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Parent Bank Financial Statements and Reports

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Parent Bank Financial Statements and Reports 253 Parent Bank financial statements and reports PARENT BANK RECLASSIFIED FINANCIAL STATEMENTS PARENT BANK REPORT ON OPERATIONS PROPOSAL FOR THE APPROVAL OF THE FINANCIAL STATEMENTS AND ALLOCATION OF NET INCOME FOR THE YEAR REPORT OF THE BOARD OF STATUTORY AUDITORS INDEPENDENT AUDITORS’ REPORT PARENT BANK FINANCIAL STATEMENTS ATTACHMENTS 255 Parent Bank reclassified financial statements PARENT BANK RECLASSIFIED STATEMENT OF INCOME PARENT BANK RECLASSIFIED BALANCE SHEET Parent Bank financial statements 257 Parent Bank reclassified statement of income 2003 2002 Change 2002 pro forma (1) 2003 / 2002 (€/mil) (€/mil) pro forma (%) (€/mil) NET INTEREST INCOME 1,849 1,829 +1.1 2,103 Net commissions and other net dealing revenues 1,467 1,322 +11.0 1,512 Profits and losses from financial transactions and dividends on shares 89 55 +61.8 62 Dividends from shareholdings 832 628 +32.5 700 NET INTEREST AND OTHER BANKING INCOME 4,237 3,834 +10.5 4,377 Administrative costs -2,723 -2,713 +0.4 -2,866 - personnel -1,665 -1,655 +0.6 -1,823 - other administrative costs -918 -914 +0.4 -885 - indirect duties and taxes -140 -144 -2.8 -158 Other operating income, net 375 390 -3.8 252 Adjustments to tangible and intangible fixed assets -339 -352 -3.7 -330 OPERATING INCOME 1,550 1,159 +33.7 1,433 Adjustments to goodwill and merger differences -115 -148 -22.3 -185 Provisions and net adjustments to loans and financial fixed assets -579 -710 -18.5 -748 - provisions for risks and charges -117 -143 -18.2 -151 - net adjustments to loans and provisions for guarantees and commitments -401 -229 +75.1 -260 - net adjustments to financial fixed assets -61 -338 -82.0 -337 INCOME BEFORE EXTRAORDINARY ITEMS 856 301 +184.4 500 Net extraordinary income/expense 233 425 -45.2 316 INCOME BEFORE TAXES 1,089 726 +50.0 816 Income taxes for the period -265 -203 +30.5 -410 Change in reserve for general banking risks - - n.s. 358 NET INCOME 824 523 +57.6 764 (1) The criteria for the preparation of the pro forma reclassified accounts are detailed in the Explanatory Notes. The pro forma statement of income for 2002 is unaudited. Parent Bank financial statements 259 Parent Bank reclassified balance sheet 31/12/2003 31/12/2002 Change 31/12/2002 pro forma (1) 31/12/03-31/12/02 (€/mil) (€/mil) pro forma (%) (€/mil) ASSETS Cash and deposits with central banks and post offices 741 835 -11.3 986 Loans 91,368 86,155 +6.1 97,110 - due from banks 27,385 20,512 +33.5 20,951 - loans to customers 63,983 65,643 -2.5 76,159 Dealing securities 8,816 11,950 -26.2 12,658 Fixed assets 14,820 13,690 +8.3 13,381 - investment securities 2,458 2,033 +20.9 2,039 - equity investments 10,291 9,344 +10.1 8,313 - intangible fixed assets 797 829 -3.9 1,613 - tangible fixed assets 1,274 1,484 -14.2 1,416 Other assets 9,235 8,921 +3.5 10,872 Total assets 124,980 121,551 +2.8 135,007 LIABILITIES Payables 97,470 94,750 +2.9 106,233 - due to banks 37,800 37,143 +1.8 31,020 - due to customers and securities issued 59,670 57,607 +3.6 75,213 Provisions 2,490 2,512 -0.9 3,115 - for taxation 660 790 -16.5 1,038 - for termination indemnities 529 512 +3.3 687 - for risks and charges 1,301 1,169 +11.3 1,349 - for pensions and similar - 41 n.s. 41 Other liabilities 8,787 7,934 +10.8 9,613 Subordinated liabilities 5,887 6,090 -3.3 6,090 Shareholders’ equity 10,346 10,265 +0.8 9,956 - capital 5,144 5,144 - 5,144 - reserves 4,378 4,164 +5.1 4,048 - net income 824 523 +57.6 764 - adjustment for alignment with net income - 434 n.s. - Total liabilities 124,980 121,551 +2.8 135,007 GUARANTEES AND COMMITMENTS Guarantees given 29,298 29,383 -0.3 30,142 Commitments 14,057 13,359 +5.2 14,181 (1) The criteria for the preparation of the pro forma reclassified accounts are detailed in the Explanatory Notes. The pro forma balance sheet for 2002 is unaudited. 261 Parent Bank Report on Operations PARENT BANK RESULTS OPERATING VOLUMES AND ORGANIZATION CAPITAL AND RESERVES SUPPLEMENTARY INFORMATION DEVELOPMENTS AFTER THE END OF THE YEAR Parent Bank Report on Operations – Parent Bank results 263 Parent Bank results Net interest income The net interest income for 2003 was 1,849 million euro, In 2003, the Bank’s income results registered a growth up 1.1% compared with 2002 thanks to the stable spread, compared with the previous year, from March in a context despite the continuing weakness of the market rates, and of recovering financial markets and from the end of the to the recomposition of the assets of deposits in favor of first half thanks to a gradual improvement in the econom- less costly sight deposits. ic situation. During the year the spread related to short-term transac- The positive trend of revenues and the substantial stability tions with customers increased, benefiting from the of costs generated an operating income of 1,550 million increase in the mark up, favored