Groupama è indubbiamente uno degli emittenti che più ha attirato la nostra attenzione nelle settimane passate. Ci siamo anche posti delle domande sulla solidità finanziaria della società, alla luce di quanto compare nei bilanci di metà anno. In particolare, ci si è chiesti perché la società pubblichi i dati su base sia “consolidated” che “combined”, e sul significato di queste basi.
Non essendo riuscito ad avere risposte soddisfacenti dalla lettura dei documenti, la settimana scorsa ho scritto all’IR. La risposta (fulminea…) è quella che potete leggere qui sotto.
Il file che allego è quello inviatomi dall’IR, e illustra graficamente il rapporto tra “consolidated” e “combined”.
Un solo commento: la lettura del bilancio di una società assicurativa (per la quale non ho alcuna preparazione specifica) è, a mio avviso, cosa parecchio complessa. Tuttavia, nulla compare nei documenti ufficiali che giustifichi un particolare pessimismo, anche se, come noto, la posizione finanziaria di Groupama non è paragonabile a quella di Axa o di altri gruppi assicurativi europei.
Gentlemen,
I am a private investor, heavily invested in your subordinated bonds. I am writing also on behalf of a group of private investors equally involved in the same asset class.
We would much appreciate a clarification concerning the half-year reports Groupama published on august 31st. In fact your company simultaneously published two reports: the "Half year financial report", with the consolidated financial information, and the "Combined financial statements".
At page 16 of the latter report, it is explained that:
"The consolidated financial statements of Groupama SA include the outward reinsurance by the regional mutuals and the business of the subsidiaries"
while
"The combined fiscal statements relate to the Groupama Group, which is composed of all the local mutuals, the regional mutuals, Groupama SA and its subsidiaries".
Despite this explanation, we fail to understand the substantial difference between the Shareholder's Equity value in the Combined Balance Sheet (7158 mlns, page 6) vs the Consolidated Balance Sheet (4289 mlns, page 19). "Other reserves" and "Share capital" appear to be the main reasons for the difference. Similarly, we do not understand the substantial difference, on the Assets side, between the "Insurance activities investments" (and especially the "Financial investments-excluding unit-linked items") values on the two reports.
We would really appreciate receiving your explanation, that we are sure would confirm that, regardless of the present delicate financial context, we have been right in putting our trust (and our money) in Groupama.
Sincerely yours,
XXXXXXX
Dear Mr. XXXXXX,
Thank you for your questions and interest in Groupama.
Please find enclosed a chart that would help you understand the company's
financials:
(See attached file: Groupama_organisational_chart.pdf)
There are 2 perimeters:
- the consolidated perimeter (in blue) which comprises Groupama SA and its
French and international subsidiaries (banking and insurance subsidiaries)
- the combined perimeter (in orange) which is the whole group, including
the Regional Mutals.
Groupama SA is dedicated to be the listed vehicle.
Apart from the capitalistic link between the 2 perimeters, there is also a
business link since Groupama SA is the reinsurer of the Regional Mutuals
and consequently captures ca. 40% of the RMs' revenues. Should you need
more details regarding Groupama SA's governance, please refer to the
Registration Document (part 3).
That being established, to apprehend the group's finanical strength and
solvency, the combined perimeter is the most relevant. That's the reason
why we are communicating on a group's solvency margin, which stood at 130%
at end June 2011.
Best regards,
Yvette Baudron
Groupama S.A.
Direction Finance et Risques
Communication Financière & Relations Investisseurs
8-10, rue d'Astorg - 75383 Paris Cedex 08
Tél : +33 (0)1 44 56 72 53
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