Consolidated financial statements for the year ended 31 december 2017 Azimut Holding S.p.A.
Consolidated financial statements for the year ended 31 december 2017 Azimut Holding S.p.A. 4 Gruppo Azimut Contents
Company bodies 7
Azimut group's structure 8
Main indicators 10
Management report 13 Baseline scenario 15 Significant events of the year 19 Azimut Group's financial performance for 2017 25 Main balance sheet figures 28 Information about main Azimut Group companies 32 Key risks and uncertainties 36 Related-party transactions 40 Organisational structure and corporate governance 40 Human resources 40 Research and development 41 Significant events after the reporting date 41 Business outlook 42 Non-financial disclosure 43
Consolidated financial statements 75 Consolidated balance sheet 76 Consolidated income statement 78 Consolidated statement of comprehensive income 79 Consolidated statement of changes in shareholders' equity 80 Consolidated cash flow statement 84
Notes to the consolidated financial statements 87 Part A - Accounting policies 89 Part B - Notes to the consolidated balance sheet 118 Part C - Notes to the consolidated income statement 147 Part D - Other information 159
Certification of the consolidated financial statements 170
5 6 Gruppo Azimut Company bodies
Board of Directors Pietro Giuliani Chairman Sergio Albarelli Chief Executive Officer Paolo Martini Co-Managing Director Andrea Aliberti Director Alessandro Zambotti (*) Director Marzio Zocca Director Gerardo Tribuzio (**) Director Susanna Cerini (**) Director Raffaella Pagani Director Antonio Andrea Monari Director Anna Maria Bortolotti Director Renata Ricotti (***) Director
Board of Statutory Auditors Vittorio Rocchetti Chairman Costanza Bonelli Standing Auditor Daniele Carlo Trivi Standing Auditor Maria Catalano Alternate Auditor Luca Giovanni Bonanno Alternate Auditor
Independent Auditors PricewaterhouseCoopers S.p.A.
Manager in Charge of Financial Reporting Alessandro Zambotti
(*) Co-opted with effect from 3 April 2017. The Shareholders confirmed the appointment in their Meeting of 27 April 2017 (*) With effect from 27 April 2017, as per the Shareholders’ Meeting of 28 April 2016 (***) Co-opted on 4 May 2017 to replace Paola Mungo
7 Azimut group's structure
The Azimut Group operates globally in 17 countries and is comprised of the parent company, Azimut Holding S.p.A., and 76 subsidiaries.
Azimut Holding S.p.A.
(Listed:AZM.IM)
AZ Fund AZ International (1999) Holdings (2010) (100% owner by (100%) Azimut Holdings) Luxembourg Luxembourg
Azimut Capital AN Zhong AZ US Holdings AZ Athenaeum Sigma Fund Mgmt New Horizon CM Katarsis CA Management Sgr (AZ) IM (2015) (2013) (2016) (2017) (2011) (2004) (2011) (100%) (100%) (100%) (100%) (51%) (80%) (100%) Italy Hong Kong US Singapore Australia United Arab Emirates Switzerland
Azimut Financial AZ IM HK AZ IM AZ Apice LLC Eskatos CM Insurance (2011) (2011) (2016) (2011) (2015) (100%) (100%) (100%) (70%) (100%) Italy Hong Kong China US Luxembourg
AZ Life Dac AZ Swiss(5) AZ Sestante AZ Brasil Holdings (2003) (2012) (2015) (2013)
Source: company figures updated (100%) (51%) (100%) (100%) to 31/12/2017 Ireland Switzerland Australia Brazil (1): controls the distribution companies M&O Consultoria, Azimut Enterprises Azimut Portföy CGM(3) CGM Sgr Azimut Brasil AZ Quest FuturaInvest and Azimut Brasil (2014) (2011) (2011) (2011) WM Holding(1) (2015) Wealth Management. (2015) (2): controls AZ Sinopro Insurance (100%) (100%) (51%) (100%) (100%) (66%) Planning. Italy Turkey Monaco Italy Brazil Brazil (3): Azimut reached an agreement to acquire the residual 49% with effect from 31/01/2018. Azimut Global AZ Sinopro FP(2) AZ Mèxico Holdings (4): 30% held by Azimut Counseling (2013) Sa de CV Partecipazioni, wholly owned by (2013) (2014) Azimut Holding, and merged into (100%) (51%) (94%) Azimut Capital Management Italy Taiwan Mexico SGR S.p.A., with effect from 01/01/2018, and 19% held by Azimut Financial Insurance (2) Azimut Libera AZ Sinopro SICE Màs Fondos Sa S.p.A. Impresa Sgr (2013) (2014) (2014) (5): controls 37 companies at 31/12/2017. (100%) (100%) (100%) (6): controls SDB Financial Solutions Italy Taiwan Mexico with effect from 8 January 2018.
AZ Andes Spa AZ NGA(5) Asset management (2015) (2014) Distribution
(92%) (52%) Life Insurance Chile Australia Alternatives
8 Gruppo Azimut 1989 Year of incorporation 2004 Year of flotation 50.4 billion Total assets 17 countries Geographical presence 830 Employees 1,638 Financial advisors 6.8 Inflows for 2017 811 milion Revenues for 2017 215 milion Net profit for 2017 15.97 Share price
9 Main indicators
Financial indicators 2011 2012 2013 2014 2015 2016 2017 (in millions of euros) Total income: 326 434 472 552 708 706 811 of which fixed management fees 266 282 322 394 485 519 607 EBIT 90 177 182 193 280 205 278 Net profit for the period 80 161 156 92 247 173 215
Operating indicators 2011 2012 2013 2014 2015 2016 2017 Financial advisors 1,390 1,396 1,477 1,524 1,576 1,637 1,638 Clients 155 160 163 173 185 198 208 thousand thousand thousand thousand thousand thousand thousand Assets in fund management (billions of euro) 14.6 17.5 21.4 26.7 31.2 35.8 40.2 Net inflows (billions of euro) 0.9 1.6 3.1 4.8 4.5 3.5 4.2 Clients' net weighted average performance -6.8% 8.0% 4.2% 4.8% 1.6% 3.6% 2.20%
10 Gruppo Azimut Mutual funds 65% Breakdown of assets under management Discretionary portfolio management 19% at 31 December 2017 AZ Life insurance 14% Advisory 2%
14% 2% 65% 19% Breakdown of assets under management at 31 December 2017
Mutual funds Discretionary portfolios AZ Life Insurance Advisory
11 12 Gruppo Azimut Management Report of the Consolidated financial statements for the year ended 31 december 2017
13 14 Gruppo Azimut Management report of the Azimut Group
Baseline scenario Financial markets and the global economy Background scenario Economic growth was solid in the main advanced and emerging economies; but, however, it was not associated with any pick-up in inflation, which remained weak. Short-term prospects remain favourable, but the risk remains that a downward adjustment of the price of financial assets may slow down the economic activity. Business in the main advanced economies continued to grow in the second half of 2017, with an economic scenario that remained positive in the last few months of the year. In the United States, the most recent figures point to robust growth. In the United Kingdom, private consumption showed signs of revival, with the leading indicators revealing a growth rate for the last quarter of 2017 in line with the average of the first three quarters. In Japan, the most recent economic figures point to an acceleration in economic activity in the fourth quarter of the previous year. In emerging countries, the economic recovery which began in the first half of 2017 continued. In China, growth remained stable in the last few months of the year, after exceeding expectations in the previous quarters. During the summer months, GDP rose in India and Brazil. Inflation in the main advanced economies remained low, slightly above 2% in the United States, while it fluctuated around 0.5% in Japan. The United Kingdom remains an exception, with a 3% increase in prices, assisted by the depreciation of the pound. Finally, inflation remained modest in the main emerging economies. The risks to the world economy remain linked to the possible volatility increase in financial markets, in addition to the sudden escalation of geopolitical tensions, specifically in North Korea, and the uncertainties about the economic policies, which may have a negative effect on the confidence of households and businesses. Although the first phase of Brexit has been agreed, the uncertainties surrounding the structure of the relationship between the two economies remain high. The outcome of the latest meeting between the countries (United States, Canada and Mexico) members of the North American Free Trade Agreement (NAFTA) for its revision makes the future of international trade agreements less predictable. However, the effects of the tax reform in the United States approved on 20 December 2017 (Tax Cuts And Jobs Act), envisaging a decrease in the tax rates for households and businesses, may stimulate global growth.
The conditions on the international financial markets remain relaxed. In the main International financial advanced economies, long-term interest rates rose on the modest levels recorded markets at the end of September. In the Eurozone, the sovereign risk premiums decreased considerably. Stock prices reached historic highs, despite different trends. The euro appreciated against the main currencies and this trend is expected to continue in the short term. In the United States, the yields on the 10-year bonds rose by approximately 20 basis points compared to the end of September 2016 (to 2.6%). The increase mainly
15 Management report of the Azimut Group
took place in the days immediately after the Federal Reserve meeting held on December of the last year. Since the beginning of the fourth quarter, the interest rates on the 10-year German bonds rose by 12 basis points, to 0.58%. In the Eurozone, the sovereign risk premiums benefited from the strengthening of growth and the favourable reaction of market players to the rescheduling of the purchase programme unveiled by the ECB. Since the end of September, the yield differentials between the 10-year government bonds and the corresponding German bonds decreased in Italy, Spain and Belgium (by 25, 22 and 12 basis points, respectively) and, even more significantly, in Portugal (- 71 basis points), as this country benefited from S&P’s upgrading of the sovereign rating to investment grade in September, followed by Fitch’s upgrading in December. They remained almost unchanged in France, while they rose in Ireland (+ 14 basis points) due, in part, to the technical issue related to the benchmark change. Share prices continued to rise in the United States and, to a lesser extent, in the Eurozone. The volatility implied in both markets remained at very low levels. The financial markets of emerging countries recorded different trends, with significant increases in India and Brazil, a modest rise in China and a slight decrease in Russia. Since the end of September, the euro has appreciated against the US dollar by 3.6%, by 1.9% against the yen and by 0.8% against the pound. In nominal effective terms, starting from the end of 2016, the euro appreciated by 8.8%. With respect to derivative markets, traders’ long (buying) positions on the euro prevailed. The positive values of a risk reversal highlight the demand for coverage against the appreciation of the euro. These trends continue to point to an expected appreciation of the euro in the short-term against the US dollar.
The USA US share prices grew considerably and the major indexes repeatedly scored new record highs. Small-caps also set a new record high in the last few days of 2017. Share prices benefited from the increase in the corporate profits which exceeded expectations, the recovery of mergers and acquisitions, and the optimism generated by the expected tax reform which was subsequently implemented. The US Federal Reserve (the “Fed”) continued the gradual normalisation of its monetary policy and announced that it will start reducing the 4,500 billion USD mortgage-backed bonds and securities accumulated as part of quantitative easing programmes. As largely expected, the Fed increased interest rates three times (March, June and December), bringing the fed fund rate within a range of between 1.25% and 1.50%. Furthermore, the central bank confirmed that three more increases will take place in 2018 and two in 2019. Janet Yellen Fed chairwoman’s mandate expires in early 2018. She will be replaced by Jay Powell. The latter is expected to pursue the current policy, envisaging the slow normalisation of interest rates.
16 Gruppo Azimut Europe In the Eurozone, share prices generated considerable earnings during the year, supported by the continuous signs of revival of economic activity. However, despite the double-digit returns, they remained below many other countries. Emmanuel Macron’s victory in France’s presidential elections reassured investors but, in October, the political risks re-emerged when Catalonia was called to vote in the referendum on independence from Spain. Angela Merkel lost ground in Germany’s elections and, only in 2018, she managed to form a coalition government. In sector terms, IT, utility and industry obtained the best performance, while the telecommunication service sector was the only one to lose ground during the year. The economic news highlighted the growth momentum in the Eurozone. After year-on-year growth of 2.1% in the first quarter, the Eurozone’s GDP rose by 2.4% YoY in the second quarter and by 2.6% in the third. The Purchasing Managers’ Indexes (PMI) confirmed the momentum in the fourth quarter. In November, the Ifo Business Climate Index for Germany reached an all-time high for the fifth time this year, while the Economic Sentiment Indicator of the European Commission jumped to a record high since October 2000. In the United Kingdom, share prices also rose (in GBP) and the FTSE 100 Index reached a new high in the last few days of the year. However, UK shares lagged behind those of the Eurozone, against a background of increasing signs of a slowdown in UK’s growth. Prime minister Theresa May’s bet to strengthen UK's negotiating power in the discussions over Brexit, had an incredible boomerang effect when the political elections failed to deliver the absolute majority to the Conservative Party. However, at the end of November, the investors welcomed the announcement that, according to the EU, the Brexit negotiations achieved sufficient progress to move on to the next stage of the discussions. Again in November, inflation jumped to 3%, the maximum level in five years, prompting the Bank of England to raise interest rates for the first time since 2007.
Emerging markets In China, the new Five-Year Plan created stability, although the weakness of the economic figures points to a slowdown in the pace of growth. In India, the economic figures slowly improved after the markets absorbed two fundamental events: the discontinuation of cash and the introduction of a tax on goods and services. The share prices of the main emerging countries showed interesting valuations and should continue to benefit from the excellent performance of the global trade and the depreciation of the US dollar. However, since the expansive economic policy of some economies goes hand in hand with the increase in imbalances, there is still the risk, in particular, of strong and growing personal debts and real estate price inflation.
17 Management report of the Azimut Group
Italy's assets under According to Assogestioni's (Italy’s association of the investment management management market industry) figures, in 2017, the increase in Italy's assets under management continued, with 2,085 billion euro at year end (+7.6% on 1,937 billion euro at 2016 year end) and positive inflows of approximately 97.5 billion euro. In 2017, inflows of collective portfolio management (+78.1 billion euro) exceeded considerably the number of management mandates (+19.4 billion euro). Portfolio management inflows are almost entirely related to institutional portfolio management (+15.4 billion euro), while retail portfolio management recorded a positive, albeit limited, growth (+4.0 billion euro).
At the end of December 2017, Assoreti's (Italy’s association of the sales networks Italy's financial product and service distribution in the financial services industry) survey highlighted a record value for authorised market financial advisor networks: total inflows amounted to 39.2 billion euro, up by 18.9% on the previous year, and was the highest amount the association has ever observed. During the year, the investment decisions strongly supported assets under management products, with net inflows of 35.0 billion euro and up by 89.5% on 2016. Conversely, total assets under custody products, positive at 4.2 billion euro, dropped considerably (14.5 billion euro in 2016). With respect to assets under management, net investments in UCI units prevailed and rose: inflows from collective portfolio management amount to 18.8 billion euro (3.3 billion euro in 2016) and account for 53.8% of net volumes in this segment. The resources are focused on open-ended UCI domiciled abroad, with net volumes of 15.5 billion euro, while Italian open-ended funds are positive for 3.1 billion euro. Inflows from discretionary portfolios also increased with investments totalling 4.2 billion euro (+79.7% on 2016). Specifically, the resources for discretionary funds activities amount to 2.7 billion euro (+93.4%), while net investment volumes in securities management are equal to 1.5 billion euro (+59.4%). During the year, the value of net premiums paid on insurance and social security products amounts to approximately 12.0 billion euro (-6.8% on 2016). Of this amount, 5.4 billion euro is invested in unit-linked policies, 4.6 billion euro in multi-line policies and 1.2 billion euro in traditional life insurance policies. Index-linked policies show a negative balance of 182 million euro. In 2017, the net resources for open-ended UCI generated by the network’s activities amount to 31.7 billion euro, accounting for 41.3% of total net investments in open collective portfolio management (76.7 billion euro). Total financial instruments under custody are negative by 33 million euro: according to the breakdown of figures, purchase orders prevailed on shares (3.1 billion euro) and ETPs (671 million euro), while disinvestments prevailed on government bonds (-1.1 billion euro), bonds (-1.7 billion euro) and certificates (-1.9 billion). Liquidity inflows for 2017 were positive at almost 4.2 billion euro.
18 Gruppo Azimut Significant events of the year
Capitalisation transactions carried out by Azimut Holding S.p.A. 1.1 In 2017, following the Board of Directors' resolutions of 10 March 2016 and 4 The parent company - May 2017, Azimut Holding S.p.A. made a capital injection of 35.7 million euro to Azimut Holding S.p.A. increase the share capital of the subsidiary AZ International Holdings SA in order to finance the Group's international development, as described later on.
The Azimut Group carried out the following transactions during the year through 1.2 its subsidiary AZ International Holdings SA. AZ International Holdings SA Australia The Australian sub-group which, to date, comprises 37 companies, including one, Sigma Funds Management Pty Ltd, authorised to carry out discretionary funds’ activities, had AuM worth 4.3 billion euro at 31 December 2017. In 2017, the following acquisitions were carried out through the Azimut Group's Australian subsidiary AZ Next Generation Advisory Pty Ltd (“AZ NGA”).
Menico Tuck Parrish Financial Services Pty Ltd - On 10 May 2017, AZ NGA entered into an agreement to acquire 100% of Menico Tuck Parrish Financial Services Pty Ltd (“MTP”). The agreement provided for the exchange, to the extent of 49%, of MTP shares with AZ NGA shares and the progressive repurchase of these shares over the next ten years. The residual 51% was paid in cash to the founding members. The transaction amounted to approximately 4.8 million A$ (approximately 3.3 million euro) and included both the cash and share exchange portions.
Peters & Partners Pty Ltd - On 12 May 2017, AZ Next Generation Accounting Pty Ltd (“AZ NG Accounting”) (a sub-holding set up on 8 May 2017 by AZ NGA) entered into an agreement to acquire 100% of Peters & Partners (“P&P”). The agreement provides for a swap of P&P shares with AZ NG Accounting shares for a total of approximately 3.9 million A$ (2.7 million euro) and a capital increase subscribed by AZ International Holdings through the subsidiary AZ NGA of roughly 4.1 million A$ (2.8 million euro).
Farrow Hughes Mulcahy Financial Services Pty Ltd - On 24 August 2017, AZ NGA entered into an agreement to acquire 100% of Farrow Hughes Mulcahy Financial Services Pty Ltd (“FHM”). The agreement provides for the exchange, to the extent of 49%, of FHM shares with AZ NGA shares and the progressive repurchase of these shares over the next ten years. The residual 51% was paid in cash to the founding members. The transaction amounted to approximately 9.3 million A$ (approximately 6.1 million euro) and included both the cash and share exchange portions. FHM operates through the Australian Financial Services License of its licensee issued by the local regulator (ASIC).
19 Management report of the Azimut Group
Wealthmed Australia Pty Ltd - On 6 September 2017, AZ NGA signed an agreement to acquire 100% of Wealthmed Australia Pty Ltd (“Wealthmed”) and its subsidiaries. The agreement provides for the exchange, to the extent of 49%, of Wealthmed shares with AZ NGA shares and the progressive repurchase of these shares over the next ten years. The residual 51% was paid in cash to the founding members. Wealthmed adopts an integrated business model which provides Australian doctors and health specialists with wealth management solutions. It provides its customers with a broad range of financial advisory services, including savings plans, pension advisory services, insurance solutions and financial planning and training. The transaction amounted to approximately 7 million A$ (approximately 4.7 million euro) and included both the cash and share exchange portions.
Dunsford Financial Planning Pty Ltd - On 13 November 2017, AZ NGA entered into an agreement to acquire 100% of Dunsford Financial Planning Pty Ltd (“DFP”). The agreement provides for the exchange, to the extent of 49%, of DFP shares with AZ NGA shares and the progressive repurchase of these shares over the next ten years. The residual 51% was paid in cash to the founding members. DFP provides financial planning and advisory services, social security schemes and private pensions, insurance, real estate planning and corporate advisory services. The transaction amounted to approximately 5.6 million A$ (approximately 3.6 million euro) and included both the cash and share exchange portions.
Henderson Maxwell Pty Ltd - On 11 December 2017, AZ NGA signed an agreement to acquire 100% of Henderson Maxwell Pty Ltd (“HM”) and its subsidiaries. The agreement provides for the exchange, to the extent of 49%, of HM shares with AZ NGA shares and the progressive repurchase of these shares over the next ten years. The residual 51% was paid in cash to the founding members. The transaction amounted to approximately 11.6 million A$ (approximately 7.6 million euro) and included both the cash and share exchange portions.
The latter acquisitions confirm Azimut’s goal, pursued through the sub-holding AZ NGA, to continue to expand in Australia, in an integrated business model that provides its customers with financial planning and accounting solutions, including savings plans, financial advisory, pension advisory, insurance solutions and strategic financial planning and training.
All the above transactions entail AZ International Holdings SA's progressive repurchase of 49% of the individual companies over the next ten years.
MTP, P&P, FHM, Wealthmed, DFP and HM operate through the Australian Financial Services License of its licensee issued by the local regulator (ASIC). However, the acquisitions were not subject to the local authority's approval.
AZ Sestante Pty Ltd - On 18 April, the option to increase the equity investment in AZ Sestante to 100% was exercised. The Australian company, that acts as a trustee and
20 Gruppo Azimut manager of mutual funds in Australia, was set up to launch and offer funds locally. The transaction amounted to approximately 0.02 million euro.
Switzerland AZ Swiss & Partners S.A. was set up in 2012 and in January 2016 obtained FINMA's (the Swiss Regulatory Authority) approval to operate under license in accordance with the Swiss Collective Investment Schemes Act (CISA) and provide services for collective investment schemes (CISA). Today, AZ Swiss & Partners S.A. manages 14 UCITS and one alternative fund (including 2 in Advisory) and discretionary portfolios for approximately 90 customers. The year-end total assets under management amount is equal to 1.570 billion euro.
SDB Financial Solutions S.A. - On 26 June 2017, AZ Swiss & Partners S.A. (“AZ Swiss”) entered into a binding purchase and sale agreement to acquire 100% of SDB Financial Solutions S.A. (“SDB”). The company will become a subsidiary of AZ Swiss as of 8 January 2018 and will continue to be managed by the current management team. Thanks to this second acquisition and organic growth, AZ Swiss' assets under management topped 2 billion CHF (1.9 billion euro). SDB's valuation is based on a multiple of the 2016 pro-forma profit. In addition to the fixed component, the parties have agreed on a price adjustment linked to the attainment of certain targets over the long term. The closing took place in January 2018, with FINMA's approval and upon the occurrence of some conditions precedent, set out in the purchase and sale agreement.
Dubai The acquisition of 80% of New Horizon Capital Management Ltd (subsequently renamed “AZ New Horizon Ltd”) by AZ International Holdings SA was authorised in Dubai in June 2017 and became effective on 1 July 2017. The company allows to operate locally through a “class 3” license granted by the Dubai Financial Services Authority (“DFSA”). Consequently, it offers a wide range of financial services, including collective investment plans, discretionary portfolios and financial advisory. The consideration of this transaction, including the subsequent capital increase, amounted to approximately 2.6 million euro.
Iran On 9 October 2017, through AZ International Holdings SA, the Azimut Group signed an agreement to acquire 20% of Mofid Entekhab (“Entekhab”), Iran’s largest independent asset management company, member of the Mofid Group and Iran’s main brokerage and financial advisory company. Azimut and Entekhab also entered into a shareholder agreement to develop an onshore financial advisory platform and set up an offshore fund to enable foreign investors to access Iran’s capital market. Entekhab was founded in 2016 and originates from Mofid Securities’ assets under management business line. At the end of September 2017, it managed assets totalling 89 million USD, comprised of six mutual funds and managed deposits. Mofid Securities is a market leader among Iran’s brokerage companies and has over 300,000 customers.
21 Management report of the Azimut Group
2 - Other significant events of the year
Purchases of treasury shares by Azimut Holding S.p.A. As of 7 February 2017, as resolved by the Shareholders in their Ordinary meeting of 28 April 2016, Azimut Holding S.p.A. launched a share buy-back programme in order to subsequently re-sell treasury shares or use them to acquire or exchange equity investments, accumulate the capital stock for the execution of stock options programmes, service the financial instruments convertible into Company's shares or any other useful purpose which increases the value of the Company in compliance with the legislation from time to time in force. The maximum number of shares that could be repurchased on 7 February 2017 was 18,263,710, representing approximately 13% of share capital. Buybacks could be executed in tranches, for a total amount of 25,000,000 euro at the maximum price of 50 euro (only for the first tranche the maximum acquisition price was up to 30 euro). The purchase of the first tranche was completed on 27 February 2017 and involved a total of 1,492,550 treasury shares against a consideration of 24.8 million euro. The second tranche of the purchase was completed on 6 June 2017 for a total of 1,334,000 treasury shares against a consideration of 25 million euro. Finally, the third tranche of the purchase was completed on 26 January 2018 for a total of 2,986,200 treasury shares against a consideration of 50 million euro.
Issue of a fixed-rate non-convertible bond On 20 March 2017, the Board of Directors of Azimut Holding S.p.A. approved the issue of a fixed-rate non-convertible bond (the “Bond”). The company closed the Bond placement at 350 million euro on 22 March 2017, with a fixed-rate coupon of 2.000% and a five-year duration, maturing on 28 March 2022. The bonds were offered to qualified investors, excluding those in the United States and other selected countries, and are listed on the Luxembourg Stock Exchange. In accordance with the “Use of Proceeds”, the Company may use the proceeds from the Bond for its own operations and to finance potential extraordinary transactions, including the possible repurchase of the Company's equity instruments currently outstanding and/or repay part of the debt or to finance the rescheduling and settlement of the Company's long-term debt, including the repurchase offer related to the subordinated convertible bond named “euro 250,000,000 2.125% Subordinated Convertible Bonds due 2020” issued by the Company in 2013 and maturing in 2020.
Repurchase of the convertible bond “euro 250,000,000 2.125% Subordinated Convertible Bonds due 2020” On 4 April 2017, Azimut Holding S.p.A.'s Board of Directors approved the invitation to the holders of its “euro 250,000,000 2.125% Subordinated Convertible Bonds due 2020” issued in November 2013 through a reverse bookbuilding process, to tender their bonds for purchase by the company. On 5 April 2017, at the Expiry of the Offer, bonds with an aggregate nominal amount of over 248,000,000 euro were validly tendered within the framework of the abovementioned offer, equal to 99.4% of the total nominal amount of the Bonds issued. On the same date, a bondholders' meeting (the "Meeting") was called to amend
22 Gruppo Azimut certain provisions of the Trust Deed and the terms and conditions of the Bonds, and in particular that covering the Issuer's possibility of early redemption. In the meeting held on 8 May 2017 at Azimut Holding S.p.A.'s registered office, the bondholders approved the amendments included in the agenda and, at the same time, Azimut Holding S.p.A. exercised the option for the early redemption of all Bonds still outstanding and not included in the offer. The total amount paid to settle the convertible bond was 279.4 million euro.
Azimut Holding S.p.A. General Shareholders’ Meeting of 27 April 2017 The shareholders’ meeting (both ordinary and extraordinary) of 27 April 2017 resolved the following:
Approval of 2016 financial statements The shareholders’ meeting approved the 2016 financial statements, which included a Parent Company net profit of 161.9 million euro. The shareholders concurrently resolved to pay a dividend of 1 euro per ordinary share, pre-tax, to be paid as of 24 May 2017, 22 May 2017 ex-dividend payment date and 23 May 2017 as the record date. They also approved the payment to Fondazione Azimut Onlus of 1.8 million euro, equal to 1% of pre-tax consolidated profit and the payment of 17,27 euro for each profit-participating financial instrument held by Top Key People at the time of approval of payment of the dividend.
Appointment of Directors The Shareholders were in favour of the appointment of Sergio Albarelli and Alessandro Zambotti as Directors. In their meeting of 27 April 2017, the Board of Directors of Azimut Holding S.p.A. confirmed Sergio Albarelli as Chief Executive Officer and Alessandro Zambotti as the Chief Financial Officer of the Group.
Proposal for purchase and allocation of treasury shares and consequent resolutions Furthermore, the Shareholders approved the purchase, including in one or more tranches, of up to 28,000,000 Azimut Holding S.p.A. ordinary shares, or 19.55% of the current share capital considering the shares already in portfolio upon purchase at a minimum unit price equal to at least the carrying amount of Azimut Holding S.p.A. ordinary shares and a maximum unit price of 50 euro.
Remuneration Report The Shareholders’ Meeting approved the Company policy concerning remuneration of members of the management boards, general managers and key managers, as well as the procedures used to adopt and implement said policy. Furthermore, the Shareholders were in favour of the proposal to increase the ratio between the fixed and variable components of remuneration up to 2:1.
Appointment of a Director On 4 May 2017, Azimut Holding S.p.A.'s Board of Directors co-opted Renata Ricotti onto the Board as independent director, replacing Paola Mungo. With this appointment,
23 Management report of the Azimut Group
the total number of independent directors increases to 4, in line with the code of conduct and in accordance with the gender balance as per Article 147-ter.1-ter of the TUF (Consolidated Law on Finance). Furthermore, based on the declarations provided by the new independent Director and the information available to the company, the Board evaluated, pursuant to Article 144-novies.1-bis of the Issuers’ Regulation, whether the director met the criteria for independence envisaged by Article 147-ter.4 and 148.3 of the Consolidated Law on Finance and Article 3 of the Code of Conduct.
2.1 Repayment of Banco BPM S.p.A. loan Significant events On 30 June 2017, the Parent Company repaid the instalment (Line B) of the loan of the year granted by Banco BPM S.p.A. for a total amount of 10 million euro.
Acquisition of 100% of Azimut Libera Impresa SGR S.p.A. (formerly Futurimpresa SGR S.p.A.) On 1 August 2017, the Parent Company reached an agreement with the Milan, Bergamo, Brescia and Como Chambers of Commerce to acquire the residual 45% of Futurimpresa SGR S.p.A., subsequently renamed Azimut Libera Impresa SGR S.p.A. (“Azimut Libera Impresa”) as of 4 October 2017, an asset management company specialised in the management of alternative investment funds. As a result of this transaction, which is worth approximately 2 million euro, Azimut Libera Impresa is now wholly owned by the Azimut Group. In addition to the Finanza e Sviluppo Impresa private equity fund, Azimut Libera Impresa also includes the Antares AZ I fund, launched in 2016 and specialised in private debt, the IPO Club fund, launched in 2017 and specialised in SPAC and Prebooking Company investments, both supporting Italy’s SMEs.
Covered warrants issue In 2017, the subsidiary Azimut Capital Management Sgr S.p.A. issued some covered warrants in favour of some employees (managers) which grant the right to subscribe the purchase or sale of a specific underlying financial asset at an agreed price and date. These instruments were subscribed at their fair value as per the appraisal report prepared by a leading independent company.
Acquisition of 100% of Augustum Opus SIM Azimut Holding S.p.A.’s purchase of the additional 49% from Augustum Opus SIM’s non-controlling investors was completed on 13 November 2017 for a total consideration of 1.7 million euro. At the same time, the company’s merger by incorporation into Azimut Capital Management Sgr S.p.A. was approved, effective from 1 December 2017.
Long-term incentive plan: the “2015-2019 plan” During the year, the Boards of Directors of Azimut Capital Management Sgr S.p.A. and Azimut Financial Insurance S.p.A. approved the changes to the long-term 2015- 2019 incentive plan reserved to the Group’s financial advisors who have contractual relationship with said companies. The details of the transaction are described in the “Other information” section of the Notes to the consolidated financial statements.
24 Gruppo Azimut Partial demerger and merger by incorporation of Azimut Partecipazioni S.r.l. In 2017, the activities necessary for Azimut Partecipazioni S.r.l.’s partial demerger into Azimut Financial Insurance S.p.A. began pursuant to Article 2506-bis of the Italian Civil Code and the subsequent merger by incorporation of Azimut Partecipazioni S.r.l. into Azimut Capital Management SGR S.p.A. pursuant to Articles 2501-ter and 2505 of the Italian Civil Code. The entire transaction meets the need to simplify and streamline the Group’s corporate structure in Italy, also for the purposes of an effective allocation of costs and revenues. It provides for the allocation of part of the investment held by Azimut Partecipazioni S.r.l. in AZ Fund Management SA (19%) to Azimut Financial Insurance S.p.A. and the subsequent merger of Azimut Partecipazioni S.r.l. into Azimut Capital Management SGR S.p.A. with the transfer of the residual 30% investment in AZ Fund Management SA. The partial demerger became effective on 1 October 2017, while the merger by incorporation of Azimut Partecipazioni S.r.l. into Azimut Capital Management SGR S.p.A. became effective on 1 January 2018. No share exchange ratio was calculated for the partial demerger and the merger and no shares of the Company were allocated to Azimut Partecipazioni S.r.l. shareholders since the Parent Company is the sole share/quotaholder of both companies.
Over its 25 years of activities, in line with market practices and given its size and business, the Azimut Group was subject to ordinary inspections by the Supervisory 2.2 Authorities. In March 2017, as part of an ordinary inspection carried out by the Bank Other significant events of Italy and concluded in 2015, to the extent of its duties, Consob fined some profiles of the year of Azimut Consulenza SIM (now Azimut Capital Management SGR). The Company had already replied to the Supervisory Authorities and implemented the corrective measures to resolve the critical issues identified.
Azimut group's financial performance for 2017 The Azimut Group's consolidated net profit for 2017 amounts to 214,786 thousand euro (172,685 thousand euro in 2016), while consolidated EBIT came to 247,280 thousand euro (185,578 thousand euro in 2016). The performance of the year was also affected by the Group's ongoing expansion which strengthened its presence outside Europe. The Group is comprised of several companies which distribute, manage and promote financial and insurance products in many countries, including Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Singapore, Brazil, Mexico, Taiwan, Chile, Australia, Turkey, the United States and Iran. Through the subsidiary AZ International Holdings SA, a wholly-owned subsidiary incorporated under Luxembourg law to act as an incubator, the Group continued its mission to develop, research, acquire and manage international partnerships. In 2017, 16 companies (8 in 2016) were acquired and the Group's presence was strengthened thanks to the purchase of additional equity investments in previously acquired companies. The recruitment of financial advisors showed a positive balance: in 2017, the Group's network showed 94 new engagements, bringing the total number of advisors to 1,638.
25 Management report of the Azimut Group
Assets Total assets under management at the end of 2017 reached 40.2 billion euro, up by approximately 12% compared to the end of 2016. Total assets, including assets under custody and third parties’ funds, amounted to 50.4 billion euro, up by 16% on 2016.
Figures in millions of euro 31/12/2017 31/12/2016 Change Absolute % Mutual funds 31,717 28,756 2,961 10% Discretionary portfolio management and other 9,454 7,701 1,753 23% AZ Life insurance 6,702 6,434 268 4% Advisory 1,119 869 250 29% Double counting (8,803) (7,960) (843) 11% Total AUM, net 40,189 35,800 4,389 12% Securities, third-party funds and A/C 10,252 7,805 2,447 31% Total assets 50,441 43,605 6,836 16%
Net inflows Group total net inflows were positive at 6.8 billion euro at 31 December 2017, slightly up on 2016 (+4%).
Figures in millions of euro 2017 2016 Change Absolute % Mutual funds 2,113 1,588 525 33% Discretionary portfolio management and other 1,564 1,617 -54 -3% AZ Life insurance 151 333 -182 -55% Advisory 202 239 -37 -16% Double counting 131 -267 398 -149% Total net inflows - Assets under management 4,161 3,510 651 19% Securities, third-party funds and A/C 2,632 3,019 -388 -13% Total net inflows 6,793 6,529 263 4%
Reclassified consolidated In order to provide a more effective representation of the results, the income income statement statement has been reclassified and thus better reflects the content of the items according to operating criteria. The main reclassifications involved the following: • cost recoveries on portfolio management reported under “Fee and commission income” have been reclassified as “Other income” in the reclassified income statement; • net premiums and the corresponding change in the technical reserves, commissions and recovered expenses relating to insurance and investment products issued
26 Gruppo Azimut by AZ Life Dac, reported under “Net premiums”, “Change in technical reserves” and “Fee and commission income”, have been reclassified as “Insurance income”; • commission expenses paid to the distribution network, reported under “Fee and commission expense” are now classed as “Acquisition costs”; similarly, the Enasarco/ Firr contributions related to these commission expenses and the other trade expenses associated with the distribution network, recognised under “Administrative costs”, have been reclassified as “Acquisition costs”; the amount allocated to the supplementary indemnity reserve for agents (ISC) reported under the item “Provisions for risks and charges” has been reclassified as “Acquisition costs”; • administrative cost recoveries, reported under “Other operating income and costs”, were recognised as a reduction of “Overheads/administrative costs”; • interest expense on loans was reported under “Interest expense” in the reclassified income statement.
01/01/2017 01/01/2016 Euro/000 31/12/2017 31/12/2016 Acquisition fees 10,247 9,826 Fixed management fees 606,598 518,866 Variable management fees 136,379 130,770 Other income 8,456 7,611 Insurance income 48,864 38,575 Total income 810,544 705,648 Acquisition costs (337,456) (325,436) Overheads/administrative costs (178,534) (158,984) Amortisation and depreciation/provisions (16,465) (15,920) Total costs (532,455) (500,340) EBIT 278,089 205,308 Net financial income (13,057) (3,033) Net non-recurring costs (8,114) (6,323) Interest expense (9,646) (11,063) Pre-tax profit 247,272 184,889 Income tax (22,854) (19,281) Deferred tax assets/liabilities 1,491 11,696 Net profit 225,909 177,304 Profit attributable to minority interest 11,123 4,619 Group net profit 214,786 172,685
27 Management report of the Azimut Group
Consolidated EBIT and consolidated Group net profit at 31 December 2017 came to 278 million euro (205 million euro at 31 December 2016) and 215 million euro (173 million euro at 31 December 2016), respectively. As at 31 December 2017 assets managed amounted to 40.2 billion euro, up by 4.4 billion euro on 2016 (+12%), generating fixed management fees of 607 million euro, in addition to variable management fees of 136 million euro. The trend of acquisition costs reflects the recruitment of financial advisors and private bankers during the year, in line with the previous year. In 2017, overheads increased on the previous year due to the consolidation of more foreign equity investments and charges related to investments made to keep up with the growth of the Group. The increase in net financial income is mainly due to the charges incurred for the early repayment of the 2013-2020 convertible bond.
Main balance sheet figures
The Group's main balance sheet figures are shown in the table below.
Euro/000 31/12/2017 31/12/2016 Financial assets measured at fair value 6,700,283 6,447,427 Available-for-sale financial assets 286,957 276,963 Receivables and equity investments 265,133 190,240 Tangible and intangible assets 565,513 524,535 Other assets 288,721 288,111 Total assets 8,106,607 7,727,276 Payables and outstanding securities 374,069 254,806 Technical reserves 227,857 251,324 Financial liabilities measured at fair value 6,605,461 6,299,036 Other liabilities and provisions 287,032 277,044 Shareholders’ equity 612,188 645,066 Total liabilities and shareholders’ equity 8,106,607 7,727,276
Financial assets and liabilities measured at fair value rose by approximately 4% on 31 December 2016. These items mainly refer to the insurance activities carried out by AZ Life dac: assets mainly relate to investments in unit-linked policies where the investment risk is borne by policyholders, while liabilities mainly relate to commitments from unit-linked policies classified as investment contracts. "Available-for-sale" financial assets, which mainly reflect the investment of the excess liquidity of operations in UCI units managed by the Group, increased by 4% from 277 million euro to 287 million euro. Cash and cash equivalents with
28 Gruppo Azimut bank current accounts held by Group companies increased from 82 million euro to 158 million euro. Tangible and intangible assets increased as a consequence of the rise in goodwill due to the acquisitions of the year and the increase in intangible assets with a finite useful life due to the investments in software of the year.
The Group's net financial position was 134.9 million euro at 31 December 2017 Consolidated financial (192.3 million euro at 31 December 2016). position
Euro/000 31/12/2017 31/12/2016 A Cash 28 21 B Cash equivalents: 232,441 171,978 Due from banks 157,945 81,759 Due from managed funds 74,496 90,219 C Available-for-sale financial assets 266,218 266,832 D Total cash A+B+C 498,687 438,832 E Short-term receivables - - F Short-term bank loans - - G Current portion of long-term debt: (15,351) (10,575) Bonds (Azimut '13-'20 Convertible) (524) Bonds (Azimut '17-'22 Non-convertible) (5,351) - Due to banks (Banco BPM loan) (10,000) (10,051) H Other short-term financial payables - - I Short-term financial debt F+G+H (15,351) (10,575) J Short-term financial debt (net) I-E-D 483,336 428,257 K Long-term bank loans: (10,000) Due to banks (Banco BPM loan) (10,000) L Bonds (348,465) (225,998) Azimut '13-'20 Convertible Bond (225,998) Azimut '17-'22 Non-convertible Bond (348,465) M Other long-term payables N Long-term financial debt K+L+M (348,465) (235,998) O Net financial position J+N 134,871 192,259
With regard to the methods used to assess net financial position, reference was made to the recommendation issued by CESR (Committee of European Securities Regulators) dated 10 February 2005, and more specifically to the paragraph on “Capitalisation and indebtedness” in chapter II.
