9%* |
3,196 |
2,520 |
+26.8% |
+26.9%* |
Net profits
or losses from other assets |
3 |
(1) |
n/s |
n/s |
36 |
58 |
-37.9% |
-41.7%* |
Reported Group net income |
474 |
438 |
+8.2% |
+11.9%* |
1,975 |
1,631 |
+21.1% |
+24.8%* |
RONE |
17.1% |
15.9% |
|
|
17.7% |
15.2% |
|
|
Underlying RONE(1) |
16.5% |
15.3% |
|
|
17.7% |
15.2% |
|
|
(1) Adjusted for IFRIC 21
implementation
International
Retail Banking
At end-December 2017, International Retail Banking's outstanding
loans had risen +5.6% (+9.0%*) vs. Q4 16, to EUR 88.6 billion; the
increase was particularly strong in Western Europe and Africa.
Deposit inflow remained high in virtually all the international
operations; outstanding deposits totalled
EUR 79.8 billion at end-December 2017, up +6.1% (+10.4%*)
year-on-year.
International Retail Banking
revenues were 5.2% higher (+7.1%*) than in 2016 at EUR 5,264
million, whereas operating expenses were up +4.3% (+5.4%*) at EUR
-3,154 million. Gross operating income came to EUR 2,110 million,
up +6.7% (+9.7%*) vs. 2016. International Retail Banking's
contribution to Group net income amounted to EUR 1,032 million in
2017 (+39.3% vs. 2016), due to a better performance both in Europe
and Africa, as well as a much improved situation in Russia.
In Q4 17, International Retail
Banking's revenues totalled EUR 1,371 million, gross operating
income was EUR 575 million and the contribution to Group net income
came to EUR 283 million, up +33.5% (+37.8%*) vs. Q4 16.
In Western Europe, outstanding
loans were up +15.3% vs. Q4 16, at EUR 18.2 billion; car financing
remained particularly buoyant over the period. Revenues
totalled EUR 762 million in 2017, up +10.0% vs. 2016, whereas
operating expenses increased by only +1.6%. As a result,
gross operating income rose +19.3% in 2017. The contribution to
Group net income came to EUR 199 million, up +29.2% vs. 2016.
In the Czech Republic, the Group
delivered a solid commercial performance in 2017. Outstanding loans
rose +9.0% (+3.0%*), driven by home loans and consumer loans.
Outstanding deposits climbed +14.8% (+8.5%*) year-on-year. Despite
this positive volume effect, revenues were slightly lower in 2017
when adjusted for changes in Group structure and at constant
exchange rates (-1.2%*) and amounted to EUR 1,046 million (+1.5% in
absolute terms), given the persistent low interest rate
environment. Over the same period, operating expenses were up
+3.7%* (+6.5% in absolute terms) at EUR -576 million, due to an
increase in payroll costs in a full employment environment. The
contribution to Group net income benefited from an exceptionally
low net cost of risk, on account of net provision write-backs, and
therefore amounted to
EUR 243 million, up +15.7% vs. 2016.
In Romania, the franchise expanded
in a buoyant economic environment but in a highly competitive
banking sector, with outstanding loans growing +3.7% (+6.4%*) and
deposits rising +2.0% (+4.7%*) vs. Q4 16. Outstanding loans
totalled EUR 6.5 billion, primarily on the back of the growth in
the individual customer segment. Deposits totalled EUR 9.5 billion.
In this context, net banking income rose +3.6% (+5.4%*). Operating
expenses were up +4.7% (+6.5%*), given the investments in the
network's transformation. Concerning the net cost of risk, 2017 was
marked by provision write-backs, mainly on account of insurance
payouts received over the period. As a result, in Romania, the
Group's contribution to Group net income was EUR 128 million; it
was EUR 55 million in 2016.
In other European countries,
outstanding loans were down -9.4% and deposits were down -16.9% vs.
Q4 16, due to the disposal of Splitska Banka. When adjusted for
changes in Group structure and at constant exchange rates,
outstanding loans and outstanding deposits were up +9.2%* and
+6.7%* respectively. In 2017, revenues increased by +5.7%* when
adjusted for changes in Group structure and at constant exchange
rates (-14.2% in absolute terms), whereas operating expenses saw a
limited increase of +1.1%*
(-15.8% in absolute terms), as a result of the cost control in all
countries in the region. The contribution to Group net income came
to EUR 104 million (vs. EUR 132 million in 2016), with the increase
in the contribution to Group net income when adjusted for changes
in Group structure and at constant exchange rates amounting to
+13.7%*.
In Russia, activity in the
individual customer segment continued to expand against the
backdrop of a stabilisation in the economic environment.
Outstanding loans were up +3.2% (+12.4%*) vs. Q4 16, driven both by
corporate loans (+16%*) and loans to individual customers (+10%*).
Outstanding deposits were substantially higher (+30.0%, +42.7%*),
both for individual and business customers, contributing to the
improvement in the financing cost for the Group's entities in
Russia. Net banking income for SG Russia(1) increased
significantly in 2017 (+21.7%, given the currency effect, and
+8.1%*). Operating expenses were higher (+19.0%; +5.7%*) and the
net cost of risk was substantially lower at EUR -54 million (-68.6%
vs. 2016). Overall, SG Russia made a positive contribution to Group
net income of EUR 121 million; it was
EUR 8 million in 2016.
In Africa and other regions where
the Group operates, outstanding loans rose +4.7% (+10.4%* vs.
Q4 16) to EUR 20.1 billion, driven mainly by Africa. Outstanding
deposits were up +1.4% (+6.9%*) at
EUR 19.5 billion. Net banking income came to EUR 1,521 million in
2017, an increase vs. 2016 (+8.0%; +11.2%*). Over the same period,
operating expenses rose +7.0% (+10.0%*), in conjunction with the
Group's commercial development. The contribution to Group net
income came to EUR 270 million in 2017, up +21.1% vs. 2016.