by the stability of the rates euro, up 33.7% compared with 2002 pro forma. negotiated and the maximum overdraft commission appli- cation mechanism, which more than offset the decline in Net income reached 824 million euro, up 57.6% owing to the mark down. fewer provisions and adjustments which more than offset the reduction in net extraordinary income. Net interest and other banking income To allow a consistent comparison of the 2003 results, a pro forma balance sheet for 2002 was prepared, taking Net interest and other banking income came to 4,237 mil- account of: lion euro, with a growth of 10.5% compared with 2002. • the merger by incorporation of Cardine Finanziaria, legally effective as of 31 December 2003 and effective Net commissions amounted to 1,467 million euro, regis- for accounting and tax purposes as of 1 January 2003; tering an increase of 11% on an annual basis. The positive • the spin off of the branches operating in Southern regions evolution of the aggregate favored by the gradual recovery of mainland Italy, to Sanpaolo Banco di Napoli, in two of the financial markets, can be seen in all sectors. tranches: the first, effective as of 1 July 2003, regarded Compared to the previous year collection and payment more than 600 operating points of the former Banco di (+32.7%), deposits and current accounts (+19.4%) and Napoli; the second, effective as of 29 September 2003, loans and guarantees (+18.6%) sectors show remarkably involved about 130 SANPAOLO IMI operating points; higher growth rates. Asset management, dealing and advi- • the transfer of the company branch of the public works sory, up 9.2%, has benefited from the positive trend of of the former Banco di Napoli to Banca OPI, with effect commissions related to asset management (+10.8%), from 1 January 2003; mainly attributable to the insurance sector. • the transfer of the tax collection sector of the former Banco di Napoli to Esaban (now GEST Line), with effect Profits from financial transactions and dividends on shares from 1 October 2002. presented a considerable increase, climbing from 55 mil- lion euro in 2002 to 89 million in 2003 (+61.8%). This The criteria observed for the preparation of the pro forma result was influenced positively by income from dealing statement are illustrated in the Explanatory Notes. activities in derivatives (about 40 million euro), and the Net interest income 2003 2002 Change 2002 pro forma 2003 / 2002 (€/mil) (€/mil) pro forma (%) (€/mil) Interest income and similar revenues 4,159 4,922 -15.5 5,364 Interest expense and similar charges -2,310 -3,093 -25.3 -3,261 Net interest income 1,849 1,829 +1.1 2,103 264 Parent Bank Report on Operations – Parent Bank results favorable trend of dealings in own shares. On the contrary Operating income the Parmalat shares in portfolio suffered writedowns of 9 million euro. Operating income amounted to 1,550 million euro, regis- tering a 33.7% increase compared with 2002. Dividends from shareholdings were 832 million euro, growing 32.5% compared with 2002. This movement is The structural cost containment actions taken as of 2001 the result of the net influence of the increase of dividends allowed the Bank to strictly control the trend of adminis- from subsidiaries and the drop in those from other com- trative costs, which reached 2,723 million euro, growing panies. slightly (+0.4%) compared with 2002. Net interest and other banking income 2003 2002 Change 2002 pro forma 2003 / 2002 (€/mil) (€/mil) pro forma (%) (€/mil) Net interest income 1,849 1,829 +1.1 2,103 Net commissions and other net dealing revenues 1,467 1,322 +11.0 1,512 - management, dealing and advisory services 774 709 +9.2 779 - asset management 688 621 +10.8 679 - brokerage and custody of securities and currencies 86 88 -2.3 100 - loans and guarantees 217 183 +18.6 199 - collection and payment services 146 110 +32.7 165 - deposits and current accounts 302 253 +19.4 301 - other services and net dealing revenues 28 67 -58.2 68 Profits and losses from financial transactions and dividends on shares 89 55 +61.8 62 Dividends from shareholdings 832 628 +32.5 700 Net interest and other banking income 4,237 3,834 +10.5 4,377 Operating income 2003 2002 Change 2002 pro forma 2003 / 2002 (€/mil) (€/mil) pro forma (%) (€/mil) Net interest and other banking income 4,237 3,834 +10.5 4,377 Operating costs -2,687 -2,675 +0.4 -2,944 - administrative costs -2,723 -2,713 +0.4 -2,866 - personnel -1,665 -1,655 +0.6 -1,823 - other administrative costs -918 -914 +0.4 -885 - indirect duties and taxes -140 -144 -2.8 -158 - other operating income, net 375 390 -3.8 252 - adjustments to tangible fixed assets -177 -194 -8.8 -189 - adjustments to intangible fixed assets -162 -158 +2.5 -141 Operating income 1,550 1,159 +33.7 1,433 Parent Bank Report on Operations – Parent Bank results 265 Personnel costs, equal to 1,665 million euro, showed a Amortization of tangible and intangible fixed assets came moderate increase of 0.6%.
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