29 Management report of the Azimut Group
Receivables and payables include those of a financial nature only, whereas trade receivables and payables have been excluded. Receivables in the form of fees and commissions for managed funds and discretionary portfolios are also included and are considered as cash equivalents given that they are collected by the Group during the first few working days after the reporting date. The results were impacted by the liquidity generated by operations, as well as by 157 million euro for the payment of dividends to shareholders and holders of profit-participating financial instruments and the payment to Fondazione Azimut Onlus of 1.8 million euro made in execution of the Shareholders’ resolution of 27 April 2017. For additional information about the other significant transactions of the year, reference should be made to the section “Significant events of the year”.
Loans raised and repaid The changes in financial debt items during 2017 are shown in the following table: during the year
Euro/000 Interest rate Nominal Expiry amount Currency Nominal Effective
Balance at 01.01.2017 of which: BPN loan - Line B Euro 3 month 3 month 50,000 2018 Euribor +1.25 Euribor +1.25 “Azimut 2013-2020” Subordinated Bond Euro 2.13% 4.91% 250,000 2020
Issues: of which: "Azimut 2017-2022” Bond Euro 2% 2.11% 350,000 2022 "Azimut 2017-2022” Bond Euro 2% 2.00% 5,351 2018
Redemptions of which: BPN loan - Line B Euro 3 month 3 month -10,000 2018 Euribor +1.25 Euribor +1.25 “Azimut 2013-2020” Subordinated Bond Euro 2.50% 3.06% -250,000 2020
As of 27 March 2017, Azimut Holding S.p.A. completed the issue of the 2017-2022 bond (Azimut 2017-2022 2.000%) for a nominal amount of 350 million euro. On 10 May 2017, Azimut Holding S.p.A. carried out the early redemption of the 2013-2020 subordinated convertible bond (Azimut 2013–2020 convertibile
30 Gruppo Azimut subordinato 2.125%), for a consideration of 279 million euro against the recognition of liabilities of roughly 227 million euro at 31 December and the corresponding equity portion of about 35 million euro. The redemption also led to the recognition of a loss of approximately 8 million euro. The instalment of the loan granted by Banco Bpm S.p.A. relating to Line B and totalling 10 million euro was repaid on 30 June 2017.
At 31 December 2017, Azimut Holding S.p.A. subsidiaries did not hold, nor did Treasury shares they hold during the year, any treasury shares or shares of the Parent Company, either directly or via trust companies or third parties. During the year, transactions involving treasury shares led to an increase of 2,926,848 treasury shares for a total of approximately 49 million euro. At 31 December 2017, Azimut Holding S.p.A.’s treasury share portfolio therefore stood at 13,314,037 shares, or 9,294% of share capital. With respect to transactions carried out between the reporting date and the approval date of this report, 1,735,200 treasury shares were purchased for a total of approximately 30 million euro, completing the third tranche of the buy-back disclosed in December 2017 and 2,227,969 treasury shares were used for a total of about 37 million euro, completing the acquisition of 100% of Compagnie de Gestion Privée Monégasque which took place in 2018.
Reconciliation of Azimut Euro/000 Shareholders’ equity of which result at 31/12/2017 for the year Holding S.P.A.'s shareholders' equity and Holding opening balance 575,048 208,842 net profit to consolidated shareholders' equity Adjustments due to changes in calendar year 2,106 and net profit Total Holding shareholders’ equity 577,154 208,842 Adjustments: Results of consolidated companies 387,036 387,036 Subsidiary consolidation effects 115,634 1,258 Azimut Holding S.p.A. dividend cancellation (240,199) (240,200) Cancellation of subsidiaries' dividends (132,066) (132,066) AZ International Holdings SA Group dividend cancellation (7,413) (7,413) Equity accounted investments 1,624 (8) Liabilities measured at fair value (105,165) 429 Tax adjustments (4,009) (3,092) Total Group shareholders’ equity 592,596 214,786 Minority interest 19,592 11,123 Total shareholders’ equity 612,188 225,909
31 Management report of the Azimut Group
Information about main Azimut group companies
The following information is given about the business activities and the financial performance of the companies directly controlled by the parent company in accordance with the Group's accounting policies. • AZ Fund Management SA, 100% owned, carries out mutual fund management activities. During the year, it achieved a profit of 226 million euro compared to a profit of approximately 223 million in 2016. At 31 December 2017, total assets under management stood at approximately 29.8 billion euro. • AZ Life dac, wholly owned, carries out insurance activities. During the year, it achieved a profit of 26 million euro compared to a profit of approximately 21 million in 2016. • Azimut Capital Management SGR S.p.A., wholly owned, manages harmonised Italian funds, pension funds, alternative funds and discretionary funds. The net profit for 2017 amounts to 16 million euro (2016: 27 million euro). On 1 December 2017, it merged Augustum Opus Sim S.p.A. At 31 December 2017, total assets under management stood at approximately 5.9 billion euro, of which 1.5 billion euro related to mutual funds and 4.4 billion euro to discretionary funds. • Azimut Partecipazioni S.r.l., wholly owned, is a holding company focusing on unlisted companies. On 1 October 2017, following the demerger to Azimut Financial Insurance S.p.A., it sold 19% of the investment held in AZ Fund Management SA. On 31 December 2017, Bank of Italy authorised the merger into Azimut Capital Management SGR S.p.A. with effect from 1 January 2018. During the year, it achieved a profit of 93 million euro compared to a profit of 74 million in 2016. • Azimut Financial Insurance S.p.A., wholly owned, carries out insurance mediation, except for reinsurance mediation, and bank products' placement and distribution activities. In 2017, it achieved a profit of 28 million euro compared to a loss of 6 million euro in 2016. • AZ International Holdings SA, wholly owned, is a Luxembourg-based holding company through which the Group continued its research, development, acquisition and management of foreign partnerships. Through this company, the Group is present in 15 countries, including Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Singapore, Brazil, Mexico, Taiwan, Chile, Australia, Turkey, the United States, Dubai and Iran. In 2017, it incurred a loss of 1,353 thousand euro compared to a loss of 1,167 thousand euro in 2016. • Azimut Libera Impresa SGR S.p.A. (formerly Futurimpresa SGR S.p.A.), wholly owned, manages private equity funds. In 2017, it launched the IPO Club fund specialised in SPAC and Prebooking Company investments, supporting Italy’s SMEs. In July 2017, Azimut Holding S.p.A. acquired the additional 45% investment therein. In 2017, it achieved a profit of 675 thousand
32 Gruppo Azimut euro compared to a profit of 244 thousand euro in 2016. • Azimut Enterprises Holding S.r.l., wholly owned, is a holding company focusing on unlisted companies, including Programma 101 Sicaf S.p.A., Siamosoci S.r.l. and Cofircont Compagnia Fiduciaria S.r.l. which contribute to diversifying the Group's business. Programma 101 Sicaf S.p.A. is a venture capital company specialised in early stage investments in the digital sector, while Siamosoci S.r.l. acts as start-up incubator. Cofircont Compagnia Fiduciaria S.r.l. is a fiduciary company. During the year, the company set up Azimut Analitycs S.r.l., paying in 6,000 euro and holding 60% of its quota capital. In 2017, it incurred a loss of 169 thousand euro compared to a loss of 801 thousand euro in 2016. • Azimut Global Counseling S.r.l., wholly owned, provides financial planning consultancy services, in addition to company restructuring, market research and marketing activities, financial information and data collection and processing. In 2017, it incurred a loss of 45 thousand euro compared to a loss of 402 thousand euro in 2016. • Azimut Analitycs S.r.l. was set up on 25 May 2017 by Azimut Enterprises Holding S.r.l. which paid in 6,000 euro and holds 60% of its quota capital. Its main business object is data collection, analysis, mining and management and the conception, creation, development, design and implementation and management, including on behalf of third parties, of information systems and/ or application software. In 2017, it incurred a loss of 158 thousand euro. Specifically, through the subsidiary AZ International Holdings SA, the Azimut Group is pursuing an international growth strategy which mainly translates into partnerships with local operators, the acquisition of majority investments in asset management and/or advisory and distribution companies. The list of AZ International Holdings SA's partnerships is given below, broken down by geographical area:
Europe • Katarsis Capital Advisors SA, wholly owned, which carries out actuarial and financial advisory activities. • Eskatos Capital Management SARL, wholly owned through Katarsis Capital Advisors SA, which carries out fund management activities. • AZ Swiss & Partners, 51% owned, which carries out advisory and assistance activities with respect to investments and vis-à-vis authorised intermediaries and institutional investors. • Compagnie de Gestion Priveè Monegasque, 51% owned, which carries out asset management, financial advisory and order receipt and transmission activities. • CGM Italia SGR S.p.A. 51% owned through Compagnie de Gestion Privée Monégasque, which carries out asset management, order receipt and transmission, placement and advisory activities.
33 Management report of the Azimut Group
Turkey • Azimut Portfoy (formerly AZ Global Portfoy Yonetimi), wholly owned, which carries out asset management activities.
South East Asia • AN Zhong (AZ) IM Limited, wholly owned, which carries out equity investment management activities. • AN Zhong (AZ) IM HK Limited, wholly owned through AN Zhong (AZ) IM Limited, is a financial advisory company based in Hong Kong. • AZ Investment Management, wholly owned through AN Zhong (AZ) IM Limited, is a financial advisory company operating in the Chinese market. • AZ Sinopro Financial Planning Ltd, 51% owned, is a holding company. • AZ Sinopro Insurance Planning Ltd, 51% owned through AZ Sinopro Investment Planning (51% owned, in turn, through AZ Sinopro Financial Planning), is a securities investment consulting enterprise which distributes asset management products in Taiwan. • Athenaeum Ltd, 100% owned, is an independent company based in Singapore which provides advisory services.
Latin America • AZ Brasil Holdings Ltda, wholly owned, is a Brazilian company which carries out equity investment management activities. • AZ Quest Partecipacoe SA, 66% owned through AZ Brasil Holdings Ltda, is a Brazilian independent company which carries out asset management activities. • AZ Quest Investimentos Ltda, 65.37% owned through AZ Brasil Holdings Ltda, is a Brazilian independent company which carries out asset management activities. • AZ Brasil Wealth Management Holding SA (formerly AZ FI Holdings), 95.80% owned by AZ Brasil Holdings Ltda, is an asset management company. • M&O Consultoria Ltda, 95.71% owned through AZ Brasil Holdings Wealth Management Holding SA, is a company operating in the asset and wealth management sectors. • AZ Brasil Wealth Management Ltda, 90.41% owned through AZ Brasil Wealth Management Holding SA, is a company operating in the asset and wealth management sectors. • AZ & Partners BRZ wholly owned through Azimut Brasil Wealth Management Holding SA, is a Brazilian wealth management company specialised in the development of tailor-made investment strategies for Brazilian private investors. • Futurainvest Holding SA, wholly owned through Azimut Brasil Holdings Ltda, is a Brazilian-based holding company. • Azimut Brasil DTVM Ltda, wholly owned through Futurainvest Holding SA, is a financial institution, regulated by Banco Central, which is authorised to distribute financial products.
34 Gruppo Azimut • AZ Mèxico Holdings S.A. de CV, 94.79% owned, is a Mexican holding company. • Mas Fondos SA, 94.79% owned through Profie SA, carries out distribution activities in the asset management sector. • AZ Andes SA, 92% owned, is a Chilean advisory company.
Australia • Next Generation Advisory Pty Ltd, 52.42% owned, is a financial advisory company which acts as the holding company for the investments carried out by the Group in the following financial advisory and asset allocation companies: Eureka Whittaker Macnaught Pty Ltd, Eureka Financial Group Pty Ltd, Pride Advise Pty Ltd, Lifestyle Financial Planning Services Pty Ltd, Financial Lifestyle Partners Pty Ltd, Wise Planners Pty Ltd, Harvest Wealth Pty Ltd, Pride Financial Pty Ltd, Domane Financial Advisers Pty Ltd, RI Toowoomba Pty Ltd, Empowered Financial Partners Pty Ltd, Wealthwise Pty Ltd, Priority Advisory Group Pty Ltd, Sterling Planners Pty Ltd, Logiro Unchartered Pty Ltd, Aspire Pty Ltd e On-Track Financial Solutions Pty Ltd, Pride SMSF PTY Ltd, Priority Advisory Trust Pty Ltd, Priority Lifestile Advice Pty Ltd, Peters & Partners PTY Ltd, Menico Tuck Parrish Financial Solution Pty Ltd, AZ Next Generation Accounting PTY Ltd, Wealthmed Australia Pty Ltd, Wealthmed Accounting Pty Ltd, Wealthmed Property Pty Ltd, Wealthmed Financial Planning Pty Ltd, Farrow Hughes Mulcahy Financial Services Pty Ltd, H&H Wealth Management Pty Ltd, Menico Tuck Parish Pty Ltd, Henderson Maxwel No.2 Pty Ltd, Henderson Maxwell Financial Planning Pty Ltd, Henderson Maxwell Accounting Pty Ltd, Hurwitz Geller Pty Ltd, Dunsford Financial Plannings Pty Ltd. • AZ Sestante (formerly Ironbark), directly controlled by AZ International Holdings SA which owns 100% thereof (the option to increase to 100% the investment in AZ Sestante was exercised in 2017), acts as a trustee and manager of mutual funds in Australia. The company was set up to launch and offer funds locally.
United States • AZ US Holdings LLC was incorporated by AZ International Holdings S.A. In 2016 and is wholly owned by it. AZ US Holdings LLC set up, in turn, AZ Apice Capital Management Ltd in which it holds a 70% equity investment. This company, in the start-up phase, carries out financial planning and portfolio management activities for non-resident US citizens.
Dubai • AZ New Horizon Ltd is directly controlled by AZ International Holdings SA which owns 80% thereof. The company allows to operate locally through a “class 3” license granted by the Dubai Financial Services Authority (“DFSA”). Consequently, it offers a wide range of financial services, including collective investment plans, discretionary portfolios and financial advisory.
35 Management report of the Azimut Group
Key risks and uncertainties
Key risks For the purposes of risk monitoring, the Group has identified the key risks as follows:
Strategic risk Strategic risk is defined as a current or potential risk of a reduction in earnings or capital as a result of changes in operations or of incorrect, inadequate decision- making and failure to respond to the competitive scenario. This risk depends firstly on the profitability profile generated by the sale of services and products by financial advisors, by the management of funds and by incorrect or imprudent evaluation of market trends in terms of customers and products to be placed. Sales activity is monitored through reports on the sales performance by geographic area and by financial products sold. Financial advisors and their respective Managing Directors (financial advisors responsible for coordinating specific areas of the country) also meet regularly to keep track of the market situation and take the relevant steps to preserve the competitiveness of each geographic area. Finally, market research and analysis by the research and marketing department are used to compare results to those of Azimut’s competitors and monitor the performance of funds. The periodic reporting of the results achieved, specifically about the financial position and results of operations, plays a fundamental role in monitoring the impact of the strategic decisions taken by governance bodies, identifying any necessary corrective measures.
The Group’s companies mainly recruit financial advisors with years of experience Sales network risks in the field, gained while working for rival companies or in bank retail services. The process of recruiting individual financial advisors is strict and involves both local branches and the marketing departments of the Group. Moreover, in addition to past experience, qualifications and references gained on the market are also considered. In the case of the subsidiary Azimut Capital Management, its horizontal structure requires that financial advisors are able to perform their jobs autonomously: by focusing on this aspect during recruitment, the company tends to avoid choosing inexperienced candidates. In order to limit the risks arising from any fraudulent action taken by financial advisors in the performance of their duties, the Group purposely entered into insurance policies against loyalty risks and professional liability insurance for the financial advisors themselves (with the maximum annual claims deemed adequate for said advisors to operate). Finally, the marketing department works closely with the Internal Audit department to share the information required to monitor the conduct of individual financial advisors. Internal control over financial advisors is based on the identification and analysis of possible irregularities in remote monitoring and inspections at financial advisors'
36 Gruppo Azimut offices. These controls are carried out also to check compliance with presentation criteria, correct keeping of archives and fulfilments vis-à-vis the body in charge of the Financial Advisors' register. Should any irregularity be detected, or in case of non-compliance with the code of conduct, the financial advisors directly involved or their managers are asked to prepare a specific report to give explanations or to take adequate measures.
Operational risk is related to potential losses due to inadequate or defective Operational risk aspects of procedure, human resources, internal processes, or external events. As well as being generally evaluated in quantitative terms, monitored and mitigated in accordance with current regulations, this risk is also subject to qualitative assessment for the individual Group companies. Therefore, the Group uses a process to identify and assess the operational risks based on Risk Self-Assessment methods, which take account of the frequency and severity of identified risk events. This procedure allows the companies to establish appropriate control and monitoring techniques, i.e. measures to limit the negative effects of any adverse conditions to which the Group is exposed. Given the presence of this type of risk, the Group has established the following measures to monitor and limit the effects: • mapping of main company procedures, by means of an analysis of existing procedures and interviews with the managers of the various departments; • identifying the significant risks within the mapped procedures; • evaluation of control measures (primary or secondary level) in respect of risk areas, highlighting any unmonitored situations; • defining and implementing a reporting system via the Internal Control and Risk Management Committee, in order to report the final results on the unmonitored risks and any action taken.
The administrative and IT activities of the Italian operating companies of the Outsourcing risks Group are outsourced. When the contracts with Objectway Financial Software S.p.A. and Deloitte Enterprise Risk Service S.r.l. (the Group’s main outsourcers) were signed, establishing the method used in the performance of the outsourced services, purposely created service level agreements (SLA) were also drawn up to guarantee the adequacy of the services provided and allow group Companies to take action against the supplier in the event of any economic losses arising from problems in the supply of these services. Another measure to ensure that services are performed correctly was the creation of an Operating Committee, whose members come from both the Group’s operating companies affected by the agreement and the supplier company, to establish the procedures, define the timescales, and monitor the correct execution of all services
37 Management report of the Azimut Group
provided. The committee meets at least once a month and the participants are provided with a copy of the minutes of the meeting afterwards.
Reputational risk Reputational risk originates from risk factors such as compliance, strategy, outsourcing and other specific variables such as the public scenario, significance of the trademark and company image, exposure to external communication processes. In order to limit this type of risk, a series of procedures has been put in place aimed at minimising both its cause and effect, the most important aspects being: • complaints received by Group companies are monitored constantly, so as to analyse any problems caused by management activities, consultancies, placement and distribution activities and/or operating errors and the effects that these may have on the company’s reputation; • a mapping of corporate risks of all Group companies is constantly updated, in order to identify which departments, procedures and activities are most subject to reputational risks; • the monitoring of the Internal Control and Risk Management Committee, where the presence of managers allows for top-down management of action to be taken to limit reputational risks or respond to any events caused by them; • the Marketing and Investor Relations departments, centralised at Group level, have sole responsibility for dealing with public relations/external communications and the company’s image; • an Internal Code of Conduct governs the treatment of any action that gives rise to conflicts of interest, cases of insider trading or market abuse and any penalties as a result of failure to comply with such regulations. In accordance with the regulations for the treatment of privileged information pursuant to Article 115-bis of Italian Legislative Decree No. 58/98 (TUF - Consolidated Law on Finance), Azimut Holding S.p.A. established a register for the management of such information, for itself and on the behalf of its subsidiaries, by creating a database with the technical/operating features required to guarantee that logical and physical security requirements are met, records cannot be changed and that information is easily accessible.
Compliance risk Compliance risk is related to legal and administrative sanctions, significant financial losses or damage to reputation as a result of non-compliance with laws and regulations or internal procedures (e.g. by-laws, codes of conduct, corporate governance codes). Given that all levels of the company are exposed to this risk, limiting its effects mainly involves ensuring that personnel take adequate responsibility in the performance of their work by complying with the internal code of conduct, code of ethics and procedure manual. The Compliance function, centralised within Azimut Holding S.p.A., ensures
38 Gruppo Azimut that internal procedures are in line with the objective to prevent any breaches of current law or internal regulations. In more detail, the Compliance department: • proposes any organisational and procedural changes to ensure adequate protection against any identified risks of non-compliance; • submits a report to all relevant bodies, including the Supervisory Body (pursuant to Italian Legislative Decree No. 231/2001), the Board of Statutory Auditors, the Internal Control and Risk Management Committee; • controls the efficiency of organisational changes (structures, processes, procedures); • constantly monitors any changes to regulations governing the investment service sector, and circulates the relevant information to all parties concerned.
As regards financial risks, proprietary trading by Group companies is exposed to Financial risks market risks. Moreover, the financial instruments in question are easily liquidated and are monitored closely, most being flexible and money market mutual fund units managed by the Group companies. As for credit risk, there are no specific problems given the nature of the Group’s activity.
Liquidity risk arises when the company is unable to gain access, under reasonable Liquidity risk economic conditions, to the financial resources required to ensure its efficiency. The main factors that determine liquidity levels are the resources provided from or used by administrative and investment activities, as well as loan expiry and renewal or liquidity of investments and market conditions. The Group has no liquidity issues. In order to mitigate this risk, it adopted a policy for the optimisation of financial resources management. Specifically, the Group maintains an adequate level of liquidity available thanks to constant cash flow generation and by monitoring forecast needs based on financial planning.
Key uncertainties The uncertainties to which the Group is exposed derive from the specific nature of its core business, particularly as far as the strict correlation is concerned between income and certain types of fee items, the performance of which is determined by the results generated by the management of listed products and the performance in terms of capital inflow. The generation of these revenues and their amount are by nature volatile and heavily influenced by any fund return and the risk appetite of the customers during the period considered. These factors are, in turn, affected by the performance of reference markets and, more generally, of the national and international economies. There is therefore a risk that Group's revenues and operating results may be negatively affected by prolonged financial market crises.
39 Management report of the Azimut Group
Related-party transactions
Pursuant to Consob Regulation on Related parties1, on 22 November 2010, the Board of Directors of Azimut Holding S.p.A. approved the procedures that ensure transparency and fairness of related party transactions (“Related Party Transaction Procedure” available on Azimut’s website at www.azimut-group.com). With reference to paragraph 8 of Article 5 of the Consob regulation on periodic disclosure of related party transactions, the Group did not engage in any “significant” transactions during 2016. No other atypical or unusual transactions were performed. Disclosures on other related party transactions are provided in paragraph “Related Party Transactions” in Part D, Section 5 of the Notes to the consolidated financial statements.
Related-party transactions
Pursuant to Consob Regulation on Related parties1, on 22 November 2010 the Board of Directors of Azimut Holding S.p.A. approved the procedures that ensure transparency and fairness of related-party transactions (“Related-Party Transaction Procedure” available on Azimut’s website at www.azimut-group.com). With reference to paragraph 8 of Article 5 of the Consob Regulation on periodic disclosure of related-party transactions, the Group did not engage in any “significant” transactions during 2017. No other atypical or unusual transactions were performed. Disclosures on other related-party transactions are provided in paragraph “Related- Party Transactions” in Part D, Section 5 of the Notes to the consolidated financial statements.
Organisational structure and corporate governance
Azimut Holding S.p.A. complies with corporate governance regulations in force in Italy. Moreover, the corporate governance structure partially reflects the recommendations contained in the Code of Conduct for Listed Companies published by Borsa Italiana. For more information reference should be made to the attached Report on corporate governance and ownership structure prepared pursuant to Article 123-bis of the Consolidated Law on Finance (TUF). Azimut Holding S.p.A. has established a risk management and internal control system over financial reporting, using as a reference the “COSO Report”, under which the Internal Control in the broadest sense is “a process effected by an entity's Board of Directors, management and other personnel, designed to provide
1 Consob resolution No. 17221 of 12 March 2010 as subsequently amended.
40 Gruppo Azimut reasonable assurance regarding the achievement of objectives”; specifically, the objective of reliable financial reporting. The key characteristics of the risk management and internal control system over financial reporting are described in the Report on corporate governance and ownership structure.
Human resources
At 31 December 2017, Group personnel amounted to 830 employees, broken down as follows:
Position 2017 2016 Managers 157 93 Middle managers 153 143 Office staff 520 345 Total 830 581
The increase in the number of employees at 31 December 2017 over the previous year mainly reflects the consolidation of recently acquired companies.
Research and development activities
The research and development activities undertaken by the Azimut Group focus exclusively on the “research” of investment instruments and services and on the sale of these products. The Group is constantly committed to designing and implementing investment tools that meet the increasingly sophisticated needs of current and potential customers (see also the section on “Significant events of the year”).
Significant events after the reporting date
The main events that occurred after 31 December 2017, the reporting date of the consolidated financial statements, until 8 March 2018, the date on which the Board of Directors approved the draft financial statements, are as follows: • On 1 January 2018, Azimut Partecipazioni S.r.l. merged into Azimut Capital Management SGR S.p.A. • The closing of the transaction envisaging the acquisition of SDB Financial Solutions SA took place on 8 January 2018. • The purchase of the additional tranche of treasury shares, approved by the company’s Board of Directors on 12 December 2017, was completed on 26 January 2018, based
41 Management report of the Azimut Group
on the authorisation issued pursuant to Article 2357 of the Italian Civil Code by the shareholders in their meeting of 27 April 2017. In January 2018, 1,735,200 treasury shares were purchased, for a total of 30 million euro. • In January and February 2018, the Company made a capital injection of 4 million euro to increase the share capital of the subsidiary AZ International Holdings SA. • The acquisition of the additional 49% of Compagnie de Gestion Privée Monégasque SAM was completed on 31 January 2018. • On 20 February 2018, Azimut Holding S.p.A., through the subsidiary Azimut Capital Management SGR S.p.A. (“Azimut SGR”), entered into an agreement with Sofia Gestione del Patrimonio SGR S.p.A. under extraordinary administration (“Sofia SGR”) and Sofia Partners S.p.A. (“Sofia Partners”), as the majority shareholder of Sofia SGR, whereby Azimut SGR acquires Sofia SGR’s assets (the “Business Unit”). The Business Unit will mainly provide the following services: (i) collective portfolio management, (ii) investment portfolio individual management on behalf of third parties, (iii) discretionary management arrangements assigned by parties providing investment portfolio management services and Italian and/or foreign UCI and (iv) consultancies for investments in financial instruments. By purchasing the Business Unit, Azimut Capital Management SGR will take over, inter alia, four open-ended mutual funds set up, promoted and currently managed by Sofia SGR, and will increase its network by adding Sofia SGR’s 47 financial advisors who, at 31 December 2017, were in charge of assets under management worth approximately 800 million euro. Concurrently with the Business Unit’s transfer, Azimut Capital Management SGR will pay Sofia SGR a base consideration of 3 million euro and, after 24 months, the residual amount, if any, of the variable portion of the price to be calculated based on the performance of the assets under management transferred to Azimut Capital Management SGR and their net profitability. Under the agreement, Azimut Capital Management SGR will obtain a series of representations and guarantees on the Business Unit's risks until its transfer, which are typical for similar transactions. The completion of this transaction also depends on obtaining of Bank of Italy’s necessary authorisations, approvals and/or clearances.
Business outlook
Given the positive results of the subsidiaries in early months of the year, consolidated performance is expected to be positive this year. This year’s financial position and results of operations will also be affected by financial market trends.
42 Gruppo Azimut Non-financial disclosure
This document is Azimut Group’s first Non-financial Disclosure (the “Disclosure”) Methodology prepared pursuant to Italian Legislative Decree No. 254 of 30 December 2016. The reporting scope comprises Azimut Holding S.p.A. and its subsidiaries and companies consolidated on a line-by-line basis at 31 December 2017, net of the following companies which are excluded from the consolidation scope: • AZ Andes S.p.A. - Chile • AZ US Holding Inc. - USA • AZ Apice Capital Management LLC - USA • An Zhong (AZ) IM - Hong Kong • An Zhong (AZ) IM HK - Hong Kong • An Zhong (AZ) IM HK - Shanghai • AZ Sinopro Financial Planning Ltd - Taiwan • AZ Sinopro Investment Planning Ltd - Taiwan • AZ Sinopro Insurance Planning Ltd - Taiwan • Atheneaum Ltd - Singapore • New Horizon Capital Management Ltd - United Arab Emirates - acquired (80%) in June 2017, with effect from 1 July 2017
These companies have been excluded from the Disclosure’s reporting scope given their poor relevance in terms of assets under management and number of employees. These limitations do not affect the presentation of the Group’s results and business pursuant to Italian Legislative Decree No. 254/2016. The reporting scope is consistent with the above, unless subject to further restrictions for some data and information, explicitly indicated in the document. The ownership structure is unchanged in terms of scope and reporting period. The Disclosure describes the non-financial information that was considered material for the Group, its business model and how it creates and maintains the value generated by its services in the medium and long term. All Corporate functions participated in the process to identify stakeholders, in the definition of material topics and in the drafting of the Disclosure. The results were consolidated by the relevant internal Work Group and subsequently validated by Top Management. With respect to environmental figures, although this topic is not relevant to the Business Model and the current strategies, the Group has reported on these figures for the first time only to the extent of Azimut Holding S.p.A. and it committed to considering expanding the reporting scope on this topic in the next few years. Finally, the information about Fondazione Azimut, an entity not included in the Group’s consolidation scope, is a quality aspect necessary to understand the focus on the social framework although it does not form part of the consolidation scope of the Disclosure’s quantitative information. The data and the information provided cover 2017 (from 1 January to 31 December 2017). In order to provide a comparison and a description of the changes, 2016 data and information are also provided, where available.
43 Management report of the Azimut Group
The elements necessary to understand the performance for the two years are included in specific notes within the document. The following GRI standards were considered when preparing the Disclosure in order to define the content and the quality of the document: Stakeholder Inclusiveness, Sustainability Context, Materiality, Completeness, Balance, Comparability, Accuracy, Timeliness, Clarity and Reliability, as per GRI 101: Foundation 2016 Standard. The document does not intend to comply with the Sustainability Reporting Standards issued by the Global Reporting Initiative (“GRI”) under the Core or the Comprehensive option. Rather, it is based on these Standards, using the GRI-Referenced claims.
Specifically, reference was made to the following GRI Standards:
Reference chapter/ GRI-Referenced GRI-Referenced Notes paragraph Topic-Specific Topic-Specific Disclosure Standards (2016) Methodology This content refers to Disclosure 102-50: - GRI 102: General Reporting period Disclosures Disclosure 102-52: - Reporting cycle Disclosure 102-53: - Contact point for questions regarding the report Disclosure 102-56: - External assurance Business Model This content refers to Disclosure 102-2: - GRI 102: General Activities, brands, Disclosures products, and services Disclosure 102-6: Reporting on the requirements Markets served under point a.i. (“Markets served, including the geographical locations where products and services are offered”). The Group’s stakeholders This content refers to Disclosure 102-13: - GRI 102: General Membership of associations Disclosures Disclosure 102-40: - List of stakeholder groups Disclosure 102-42: - Identifying and selecting stakeholders Disclosure 102-43: - Approach to stakeholder engagement
44 Gruppo Azimut Material non-financial This content refers to Disclosure 102-47: - topics GRI 102: General List of material topics Disclosures Governance and This content refers to Disclosure 102-5: - business ethics GRI 102: General Ownership and legal form Disclosures Disclosure 102-18: - Governance structure Disclosure 102-17: - Mechanisms for advice and concerns about ethics This content refers to Disclosure 418-1: - GRI 418: Customer Complaints regarding losses Privacy and GRI 103 of customer data Management Approach Personnel size - employees This content refers to Disclosure 102-16: - and financial advisors GRI 102: General Values, principles, standards, Disclosures and norms of behaviour Disclosure 102-7: Reporting on the requirements Scale of the organization under point a.i (“Scale of the organization, including: total employees”) Disclosure 102-8: Reporting on the requirements Information on employees under point a. (“Total and other workers employees by employment contract (permanent and temporary), by gender”) and point c. (“Total employees by employment type (full-time and part-time), by gender”) This content refers to Disclosure 401-1: Reporting on the requirements GRI 401: Employment Total number and new under point a. (“Total number and GRI 103: employee hires and and new employee hires Management Approach employee turnover by age, during the reporting period, by gender and geographical area age, gender and geographical Disclosure 103-1; 103-2 area”) and point b. (“Total of the management approach number and new employee turnover during the reporting period, by age, gender and geographical area”) in absolute values and not as a percentage, excluding the geographical area
45 Management report of the Azimut Group
This content refers to Disclosure 405-1: Reporting on the GRI 405: Diversity Diversity of governance requirements under point b.i and Equal Opportunity bodies and employees (“Percentage of employees and GRI 103: Disclosure 103-1; 103-2 by employment contract Management Approach of the management approach and gender”) and point b.ii (Percentage of employees by employment contract and age”) in absolute values and not as a percentage The social side - This content refers to Disclosure 102-12: See Fondazione Azimut’s Customers and local GRI 102: General External initiatives activities communities Disclosures Disclosure 102-43: See customer satisfaction Approach to stakeholder initiatives engagement The environmental side This content refers to Disclosure 302-1: Reporting on the GRI 302: Energy Energy consumption requirements under point e. within the organization (“Total energy consumption within the organization”) in MWh. GRI 103: Management Approach omitted since the topic is immaterial
In order to collect the information necessary for the Disclosure’s reporting scope, the Work Group used data collection sheets which were distributed to the heads of the corporate functions involved. The data about Italy were provided by the Corporate functions, while those related to each country were collected under the responsibility of each Country Manager. They were subsequently processed and checked by the heads of the Corporate functions. Since 2017 is the first reporting year, the processes underlying the collection and the calculation of non-financial data and information will be fine-tuned and strengthened over the next few years. This document was approved by Azimut Holding S.p.A.’s Board of Directors.
1. Business Model With a portfolio (assets under management and custody) worth over 50 billion euro, Azimut is Italy’s main independent Group operating in the asset management sector since 1989. The Parent Company, Azimut Holding S.p.A., has been listed on the Milan stock exchange since 7 July 2004 (AZM.IM) and is included, inter alia, in the FTSE MIB and the Euro Stoxx 600 indices. The Group is comprised of many companies which distribute, manage and promote financial and insurance products in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Singapore, Brazil, Mexico,
46 Gruppo Azimut Taiwan, Chile, the United States, Australia, Turkey and the United Arab Emirates. Furthermore, in 2017, the Group signed an agreement to acquire 20% of Mofid Entekhab, Iran’s largest independent asset management company.
Azimut Holding (Listed: AZM.IM) Life insurance Asset Management Distribution Inv. Banking & Alternative Ireland Italy Italy Italy Ireland Turkey Switzerland Switzerland UAE UAE
EMEA Luxembourg Iran Monaco Monaco Turkey Iran Hong Kong Hong Kong Singapore Singapore
Asia China Taiwan Pacific Australia Australia Brazil Brazil Mexico Mexico Chile
Americas USA
In Italy, Azimut Capital Management SGR S.p.A. promotes and manages Italian mutual funds, Italian alternative investment funds and provides investment portfolio individual management services on behalf of third parties. Furthermore, as of 1 October 2016, following the demerger and merger of Azimut Consulenza SIM S.p.A., Azimut Capital Management has distributed the Group’s and third parties’ products through its network of financial advisors, while Azimut Financial Insurance S.p.A. has placed insurance and banking products. Azimut Global Counseling provides corporate consultancy services, while LiberaImpresa SGR S.p.A. is specialised in the management of alternative funds. The main foreign companies are AZ Fund Management SA (founded in Luxembourg in 1999), which manages the AZ Fund 1 and AZ Multi Asset umbrella funds, and the Irish- based AZ Life DAC, which provides life insurance products. The Group was set up and developed based on some distinctive features which contributed significantly to its success:
47 Management report of the Azimut Group
A unique business model based on long-term value creation
We are totally A highly integrated independent of bank, Integrated business model insurance or Independence business ensures a correct asset industrial groups. allocation approach This enables us to model which meets customers’ operate freely. expectations about risks/returns.
1,600 people, including Our business model management, managers, is a new reference financial advisors and point for the industry, Alignment employees, are Innovation thanks to the launch long-term shareholders, of interests of innovative funds. who focus on creating value for stakeholders.
Independence Azimut is wholly independent of banks, insurance companies or industrial groups, ensuring free operations. With a float equal to approximately 75% of capital, the Group’s Holding Company is one of the few real public companies in the Italian stock exchange.
Integration The Group’s core activities (management and distribution) operate in strict synergy to respond in a coordinated manner to customers’ needs. Product design, management and consultancy are part of the same process whose definitive goal is customer satisfaction. Brazil Ireland Australia Chile Italy China Involvement Mexico Iran* Hong Kong Most financial advisors, employees and managers (1600 at 2017 year end) are also the USA Luxembourg Singapore Monaco Taiwan Parent Company’s shareholders, with a 15% investment therein. In accordance with a Switzerland Shareholders’ Agreement, shareholders/collaborators are fundamental in ensuring the Asset Management Turkey Group’s driving stability and the alignment of interests among all stakeholders. This Distribution UAE significant involvement of staff in the control of the companies for which they work is almost unique in Italy’s financial sector.
Internationalisation Again with a view to diversification and development, an expansion strategy began in 2010 in geographical areas which could be of interest in many respects. In these areas, Azimut identified local partners with the same characteristics as the Group (independence, professionalism, expertise) and built a network of companies to place the products of the Parent Company and/or its product companies, while providing the Group with management skills in specific markets. This resulted in a management team made up of 90 managers and analysts, based in 14 countries and 4 continents, therefore active around the clock and able to monitor over 1,300 companies which may become the object of investment. The average seniority of the team members is 16 years.
48 Gruppo Azimut Asset management companies and distribution in 17 countries in the world
Brazil Ireland Australia Chile Italy China Mexico Iran* Hong Kong USA Luxembourg Singapore Monaco Taiwan Switzerland Asset Management Turkey Distribution UAE
Innovation The commitment to provide customers with appealing investment instruments not yet available on the market has characterised Azimut’s entire history with the launch of many types of unique funds. Product innovation has always been present in the company’s business, with the launch of several tactical and strategic products which met the needs of different types of domestic and international customers. The development abroad further stimulated the Group’s drive for innovation. This is confirmed, for example, by AZ Fund 1 Renminbi Opportunities, the world’s largest UCITS IV fund specialised in investments in Off-shore Renminbi and AZ Fund 1 Cat Bond, which invests in instruments exposed to catastrophe insurance risks, launched in 2011, after the acquisitions in China and Switzerland, typical for investors with a high risk profile. In autumn 2013, the implementation of the Group development strategy
49 Management report of the Azimut Group
abroad also led to the launch of AZ Multi Asset Global Sukuk, a UCITS IV-compliant product which invests in an emerging asset class, the sukuk (bonds which generate pre- determined profits according to the principles of Shariah), which configure a new type of fixed income instruments. In the 2016/2017 two-year period, Azimut also launched, inter alia, some extremely innovative products: • AZ Multi Asset Sustainable Equity Trend - part of the AZ Multi Asset mutual fund, with an investment policy focused on issuers adopting the ESG (Environmental, Social and Governance) sustainability standards. With respect to the AZ Multi Asset Sustainable Equity Trend fund, AZ Fund Management’s investment process provides for the identification (assisted by Vontobel AM acting as the advisor) of a basket of ESG sustainable equities, followed by the manager's selection of those to be invested in. In other cases, the manager chooses the financial instrument to be included in the sub-fund’s portfolio and subsequently asks the advisor to check the sustainability of the investment, using ESG criteria. • Munis Yield - a sub-fund of the Luxembourg fund AZ Fund 1 which mainly invests in US municipal bonds and/or US treasuries. • Global Infrastructure - a sub-fund of the Luxembourg fund AZ Fund 1 which mainly invests in securities issued by global companies which own and/or manage infrastructural activities, such as utilities (water, electricity, gas, waste collection), transport and storage of raw materials, toll roads, airports, telecommunications, ports, railway networks and other socio-economic infrastructures. This instrument provides individual savers with a type of management that is usually reserved to institutional investors.
50 Gruppo Azimut Full product range, with a focus on innovation and performance
Italian Trend ormula apan European Trend Commodity Champion
igher isk Trend 1 Trading L T alue Trend Absolute Asia Absolute eal lus E uity ptions Small Cap Europe lobal rowth Lira lus Selector lobsl E uity ptions i idend Target unds remium Global Macro Currencies lobal Sukuk American European ates US Income Trend ynamic Strategic Acti e Selection Trend atriot Strategy lobal Italian Excellence ormula Macro MB unds In rastructure uant unds ynamic Trading lobal Hybrid Bonds Income Unconstrained unds Bond und Arbitrage lus Bond Target Market eutral Arbitrage Conser ati e Solidity 1 Conser ati e unds Macro olatility Top Rating Core Brands eser e S T Euro Sustainable Cat Bond und E uity Trend lus
Cash Management Munis ield 1 Alpha lus unds Lower isk
Classi Innovative
Note: For illustration purposes only. May not be exhaustive. Does not include FOF, Multiassets Note*: Includes QProtection, QBond, Qinternational Source: Azimut figures at 31 December 2017
The distribution of the portfolio under management among the products which are progressively launched on the market was well received and raised customers’ interest.
% of AuM broken down into three periods of time
36% 38% 27%
Before 2008 2008-2012 2013-2017
Furthermore, starting from 2014, the Group began diversifying its activities with the launch of the Libera Impresa project, which comprises a group of investments in companies focused on the development of new entrepreneurship through incubators (SiamoSoci), venture capital initiatives (P101), minibond issues (Antares AZ I), investment banking (Azimut Global Counseling), private equity (Futurimpresa, now Libera Impresa SGR) and pre-IPO/ SPAC (Ipo Club). This project has a significant social impact since its main goals include supporting new entrepreneurship focused on innovation and the creation of job opportunities.