Insurance
The life insurance savings business saw outstandings increase by
+2.3%* in 2017, and by +16.1% including Antarius' life insurance
outstandings. The business also benefited from a stronger trend
towards unit-linked products, with the share of unit-linked
products in outstandings up +3 points vs.
Q4 16 at 26%.
There was further growth in
Personal Protection insurance (premiums up +9.4% vs. 2016).
Likewise, Property/Casualty insurance continued to grow (premiums
up +9.4% vs. 2016), with substantial growth internationally (+20%
vs. 2016), driven by home insurance.
The Insurance business turned in a
good financial performance in 2017, with net banking income up
+12.0% at EUR 989 million (+6.6%*), and a still low cost to income
ratio (37.5%). The contribution to Group net income increased by
+10.3% to EUR 406 million in 2017; it was EUR 110 million in Q4 17,
representing an increase of +13.4% vs. Q4 16.
Financial
Services to Corporates
Financial Services to Corporates maintained its commercial momentum
in 2017.
Operational Vehicle Leasing and
Fleet Management experienced another substantial increase in its
vehicle fleet in Q4 17. The vehicle fleet was up +9.8% in 2017 and
exceeded the threshold of 1.5 million vehicles, mainly through
organic growth.
The company continued to
consolidate its leadership position in the mobility market. In the
individual customer segment, the fleet now amounts to 78,000
contracts, up by more than 40%. Moreover, ALD has developed an
innovative offering resulting in the creation of new modes of car
use.
Equipment Finance enjoyed a good
level of new business in 2017, with an increase of +7.0% (+7.6%*)
vs. 2016. Outstanding loans were up +3.8% (+6.5%*) vs. Q4 16, at
EUR 17.1 billion (excluding factoring), in a highly competitive
environment adversely affecting new business margins.
Financial Services to Corporates'
net banking income rose +7.5% to EUR 1,802 million in
2017
(+3.5%*). Operating expenses were higher over the period at EUR
-905 million (+9.7%, +5.4%*), due to operating and technological
investments related to the development of activities. The
contribution to Group net income was stable at EUR 579 million
(+0.2%, despite the reduction of ALD's contribution following its
stock market floatation), and up +7.2%* when adjusted for changes
in Group structure and at constant exchange rates.
In Q4 17, Financial Services to
Corporates' revenues totalled EUR 468 million (+3.1%, -3.3%*,
vs.
Q4 16) and operating expenses came to EUR -242 million (+7.6%,
+3.8%* vs. Q4 16). The contribution to Group net income was EUR 120
million in Q4 17, vs. EUR 145 million in Q4 16.
-
GLOBAL BANKING & INVESTOR SOLUTIONS
In EUR m |
Q4 17 |
Q4 16 |
Change |
2017 |
2016 |
Change |
Net banking income |
2,117 |
2,225 |
-4.9% |
-1.7%* |
8,887 |
9,309 |
-4.5% |
-2.9%* |
Operating expenses |
(1,679) |
(1,751) |
-4.1% |
-0.7%* |
(6,895) |
(6,887) |
+0.1% |
+1.8%* |
Gross operating income |
438 |
474 |
-7.6% |
-5.2%* |
1,992 |
2,422 |
-17.8% |
-16.2%* |
Net cost of
risk |
34 |
14 |
n/s |
n/s |
18 |
(268) |
n/s |
n/s |
Operating
income |
472 |
488 |
-3.3% |
-0.9%* |
2,010 |
2,154 |
-6.7% |
-5.0%* |
Reported Group net income |
368 |
432 |
-14.8% |
-13.2%* |
1,566 |
1,803 |
-13.1% |
-11.7%* |
RONE |
10.5% |
11.8% |
|
|
10.8% |
11.9% |
|
|
Underlying RONE(1) |
8.7% |
11.7% |
|
|
10.9% |
10.8% |
|
|
(1) Adjusted for IFRIC 21
implementation, DVA, refund of the Euribor fine in Q1 16 and RMBS
litigation in Q4 16
The pillar's net banking income
totalled EUR 8,887 million in 2017, down -4.5% vs. 2016, which
benefited from a good level of activity in a more favourable
environment, especially in Global Markets.
Global Banking & Investor
Solutions posted net banking income of EUR 2,117 million in Q4 17,
down -4.9% vs. Q4 16 (EUR 2,225 million) but substantially higher
than in Q3 16 (+8.3%).
Global Markets
& Investor Services
In a market characterised by historically low volatility, Global Markets & Investor Services' net banking
income proved resilient at EUR 5,679 million in 2017 (-4.3% vs.
2016), confirming the agility of the business model and the success
of the transformation carried out. In this respect, the business'
expertise was recognised again in 2017, with the titles of "Equity
Derivatives House of the Year" and "Interest Rate Derivatives House
of the Year" presented by Risk Awards.
Net banking income amounted to EUR
1,345 million in Q4 17, down -2.5% vs. Q4 16 (+1.3% excluding
currency effect). In line with Q3, world markets continued on their
global upward trend, but investor appetite remained limited in a
low volatility environment. These challenging market conditions
were accentuated by an unfavourable comparison base, with Q4 2016
having benefited from more buoyant client activity following the
results of the US elections.
At EUR 2,374 million, the net
banking income of Fixed Income, Currencies & Commodities was down
-7.1% in 2017 vs. 2016. At EUR 515 million in Q4 17, net banking
income was down -6.5% vs. Q4 16. The decline in volatility which
began early in the year continued, leading to reduced investor
activity. In this environment, structured products remained
dynamic, confirming the successful expansion of our cross asset
structured products franchise. Flow product revenues rebounded from
the particularly low level in Q3 17, but remained lower than in Q4
16, with low volatility having particularly impacted Rate and Forex
activities.
