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Report and Parent Company's Financial Statements

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Report and Parent Company's Financial Statements Report and Parent Company’s financial statements Report on operations 471 Intesa Sanpaolo – Financial highlights and alternative performance measures Income statement figures (millions of euro) Changes amount % Net interest income 2,181 316 16.9 1,865 2,514 Net fee and commission income 190 8.2 2,324 Profits (losses) on trading 218 -443 -67.0 661 Operating income 7,307 280 4.0 7,027 Operating costs -3,715 106 2.9 -3,609 Operating margin 3,592 174 5.1 3,418 -1,684 Net adjustments to loans -1,022 -37.8 -2,706 Net income (loss) 1,213 5,087 -3,874 Balance sheet figures (millions of euro) Changes amount % 168,631 Loans to customers -5,435 -3.1 174,066 220,836 Direct customer deposits -4,903 -2.2 225,739 156,729 Indirect customer deposits: 146,919 9,810 6.7 90,576 of which: Assets under management 74,678 15,898 21.3 400,750 Total assets 1,548 0.4 399,202 40,382 Shareholders' equity 619 1.6 39,763 Operating structure 2014 2013 Changes amount Number of employees 27,991 27,351 640 Italy 27,468 26,831 637 Abroad 523 520 3 Number of branches 1,956 1,889 67 Italy 1,942 1,876 66 Abroad 14 13 1 Figures restated on a consistent basis. 2014 2013 472 472 Profitability ratios (%) Cost / Income 50.8 51.4 2.9 Net income / Average shareholders' equity (ROE) (a) n.m. 0.3 Net income / Total assets (ROA) -1.0 Risk ratios (%) 3.2 Net doubtful loans / Loans to customers 2.3 Cumulated adjustments on doubtful loans / 63.3 Gross doubtful loans to customers 62.7 Capital ratios (%) (b) Common Equity Tier 1 capital (CET1) net of regulatory adjustments/Risk- 20.8 weighted assets (Common Equity Tier 1 capital ratio) TIER 1 Capital / Risk-weighted assets 21.9 Total owns funds / Risk-weighted assets 26.8 181,288 Risk-weighted assets (millions of euro) - Figures restated on a consistent basis. (a) Ratio between net income and average of share capital, share premium reserve, reserves and valuation reserves. (b) Values as at 31.12.2014 are determined using the methodology envisaged by the Basel 3 Capital Accord. Reference should be made to the 2013 financial statements for the values as at 31 December 2013, which were determined using the methodology envisaged by the Basel 2 Capital Accord. 2014 2013 473 473 The Parent Company Intesa Sanpaolo Introduction The Intesa Sanpaolo S.p.A. separate financial statements 2014 show the same issues as the consolidated financial statements, which have been illustrated in the Consolidated Report on Operations and reflects the same solutions and, as far as applies, the same effects. General aspects The reclassified income statement and balance sheet of the Parent Company, Intesa Sanpaolo, at and for the year ended 31 December 2014 are presented below. In the interest of a homogeneous comparison, the comparative figures from 2013 have been restated, by adjusting the historical figures as appropriate to retroactively reflect the effects of the corporate operations in 2014. Specifically, restatements in the income statement 2013 involved: ─ the merger of Centrofactoring into Mediofactoring on 31 December 2013, with retroactive accounting and tax effects from 1 January 2013; ─ the merger of Mediofactoring into Intesa Sanpaolo on 1 July 2014, with accounting and tax effects from 1 January 2014 and concurrent contribution of the factoring segment to Mediocredito Italiano; ─ the merger of Banca Credito Sardo and Cassa di Risparmio di Venezia, with legal effect from 10 November 2014 and retroactive accounting and tax effects from 1 January 2014; ─ the merger of Intesa Previdenza SIM, finalised on 1 December 2014, with retroactive accounting and tax effects from 1 January 2014; ─ the contribution to Banca Prossima of the non-profit business line on 24 November 2014. Given its immateriality to the overall results, the merger of Adriano Finance 2 into Intesa Sanpaolo was not taken into account. 474 474 Intesa Sanpaolo Financial Statements– Report on operations – The results for Intesa Sanpaolo Reclassified income statement (millions of euro) 2014 2013 Changes amount % Net interest income 2,181 1,865 316 16.9 Dividends 2,277 1,930 347 18.0 Net fee and commission income 2,514 2,324 190 8.2 Profits (Losses) on trading 218 661 -443 -67.0 Other operating income (expenses) 117 247 -130 -52.6 Operating income 7,307 7,027 280 4.0 Personnel expenses -1,992 -1,884 108 5.7 Other administrative expenses -1,594 -1,588 6 0.4 Adjustments to property, equipment and intangibles assets -129 -137 -8 -5.8 Operating costs -3,715 -3,609 106 2.9 Operating margin 3,592 3,418 174 5.1 Net provisions for risks and charges -96 -116 -20 -17.2 Net adjustments to loans -1,684 -2,706 -1,022 -37.8 Net impairment losses on other assets -169 -196 -27 -13.8 Profits (Losses) on investments held to maturity and on other investments 393 1,558 -1,165 -74.8 Income (Loss) before tax from continuing operations 2,036 