51 Management report of the Azimut Group
2. The Group’s stakeholders
As part of its activities, the Group interacts with a series of internal and external stakeholders who are subject to specific relationship guidelines. The dialogue with stakeholders is extremely important since the “product” placed (asset management) is intangible on the one hand, and totally relevant to customers and the collectivity on the other. Azimut Group's stakeholder map is given below:
Financial community/Shareholders Institutions and with whom the company maintains regulators a continuous dialogue to create which carry out medium/long-term value supervisory activities and regulate the industry in which the company operates
Financial advisors Employees who provide third parties who, based on their withconsultancies on employment contract, financial instruments on work for the company behalf of the company
Customers Local communities to whom the company involved in social and cultural offers diversified environments with which investment solutions the company interacts as part which meet different of its operations needs
The main stakeholders were identified by assessing the importance of each category for the Group's business, and based on the judgement (which derives from experience) about the term and the stability of the relationship with the stakeholders. Other important business partners, such as suppliers and outsourcers, have not been included in the stakeholders’ list since they are selected from time to time based on current needs and using specific procedures. Furthermore, their activities are governed and monitored by specific contractual arrangements.
Customers The parties to which the company offers investment solutions and ongoing consultancies to maintain the investment portfolio.
Relationship Customers are assisted by financial advisors based on a customised relationship and ongoing support. Every day, through the company intranet site, Azimut Capital Management SGR S.p.A. provides the financial advisors with documents
52 Gruppo Azimut and information which may be used to support customer relationships. Therefore, customers can also access directly via the web the data about their investments and assess over time the characteristics of the products acquired, the returns and the market risk to which they are exposed.
The parties providing financial instrument consultancy services to third parties on Financial advisors behalf of the company. They enter into an agency contract with Azimut Capital Management SGR S.p.A.
Relationship Financial advisors are carefully selected as they represent the Group before customers. They are constantly trained and informed about the markets through a dedicated intranet site. They also benefit from a company TV which broadcasts interviews and communications about the investment sector. All financial advisors participate in an annual meeting and in specific meetings throughout the year, divided by area groups or categories. Considerable attention is given to the possibilities for regular opinion exchanges in order to monitor their level of satisfaction.
Human resources are the heart of Azimut’s operations. Group companies’ Employees employees, regardless of their level, are carefully selected and assisted throughout their career path. At 31 December 2017, the Group had 731 employees (to the extent of the scope considered). This figure does not include 1,638 financial advisors operating in Italy, who are not employees.
Workforce by country - 2017 (%)
Switzerland 4% Turkey 5% Monaco 4% Italy 20% Mexico 12%
Luxembourg 3% Australia 39% Ireland 1% Brazil 11%
Relationship Internal communication is important in order to involve employees and collaborators. Employees receive the main information about employee benefits and the company through a dedicated intranet site and may also access a detailed daily press review which, in addition to Azimut’s news on digital and print media,
53 Management report of the Azimut Group
covers the main issues of the financial market, focusing, in particular, on the assets under management industry. Italian and foreign employees also receive directly by e-mail financial press releases from the Corporate Communications unit, covering, for example, acquisitions, monthly inflows, consolidated results and significant events, as well as the main communications, including the message of the Group’s CEO.
Financial community/ The parties with whom the company creates a continued dialogue to create value shareholders in the medium/long-term.
Relationship Investor Relations’ and Media Relations’ activities are entirely focused on providing the financial community and shareholders with information about the Holding Company and the Group. In 2017, 45 press releases were published, covering the monthly performance of inflows, the news for the Group and periodic financial reporting. Institutional shareholders, analysts and potential investors participate in periodic meetings held through the internet and specific road shows on invitation. In 2017, 150 conference calls were held with analysts and institutional investors, and over 100 direct meetings were held in the world’s main financial centres, specifically in Northern America and Northern Europe.
Institutions and regulators The parties which perform representation, supervisory and regulatory activities in the industry in which the company operates.
Relationship The Group has regular contacts with the supervisory authorities of all the countries in which it operates, which go beyond regulatory obligations. In Italy, where the Group has been operating for a long time, Azimut Capital Management SGR S.p.A. actively participates in the initiatives launched by industry associations (Assogestioni and Assoreti) and the financial advisors are members of the Anasf trade association.
Collectivity The parties included in social and cultural situations with whom the company interacts while performing its activities.
Relationship The widespread presence of financial advisors and customers in the area creates relationships with different local collectivities (associations, bodies representing the interests of the local and social context) which result, above all, in the organisation of meetings which mainly provide training and information about
54 Gruppo Azimut financial market-related issues, savings and investments. The participation in local life also supports cultural and sports initiatives. Fondazione Azimut’s activities, which are clearly separated from the Group’s business, focus on poverty and social exclusion issues and inevitably entail interacting with the local institutions which pursue the same goals (church or municipal bodies).
3. Material non-financial topics
The Group carried out a materiality analysis to identify the material non-financial issues. The process consisted of the following stages: 1. mapping of stakeholders: identification of the parties that influence and are influenced by the company, considering the reference industry, the practices in place among peers and competitors, and the Group’s business model and characteristics; 2. identifying economic, environmental and social sustainability topics which may be potentially relevant to the Group's business and its stakeholders; 3. management's assessment and validation of the potentially material non-financial topics; 4. validation of the analysis carried out with top management.
The process identified the factors which have a significant impact on the organisation and which considerably influence the Group's ability to create value in the short, medium and long-term and a list of material non-financial topics: • Business ethics, anti-money laundering and fight against corruption • Product portfolio innovation • Customer satisfaction • Human capital management and development • Financial advisors’ training and network management • Financial education and development of local communities The relationship between Azimut’s material non-financial topics, the scope of the Decree and the stakeholders involved is described below:
Scope of the Decree Material topic for Azimut Stakeholders involved Fight against active • Business ethics, anti-money Institutions and regulators and passive corruption laundering and fight against Financial community/ corruption shareholders Social and employee-related • Human capital management Collectivity topics and development Customers • Financial advisors’ training Employees and network management Financial advisors • Product portfolio innovation • Customer satisfaction • Financial education and development of local communities
55 Management report of the Azimut Group
Respect for human rights • Immaterial topic given the - industry in which the Group operates and its business strategies Environmental issues • Immaterial topic given the - industry in which the Group operates and its business strategies
Some topics covered by the Disclosure have been part of Azimut’s distinctive features well before the implementation of the obligation to provide public statements thereon. The focus on employees’ and advisors’ involvement in company management resulted, for example, in a broad shareholder base since the set-up of the network comprised of regional stock brokerage companies (SIM) (1989) and in the subsequent management buy-out (2001) which led to the flotation in 2004. Employees, managers and financial advisors have been and remain a significant part of the shareholder base and are unique in this industry. Azimut has also always focused on social issues: it was one of the first asset management companies to launch on the Italian market a fund which allocated the returns of the invested money to the humanitarian organisations selected by customers (1995 Fondo Azimut Solidarietà). This direction was confirmed by the launch of the AZ Multiasset Sustainable Equity Trend which, in addition to the selection of securities, provides an analysis based on ESG sustainability criteria. The initiative launched by the Brazilian Group companies forms part of the investments which also consider the environmental and social impact. AZ Quest Azimut Impacto was launched in November 2016, investing in low volatility traditional securities and paying customers 100% of the returns obtained. Furthermore, the asset management company assigns 30% of the management fees received to social initiatives (environment, education, development of communities’ health care). AZ Quest Azimut Impacto is the first instrument launched in Brazil available to retail investors who intend to participate in initiatives with a social impact.
4. Risks and policies
The Azimut Group has in place a risk management system which identifies, assesses and controls the risks to which it is exposed in all areas of activity. The risks identified are regularly monitored to ensure ongoing operations and the achievement of corporate goals. For additional information about the risk and internal control management structure adopted by the Group, reference should be made to the Report on corporate governance and ownership structure prepared pursuant to Article 123-bis of the Consolidated Law on Finance. For additional information about the main risks identified and how they are monitored, reference should be made to the “Key risks and uncertainties” section of the Management Report.
56 Gruppo Azimut In the fourth quarter of 2017, Azimut Holding S.p.A. strengthened its governance system by introducing the Operational & Reputational Risk Management function alongside the Risk Management department. The control process over operational risks relies on a monitoring cyclical pattern based on: • Risk identification • Risk assessment and measurement • Control implementation Which entails the following: • Determining the acceptable level of risk • Risk mitigation and management • Transfer of risk (where possible)
Identification and assessment Map of processes of operational risks Macro-objectives: Promotion, and controls Management, Steering, Administration, Legal, etc.
Process analysis Activities, responsibilities, time cycles, information flows, decision-making
Association of procedures Analysis of activities Scope of the activities Reference process, Players involved description, inputs, outputs, Methodology responsibilities, reference Line controls product, outsourcing IT tools used Reference legislation
Risks and related event types are mapped for all business areas in accordance with the Basel II framework, analysing, for each process and activity, the procedures in place and performing assessments with the managers.
Risks analysed Related event types
Human Resources Internal offences
Processes External offences
Systems Personnel relationship and safety at work
External events Customers, products and operational procedures
Disasters and other events
Technological systems and public utility services
Process execution, delivery and management
57 Management report
The consolidation of the Operational Risk reporting flow from the entire Group was successfully completed, achieving the Group’s full scope in 2017. No material risks were identified for the companies based on the analysis methodology adopted, confirming the adequacy of controls and risk-mitigation activities.
The table below provides information about risk-specific areas in relation to the scope of the Decree and the related management approach applied to the related topics and risks implemented by the Group.
Scope of the Decree Risks identified Management approach/ Policy Fight against active The Group’s current risk Risks are mitigated thanks to the and passive corruption management system identifies following management tools and the corruption risks mainly policies implemented by the Group: related to possible instances • Organisational, management and of active corruption. control model pursuant to Italian Legislative Decree No. 231/2001 • Code of ethics (Italian Legislative Decree No. 231/2001) • AML and combating the financing of terrorism policy • Whistleblowing policy These documents, which apply to the Parent Company, the Italian investees and the individual countries in accordance with local laws, have a legislative meaning and constitute an operational tool. Personnel-related issues, By mapping the risks in The risks identified show a low risk including occupational accordance with Basel II profile. Risk mitigation activities are health and safety, and framework in 2017, the Group accurately monitored. The main tools actions implemented to identified some potential implemented are as follows: ensure gender equality risks related to personnel • Remuneration policy relationships. Specifically: • Code of ethics (Italian Legislative • Employees’ hiring and Decree No. 231/2001) termination No further personnel or gender equality • Remuneration policies were defined. Indeed, this • Wrong selection of resources was not deemed necessary based on The risks related to health the risks identified and the corporate and safety are analysed in business strategies. accordance with the applicable ruling legislation. Trade, supply or sub- The Group’s current risk The Management Report also provides contracting relationships management system analyses detailed information about the approach and other social impacts the main risks related to used to manage the risks related to outsourced functions and those outsourced functions and those related related to the trade network’s to the trade network’ conduct. These conduct. Reference should be aspects are governed by Bank of Italy’s made to the Management Report and Consob’s regulations. for additional information thereon.
58 Gruppo Azimut Scope of the Decree Risks identified Management approach/ Policy Respect for human rights These risks are not analysed The topic is immaterial given in the Group’s current risk the industry in which the Group management systems as they operates and its business strategies are not deemed material to Consequently, at present, there are no the Group’s activities and its formal management policies or tools to business industry. mitigate any risks. Environmental issues These risks are not analysed The topic is immaterial given in the Group’s current risk the industry in which the Group management systems as they operates and its business strategies are not deemed material to Consequently, at present, there are no the Group’s activities and its formal management policies or tools to business industry. mitigate any risks.
5. Governance and business ethics
The parent company Azimut Holding S.p.A. has a traditional governance Corporate Governance structure which comprises a Shareholders’ Meetings, a Board of Directors (BoD) with administrative functions and a Board of Statutory Auditors which controls administration activities. The Board of Directors has the widest ordinary and extraordinary powers to manage the Company (except for those reserved to the Shareholders as per the law). It comprises 12 members appointed by the Shareholders’ Meeting, of whom four are independent. Furthermore, in line with the Code of Conduct for Listed Companies, Azimut Holding S.p.A. formed two committees: the Risk and Control Committee, and the Remuneration Committee which assist the Board in the relevant specific topics. The governance rules are those set by industry legislation which, in this case, is extremely pervasive. For more information, reference should be made to the Report on corporate governance and ownership structure prepared pursuant to Article 123-bis of the Consolidated Law on Finance attached to the Separate Financial Statements.
BoD members at 31 December 2017 by age bracket Women Men Total 30-50 years 2 3 5 More than or equal to 51 years 2 5 7 Total 4 8 12
With respect to the Board composition, the presence of four independent members plays an important role. This number is in line with that set out in the Code of Conduct for Listed Companies.
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Ethics and fight With respect to ethics, all personnel (management, middle management, staff and against corruption financial advisors) are required to comply with a Code of Ethics posted on the Group's website. Furthermore, the subsidiaries adopt further Codes of Conduct, where necessary and in line with specific business needs and applicable local legislation. The Code of Ethics sets out the general principles which must be complied with by all Group companies’ collaborators in several business areas. The breach of the principles of the Code of Ethics is punished at corporate level regardless of the disciplinary actions taken by the supervisory authority and/or the courts about the public consequences of inappropriate behaviour. The Code of Ethics sets out the general principles which characterise all Group’s operations and the obvious and imperative compliance with industry regulations. It describes the standards of behaviour in several areas, including human resources and employment policies, conflicts of interest, compliance with operational procedures, safeguarding the company’s assets, the Supervisory Body’s functions, external relationships and, specifically, with the media. It is binding also for Azimut’s suppliers and outsourcers. The standards of behaviour to be complied with are subsequently analysed in detail in specific codes: • An Internal code of conduct for employees, collaborators, directors and statutory auditors • An Internal code of conduct for financial advisors and their collaborators • An AML and combating the financing of terrorism policy • A Policy on media relationships • A Policy on social media • A Policy about the whistleblowing mechanism • A Policy about reputational risks.
All these internal documents apply the general principles of the Code of Ethics (loyalty, seriousness, honesty, ability, transparency) to specific environments. Each code also includes the rules of behaviour applicable to different areas of legislation. Two chapters of the Internal code of conduct for employees, collaborators, directors and statutory auditors, for example, focus on insider dealing and the management of personal transactions. Other provisions prevent potential fraud risks (settlement of claims, proxies, correspondence address) or corruption risks (rules on presents and gifts). The Internal code of conduct for financial advisors and their collaborators describes in detail the rules of conduct applicable to off-premises financial advisors, focusing, in particular, on the confidentiality obligations, insider dealing, personal transactions and conflicts of interest. Specific rules are established in terms of proxies, registrations in more than one name and customers’ correspondence address, which are considered hot issues when preventing fraud against customers.
60 Gruppo Azimut The policy on reputational risks is particularly important since this aspect, inter alia, is closely related to the policies on media relationships and social media. Azimut has committed to steer the behaviour and act transparently vis-à-vis the employees and financial advisors, to the benefit of all stakeholders. Finally, in 2017, this corporate regulatory framework was completed with the introduction of the whistleblowing policy with enables all employees, financial advisors and collaborators to report unlawful behaviour within the Group. In practice, Azimut provides an IT, web-based tool called Company Protection which enables user to report unlawful behaviour, including anonymously, and allows direct communication through a chat with the Whistleblowing managers. After the reporting, the whistleblower obtains a unique personal code which must be used to receive updates on the reported facts and to provide additional information. The whistleblower is adequately protected, while complying with the rights of defence of the party who allegedly acted unlawfully. At the same time, Azimut appointed the Parent Company’s Internal Audit manager and the chairman of the Board of Statutory Auditors as managers of the Whistleblowing units.
The Group adopted a policy which sets out the general guidelines and each Anti-money Laundering company's roles and responsibilities in terms of AML and combating the financing (AML) of terrorism. The AML department centrally supervises the operations of the functions in charge of this activity for each company, including through periodic verification visits to check compliance with the guidelines and the company policy. The functions in charge of this activity in each Group company report to the central manager every quarter. The central manager, in turn, assesses the reliability, suitability and awareness of each entity in dealing with the AML risk and combating the financing of terrorism. The results of the assessment are sent to the Parent Company's Board of Statutory Auditors, the Risk and Control Committee and the Board of Directors. Reference should be made to the Management Report for additional information about the organisational model adopted by the Group in respect of AML issues.
Given the sensitivity of the issue (customers’ savings), the Group adopted a data Privacy protection policy which also covers all customers’ information. Customers are provided with information about the processing of their data before signing a contract and, where permitted by law, customers must give their consent to data processing. Azimut avails itself of an international company (EY S.p.A.) for certification of privacy-related issues and in order to be ready to launch new risk management initiatives in this respect in the event of weaknesses related to the General Data Protection Regulation (GDPR) - Regulation (EU) 2016/679, which will be
61 Management report of the Azimut Group
implemented in Italy as of 25 May 2018. The Group’s foreign units adopted privacy policies in line with the relevant regulations in force in each country. In 2017, there were no privacy infringements.
6. Personnel size - employees and financial advisors
Employees Management quality (managers’ performance), transparent and effective communication to the market, the accuracy of the support provided to financial advisors and the service provided to customers are fundamental to business stability and growth. People who, in the various functions and in all geographical areas, work to achieve these results are committed to ongoing assessment and enhancement.
Employees’ selection and development Employees are selected carefully as they represent a crucial factor in the quality of the service provided. They are specifically trained and informed regularly. The Group carries out a series of personnel selection procedures which ensure that candidates are selected based on corporate needs and technical expertise and skills, transparently and in compliance with the following criteria: • specific professional skills with respect to the position or the duties; • fair treatment; • economic conditions in line with the position held and the roles and responsibilities given; • reliability. Furthermore, the Group makes sure that, in each Company, work conditions respect individual dignity and equal opportunities and work environment is adequate. Azimut is currently committed to a project whose aim is to implement an IT platform to manage personnel development plans in all countries where it operates in order to develop consistently the initiatives targeting its employees all over the world. It adopted a protocol to define roles, operational responsibilities, rules of conduct and control that Azimut Holding S.p.A. intends to observe, in relation to the various operations related to the “Employees’ selection, hiring and management” risk area, in accordance with ruling legislation and the principles of transparency, objectivity, truthfulness of the information and the aim of preventing the following crimes: corruption, judicial corruption, bribery among individuals and fraud, when performing said activities.
Remuneration policy Azimut Group’s remuneration policy rests on the values, principles and benchmarks that drove its development, and that will continue to guide its mission with the aim of ongoing growth: integrity, balance, meritocracy and value generation. The implementation of these values in Group companies is fundamental in order to better meet all needs of stakeholders around Azimut, both internally and externally.
62 Gruppo Azimut The remuneration policy first and foremost motivates, encourages and rewards those who, for several reasons, profitably share their experience and skills with the Group, so that they participate directly in its development. Meanwhile, an adequate and balanced remuneration structure is a necessary part of the complex governance structure: a fundamental role for all those who see the Group as a landmark in ensuring the quality of the wide range of services currently available, based on an interpretation that revolves around customer safeguard, satisfaction and protection, and increasingly more dedicated to insourcing. In a highly competitive scenario, such as that of the investment industry, the remuneration policy is clearly a factor of interest which attracts the best skills. Therefore, it is carefully considered also from this point of view.
Employees by country - worldwide ongoing expansion
Employees by country No. 31/12/2016 31/12/2017 Women Men Total Women Men Total Italy 44 73 117 57 90 147 Australia 90 80 170 155 131 286 Brazil 38 43 81 33 49 82 Ireland 4 8 12 2 8 10 Luxembourg 4 20 24 4 21 25 Mexico 43 51 94 40 51 91 Principality of Monaco 6 22 28 5 22 27 Switzerland 5 7 12 8 19 27 Turkey 19 21 40 21 15 36 Total 253 325 578 325 406 731
Despite the still considerable importance of employees in Italy, where the Group has been active for almost 30 years, and in Europe, where the development in Luxembourg and Ireland began 10 years ago, the number of employees in other countries and continents is growing rapidly as a consequence of the internationalisation effort. Overall, between 2016 and 2017, employees rose by 26%. Placement systems for asset management services have different organisational structures in the various geographical areas. In Italy, placement is the responsibility of personnel other than employees, i.e., authorised off-premises financial advisors, while in some countries it is the responsibility of employees. Also with a view to increasing gender balance, the Group began studying the feasibility of smart working mechanisms which reconcile private and work life. Indeed, according to the Group, this is a key to a quicker rebalance of opportunities.
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Employees by category broken down by gender No. 31/12/2016 31/12/2017 Women Men Total Women Men Total Top Management/Directors 14 78 92 16 107 123 Middle Management 72 96 168 80 114 194 Staff 167 151 318 229 185 414 Total 253 325 578 325 406 731
The balance of middle and top management (more than 40% of the total) reveals the Group’s commitment to select skilled professionals and is also the result of the decision to outsource a series of back-office activities to specialist companies which perform these activities with considerable expertise and significant economies of scale.
Employees by age bracket No. 2016 2017 Less than 30-50 More or Total Less than 30-50 More than Total or equal to years equal to or equal to years or equal to 29 years 51 years 29 years 51 years Top Management/Directors 0 68 24 92 0 91 32 123 Middle Management 16 133 19 168 20 144 30 194 Staff 109 176 33 318 142 223 49 414 Total 125 377 76 578 162 458 111 731
The breakdown of employees by age bracket is relevant for the purposes of growth outlook (employees below 29), compared to long-standing presence (30-50 years old) and expected generational turnover (over 51).
Employees by employment contract (temporary/permanent) No. 31/12/2016 31/12/2017 Women Men Total Women Men Total Permanent contract 246 317 563 311 391 702 Temporary contract 7 8 15 14 15 29 Total 253 325 578 325 406 731
Almost all employees have a permanent contract. The small percentage of employees with temporary contracts usually refers to employees at the beginning of their employment, which requires a period to mutually assess suitability.
64 Gruppo Azimut Personnel loyalty Once the employment relationship has been consolidated, Azimut’s policy promotes long-term relationships which result in average corporate seniority of about 10 years (this figure refers to Italian companies since it is too early to make similar estimates for the foreign companies which joined the Group too recently). This is a significant figure considering that the Company grew significantly especially since the Parent Company’s flotation in 2014. Another fundamental element of personnel’s and management’s stability was and still is the fact that the founding members are still at the head of the Group. Every year, during the traditional Christmas party for all employees of the headquarters, the employees who celebrate 10, 20 and 30 years with the Company receive an award. The stability of the contractual relationships confirms the employees’ satisfaction with the work environment and the remuneration system. Internal career is also a decisive factor in personnel retention. Indeed, some top positions in the Group, e.g., the CFO and the Head of Risk, have been selected among the Group’s personnel. Employees’ loyalty and satisfaction are the responsibility of the Human resources department, which also use training tools, such as weekly in-house English courses, agreements with external bodies to the benefit of all employees (e.g., reduced rates to use public means of transport in Milan).
Incoming employees by age bracket No. 2016 2017 Women Men Total Women Men Total Less than or equal to 29 years 11 18 29 18 22 40 30-50 years 47 49 96 49 57 106 More than or equal to 51 years 9 22 31 17 28 45 Total 67 89 156 84 107 191
Young employees to join the Group are selected, inter alia, with the collaboration of the best Italian universities and the organisation of internships for both students and new graduates. Trainees are present in different corporate areas and are one of the recruitment bases of new employees, when necessary. Group companies also collaborate with dual-training initiatives (learning and working), to the extent of compatible studies. In 2017, highly experienced employees joined the Group in order to balance young people and new graduates who are at the beginning of their career. With respect to the overall composition of employees by gender at the end of 2017, new recruits point to an improvement in the rebalancing of numbers, to which the Group pays attention.
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Outgoing employees by age bracket No. 2016 2017 Women Men Total Women Men Total Less than or equal to 29 years 19 18 37 18 18 36 30-50 years 26 32 58 21 48 69 More than or equal to 51 years 2 1 3 6 4 10 Total 47 51 98 45 70 115
Outgoing employees (voluntary resignations and retirement) are typical of a highly competitive industry, as that in which the Group operates.
Health and safety The Group complies with legal obligations about health and safety. However, because of the nature of its operations, this aspect is not highly relevant to the Group. In Italy, it applies an internal protocol whose aim is to define the roles, operational responsibilities, rules of conduct and control that Azimut must comply with, in relation to the “Fulfilment of occupational health and safety obligations” risk area, in accordance with the law.
Financial advisors Authorised off-premises financial advisors, who account for most of the Group's placement activities, are typical of Italy’s financial market. They must pass an exam to enter on a Register managed and monitored by a specific Public Body (the Financial advisors’ single register), are subject to very stringent rules of conduct and the breach of said rules of conduct is punished with different types of penalties, up to the removal from the Register and, consequently, disqualification. In the other countries where the Group operates, financial advisors are governed by different regulations and the employment relationships with the companies managing and providing investment services are also different. In Italy, Azimut’s over 1,600 financial advisors have an agency contract with Azimut Capital Management SGR S.p.A. They are not employees but must work exclusively for Azimut. In Italy, financial advisors are grouped into six local areas locally coordinated by a manager (Managing Director) and several area managers, assisted by various team managers. All these coordination levels have an agency relationship with Azimut Capital Management SGR S.p.A. and their remuneration is based on fees. Managing directors report directly to the commercial department with which they meet every week to plan and monitor the main results achieved and comment on any feedback from customers and the degree of achievement of corporate targets. The 1,638 financial advisors include approximately 220 resources who make up the Wealth Management division, i.e., professionals specialised in dealing with high-end customers.
66 Gruppo Azimut New areas in 2018 Structure Managing directors (7) Area managers (25)/ RWM (15) Team managers (96)
Financial advisors by gender2 No. 31/12/2016 31/12/2017 Women Men Total Women Men Total Financial advisors 272 1,365 1,637 288 1,350 1,638
At the end of 2017, authorised off-premises financial advisors, entered on the Register managed by the specific Supervisory Body, total 55,894, of whom 36,389 are active. Of these, 22,127 operate for Assoreti system companies, i.e., companies (banks, stock brokerage and asset management companies), similar to Azimut in terms of market operations. According to the information provided in the website of the Supervisory Body which holds the Single Register of Financial Advisors (www.organismocf.it), women account for approximately 20% of the members, while no percentage is available about the women actually in operation. The percentage of women operating as Azimut’s financial advisors (a total of 16.6% in 2016; 17.6% in 2017) is in line with Italy’s figures on gender balance. However, this trend is growing, as confirmed by the two years considered. In Italy, the quality of financial advisors’ work results from objective and numerical figures, such as the average amount of assets under management assigned to the company, via the same, and the stability of the relationship (when financial advisors move to a new company, usually, customers follow them, clearly with negative consequences for the previous company, but also for the customer, in the case of disinvestment penalties). In Azimut, the broad shareholder base and the provisions of the shareholders’ agreement create stability among financial advisors, generating major advantages for the Group and, in general, customers.
2 Figures related to Italy.
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Financial advisors’ loyalty policies non only provide for the participation and avoidance of commercial pressure as per the above corporate structure, but are also aimed at creating a positive environment which promotes economic and professional satisfaction. Every year, a leading research company (GFK Eurisko) carries out a survey among financial advisors and the so-called private bankers (in Azimut they represented by the Wealth Manager segment) to assess the principal company and provide for actions to resolve any critical issues. In the 2017 survey among financial advisors, 55% of Azimut interviewees stated they were utterly satisfied of their relationship with the principal company, 44% was partially satisfied and 2% was partially dissatisfied. Overall, in a panel comprised of 12 companies, Azimut ranks third in terms of satisfaction. The degree of satisfaction of those who opted for a career as WMs even exceeds that of financial advisors (73% utterly satisfied; 27% partially satisfied), with Azimut ranking first among its collaborators in terms of satisfaction. The survey also reveals the opinions by topic and identifies areas for improvement which are carefully considered by the Group’s central management.
Financial advisors’ training In Azimut, training has always been considered a fundamental driver for development which enables financial advisors to obtain and develop the skills necessary to meet the many and complex needs of customers in a context where assets, as a whole, are the object of the consultancy. Therefore, great attention is paid to the design of new specific training paths according to the characteristics of the financial advisors and the new requests from the market and the context in which they operate. In 2017, 73,742 man/hour were provided, of which 55,350 were focused on mandatory training (maintaining or registration with the Single Register of Intermediaries and the Body Register of Agents and Mediators) and 18,392 related to non-mandatory training (specialisations). Specialisation covered wealth planning and private insurance, corporate, social security and corporate welfare, and advisory topics. All courses were held by industry specialists or leading training companies and were intended to implement the skills necessary to operate at best, with additional information about technical, trade and relationship issues.
Assessing financial advisors’ performance In Italy, financial advisors’ performance is monitored using quantitative-qualitative parameters. Inflows are monitored as an indicator of customers’ confidence as well as the quality of confidence. Furthermore, several indicators produce a profile on the behaviour of the financial advisor. The latter is subsequently monitored using specific irregularity indicators developed by Assoreti trade association. In the event of doubts about the behaviour of a financial advisor, the Sales department reports the fact to the Internal Audit function which acts in order to guarantee utmost fairness, moral integrity and compliance with the applicable laws and internal and external provisions in force.
68 Gruppo Azimut In order to ensure that monitoring of the commercial network carried out by the function is fully effective, the entire process is designed and implemented using also a risk-based approach which, on the one hand, identifies the main risks inherent in financial advisors’ operations (where present) as part of the definition of controls and the tools and methodologies to be used, and, on the other, focuses control activities on the issues and the financial advisors who are potentially most at risk, including from a reputational viewpoint, for Azimut Group companies. Specifically, controls are performed through the following activities: • definition of financial advisors’ risk profiles; • on-site inspections; • analysis of irregularity indicators; • analysis of customers’ claims. Azimut’s financial advisors’ good reputation is confirmed by the very low number of complaints. The Audit department regularly checks financial advisors’ operations and behaviour, and systematically plans visits to the offices.
Attracting and developing talents Azimut attracts and develops talents though the many projects focused on young advisors it implements over time. In 2017, Azimut launched a project for young advisors with a high potential. The project involves those already operating in the investment advisory industry and willing to start a professional career path with an independent player. It focuses on training new professionals with dedicated technical and commercial training paths, using rewarding systems and a pre-defined career path. At the end of the 2017, this structure had 50 young talents, in addition to the hires of the three-year recruitment plan.
Incoming financial advisors broken down by gender3 No. 31/12/2016 31/12/2017 Women Men Total Women Men Total Financial advisors 27 114 141 28 66 94
The percentage growth of women to total advisors, which was already highlighted in the table “Financial advisors by gender”, is confirmed by the hiring of new figures where women account for 19% of incoming advisors in 2016 and for 29.8% in 2017. This is a considerable increase in gender balance, considering that this industry is historically male-oriented.
2 Figures related to Italy.
69 Management report of the Azimut Group
7. The social side - Customers and local communities
Customers4 Customers are the Group’s main asset. Efforts are all for customers, in terms of both management (performance, innovation and product range) and consultancies (long- term tailor-made support by experienced professionals). Customers’ growth and loyalty are the Group’s common goals, at all levels. Customer satisfaction is monitored above all by analysing data (investments/divestments) for each customer, by number and type of complaint. In 2017, complaints from Italian customers (the main group in quantitative terms given the Group’s recent development abroad) accounted for 0.0475% of the entire customer base. Furthermore, the Internal Audit function checked Italian customers’ degree of satisfaction through a specific questionnaire. According to this project, called "Customer Satisfaction", an area manager, in collaboration with a reference advisor, visits a customer and invites him/her to fill in an 11-question questionnaire which measures the degree of satisfaction and checks that the financial advisor did not engage in any behaviour which violates the internal code of conduct and/or industry regulations. The first “pilot” survey was launched in 2016 and involved 305 customers and 305 financial advisors. The results were processed and presented to the BoD on 26 July 2016. Given the successful outcome of the survey, in 2016, the questionnaire was submitted to 915 customers and 674 financial advisors, selected according to the following criteria: 3 customers were extracted for advisors with assets worth less than 3 million euro, while one customer was selected for advisors with assets up to 10 million euro. The results were presented to the BoD on 16 May 2017. Both surveys received a high response rate (85%). More importantly, the feedback received did not show any irregularities and all “uncertain” answers were subject to further analyses. The financial advisors who did not send the survey or failed to meet the deadline for receipt were selected for a future inspection. Financial advisors are chosen using a specific IT tool which was subsequently used to manage and report the results. The survey will be repeated in 2018 involving the same number of customers as in 2016 (i.e., approximately one thousand), and is expected to begin in the second quarter of the year. The aim is to carry out a survey every year.
Local communities In Italy, customers and financial advisors are based in thousands of towns and in several regions. The context in which they live is important to the Group which must know and acknowledge it in order to grow and provide services to an increasingly large number of potential customers. The Company and each financial advisor work to promote the name and the visibility
4 Ibidem.
70 Gruppo Azimut of Azimut Group based on its characteristics. Financial advisors are the first to participate in the life of the communities where they operate, by actively participating in the organisation of a number of social initiatives in collaboration with the central Marketing department. In 2017, Azimut Capital Management SGR S.p.A., through its network of local relationships with financial advisors, promoted and organised 330 events in Italy, of which 20 of a cultural nature (cultural sponsorships, exhibitions, concerts) and 7 with non-profit-making organisations (Onlus) to promote the AZ Multi Asset Sustainable Equity Trend system, i.e., an ethical investment tool in both management decisions and possible allocation of returns. The Italian launch of this Luxembourg product, AZ Multi Asset Sustainable Equity Trend, is combined with the option, for customer, to activate the solidarity service. Thanks to this service, customers can allocate part of the income periodically distributed by the Sub-fund to a non-profit-making organisation (Onlus).
Fondazione Azimut was formally set up in 2008 and obtained the first licence to Fondazione Azimut operate in Lombardy in March 2010. Its operational area was subsequently extended to Italy as a whole in 2012. Azimut Holding S.p.A. supports the Fondazione and finances it by allocating to it 1% of its consolidated gross profit every year (Article 32 of the By-laws). Set up as a non-profit-making organisation, the Fondazione will be classified as a third sector organisation once the Single National Register comes into force pursuant to the Italian Legislative Decree No. 117 of 3 July 2017 (Third Sector Code). According to its By-laws, Fondazione Azimut’s operations are limited to the economic and social distress area. The Board of Directors has immediately approved that the resources of the Fondazione were to be entirely allocated to charitable activities, excluding any operating costs (personnel, office, etc.). The first initiatives were launched in 2011 in Lombardy and financed the projects proposed by several organisations, including: • Banco Alimentare (grant) • Nemo Clinical Centre (restructuring 1000 m2 of the Niguarda hospital for patients affected by neuromuscular diseases) • Residential community for people suffering from psychic conditions (Church of San Pietro in Sala, Milan) • Restructuring of an area granted by the Milan municipality to Cooperativa sociale Zero5 in order to transform it into a support centre for prevention of early school leaving in the Barona, Gratosoglio and Stadera areas • Support to an association based in Mandello Lario (Lecco) which assists disabled families. From 2012 to the end of 2015, the Fondazione decided to act directly in the risk of poverty area which, following the employment crisis, was also expanding to other workers’ levels. Group companies’ collaborators (employees, managers, financial advisors) were invited to become volunteers by reporting families which were temporarily in need of
71 Management report of the Azimut Group
financial help and to commit to support them until the emergency is over. The idea was to act in the risk of poverty area (job loss), rather than in the more serious social exclusion area where dedicated public associations (public service local departments) and religious organisations (Caritas, San Vincenzo) are already active. Approximately 150 Azimut’s collaborators participated in the initiative and submitted to the Fondazione detailed proposals concerning 400/600 people. The people considered aid-worthy received a spending voucher (“Ticket Services” issued by Edenred) ranging between 100 and 300 euro per month for 18/24 months. Every quarter, Azimut’s volunteers reported on the progress of the situation. The analysis of the results of this initiative showed that the direct economic support could only marginally help those people to regain economic self-sufficiency. The reported cases were too often related to severe social exclusion, and included several aspects, such as unemployment, housing and health problems, cultural fragility, etc. Therefore, in 2016, the Fondazione invited all the Group’s collaborators to think about new ways of using resources and implementing projects which can structurally improve the life of the beneficiaries of the initiatives. Collaborators were asked to submit projects and, in 2016 and 2017, the Fondazione’s BoD examined approximately one hundred proposals. Some of them were selected and will be launched in 2018. The approved proposals include those related to housing issues (Brescia and Savona); the recovery of abandoned land (Sicily) and female small entrepreneurship (Reggio Emilia). These are pilot projects which may be repeated. The Fondazione is also working on possible innovations for services for the elderly and began discussing this issue with several stakeholders. The aim is to launch (almost certainly in Milan) a pilot project which may be the head of other projects in other locations. From 2011 to 2017, the Fondazione allocated over 4.5 million euro to the above initiatives.
8. The environmental side This topic is highly marginal to the Group since its “products” (i.e., asset management) are totally intangible. However, as the environment is one of the pillars of the regulation which requires the preparation of this document, the impact of the Group’s operations is considered in terms of: • Paper consumption: excluding the documentation which must be made available to customers in hard copy and the reports to be sent to customers, the Group promotes communication standards mainly based on digital and IT tools. • Specifically, financial advisors were asked to use and assisted in the use of tablets to communicate with customers in order to avoid printing, where possible. • Water consumption: water consumption is related to the personnel in the offices. Therefore, this aspect is not relevant.
72 Gruppo Azimut • IT asset management: the parent company has a document for the selection of IT assets which governs the choice of low energy impact devices (AAA) and checks that the selected housing or hosting meets specific energy consumption requirements. Following the coming into force of Italian Legislative Decree No. 231 of 8 June 2001 on administrative liability, as amended by Italian Legislative Decree No. 152 of 3 April 2006 (environmental regulations), Azimut adopted a Protocol to manage environmental requirements (Protocol 18) which mainly covers: • Unauthorised waste management • Breach of environmental reporting requirements, record keeping and forms • Breach of the waste tracking control system (SISTRI) • Installation or operation of plants without the required authorisation and exceeding the emission limit values • Use of ozone layer and environmental depleting substances • Fraud to the detriment of the State by altering the documentation for competent Public Bodies • Bribery of public officials in charge of environmental audits
Energy consumption5 UM 31/12/2016 31/12/2017 Electricity MWh 663 675
The volume of copy paper, forms, envelopes and letterhead paper purchased by the Milan headquarters is given below.
Paper consumed6 UM 31/12/2016 31/12/2017 Paper produced from virgin pulp Kg 12,765 13,025
Final notes This document has been prepared by the Group's Corporate Communications Contacts department. For additional information, comments or requests, please write to [email protected]
Milan, 8 March 2018
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
5 Energy consumption related to Azimut Holding S.p.A.’s headquarters in Milan. 6 Paper purchased by Azimut Holding S.p.A.’s headquarters in Milan.