Equities' net
banking income was EUR 1,971 million in 2017 (-6.1% vs. 2016). In
Q4 17, net banking income amounted to EUR 501 million, down -1.6%
vs. Q4 16 but with a pronounced rebound of +40% vs.
Q3 17. In an environment of still historically low volatility,
structured products picked up, driven by excellent commercial
activity, especially in Europe and North America. Flow product
activity in Q4 17 also experienced a sharp rebound across all
products, particularly on flow derivatives and listed products,
driven by Asia.
Prime
Services' net banking income totalled EUR 641 million in 2017
(+3.2% vs. 2016) and EUR 150 million in Q4 17 (+0.7% vs. Q4 16).
The business continued to proactively develop its franchises and
grow its client base.
Securities
Services' assets under custody amounted to EUR 3,904 billion at
end-2017, down -1.3% year-on-year. Over the same period, assets
under administration were up +8.1% at EUR 651 billion. Revenues
were up +5.0% in 2017 vs. 2016 at EUR 693 million, reflecting an
increase in commissions and the healthy state of financial income.
Securities Services' revenues were up +4.7% in Q4 17 vs. Q4 16. The
business posted another increase in commissions in Q4 17, in
conjunction with substantial commercial success, particularly on
fund distribution activity, and benefited from a less unfavourable
rate environment.
Financing &
Advisory
Financing & Advisory's revenues totalled
EUR 2,220 million in 2017, down -6.4% vs. the high level in 2016.
Net banking income came to EUR 527 million in Q4 17, down -10.7%
vs. Q4 16 (but only -8.4% at constant exchange rates). Financing
activities enjoyed higher revenues, driven by a healthy commercial
momentum and good level of new business, particularly in the
Natural Resources division. The securitisation business maintained
its healthy momentum and saw its revenues increase each quarter.
These good results are more than offset by still challenging market
conditions, which adversely affected the commodity derivatives
franchise whose revenues decreased significantly compared to Q4 16,
in line with the first nine months of 2017, and corporate hedging
activities.
Asset and Wealth
Management
The net banking income of the Asset and Wealth
Management business line totalled EUR 988 million
in 2017 (-1.3% vs. 2016), in a low interest
rate environment that particularly impacted Private Banking
activities. Net banking income amounted to EUR 245 million in Q4 17
(-3.9% vs. Q4 16).
Private
Banking's assets under management amounted to EUR 118 billion
at end-December 2017, up +1.8% year-on-year. Net banking income was
down -4.8% in 2017 vs. 2016, at EUR 777 million. Revenues were down
-9.6% vs. Q4 16, at EUR 188 million, with a margin of 98bp in
Q4 17. Good commercial activity, particularly on structured
products, partially offset the negative effects of the low interest
rate environment and lower brokerage commissions in Q4 17.
Lyxor's
assets under management came to EUR 112 billion at end-December
2017 (+5.7% vs. end-December 2016), representing a new high for the
business. Growth originated from still strong commercial gains on
ETFs. Lyxor's market share amounted to 10.1% on ETFs in Europe
(source ETFGI). Net banking income amounted to EUR 190 million in
2017 (+18.0% vs. 2016). In Q4 17, net banking income came
to
EUR 50 million (+13.6% vs. Q4 16), driven by an excellent
commercial momentum across all the businesses.
Operating
expenses
Global Banking & Investor Solutions' operating expenses were
stable at +0.1% vs. 2016 which benefited from the partial refund of
the Euribor fine in Q1 16. When restated for this effect and the
RMBS litigation in Q4 16, operating expenses were down -2.3% vs.
2016, reflecting cost control efforts implemented via the 2015-2017
transformation plan. They more than offset the increase in
regulatory constraints. Operating expenses were down -4.1% in Q4 17
vs. Q4 16. The cost to income ratio stood at 77.6% in 2017.
Operating
income
Gross operating income came to EUR 1,992 million in 2017 (down
-17.8% vs. 2016) and EUR 438 million in Q4 17 (down -7.6% vs. Q4
16).
The net cost of risk remained at a
very low level for the fifth consecutive quarter, with a net
write-back of EUR +34 million in Q4 17. There was a EUR 18 million
write-back in the net cost of risk in 2017 (EUR -268 million in
2016). The pillar's operating income totalled EUR 2,010 million in
2017 (down -6.7% vs. 2016) and EUR 472 million in Q4 17 (down -3.3%
vs. Q4 16).
Net
income
The pillar's contribution to Group net income came to EUR 1,566
million in 2017 and EUR 368 million in
Q4 17 (-14.8% vs. Q4 16). The pillar's RONE amounted to 10.8% for
2017.
-
CORPORATE CENTRE
In EUR m |
Q4 17 |
Q4 16 |
2017 |
2016 |
Net banking income |
27 |
(214) |
(1,134) |
14 |
Net banking income(1) |
(66) |
(164) |
(1,081) |
368 |
Operating expenses |
(295) |
(165) |
(361) |
(135) |
Gross
operating income |
(268) |
(379) |
(1,495) |
(121) |
Gross operating income(1) |
(361) |
(329) |
(1,442) |
233 |
Net cost of
risk |
(200) |
(149) |
(400) |
(340) |
Net profits
or losses from other assets |
(43) |
(256) |
236 |
(282) |
Reported Group net income |
(795) |
(882) |
(1,745) |
(1,046) |
Group net income(1) |
(859) |
(849) |
(1,706) |
(814) |
-
Adjusted for revaluation of own financial
liabilities
The Corporate Centre includes:
-
the property management of the Group's head
office,
-
the Group's equity portfolio,
-
the Treasury function for the Group,
-
certain costs related to cross-functional
projects and certain costs incurred by the Group and not
re-invoiced to the businesses.