1,958 78 4.0 Taxes on income from continuing operations -289 236 -525 Charges (net of tax) for integration and exit incentives -61 -39 22 56.4 Effect of purchase price allocation (net of tax) -16 -58 -42 -72.4 Impairment (net of tax) of goodwill, other intangible assets and controlling interests -457 -5,971 -5,514 -92.3 Income (Loss) after tax from discontinued operations - - - - Net income (loss) 1,213 -3,874 5,087 Figures restated on a consistent basis. Intesa Sanpaolo's 2014 income statement closed with net income of 1,213 million euro, as opposed to the net loss of 3,874 million euro in the previous year, essentially deriving from the recognition of considerable impairment of intangible assets with indefinite life and of investments in subsidiaries subject to revaluation following the merger between Banca Intesa and Sanpaolo IMI, in application of IFRS 3. The operating margin amounted to 3,592 million euro, up 5.1% compared to the previous year. Income was driven by greater contributions from net interest income and net fee and commission income, in addition to the dividends distributed by the subsidiaries, partially offset by the decrease in profits on trading and other operating income. Operating costs also increased moderately, primarily attributable to personnel expenses. Income before tax from continuing operations was up 4%, due to lower net adjustments to loans (-37.8%) and net impairment losses on other assets (-13.8%), partially offset by the decline in profits on investments held to maturity and on other investments. Analysing the various components of operating income in further detail, net interest income amounted to 2,181 million euro, up 16.9%. Considering the mitigating effects of hedging derivatives, customer dealing declined (-307 million euro), as did the contribution by financial instruments classified to the AFS category (-185 million euro), offset by a significant decrease in the costs of both gross interbank indebtedness (505 million euro) and funding represented by securities (276 million euro). Hedging derivatives provided a positive contribution of 614 million euro, down 45% on 2013. The dividends distributed by subsidiaries increased by 347 million euro. The main increases related to Intesa Sanpaolo Vita, Banca Fideuram, Eurizon Capital SGR, Cassa di Risparmio in Bologna and Intesa Sanpaolo Holding International. Net fee and commission income amounted to 2,514 million euro, up 8.2% from 2,324 million euro in the previous year. The increase related to management, dealing and consultancy (+210 million euro or +21.4%), particularly the placement of securities (+108 million euro) and the distribution of insurance products (+61 million euro), and, to a lesser extent, the placement of the Group’s credit products (+25 million euro) and portfolio management (+25 million euro), as well as to commercial banking activities (+86 million euro or +9.8%), primarily on guarantees given and collection and payment services. On the other hand, other net fee and commission income fell (-106 million or -23.2%), primarily on structured financing transactions (-39 million euro) and credit derivatives (-37 million euro). Profits on trading amounted to 218 million euro at the end of 2014, compared to 661 million euro in 2013. However, the figure in 2013 was affected by disposal of interests of nearly 160 million euro, classified as assets available for sale, in Prada and Assicurazioni Generali, as well as by the repurchase of own securities of nearly 150 million euro. The positive result for the year was driven by profits on disposal of securities classified as available for sale and financial liabilities, including the dividends 475 475 Intesa Sanpaolo Financial Statements– Report on operations – The results for Intesa Sanpaolo collected, of a total of 291 million euro, of which 205 million euro on the disposal of debt securities, essentially government securities, 8 million on the disposal of equities and 133 million euro of dividends, of which 119 million euro related to the stake in the Bank of Italy. The aggregate also includes losses on the buyback of own securities of 55 million euro. Losses on transactions in interest rates amounted to 115 million euro, due to negative differentials of 206 million euro on financial derivatives held for trading, and of 69 million euro on hedging activity, offset by profits on debt securities held for trading of 160 million euro (Italian and foreign government securities and securities of other public issuers of 23 million euro, bank securities of 95 million euro and securities of other issuers of 42 million euro). In addition, the positive result was also earned on transactions in shares of 29 million euro, transactions in hedge funds of 11 million euro, transactions in commodity derivatives of 7 million euro and on structured credit products and credit derivatives of 1 million euro, whereas losses of 6 million euro were incurred on transactions in currencies.
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