73 74 Gruppo Azimut Consolidated financial statements for the year ended 31 December 2017
75 Consolidated balance sheet as at 31 december 2017 Assets
Assets (Euro/000) 31/12/2017 31/12/2016 Cash and cash equivalents 28 21 Financial assets measured at fair value 6,700,283 6,447,427 Available-for-sale financial assets 286,957 276,963 Receivables 263,790 189,305 a) for portfolio management 74,496 90,219 b) other receivables 189,294 99,086 Equity investments 1,343 935 Tangible assets 8,103 7,219 Intangible assets 557,410 517,315 Tax assets 80,219 78,976 a) current 29,560 32,905 b) deferred 50,659 46,071 Other assets 208,474 209,115 TOTAL ASSETS 8,106,607 7,727,276
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
76 Gruppo Azimut Consolidated balance sheet as at 31 december 2017 Liabilities and Shareholders’ Equity
Liabilities and Shareholders’ Equity (Euro/000) 31/12/2017 31/12/2016 Payables 20,253 28,283 Outstanding securities 353,816 226,522 Technical reserves where the investment risk is borne by policyholders 227,857 250,974 Other technical reserves - 350 Financial liabilities measured at fair value 6,605,461 6,299,036 Tax liabilities: 68,151 59,401 a) current 6,462 1,443 b) deferred 61,689 57,958 Other liabilities 180,539 182,975 Staff severance pay (TFR) 2,965 3,403 Provisions for risks and charges: 35,377 31,265 b) other provisions 35,377 31,265 Share capital 32,324 32,324 Treasury shares (-) -130,028 -81,288 Equity instruments 36,000 70,951 Share premium reserve 173,987 173,987 Reserves 279,069 263,107 Valuation reserves -13,542 -4,674 Profit for the year 214,786 172,685 Minority interest 19,592 17,975 Total liabilities and shareholders' equity 8,106,607 7,727,276
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
77 Consolidated income statement at 31 december 2017
Items (Euro/000) 31/12/2017 31/12/2016 Fee and commission income 774,331 675,633 Fee and commission expense (311,345) (293,897) Net fee and commission income 462,986 381,736 Dividends and similar income 258 257 Interest income and similar income 1,071 1,509 Interest expense and similar charges (10,725) (11,723) Net trading income (expense) Profits (losses) on disposal or repurchase of: (9,721) 1,733 a) financial assets (1,804) 1,739 b) financial liabilities (7,917) (6) Net hedging income (expense) Net result of financial assets and financial liabilities measured at fair value (4,421) (4,851) Net premiums 3,531 2,618 Net profits (losses) on financial instruments at fair value through profit or loss 184,679 132,815 Change in technical reserves where the investment risk is borne by policyholders 23,467 29,885 Redemptions and claims (172,924) (134,445) Total income 478,201 399,533 Administrative costs: (210,557) (192,513) a) personnel costs (83,255) (72,485) b) other administrative costs (127,302) (120,028) Net impairment losses/reversals of impairment losses on tangible assets (2,414) (2,508) Net impairment losses/reversals of impairment losses on intangible assets (13,444) (13,655) Net accruals to the provisions for risks and charges (6,383) (5,844) Other operating income and costs 1,877 564 Operating profit 247,280 185,578 Profits (losses) on equity investments (8) (689) Profits (losses) on disposal of investments Pre-tax profit (loss) from continuing operations 247,272 184,889 Income tax on profit from continuing operations (21,363) (7,586) Net profit (loss) from continuing operations 225,909 177,304 Profit (loss) for the year attributable to minority interest 11,123 4,619 Parent company profit for the year 214,786 172,685
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
78 Gruppo Azimut Consolidated statement of comprehensive income
Items (Euro/000) 31/12/2017 31/12/2016 Profit for the year 225,909 177,304 Other comprehensive income, net of taxes, not transferred to profit or loss Tangible assets Intangible assets Defined benefit plans 234 18 Non-current assets held for sale Share of valuation reserves of investments measured at equity Other comprehensive income, net of taxes, transferred to profit or loss Foreign investment hedge Exchange rate differences (7,113) (2,347) Cash flow hedge Available-for-sale financial assets (1,989) 5,431 Non-current assets held for sale Share of valuation reserves of investments measured at equity Total other comprehensive income (expense), net of taxes (8,868) 3,102 Comprehensive income 217,041 180,406 Consolidated comprehensive income attributable to minority interest 11,123 4,619 Consolidated comprehensive income attributable to the parent company 205,918 175,787
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
79 Consolidated statement of changes in shareholders’ equity at 31 december 2017
Allocation of prior year profit
Items Balance at Changes in Balance at Reserves Dividends Changes 31/12/2016 opening 01/01/2017 and other in reserves balance distributions
Share capital 32,324 32,324 Share premium reserve 173,987 173,987 Reserves: a) income-related 369,176 369,176 14,302 b) other (106,069) (106,069) Valuation reserves (4,674) (4,674) Equity instruments 70,951 70,951 Treasury shares (81,288) (81,288) Profit (loss) for the year 172,685 172,685 (14,302) (158,383) Group shareholders’ equity 627,092 627,092 - (158,383) Shareholders’ equity attributable to minority interest 17,975 17,975
80 Gruppo Azimut Changes during the year Shareholders’ equity transactions
Issue of new Treasury Extraordinary Changes Other Consolidated Group Shareholders’ shares share dividend in equity changes comprehensive shareholders’ equity purchases distribution instruments income at equity at attributable 31/12/2017 31/12/17 to minority interest at 31/12/2017 32,324 63,235 173,987
383,478 (51,736) 1,660 (104,409) (8,868) (13,542) (3,030) (34,951) 36,000 (69,713) 20,972 (130,028) 214,786 214,786 11,123 (69,713) (34,951) 22,632 205,918 592,596
(9,506) 11,123 19,592
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
81 Consolidated statement of changes in shareholders’ equity at 31 december 2016
Allocation of prior year profit
Items Balance at Changes in Balance at Reserves Dividends Changes 31/12/2015 opening 01/01/2016 and other in reserves balance distributions
Share capital 32,324 32,324 Share premium reserve 173,987 173,987 Reserves: a) income-related 360,354 360,354 141,689 (132,867) b) other (80,173) (80,173) Valuation reserves (7,776) (7,776) Equity instruments 71,459 71,459 Treasury shares (80,727) (80,727) Profit for the year 247,421 247,421 141,689 (105,732) Group shareholders’ equity 716,869 716,869 - (238,599) Shareholders’ equity attributable to minority interest 10,348 10,348
82 Gruppo Azimut Changes during the year Shareholders’ equity transactions
Issue of new Treasury Extraordinary Changes Other Consolidated Group Shareholders’ shares share dividend in equity changes comprehensive shareholders’ equity purchases distribution instruments income at equity at attributable 31/12/2016 31/12/2016 to minority interest at 31/12/2016 32,324 39,209 173,987
369,176 (27,337) 508 (26,404) (106,069) 3,102 (4,674) 1,484 (508) 70,951
(1,791) 1,230 (81,288) 172,685 172,685 4,619 (1,791) - (25,174) 175,787 627,092
3,008 4,619 17,975
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
83 Consolidated cash flow statement
Indirect method
A. Operating activities 2017 2016 1. Operations 280,794 134,755 profit (loss) for the year (+/-) 214,786 172,685 gains/losses on held-for-trading financial assets and financial assets/liabilities measured at fair value (-/+) 28,548 (58,942) gains/losses on hedging activities (-/+) 0 0 net impairment losses (+/-) 0 0 net impairment losses on tangible and intangible assets (+/-) 15,858 16,163 net accruals to provisions for risks and charges and other expenses/income (+/-) 6,383 5,844 tax and duties still to be paid (+) 10,443 (1,702) net impairment losses on assets held for sale, net of tax (+/-) 0 0 other changes (+/-) 4,776 707 2. Cash generated from or used by financial assets (295,832) (787,765) held-for-trading financial assets 0 0 financial assets measured at fair value (276,983) (730,163) available-for-sale financial assets (10,609) (3,052) due from banks (427) (1,225) due from financial institutions (141) 1,056 due from customers (11,491) (3,716) other assets 3,819 (50,665) 3. Cash generated from or used by financial liabilities 379,812 839,055 due to banks (10,584) (6,625) due to financial institutions 344 (8) due to customers 298 (27) outstanding securities 122,467 4,679 held-for-trading financial liabilities 0 0 financial liabilities measured at fair value 302,004 859,173 technical reserves (23,467) (29,885) other liabilities (11,250) 11,748 Net cash generated from or used by operating activities 364,774 186,045
84 Gruppo Azimut B. Investment activities 2017 2016 1. Cash generated from: 0 0 disposal of equity investments 0 0 dividends from equity investments 0 0 disposal of held-to-maturity financial assets 0 0 disposal of tangible assets 0 0 disposal of intangible assets 0 0 disposal of subsidiaries and business units 0 0 2. Cash used by: (57,254) (80,593) purchase of equity investments (417) (821) purchase of held-to-maturity financial assets purchase of tangible assets (3,298) (3,528) purchase of intangible assets (15,653) (16,069) purchase of subsidiaries and business units (37,886) (60,175) Net cash generated from or used by investment activities (57,254) (80,593) C. FINANCING ACTIVITIES issue/purchase of treasury shares (69,713) (1,791) change in other reserves 13,764 (21,564) change in capital and reserves attributable to minority interest 1,617 7,627 issue/purchase of equity instruments (34,951) (508) dividends and other distributions (158,383) (238,599) Net cash generated from or used by financing activities (247,666) (254,835) Net cash generated or used for the year 59,854 (149,383)
Reconciliation 2017 2016 Opening cash and cash equivalents 438,832 588,215 Total net cash generated or used for the year 59,854 (149,383) Closing cash and cash equivalents 498,687 438,832
Reference should be made to the paragraph on the “Consolidated financial position” of the Management Report for a breakdown of “Cash and cash equivalents”.
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
85 86 Gruppo Azimut Notes to the consolidated financial statements for the year ended 31 December 2017
87 88 Gruppo Azimut Notes to the consolidated financial statements
Part A - Accounting policies
A.1 General information
The consolidated financial statements comply with the International Accounting Section 1 Standards (IAS) / International Financial Reporting Standards (IFRS) issued by the Statement of compliance International Accounting Standards Board (IASB) and the related interpretations of with IAS/IFRS the IFRS Interpretations Committee, endorsed by the European Commission and in force on 31 December 2017, implementing Italian Legislative Decree No. 38/2005 and Regulation (EC) No. 1606/2002. There were no departures from IAS/IFRS. For information about the standards that came into force in 2017, reference should be made to “Section 2 - General reporting criteria” which also describes the impacts, if any, on the Group.
The consolidated financial statements have been drawn up in accordance with Section 2 the instructions issued by the Bank of Italy for the preparation of “financial General reporting criteria statements of IFRS financial intermediaries, other than banking intermediaries” on 9 December 2016. The Instructions lay down the mandatory financial statement schedules and how they must be filled in, and the content of the notes thereto for asset management companies that were adequately adjusted to better represent the Group's financial position and business activities, which include the Irish insurance company AZ Life Dac. In particular, the balance sheet and income statement include the items which are typical of the insurance business, taking as a reference ISVAP (now IVASS) Regulation No. 7 dated 13 July 2007 concerning the provisions governing the consolidated financial statements of insurance companies drawn up on the basis of IAS/IFRS. The consolidated financial statements have also been drawn up based on the interpretative documents on the application of IAS/IFRS in Italy prepared by the Italian Accounting Standard Setter (OIC), and the European Securities and Markets Authority (ESMA) and Consob (the Italian Commission for Listed Companies and the Stock Exchange) documents which refer to specific IAS/IFRS.
The consolidated financial statements comprise the balance sheet, the income statement, the statement of comprehensive income, the statement of changes in shareholders’ equity, the cash flow statement and these notes and are accompanied by the management report on the performance of the companies included in the scope of consolidation. These notes are comprised of four parts: A - Accounting policies, B - Notes to the balance sheet, C - Notes to the income statement, D - Other information. In accordance with the provisions set forth in Article 5, paragraph 2 of Italian
89 Notes to the consolidated financial statements
Legislative Decree No. 38/2005, the consolidated financial statements have been drawn up by adopting the euro as the reporting currency. Unless otherwise specified, the amounts shown in the financial statements and the notes thereto, as well as those presented in the management report, are in thousands of euro
The consolidated financial statements have been prepared clearly and give a true and fair view of the Group's financial position, results of operations, changes in shareholders' equity and cash flows.
The consolidated financial statements have been prepared in accordance with IAS 1 “Presentation of financial statements” and in line with the general assumptions of the “Framework for the preparation and presentation of financial statements” (the “framework”) prepared by the IASB, specifically with respect to the fundamental principle of substance over form7, the relevance and materiality of financial information, the accruals basis of accounting and the going concern assumption. Except for that provided for or permitted by IAS/IFRS or one of their interpretations or Bank of Italy's provisions on the financial statements of asset management companies, assets and liabilities and costs and revenue are not offset.
These consolidated financial statements have been prepared based on the going concern assumption. Financial, operating and other indicators8 have been considered which, as also shown in the joint document issued on 6 February 2009 by the supervisory authorities Bank of Italy, Consob and ISVAP (now IVASS), may highlight problems that, if not taken into proper consideration, could compromise the Group’s stability and ability to operate as a going concern. Although the economic outlook remains uncertain, an overall valuation of the past and current financial position and results of operations of the Group, its operating guidelines, business model and the risks to which business activity is exposed9, leads us to believe that there is no doubt that the Group can continue to operate on a going concern basis for the foreseeable future.
7 Transactions and other corporate events have been recognised and presented in accordance with the principle of substance over form. 8 Examples of which are shown in audit standard No. 570 on “Going Concerns”. 9 As described in this Management Report.
90 Gruppo Azimut The IAS/IFRS applied to prepare the Azimut Group's consolidated financial Accounting standards, statements, governing the classification, recognition, measurement and amendments and derecognition criteria of asset and liability items and the recognition of income interpretations endorsed and expense are those in force at the drafting date of these consolidated financial by the European Union and in force from statements, as endorsed by the European Union. 1 January 2017 For information on the classification, recognition, measurement and derecognition criteria of the main items, reference should be made to that set out in Part A.2 of the Notes to the financial statements at 31 December 2017. In addition to that set out in Part A.2, following the completion of the endorsement procedure, the following amendments to IAS/IFRS became effective on 1 January 2017.
Amendments IASB publication Endorsement Date of coming date date into force Amendments to IAS 12 “Recognition of deferred tax assets for unrealised losses” 11 January 2016 6 November 2017 1 January 2017 Amendments to IAS 7 “Disclosure initiative” 29 January 2016 6 November 2017 1 January 2017
The adoption of the above amendments has had no impact on the consolidated companies' financial position and results of operations. Accounting standards, amendments and interpretations which will come into force
Standard IASB publication date Endorsement date Date of coming into force IFRS 14 30 January 2014 n.a.* n.a. * “Regulatory deferral accounts” IFRS 9 24 July 2014 22 November 2016 1 January 2018 “Financial instruments” IFRS 16 13 January 2016 31 October 2016 1 January 2019 “Leases” IFRS 15 28 May 2014 and 22 September 2016 1 January 2018 “Revenue from contracts with customers” and amendments 11 September 2015 IFRS 17 18 May 2017 --- 1 January 2021 "Insurance contracts" IFRIC 22 17 February 2017 --- 1 January 2018** “Foreign currency transactions and advance consideration” IFRIC 23 7 June 2017 --- 1 January 2019** “Uncertainty over income tax treatments”
91 Notes to the consolidated financial statements
Amendments IASB publication date Endorsement date Date of coming into force Amendments to IFRS 2 20 June 2016 26 February 2018 1 January 2018 “Classification and measurement of share-based payment transactions” Amendments to IFRS 4 12 September 2016 3 November 2017 1 January 2018 “Applying IFRS 9 - Financial instruments” Amendments to IAS 40 8 December 2016 --- 1 January 2018** “Transfers of investment property” Annual improvements to IFRSs 2014-2016 cycle 6 February 2017 7 February 2018 1 January 2018 Amendments to IFRS 9 12 October 2017 --- 1 January 2019** “Prepayment features with negative compensation” Amendments to IAS 28 12 October 2017 --- 1 January 2019** “Long-term interests in associates and joint ventures” Annual improvements to IFRSs 2015-2017 cycle 12 December 2017 --- 1 January 2019** Amendments to IAS 19 7 February 2018 --- 1 January 2019** “Plan amendments, curtailments, and settlements”
Clarifications IASB publication date Endorsement date Date of coming into force Clarifications to IFRS 15 “Revenue from contracts with customers” 12 April 2016 31 October 2017 1 January 2018
* The European Commission does not intend to start the endorsement process concerning IFRS 14 (interim standard) pending the publication of the final standard governing tariff-regulated activities. ** Date identified by IASB. Confirmation of the European Union's competent bodies is pending.
Following the European Community’s endorsement of the new standards IFRS 9 and IFRS 15, which became effective in 2018, the company carried out an in-depth analysis of the areas affected by the new standards, defining their qualitative and quantitative impacts. This in-depth analysis highlighted the main potential impacts arising from the first-time adoption (2018) of said standards.
IFRS 9 - Financial Instruments (issued on 24 July 2014). This document includes the results of the IASB project to replace IAS 39: • it introduces new criteria for the classification and measurement of financial assets and financial liabilities; • with respect to the impairment model, under the new standard, expected credit losses are estimated using the expected losses model (instead of the incurred losses model used by IAS 39), using supportable information that is available without undue cost or effort and that includes historical, current and forward- looking data;
92 Gruppo Azimut • it introduces a new hedge accounting model (increase of the type of transactions eligible for hedge accounting purposes, change in the accounting treatment of forward contracts and options when they form part of a hedge accounting relationship, changes to the test of effectiveness). The impacts on the consolidated financial statements may arise mainly from the classification and measurement of the financial instruments which, up to now, were classified under “Available-for-sale financial assets” (currently comprised of UCI units and Equity securities). With respect to UCI units, not held for trading, the new standard confirms the fair value measurement, but takes the related changes to profit or loss, rather than to a specific Equity reserve. Upon first- time adoption, the fair value changes recognised up to such date (31 December 2017) will be maintained in Equity and will never be transferred to profit or loss, including in the case of sale of the financial instrument which generated them. With respect to Equity instruments, not held for trading, in which the Group holds an equity investment of below 20%, the fair value measurement will be applied with a balancing entry in a specific Equity reserve. Fair value changes will never be transferred to profit or loss, including in the case of sale of the equity instruments. Finally, financial instruments comprised of government securities will be measured at amortised cost. At 31 December 2017, the Equity valuation reserve was negative by 3.9 million euro.
IFRS 15 - Revenue from Contracts with Customers (issued on 28 May 2014 and integrated with additional clarifications issued on 12 April 2016). This document will replace IAS 18 - Revenue and IAS 11 - Construction Contracts, and the interpretations IFRIC 13 - Customer Loyalty Programmes, IFRIC 15 - Agreements for the Construction of Real Estate, IFRIC 18 - Transfers of Assets from Customers and SIC 31 Revenues-Barter Transactions Involving Advertising Services. The standard introduces a new revenue recognition model which will apply to all contracts entered into with customers, except for those which fall in the scope of other IAS/IFRS, such as leases, insurance contracts and financial instruments. Under the new model, revenue is to be recognised in accordance with the following steps: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the price; • allocate the price to the performance obligations in the contract; • recognise revenue when the entity satisfies each performance obligation. Given the current characteristic of the Group’s accounting components, the application of this standard may only result in a higher degree of disclosure, without significant quantitative accounting variations. The only impact may arise from the recognition of contract costs, if any, paid to the network and incurred
93 Notes to the consolidated financial statements
to obtain new contracts and new assets. The Group is currently investigating this aspect. IFRS 16, which will be effective as of 1 January 2019, introduces significant changes to the recognition of leases in the financial statements of lessees. Specifically, the application of the new standard will affect leases with a term of more than 12 months and will entail: (i) an increase in recognised assets (the leased assets), (ii) an increase in liabilities (the liability related to the leased assets), (iii) a decrease in operating costs (lease payments) and (iv) an increase in finance costs (to repay and remunerate the recognised liability).
Section 3 The main events that occurred after 31 December 2017, the reporting date of the Significant events after consolidated financial statements, until 8 March 2018, the date on which the Board the reporting date of Directors approved the draft financial statements, are as follows: • On 1 January 2018, Azimut Partecipazioni S.r.l. merged into Azimut Capital Management SGR S.p.A. • The closing of the transaction envisaging the acquisition of SDB Financial Solutions SA took place on 8 January 2018. • The purchase of the additional tranche of treasury shares, approved by the company’s Board of Directors on 12 December 2017, was completed on 26 January 2018, based on the authorisation issued pursuant to Article 2357 of the Italian Civil Code by the shareholders in their meeting of 27 April 2017. In January 2018, 1,735,200 treasury shares were purchased, for a total of 30 million euro. • In January and February 2018, the Company made a capital injection of 4 million euro to increase the share capital of the subsidiary AZ International Holdings SA. • The acquisition of the additional 49% of Compagnie de Gestion Privée Monégasque SAM was completed on 31 January 2018. • On 20 February 2018, Azimut Holding S.p.A., through the subsidiary Azimut Capital Management SGR S.p.A. (“Azimut SGR”), entered into an agreement with Sofia Gestione del Patrimonio SGR S.p.A. under extraordinary administration (“Sofia SGR”) and Sofia Partners S.p.A. (“Sofia Partners”), as the majority shareholder of Sofia SGR, whereby Azimut SGR acquires Sofia SGR’s assets (the “Business Unit”). The Business Unit will mainly provide the following services: (i) collective portfolio management, (ii) investment portfolio individual management on behalf of third parties, (iii) management under delegation arrangements assigned by parties providing investment portfolio management services and Italian and/or foreign UCI and (iv) consultancies for investments in financial instruments. By purchasing the Business Unit, Azimut Capital Management SGR will take over, inter alia, four open-ended mutual funds set up, promoted and currently managed by Sofia SGR, and will increase its network by adding Sofia SGR’s 47 financial advisors who, at 31 December 2017, were in charge of assets under management worth approximately 800 million euro. Concurrently with the Business Unit’s transfer, Azimut Capital
94 Gruppo Azimut Management SGR will pay Sofia SGR a base consideration of 3 million euro and, after 24 months, the residual amount, if any, of the variable portion of the price to be calculated based on the performance of the assets under management transferred to Azimut Capital Management SGR and their net profitability. Under the agreement, Azimut Capital Management SGR will obtain a series of representations and guarantees on the Business Unit's risks until its transfer, which are typical for similar transactions. The completion of this transaction also depends on obtaining of Bank of Italy’s necessary authorisations, approvals and/or clearances. The consolidated financial statements were authorised for publication by Azimut Holding S.p.A.’s Board of Directors on 8 March 2018.
Risks and uncertainties related to estimates Section 4 The preparation of the consolidated financial statements also entails the use of Other information estimates and assumptions that may have a significant impact on the carrying amounts recognised in the balance sheet and the income statement, and on the disclosure about contingent assets and liabilities. The computation of such estimates is based on the use of available information and the adoption of subjective assessments, also based on historical experience, used to develop reasonable assumptions underlying the recognition of operations. Because of their nature, the estimates and assumptions used may change from year to year. Consequently, it cannot be excluded that the currently reported amounts may differ, also significantly, in the next few years following the change in the subjective assessments used. These estimates mainly relate to: • the estimates and assumptions underlying the valuation models for the fair value recognition of financial instruments not listed on active markets (level 2 and 3 of the fair value hierarchy); • the identification of loss events pursuant to IAS 39; • the assumptions used to identify impairment losses, if any, on intangible assets and reported equity investments (IAS 36).
95 Notes to the consolidated financial statements
Section 5 The consolidated financial statements include the balance sheet and income Consolidation scope statement figures of Azimut Holding S.p.A. and the companies directly or indirectly and methods controlled by the latter.
Subsidiaries The Azimut Group consolidation scope has been established in accordance with IFRS 10. Specifically, subsidiaries are those companies in respect of which the Azimut Group is exposed, or has rights, to variable returns from its involvement with the investees and has the ability to affect those returns through its power over the investees. Control exists only when the following elements simultaneously exist: (i) the power to direct the relevant activities; (ii) exposure, or rights, to variable returns from involvement with the investee; (iii) the ability to use its power over the investee to affect the amount of its returns. Subsidiaries consolidated on a line-by-line basis as of the acquisition date, i.e., the date on which the Group acquires control in accordance with IFRS 10. They are deconsolidated when the Group no longer controls them.
Associates Associates are those companies subject to significant influence, i.e. companies in which the Azimut Group, either directly or indirectly, holds at least 20% of the voting rights (including “potential” voting rights) or in which – despite holding a smaller percentage of voting rights – has the power to participate in the financial and operating policy decisions, such as the participation in shareholders' agreements, due to specific legal relationships. These companies are consolidated using the equity method whereby on initial recognition the investment is recognised at cost, and the carrying amount is increased or decreased to recognise the investor’s share of the equity of the investee after the date of acquisition, using the most recently approved financial statements of the companies. The difference between the carrying amount of the equity investment and the investee's share of equity is included in the carrying amount of the investee.
Changes to the consolidation scope Compared to 31 December 2016, the consolidation scope saw the entry of the following companies: a) the consolidation of New Horizon Capital Management Ltd, based in Dubai, in which AZ International Holdings SA has an 80% investment. The difference between the fair value of the assets and liabilities purchased and the consideration paid to purchase the equity investments, totalling 0.3 million euro, was allocated to goodwill. b) The consolidation of the following Australian companies: Peters & Partners Pty Ltd, Menico Tuck Parrish Financial Solutions Pty Ltd, Wealthmed Australia Pty Ltd, Farrow Hughes Mulcany Financial Services Pty Ltd, Henderson Maxwell Accounting Pty Ltd and Dunsford Financial Plannings Pty Ltd (acquired through the Australian subsidiary AZ NGA).
96 Gruppo Azimut The purchase agreements of the six companies provided for the exchange of the shares of each company purchased with AZ NGA shares and the progressive repurchase of these shares over the next ten years. The residual 51% was paid in cash to the founding members. The difference between the fair value of the assets and liabilities purchased and the consideration paid to purchase the equity investments, totalling 34.8 million euro, was allocated to goodwill. Specifically: • the acquisition of Peters & Partners Pty Ltd led to the recognition of goodwill of 2,702 thousand euro; • the acquisition of Menico Tuck Parrish Financial Solutions Pty Ltd led to the recognition of goodwill of 3,418 thousand euro; • the acquisition of Wealthmed Australia Pty Ltd led to the recognition of goodwill of 4,635 thousand euro; • the acquisition of Farrow Hughes Mulcany Financial Services Pty Ltd led to the recognition of goodwill of 8,426 thousand euro; • the acquisition of Henderson Maxwell Accounting Pty Ltd led to the recognition of goodwill of 7,263 thousand euro; • the acquisition of Dunsford Financial Plannings Pty Ltd led to the recognition of goodwill of 5,124 thousand euro; • the acquisition of Hurvitz Geller Pty Ltd led to the recognition of goodwill of 3,203 thousand euro. c) The consolidation of the newco Azimut Analytics S.r.l., in which Azimut Holding S.p.A. has a 60% investment. The residual portion is held by third parties. d) The consolidation of Futurainvest Holding SA, which wholly owns Azimut Brasil DTVM Ltda, led to the recognition of goodwill of 1,259 thousand euro. Azimut Holding S.p.A.’s direct and indirect subsidiaries are listed below.
97 Notes to the consolidated financial statements
1. Wholly-owned subsidiaries
Registered Type of Voting Name Stake office ownership (*) rights %
Shareholder % Stake
A. Wholly-owned companies consolidated on a line-by-line basis
1. Azimut Capital Management Italy 1 Azimut Holding S.p.A. 100 100 SGR S.p.A.
2. AZ Fund Management SA Luxembourg 1 Azimut Holding S.p.A. 51 51 Azimut Partecipazioni S.p.A. 30 30 Azimut Financial Insurance S.p.A. 19 19 3. AZ Life Dac Ireland 1 Azimut Holding S.p.A. 100 100 4. Azimut Global Counseling S.r.l. Italy 1 Azimut Holding S.p.A. 100 100 5. Azimut Enterprises Holding S.r.l. Italy 1 Azimut Holding S.p.A. 100 100 6. Azimut Analytics S.r.l. (**) Italy 1 Azimut Enterprises Holding S.r.l. 60 60 7. Azimut Libera Impresa Sgr S.p.A. Italy 1 Azimut Holding S.p.A. 100 100 8. Azimut Financial Insurance S.p.A. Italy 1 Azimut Holding S.p.A. 100 100 9. Azimut Partecipazioni S.r.l. Italy 1 Azimut Holding S.p.A. 100 100 10. AZ International Holdings S.A. Luxembourg 1 Azimut Holding S.p.A. 100 100 11. An Zhong (AZ) Investment Management Hong Kong 1 AZ International Holdings SA 100 100 12. An Zhong (AZ) Investment Management Hong Kong 1 AN Zhong (AZ) Investment Management 100 100 Hong Kong Ltd
13. An Zhong Investment Management Shanghai 1 An Zhong (AZ) Investment 100 100 (Shanghai) Co. Ltd. Management Hong Kong Ltd 14. Compagnie de Gestion priveè Monegasque Monaco 1 AZ International Holdings SA 51 51 15. CGM Italia SGR S.p.A. Italy 1 Compagnie de Gestion privée 51 51 Monegasque 16. Katarsis Capital Advisors SA Switzerland 1 AZ International Holdings SA 100 100 17. Eskatos Capital Management Sarl Luxembourg 1 Katarsis Capital Advisors SA 100 100 18. AZ Swiss & Partners SA Switzerland 1 AZ International Holdings SA 51 51 19. AZ Sinopro Investment Planning Ltd Taiwan 1 AZ International Holdings SA 51 51 20. AZ Sinopro Investment Planning Ltd Taiwan 1 AZ Sinopro Financial Planning Ltd 51 51 21. AZ Sinopro Insurance Planning Ltd Taiwan 1 AZ Sinopro Investment Planning Ltd 51 51 22. AZ Investment Management Singapore Ltd Singapore 1 AZ International Holdings SA 100 100 23. AZ Brasil Holdings Ltda Brazil 1 AZ International Holdings SA 99.9 99.9 24. AZ Quest Participações SA Brazil 1 AZ Brasil Holdings Ltda 65.43 65.43 25. AZ Quest Investimentos Ltda Brazil 1 AZ Quest Participações SA 65.37 65.37 26. Azimut Brasil Wealth Management Holding SA Brazil 1 AZ Brasil Holdings Ltda 95.80 95.80
98 Gruppo Azimut 27. M&O Consultoria, Planejamento Brazil 1 Azimut Brasil Wealth Management 95.71 95.71 e Análise de Valores Mobiliários Ltda Holding S.A. 28. Futurainvest Investimentos Brazil 1 Azimut Brasil Wealth Management 95.71 95.71 e Participações Ltda Holding S.A.
AZ & Partners Gestão de Recursos Ltda Brazil 1 Azimut Brasil Wealth Management 100 100 Holding S.A.
29. Azimut Brasil Wealth Management Ltda Brazil 1 Azimut Brasil Wealth Management 90.41 90.41 Holding S.A.
30. Futurainvest Holding SA Brazil 1 AZ Brasil Holdings Ltda 99.9 99.9 31. Azimut Brasil DTVM Ltda Brazil 1 Futurainvest Holding SA 99.9 99.9 32. Azimut Portföy Yönetimi A.Ş. Turkey 1 AZ International Holdings SA 100 100 33. AZ Mexico Holdings S.A. de CV Mexico 1 AZ International Holdings SA 94.79 94.79 34. Mas Fondos SA Mexico 1 AZ Mexico Holdings S.A. de CV 94.79 94.79 35. AZ Next Generation Advisory PTY Ltd Australia 1 AZ International Holdings SA 52.42 52.42 36. Eureka Whittaker Macnaught PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 37. Pride Advice PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 38. Lifestyle Financial Planning Services Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 (LFPS) PTY Ltd 39. Eureka Financial Group PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 40. Pride Financial PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 41. Wise Planners PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 42. Domane Financial Advisers PTY Ltd Australia 1 Wise Planners PTY Ltd 52.42 52.42 43. Financial Lifestyle Partners PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 44. Harvest Wealth PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 45. RI Toowoomba PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 46. Empowered Financial Partners PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 47. Wealthwise PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 48. Priority Advisory Group PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 49. Sterling Planners PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 50. Logiro Unchartered PTY Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 51. Aspire Pty Ltd Australia 1 Logiro Unchartered PTY Ltd 52.42 52.42 52. On-Track Financial Solutions Pty Ltd Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 53. AZ Sestante Ltd Australia 1 AZ International Holdings SA 100 100 54. AZ Andes S.p.A. Chile 1 AZ International Holdings SA 92 92 55. Sigma Funds Management PTY Ltd Australia 1 AZ International Holdings SA 51 51 56. AZ US Holding Inc. United States 1 AZ International Holdings SA 100 100 57. AZ Apice Capital Management LLC United States 1 AZ US Holding Inc. 70 70 58. Pride SMSF PTY Ltd Australia 1 Pride Financial Pty Ltd 52.42 52.42 59. Priority Advisory Trust Australia 1 Priority Advisory Group PTY Ltd 52.42 52.42
99 Notes to the consolidated financial statements
60. Priority Lifestile Advice Pty Ltd Australia 1 Wise Planners Pty Ltd 52.42 52.42 Priority Advisory Group Pty Ltd 52.42 52.42 61. Peters & Partners Pty Ltd (**) Australia 1 AZ Next Generation Advisory 52.42 52.42 Accounting PTY Ltd 62. Menico Tuck Parrish Financial Solution Pty Ltd (**) Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 63. AZ Next Generation Accounting Pty Ltd (**) Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 64. AZ New Horizon Ltd (**) United Arab 1 AZ International Holdings SA 80 80 Emirates 65. Wealthmed Australia Pty Ltd (**) Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 66. Wealthmed Accounting Pty Ltd (**) Australia 1 Wealthmed Australia Pty Ltd 52.42 52.42 67. Wealthmed Property Pty Ltd (**) Australia 1 Wealthmed Australia Pty Ltd 52.42 52.42 68. Wealthmed Financial Planning Pty Ltd (**) Australia 1 Wealthmed Australia Pty Ltd 52.42 52.42 69. Farrow Hughes Mulcahy Financial Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 Services Pty Ltd (**) 70. H&H Wealth Management Pty Ltd (**) Australia 1 Priority Advisory Group Pty Ltd 52.42 52.42 71. Menico Tuck Parish Pty Ltd (**) Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 72. Henderson Maxwel No.2 Pty Ltd (**) Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42 73. Henderson Maxwell Financial Planning Pty Ltd (**) Australia 1 Henderson Maxwel No.2 Pty Ltd 52.42 52.42 74. Henderson Maxwell Accounting Pty Ltd (**) Australia 1 Henderson Maxwel No.2 Pty Ltd 52.42 52.42 75. Hurwitz Geller Pty Ltd (**) Australia 1 AZ Next Generation Accounting PTY Ltd 52.42 52.42 76. Dunsford Financial Plannings Pty Ltd (**) Australia 1 AZ Next Generation Advisory PTY Ltd 52.42 52.42
(*) Type of ownership (**) Newly consolidation compared to 31/12/2016 (1) Majority of voting rights at ordinary shareholders’ meetings
Investments measured at equity
Registered Voting Name Stake office rights %
Shareholder % Stake
Companies measured at equity
1. Cofircont Compagnia Fiduciaria S.r.l. Italy Azimut Enterprises Holding S.r.l. 30 30 2. SiamoSoci S.r.l. Italy Azimut Enterprises Holding S.r.l. 22 22 3. Ipo Challenger 1 S.p.A. Italy Azimut Global Counseling S.r.l./ Ipo Club 31 31 4. Sterling Planners WA (*) Australia Sterling Planners Pty Ltd 26.21 26.21
(*) Newly consolidated compared to 31/12/2016
100 Gruppo Azimut Unit linked 2. Furthermore, the line-by-line consolidation scope excludes the Unit-Linked Funds Significant assessments (insurance internal funds) ("Unit linked") in which the Azimut Group does not hold and assumptions used to determine the any equity investment and to which the IFRS 10 definition of control does not consolidation scope apply. Indeed, these are negligible investments in terms of company capitalisation. With respect to the mutual funds underlying the Unit-Linked Funds, the Azimut Group considers that these conditions do not apply. Indeed, it believes that: • it does not hold the outstanding majority units; • it does not have full power over the investment entity (funds), since it is limited by funds' regulations governing asset allocation and management policies; • it is not significantly exposed to the variable returns from the investment entity, since the profits or losses from the measurement of Unit Linked assets are entirely paid to policyholders by adjusting the mathematical reserve. The exposure to the changes in the value of the Group's funds is limited to the change in terms of fee impact. Specifically, the Group is exposed to the risk of changes in entry fees and charges on premiums, linked to the performance of inflows, the management fees related to assets under management and the incentive fees linked to the performance of the managed funds.
In 2015, the Azimut Group, through AZ NGA, the holding company incorporated 3. in November 2014, began a series of acquisitions in Australia. The relevant Wholly-owned subsidiaries agreements provide for the following: with significant (i) the exchange of shares with AZ NGA shares and the progressive repurchase of non-controlling interests said shares in the next ten years, equal to 49% of each company and (ii) a cash payment to founding members over two years for the residual 51%.
There are no significant legal, contractual or regulatory restrictions within the 4. Azimut Group which may limit the Parent Company's ability to transfer cash and Significant restrictions cash equivalents or other assets to other Group companies, or guarantees which may limit the distribution of dividends, capital or loans and advances granted or repaid to other Group companies.
Basis of consolidation 5. Investments in subsidiaries are consolidated on a line-by-line basis, while interests Other information in jointly-controlled entities and associates are measured using the equity method.
Line-by-line method Under this consolidation method, the companies' balance sheet and income statements figures are consolidated line-by-line. The carrying amount of equity investments is offset against the residual equity of the subsidiary after allocating the relevant portions of
101 Notes to the consolidated financial statements
equity and profit or loss to non-controlling interests. Positive differences are recognised under "Intangible assets” as goodwill, after allocation to the subsidiary's asset or liability items measured at fair value, upon acquisition and first-time consolidation. Conversely, negative differences are taken to profit or loss. For the purposes of consolidation, the financial statements at 31 December 2017 of consolidated companies were used. They were prepared in accordance with the IFRS and Group criteria to which they make reference. The financial statements used are those prepared by the Boards of Directors of each company, duly reclassified and adjusted to comply with the above standards and criteria. The data about individual financial statements are obtained through the information included in the reporting packages of the consolidated companies at 31 December 2017. The Parent Company’s financial statements and those of the subsidiaries have been consolidated on a line-by-line basis, including all subsidiaries and assuming all assets, liabilities, costs and income of each subsidiary, while eliminating the carrying amount of the equity investments against the relevant share/quotaholders' equity, as set out by the IFRS. The assets, liabilities, costs and income generated by transactions among consolidated companies have been eliminated in full, as have the profits and losses generated by transactions among consolidated companies which do not involve third parties. The positive differences between the carrying amount of the equity investments consolidated on a line-by-line basis and the related net fair value of the acquired assets and liabilities, were considered as goodwill on consolidation and tested for impairment to check the adequacy of the amount recognised. For consolidated companies that prepare their financial statements in a functional currency different from that of the Parent company, the amounts expressed in currencies other than the euro were translated as follows: for the balance sheet, using the closing rate, and for the income statement, using the average exchange rate for the year. The differences arising from the translation of opening shareholders’ equity using closing rates, along with those triggered by the use of closing and average exchange rates for the year are classified under the specific item Exchange rate differences in the Valuation reserve.
Equity method The equity investment over which the Group has significant influence or has joint control, as defined by IAS 28, are measured using the equity method. Under this method, the equity investment is initially recognised at cost and the carrying amount is increased or decreased to reflect the parent's share of profit or loss earned/incurred after the acquisition date. The share of the profit (loss) for the year attributable to the parent is recognised in the latter's income statement. The dividends received from an investee decrease the carrying amount of the equity investment. Furthermore, the carrying amount may be adjusted also following the change in the percentage of investment in the investee, due to changes in the latter's equity not recognised in the income statement.
102 Gruppo Azimut These changes include those arising from the translation of foreign currency items. The portion related to these changes is recognised directly in equity. When the investee incurs losses and these losses exceed the carrying amount of the investment, the latter's carrying amount is zeroed and any further losses are recognised only when the parent has legal or constructive obligations or has made payments on behalf of the investee. If the investee subsequently earns a profit, the parent recognises the share of profit attributable to it only when it has reached the same amount of the previously unrecognised loss. The consolidation of associates and/or jointly-controlled entities considers the financial statements prepared and approved by the board of directors of each company.
Compagnie de Gestion Privèe Monegasque SAM and CGM Italia SGR S.p.A. With respect to the consolidation of Compagnie de Gestion Privée Monégasque SAM and CGM Italia Sim S.p.A., in accordance with IFRS 10, they were consolidated on a line-by-line basis based on the contracts which, as agreed by the parties, assign to Azimut the economic benefits of the above companies and enable it to fully control them, as of 30 December 2011, being the date of acquisition of 51% of Compagnie de Gestion Privée Monégasque SAM. Based on the above, in the consolidated financial statements of the Azimut Group, the residual 49% of the company's share capital is represented as a financial liability measured at fair value, to the extent of the amount to be paid for the purchase (the amount of which depends on a contractually agreed consideration).
Business combinations carried out in 2017 With respect to the adoption of IFRS 3 and the fair value measurement of the assets and liabilities of the companies acquired in 2017, the relevant standard provides for the temporary allocation of the acquisition cost, to be finalised within 12 months of the acquisition date. At the reporting date, this process is still underway for the companies acquired after July 2017.
A.2 Key financial statements items
This section describes the accounting standards used to prepare the consolidated financial statements at 31 December 2017, specifically the classification, recognition, measurement and derecognition of assets and liabilities items, and the recognition of income and expense. The accounting standards have been applied consistently in the current and previous years.
103 Notes to the consolidated financial statements
1 Classification Financial assets measured This category includes investments relating to insurance contracts (unit-linked policies) at fair value issued by the Irish subsidiary AZ Life Dac where the investment risk is borne by policyholders and comprise UCI units.
Measurement These financial assets are measured at the market price corresponding to the price on the last day of trading during the reference period. The differences compared to the carrying amounts, corresponding to the purchase cost, are taken to profit or loss.
Derecognition Financial assets are derecognised when the contractual rights to the cash flows generated by the assets in question expire or when the financial asset is sold and all the related risks and benefits are transferred.
2 Classification Available-for-sale Financial assets held by the Group companies are classified in this category in the financial assets context of liquidity management policies. This category also includes equity investments, which do not qualify as subsidiaries, associates or jointly-controlled entities.
Recognition Upon initial recognition, available-for-sale financial assets are recognised at their fair value, which usually corresponds to the consideration paid for their purchase, plus any transaction costs in the event that they are tangible and definable.