The Corporate Centre's net banking
income totalled EUR 27 million in Q4 17 (EUR -214 million in Q4
16), and EUR -66 million excluding the revaluation of the Group's
own financial liabilities (EUR -164 million in
Q4 16). The Corporate Centre's net banking income totalled EUR
-1,134 million in 2017 (EUR 14 million in 2016), and EUR -1,081
million excluding the revaluation of the Group's own financial
liabilities (EUR 368 million in 2016).
Operating expenses include the
expense related to a tax rectification proposal following the tax
control by the French authorities regarding various operating
taxes, amounting to EUR -145 million.
Gross operating income was EUR
-268 million in Q4 17 vs. EUR -379 million in Q4 16. When restated
for the revaluation of own financial liabilities, gross operating
income amounted to EUR -361 million in Q4 17 (vs. EUR -329 million
in Q4 16). When restated for these non-economic items and
exceptional items of previous quarters in 2017 and 2016, gross
operating income came to EUR -334 million in 2017 vs. EUR -492
million in 2016. For full-year 2018, the Group is expecting gross
operating income of around EUR -400 million, excluding non-economic
and exceptional items, for the Corporate Centre.
In Q4 17, the net cost of risk
amounted to EUR -200 million, corresponding to an additional
allocation to the provision for disputes. This takes the total of
this provision to EUR 2.32 billion at December 31st,
2017.
The Corporate Centre's
contribution to Group net income was EUR -795 million in Q4 17 (EUR
-1,745 million in 2017), vs. EUR -882 million in Q4 16 (EUR -1,046
million in 2016). When restated for the impact of the revaluation
of own financial liabilities, the Corporate Centre's contribution
to Group net income was
EUR -859 million in Q4 17 (EUR -1,706 million in 2017) vs. EUR -849
million in Q4 16
(EUR -814 million in 2016).
The contribution to Group net
income in Q4 17 includes two exceptional items recorded as a tax
expense:
- the effect of the tax reform in
the United States, amounting to EUR -253 million
- the overall net effect of tax changes in France, amounting to EUR
-163 million
-
OTHER INFORMATION
ITEM
With regard to the tax treatment
of the loss caused by the actions of Jérôme Kerviel, Societe
Generale considers that the judgment of the Versailles Court of
Appeal of September 23rd, 2016 is not
likely to call into question its validity in view of the 2011
opinion of the "Conseil d'État" (French Council of State) and its
established case law which was recently confirmed again in this
regard. Consequently, Societe Generale considers there is no need
to provision the corresponding deferred tax assets.
However, as indicated by the
Minister of the Economy and Finance in September 2016, the tax
authorities have examined the tax consequences of this book loss
and recently confirmed that they intended to call into question the
deductibility of the loss caused by the actions of Jérôme Kerviel,
amounting to EUR 4.9 billion. This tax rectification proposal has
no immediate effect and will possibly have to be confirmed by a tax
adjustment notice sent by the tax authorities when Societe Generale
is in a position to deduct the tax loss carryforwards arising from
the loss from its taxable income. Such a situation will not occur
for several years according to the bank's forecasts. In the event
that the authorities decide, in due course, to confirm their
current position, the Societe Generale Group will not fail to
assert its rights before the competent
courts.
-
CONCLUSION
Societe Generale generated Group
net income of EUR 2,806 million in 2017, impacted by exceptional
items. The Group's underlying net income demonstrates the healthy
momentum of all the businesses, with an increase of 8.4% to EUR
4,491 million.
Against a backdrop of still low
interest rates, French Retail Banking experienced a healthy
commercial momentum, particularly for its core customers. Moreover,
the Group announced the acceleration in the transformation of its
networks, in order to move towards a balanced business model
combining human expertise and digital in accordance with changes in
customer expectations.
International Retail Banking &
Financial Services posted a record contribution, with a strong
performance in all International Retail Banking's geographical
regions as well as in Financial Services to Corporates and in
Insurance.
In Global Banking & Investor
Solutions, our core franchises continued to deliver resilient
results, while continuing to win market share.
This performance was achieved
while maintaining rigorous control of costs, with investments in
line with the transformation and growth of the businesses, and the
success of the 2015-2017 cost savings plan
(EUR 1.21 billion of savings).
In line with the announcement on
November 28th, 2017, the
Group will propose a dividend payment of
EUR 2.20 per share to the General Meeting of Shareholders.
With a more agile organisation,
the Group is starting 2018 with confidence. 2018 will enable it to
embark on a new phase of its strategic plan "Transform to Grow", in
order to deliver higher, profitable and sustainable growth for its
employees, customers and shareholders.
9. 2018
FINANCIAL CALENDAR
2018 Financial communication
calendar
May 4th,
2018
First quarter 2018 results
May 23rd,
2018
General Meeting of Shareholders
August 2nd,
2018
Second quarter and first half 2018 results
November 8th,
2018 Third quarter
2018 results
February 7th,
2019
Fourth quarter and FY 2018 results
The Alternative Performance Measures, notably the notions
of net banking income for the pillars, operating expenses, IFRIC 21
adjustment, (commercial) cost of risk in basis points, ROE, RONE,
net assets, tangible net assets, EPS excluding non-economic items,
and the amounts serving as a basis for the different restatements
carried out (in particular the transition from accounting data to
underlying data) are presented in the methodology notes, as are the
principles for the presentation of prudential ratios.
This document contains forward-looking statements relating to the
targets and strategies of the Societe Generale Group.
These forward-looking statements are based on a series of
assumptions, both general and specific, in particular the
application of accounting principles and methods in accordance with
IFRS (International Financial Reporting Standards) as adopted in
the European Union, as well as the application of existing
prudential regulations.
These forward-looking statements have also been developed from
scenarios based on a number of economic assumptions in the context
of a given competitive and regulatory environment. The Group may be
unable to:
- anticipate all the risks, uncertainties or other factors likely
to affect its business and to appraise their potential
consequences;
- evaluate the extent to which the occurrence of a risk or a
combination of risks could cause actual results to differ
materially from those provided in this document and the related
presentation.