Measurement They are subsequently recognised at their fair value, recognising any fair value gains or losses in the specific equity reserve ("Valuation reserves") until disposal or impairment. The fair value of available-for-sale financial assets is calculated based on the quoted prices in active markets or internal valuation models as described in the section on “Fair value hierarchy”. Impairment losses are recognised in the income statement when the purchase cost, net of any repayment of principal and amortisation/depreciation, exceeds fair value significantly or in a prolonged way. With respect to impairment testing, the Company employs a specific policy that sets the impairment thresholds in terms of severity and of durability, both according to the type of financial instrument. Specifically, the impairment thresholds include, in terms of severity, a loss of 20% for “debt instruments10” and a loss of 30% for the “other financial instruments11”.
10 Money market instruments, bonds, money market and bond mutual funds. 11 Securities, equity, balanced and flexible mutual funds, private equity and hedge funds.
104 Gruppo Azimut Durability is assessed based on a timescale of 18 months for “debt instruments” and 24 months for “other financial instruments”: specifically, the fair value of each financial instrument is measured to establish if it was consistently lower than the corresponding initial cost over the last 18 or 24 months. The cumulative profit or loss generated previously recognised in shareholders’ equity is reversed to profit or loss upon disposal or recognition of the impairment loss. When the reasons underlying the impairment loss cease to exist, the impairment loss is reversed directly against the shareholders’ equity reserve, in the case of equity instruments, and in profit or loss, in the case of debt instruments. Equity investments which do not qualify as subsidiaries, associates or jointly-controlled entities, are not listed on active markets and for which the fair value cannot be measured reliably, are measured at cost. For the purposes of applying IAS 39.61, the Group identified the following impairment thresholds beyond which the fair value (FV) decrease of an equity instrument listed on an active market classified as AFS is deemed significant or prolonged, therefore indicating an impairment loss.
Derecognition Available-for-sale financial assets are derecognised when the contractual rights to receive the relevant cash flows cease to exist or upon transfer of all risks and rewards incidental to their ownership.
Receivables include the amounts due from banks, from financial institutions, from 3 customers and managed funds, or all receivables involving fixed payments or in Receivables any case payments which are definable and are not listed on an active market.
Recognition and measurement As this item mainly involves trade receivables, they are measured at their estimated realisable value, being the best possible estimate of their fair value. Conversely, receivables relating to loans to financial advisors, initially recognised at their fair value equal to the amount granted, are subsequently measured at amortised cost that coincides with the initial value “net of any write-downs”, since no additional transaction costs are expected and since such loans are granted at market rates (Euribor plus spread).
Derecognition They are derecognised once settled.
Classification 4 Equity investments include equity investments that are deemed to be strategic investments. Equity investments Companies are classified as associates when the Group has significant influence thereon, but not control or joint control over their financial and operating policies.
105 Notes to the consolidated financial statements
The Group has a significant influence on a company when it holds at least 20% of the voting power, unless it can be clearly demonstrated that this is not the case. The possible exercise or conversion of potential voting rights is a factor to be considered in deciding whether significant influence exists.
Recognition and measurement Equity investments in associates are recognised using the equity method which provides for initial recognition at cost. The equity investment is subsequently adjusted to reflect the share of the profit (or loss) of the associate after the date of acquisition. Minority interest does not include any potential voting rights. Since goodwill included in the carrying amount of a given investment in an associate is not recognised separately, this value is not subjected to a separate impairment test, in line with the provisions set forth in IAS 36 “Impairment of assets”. On the other hand, the investment’s full carrying amount is tested for impairment pursuant to IAS 36, by comparing its recoverable amount – calculated based on the value in use – and its corresponding carrying amount, whenever the application of the provisions set forth in IAS 36 indicates a potential impairment. The differences between the value of the equity investment and the associate’s shareholders’ equity are included in the associate’s carrying amount, whereas the share of the profits/(losses) generated during the year by the associate in question is recognised in the consolidated income statement. Any impairment losses on the equity investment pursuant to IAS 36 are recognised in the income statement.
5 Classification Tangible assets They include business properties, technical plant, furniture and fixtures, other machinery and equipment of any kind and leasehold improvements. With reference to business properties, IAS 16 establishes that land is to be recognised separately from buildings since only the latter is subject to depreciation as the useful life is not indefinite. This separation is necessary only in the case of self-contained properties: no separation is necessary if the property consists of a portion of the building (for example an apartment), since in this case the company does not own the surrounding land or land beneath. Azimut Group owns portions of property and therefore no separation was adopted for their measurement.
Recognition and measurement They are initially recognised at cost, including the additional costs directly attributable to the acquisition and start-up of the asset. They are subsequently measured at cost, less depreciation and impairment losses. Depreciation is charged annually on a straight-line basis over the remaining useful life. Leasehold improvements are recognised under assets since the tenant essentially has control over the assets and may receive economic benefits therefrom. Therefore, they are depreciated over a period corresponding to the remaining duration of the lease.
106 Gruppo Azimut Derecognition Tangible assets are derecognised upon disposal or when the asset has been retired and future benefits are not expected from its disposal.
Classification 6 Intangible assets include goodwill, goodwill on consolidation and application Intangible assets software for long-term use.
Recognition Goodwill on consolidation is determined, on first-time consolidation, based on the difference between the fair value of the subsidiaries’ shareholders’ equity and the carrying amount of the investments.
Measurement Goodwill and goodwill on consolidation are not amortised systematically, but are tested for impairment annually to check the adequacy of the carrying amount in accordance with that set out in IAS 36 Impairment of assets. Software is recognised at cost, net of amortisation and impairment losses. Such assets are amortised based on their estimated residual useful life.
Recognition of income components The amount of the impairment, determined on the basis of the difference between the carrying amount and its recoverable amount, if lower, is recognised in the income statement.
Derecognition Intangible assets are derecognised at the date of disposal and when no future economic benefits are expected.
Current taxes are calculated in accordance with ruling tax rates and legislation. 7 When they are not paid, they are recognised under liabilities. Income taxes are Tax assets and liabilities recognised in the income statement, except for those related to items directly credited or debited to equity. The provision for taxes is recognised based on a prudent estimate of the current and deferred tax charge. The balance-sheet liability method is applied to deferred taxes. Specifically, deferred tax assets and liabilities are calculated in respect of the temporary differences - without time limits - arising between the value of assets and liabilities according to statutory criteria and their value for tax purposes. Deferred tax assets are recognised to the extent their recovery is probable, based on the company's ability to generate ongoing positive taxable income.
107 Notes to the consolidated financial statements
8 This item includes assets which are not ascribable to other assets items. It also Other assets comprises receivables from financial advisors. This item also includes prepayments on the fee and commission expenses payable to the sales network for the sale of “no load” products. These funds do not charge an entry fee but are able to break-even by charging an exit fee for a specific amount of time. Therefore, they are recognised in the income statement over the foregoing period in accordance with the matching principle. In addition, other assets include the prepayments generated by the deferral of commission expenses incurred for the purchase of unit-linked policies classified as investment contracts.
9 Recognition and measurement Payables Short-term trade payables (due within 12 months) are recognised at their par value. Payables in the form of medium/long-term loans, initially recognised at the amount collected, are subsequently measured at amortised cost using the effective interest rate method. The amortised cost corresponds to the initial carrying amount, since no transaction costs are applicable and since the nominal interest rate of such liabilities is in line with market rates.
Derecognition Payables are derecognised once settled.
10 This item includes the bond issued by Azimut Holding S.p.A. For the purposes of Outstanding securities the accounting treatment of the issue of the Azimut ’17-22 non-convertible bond and subsequent early redemption through the repurchase of the Azimut ’13-20 convertible bond, as per IAS 32.40, the company recognised the transaction as a settlement of an original financial liability and recognised a new financial liability which is “substantially different” from the previous one. In order to determine whether a new financial liability is “substantially different” from the previous one, the company decided to adopt an accounting policy which uses both qualitative (through the analysis of contractual terms and conditions such as expiry date, rate, type of seniority, existence of embedded options, etc.) and quantitative criteria (AG 62 of IAS 32). According to this policy, the terms and conditions are deemed substantially different when the present value of cash flows under the new terms and conditions, including any fee paid, net of any fee received and discounted using the original effective interest rate, differs by at least 10% from the discounted value of the residual cash flows of the original financial liability.
Recognition Outstanding securities are recognised when issued or when a new placement takes place based on the "settlement date” principle. They are initially recognised at fair value which usually corresponds with the collected amount or the issue
108 Gruppo Azimut price, adjusted to reflect any additional cost and income directly attributable to funding or issue transactions. Internal administrative costs are not included. The fair value of outstanding securities issued at below-the-market conditions is subject to a specific estimate and the difference with respect to market value is taken directly to income statement. The costs borne for the bond issue are allocated proportionally to the debt component and the equity component, in the case of convertible debt instrument.
Measurement Subsequent to initial recognition, this debt component is measured at amortised cost, using the effective interest rate method.
Derecognition Outstanding securities are derecognised after expiry or settlement. They are derecognised also when previously issued securities are repurchased. The difference between the carrying amount of the security and the amount paid to repurchase it is taken to the income statement. A new placement of own securities subsequent to their repurchase is considered a new issue with the recognition of the new placement price, with no impact on the income statement.
Recognition of income components Interest expense is recognised under the item Interest expense and similar charges in the income statement, using the effective interest rate method.
Commitments to holders of unit-linked policies issued by AZ Life Dac, classified as 11 insurance contracts since they include a considerable insurance risk, are measured Technical reserves where based on actuarial criteria, by taking account of the value of the financial assets to the investment risk is which the benefits are linked. borne by policyholders
This item includes: 12 (i) the commitments to policyholders arising from the unit-linked policies issued Financial liabilities by AZ Life Dac, classified as investment contracts where the investment risk measured at fair value is borne by policyholders; (ii) the liabilities arising from the future exercise of the call options of the residual portion of share capital of some recently acquired companies; (iii) the covered warrant which provides for the subscription of the purchase or sale of a specific underlying financial asset at a pre-established price and date.
Measurement and recognition The measurement of call options reflects the amount to be paid – in Azimut Holding shares, where contractually provided for – to sellers, following the exercise of the call options. The measurement reflects the estimated amount to
109 Notes to the consolidated financial statements
be paid to the seller, based on the estimate of the future parameters set out in the relevant contracts, including AUM and profit for the year, and which are subject to specific sensitivity analyses. The change in the amount on first recognition is taken to the income statement. The covered warrant is defined as a derivative financial instrument and recognised at fair value upon initial recognition. Any subsequent changes in fair value will be recognised with a balancing entry in profit or loss.
Derecognition Financial liabilities are derecognised once settled.
13 Classification Other liabilities This item includes liabilities that are not ascribable to other liability items. This item includes: (i) the financial liabilities related to outstanding commitments for the purchase of residual equity investments in some subsidiaries, as per the relevant agreements. In addition, this item includes the deferred income arising from the deferral of fee and commission income on the premiums of unit-linked policies classified as investment contracts; (ii) the liabilities in the form of the contractual commitments relating to fees and commissions, including retention fees, to be paid to financial advisors in the medium/long-term (over 12 months), calculated on the basis of actuarial criteria and representing the best estimate of the expense required to settle the foregoing liabilities.
Recognition Short-term liabilities (due within 12 months) and trade payables are recognised at their par value.
Derecognition Other liabilities are derecognised once settled.
14 In accordance with the legislation governing TFR introduced by Italian Legislative Decree Staff severance pay (TFR) dated 5 December 2005, the staff severance pay (TFR), recognised under liability item 100 to the extent of the portion accrued until 31 December 2007, qualifies as a defined benefit plan and is therefore subject to actuarial measurement, using the Projected Unit Credit Method (PUCM) which projects future cash flows based on historical, statistic and probabilistic analyses and applying adequate demographic techniques. Cash flows are discounted using the market interest rate. Actuarial calculations are performed by independent actuaries. The costs arising from the plan are reported under personnel costs item Administrative costs; a) personnel costs, net of the contributions paid, those pertaining to prior years not yet recognised, interest accrued and expected income arising from plan assets. In accordance with IAS 19, actuarial gains and losses are recognised in a specific Valuation reserve.
110 Gruppo Azimut Recognition 15 Accruals to provisions for risks and charges are recognised if, and only if: Provisions for risks • there is a present obligation (legal or constructive) as a result of past events; and charges • it is probable that an outflow of resources will be required to generate economic benefits; and • a reliable estimate can be made of the amount of the obligation.
Measurement The amount accrued is the best estimate of the expense required to settle the obligation at the reporting date and reflects the risks and uncertainties that inevitably characterise many facts and circumstances. The amount accrued is equal to the present value of the expense required to settle the obligation where the effect of the present value is a significant aspect. The future facts which may affect the expense required to settle the obligation are considered only when there is objective evidence that they will take place. The accruals to the provisions for risks and charges include the risk arising from tax disputes, if any.
Derecognition Accruals are derecognised when the use of resources that generate economic benefits to settle the obligation becomes improbable.
They are recognised on an accrual basis. 16 Costs are recognised when incurred. Those directly related to financial instruments Costs and income measured at amortised cost and which can be determined since the beginning, regardless of the moment they are paid, are taken to the income statement using the effective interest rate. Income is recognised when received, or when it is probable it will be received and when it can be reliably calculated. Fees, commissions and other income from services offered to customers are included in the income statement at the time the services are provided. Financial income and charges are recognised on an accrual basis, based on accrued interest and applying the effective interest rate method.
They are recognised as a decrease in equity. Profits or losses arising from the 17 purchase, sale, issue or elimination of treasury shares are not recognised in the Treasury shares income statement, but in equity.
The profit-participating financial instruments issued by Azimut Holding S.p.A. 18 as per the Shareholders' resolution of 29 April 2010 and subsequent resolutions Profit-participating of the Parent Company's Board of Directors are recognised under Equity financial instruments instruments at the subscription amount, equal to their fair value, increasing shareholders’ equity. Indeed, under the By-laws, they have an indefinite life, are
111 Notes to the consolidated financial statements
issued with no obligation for the Parent Company to repay the amount paid by investors, participate in the allocation of the Parent Company's residual assets in case of liquidation, in subordination to the creditors and shareholders. These instruments are not transferable, except to the Parent Company (at their fair value and subject to specific conditions). In this case, the relevant equity rights are suspended. Furthermore, these instruments entitle their holders to receive a part of the Company's profit as per the By-laws subject to, inter alia, the Shareholders' approval of dividend distribution.
19 Business combinations are recognised in accordance with the acquisition method Business combinations (IFRS 3) whereby the identifiable acquired assets and assumed liabilities, including and changes in equity contingent ones, are recognised at their fair value at the acquisition date (i.e., the investments date on which the Group obtains effective control of the company). The fair value of acquired assets and assumed liabilities is calculated within one year of the acquisition. For each business combination, minority interests in the acquiree, if any, are recognised at fair value or in proportion to the minority interests' percentage in the net identifiable assets of the acquiree. Goodwill is initially measured at cost, being the excess amount of the sum of the consideration paid and the minority interests over the fair value of the net assets acquired by the Group (net of assumed liabilities). When the sum is below the fair value of the net assets of the acquiree, the difference is taken to the income statement. In a business combination achieved in stages, the Group recalculates the interest it already held in the company owned prior to obtaining control at the respective fair value calculated at the date control was acquired, recognising any resulting gain or loss in the income statement. Changes in the investment held in a subsidiary that do not entail the loss of control are recognised as Group's equity transactions. Acquisition-related costs are recognised in the income statement of the year in which they are incurred. Transactions carried out among two or more Group companies for reorganisation purposes are not considered business combinations. Transactions between jointly- controlled entities are recognised in the Group's financial statements using the acquiree's consistent amounts when they do not have a significant impact on the future cash flows.
20 Classification Share-based payments Share-based payments are settled by granting Azimut Holding S.p.A. ordinary shares (granting of rights to freely subscribe the shares when specific performance targets are achieved), against the services performed by the financial advisors to the subsidiaries, over a five-year plan.
Recognition Given the difficulties in reliably determining the fair value of the services received
112 Gruppo Azimut against the equity instruments, the cost allocated to subsidiaries is the best possible estimate of fair value, considering the performance targets at 31 December 2017.
Measurement and recognition of income components With respect to equity-settled share-based payments, the liabilities assumed are measured at the fair value of the latter and recognised under item 160. Reserves - Other equity reserves. The balancing entry is recognised under item 20. Fee and commission expense.
A.3 Disclosure about transfers between portfolios
The Group did not transfer any financial assets between portfolios during the year. A.3.1 Transfers between portfolios A.4. Fair value disclosure
Quantitative information
Fair value hierarchy In accordance with the provisions of IFRS 7 and IFRS 13, the Group companies A.4.5 classify fair value measurement of financial assets and financial liabilities based Fair value hierarchy on a hierarchy that conveys the nature of inputs used. The levels are as follows: • Level 1: (unadjusted) quoted prices in active markets for assets and liabilities identical to those subject to measurement; • Level 2: inputs other than unadjusted quoted prices (as per level 1) that are directly (as in the case of prices) or indirectly (deriving from prices) observable market data; • Level 3: inputs based on unobservable market data.
Specifically, the fair value of a financial instrument measured at level 1 corresponds to the unadjusted price, at which the instrument – or an identical instrument – is sold on an active market on the measurement date. For classification at level 1, prices are measured together with all other characteristics of the financial asset or financial liability: if the quoted price is adjusted in order to take account of specific conditions that require adjustment, the financial instrument is classified under a level other than level 1. Analyses for classification at other levels within the fair value hierarchy are performed analytically for each individual financial asset or liability held/issued; these analyses and measurement criteria are applied consistently over time. With respect to the financial instruments held as part of liquidity management policies and financial liabilities issued, according to the Group's main policies: • government bonds and open-ended mutual funds, whose fair value is designated as level 1 if represented by the Net Asset Value (NAV) provided by the fund manager at the measurement date, are classified as level 1; conversely, with respect to listed funds and Exchange Traded Funds (ETF), level 1 fair value is
113 Notes to the consolidated financial statements
equal to the closing price of the relevant stock market, and the liquidity to be invested relating to unit-linked policies issued; • level 2 reflects the investments related to the unit-linked policies issued (where the investment risk is borne by policyholders), the associated financial liabilities and the bonds issued; • the equity securities reported as Available-for-sale financial assets measured at cost and financial liabilities related to the commitments to purchase the residual equity investments in some subsidiaries in accordance with ruling contractual agreements fall under level 3. With respect to liabilities, the measurement reflects the estimated amount to be paid to the seller, based on the estimate of the future parameters set out in the relevant contracts, including AUM and profit for the year and which are subject to specific sensitivity analyses. The change in the amount on first recognition is taken to the income statement. The liabilities also include the covered warrant issued by Azimut Capital Management Sgr S.p.A. to some employees (managers) which provides for the subscription of the purchase or sale of a specific underlying financial asset at a pre-established price and date. Financial liabilities are derecognised once settled.
A.4.5.1 Assets and liabilities measured at fair value on a recurring basis: breakdown by fair value level
Financial assets/liabilities measured at fair value Level 1 Level 2 Level 3 Total 1. Held-for-trading financial assets 2. Financial assets measured at fair value 1,051,698 5,648,585 6,700,283 3. Available-for-sale financial assets 275,169 11,788 286,957 4. Hedging derivatives Total 1,326,867 5,648,585 11,788 6,987,240 1. Held-for-trading financial liabilities 2. Financial liabilities measured at fair value 6,605,461 133,118 6,738,579 3. Hedging derivatives Total 6,605,461 133,118 6,738,579
114 Gruppo Azimut A.4.5.2 Annual change in financial assets measured at Level 3 fair value on a recurring basis
Financial assets Held for Measured Available Hedging Tangible Intangible trading at fair value -for-sale assets assets assets 1. Opening balance 9,503 2. Increases 2,285 2.1. Purchases 2,285 2.2. Profits allocated to: - 2.2.1 Profit or loss of which: gains 2.2.2 Shareholders’ equity 2.3. Transfers from other levels 2.4. Other increases 3. Decreases - 3.1. Sales 3.2. Redemptions 3.3. Losses charged to: - 3.3.1 Profit or loss of which: losses 3.3.2 Shareholders’ equity 3.4. Transfers from other levels 3.5. Other decreases 4. Closing balance 11,788
115 Notes to the consolidated financial statements
A.4.5.3 Annual changes in liabilities measured at Level 3 fair value on a recurring basis
Held-for-trading Financial liabilities Hedging financial liabilities measured at fair value derivatives 1. Opening balance 104,035 2. Increases 41,943 2.1. Purchases 18,763 2.2. Losses charged to: 23,180 2.2.1 Profit or loss 11,523 of which: losses - 2.2.2 Shareholders’ equity 11,657 2.3. Transfers from other levels 2.4. Other increases 3. Decreases 12,859 3.1. Sales 3.2. Redemptions 16 3.3. Profits allocated to: 12,843 3.3.1 Profit or loss 7,146 of which: gains - 3.3.2 Shareholders’ equity 5,698 3.4. Transfers from other levels 3.5. Other decreases 4. Closing balance 133,119
A.5 - Disclosure about the so-called “Day one profit/loss”
The Group did not carry out transactions which entailed recognition of the so- called “day one profit/loss”.
Operating segment Despite being performed via various companies, each specialising in the sale, disclosure (IFRS 8) marketing, and management of financial and insurance products (essentially unit- linked), the activity of the Azimut Group falls within a single operating segment. As a matter of fact, the nature of the various products and services offered, the structure of the management and operating processes, the type of customers, as well as the methods adopted for the distribution of products and services are sufficiently similar as to ensure that the risks and benefits of the various Group companies do not differ to any great extent but, on the contrary, have many
116 Gruppo Azimut comparable features. Furthermore, the business model of the operating companies directly and indirectly controlled by Azimut Holding S.p.A. is distinguished by the strong interaction between management and distribution activities. The distribution network is able to steer customers towards products that enable the management team to best exploit the market time and, on the other hand, the excellent track record of portfolio management enables the distribution network to further penetrate the market. Therefore, these companies operate as a single structure, dedicated in its entirety to asset management and the sale of investment instruments, in which the contributions made by the individual companies appear to be indistinguishable for the purpose of decisions regarding the allocation of resources and measurement of results and company performance. Consequently, the accounting information was not reported separately by operating segments, in line with the internal reporting system used by management and based on the individual accounting data used to prepare the consolidated financial statements under IAS/IFRS. Similarly, no information is provided on income per customer, profits and assets in the form of breakdown by geographical area as IFRS 8 disclosure requirements are not currently met. Therefore, given that there is only one operating segment subject to disclosure, as regards information on income from customers by product/service, please see the details on fee income and net premiums reported with data from the income statement included in these consolidated notes.
Earnings per share Basic earnings per share are calculated by dividing the net profit for the year by the average number of outstanding ordinary shares. There were no earnings-dilutive transactions to be disclosed at 31 December 2017.
2017 2016 Basic earnings per share 1.639 1.300 Average number of outstanding shares (*) 131,080,195 132,860,826 Diluted earnings per share 1.639 1.300 Average number of outstanding shares (*) 131,080,195 132,860,826
* Outstanding shares are calculated net of treasury shares held by Azimut Holding S.p.A. at the reporting date.
117 Notes to the consolidated financial statements
Part B - Notes to the balance sheet
Assets
Section 1 “Cash and cash equivalents” amount to 28 thousand euro and refer to cash on hand. Cash and cash equivalents
Section 3 The item amounts to 6,700,283 thousand euro (6,447,427 thousand euro at 31 Financial assets measured December 2016). at fair value 3.1 Breakdown of “Financial assets measured at fair value”
Items/Value Total 31/12/2017 Total 31/12/2016 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Debt securities 7,274 30,304 - 56,352 12,037 - of which: government securities 7,274 - - 56,352 - - 2. Equity securities and UCI units 535,550 5,618,281 - 55,004 6,221,924 - 3. Other assets 508,874 - - 102,110 - - Total 1,051,698 5,648,585 - 213,466 6,233,961 -
“UCI units” (Level 2) refer solely to investments measured at fair value, relating to unit-linked policies issued by AZ Life Dac, where the investment risk is borne by policyholders.
3.2 Financial assets measured at fair value: breakdown by debtor/issuer
Items/Value Total Total 31/12/2017 31/12/2016 1. Financial assets 6,700,283 6,447,427 a) Governments and central banks 7,274 56,352 b) Other public bodies - - c) Banks 508,874 102,110 d) Financial institutions - - e) Other issuers 6,184,135 6,288,965
118 Gruppo Azimut This item amounts to 286,957 thousand euro (276,963 thousand euro at 31 Section 4 December 2016). The breakdown is as follows: Available-for-sale financial assets 4.1 Breakdown of “Available-for-sale financial assets”
Items/Value Total 31/12/2017 Total 31/12/2016 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Debt securities 1,421 - - 1,014 - - - of which: government securities ------2. Equity securities and UCITS units 273,748 - 11,788 266,446 - 9,503 3. Other assets ------Total 275,169 - 11,788 267,460 - 9,503
“UCI units” (Level 1) refer to the units in mutual funds managed by the Azimut Group as part of the Group’s liquidity management policies.
4.2 Available-for-sale financial assets: breakdown by debtor/issuer
Items/Value Total 31/12/2017 Total 31/12/2016 1. Financial assets 286,957 276,963 a) Governments and central banks 1,421 1,014 b) Other public bodies - - c) Banks 787 1,398 d) Financial institutions - - e) Other issuers 284,749 274,551
6.1 Receivables Section 6 The item amounts to 263,790 thousand euro (189,305 thousand euro at 31 Receivables December 2016). The breakdown is as follows:
119 Notes to the consolidated financial statements
Breakdown Total 31/12/2017 Total 31/12/2016 Carrying Fair value Carrying Fair value amount amount Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Receivables for portfolio management services 74,496 74,496 - - 90,219 90,219 - - 1.1. UCI units 68,279 68,279 85,614 85,614 1.2 individual portfolio management 4,466 4,466 3,037 3,037 1.3 pension fund management 1,751 1,751 1,569 1,569 2. Receivables for other services: 29,387 29,387 - - 17,286 17,286 - - 2.1 advisory services - - - - 2.2 outsourced corporate functions - - - - 2.3 other 29,387 29,387 17,286 17,286 3. Other receivables 159,907 159,907 - - 81,800 81,800 - - 3.1 repurchase agreements - - - - of which: for government securities - - - - of which: for other debt securities - - - -
of which: for other equity securities - - and units - -
3.2 deposits and current accounts 159,907 159,907 81,800 81,800
3.3 other - - - - 4. Debt securities - - - - Total 263,790 263,790 - - 189,305 189,305 - -
“Deposits and current accounts” consist of cash deposited in the current accounts of the Group companies, with interest in line with that applied to term deposits. “Receivables for other services” mainly include receivables in the form of fees and commissions from the sale of products of third-party banks and receivables in the form of fee income to be collected for the sale of insurance products of third-party companies. “Receivables for portfolio management services” include receivables in the form of fee and commission income on mutual funds and discretionary portfolios accrued during December 2017 and collected the following month.
120 Gruppo Azimut 6.2 Receivables: breakdown by counterparty
Breakdown/Counterparty Banks Financial institutions Clients of which: of which: of which: Group Group Group 1. Receivables for portfolio management services - - - - 74,496 - 1.1. UCI units - - - - 68,279 - 1.2 individual portfolio management - - - - 4,466 - 1.3 pension fund management - - - - 1,751 - 2. Receivables for other services: 2,534 - 6,405 - 20,448 - 2.1 advisory services ------2.2 outsourced corporate functions ------2.3 other 2,534 - 6,405 - 20,448 - 3. Other receivables 159,907 - - - - - 3.1 repurchase agreements ------of which: for government securities ------of which: for other debt securities ------of which: for equity securities and units ------3.2 deposits and current accounts 159,907 - - - - - 3.3 other ------4. Debt securities ------Total 31.12.2017 162,441 - 6,405 - 94,944 - Total 31.12.2016 83,872 - 6,258 - 99,175 -
9.1 Equity investments: information Section 9 This item amounts to 1,343 thousand euro (935 thousand euro at 31 December 2016). Equity investments It comprises equity investments in associates.
Name Registered Stake Voting office rights % Shareholder Stake % Companies measured at equity 1. Cofircont Compagnia Fiduciaria S.r.l. Italy Azimut Enterprises Holding S.r.l. 30 30 2. SiamoSoci S.r.l. Italy Azimut Enterprises Holding S.r.l. 22 22 3. Ipo Challenger 1 S.p.A. Italy Azimut Global Counseling S.r.l./ Ipo Club 31 31 4. Sterling Planners WA Australia Sterling Planners Pty Ltd 26.21 26.21
121 Notes to the consolidated financial statements
9.2 Annual changes in equity investments
A. Opening balance 935 B. Increases 501 B.1 Purchases 417 B.2 Reversals of impairment losses B.3 Revaluations 84 B.4 Other changes C. Decreases 93 C.1 Sales C.2 Impairment losses 93 C.3 Other changes D. Closing balance 1,343
9.3 Significant equity investments: accounting figures
Name Carrying Fair value (*) Dividends amount received 1. Cofircont Compagnia Fiduciaria S.r.l. 905 905 - 2. SiamoSoci S.r.l. 438 438 -
(*) As these companies are not listed, fair value coincides with the carrying amount.
Section 10 The item amounts to 8,103 thousand euro (7,219 thousand euro at 31 December 2016). Tangible assets 10.1 Breakdown of “Tangible assets” - business purposes: breakdown of assets at cost”
Items/Value Total 31/12/2017 Total 31/12/2016 1. Company-owned 8,103 7,219 a) land - - b) buildings 148 157 c) furniture & fixtures 1,521 1,903 d) electronic systems - e) other 6,434 5,159 2. Under finance lease - - a) land - - b) buildings - - c) furniture & fixtures - - d) electronic systems - - e) other - - Total 8,103 7,219
122 Gruppo Azimut 10.2 Tangible assets - business purposes: “annual change”
Furniture & Electronic Land Buildings fixtures systems Other Total
A. Opening gross balance - 311 8,697 - 20,448 29,456 A.1 Total net impairment losses (154) (6,794 ) - (15,289 ) (22,237) A.2 Opening net balances 157 1,903 - 5,159 7,219 B. Increases 19 3,299 3,318 B.1 Purchases 19 3,299 3,318 B.2 Leasehold improvements B.3 Reversals of impairment losses B.4 Increases in fair value taken to: a) shareholders’ equity b) profit or loss B.5 Exchange rate gains B.6 Transfers from investment property B.7 Other changes C. Decreases (9) (401) (2,024) (2,434) C.1 Sales (20) (20) C.2 Depreciation (9) (401) (2,004) (2,414) C.3 Impairment losses charged to: a) shareholders’ equity b) profit or loss C.4 Decreases in fair value charged to: a) shareholders’ equity b) profit or loss C.5 Exchange rate losses C.6 Transfers to: a) tangible assets held for investment purposes b) assets held for sale C.7 Other changes D. Gross closing balance - 311 8,716 - 23,747 32,774 D.1 Total net impairment losses (163) (7,195) - (17,313) (24,671) D.2 Net closing balance 148 1,521 - 6,434 8,103 E. Measurement at cost 148 1,521 - 6,434 8,103
123 Notes to the consolidated financial statements
Depreciation rates are as follows:
Company % rate Buildings 3% Furniture & fixtures 12% Other: Systems 15%-20-25% Motor vehicles 25% Electronic office equipment 20% Leasehold improvements based on the remaining duration of the lease
Sector 11 The item amounts to 557,410 thousand euro (517,315 thousand euro at 31 December 2016). Intangible assets 11.1 Breakdown of “Intangible assets”
Total 31/12/2017 Total 31/12/2016 Items/Measurement Assets Assets at Assets Assets at at cost fair value at cost fair value 1. Goodwill 499,304 - 461,418 - 2. Other intangible assets 58,106 - 55,897 - 2.1 generated internally - - - - 2.2 other 58,106 - 55,897 - Total 557,410 - 517,315 -
• Goodwill refers to: • the acquisition by Azimut Holding S.p.A. (formerly Tumiza S.p.A.) of the merged company Azimut Holding S.p.A., completed on 12 February 2002. This company wholly owned (directly or indirectly) all the companies of the Azimut Group. This item was calculated as the difference between the initial cost of the equity investment, at acquisition date, and the shareholders’ equity of the subsidiaries at 31 December 2001. Following the merger by incorporation of Azimut Holding S.p.A. into Tumiza S.p.A., with accounting effects on 1 July 2002, a portion of goodwill on consolidation, equal to 176.3 million euro amortised by 26.4 million euro prior to the adoption of IFRS, was included in “Goodwill" in the separate financial statements of Azimut Holding S.p.A.; • the acquisitions carried out through the subsidiary AZ international Holding SA to expand the Group abroad.
124 Gruppo Azimut Recognised goodwill is shown below:
Company Total Total 31/12/2017 31/12/2016 Azimut Holding S.p.A. (formerly Tumiza S.p.A.) 283,252 283,252 Augustum Opus SIM 8,893 8,893 Futurimpresa SGR 173 173 Total Azimut CGU 292,318 292,318 AZ NGA and subsidiaries 105,072 66,153 Compagnie de Gestion Monégasque 31,425 31,425 Azimut Brasil Holdings and subsidiaries 30,438 30,438 AZ Swiss & Partners - Sogenel acquisition 14,356 15,644 Azimut Portföy 9,232 9,232 Katarsis 6,756 6,756 Mas Fondos 6,122 6,122 Sigma Funds Management 1,442 1,442 AZ Sinopro Financial Planning 1,247 1,247 Athenaeum 592 592 AZ Sestante 49 49 AZ New Horizon 255 - Total AZ International CGU 206,986 169,100 Total 499,304 461,418
With respect to the equity investments acquired during the year, goodwill calculated as the difference between the net fair value of the assets and liabilities acquired and the carrying amount of the equity investment at the acquisition date relates to: • the acquisition of Peters & Partners Pty Ltd led to the recognition of goodwill of 2,702 thousand euro; • the acquisition of Menico Tuck Parrish Financial Solutions Pty Ltd led to the recognition of goodwill of 3,418 thousand euro; • the acquisition of Wealthmed Australia Pty Ltd led to the recognition of goodwill of 4,635 thousand euro; • the acquisition of Farrow Hughes Mulcany Financial Services Pty Ltd led to the recognition of goodwill of 8,426 thousand euro; • the acquisition of Henderson Maxwell Accounting Pty Ltd led to the recognition of goodwill of 7,263 thousand euro; • the acquisition of Dunsford Financial Plannings Pty Ltd led to the recognition of goodwill of 5,124 thousand euro; • the acquisition of Hurvitz Geller Pty Ltd led to the recognition of goodwill of 3,203 thousand euro.
125 Notes to the consolidated financial statements
“Other intangible assets - Other” refer to: • Trademarks of 42,632 thousand euro, of which the “Azimut” trademark amounting to 35,338 thousand euro. • Software totalling 15,474 thousand euro.
11.2 Intangible assets: “annual change”
Total A. Opening balance 517,315 B. Increases 53,539 B.1 Purchases 15,653 B.2 Reversals of impairment losses B.3 Increases in fair value taken to: shareholders’ equity profit or loss B.4 Other changes 37,886 C. Decreases 13,444 C.1 Sales C.2 Amortisation 11,760 C.3 Impairment losses charged to: 1,684 shareholders’ equity profit or loss 1,684 C.4 Decreases in fair value charged to: shareholders’ equity profit or loss C.5 Other changes D. Closing balance 557,410
The amortisation rates for intangible assets with a finite useful life are as follows:
Company % rate Application software 33%
126 Gruppo Azimut With respect to "goodwill and goodwill on consolidation" and "trademarks" (when Impairment test recognised as an intangible asset with an indefinite useful life), the international accounting standards, specifically IAS 36 “Impairment of assets”, stipulate that the company must perform annual impairment tests to check the adequacy of the amounts recognised during the drafting of the financial statements. The aim of the impairment test is to identify any impairment loss. Where the test shows that the value of an asset has been overestimated, the company shall recognise an impairment loss. For the purposes of impairment testing, two cash generating units (CGUs) have been identified that basically reflect the Azimut Group’s business and to which the above intangible assets have been allocated. The first CGU reflects the activity carried out by the companies directly controlled by Azimut Holding S.p.A., each specialising in the distribution, promotion and management of financial and insurance products (basically unit-linked products) and operating as a single structure, dedicated in its entirety to asset management and the sale of investment instruments, in which the contributions made by the individual companies appear to be indistinguishable and operating results are revised periodically by management for the purpose of decisions regarding allocation of resources and measurement of results and company performance. The second CGU refers to the activity carried out by the foreign companies belonging to the Luxembourg company AZ International Holdings SA, wholly owned by Azimut Holding S.p.A. Foreign companies are also specialised in the management, promotion and distribution of financial and asset management products, each in the relevant geographical area and in accordance with the same integrated business model of the above-mentioned CGU. Therefore, management has set out a consolidated reporting system for AZ International Holdings SA which, in turn, must send the Parent Company Azimut Holding a consolidated reporting package for all foreign companies.
CGU AZ International The impairment test for this CGU checks for impairment indicators on intangible assets allocated to the same CGU of 207 million euro. The companies which comprise the “CGU AZ International” are all the direct and indirect subsidiaries of AZ International Holdings SA listed in the “Consolidation scope” section of these notes.
Azimut CGU The CGU of Azimut Holding S.p.A. is comprised of the following companies, that are focussed on management and distribution: • Azimut Capital Management Sgr S.p.A.; • AZ Fund Management SA; • AZ Life Dac; • Azimut Global Counseling S.r.l.; • Azimut Enterprises Holding S.r.l.; • Azimut Libera Impresa Sgr S.p.A. (formerly Futurimpresa Sgr S.p.A.); • Azimut Financial Insurance S.p.A.
127 Notes to the consolidated financial statements
Again, the impairment test conducted on this CGU checks for impairment indicators on intangible assets of 292 million euro related to the CGU (including goodwill of 149.8 million and trademark of 35.3 million euro related to the Parent Company). For the purposes of the impairment test of intangible assets, management calculated the recoverable amount, based on the value in use, of each CGU identified using the Discounted Cash Flow (“DCF”) method and comparing such value in use with the carrying amount of the CGUs, inclusive of the above intangible assets. Value in use calculated using the DCF method is as follows: • calculation of unlevered cash flows for each CGU. For the purposes of this calculation, the expected cash flow was approximated to the net profit for the year. Profits for the first five years were therefore based on the “2015 - 2019 to 2022 Extended Business Plan”. The underlying assumptions are as follows: • average net inflows of 2.5 billion euro per year; • weighted average performance of 2.5%; • increase in overheads in line with forecast growth of personnel and structure; • increase in costs and income after 2022 steady at 2%. • Calculation of the weighted average cost of capital (“WACC”), equal to 8.14%, based on the following parameters: • risk free: 10-year Italian government bonds, average 2017; • Azimut beta: calculated on a five-year timescale with daily readings (source: Bloomberg); • market risk premium: extra return required for investments in shares rather than risk-free securities (Source: Credit Suisse Global Equity Strategy).
Cost of capital calculation:
WACC 31/12/2017 Risk-free rate 1.87% Market risk premium 5.60% Beta Unlevered 1.121 Risk premium 5.60% Cost of equity (Ke) 8.14% D / (D+E) 0% E / (D+E) 100% WACC 8.14%
Discounting cash flows over the five-year timescale and cash flow calculated for terminal value purposes at the WACC to estimate the Enterprise Value of the CGU and calculating the value in use of the CGU, adjusted to reflect the net financial position at 31 December 2017. Based on the above, management calculated Azimut CGU's and AZ International CGU's value in use at 5,227 million euro and 471 million euro, respectively. These
128 Gruppo Azimut amounts are greater than the CGUs' carrying amounts of 448 million euro and 280 million euro, respectively; therefore, no impairment losses were recognised. Furthermore, the two CGUs’ value in use was subjected to a sensitivity analysis which considered WACC changes and the long-term growth rate (g-rate). The tables below show the results of the sensitivity analyses which did not identify any impairment losses.
Impairment test on the Azimut CGU Sensitivity Analysis
Difference between value in use and the carrying amount of the CGU 5.8% 6.3% 6.8% 7.3% 7.8% 8.3% 8.8% 9.3% 0.00% 4,932.5 4,611.7 4,338.1 4,102.0 3,896.2 3,715.2 3,554.8 3,411.6 0.5% 5,336.0 4,952.7 4,630.3 4,355.3 4,118.0 3,911.2 3,729.3 3,568.1 1.0% 5,823.7 5,358.1 4,972.9 4,648.8 4,372.5 4,134.1 3,926.2 3,743.4 1.5% 6,425.0 5,848.1 5,380.2 4,993.1 4,667.4 4,389.7 4,150.1 3,941.2 G 2.0% 7,184.8 6,452.3 5,872.5 5,402.3 5,013.3 4,686.0 4,406.9 4,166.1 2.5% 8,175.2 7,215.6 6,479.5 5,896.9 5,424.5 5,033.5 4,704.6 4,424.2 3.0% 9,520.1 8,210.7 7,246.4 6,506.7 5,921.3 5,446.5 5,053.7 4,723.2 3.5% 11,451.2 9,561.9 8,246.2 7,277.3 6,534.0 5,945.8 5,468.6 5,073.8
Difference between value in use and the carrying amount of the CGU - decrease in cash flows -17.5% -15.0% -12.5% -10.0% -7.5% -5.0% -2.5% 4,566.58 4,596.90 4,627.23 4,657.56 4,687.88 4,718.21 4,748.53 4,778.9
129 Notes to the consolidated financial statements
Impairment test on the AZ International Holdings CGU Sensitivity Analysis
Difference between value in use and the carryng amount of the CGU 5.8% 6.3% 6.8% 7.3% 7.8% 8.3% 8.8% 9.3% 0.0% 205.9 175.7 150.0 127.8 108.5 91.4 76.4 62,9 0.5% 243.8 207.8 177.5 151.6 129.3 109.9 92.8 77,6 1.0% 289.7 245.9 209.7 179.2 153.2 130.8 111.3 94,1 1.5% 346.2 292.0 248.0 211.6 181.0 154.9 132.3 112,7 G 2.0% 417.6 348.8 294.3 250.1 213.5 182.7 156.5 133,8 2.5% 510.8 420.5 351.3 296.6 252.1 215.4 184.5 158,1 3.0% 637.2 514.1 423.4 353.9 298.9 254.2 217.3 186,2 3.5% 818.8 641.1 517.4 426.3 356.5 301.2 256.3 219,2
Difference between value in use and the carrying amount of the CGU - decrease in cash flows -17.5% -15.0% -12.5% -10.0% -7.5% -5.0% -2.5% 82.50% 85.00% 87.50% 90.00% 92.50% 95.00% 97.50% 100% 110.0 121.7 133.3 144.9 156.6 168.2 179.2 191.4
Finally, the analysis of the Azimut Holding share shows that market cap is considerably greater than the Group's shareholders’ equity: considering shareholders’ equity of 596 million euro, the Company's market cap at 31 December 2017 was equal to 2.3 billion euro.
Tax assets This item amounts to 80,219 thousand euro (78,976 thousand euro at 31 December 2016). The breakdown is as follows:
Section 12 12.1 Breakdown of “Tax assets: current and deferred” Tax assets and tax liabilities Breakdown Total 31/12/2017 Total 31/12/2016 Current 29,560 32,905 Deferred 50,659 46,071 Total 80,219 78,976
“Deferred tax assets” mainly include: • 5,726 thousand euro of deferred tax assets arising from the value of the lease instalments deductible in future years by virtue of the sale and lease-back agreement for the Azimut trademark;
130 Gruppo Azimut • 25,371 thousand euro of deferred tax assets relating to tax losses; • 1,693 thousand euro of deferred tax assets relating to the adjustment of the book and tax value (Italian regional production tax, IRAP) of the trademark and goodwill pursuant to Article 1, paragraph 51 of Italian Law 244/2007 (2008 Budget Law) and offset against future tax liabilities arising from amortisation/ depreciation and other negative items deducted off the balance sheet (as indicated in EC section of the Modello Unico tax return) up until the tax year underway at 31 December 2007; • the remaining portion, i.e. the temporary differences resulting from the different timing criteria of IRES (Italian corporate income tax) and IRAP tax deductibility for some cost items compared to that recognised in the income statement.
As regards deferred tax assets recognised on tax losses, in accordance with IAS 12, the probability of these losses being recovered in subsequent tax years was assessed. Based on the assumptions pursuant to current tax regulations and related changes of the year, the ability of future taxable income, at Group level, comprising the companies which have adopted the tax consolidation regime, was assessed, generating the recognition of deferred tax assets on losses.
Tax liabilities This item amounts to 68,151 thousand euro (59,401 thousand euro at 31 December 2016). The breakdown is as follows:
12.2 Breakdown of “Tax liabilities: current and deferred”:
Breakdown Total 31/12/2017 Total 31/12/2016 Current 6,462 1,443 Deferred 61,689 57,958 Total 68,151 59,401
“Deferred tax liabilities” mainly include deferred tax liabilities relating to the temporary difference between the carrying amount and tax value of the trademark amounting to 11,686 thousand euro and the deferred tax liabilities recognised on the temporary difference between the carrying amount and tax value of goodwill of 40,847 thousand euro. These tax liabilities, recognised in accordance with IAS 12, are not reasonably expected to become actual costs given that the aforementioned temporary differences will only be reduced following a negative impairment test that leads to the recognition of an impairment loss on goodwill and the trademark, and in the case of disposal of these assets. Moreover, this item includes deferred IRES and IRAP taxes on unallocated earnings of the subsidiaries at 31 December 2017.
131 Notes to the consolidated financial statements
12.3 Changes in deferred tax assets (balancing entry in income statement)
Total Total 31/12/2017 31/12/2016 1. Opening balance 45,077 26,206 2. Increases 12,562 30,796 2.1 Deferred tax assets recognised in the year: 12,562 21,320 a) from previous years b) due to changes in accounting policies d) other 12,562 21,320 2.2 New taxes or increased tax rates 2.3 Other increases 9,475 3. Decreases 8,632 11,924 3.1 Deferred tax assets eliminated during the year 8,118 3,792 a) reversals 8,118 3,792 b) write-off of irrecoverable tax c) due to changes in accounting policies d) other 3.2 Decreases in tax rates 3.3 Other decreases 514 8,133 4. Closing balance 49,007 45,077
132 Gruppo Azimut 12.4 Changes in deferred tax liabilities (balancing entry in income statement)
Total Total 31/12/2017 31/12/2016 1. Opening balance 52,178 53,577 2. Increases 7,662 5,182 2.1 Deferred tax liabilities recognised in the year: 7,662 5,182 a) from previous years b) due to changes in accounting policies c) other 7,662 5,182 2.2 New taxes or increased tax rates 2.3 Other increases 0 0 3. Decreases 3,417 6,581 3.1 Deferred tax liabilities eliminated during the year 3,417 6,502 a) reversals 3,417 6,502 b) due to changes in accounting policies c) other 3.2 Decreases in tax rates 79 3.3 Other decreases 4. Closing balance 56,423 52,178
133 Notes to the consolidated financial statements
12.5 Changes in deferred tax assets (balancing entry in shareholders’ equity)
Total Total 31/12/2017 31/12/2016 1. Opening balance 993 1,619 2. Increases 667 28 2.1 Deferred tax liabilities recognised in the year: a) from previous years b) due to changes in accounting policies d) other 664 28 2.2 New taxes or increased tax rates 2.3 Other increases 3 3. Decreases 8 654 3.1 Deferred tax liabilities eliminated during the year a) reversals b) write-off of irrecoverable tax c) due to changes in accounting policies d) other 3.2 Decreases in tax rates 3.3 Other decreases 8 654 4. Closing balance 1,652 993
134 Gruppo Azimut 12.6 Changes in deferred tax liabilities (balancing entry in shareholders’ equity)
Total Total 31/12/2017 31/12/2016 1. Opening balance 5,780 4,857 2. Increases 254 986 2.1 Deferred tax liabilities recognised in the year: 254 899 a) from previous years b) due to changes in accounting policies d) other 254 899 2.2 New taxes or increased tax rates 2.3 Other increases 87 3. Decreases 768 63 3.1 Deferred tax liabilities eliminated during the year - 0 a) from previous years b) due to changes in accounting policies d) other 3.2 Decreases in tax rates 56 3.3 Other decreases 768 7 4. Closing balance 5,266 5,780
135 Notes to the consolidated financial statements
Section 14 This item amounts to 208,474 thousand euro (209,114 thousand euro at 31 December Other assets 2016).
14.1 Breakdown of “Other assets”
Total Total 31/12/2017 31/12/2016 Due from Inland Revenue 84,822 65,384 Due from financial advisors 15,424 13,655 Other receivables 101,637 122,042 Prepayments 6,591 8,033 Total 208,474 209,114
“Due from Inland Revenue” includes VAT credits of 4,575 thousand euro and amounts related to mathematical reserves of 79,918 thousand euro. “Prepayments” also include the assets generated via the deferral of acquisition costs for the unit-linked policies issued by the Group’s Irish insurance company, classified as investment contracts. “Due from financial advisors” mainly includes loans granted to financial advisors amounting to 10,508 thousand euro, which generate interest income in line with the Euribor plus spread, in addition to advance commissions paid to the same financial advisors for the amount of 3,641 thousand euro. The terms for repayment of these loans vary on average from 12 to 36 months. "Other receivables" mainly comprise tax assets for virtual stamp duties of 27,319 thousand euro and receivables related to the payment of capital gain tax advances of 40,812 thousand euro.
136 Gruppo Azimut Liabilities
This item amounts to 20,253 thousand euro (28,283 thousand euro at 31 December Section 1 2016). The breakdown is as follows: Payables
1.1 Breakdown of “Payables”
Breakdown/Value Total 31/12/2017 Total 31/12/2016 1. Due to sales network: 7,364 6,963 1.1 for UCI sales 7,364 6,963 1.2 for individual portfolio management sales - - 1.3 for pension fund sales - - 2. Payables for asset management services: 424 588 2.1 for proprietary portfolio management 424 588 2.2 for discretionary portfolio management - - 2.3 for other - - 3. Payables for other services: 503 681 3.1 advisory services - - 3.2 outsourced corporate functions - - 3.3 other 503 681 4. Other payables 11,962 20,051 4.1 repurchase agreements - - of which: for government securities - - of which: for other debt securities - - of which: for equity securities and units - - 4.2 other 11,962 20,051 Total 20,253 28,283 Fair value - Level 1 - - Fair value - Level 2 - - Fair value - Level 3 20,253 28,283 Total fair value 20,253 28,283
“Other payables” includes: • a loan of 10,000 thousand euro granted by Banco Bpm S.p.A. on 22 April 2008 and divided into two lines, A and B, each originally amounting to 100 million euro. The credit lines are repayable in tranches and expire on 30 June 2013 and 30 June 2018 respectively, with the interest rate calculated based on the Euribor plus 115 basis points for Line A and 125 basis points for Line B. The loan is not subject to covenants nor express termination clause.
137 Notes to the consolidated financial statements
“Other payables” mainly include commissions accrued and to be settled for the sale of fund units.
1.2 "Payables": breakdown by counterparty
Breakdown/Counterparty Banks Financial institutions Customers of which: of which: of which: Group Group Group 1. Payable to sales network: 6,033 - 394 - 936 - 1.1 for UCI sales 6,033 - 394 - 936 - 1.2 for individual portfolio management sales ------1.3 for pension fund sales ------2. Payables for asset management services: - - - - 424 - 2.1 for proprietary portfolio management - - - - 424 - 2.2 for discretionary portfolio management ------2.3 for other ------3. Payables for other services: ------3.1 advisory services received ------3.2 outsourced corporate functions ------3.3 other ------4. Other payables 11,973 - 492 - - - 4.1 repurchase agreements ------of which: for government securities ------of which: for other debt securities ------of which: for equity securities and units ------4.2 other 11,973 - 492 - - - Total 31.12.2017 18,007 - 886 - 1,360 - Total 31.12.2016 26,679 - 1,016 - 588 -
138 Gruppo Azimut 2.1 Breakdown of "Outstanding securities" Section 2 Outstanding securities
Breakdown Total 31/12/2017 Total 31/12/2016 Carrying Fair value Carrying Fair value amount amount Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Securities Bonds 353,816 - 353,816 - 226,522 - 226,522 - Other securities ------Total 353,816 - 353,816 - 226,522 - 226,522 -
The item is entirely comprised of a: 1. the “Azimut 2017-2022 2.000%” bond amounting to 355,815,985 euro originally composed of 3,500 bonds for a nominal amount of 100,000 euro, with a duration of five years and issued on 27 March 2017. For additional information about the transaction, reference should be made to the paragraph “Significant events of the year”. The amount refers to total bonds sold and includes the charges incurred by the Parent Company for the issue and placement, in addition to interest expense accrued at 31 December 2017 which will be paid on the pre-established date. The bond bears annual fixed interest of 2.000%. In May 2017, the company repurchased its “euro 250,000,000 2.125% Subordinated Convertible Bonds due 2020” issued in November 2013 through a reverse bookbuilding process.
Subordinated securities The company has no subordinated securities.
Technical reserves where the investment risk is borne by policyholders amount to Section 3 227,857 thousand euro (250,974 thousand euro at 31 December 2016) and refer to the Technical reserves where commitments arising from the unit-linked policies issued by the subsidiary AZ Life the investment risk is borne Dac, classified as insurance contracts. by policyholders
This item amounts to 6,605,461 thousand euro (6,299,036 thousand euro at 31 Section 4 December 2016) and mainly includes the commitments arising from the unit-linked Financial liabilities measured policies issued by the subsidiary AZ Life Dac (6,472,343 thousand euro), classified at fair value as investment contracts (level 2). At 31 December 2017 the fair value measurement of financial liabilities measured at fair value generated losses for a total of 4,421 thousand euro which were recognised in the income statement caption “Net result of financial assets and financial liabilities measured at fair value”.
139 Notes to the consolidated financial statements
4.1 Breakdown of “Financial liabilities measured at fair value” Liabilities Total 31/12/2017 Total 31/12/2016 Carrying Fair value Carrying Fair value amount amount Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Payables 6,605,461 - 6,472,343 133,118 6,299,036 - 6,195,001 1 0 4 , 0 3 5 2. Debt securities ------bonds ------other securities ------Total 6,605,461 - 6,472,343 133,118 6,299,036 - 6,195,001 104,035 In addition to financial liabilities measured at fair value, this item also includes liabilities arising from the future exercise of the call options of the residual portion of share capital of some companies that were acquired, but are not wholly owned. They are listed below: Company Measurement Eureka Whittaker Macnaught 1,914 Pride Advice 1,304 Lifestyle Financial Planning Services 1,516 Wise Planners 2,361 Financial Lifestyle Partners 1,162 Harvest Wealth 1,043 RI Toowoomba 2,062 Empowered Financial Partners 537 Wealthwise 2,755 Priority Advisory Group 2,293 Sterling Planners 1,335 Logiro Unchartered Pty Ltd 2,219 On Track Financial Solutions Pty Ltd 1,734 AZ Quest Participações SA 25,086 Peters & Partners Pty Ltd 1,557 Menico Tuck Parrish Financial Solutions Pty Ltd 1,161 Wealthmed Australia Pty Ltd 1,528 Farrow Hughes Mulcahy Financial Services Pty Ltd 2,503 Henderson Maxwel Pty Ltd 2,143 Hurwitz Geller Pty Ltd 1,794 Dunsford Financial Plannings Pty Ltd 1,606 Augustum Opus SIM S.p.A. 22,506 Compagnie de Gestion Privée Monégasque 42,063 Mas Fondos S.A. 938 AZ New Horizon 2,298 Total 127,418
140 Gruppo Azimut That measurement reflects the discounted amount to be paid – in Azimut Holding shares, where contractually provided for – to non-controlling interests, following the exercise of the call options. The measurement reflects an estimate of the discounted amount to be paid to the seller. This amount is based on the estimate of key parameters (future income statement, balance sheet and financial position parameters set out in the relevant contracts), that are subject to specific sensitivity analyses. With respect to the acquisition of the Australian company Sigma Funds Management Pty Ltd and the related call options of the residual 49% thereof, the obligation to exchange the issuer's shares against the acquisition of a financial asset indicates the existence of a derivative. Fair value changes in the latter are to be allocated to the income statement. This position is currently being analysed by the IFRIC. Financial liabilities measured at fair value and the related measurement at 31 December 2017 led to the recognition of gains of 429 thousand euro under “Net result of financial assets and financial liabilities measured at fair value”. The same item includes the fair value of the covered warrants at 31 December 2017 issued by Azimut Capital Management Sgr S.p.A. to some employees amounting to 5,700 thousand euro at the same date, with a loss of 4,850 thousand euro.
“Tax liabilities” are described in detail in section 12 of assets to which reference should Section 7 be made. Tax liabilities
This item amounts to 180,539 thousand euro (182,975 thousand euro at 31 December Section 9 2016) and is broken down as follows: Other liabilities
Breakdown/value Total Total 31/12/2017 31/12/2016 Due to suppliers 55,463 46,162 Due to Inland Revenue and tax authorities 8,046 9,048 Due to employees 9,305 6,273 Due to social security bodies 4,495 4,230 Other payables 38,096 44,378 Due to Financial Advisors 62,647 70,167 Deferred income 2,487 2,716 Total 180,539 182,975
“Deferred income” includes liabilities arising from the deferral of fee and commission income on the premiums of unit-linked policies issued by the Irish insurance company AZ Life Dac, classified as investment contracts. "Due to financial advisors" mainly includes amounts due for commissions of December 2017 paid in January 2018, in addition to other accruals relating to 2017, which will be paid during the subsequent year, and other contractual commitments for commissions, including loyalty commissions, to be paid to financial advisors over the medium-long term.
141 Notes to the consolidated financial statements
Section 10 10.1 Staff severance pay (TFR): "annual change" Staff severance pay (TFR) The item amounts to 2,965 thousand euro (3,403 thousand euro at 31 December 2016) and refers to TFR accrued by personnel employed by the group companies at 31 December 2017.
Total Total 31/12/2017 31/12/2016 A. Opening balance 3,403 3,310 B. Increases 448 376 B1. Provisions for the year 364 288 B2. Other increases 85 88 C. Decreases -887 -283 C1. Payments made -357 -53 C2. Other decreases -530 -229 D. Closing balance 2,965 3,403
The decrease is mainly due to the actuarial gains of the year with a direct balancing entry in the specific equity reserve, net of the related tax effect and the substitute tax.
10.2 Other information As set out in the section on “Accounting policies”, staff severance pay was calculated in accordance with IAS 19, based on specific following technical, demographic and financial assumptions:
Demographic assumptions In order to determine the probabilities of removal of personnel in service due to death, the SIM/F 2000 table was used (ISTAT – Italian National Institute of Statistics – mortality table by gender), prudentially reduced by 20%. Decreases due to disability were calculated using the relevant INPS (the Italian social security institution) tables, reduced by 20%. Pension, which is considered the main reason for outgoing employees, was subject to a timescale equal to meeting the minimum requirement (contribution period or seniority), calculated in accordance with ruling legislation. The following parameters were used for other technical, non- financial factors: • Turnover: 1.5% unchanged; • Advance: 2% unchanged; • Amount paid in advance: 70%. Finally, assessment of the allocation of TFR to private pension funds was carried out based on the behaviour observed on assessment (lack or partial adherence to private pension funds), without making any assumption on the future decisions of the personnel different from the current ones.
142 Gruppo Azimut Financial assumptions IAS 19 requires utilisation of financial technical factors. These assumptions reflect their influence on the prospective trend of flows (following remuneration increases and forecast inflation scenarios) and on discounting of the Company's estimated liability at the measurement date. Indeed, the discount rate is the main financial assumption on which the analysis results depend. • Inflation: a constant rate of 2.00% was used with respect to the future inflation scenario to be used for remuneration and TFR revaluation. • Interest rates: the future liability to employees was discounted using the yield curve of debt securities in accordance with IAS 19.
The item amounts to 35,377 thousand euro (31,265 thousand euro at 31 December Section 11 2016). Provisions for risks and charges 11.1 Breakdown of “Provisions for risks and charges” • Supplementary indemnity provision for agents established based on actuarial criteria, in accordance with IFRS, totalling 29,212 thousand euro. • Provision for sundry risks (6,165 thousand euro) for potential legal disputes with customers, for the present value of the estimated expense to settle the obligations.
11.2 “Provisions for risks and charges”: annual changes
31/12/2017 31/12/2016 Opening balance 31,265 26,694 Increases during the year 6,440 5,059 Decreases during the year -2,328 -488 Closing balance 35,377 31,265
143 Notes to the consolidated financial statements
Section 12 12.1 Breakdown of “Share Capital” Shareholders’ Equity Types of shares Total 1. Share capital 32,324 1.1 Ordinary shares 32,324 1.2 Other shares -
At 31 December 2017, the fully paid-up and subscribed share capital was composed of 143,254,497 ordinary shares, with a total value of 32,324 thousand euro.
12.2 Breakdown of “Treasury Shares”
Types of shares Total 1. Treasury shares 130,028 1.1 Ordinary shares 130,028 1.2 Other shares -
At 31 December 2017, Azimut Holding S.p.A. held 13,314,037 treasury shares at an average carrying amount of 9.766 euro per share.
12.3 Breakdown of “Equity instruments” This item amounts to 36,000 thousand euro and relates to the issue amount, as per the shareholders' resolution of 29 April 2010, of 1,500,000 profit-participating financial instruments (equal to their fair value calculated by an independent leading company).
12.4 Breakdown of “Share premium reserve” The share premium reserve amounts to 173,987 thousand euro at 31 December 2017 (unchanged on 31 December 2016).
144 Gruppo Azimut 12.5 Other information Breakdown and changes in “Reserves”
Legal reserve Other reserves Total A. Opening balance 6,465 256,642 263,107 B. Increases 15,962 15,962 B.1 Profit appropriations 14,302 14,302 B.2 Other changes 1,660 1,660 C. Decreases C.1 Allocations loss account reserve dividends transfers to share capital C.2 Other changes D. Closing balance 6,465 272,604 279,069
Breakdown and changes in “Valuation reserves”
Available-for-sale Tangible Intangible Cash Special Other Total financial assets assets flow revaluation assets hedge laws A. Opening balance -1,911 - - - - -417 -2,329 B. Increases 775 - - - - 570 1,345 B.1 Increases in fair value 775 775 B.2 Other changes 570 570 C. Decreases -2,763 - - - - -336 -3,099 C.1 Decreases in fair value -2,763 -2,763 C.2 Other changes -336 -336 D. Closing balance -3,900 - - - - -183 -4,083
145 Notes to the consolidated financial statements
Section 13 13.1 Breakdown of “Minority interest” Minority interest
Items/Value 31/12/2017 31/12/2016 1. Share capital 63,235 39,209 2. Treasury shares 3. Equity instruments 4. Share premium reserve 5. Reserves -51,736 (27,336) 6. Valuation reserves -3,030 1,484 7. Profit (loss) for the year 11,123 4,617 Total 19,592 17,975
Minority interest relate to stakes held by third parties.
146 Gruppo Azimut Part C - Notes to the income statement
1.1 Breakdown of “Fee and commission income and expense” Section 1 Fee and commission income and expenses
Services Total 31/12/2017 Total 31/12/2016 Fee and Fee and Net fee Fee and Fee and Net fee comm. comm. and comm. comm. and income expense comm. income expense comm. A. Asset management 1. Proprietary portfolio management 1.1 Mutual funds Management fees 499,900 - 499,900 438,878 - 438,878 Incentive fees 128,375 - 128,375 120,512 - 120,512 Entry / redemption fees 6,858 - 6,858 8,036 - 8,036 Switch fees 21 - 21 19 - 19 Other fees 2,260 - 2,260 2,022 - 2,022 Total mutual fund fees 637,413 - 637,413 569,468 - 569,468 1.2 Individual portfolio management Management fees 27,959 - 27,959 29,680 - 29,680 Incentive fees 5,235 - 5,235 3,592 - 3,592 Entry / redemption fees ------Other fees 624 - 624 416 - 416 Total individual portfolio management fees 33,818 - 33,818 33,687 - 33,687 1.3 Open-ended pension funds Management fees 9,474 - 9,474 7,211 - 7,211 Incentive fees 2,729 - 2,729 3,368 - 3,368 Entry / redemption fees ------Other fees 1,028 - 1,028 980 - 980 Total open-ended pension fund fees 13,231 - 13,231 11,559 - 11,559 2. Discretionary portfolio management Management fees 1,574 - 1,574 7,545 - 7,545 Incentive fees ------Other fees ------
Total discretionary portfolio management fees 1,574 - 1,574 7,545 - 7,545 Total asset management fees (A) 686,036 686,036 622,259 622,259
147 Notes to the consolidated financial statements
Services Total 31/12/2017 Total 31/12/2016 Fee and Fee and Net fee Fee and Fee and Net fee comm. comm. and comm. comm. and income expense comm. income expense comm.
B. Other services 88,295 88,295 53,374 53,374 Advisory services 8,894 - 8,894 5,599 - 5,599 Sales commissions 58,830 - 58,830 34,018 - 34,018 Order intake 541 - 541 617 - 617 Insurance products 17,276 - 17,276 11,766 - 11,766 Other services 2,754 - 2,754 1,374 - 1,374 Fee expenses for sales, distribution and order intake - -311,345 -311,345 - -293,897 -293,897 Total fees and commissions (A+B) 774,331 -311,345 462,986 675,633 -293,897 381,736
148 Gruppo Azimut 1.2 Fee and commission expense: breakdown by type and counterparty
Services Banks Financial Other Total institutions of which: of which: of which: of which: Group Group Group Group A. ASSET MANAGEMENT 1. Proprietary portfolio management ------1.1 Sales commissions ------UCI ------Individual portfolio management ------Pension funds ------1.2 Maintenance fees ------UCI ------Individual portfolio management ------Pension funds ------1.3 Incentive fees ------UCI ------Individual portfolio management ------Pension funds ------1.4 Other fees and commissions ------UCI ------Individual portfolio management ------Pension funds ------2. Discretionary portfolio management ------UCI ------Individual portfolio management ------Pension funds ------Total asset management fees (A) ------B. Other services ------Advisory services ------Other services: ------Total fees for other services (B) ------Fee expenses for sales, distribution and order intake 19,222 - 1,412 - 290,712 - 311,345 - Total fees and commissions (A+B) 19,222 - 1,412 - 290,712 - 311,345 -
149 Notes to the consolidated financial statements
“Fee and commission expense – other services” comprise the cost pertaining to 2017 related to the Long-term incentive plan described below.
Long-term incentive plan: “2015-2019 Plan” During the year, Azimut Holding’s Board of Directors approved the changes to a long- term incentive plan reserved to the Group’s financial advisors (the “Beneficiaries”) with a contractual relationship with Azimut Capital Management SGR S.p.A. and Azimut Financial Insurance S.p.A. This is an equity-settled plan which grants Azimut Holding S.p.A. ordinary shares against the services provided by the Beneficiaries over the term of the plan. Therefore, it falls under the scope of IFRS 2 for equity-settled payments. Under this plan, the total cost of the transaction is set since inception, based on the fair value of the shares at that moment, and their actual granting (when the Plan expires) takes place provided that specific Group’s expansion targets are reached and that a specific target price of the Parent Company’s shares is achieved (deferred and conditional granting). In the past, under the same long-term incentive plan, bonuses were paid to the Beneficiaries on a cash basis. In accordance with the applicable principle, the plan cost is calculated based on the fair value of the shares at the grant date, i.e., the date on which the Plan was communicated and accepted by the Beneficiaries. It is recognised in profit or loss in the period between the grant date and the vesting date with a balancing entry in shareholders’ equity. Specifically, the new conditions of the Plan provide that Beneficiaries meet a specific service condition, i.e., that the Azimut Group achieves specific performance and result goals (performance condition) as described below: 1) cumulative net profit of 1 billion euro in 2015 - 2019; 2) a 15 billion euro increase in adjusted shareholders’ equity, excluding acquisitions, if any, and the market effect; 3) achieving the 50 billion euro assets under management threshold; 4) acquiring at least 15 thousand new customers during the plan term; 5) achieving a trading price of Azimut Holding S.p.A. shares on Borsa Italiana equal to or greater than 35 euro each. These conditions were considered only for the purposes of allocating the cost over the Plan term and its final cost.
Conditions’ cost The total amount of the Plan is equal to 25 million euro. In accordance with the relevant standard, the cost is recognised proportionally over the vesting period by the entity with which the Beneficiary has an employment relationship. Specifically, part of the amount is allocated to Azimut Capital Management SGR S.p.A. and part to Azimut Financial Insurance S.p.A. based on the net inflows of both companies as of 1 January 2015. The cost is taken to “Fee and commission expense” with a balancing entry in the shareholders’ equity item “Reserves - Other equity reserves” for a total of 15,000,000 euro, of which 5,000,000 euro pertains to 2017. Finally, no shares will be granted unless 4 of the 5 conditions listed above are met.
150 Gruppo Azimut This item amounts to 258 thousand euro (257 thousand euro in 2016). Section 2 Dividends and 2.1 Breakdown of item 30 “Dividends and similar income” similar income
Items/Income Total 31/12/2017 Total 31/12/2016
Dividends Income from Dividends Income from UCI units UCI units 1. Held-for-trading financial assets 2. Available-for-sale financial assets 258 257 3. Financial assets measured at fair value 4. Equity investments Total 258 2 5 7
3.1 Breakdown of “Interest income and similar income” Section 3 The item amounts to 1,071 thousand euro (1,509 thousand euro in 2016). Interest
Items/Technical forms Debt Repurchase Deposits Other Total Total securities agreements and current 31/12/2017 31/12/2016 accounts 1. Held-for-trading financial assets ------2. Financial assets measured at fair value ------3. Available-for-sale financial assets - - - 137 137 172 4. Held-to-maturity financial assets ------5. Receivables - - 633 - 633 987 6. Other assets - - - 301 301 350 7. Hedging derivatives ------Total - - 633 438 1,071 1,509
"Other assets" are almost entirely related to interest income on bank current accounts and interest income accrued on the loans disbursed to financial advisors.
151 Notes to the consolidated financial statements
3.2 Breakdown of “Interest expense and similar charges” The item amounts to 10,725 thousand euro (11,723 thousand euro in 2016).
Items/Technical forms Repurchase Other Securities Other Total Total agreements loans loans 31/12/2016 31/12/2015 1. Due to banks 734 0 734 600 2. Due to financial institutions 0 0 3. Due to customers 4. Outstanding securities 9,494 9,494 10,789 5. Held-for-trading financial liabilities 0 0 6. Financial liabilities measured at fair value 0 0 7. Other liabilities 497 497 334 8. Hedging derivatives 0 0 Total 0 734 9,494 497 10,725 11,723
“Due to banks - other loans” is mainly composed of interest expense arising from the loans raised by the Parent Company.
Section 6 6.1 Breakdown of "Net result of financial assets and financial liabilities measured at fair Net result of financial assets value" and financial liabilities measured at fair value Items/Income items Gains Profits on Losses Losses on Net result disposal disposal 1. Financial assets 1.1 Debt securities 1.2 Equity securities and UCI units 1.3 Loans 2. Financial assets and financial liabilities: exchange rate differences 3. Financial liabilities 429 (4,850) (4,421) 3.1 Payables 3.2 Debt securities 3.3 Other liabilities 4. Credit and financial derivatives Total 429 (4,850) (4,421)
152 Gruppo Azimut This item amounts to -9,721 thousand euro (1,733 thousand euro in 2016). Section 7 Profits (losses) on disposal 7.1 Breakdown of “Profits (losses) on disposal or repurchase” and repurchase
Items/Income items Total 31/12/2017 Total 31/12/2016 Profit Loss Net Profit Loss Net result result 1. Financial assets 4,815 -6,619 -1,804 1,739 - 1,739 1.1 Available-for-sale assets 4,815 -6,619 -1,804 1,739 - 1,739 1.2 Held-to-maturity assets - - - - 1.3 Other financial assets - - - - Total (1) 4,815 -6,619 -1,804 1,739 - 1,739 2. Financial liabilities -7,917 -7,917 -6 -6 2.1 Payables - - - - - 2.2 Outstanding securities -7,917 -7,917 - -6 -6 Total (2) -7,917 -7,917 - -6 -6 Total (1+2) 4,815 -14,536 -9,721 1,739 -6 1,733
“Net premiums” amount to 3,531 thousand euro (2,618 thousand euro in 2016) for Net premiums premiums relating to unit-linked policies issued by the Irish insurance company AZ Life Dac, classified as insurance contracts.
This item amounts to 184,679 thousand euro (132,815 thousand euro in 2016) and Net profits (losses) on is composed of realised gains and losses and changes in the value of financial financial instruments assets and liabilities, relating to unit-linked policies, and measured at fair value. at fair value through profit or loss
153 Notes to the consolidated financial statements
Section 9 9.1 Breakdown of “Personnel costs” Administrative costs This item amounts to 83,255 thousand euro (72,485 thousand euro in 2016). The breakdown is as follows:
Items Total Total 31/12/2017 31/12/2016 1. Employees 63,446 50,396 a) wages and salaries 51,188 40,146 b) social security 7,639 6,759 c) staff severance pay (TFR) - - d) pension contributions - - e) TFR provisions 858 767 f) accrual to the pension provision and similar obligations: - - defined contribution - - defined benefit - - g) private pension plans: 55 59 defined contribution 55 59 defined benefit - - h) other costs 3,707 2,657 2. Other personnel 770 1,278 3. Directors and Statutory Auditors 19,039 20,818 4. Early retirement costs 5. Cost recoveries for employees seconded to other companies
6. Reimbursed costs for employees seconded to the company Total 83,255 72,485
9.2 Average number of employees by category
2017 2016 Managers 130 92 Middle managers 166 113 Other employees 459 304 Total 755 509
154 Gruppo Azimut 9.3 Breakdown of “Other administrative costs” This item amounts to 127,302 thousand euro (120,028 thousand euro in 2016). The breakdown is as follows:
Total Total 31/12/2017 31/12/2016 Professional services rendered 15,853 13,153 Advertising, promotion and marketing expenses 10,643 9,928 Telephone and fax 2,481 2,281 Lease and rent 8,507 7,762 Insurance premiums 1,295 1,293 Tax liabilities 966 1,253 Enasarco/Firr contributions 5,685 8,507 Lease and hire 8,493 7,784 Outsourced functions 39,570 38,862 Services other than IT services 14,590 10,295 Maintenance costs 1,308 1,636 Other administrative costs 17,911 17,273 Total 127,302 120,028
In 2017 net impairment losses and reversals of impairment losses on tangible Section 10 assets based on depreciation are broken down as follows: Net impairment losses/reversals of 10.1 Breakdown of “Net impairment losses/reversals of impairment losses on tangible impairment losses on tangible assets assets”
Items/Impairment Depreciation Impairment Reversals of Net result losses and reversals losses impairment losses 1. Group-owned 2,414 - - 2,414 business purposes 2,414 - - 2,414 investment purposes - - - - 2. Under finance lease - - - - business purposes - - - - investment purposes - - - - Total 2,414 - - 2,414
155 Notes to the consolidated financial statements
Section 11 In 2017 net impairment losses and reversals of impairment losses on intangible Net impairment assets based on amortisation are broken down as follows: losses/reversals of impairment losses on 11.1 Breakdown of “Net impairment losses/reversals of impairment losses on intangible assets” intangible assets
Items/Impairment Amortisation Impairment Reversals of Net result losses and reversals losses impairment losses 1. Goodwill - - - - 2. Other intangible assets 13,444 - - 13,444 2.1 Group-owned 13,444 - - 13,444 generated internally - - - - other (software packages) 13,444 - - 13,444 2.2 Under finance lease - - - - Total 13,444 - - 13,444
Section 13 13.1 Breakdown of “Net accruals to provisions for risks and charges” Net accruals to provisions This item amounts to 6,383 thousand euro (5,844 thousand euro in 2016) and includes for risks and charges the accrual to the supplementary indemnity provision for agents (4,233 thousand euro) and the net accrual to the provision for sundry risks and charges (2,150 thousand euro) related to risks for disputes with customers, as described in the note to “Provisions for risks and charges” in Section 11 of Liabilities.
Section 14 14.1 Breakdown of “Other operating income and costs” Other operating income This item is positive by 1,877 thousand euro (565 thousand euro in 2016) and is mainly and costs composed of trade expenses and current account bank charges, in addition to charge- backs made to financial advisors.
156 Gruppo Azimut 15.1 Breakdown of “Profits (losses) on equity investments” Section 15 This item is a loss of 8 thousand euro (loss of 689 thousand euro in 2016). Profit (loss) on equity investments Items 2017 2016 1. Income 84 1.1 Revaluations 84 1.2 Profits on disposal 1.3 Write-ups 1.4 Other increases 2. Costs (92) (689) 2.1 Write-downs (92) (689) 2.2 Losses on disposal 2.3 Impairment losses 2.4 Other costs Net result (8) (689)
17.1 Breakdown of “Income tax on profit from continuing operations” Section 17 Income tax on profit Breakdown Total Total from continuing operations 31/12/2017 31/12/2016 1. Current taxes 21,699 19,282 2. Changes in current taxes of previous years - - 3. Decrease in current taxes for the year - - 3.bis Decrease in current taxes for the year due to tax credits pursuant to Italian Law No. 214/2011 - - 4. Change in deferred tax assets -4,616 -10,638 5. Change in deferred tax liabilities 4,280 -1,058 Total -21,363 7,586
Current income taxes for the year mainly refer to IRAP and IRES paid by the Group’s Italian companies, taxes payable by the foreign companies as well as the income and charges from tax consolidation amounting to the taxes receivable and due on taxable income transferred to the parent company by the Group’s Italian subsidiaries that have adopted the tax consolidation regime pursuant to Article 117 of Italian Presidential Decree 917/86. Taxes for the Group’s foreign companies are calculated in accordance with the tax regulations in force in the individual countries of residence. “Change in deferred tax assets” includes the release of deferred tax assets on the amount of the lease instalment deductible during the year and the recognition of deferred tax
157 Notes to the consolidated financial statements
assets on temporary differences resulting from the different timing criteria of IRES tax deductibility. The same item also includes the deferred tax liabilities on dividends to be paid by the subsidiaries within the consolidation scope.
17.2 Reconciliation of theoretical tax burden and effective tax burden Reconciliation of theoretical tax rate and effective tax rate
31/12/2017 Pre-tax profit 247,272 Applicable theoretical rate 24 Theoretical tax burden 59,345 Effect of increases 6,385 Effect of decreases (78,329) Change in deferred tax assets 4,223 Change in deferred tax liabilities (2,775) Other decreases (3,143) Current IRAP taxes 7,392 Decreases due to foreign companies excluded from tax consolidation (CNM) (14,463) Taxes as per the financial statements (21,363)
Section 19 This item is positive by 11,123 thousand euro (4,619 thousand euro in 2016) and Profit (loss) for the year reflects the net balance of profits and losses attributable to minority interest in attributable to minority consolidated companies. interest
158 Gruppo Azimut Part D - Other information Section 1 Specific references 1.1 Information on commitments, guarantees and third party assets to business activities 1.1.1 Commitments and guarantees issued to third parties At 31 December 2017, the Group had commitments to Banca Popolare di Vicenza (now Intesa San Paolo) and Banco Bpm S.p.A. for a total of 3.1 million euro relating to sureties issued in favour of the subsidiary Azimut Capital Management Sgr S.p.A. No collateral was issued at 31 December 2017. As regards the business activities of AZ Life Dac, for as long as there is no change in its shareholding structure, Azimut Holding S.p.A. has made a commitment to the IFSRA (Irish Financial Services Regulatory Authority) to provide the insurance company with the necessary capital in the event that it is unable to meet an adequate solvency margin, in accordance with the relevant regulations.
1.1.2 Commitments relating to guaranteed pension funds Azimut Capital Management Sgr S.p.A. has a unit of the Azimut Previdenza pension fund, known as “Guaranteed”, the management of which is assigned to a leading insurance company. This Azimut Previdenza pension fund guarantees the policyholder at least the amount of capital invested (net of all charges to be paid by the policyholder, as well as any advances and redemptions), in addition to a guaranteed minimum return of 2% per annum once certain requirements have been met. The guaranteed minimum return is paid by the aforementioned insurance company.
1.1.4 Own securities deposited with third parties
Own securities deposited with third parties 31/12/2017 31/12/2016 UCI units deposited with BNP Paribas 247,723 158,559 UCI units deposited with Banco BPM 8,949 627 UCI units deposited with Banque De Rothschild Luxembourg 25,174 15,606 UCI units deposited with Banco BTG Pactual Sa 6,199 0
Azimut Holding S.p.A. treasury shares deposited with Banco BPN S.p.A. 164,424 163,438
Azimut Holding S.p.A. treasury shares deposited with BCC Treviglio 35,134 0
Azimut Holding S.p.A. treasury shares deposited with BPVI (now Intesa San Paolo) 13,067 1,303 Total 500,670 339,529
1.1.5 Third-party assets under custody Third-party assets and securities entrusted by customers using individual and collective portfolio management services are deposited at the custodian bank Banco Bpm S.p.A.
159 Notes to the consolidated financial statements
Third-party assets and securities entrusted by customers and invested in hedge funds are deposited with the custodian bank Banco Bpm S.p.A. Third-party assets and securities entrusted by customers and invested in Luxembourg funds are deposited with the custodian bank Bnp Paribas. Third-party assets and securities entrusted by customers invested in the discretionary portfolios of CGM Italia Sim S.p.A. And Compagnie Monégasque Privée, are mainly deposited with: Banca Popolare Commercio e Industria, UBS Milano, Banca Generali and Banca BSI Monaco. Third-party assets and securities entrusted by customers and invested in Luxembourg Eskatos funds are deposited with the custodian bank Banque Privée Edmond de Rothschild. Third-party assets and securities entrusted by customers and invested in Turkish funds are deposited with the custodian banks Takasbank and Euroclear. Third-party assets and securities entrusted by customers to AZ Investment Management are deposited with the custodian bank ICB, Shanghai Branch. Third-party assets and securities entrusted by customers and invested in Brazilian funds are deposited with the custodian bank Banco BTG Pactual SA.