Therefore, although Societe Generale believes that these statements
are based on reasonable assumptions, these forward-looking
statements are subject to numerous risks and uncertainties,
including matters not yet known to it or its management or not
currently considered material, and there can be no assurance that
anticipated events will occur or that the objectives set out will
actually be achieved. Important factors that could cause actual
results to differ materially from the results anticipated in the
forward-looking statements include, among others, overall trends in
general economic activity and in Societe Generale's markets in
particular, regulatory and prudential changes, and the success of
Societe Generale's strategic, operating and financial
initiatives.
More detailed information on the potential risks that could affect
Societe Generale's financial results can be found in the
Registration Document filed with the French Autorité des Marchés
Financiers.
Investors are advised to take into account factors of uncertainty
and risk likely to impact the operations of the Group when
considering the information contained in such forward-looking
statements. Other than as required by applicable law, Societe
Generale does not undertake any obligation to update or revise any
forward-looking information or statements. Unless otherwise
specified, the sources for the business rankings and market
positions are internal.
|
-
APPENDIX 1: FINANCIAL DATA
CONSOLIDATED
INCOME STATEMENT
|
2017 |
2016 |
Change |
|
Q4 17 |
Q4 16 |
Change |
|
In M
EUR |
|
|
|
|
|
|
|
|
Net banking income |
23,954 |
25,298 |
-5.3% |
-5.1%* |
6,323 |
6,129 |
+3.2% |
+4.3%* |
Operating expenses |
(17,838) |
(16,817) |
+6.1% |
+6.8%* |
(5,024) |
(4,398) |
+14.2% |
+16.1%* |
Gross operating income |
6,116 |
8,481 |
-27.9% |
-28.4%* |
1,299 |
1,731 |
-25.0% |
-26.2%* |
Net cost of risk |
(1,349) |
(2,091) |
-35.5% |
-36.4%* |
(469) |
(486) |
-3.5% |
-1.7%* |
Operating income |
4,767 |
6,390 |
-25.4% |
-25.8%* |
830 |
1,245 |
-33.3% |
-36.0%* |
Net profits or losses from other assets |
278 |
(212) |
n/s |
n/s |
(39) |
(262) |
+85.1% |
+85.1%* |
Net income from companies accounted for by the equity
method |
92 |
129 |
-28.7% |
-4.9%* |
6 |
28 |
-78.6% |
-26.5%* |
Impairment losses on goodwill |
1 |
0 |
n/s |
n/s |
0 |
0 |
n/s |
n/s |
Income tax |
(1,708) |
(1,969) |
-13.3% |
-14.0%* |
(558) |
(508) |
+9.8% |
+5.2%* |
Net income |
3,430 |
4,338 |
-20.9% |
-20.6%* |
239 |
503 |
-52.5% |
-54.3%* |
O.w. non-controlling interests |
624 |
464 |
+34.5% |
+22.3%* |
170 |
113 |
+50.4% |
+27.7%* |
Group net income |
2,806 |
3,874 |
-27.6% |
-25.8%* |
69 |
390 |
-82.3% |
-82.8%* |
Tier 1 ratio at the end of period |
13.8% |
14.5% |
|
|
13.8% |
14.5% |
|
|
* When adjusted
for changes in Group structure and at constant exchange
rates
GROUP NET INCOME
AFTER TAX BY CORE BUSINESS
|
|
|
|
|
|
|
In M EUR |
2017 |
2016 |
Change |
Q4 17 |
Q4 16 |
Change |
French Retail Banking |
1,010 |
1,486 |
-32.0% |
22 |
402 |
-94.5% |
International Retail Banking and Financial
Services |
1,975 |
1,631 |
+21.1% |
474 |
438 |
+8.2% |
Global Banking and Investor Solutions |
1,566 |
1,803 |
-13.1% |
368 |
432 |
-14.8% |
Core Businesses |
4,551 |
4,920 |
-7.5% |
864 |
1,272 |
-32.1% |
Corporate Centre |
(1,745) |
(1,046) |
-66.8% |
(795) |
(882) |
+9.9% |
Group |
2,806 |
3,874 |
-27.6% |
69 |
390 |
-82.3% |
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET
Assets - in EUR
bn |
31.12.2017 |
31.12.2016 |
Cash, due from central
banks |
114.4 |
96.2 |
Financial assets at fair value
through profit and loss(1) |
419.7 |
500.2 |
Hedging derivatives |
13.6 |
18.1 |
Available-for-sale financial
assets |
140.0 |
139.4 |
Due from banks |
60.9 |
59.5 |
Customer loans |
425.2 |
426.5 |
Revaluation differences on
portfolios hedged against interest rate risk |
0.7 |
1.1 |
Held-to-maturity financial
assets |
3.6 |
3.9 |
Tax assets |
6.0 |
6.4 |
Other assets(1) |
60.6 |
71.4 |
Non-current assets held for
sale |
0.0 |
4.3 |
Investments in subsidiaries
and affiliates accounted for by equity method |
0.7 |
1.1 |
Tangible and intangible fixed
assets |
24.8 |
21.8 |
Goodwill |
5.0 |
4.5 |
Total |
1,275.1 |
1,354.4 |
Liabilities - in EUR
bn |
31.12.2017 |
31.12.2016 |
Due to central banks |
5.6 |
5.2 |
Financial liabilities at fair
value through profit and loss(1) |
368.7 |
440.1 |
Hedging derivatives |
6.8 |
9.6 |
Due to banks |
88.6 |
82.6 |
Customer deposits |
410.6 |
421.0 |
Debt securities issued |
103.2 |
102.2 |
Revaluation differences on
portfolios hedged against interest rate risk |
6.0 |
8.5 |
Tax liabilities |
1.7 |
1.4 |
Other liabilities(1) |
69.1 |
81.9 |
Non-current liabilities held
for sale |
0.0 |
3.6 |
Underwriting reserves of
insurance companies |
131.0 |
112.8 |
Provisions |
6.1 |
5.7 |
Subordinated debt |
13.6 |
14.1 |
Shareholders' equity, Group
share |
59.4 |
62.0 |
Non-controlling Interests |
4.7 |
3.8 |
Total |
1,275.1 |
1,354.4 |
NB. Customer loans include lease
financing.