1.2 Information on Assets under Management 1.2.1 Total net UCI (breakdown by UCI)
UCI 31/12/2017 31/12/2016 1. Proprietary portfolio management Italy 1,846,476 1,979,850 Luxembourg 25,696,080 24,580,033 Monaco 291,139 565,265 Switzerland 655,221 36,942 Turkey 234,463 257,840 Brazil 2,540,647 1,247,770 Chile 69,716 3,067 China 85,368 68,247 Mexico 82,873 Singapore 17,077 13,377 Taiwan 172 10 Australia 164,639 3,503 United Arab Emirates 32,936 Total proprietary portfolio management 31,716,808 28,755,904
160 Gruppo Azimut 1.2.2 Total value of portfolio management activity
Total 31/12/2017 Total 31/12/2016 of which invested of which invested in AM company in AM company funds funds 1. Proprietary portfolio management 8,749,766 6,632,285 2. Discretionary portfolio management 704,480 1,069,130 3. Portfolio management delegated to third parties - -
1.2.3 Total value of pension funds Net value of pension funds managed by Azimut Capital Management Sgr S.p.A. at 31 December 2017:
Total Total 31/12/2017 31/12/2016 1. Proprietary portfolio management 1.1 Open-ended pension funds: Azimut Previdenza Comparto Protetto - - Azimut Previdenza Comparto Equilibrato 283,291,498 210,507,012 Azimut Previdenza Comparto Crescita 273,658,501 225,557,813 Azimut Previdenza Obbligazionario 41,649,119 36,072,867 Total proprietary portfolio management 598,599,118 472,137,692 2. Discretionary portfolio management 2.1 Pension funds - - open-ended - - closed-ended - - other forms of pension funds - - Total discretionary portfolio management - - 3. Portfolio management delegated to third parties 3.1 Pension funds - open-ended - - Azimut Previdenza Comparto Garantito 147,072,024 112,972,310 closed-ended - - other forms of pension funds - - Total portfolio management delegated to third parties 147,072,024 112,972,310
161 Notes to the consolidated financial statements
Section 3 3.1 Financial risks Information on risk As regards financial risks, the Company's proprietary trading is exposed to market risk. management and Moreover, the financial instruments in question are easily liquidated and are monitored hedging policies closely, most being mutual fund units managed by the Group companies. As for credit risk, there are no specific problems given the nature of the corporate activity. At 31 December 2017, the Group held only funds managed by Group companies in its proprietary portfolio as part of liquidity management policies.
The financial risks associated with the use of liquidity refer to flexible mutual funds, such as AZ Fund Multiasset whose goal is the appreciation of capital by investing in the Eurozone in the equity, bond and liquidity markets to the extent of UCIs managed by AZ Fund Management SA. As regards financial risks linked to the investment held in Eskatos Multistrategy ILS Fund, this UCI is an asset that is completely uncorrelated with the normal risks that instruments usually present on the market are subject to. The return of the Eskatos Multistrategy ILS Fund was higher than that recorded in the previous year, which in turn was already positive. As regards the Assessment Procedure for the management of financial assets on behalf of third parties, the Risk Management function plays a significant role. This service involves both performing ex-ante and ex-post evaluations of the risk profiles of the various managed portfolios and providing the Investment Department with an ex-ante evaluation procedure of the market risk. Specifically, the assessment is performed by analysing the portfolios of the individual Funds and monitoring, on an on-going basis, the significant risk factors identified, such as the average financial duration, equity exposure and its distribution in geographical areas and industry segments, currency exposure and the credit rating of the issuers. The assessment of the Fund’s risk profile is performed ex-post both in absolute terms (volatility understood as the standard annual deviation) and in relative terms compared to the benchmark (tracking error volatility). These latter factors represent the basis for the establishment of the limits within which the manager may accept the risk. The Risk Management function uses external providers to calculate the Value at Risk (VaR) of all the portfolios managed with regard to the ex-ante evaluation of the market risk. In addition, the Risk Management function monitors the development of the risk models adopted and the return of the funds in relation to peers and the benchmark.
3.2 Operational risks This form of risk includes those that are typical of the various business operating procedures. In the broader framework of its own activities, the Risk Management function “maps out” and monitors the risks, through specific analyses based on an internally-developed model approved by the internal control and risk management committee. The operating model applied associates an index which summarises the risk level, to each type of risk identified, based on the combination of empirical findings, theoretical assessments and interviews with operators. The results of the analyses are subsequently presented,
162 Gruppo Azimut analysed and discussed with the internal control and risk management committee. Where necessary, the latter takes the necessary measures in respect of the irregularities identified. Since the Company's incorporation, the losses arising from the above-mentioned operational risks have never been significant. With respect to operational risks arising from outsourced functions, when the relevant contract was signed, the Company agreed the terms and conditions governing the provision of the outsourced services and prepared specific service level agreements whereby the outsourcer undertakes to provide its supplies at an appropriate qualitative service level, allowing the Company to take action against the supplier in the event of any economic losses arising from problems in the provision of services. Another measure to ensure that services are performed correctly was the creation of an Operating Committee, whose members come from both Azimut Capital Management SGR S.p.A. and the supplier company, to establish the procedures, define the timescales, and monitor the correct execution of all services provided. This Committee meets at least once a month. Minutes are drawn after the meeting which are subsequently discussed with the participants.
163 Notes to the consolidated financial statements
Section 4 4.1 Company shareholders’ equity Information on 4.1.1 Qualitative information shareholders’ equity For information on the individual items of the consolidated shareholders’ equity, please refer to part B of these notes.
4.1.2 Quantitative information 4.1.2.1 Company shareholders’ equity: breakdown
Items/Value 31/12/2017 31/12/2016 1. Share capital 32,324 32,324 2. Share premium reserve 173,987 173,987 3. Reserves 279,069 263,107 income-related a) legal 6,465 6,465 b) statutory c) treasury shares d) other 383,478 362,711 other -104,409 -106,069 4. (Treasury shares) -130,028 - 81,288 5. Valuation reserves -13,542 -4,674 Available-for-sale financial assets -3,900 -1,911 Tangible assets Intangible assets Foreign investment hedge Cash flow hedge Exchange rate differences -9,459 -2,346
Non-current assets held for sale and discontinued operations Special revaluation laws Actuarial gains/losses on defined benefit plans -183 -417 Share of valuation reserves for investments measured at equity 6. Equity instruments 36,000 70,951 7. Profit (loss) for the year 214,786 172,685 Total 592,596 627,092
164 Gruppo Azimut 4.1.2.2 Valuation reserves of available-for-sale assets: breakdown
Assets/Value Total 31/12/2017 Total 31/12/2016 Positive Negative Positive Negative reserve reserve reserve reserve 1. Debt securities 80 65 2. Equity securities 3. UCI units 1,721 -5,701 2,380 -4,356 4. Loans Total 1,801 -5,701 2,445 -4,356
Section 5 Statement of comprehensive income
Items Pre-tax Income Net profit tax profit 10. Profit for the period/year 247,272 (21,363) 225,909 Other comprehensive income not transferred to profit or loss 323 (89) 234 20. Tangible assets 30. Intangible assets 40. Defined benefit plans 323 (89) 234 50. Non-current assets held for sale 60. Share of valuation reserves of investments measured at equity Other comprehensive income transferred to profit or loss 70. Foreign investment hedge: a) changes in fair value b) transfer to profit or loss c) other changes 80. Exchange rate differences: (7,113) (7,113) a) changes in fair value b) transfer to profit or loss c) other changes (7,113) (7,113) 90. Cash flow hedge: a) changes in fair value b) transfer to profit or loss c) other changes
165 Notes to the consolidated financial statements
100. Available-for-sale financial assets: (2,743) 754 (1,989) a) changes in carrying amount (2,743) 754 (1,989) b) transfer to profit or loss impairment losses profits/losses on disposal c) other changes 110. Non-current assets held for sale: a) changes in fair value b) transfer to profit or loss c) other changes 120. Share of valuation reserves of investments measured at equity: a) changes in fair value b) transfer to profit or loss impairment losses profits/losses on disposal c) other changes 130. Total other comprehensive income (expense) (9,534) 666 (8,868) 140. Comprehensive income (Items 10+130) 237,739 (20,698) 217,041 150. Consolidated comprehensive income attributable to minority interest 12,667 (1,544) 11,123 160. Consolidated comprehensive income attributable to the parent company 225,072 (19,154) 205,918
Section 6 6.1 Information on key management fees Related-party transactions Directors' fees amounted to 18,016 thousand euro in 2017. Fees for the Board of Statutory Auditors, calculated based on the parameters in force, amounted to 740 thousand euro.
6.2 Related-party disclosures Related-party transactions refer to commercial transactions carried out by Azimut Holding S.p.A. with its subsidiaries and associates, and among its subsidiaries and/or associates in 2017. They are part of the Group's ordinary business and were conducted on an arm’s length basis. Moreover: • for use of the trademark, the subsidiary Azimut Capital Management Sgr S.p.A. pays Azimut Holding S.p.A. contractually established annual royalties totalling 2,000 thousand euro; • Azimut Holding S.p.A., as the Parent Company, and Azimut Capital Management Sgr S.p.A., Azimut Financial Insurance S.p.A., Azimut Enterprises Holding S.r.l. and Azimut Partecipazioni S.r.l., as subsidiaries, have adopted the tax consolidation regime;
166 Gruppo Azimut • a contractually established annual fee (totalling 1,000 thousand euro) is payable for the coordination activities carried out by the company on behalf of the subsidiary Azimut Capital Management Sgr S.p.A.; • an annual fee calculated based on contractually established percentages is payable for the Risk Management, Internal Audit, Compliance and Anti-money Laundering control activities carried out by the company in favour of the subsidiaries Azimut Capital Management S.p.A. and Azimut Libera Impresa Sgr S.p.A. (formerly Futurimpresa Sgr S.p.A.). The 2017 balance is 455 thousand euro; • Azimut Holding S.p.A. has issued sureties to the subsidiary Azimut Capital Management sgr S.p.A. Azimut Capital Management Sgr S.p.A. has disbursed loans to several financial advisors, identified as related parties, to develop their business. The terms and conditions of these loans are at arm’s length. At 31 December 2017, they amounted to 10,508 thousand euro. Moreover, the Group’s directors who also act as managers of mutual funds are exempt from paying fees and commissions on any personal investments made in the funds they manage. Finally, during the year, the subsidiary Azimut Capital Management Sgr S.p.A. issued a covered warrant offered for subscription to the Group’s employees, some of whom are also directors of the parent company and its subsidiaries, against consideration and using employees’ capital and with the risk entirely born by the latter. Total financial instruments issued and subscribed amount to 1,000 and are worth 850 thousand euro, while the instruments subscribed by the Group’s employees who also act as directors are equal to 364. With respect to profit-participating financial instruments, in accordance with Shareholders' resolutions, 8 key directors subscribed 225,700 instruments (paying the corresponding amount), including the Chairman Pietro Giuliani (127,700), the Chief Executive Officer Sergio Albarelli (37,500), the directors Andrea Aliberti (15,000), Paolo Martini (29,000), Marzio Zocca (10,000) and Alessandro Zambotti (6,500). As per the Shareholders' agreement related to Azimut Holding S.p.A., 923 related parties subscribed a total of 1,247,350 profit-participating financial instruments. At the reporting date, the Parent Company held 26,950 profit-participating financial instruments. The following table shows the impact that the transactions or positions with related parties (other than those listed above) have on the Group’s financial position and results of operations:
167 Notes to the consolidated financial statements
Total Related parties Absolute value % Assets Other assets 208,474 10,508 5.04 Liabilities Financial liabilities at fair value 6,605,461 2,075 0.03 Other liabilities 180,539 4,054 2.25 Income statement Administrative costs 210,557 19,416 9.22
These items are described in detail in the corresponding sections of Parts B and C of these notes.
Section 7 7.1 Average number of financial advisors Other information In 2017, the average number of financial advisors amounted to 1,637.
7.2 Dividends paid The unit dividend for 2017 amounted to 1 euro per ordinary share and was paid in May 2017.
7.3 Significant non-recurring events and transactions The non-recurring significant events and transactions which marked 2017 refer to the acquisitions carried out through the subsidiary AZ International Holding SA.
7.5 Auditing and non-auditing service fees Pursuant to Article 149-duodecies of Consob Regulation No. 11971/99 and subsequent amendments and supplements, the breakdown of fees (net of VAT and expenses) due to the independent auditors and companies within its network for auditing and non-auditing services during 2017 is as follows:
168 Gruppo Azimut Service Service provider Recipient Fees
Audit PricewaterhouseCoopers S.p.A. Parent Company Azimut Holding S.p.A. 105 Subsidiaries (*) 284 PricewaterhouseCoopers S.p.A. network Subsidiaries (**) 1,258 Financial & tax due diligence PricewaterhouseCoopers Advisory S.p.A. Parent Company Azimut Holding S.p.A. 48 PricewaterhouseCoopers S.p.A. network Subsidiaries 180 Other services PricewaterhouseCoopers S.p.A. Parent Company Azimut Holding S.p.A. (***) 35 PricewaterhouseCoopers Advisory S.p.A. Parent Company Azimut Holding S.p.A. (****) 26 PricewaterhouseCoopers S.p.A. network Subsidiaries (*****) 31 Certification services PricewaterhouseCoopers S.p.A. Parent Company Azimut Holding S.p.A. (******) 114 PricewaterhouseCoopers S.p.A. Subsidiaries 6 GROUP TOTAL (in thousands of euro) 2,087
(*) This amount includes: 123 thousand euro for the audit of the funds managed by Azimut Capital Management Sgr S.p.A. and Azimut Libera Impresa Sgr S.p.A. not included in the income statement as the related cost is borne by the Funds. (**) This amount includes 598 thousand euro for the audit of the AZ Fund 1 and AZ Multi Asset, AZ Pure China and AZ Fund K funds managed by AZ Fund Management SA not included in the income statement as the related cost is borne by the Fund. (***) This amount includes the limited assurance on the non-financial disclosure prepared in accordance with ruling legislation and included in the management report. (****) This amount includes the fees related to the gap analysis carried out for the Group's Manager in charge of financial reporting. (*****) This amount includes the fees related to the limited review of the interim financial statements prepared by AZ Fund Management SA for the purposes of distributing an interim dividend and assisting the subsidiaries AZ Sestante, AZ International Holdings SA and the investment funds managed by Athenaeum Ltd. (******) This amount mainly includes the fees related to the comfort letter for the convertible bond issue and the certification services (35 thousand euro) related to the limited review of the condensed consolidated interim financial statements of Azimut Holding S.p.A.
169 Certification of the consolidated financial statements pursuant to Article 81-ter of Consob Regulation No. 11971 of 14 May 1999 and subsequent amendments and supplements
1. The undersigned, Sergio Albarelli, Chief Executive Officer, and Alessandro Zambotti, Manager in charge of financial reporting of Azimut Holding S.p.A., hereby represent, having also taken into account the provisions of Article 154- bis, paragraphs 3 and 4 of Italian Legislative Decree No. 58 of 24 February 1998: • the adequacy in view of the nature of the business and • the effective application of the administrative and accounting procedures used for the preparation of the 2017 consolidated financial statements.
2. The evaluation of the adequacy of the administrative and accounting procedures for the preparation of the consolidated financial statements at 31 December 2017 is based on a process designed by Azimut Holding S.p.A. in line with the Internal Control - Integrated Framework model issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), an internationally accepted reference framework.
3. The undersigned also represent that: 3.1. the consolidated financial statements at 31 December 2017: • were prepared in accordance with the International Financial Reporting Standards endorsed by the European Community pursuant to Regulation (EC) 1606/2002 of the European Parliament and Council, of 19 July 2002; • are consistent with the accounting books and records; • and give a true and fair view of the financial position and results of operations of the issuer and the companies included in its consolidation scope;
3.2. the management report contains a reliable analysis of the consolidated operating performance and results, in addition to the position of the issuer and the consolidated companies and a description of the main risks and uncertainties to which they are exposed.
Milan, 8 March 2018
Chief Executive Officer Manager in charge of financial reporting (Sergio Albarelli) (Alessandro Zambotti)
170 Gruppo Azimut Azimut Holding S.p.A. 2017 annual report
171 172 Gruppo Azimut Contents 2017 Annual Report
Company bodies and independent auditors 174
Management Report 176 1. Macroeconomic scenario 176 2. General information about the company 178 3. Azimut shares 178 4. Performance 179 Financial performance 179 Balance sheet figures 180 Net financial position 181 Shareholders' equity, own funds and minimum capital requirements 184 Performance of direct subsidiaries 184 5. Company transactions and other significant events of the year 185 6. Organisational structure and corporate governance 189 7. Other information 189 Risk management and control 189 Related-party disclosures 190 Intra-group relations 190 Research and development 190 Secondary and branch offices 190 Marketing activities 190 Treasury shares 190 8. Significant events after the reporting date 191 9. Business outlook 192
Profit allocation plan 192
Financial statements 193 Balance sheet 194 Income statement 196 Statement of comprehensive income 197 Statement of changes in shareholders’ equity 198 Cash flow statement 202
Notes to the separate financial statements 205 Part A - Accounting policies 207 Part B - Notes to the balance sheet 222 Part C - Notes to the income statement 245 Part D - Other information 253
Annexes 263 Annex A: List of equity investments held 264 Annex B: List of significant equity investments, pursuant to Article 125 of Consob (Italian Securities and Exchange Commission) Regulation No. 11971/99 as amended. 266
Certification of the separate financial statements 269
173 Company bodies
Board of Directors Pietro Giuliani Chairman Sergio Albarelli Chief Executive Officer Paolo Martini Co-Managing Director Andrea Aliberti Director Alessandro Zambotti (*) Director Marzio Zocca Director Gerardo Tribuzio (**) Director Susanna Cerini (**) Director Raffaella Pagani Director Antonio Andrea Monari Director Anna Maria Bortolotti Director Renata Ricotti (***) Director
Board of Statutory Auditors Vittorio Rocchetti Chairman Costanza Bonelli Standing Auditor Daniele Carlo Trivi Standing Auditor Maria Catalano Alternate Auditor Luca Giovanni Bonanno Alternate Auditor
Independent Auditors PricewaterhouseCoopers S.p.A.
Manager in charge of financial reporting Alessandro Zambotti
(*) Co-opted with effect from 3 April 2017. The Shareholders confirmed the appointment in their Meeting of 27 April 2017 (**) With effect from 27 April 2017, as per the Shareholders’ Meeting of 28 April 2016 (***) Co-opted on 4 May 2017 to replace Paola Mungo
174 Gruppo Azimut 175 Management report
Dear Shareholders, The financial statements of Azimut Holding S.p.A. at 31 December 2017 are submitted to your examination and approval. They show a net profit for the year of 208,842,024 euro (161,942,807 euro at 31 December 2016).
1. Economic growth was solid in the main advanced and emerging economies; but, Macroeconomic scenario however, it was not associated with any pick-up in inflation, which remained weak. Short-term prospects remain favourable, but the risk remains that a downward adjustment of the price of financial assets may slow down the economic activity. Business in the main advanced economies continued to grow in the second half of 2017, with an economic scenario that remained positive in the last few months of the year. In the United States, the most recent figures point to robust growth. In the United Kingdom, private consumption showed signs of revival, with the leading indicators revealing a growth rate for the last quarter of 2017 in line with the average of the first three quarters. In Japan, the most recent economic figures point to an acceleration in economic activity in the fourth quarter of the previous year. In emerging countries, the economic recovery which began in the first half of 2017 continued. In China, growth remained stable in the last few months of the year, after exceeding expectations in the previous quarters. During the summer months, GDP rose in India and Brazil. Inflation in the main advanced economies remained low, slightly above 2% in the United States, while it fluctuated around 0.5% in Japan. The United Kingdom remains an exception, with a 3% increase in prices, assisted by the depreciation of the pound. Finally, inflation remained modest in the main emerging economies. The risks to the world economy remain linked to the possible volatility increase in financial markets, in addition to the sudden escalation of geopolitical tensions, specifically in North Korea, and the uncertainties about the economic policies, which may have a negative effect on the confidence of households and businesses. Although the first phase of Brexit has been agreed, the uncertainties surrounding the structure of the relationship between the two economies remain high. The outcome of the latest meeting between the countries (United States, Canada and Mexico) members of the North American Free Trade Agreement (NAFTA) for its revision makes the future of international trade agreements less predictable. However, the effects of the tax reform in the United States approved on 20 December 2017 (Tax Cuts And Jobs Act), envisaging a decrease in the tax rates for households and businesses, may stimulate global growth.
Italy's assets under management market According to Assogestioni's (Italy’s association of the investment management industry) figures, in 2017, the increase in Italy's assets under management
176 Gruppo Azimut continued, with 2,085 billion euro at year end (+7.6% on 1,937 billion euro at 2016 year end) and positive inflows of approximately 97.5 billion euro. In 2017, inflows of collective portfolio management (+78.1 billion euro) exceeded considerably the number of management mandates (+19.4 billion euro). Portfolio management inflows are almost entirely related to institutional portfolio management (+15.4 billion euro), while retail portfolio management recorded a positive, albeit limited, growth (+4.0 billion euro).
Italy's financial product and service distribution market At the end of December 2017, Assoreti's (Italy’s association of the sales networks in the financial services industry) survey highlighted a record value for authorised financial advisor networks: total inflows amounted to 39.2 billion euro, up by 18.9% on the previous year, and was the highest amount the association has ever observed. During the year, the investment decisions strongly supported assets under management products, with net inflows of 35.0 billion euro and up by 89.5% on 2016. Conversely, total assets under custody products, positive at 4.2 billion euro, dropped considerably (14.5 billion euro in 2016). With respect to assets under management, net investments in UCI units prevailed and rose: inflows from collective portfolio management amount to 18.8 billion euro (3.3 billion euro in 2016) and account for 53.8% of net volumes in this segment. The resources are focused on open-ended UCI domiciled abroad, with net volumes of 15.5 billion euro, while Italian open-ended funds are positive for 3.1 billion euro. Inflows from discretionary portfolios also increased with investments totalling 4.2 billion euro (+79.7% on 2016). Specifically, the resources for discretionary funds activities amount to 2.7 billion euro (+93.4%), while net investment volumes in securities management are equal to 1.5 billion euro (+59.4%). During the year, the value of net premiums paid on insurance and social security products amounts to approximately 12.0 billion euro (-6.8% on 2016). Of this amount, 5.4 billion euro is invested in unit-linked policies, 4.6 billion euro in multi-line policies and 1.2 billion euro in traditional life insurance policies. Index-linked policies show a negative balance of 182 million euro. In 2017, the net resources for open-ended UCI generated by the network’s activities amount to 31.7 billion euro, accounting for 41.3% of total net investments in open collective portfolio management (76.7 billion euro). Total financial instruments under custody are negative by 33 million euro: according to the breakdown of figures, purchase orders prevailed on shares (3.1 billion euro) and ETPs (671 million euro), while disinvestments prevailed on government bonds (-1.1 billion euro), bonds (-1.7 billion euro) and certificates (-1.9 billion). Liquidity inflows for 2017 were positive at almost 4.2 billion euro.
177 Management report
2. Azimut Holding S.p.A. (the “Company”) is the parent company of the Azimut General information Group which is Italy's main independent holding company, with assets under about the company management of approximately 50 billion euro at 31 December 2017. The Group is specialised in asset management and provides financial advisory services, mainly through its network of financial advisors. The Company has been listed on the Milan stock exchange since July 2004 and is included, inter alia, in the FTSE MIB and the Euro Stoxx 600 indices. Its shareholding structure is comprised of over 1,400 investment managers, financial advisors and employees who signed a shareholders' agreement which ensures the stability and quality of performance and represents a unique example of commitment and independence. The Company manages and coordinates the Azimut Group. At 31 December 2017, it had 20 managers and 14 other resources, including middle managers and office staff. For additional information about workforce figures, reference should be made to Part C, section 9 of the Notes to the financial statements. The Company has not set up any secondary offices in Italy, nor is it engaged in any activity through branch offices. In its role as consolidating entity, the Company participates in the tax consolidation regime pursuant to Article 117 and subsequent articles of the Income Tax Consolidation Act, together with the subsidiaries Azimut Capital Management SGR S.p.A., Azimut Financial Insurance S.p.A., Azimut Enterprises Holding S.r.l. and Azimut Partecipazioni S.r.l. The relationships arising from this taxation regime are regulated by a specific contract.
3. The stock price (reference price) of the Azimut shares rose from 15.86 euro at 30 Azimut shares December 2016 to 15.97 euro at 30 December 2017. At 31 December 2017, outstanding shares numbered 143,254,497. On the same date, the capitalisation was approximately 2.3 billion euro. In 2017, the Company continued to develop its relations with institutional investors, which account for the majority of the shareholding structure. Following approval of annual financial statements and interim reports, the Company organised conference calls and road shows on the main European markets and in the U.S. In March 2018, the Azimut Holding S.p.A. share was covered by the analysts of twelve Italian and foreign investment firms.
178 Gruppo Azimut Financial performance 4. Performance In euro 2017 2016 Fee and commission income 2,000,000 2,000,000 Net fee and commission income 2,000,000 2,000,000 Dividends and similar income 240,453,618 187,869,443 Interest income and similar income 86,380 190,430 Interest expense and similar charges -10,046,198 -11,162,874 Profits/losses on disposal or repurchase of financial assets and liabilities -8,926,414 101,830 Total income 223,567,386 178,998,829 Administrative costs -21,989,647 -19,880,685 a) personnel costs -9,263,195 -9,022,259 b) other administrative costs -12,726,452 -10,858,426 Impairment losses on tangible and intangible assets -979,193 -983,721 Net accruals to the provisions for risks and charges -120,000 -30,000 Other operating income and costs 1,217,701 1,756,617 Operating profit 201,696,247 159,861,040 Income tax 7,145,777 2,081,767 Profit for the year 208,842,024 161,942,807
Operating profit came to 202 million euro at 31 December 2017 (160 million euro at 31 December 2016) mainly due to 2017 dividends amounting to 240 million euro (188 million euro at 31 December 2016). Dividends from Azimut Holding S.p.A. Group companies include an interim dividend on the profit for 2017, paid in December 2017, from the subsidiary AZ Fund Management SA of 102 million euro (the interim dividend on the profit for 2016 collected in November 2016 from the same subsidiary amounted to 78 million euro). Interest expense amounted to 10 million euro at 31 December 2017, slightly down compared to the previous year.
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Balance sheet figures The Company's main balance sheet figures are shown in the reclassified table below.
Assets 31/12/2017 31/12/2016 Change Absolute % Available-for-sale financial assets 183,900,103 174,788,566 9,111,537 5% Receivables 30,893,962 15,901,903 14,992,059 94% Equity investments 623,656,139 552,673,445 70,982,694 13% Tangible and intangible assets 186,118,140 186,896,272 -778,132 0% Tax assets 31,205,879 29,336,885 1,868,994 6% Other asset items 38,706,307 16,426,010 22,280,297 136% Total assets 1,094,480,530 976,023,081 118,457,449 12%
An analysis of Assets shows, above all, that the portfolio of Available-for-sale financial assets, comprised of mutual funds units managed by the Azimut Group, remains significant, in line with 2016 year-end figure. Receivables, which increased, mainly comprised cash deposited in bank current accounts as per the cash pooling arrangement between the Parent Company and some of its subsidiaries. Equity investments rose by approximately 71 million euro on the 2016 year-end figure mainly as a consequence of (i) capital injections of about 35.7 million euro to the subsidiary AZ International Holdings SA to increase its share capital, (ii) capital injections of 4 million euro to Azimut Enterprises Holding S.r.l. to increase its share capital, (iii) payments made to cover the 2016 loss and capital contribution to the subsidiary Azimut Financial Insurance S.p.A. of approximately 12.4 million euro, (iv) the purchase of 45% of Azimut Libera Impresa SGR S.p.A. (formerly Futurimpresa SGR S.p.A.) of approximately 1.9 million euro and (v) the purchase of 49% of Augustum Opus Sim S.p.A. of approximately 1.7 million euro. This item also increased by 15 million euro and refers to the cost at 31 December 2017 of the incentive plan in favour of the financial advisors operating for Azimut Holding S.p.A. Subsidiaries (Azimut Capital Management SGR S.p.A. and Azimut Financial Insurance), whose remuneration comprises Parent Company’s shares (share-based payments). This item has a balancing entry in a specific equity reserve. Tangible and intangible assets, which include goodwill (approximately 150 million euro), software and trademarks (roughly 36 million euro) and office machinery, are substantially unchanged compared to the previous year. Other asset items increased significantly in respect of intercompany balances and, specifically, the balance due from AZ Fund Management SA following the cash pooling arrangement.
180 Gruppo Azimut Liabilities and shareholders' equity 31/12/2017 31/12/2016 Change Absolute % Payables 11,962,152 88,656,657 -76,694,505 -87% Outstanding securities 353,815,985 226,522,394 127,293,591 56% Tax liabilities 54,392,735 53,921,113 471,622 1% Other liability items 99,262,040 7,910,727 91,351,313 1155% Share capital 32,324,092 32,324,092 0 0% Treasury shares -130,028,451 -81,288,161 -48,740,290 60% Equity instruments 36,000,000 70,949,500 -34,949,500 -49% Reserves and share premium reserve 427,909,953 415,083,952 12,826,001 3% Profit for the year 208,842,024 161,942,807 46,899,217 29% Total liabilities and shareholders' equity 1,094,480,530 976,023,081 118,457,449 12%
With respect to Liabilities, Payables are down following the repayment of the 68.5 million euro loan granted to the subsidiary Azimut Partecipazioni S.r.l., in addition to the payment of the 10 million euro instalment of the loan granted by Banco BPM S.p.A.
Outstanding securities comprise the “Azimut 2017-2022 2%” bond issued in March 2017, with the concurrent early redemption of the “Azimut 2013-2020 convertible 2.125%” bond.
Other liability items increased significantly in respect of intercompany balances and, specifically, the balance due to Azimut Partecipazioni S.r.l., following the cash pooling arrangement.
The increase in Treasury shares is due to the treasury shares purchased in accordance with the decisions of the companies’ Boards of Directors, as described in the “Significant events of the year” paragraph.
Net financial position At 31 December 2017, the net financial position was negative by 160 million euro, up on the balance at 31 December 2016 (-125 million euro). The balance was impacted by the liquidity generated by operating activities, as well as by the payment of dividends to shareholders (131 million euro), in addition to the following main transactions carried out during the year: • payment to the Ipo Club Fund, for a total of 5,200 thousand euro in 2017. At 31 December 2017, Azimut Holding S.p.A. holds approximately 17.5% of the Fund's units; • early redemption of the “Azimut 2013-2020 subordinato 2.125%” convertible
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bond, which entailed a total outflow of approximately 279 million euro against the recognition of liabilities of roughly 226 million euro at 31 December 2017 and the corresponding equity portion of about 35 million euro. The redemption also led to the recognition of a loss of approximately 8 million euro; • repayment of the 68.5 million euro loan disbursed during the previous year by Azimut Partecipazioni S.r.l.; • in 2017, following the Board of Directors' resolutions of 24 May 2016 and 4 May 2017, Azimut Holding S.p.A. made a capital injection of 35.7 million euro to increase the share capital of the subsidiary AZ International Holdings SA in order to finance the Group's international development; • a capital injection of 4 million euro in 2017 to increase the share capital of Azimut Enterprises Holding S.r.l.; • a capital injection of 12.5 million euro in 2017 to increase the share capital of Azimut Financial Insurance S.p.A.; • repayment, on 30 June 2017, of the instalment (Line B) of the 10 million euro loan granted by Banco Popolare; • acquisition, on 28 July 2017, of the additional 45% of Azimut Libera Impresa S.p.A. (formerly Futurimpresa S.p.A.) against a total consideration of 1.9 million euro; • acquisition, on 16 November 2017, of the additional 49% of Augustum Opus Sim S.p.A. against a total consideration of 1.7 million euro; • during the year, transactions involving treasury shares led to a total increase of 2,926,848 shares for a total of 48.7 million euro. The details of these transactions are illustrated in the “Significant events of the year” section of these separate financial statements. During the year, the Company recognised dividends income from its investees for 240 million euro, of which 102 million euro as interim dividends from AZ Fund Management SA. On 17 February 2017, the Company entered into a cash-pooling arrangement with its subsidiaries AZ Fund Management SA, Azimut Capital Management S.p.A., Azimut Financial Insurance S.p.A. and Azimut Partecipazioni S.r.l, to centralise treasury with Azimut Holding S.p.A. and increase the efficiency of the Group’s liquidity management, while maintaining legal and operational independence. The service provided refers solely to the organisation and management of non- bank current account items and offsetting intercompany commercial transactions. The service provides for a one-month Euribor plus a 10bp spread.
182 Gruppo Azimut The Company's net financial position may be analysed as follows:
Items 31/12/2017 31/12/2016
A Cash 7,326 6,488 B Cash equivalents: 28,931,809 15,901,903 Due from banks 28,931,809 15,901,903 C Available-for-sale financial assets 174,990,838 174,161,870 D Total cash A+B+C 203,929,973 190,070,261 E Short-term financial receivables - - F Short-term bank loans - - G Current portion of long-term debt: -15,350,685 -10,575,183 Bonds (Azimut '17-'22) -5,350,685 - Bonds (Azimut '13-'20 Convertible) 0 -524,073 Due to banks (Banco BPM loan) -10,000,000 -10,051,110 H Other short-term financial payables - - I Short-term financial debt F+G+H -15,350,685 -10,575,183 J Short-term financial debt (net) I-E-D 188,579,288 179,495,078 K Long-term bank loans 0 -10,000,000 Due to banks (Banco BPM loan) 0 -10,000,000 L Bonds -348,465,300 -225,998,321 Azimut ‘11-’22 Bond -348,465,300 - Azimut '13-'20 Convertible Bond 0 -225,998,321 M Other long-term payables - - Loan from Azimut Partecipazioni S.r.l. - - 68,605,547 N Long-term financial debt K+L+M -348,465,300 -304,603,868 O Net financial debt J+N -159,886,012 -125,108,790
With regard to the methods used to assess net financial position, reference was made to the recommendation issued by CESR (Committee of European Securities Regulators) dated 10 February 2005, and more specifically to the paragraph on “Capitalisation and indebtedness” in chapter II. Receivables and payables include those of a financial nature only, whereas trade receivables and payables have been excluded.
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Shareholders' equity, own funds and minimum capital requirements The development of shareholders' equity at 31 December 2017 primarily reflects the decisions regarding the allocation of the profit for the year made when approving the 2016 financial statements which entailed payment of dividends of 157 million euro and payment of profit-participating financial instruments held by top key people. For additional information, reference should be made to the relevant section of these notes.
Performance of direct subsidiaries
Registered 2017 2016 office profit (loss) profit (loss) 1. AZ Fund Management SA Luxembourg 226,845,920 223,141,829 2. AZ Life Dac Ireland 26,344,710 20,545,689 3. Azimut Capital Management SGR S.p.A. Italy 15,901,467 26,806,416 4. Azimut Global Counseling S.r.l. Italy -45,077 -401,620 5. Azimut Enterprises Holding S.r.l. Italy -169,117 -800,640 6. AZ International Holdings SA Luxembourg -1,353,405 -1,167,165 7. Azimut Financial Insurance S.p.A. Italy 27,594,976 -5,908,687 8. Azimut Libera Impresa SGR S.p.A. Italy 675,199 243,992 9. Azimut Partecipazioni S.r.l. Italy 93,462,915 74,305,948 10. Azimut Analytics S.r.l. Italy -158,312 -
AZ Fund Management SA manages the Luxembourg-based umbrella funds, AZ Fund 1 and AZ Multiasset. During the year, it achieved a profit of 227 million euro compared to a profit of approximately 223 million in 2016. AZ life Dac is Azimut Group's Irish-based company authorised to provide life insurance services in Ireland as per the Central Bank of Ireland's measure of 13 January 2004. AZ Life Dac, which also operates through the Milan branch, provides customers with personalised assistance designed specifically for them. In fact, AZ Life Dac offers solutions differentiated based on customer type through different Unit-Linked policies, including based on the customer's investment strategies. During the year, it achieved a profit of 26 million euro compared to a profit of approximately 21 million in 2016. Azimut Capital Management SGR S.p.A, is an independent asset management company that manages 13 Italian funds harmonised with Directive 2009/65/EC, an Italian hedge fund and a pension fund. Furthermore, it provides investment portfolio individual management services on behalf of third parties, including under delegation arrangements. The net profit for 2017 amounts to 16 million euro (2016: 27 million euro). Azimut Global Counseling S.r.l. provides financial planning consultancy services, in addition to company restructuring, market research and marketing activities, data collection and processing, and financial information. In 2017, it incurred a loss of 45 thousand euro compared to a loss of 402 thousand euro in 2016.
184 Gruppo Azimut Azimut Enterprises Holding S.r.l. is a holding company focusing on unlisted companies, including Programma 101 Sicaf S.p.A., Siamosoci S.r.l. and Cofircont Compagnia Fiduciaria S.r.l. which contribute to diversifying the Group's business. Programma 101 Sicaf S.p.A. is a venture capital company specialised in early stage investments in the digital sector, while Siamosoci S.r.l. acts as start-up incubator. Cofircont Compagnia Fiduciaria S.r.l. is a fiduciary company. During the year, the company set up Azimut Analitycs S.r.l., paying in 6,000 euro and holding 60% of its quota capital. In 2017, it incurred a loss of 169 thousand euro compared to a loss of 801 thousand euro in 2016. AZ International Holdings SA is a Luxembourg-based holding company through which the Group continued its research, development, acquisition and management of foreign partnerships. Through this company, the Group is present in 15 countries, including Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Singapore, Brazil, Mexico, Taiwan, Chile, Australia, Turkey, the United States, Dubai and Iran. In 2017, it incurred a loss of 1,353 thousand euro compared to a loss of 1,167 thousand euro in 2016. AZ Financial Insurance S.p.A. carries out insurance mediation, except for reinsurance mediation, and bank products' placement and distribution activities. In 2017, it achieved a profit of 28 million euro compared to a loss of 6 million euro in 2016. The increase in the profit for the year is due to the collection of the interim dividend paid by AZ Fund Management (38 million euro) as a result of the completion of Azimut Partecipazione S.r.l.’s partial demerger on 1 October 2017. Azimut Libera Impresa SGR S.p.A. (formerly Futurimpresa SGR S.p.A.) manages private equity funds. In 2017, it launched the IPO Club fund specialised in SPAC and Prebooking Company investments, supporting Italy’s SMEs. In July 2017, Azimut Holding S.p.A. acquired the additional 45% investment therein. In 2017, it achieved a profit of 675 thousand euro compared to a profit of 244 thousand euro in 2016. Azimut Partecipazioni S.r.l. is a holding company focusing on unlisted companies. On 1 October 2017, following the demerger to Azimut Financial Insurance S.p.A., it sold 19% of the investment held in AZ Fund Management SA. On 31 December 2017, Bank of Italy authorised the merger into Azimut Capital Management SGR S.p.A. with effect from 1 January 2018. During the year, it achieved a profit of 93 million euro compared to a profit of 74 million in 2016. Azimut Analitycs S.r.l. was set up on 25 May 2017 by Azimut Enterprises Holding S.r.l. which paid in 6,000 euro and holds 60% of its quota capital. Its main business object is data collection, analysis, mining and management and the conception, creation, development, design and implementation and management, including on behalf of third parties, of information systems and/or application software. In 2017, it incurred a loss of 158 thousand euro.
Azimut Holding S.p.A. 5. Capitalisation transactions carried out by Azimut Holding S.p.A. Company transactions In 2017, following the Board of Directors' resolutions of 10 March 2016 and 04 and other significant May 2017, Azimut Holding S.p.A. made a capital injection of 35.7 million euro events of the year
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to increase the share capital of the subsidiary AZ International Holdings Sa and finance the Group's international development.
Purchases of treasury shares by Azimut Holding S.p.A. As of 7 February 2017, as resolved by the Shareholders in their Ordinary meeting of 28 April 2016, Azimut Holding S.p.A. launched a share buy-back programme in order to subsequently re-sell treasury shares or use them to acquire or exchange equity investments, accumulate the capital stock for the execution of stock options programmes, service the financial instruments convertible into Company's shares or any other useful purpose which increases the value of the Company in compliance with the legislation from time to time in force. The maximum number of shares that could be repurchased on 7 February 2017 was 18,263,710, representing approximately 13% of share capital. Buybacks could be executed in tranches, for a total amount of 25,000,000 euro at the maximum price of 50 euro (only for the first tranche the maximum acquisition price was up to 30 euro). The purchase of the first tranche was completed on 27 February 2017 and involved a total of 1,492,550 treasury shares against a consideration of 24.8 million euro. The second tranche of the purchase was completed on 6 June 2017 for a total of 1,334,000 treasury shares against a consideration of 25 million euro. Finally, the third tranche of the purchase was completed on 26 January 2018 for a total of 2,986,200 treasury shares against a consideration of 50 million euro.