(1) Amount restated in relation to
the financial statements published in 2016, following the
modification of the presentation of options premiums payable and
receivable
-
APPENDIX 2: METHODOLOGY
1 - The Group's
consolidated results as at December 31st, 2017 were examined by the
Board of Directors on February 7th, 2018.
The financial information
presented in respect of the fourth quarter and the year ended
December 31st, 2017 has
been prepared in accordance with IFRS as adopted in the European
Union and applicable at that date. The audit procedures carried out
by the Statutory Auditors on the consolidated financial statements
are in progress.
2 - Net banking income
The pillars' net banking income is
defined on page 44 of Societe Generale's 2017 Registration
Document. The terms "Revenues" or "Net Banking Income" are used
interchangeably. They provide a normalised measure of each pillar's
net banking income taking into account the normative capital
mobilised for its activity.
3 - Operating
expenses
Operating
expenses correspond to the "Operating Expenses" as presented in
notes 5 and 8.2 to the Group's consolidated financial statements as
at December 31st, 2016 (pages
381 et seq. and page 401 of Societe Generale's 2017 Registration
Document). The term "costs" is also used to refer to Operating
Expenses.
The Cost/Income
Ratio is defined on page 44 of Societe Generale's 2017
Registration Document.
4 - IFRIC 21
adjustment
The IFRIC 21
adjustment corrects the result of the charges recognised in the
accounts in their entirety when they are due (generating event) so
as to recognise only the portion relating to the current quarter,
i.e. a quarter of the total. It consists in smoothing the charge
recognised accordingly over the financial year in order to provide
a more economic idea of the costs actually attributable to the
activity over the period analysed.
5 - Restatements
and other significant items for the period - Transition from
accounting data to underlying data
Non-economic
items correspond to the revaluation of the Group's own
financial liabilities and the debt value adjustment on derivative
instruments (DVA). These two factors constitute the restated
non-economic items in the analyses of the Group's results. They
lead to the recognition of self-generated earnings reflecting the
market's evaluation of the counterparty risk related to the Group.
They are also restated in respect of the Group's earnings for
prudential ratio calculations.
Moreover, the Group restates the
revenues and earnings of the French Retail Banking pillar for
PEL/CEL provision allocations or write-backs.
This adjustment makes it easier to identify the revenues and
earnings relating to the pillar's activity, by excluding the
volatile component related to commitments specific to regulated
savings.
Details of these items, as well as
the other items that are the subject of a one-off or recurring
restatement (exceptional items), are provided
below, given that, in the table below, the items marked with one
asterisk (*) are the non-economic items and the items marked with
two asterisks (**) are the exceptional items.
The reconciliation enabling the
transfer from accounting data to underlying data is set out
below:
In EUR m |
Q4 17 |
Q4 16 |
Change |
|
2017 |
2016 |
Change |
|
Net Banking Income |
6,323 |
6,129 |
+3.2% |
|
23,954 |
25,298 |
-5.3% |
|
Reevaluation of own financial
liabilities* |
93 |
(50) |
|
|
(53) |
(354) |
|
Corporate Centre |
DVA* |
2 |
2 |
|
|
(4) |
(1) |
|
Group |
Visa disposal** |
|
|
|
|
|
725 |
|
Corporate Centre |
Adjustment of hedging costs*** |
|
|
|
|
(88) |
|
|
French Retail Banking |
LIA settlement** |
|
|
|
|
(963) |
|
|
Corporate Centre |
|
|
|
|
|
|
|
|
|
Underlying Net Banking Income |
6,228 |
6,177 |
+0.8% |
|
25,062 |
24,928 |
+0.5% |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
(5,024) |
(4,398) |
+14.2% |
|
(17,838) |
(16,817) |
+6.1% |
|
IFRIC 21 |
157 |
95 |
|
|
|
|
|
|
Adaptation of French retail
network** |
(390) |
|
|
|
(390) |
|
|
French Retail Banking |
French tax audit / EIC** |
(205) |
|
|
|
(205) |
|
|
French Retail Banking/Corporate Centre |
Euribor fine** |
|
|
|
|
|
218 |
|
Global Banking and Investor Solutions |
RMBS litigation** |
|
(47) |
|
|
|
(47) |
|
Global Banking and Investor Solutions |
Underlying Operating expenses |
(4,586) |
(4,446) |
+3.1% |
|
(17,243) |
(16,988) |
+1.5% |
|
|
|
|
|
|
|
|
|
|
Net cost of risk |
(469) |
(486) |
-3.5% |
|
(1,349) |
(2,091) |
-35.5% |
|
Provision for disputes** |
(200) |
(150) |
|
|
(800) |
(350) |
|
Corporate Centre |
LIA settlement** |
|
|
|
|
400 |
|
|
Corporate Centre |
Underlying Net cost of risk |
(269) |
(336) |
-19.9% |
|
(949) |
(1,741) |
-45.5% |
|
|
|
|
|
|
|
|
|
|
Net profit or losses from other
assets |
(39) |
(262) |
n/s |
|
278 |
(212) |
n/s |
|
Change in consolidation method of
Antarius** |
|
|
|
|
203 |
|
|
Corporate Centre |
SG Fortune disposal** |
|
|
|
|
73 |
|
|
Corporate Centre |
Splitska Banka disposal** |
|
(235) |
|
|
|
(235) |
|
Corporate Centre |
Underlying Net profits or losses from
other assets |
(39) |
(27) |
n/s |
|
2 |
23 |
|
|
|
|
|
|
|
|
|
|
|
Group net income |
69 |
390 |
-82.3% |
|
2,806 |
3,874 |
-27.6% |
|
Effect in Group net income of exceptional
and non-economic items and IFRIC 21*** |
(808) |
(766) |
|
|
(1,685) |
(271) |
|
|
Underlying Group net income |
877 |
1,156 |
-24.1% |
|
4,491 |
4,145 |
+8.4% |
|
|
*
Non-economic items |
|
|
**
Exceptional items |
|
|
*** Including
effect of changes in the tax laws in France and the United
States |
|
6 - Cost of risk
in basis points, coverage ratio for doubtful outstandings
The cost of risk or commercial
cost of risk is defined on pages 46 and 528 of Societe Generale's
2017 Registration Document. This indicator makes it possible to
assess the level of risk of each of the pillars as a percentage of
balance sheet loan commitments, including operating leases.
|
(In EUR M) |
Q4 17 |
Q4 16 |
2017 |
2016 |
French Retail Banking |
Net
Cost of Risk |
178 |
184 |
567 |
679 |
Gross
loan outstandings |
194,122 |
187,465 |
191,826 |
188,049 |
Cost of Risk in bp |
37 |
39 |
30 |
36 |
International Retail Banking |
Net
Cost of Risk |
109 |
161 |
366 |
763 |
Gross
loan outstandings |
128,015 |
122,550 |
125,956 |
118,880 |
Cost of Risk in bp |
34 |
53 |
29 |
64 |
Global Banking and Investor
Solutions |
Net
Cost of Risk |
(31) |
12 |
(16) |
292 |
Gross
loan outstandings |
135,494 |
154,064 |
145,361 |
148,223 |
Cost of Risk in bp |
(9) |
3 |
(1) |
20 |
Societe Generale Group |
Net
Cost of Risk |
256 |
356 |
918 |
1,723 |
Gross
loan outstandings |
465,288 |
470,124 |
470,976 |
465,733 |
Cost of Risk in bp |
22 |
30 |
19 |
37 |
The gross
coverage ratio for doubtful outstandings is calculated as the
ratio of provisions recognised in respect of the credit risk to
gross outstandings identified as in default within the meaning of
the regulations, without taking account of any guarantees provided.
This coverage ratio measures the maximum residual risk associated
with outstandings in default ("doubtful").
7 - ROE, RONE,
ROTE
The notion of ROE, as well as the
methodology for calculating it, are specified on page 47 of Societe
Generale's 2017 Registration Document. This measure makes it
possible to assess Societe Generale's return on equity.
RONE (Return on
Normative Equity) determines the return on average normative
equity allocated to the Group's businesses, according to the
principles presented on page 47 of Societe Generale's Registration
Document.
The notion of ROTE, as well as the
methodology used to calculate it, is specified on page 47 of
Societe Generale's Registration Document. This measure is used to
determine the return on Societe Generale's tangible capital. The
figures contained in this release for 2017, 2016 and 2015 have been
calculated using a new methodology. According to this new
methodology, the Group's ROTE is therefore calculated on the basis
of tangible capital i.e. excluding cumulative average book capital
(Group share), average net goodwill in the assets, underlying
average goodwill relating to shareholdings in companies accounted
for by the equity method and net intangible assets.
Calculation of
the Group's ROE (Return on Equity) and ROTE (Return on Tangible
Equity)
Details of the corrections made to
book equity in order to calculate ROE and ROTE for the period are
given in the table below:
End of period |
2017 |
2016 |
2015 |
Shareholders' equity Group share |
59,373 |
61,953 |
59,037 |
Deeply
subordinated notes |
(8,520) |
(10,663) |
(9,552) |
Undated
subordinated notes |
(269) |
(297) |
(366) |
Interest net of tax payable to holders of deeply
subordinated notes & undated subordinated notes, interest paid
to holders of deeply subordinated notes & undated subordinated
notes, issue premium amortisations |
(165) |
(171) |
(146) |
Unrealised gains/losses booked under shareholders' equity,
excluding conversion reserves |
(1,031) |
(1,273) |
(1,582) |
Dividend
provision |
(1,762) |
(1,759) |
(1,593) |
ROE equity |
47,626 |
47,790 |
45,798 |
Average ROE equity |
48,087 |
46,531 |
44,889 |
Average
Goodwill |
(4,924) |
(4,693) |
(5,077) |
Average
Intangible Assets |
(1,831) |
(1,630) |
(1,616) |
Average ROTE Equity (New methodology) |
41,332 |
40,207 |
38,196 |
Symmetrically, Group net income
used for the ROE numerator is book Group net income adjusted for
"interest, net of tax payable to holders of deeply subordinated
notes and undated subordinated notes, interest paid to holders of
deeply subordinated notes and undated subordinated notes, issue
premium amortisations" and "unrealised gains/losses booked under
shareholders' equity, excluding conversion reserves" (see
methodology note No. 9).
RONE calculation:
Average capital allocated to Core Businesses (in EURm)
|
Q4 17 |
Q4 16 |
2017 |
2016 |
French Retail Banking |
11,263 |
10,854 |
11,081 |
10,620 |
International Retail Banking and Financial
Services |
11,057 |
10,992 |
11,165 |
10,717 |
Global Banking and Investor Solutions |
14,014 |
14,697 |
14,442 |
15,181 |
8 - Net assets
and tangible net assets are defined in the methodology, page 49
of the Group's 2017 Registration Document ("Net Assets"). The
methodology used to calculate tangible net assets has been modified
as the new methodology excludes intangible assets.
End of period |
2017 |
2016 |
2015 |
Shareholders' equity Group share |
59,373 |
61,953 |
59,037 |
Deeply
subordinated notes |
(8,520) |
(10,663) |
(9,552) |
Undated
subordinated notes |
(269) |
(297) |
(366) |
Interest
net of tax payable to holders of deeply subordinated notes &
undated subordinated notes, interest paid to holders of deeply
subordinated notes & undated subordinated notes, issue premium
amortisations |
(165) |
(171) |
(146) |
Bookvalue
of own shares in trading portfolio |
223 |
75 |
125 |
Net Asset Value |
50,642 |
50,897 |
49,098 |
Goodwill |
(5,154) |
(4,709) |
(4,533) |
Net Tangible Asset Value |
45,487 |
46,188 |
44,565 |
Intangible Assets |
(1,940) |
(1,717) |
(1,622) |
Net Tangible Asset Value (New Methodology) |
43,547 |
44,471 |
42,943 |
Number of shares used to calculate NAPS** and Net Tangible
Asset Value** |
801,067 |
799,462 |
796,726 |
|
|
|
|
NAPS** (in EUR) |
63.2 |
63.7 |
61.6 |
Net Tangible Asset Value per share (EUR) |
56.8 |
57.8 |
55.9 |
Net Tangible Asset Value per share (EUR)
(New Methodology) |
54.4 |
55.6 |
53.9 |
** The number of
shares considered is the number of ordinary shares outstanding as
at December 31st, 2017, excluding treasury
shares and buybacks, but including the trading shares held by the
Group.
In accordance with IAS 33, historical data per
share prior to the date of detachment of a preferential
subscription right are restated by the adjustment coefficient for
the transaction.
9 - Calculation
of Earnings Per Share (EPS)
The EPS published by Societe
Generale is calculated according to the rules defined by the IAS 33
standard (see page 48 of Societe Generale's 2017 Registration
Document). The corrections made to Group net income in order to
calculate EPS correspond to the restatements carried out for the
calculation of ROE. As specified on page 48 of Societe Generale's
2017 Registration Document, the Group also publishes EPS adjusted
for the impact of non-economic items presented in methodology note
No. 5. For indicative purpose, the Group also publishes EPS
adjusted for the impact of non-economic and exceptional items
(Underlying EPS).
The number of shares used for the
calculation is as follows:
Average number of shares (thousands) |
2017 |
2016 |
2015 |
Existing shares |
807,754 |
807,293 |
805,950 |
Deductions |
|
|
|
Shares
allocated to cover stock option plans and free shares awarded to
staff |
4,961 |
4,294 |
3,896 |
Other own
shares and treasury shares |
2,198 |
4,232 |
9,551 |
Number of shares used to calculate EPS** |
800,596 |
798,768 |
792,503 |
Group net income |
2,806 |
3,874 |
4 ,001 |
Interest,
net of tax on deeply subordinated notes and undated subordinated
notes |
(466) |
(472) |
(442) |
Capital
gain net of tax on partial buybacks |
0 |
0 |
0 |
Adjusted Group net income |
2,340 |
3,402 |
3,559 |
EPS (in EUR) |
2.92 |
4.26 |
4.49 |
EPS* (in EUR) |
2.98 |
4.55 |
3.94 |
Underlying EPS* (in EUR) |
5.03 |
4.60 |
4.51 |
** The number of
shares considered is the number of ordinary shares outstanding at
December 31st, 2017,
excluding treasury shares and buybacks, but including the trading
shares held by the Group.
* Excluding revaluation of own financial
liabilities and DVA.
Underlying EPS: excluding
non-economic and exceptional items, see methodology notes.
10 - The Societe Generale Group's Common
Equity Tier 1 capital is calculated in accordance with
applicable CRR/CRD4 rules. The fully-loaded solvency ratios are presented pro forma for current
earnings, net of dividends, for the current financial year, unless
specified otherwise. When there is reference to phased-in ratios,
these do not include the earnings for the current financial year,
unless specified otherwise. The leverage ratio is calculated
according to applicable CRR/CRD4 rules including the provisions of
the delegated act of October 2014.
NB (1) The
sum of values contained in the tables and analyses may differ
slightly from the total reported due to rounding rules.
(2) All the
information on the results for the period (notably: press release,
downloadable data, presentation slides and supplement) is available
on Societe Generale's website www.societegenerale.com in the
"Investor" section.
Societe
Generale
Societe Generale is one of the
largest European financial services groups. Based on a diversified
and integrated banking model, the Group combines financial solidity
with a strategy of sustainable growth, and aims to be the reference
for relationship banking, recognised on its markets, close to
clients, chosen for the quality and commitment of its teams.
Societe Generale has been playing
a vital role in the economy for 150 years. With more than 145,000
employees, based in 66 countries, we serve on a daily basis 31
million clients throughout the world. Societe Generale's teams
offer advice and services to individual, corporate and
institutional customers in three core businesses:
-
Retail banking in France
with the Societe Generale branch network, Credit du Nord and
Boursorama, offering a comprehensive range of multi-channel
financial services at the leading edge of digital innovation;
-
International retail banking,
insurance and financial services to corporates with a presence
in developing economies and leading specialised businesses;
-
Corporate and investment
banking, private banking, asset management and securities
services, with recognised expertise, top international rankings
and integrated solutions.
Societe Generale is currently
included in the main sustainability indices: DJSI (World and
Europe), FSTE4Good (World and Europe), Euronext Vigeo (World,
Europe and Eurozone), Ethibel Sustainability Index (ESI) Excellence
Europe, 4 of the STOXX ESG Leaders Indices, MSCI Low Carbon Leaders
Index.
For more
information, you can follow us on twitter@societegenerale or visit our website
www.societegenerale.com
-
SG Russia encompasses
the entities Rosbank, Delta Credit Bank, Rusfinance Bank, Societe
Generale Insurance, ALD Automotive and their consolidated
subsidiaries
Societe Generale : Q4 and full year
2017 results
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Société Générale via Globenewswire
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