Issue of a fixed-rate non-convertible bond On 20 March 2017, the Board of Directors of Azimut Holding S.p.A. approved the issue of a fixed-rate non-convertible bond (the “Bond”). The company closed the Bond placement at 350 million euro on 22 March 2017, with a fixed-rate coupon of 2.000% and a five-year duration, maturing on 28 March 2022. The bonds were offered to qualified investors, excluding those in the United States and other selected countries, and are listed on the Luxembourg Stock Exchange. In accordance with the “Use of Proceeds”, the Company may use the proceeds from the Bond for its own operations and to finance potential extraordinary transactions, including the possible repurchase of the Company's equity instruments currently outstanding and/or repay part of the debt or to finance the rescheduling and settlement of the Company's long-term debt, including the repurchase offer related to the subordinated convertible bond named “euro 250,000,000 2.125% Subordinated Convertible Bonds due 2020” issued by the Company in 2013 and maturing in 2020.
Repurchase of the convertible bond “euro 250,000,000 2.125% Subordinated Convertible Bonds due 2020” On 4 April 2017, Azimut Holding S.p.A.'s Board of Directors approved the invitation to the holders of its “euro 250,000,000 2.125% Subordinated Convertible Bonds due 2020” issued in November 2013 through a reverse bookbuilding process, to tender their bonds for purchase by the company.
186 Gruppo Azimut On 5 April 2017, at the Expiry of the Offer, bonds with an aggregate nominal amount of over 248,000,000 euro were validly tendered within the framework of the abovementioned offer, equal to 99.4% of the total nominal amount of the Bonds issued. On the same date, a bondholders' meeting (the "Meeting") was called to amend certain provisions of the Trust Deed and the terms and conditions of the Bonds, and in particular that covering the Issuer's possibility of early redemption. In the meeting held on 8 May 2017 at Azimut Holding S.p.A.'s registered office, the bondholders approved the amendments included in the agenda and, at the same time, Azimut Holding S.p.A. exercised the option for the early redemption of all Bonds still outstanding and not included in the offer. The total amount paid to settle the convertible bond was 279.4 million euro.
Azimut Holding S.p.A. General Shareholders’ Meeting of 27 April 2017 The shareholders’ meeting (both ordinary and extraordinary) of 27 April 2017 resolved the following:
Approval of 2016 financial statements The shareholders’ meeting approved the 2016 financial statements, which included a Parent Company net profit of 161.9 million euro. The shareholders concurrently resolved to pay a dividend of 1 euro per ordinary share, pre-tax, to be paid as of 24 May 2017, 22 May 2017 ex-dividend payment date and 23 May 2017 as the record date. They also approved the payment to Fondazione Azimut Onlus of 1.8 million euro, equal to 1% of pre-tax consolidated profit and the payment of 17,27 euro for each profit-participating financial instrument held by Top Key People at the time of approval of payment of the dividend.
Appointment of Directors The Shareholders were in favour of the appointment of Sergio Albarelli and Alessandro Zambotti as Directors. In their meeting of 27 April 2017, the Board of Directors of Azimut Holding S.p.A. confirmed Sergio Albarelli as Chief Executive Officer and Alessandro Zambotti as the Chief Financial Officer of the Group.
Proposal for purchase and allocation of treasury shares and consequent resolutions Furthermore, the Shareholders approved the purchase, including in one or more tranches, of up to 28,000,000 Azimut Holding S.p.A. ordinary shares, or 19.55% of the current share capital considering the shares already in portfolio upon purchase at a minimum unit price equal to at least the carrying amount of Azimut Holding S.p.A. ordinary shares and a maximum unit price of 50 euro.
Remuneration Report The Shareholders’ Meeting approved the Company policy concerning remuneration of members of the management boards, general managers and key managers, as
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well as the procedures used to adopt and implement said policy. Furthermore, the Shareholders were in favour of the proposal to increase the ratio between the fixed and variable components of remuneration up to 2:1.
Appointment of a Director On 4 May 2017, Azimut Holding S.p.A.'s Board of Directors co-opted Renata Ricotti onto the Board as independent director, replacing Paola Mungo. With this appointment, the total number of independent directors increases to 4, in line with the code of conduct and in accordance with the gender balance as per Article 147-ter.1-ter of the TUF (Consolidated Law on Finance). Furthermore, based on the declarations provided by the new independent Director and the information available to the company, the Board evaluated, pursuant to Article 144-novies.1-bis of the Issuers’ Regulation, whether the director met the criteria for independence envisaged by Article 147-ter.4 and 148.3 of the Consolidated Law on Finance and Article 3 of the Code of Conduct.
Repayment of Banco BPM S.p.A. loan On 30 June 2017, the Parent Company repaid the instalment (Line B) of the loan granted by Banco BPM S.p.A. for a total amount of 10 million euro.
Acquisition of 100% of Augustum Opus SIM Azimut Holding S.p.A.’s purchase of the additional 49% from Augustum Opus SIM’s non-controlling investors was completed on 13 November 2017 for a total consideration of 1.7 million euro. At the same time, the company’s merger by incorporation into Azimut Capital Management Sgr S.p.A. was approved, effective from 1 December 2017.
Partial demerger and merger by incorporation of Azimut Partecipazioni S.r.l. In 2017, the activities necessary for Azimut Partecipazioni S.r.l.’s partial demerger into Azimut Financial Insurance S.p.A. began pursuant to Article 2506-bis of the Italian Civil Code and the subsequent merger by incorporation of Azimut Partecipazioni S.r.l. into Azimut Capital Management SGR S.p.A. pursuant to Articles 2501-ter and 2505 of the Italian Civil Code. The entire transaction meets the need to simplify and streamline the Group’s corporate structure in Italy, also for the purposes of an effective allocation of costs and revenues. It provides for the allocation of part of the investment held by Azimut Partecipazioni S.r.l. in AZ Fund Management SA (19%) to Azimut Financial Insurance S.p.A. and the subsequent merger of Azimut Partecipazioni S.r.l. into Azimut Capital Management SGR S.p.A. with the transfer of the residual 30% investment in AZ Fund Management SA. The partial demerger became effective on 1 October 2017, while the merger by incorporation of Azimut Partecipazioni S.r.l. into Azimut Capital Management SGR S.p.A. became effective on 1 January 2018.
188 Gruppo Azimut No share exchange ratio was calculated for the partial demerger and the merger and no shares of the Company were allocated to Azimut Partecipazioni S.r.l. shareholders since the Parent Company is the sole share/quotaholder of both companies.
Azimut Holding S.p.A. complies with corporate governance regulations in 6. force in Italy. Moreover, the corporate governance structure partially reflects Organisational structure the recommendations contained in the Corporate Governance Code for Listed and corporate governance Companies published by Borsa Italiana. Azimut Holding S.p.A. has established a risk management and internal control system over financial reporting, using as a reference the “COSO Report”, under which the Internal Control in the broadest sense is “a process effected by an entity's Board of Directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives”; specifically, the objective of reliable financial reporting. For more information about the corporate governance structure, reference should be made to the “Report on corporate governance and ownership structure” prepared pursuant to Article 123-bis of the Consolidated Law on Finance available on the Company's website (www.azimut-group.com), Azimut Governance section, and attached to the financial statements.
Risk management and control 7. With respect to the main risks to which Azimut Holding S.p.A. and its Group are Other information exposed, the following risks were identified: • Strategic risk • Sales network risks • Operational risk • Outsourcing risk • Reputational risk • Compliance risk • Financial risks • Liquidity risk Azimut Holding S.p.A. mainly manages and coordinates direct and indirect equity investments. Consequently, the exposure to operational risks is not significant. The Group's operating companies monitor the operational risks inherent to the specific business of asset management companies. Monitoring of operational risks is comprised of the following activities: risk mapping, risk event analysis, risk assessment, risk management and reporting. For additional information about the risks and uncertainties to which the Company and the Group are exposed, reference should be made to that set out in the “Consolidated financial statements of Azimut Holding S.p.A. at 31 December 2017
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- Management Report” and “Part D - Other information, Section 2 - Information on risk management and hedging policies” of the Notes to the “Separate financial statements of Azimut Holding S.p.A. at 31 December 2017”, and the “Report on corporate governance and ownership structure” pursuant to Article 123-bis of the Consolidated Law on Finance available on the Company's website (www.azimut- group.com), Azimut Governance section.
Related-party disclosures Pursuant to Consob Regulation on Related Parties (Resolution No. 17221 of 10 March 2010, as amended), on 22 November 2010, the Board of Directors of Azimut Holding S.p.A. approved the procedures that ensure transparency and fairness of related-party transactions (“Related-Party Transaction Procedure” available on Azimut’s website at www.azimut-group.com). With reference to paragraph 8 of Article 5 of the Consob Regulation on periodic disclosure of related party transactions, the Company did not engage in any “significant” transactions during 2017. No other atypical or unusual transactions were performed.
Intra-group relations For information on relations with Group companies, reference should be made to Part D, Section 5 of the Notes to the financial statements on related-party transactions.
Research and development The Company is not engaged in any research and development activities.
Secondary and branch offices The Company has not set up any secondary offices in Italy, nor is it engaged in any activity through branch offices.
Marketing, communication and training activities In 2017, marketing activities were focused on providing sales support to Financial Partners, specifically to improve digital and technological aspects and to develop skills. Specifically, new digital platforms were implemented to offer, though the Group's distribution network, service tools which extend the concept of financial advisory to an all-inclusive concept which covers all customers’ assets. Again in 2017, the network was considerably active throughout Italy, organising local events focused on financial, social security and cultural topics and sport sponsorships.
Treasury shares At 31 December 2017, Azimut Holding S.p.A. subsidiaries did not hold, nor did they hold during the year, any treasury shares or shares of the Parent Company,
190 Gruppo Azimut either directly or via trust companies or third parties. During the year, transactions involving treasury shares led to an increase of 2,926,848 treasury shares for a total of approximately 49 million euro. At 31 December 2017, Azimut Holding S.p.A.’s treasury share portfolio therefore stood at 13,314,037 shares, or 9.294% of share capital.
The main events that occurred after 31 December 2017, the reporting date of the 8. separate financial statements, until 8 March 2018, the date on which the Board of Significant events after Directors approved the draft financial statements, are as follows: the reporting date • on 1 January 2018, Azimut Partecipazioni S.r.l. merged into Azimut Capital Management SGR S.p.A. • the purchase of the additional tranche of treasury shares, approved by the company’s Board of Directors on 12 December 2017, was completed on 26 January 2018, based on the authorisation issued pursuant to Article 2357 of the Italian Civil Code by the shareholders in their meeting of 27 April 2017. In January 2018, 1,735,200 treasury shares were purchased, for a total of 30 million euro. • in January and February 2018, the Company made a capital injection of 4 million euro to increase the share capital of the subsidiary AZ International Holdings SA. • on 20 February 2018, Azimut Holding S.p.A., through the subsidiary Azimut Capital Management SGR S.p.A. (“Azimut SGR”), entered into an agreement with Sofia Gestione del Patrimonio SGR S.p.A. under extraordinary administration (“Sofia SGR”) and Sofia Partners S.p.A. (“Sofia Partners”), as the majority shareholder of Sofia SGR, whereby Azimut SGR acquires Sofia SGR’s assets (the “Business Unit”). The Business Unit will mainly provide the following services: (i) collective portfolio management, (ii) investment portfolio individual management on behalf of third parties, (iii) management under delegation arrangements assigned by parties providing investment portfolio management services and Italian and/ or foreign UCI and (iv) consultancies for investments in financial instruments. By purchasing the Business Unit, Azimut Capital Management SGR will take over, inter alia, four open-ended mutual funds set up, promoted and currently managed by Sofia SGR, and will increase its network by adding Sofia SGR’s 47 financial advisors who, at 31 December 2017, were in charge of assets under management worth approximately 800 million euro. Concurrently with the Business Unit’s transfer, Azimut Capital Management SGR will pay Sofia SGR a base consideration of 3 million euro and, after 24 months, the residual amount, if any, of the variable portion of the price to be calculated based on the performance of the assets under management transferred to Azimut Capital Management SGR and their net profitability. Under the agreement, Azimut Capital Management SGR will obtain a series of representations and guarantees on the Business Unit's risks until its transfer, which are typical for similar transactions. The completion of this transaction also depends on obtaining of Bank of Italy’s necessary authorisations, approvals and/or clearances. These separate financial statements were authorised for publication by the Company's Board of Directors on 8 March 2018.
191 Management report
9. Given the positive results of the subsidiaries for 2017 and considering the dividends Business outlook proposed by the boards of directors of said companies at the respective shareholders’ meetings, the Company is expected to generate a profit for 2018.
Profit allocation plan Dear Shareholders, The Board of Directors of Azimut Holding S.p.A. submits to your approval the separate financial statements at 31 December 2017. The financial statements show a profit for the year of 208,842,024 euro, which we propose to allocate as follows: • 2,472,718 euro, or 1% of pre-tax consolidated profit, to be paid to the charitable organisation Fondazione Azimut Onlus pursuant to Article 32 of the By-laws; • a gross dividend of 1 euro to the Shareholders for each of the shares comprising the Company’s share capital, excluding any treasury shares held on the day preceding the ex-dividend date, payable according to the ordinary terms; • bonus issue of 1 Azimut Holding ordinary share for every 18 ordinary shares held, excluding any treasury shares held on the day preceding the ex-dividend date. The fractional rights arising from the share allocation will be monetised based on the official price resulting from the transactions carried out on the last market trading day prior to the ex-dividend date, without expenses, fees or other charges for the shareholders; • 21.48 euro for each Profit-participating Financial Instrument held by Top Key People at the time of approval of payment of the dividend, equal to 0.00001% of consolidated profit, under Article 32 of the By-laws. We propose that the dividend be paid and that the treasury shares be allocated as of 23 May 2018, 21 May 2018 as the ex-dividend payment date and 22 May 2018 as the record date.
Milan, 8 March 2018
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
192 Gruppo Azimut Azimut holding S.p.A. Financial statements for the year ended 31 december 2017
193 Balance sheet as at 31 December 2017 Assets
Assets (in euro) 31/12/2017 31/12/2016 10. Cash and cash equivalents 7,326 6,488 40. Available-for-sale financial assets 183,900,103 174,788,566 60. Receivables 30,893,962 15,901,903 a) for portfolio management - - b) other receivables 30,893,962 15,901,903 90. Equity investments 623,656,139 552,673,445 100. Tangible assets 561,106 813,912 110. Intangible assets 185,557,034 186,082,360 120. Tax assets 31,205,879 29,336,885 a) current 170,731 780,980 b) deferred 31,035,148 28,555,905 of which pursuant to Italian Law 214/11 - - 140. Other assets 38,698,981 16,419,522 Total assets 1,094,480,530 976,023,081
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
194 Gruppo Azimut Balance sheet as at 31 December 2016 Liabilities and Shareholders’ Equity
Liabilities and Shareholders’ Equity (in euro) 31/12/2017 31/12/2016 10. Payables 11,962,152 88,656,657 20. Outstanding securities 353,815,985 226,522,394 70. Tax liabilities: 54,392,735 53,921,113 a) current 1,180,368 - b) deferred 53,212,367 53,921,113 90. Other liabilities 98,389,673 6,758,760 100. Staff severance pay (TFR) 722,367 1,121,967 110. Provisions for risks and charges: 150,000 30,000 b) other provisions 150,000 30,000 120. Share capital 32,324,092 32,324,092 130. Treasury shares (-) -130,028,451 -81,288,161 140. Equity instruments 36,000,000 70,949,500 150. Share premium reserve 173,986,916 173,986,915 160. Reserves 253,240,924 241,103,546 170. Valuation reserves 682,113 -6,509 180. Profit for the year 208,842,024 161,942,807 Total liabilities and shareholders' equity 1,094,480,530 976,023,081
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
195 Income statement as at 31 december 2017
Items (in euro) 31/12/2017 31/12/2016 10. Fee and commission income 2,000,000 2,000,000 Net fee and commission income 2,000,000 2,000,000 30. Dividends and similar income 240,453,618 187,869,443 40. Interest income and similar income 86,380 190,430 50. Interest expense and similar charges (10,046,198) (11,162,874) 90. Profits (losses) on disposal or repurchase of: (8,926,414) 101,830 a) financial assets (1,008,935) 108,032 b) financial liabilities (7,917,479) (6,202) Total income 223,567,386 178,998,829 110. Administrative costs: (21,989,647) (19,880,685) a) personnel costs (9,263,195) (9,022,259) b) other administrative costs (12,726,452) (10,858,426) 120. Net impairment losses/reversals of impairment losses on tangible assets (326,053) (345,795) 130. Net impairment losses/reversals of impairment losses on intangible assets (653,140) (637,926) 150. Net accruals to the provisions for risks and charges (120,000) (30,000) 160. Other operating income and costs 1,217,701 1,756,617 Operating profit 201,696,247 159,861,040 Pre-tax profit (loss) from continuing operations 201,696,247 159,861,040 190. Income tax on profit from continuing operations 7,145,777 2,081,767 Net profit (loss) from continuing operations 208,842,024 161,942,807 Profit (loss) for the year 208,842,024 161,942,807
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
196 Gruppo Azimut Statement of comprehensive income
Items (in euro) 31/12/2017 31/12/2016 10. Profit for the year 208,842,024 161,942,807 Other comprehensive income, net of taxes, not transferred to profit or loss 112,075 (14,160) 20. Tangible assets 30. Intangible assets 40. Defined benefit plans 112,075 (14,160) 50. Non-current assets held for sale 60. Share of valuation reserves of investments measured at equity Other comprehensive income, net of taxes, transferred to profit or loss 576,546 2,320,805 70. Foreign investment hedges 80. Exchange rate differences 90. Cash flow hedge 100. Available-for-sale financial assets 576,546 2,320,805 110. Non-current assets held for sale 120. Share of valuation reserves of investments measured at equity 130. Total other comprehensive income (expense), net of taxes 688,621 2,306,645 140. Comprehensive income (Items 10+130) 209,530,645 164,249,452
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
197 Statement of changes in shareholders’ equity at 31 december 2016
Allocation of prior year profit
Items Balance at Changes in Balance at Reserves Dividends Changes 31/12/2015 opening 01/01/2016 and other in reserves balance distributions
Share capital 32,324,092 32,324,092 Share premium reserve 173,986,915 173,986,915 Reserves: a) income-related 320,220,357 320,220,357 51,021,231 (132,867,308) b) other (1,133,880) (1,133,880) Equity instruments 71,452,010 71,452,010 Valuation reserves (2,313,154) (2,313,154) Treasury shares (80,726,765) (80,726,765)
Profit (loss) for the year 156,753,585 156,753,585 (51,021,231) (105,732,354) Shareholders’ equity 670,563,160 670,563,160 (238,599,662)
198 Gruppo Azimut Changes during the year Shareholders’ equity transactions
Issue of new Treasury Extraordinary Changes Other Comprehensive Shareholders’ shares share dividend in equity changes income at equity at purchases distribution instruments 31 December 31 December 2016 2016
32,324,092 173,986,915
502,510 3,360,637 242,237,427 (1,133,880) (502,510) 70,949,500 2,306,645 (6,509)
(1,791,601) 1,230,204 (81,288,162) 161,942,807 161,942,807 (1,791,601) 4,590,841 164,249,452 599,012,190
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
199 Statement of changes in shareholders’ equity at 31 december 2017
Allocation of prior year profit
Items Balance at Changes in Balance at Reserves Dividends Changes 31/12/2016 opening 01/01/2017 and other in reserves balance distributions
Share capital 32,324,092 32,324,092 Share premium reserve 173,986,915 173,986,915 Reserves: a) income-related 242,237,427 242,237,427 3,559,656 b) other (1,133,880) (1,133,880) Equity instruments 70,949,500 70,949,500 Valuation reserves (6,509) (6,509) Treasury shares (81,288,162) (81,288,162)
Profit (loss) for the year 161,942,807 161,942,807 (3,559,656 ) (158,383,151) Shareholders’ equity 599,012,190 599,012,190 (158,383,151)
200 Gruppo Azimut Changes during the year Shareholders’ equity transactions
Issue of new Treasury Extraordinary Changes Other Comprehensive Shareholders’ shares share dividend in equity changes income at equity at purchases distribution instruments 31 December 31 December 2017 2017
32,324,092 173,986,915
(6,124,371) (297,908) 239,374,804 15,000,000 13,866,120 (34,949,500) 36,000,000 688,622 682,113
(69,712,728) 20,972,439 (130,028,451)
208,842,024 208,842,024 (69,712,728) (26,073,871) 20,674,531 209,530,646 575,047,617
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
201 Cash flow statement
Indirect method
Amount A. OPERATING ACTIVITIES 2017 2016 1. Operations 218,553,953 161,568,058 profit (loss) for the year (+/-) 208,842,024 161,942,807 gains/losses on held-for-trading financial assets and financial assets/liabilities measured at fair value (-/+) 0 0 gains/losses on hedging activities (-/+) 0 0 net impairment losses (+/-) 0 0 net impairment losses on tangible and intangible assets (+/-) 979,193 983,721 net accruals to provisions for risks and charges and other expenses/income (+/-) 120,000 30,000 taxes, duties and tax credits still to be paid (+) 3,942,780 (1,431,717) other changes (+/-) 4,669,955 43,246 2. Cash generated from or used by financial assets 36,281,304 57,357,631 available-for-sale financial assets (8,282,569) (626,696) other assets 27,998,735.65 57,984,328 3. Cash generated from or used by financial liabilities 135,577,416 57,110,320 due to banks (10,000,000) 58,500,000 due to financial institutions (68,500,000) 0 outstanding securities 122,466,979 4,713,024 other liabilities 91,610,437 (6,102,704) Net cash generated from or used by operating activities 317,850,064 276,036,009 B. INVESTMENT ACTIVITIES 1. Cash generated from 2,000 125,000 disposal of equity investments 0 dividends from equity investments 0 125,000 disposal of held-to-maturity financial assets disposal of tangible assets 2,000 0 disposal of intangible assets 0 0 disposal of business units 0 0
202 Gruppo Azimut Amount 2017 2016 2. Cash used by (56,185,755) (57,952,243) purchase of equity investments (55,982,694) (57,294,379) purchase of held-to-maturity financial assets 0 0 purchase of tangible assets (75,247) (241,333) purchase of intangible assets (127,814) (416,531) purchase of business units 0 0 Net cash generated from or used by investment activities (56,183,755) (57,827,243) C. FINANCING ACTIVITIES issue/purchase of treasury shares (69,712,728) (561,397) change in other reserves 15,238,782 6,169,791 issue/purchase of equity instruments (34,949,500) (502,510) dividends and other distributions (158,383,151) (238,599,662) Net cash generated from (or used by) financing activities (247,806,597) (233,493,778) Net cash generated (or used) for the year 13,859,713 (15,285,012)
Reconciliation 2017 2016 Opening cash and cash equivalents 190,070,260 205,355,273 Total net cash generated or used for the year 13,859,713 (15,285,012) Closing cash and cash equivalents 203,929,973 190,070,260
Reference should be made to the paragraph on the “financial position” of the Management Report for a breakdown of “Cash and cash equivalents”.
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
203 204 Gruppo Azimut Azimut Holding S.p.A. Notes to the separate financial statements for the year ended 31 December 2017
205 206 Gruppo Azimut Notes to the separate financial statements
Part A - Accounting policies
A.1 General information
The separate financial statements comply with the International Accounting Standards Section 1 (IAS) / International Financial Reporting Standards (IFRS) issued by the International Statement of compliance Accounting Standards Board (IASB) and the related interpretations of the IFRS with IAS/IFRS Interpretations Committee, endorsed by the European Commission and in force on 31 December 2017, implementing Italian Legislative Decree No. 38/2005 and Regulation (EC) No. 1606/2002. There were no departures from IAS/IFRS.
For information about the standards that came into force in 2017, reference should be made to “Section 2 - General reporting criteria” which also describes the impacts, if any, on the company.
The separate financial statements have been drawn up in accordance with the Section 2 instructions issued by the Bank of Italy for the preparation of “financial statements General reporting criteria of IFRS financial intermediaries, other than banking intermediaries” on 9 December 2016. The Instructions lay down the mandatory financial statements schedules and how they must be filled in, and the content of the notes thereto for asset management companies. As of 2018, following the coming into force of two new accounting standards (IFRS 9 and IFRS 15), the provisions attached to the Bank of Italy Regulation of 9 December 2016 no longer apply. Indeed, they are replaced by the new provisions the Bank of Italy issued on 22 December 2017. These financial statements comprise the balance sheet, the income statement, the statement of comprehensive income, the statement of changes in shareholders’ equity, the cash flow statement (prepared using the indirect method) and these notes. They are accompanied by the management report on the performance of the company. These notes are comprised of four parts: Part A - Accounting policies Part B - Notes to the balance sheet Part C - Notes to the income statement Part D - Other information
The following annexes are included in these notes and represent an integral part thereof: • list of equity investments held (Annex A); • list of significant equity investments, pursuant to Article 125 of Consob (Italian Securities and Exchange Commission) Regulation No. 11971/99 as amended (Annex B). These financial statements are denominated in euro.
207 Notes to the separate financial statements
They have been prepared based on the going concern assumption. Financial, operating and other indicators12 have been considered which, as also shown in the joint document issued on 6 February 2009 by the supervisory authorities Bank of Italy, Consob and ISVAP (now IVASS), may highlight problems that, if not taken into proper consideration, could compromise the company stability and ability to operate as a going concern. Although the economic outlook remains uncertain, an overall valuation of the past and current financial position and results of operations of the Company, its operating guidelines, the business model of investees and the risks to which the business activity is exposed13, lead us to believe that it will continue to operate on a going concern basis for the foreseeable future. The financial statements have been prepared clearly and give a true and fair view of the Company's financial position, results of operations, changes in shareholders' equity and cash flows. The financial statements have been prepared in accordance with IAS 1 “Presentation of financial statements” and in line with the general assumptions of the “Framework for the preparation and presentation of financial statements” (the “framework”) prepared by the IASB, specifically with respect to the fundamental principle of substance over form14, the relevance and materiality of financial information, the accruals basis of accounting and the going concern assumption. Except for that provided for or permitted by IAS/IFRS or one of their interpretations or Bank of Italy's provisions on the financial statements of asset management companies, assets and liabilities and costs and revenue are not offset.
Accounting standards, amendments and interpretations endorsed by the European Union and in force from 1 January 2017. The IAS/IFRS applied to prepare the Azimut Holding S.p.A.'s financial statements, governing the classification, recognition, measurement and derecognition criteria of asset and liability items and the recognition of income and expense are those in force at the drafting date of these financial statements, as endorsed by the European Union. For information on the classification, recognition, measurement and derecognition criteria of the main items, reference should be made to that set out in Part A.2 of the Notes to the separate financial statements at 31 December 2017. To date, no accounting standards endorsed by the European Commission provide for the mandatory application in 2017. In addition to that set out in Part A.2, following the completion of the endorsement procedure, the following amendments to IAS/IFRS became effective on 1 January 2017.
12 Examples of which are shown in audit standard No. 570 on “Going Concerns”. 13 As described in the Management Report. 14 Transactions and other corporate events have been recognised and presented in accordance with the principle of substance over form.
208 Gruppo Azimut Amendment IASB publication Endorsement Date of coming date date into force Amendments to IAS 12 “Recognition of deferred tax assets for unrealised losses” 11 January 2016 6 November 2017 1 January 2017 Amendments to IAS 7 “Disclosure initiative” 29 January 2016 6 November 2017 1 January 2017
Accounting standards, amendments and interpretations which will come into force.
Standards IASB publication Endorsement Date of coming date date into force IFRS 14 “Regulatory deferral accounts” 30 January 2014 n.a.* n.a. * IFRS 9 “Financial instruments” 24 July 2014 22 November 2016 1 January 2018 IFRS 16 “Leases” 13 January 2016 31 October 2016 1 January 2019 IFRS 15 “Revenue from contracts 28 May 2014 and 22 September 2016 1 January 2018 with customers” and amendments 11 September 2015 IFRS 17 "Insurance contracts" 18 May 2017 --- 1 January 2021 IFRIC 22 “Foreign currency transactions and advance consideration” 17 February 2017 --- 1 January 2018** IFRIC 23 “Uncertainty over income tax treatments” 7 June 2017 --- 1 January 2019**
Amendment IASB publication Endorsement Date of coming date date into force Amendments to IFRS 2 “Classification and 20 June 2016 26 February 2018 1 January 2018 measurement of share-based payment transactions” Amendments to IFRS 4 12 September 2016 3 November 2017 1 January 2018 “Applying IFRS 9 - Financial instruments” Amendments to IAS 40 8 December 2016 --- 1 January 2018** “Transfers of investment property” Annual improvements to IFRSs 2014-2016 cycle 6 February 2017 7 February 2018 1 January 2018 Amendments to IFRS 9 12 October 2017 --- 1 January 2019** “Prepayment features with negative compensation” Amendments to IAS 28 “Long-term interests 12 October 2017 --- 1 January 2019** in associates and joint ventures” Annual improvements to IFRSs 2015-2017 cycle 12 December 2017 --- 1 January 2019** Amendments to IAS 19 “Plan amendments, 7 February 2018 --- 1 January 2019** curtailments, and settlements”
209 Notes to the separate financial statements
Clarifications IASB publication Endorsement Date of coming date date into force Clarifications to IFRS 15 “Revenue from contracts with customers” 12 April 2016 31 October 2017 1 January 2018
* The European Commission does not intend to start the endorsement process concerning IFRS 14 (interim standard) pending the publication of the final standard governing tariff-regulated activities. ** Date identified by IASB. Confirmation of the European Union's competent bodies is pending.
Following the European Community’s endorsement of the new standards IFRS 9 and IFRS 15, which became effective in 2018, the company carried out an in-depth analysis of the areas affected by the new standards, defining their qualitative and quantitative impacts. This in-depth analysis highlighted the main potential impacts arising from the first-time adoption (2018) of said standards. IFRS 9 - Financial Instruments (issued on 24 July 2014). This document includes the results of the IASB project to replace IAS 39: • it introduces new criteria for the classification and measurement of financial assets and financial liabilities; • with respect to the impairment model, under the new standard, expected credit losses are estimated using the expected losses model (instead of the incurred losses model used by IAS 39), using supportable information that is available without undue cost or effort and that includes historical, current and forward-looking data; • it introduces a new hedge accounting model (increase of the type of transactions eligible for hedge accounting purposes, change in the accounting treatment of forward contracts and options when they form part of a hedge accounting relationship, changes to the test of effectiveness). The impacts on the separate financial statements may arise mainly from the classification and measurement of the financial instruments which, up to now, were classified under “Available-for-sale financial assets” (currently comprised of UCI units). With respect to such instruments, not held for trading, the new standard confirms the fair value measurement, but takes the related changes to profit or loss, rather than to a specific Equity reserve. Upon first-time adoption, the fair value changes recognised up to such date (31 December 2017) will be maintained in Equity and will never be transferred to profit or loss, including in the case of sale of the financial instrument which generated them. At 31 December 2017, the Equity valuation reserve was positive by 0.7 million euro. IFRS 15 - Revenue from Contracts with Customers (issued on 28 May 2014 and integrated with additional clarifications issued on 12 April 2016). This document will replace IAS 18 - Revenue and IAS 11 - Construction Contracts, and the interpretations IFRIC 13 - Customer Loyalty Programmes, IFRIC 15 - Agreements for the Construction of Real Estate, IFRIC 18 - Transfers of Assets from Customers and SIC 31 Revenues-Barter Transactions Involving Advertising Services. The standard introduces a new revenue recognition model which will apply to all contracts entered into with customers, except for those which fall in the scope of other IAS/IFRS, such as leases, insurance contracts
210 Gruppo Azimut and financial instruments. Under the new model, revenue is to be recognised in accordance with the following steps: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the price; • allocate the price to the performance obligations in the contract; • recognise revenue when the entity satisfies each performance obligation. This standard will be effective as of 1 January 2018. Early adoption is permitted. Given the characteristic of the company’s accounting components, the application of this standard may only result in a higher degree of disclosure, without quantitative accounting variations. Indeed, the standard requires, inter alia, large disclosures about the nature, amount, timing and degree of uncertainty of revenue and the cash flows from contracts with customers. IFRS 16, which will be effective as of 1 January 2019, introduces significant changes to the recognition of leases in the financial statements of lessees. Specifically, the application of the new standard will affect leases with a term of more than 12 months and will entail: (i) an increase in recognised assets (the leased assets), (ii) an increase in liabilities (the liability related to the leased assets), (iii) a decrease in operating costs (lease payments) and (iv) an increase in finance costs (to repay and remunerate the recognised liability). During the year, the company identified the scope of the current contracts which may be subject to a different accounting treatment. These include office leases and cars’ long-term rentals. The company is currently analysing the quantitative impacts arising from the application of this standard.
On 1 January 2018, Azimut Partecipazioni S.r.l. merged into Azimut Capital Section 3 Management SGR S.p.A. Significant events after The purchase of the additional tranche of treasury shares, approved by the the reporting date company’s Board of Directors on 12 December 2017, was completed on 26 January 2018, based on the authorisation issued pursuant to Article 2357 of the Italian Civil Code by the shareholders in their meeting of 27 April 2017. In January 2018, 1,735,200 treasury shares were purchased, for a total of 30 million euro. In January and February 2018, the Company made a capital injection of 4 million euro to increase the share capital of the subsidiary AZ International Holdings SA. On 20 February 2018, Azimut Holding S.p.A., through the subsidiary Azimut Capital Management SGR S.p.A. (“Azimut SGR”), entered into an agreement with Sofia Gestione del Patrimonio SGR S.p.A. under extraordinary administration (“Sofia SGR”) and Sofia Partners S.p.A. (“Sofia Partners”), as the majority shareholder of Sofia SGR, whereby Azimut SGR acquires Sofia SGR’s assets (the “Business Unit”). The Business Unit will mainly provide the following services: (i) collective portfolio management,
211 (ii) investment portfolio individual management on behalf of third parties, (iii) discretionary management arrangements assigned by parties providing investment portfolio management services and Italian and/or foreign UCI and (iv) consultancies for investments in financial instruments. By purchasing the Business Unit, Azimut Capital Management SGR will take over, inter alia, four open-ended mutual funds set up, promoted and currently managed by Sofia SGR, and will increase its network by adding Sofia SGR’s 47 financial advisors who, at 31 December 2017, were in charge of assets under management worth approximately 800 million euro. Concurrently with the Business Unit’s transfer, Azimut Capital Management SGR will pay Sofia SGR a base consideration of 3 million euro and, after 24 months, the residual amount, if any, of the variable portion of the price to be calculated based on the performance of the assets under management transferred to Azimut Capital Management SGR and their net profitability. Under the agreement, Azimut Capital Management SGR will obtain a series of representations and guarantees on the Business Unit's risks until its transfer, which are typical for similar transactions. The completion of this transaction also depends on obtaining of Bank of Italy’s necessary authorisations, approvals and/or clearances. These separate financial statements were authorised for publication by the Company's Board of Directors on 8 March 2018.
Section 4 Risks and uncertainties related to estimates Other information The preparation of the separate financial statements also entails the use of estimates and assumptions that may have a significant impact on the carrying amounts recognised in the balance sheet and the income statement, and on the disclosure about contingent assets and liabilities. The computation of such estimates is based on the use of available information and the adoption of subjective assessments, also based on historical experience, used to develop reasonable assumptions underlying the recognition of operations. Because of their nature, the estimates and assumptions used may change from year to year. Consequently, it cannot be excluded that the currently reported amounts may differ, also significantly, in the next few years following the change in the subjective assessments used. These estimates mainly relate to: • the estimates and assumptions underlying the valuation models for the fair value recognition of financial instruments not listed on active markets (level 2 and 3 of the fair value hierarchy); • the identification of loss events pursuant to IAS 39; • the assumptions used to identify impairment losses, if any, on intangible assets and reported equity investments (IAS 36).
212 Gruppo Azimut
A.2 Key financial statements items
This section describes the accounting standards used to prepare the financial statements at 31 December 2017, specifically the classification, recognition, measurement and derecognition of assets and liabilities items, and the recognition of income and expense. The accounting standards have been applied consistently in the current and previous years.
Classification 1 Financial assets held by the Group companies are classified in this category in the context Available-for-sale of liquidity management policies. This category also includes equity investments, which financial assets do not qualify as subsidiaries, associates or jointly-controlled entities.
Recognition Upon initial recognition, available-for-sale financial assets are recognised at their fair value, which usually corresponds to the consideration paid for their purchase, plus any transaction costs in the event that they are tangible and definable.
Measurement They are subsequently recognised at their fair value, recognising any fair value gains or losses in the specific equity reserve ("Valuation reserves") until disposal or impairment. The fair value of available-for-sale financial assets is calculated based on the quoted prices in active markets or internal valuation models as described in the section on “Fair value hierarchy”. Impairment losses are recognised in the income statement when the purchase cost, net of any repayment of principal and amortisation/depreciation, exceeds fair value significantly or in a prolonged way. With respect to impairment testing, the Company employs a specific policy that sets the impairment thresholds in terms of severity and of durability, both according to the type of financial instrument. Specifically, the impairment thresholds include, in terms of severity, a loss of 20% for “debt instruments15” and a loss of 30% for the “other financial instruments16”. Durability is assessed based on a timescale of 18 months for “debt instruments” and 24 months for “other financial instruments”: specifically, the fair value of each financial instrument is measured to establish if it was consistently lower than the corresponding initial cost over the last 18 or 24 months. The cumulative profit or loss generated previously recognised in shareholders’ equity is reversed to profit or loss upon disposal or recognition of the impairment loss. When the reasons underlying the impairment loss cease to exist, the impairment loss is reversed directly against the shareholders’ equity reserve, in the case of equity instruments, and in profit or loss, in the case of debt instruments.
15 Money market instruments, bonds, money market and bond mutual funds. 16 Securities, equity, balanced and flexible mutual funds, private equity and hedge funds.
213 Notes to the separate financial statements
Equity investments which do not qualify as subsidiaries, associates or jointly-controlled entities, are not listed on active markets and for which the fair value cannot be measured reliably, are measured at cost. For the purposes of applying IAS 39.61, the company identified the following impairment thresholds beyond which the fair value (FV) decrease of an equity instrument listed on an active market classified as AFS is deemed significant or prolonged, therefore indicating an impairment loss.
Derecognition Available-for-sale financial assets are derecognised when the contractual rights to receive the relevant cash flows cease to exist or upon transfer of all risks and rewards incidental to their ownership.
2 Receivables include the amounts due from banks, from financial institutions and all Receivables receivables involving fixed payments or in any case payments which are definable and are not listed on an active market.
Recognition and measurement As this mainly involves trade receivables, they are measured at their estimated realisable value, being the best possible estimate of their fair value.
Derecognition They are derecognised once settled.
3 Classification Equity investments This item includes investments in subsidiaries, jointly-controlled entities, associates or companies subject to significant influence. A subsidiary is an entity in which the investor holds, directly or indirectly through its subsidiaries, more than half the voting rights (51%). Control exists when the investor holds half, or a smaller percentage, of votes at shareholders' meetings provided that it has: a) control over more than one half of the voting rights by virtue of an agreement with other investors; b) the power to govern the financial and operating policies of the investee under a statute or an agreement; c) the power to appoint or remove the majority of the members of the Board of Directors or equivalent governing Body and control over the investee is held by such Board or Body; d) the power to cast the majority of votes at meetings of the Board of Directors or equivalent governing Body and control over the investee is held by such Board or Body.
214 Gruppo Azimut A jointly-controlled entity is a company subject to contractual, shareholders or other arrangements for the joint management of the business and the appointment of directors. An associate is a company in which an entity holds 20% or more of the voting power or the investor has significant influence, including due to specific legal relationships, such as the participation in shareholders' agreements. Significant influence is the power to participate in the financial and operating policy decisions of the investee without having control or joint control over those policies. Moreover, the cost of equity investments increased as a result of the recognition of incentive plans (see the note to “Share-based payments”), entailing the granting of the company’s shares to the financial advisors of subsidiaries.
Recognition and measurement Equity investments are recognised at purchase cost, net of impairment losses, if any. If there is evidence that an equity investment may be impaired, its recoverable amount is estimated, considering the present value of the future cash flows that the equity investment may generate, including the final disposal amount. Should the recoverable amount be lower than the carrying amount, the related difference is taken to the income statement.
Recognition of income components Dividends received from investees are recognised as income when the right to receive them arises, i.e., when their distribution is approved.
Derecognition Equity investments are derecognised when the contractual rights to the cash flows arising therefrom expire or when they are sold substantially transferring all risks and rewards incidental to ownership.
Classification 4 They include technical plant, furniture and fixtures, vehicles and office machinery and Tangible assets equipment of any kind and leasehold improvements.
Recognition and measurement They are initially recognised at cost, including the additional costs directly attributable to the acquisition and start-up of the asset. They are subsequently measured at cost, less depreciation and impairment losses. Depreciation is charged annually on a straight-line basis over the remaining useful life. Leasehold improvements are recognised under assets since the tenant essentially has control over the assets and may receive economic benefits therefrom. Therefore, they are depreciated over a period corresponding to the remaining duration of the lease.
215 Notes to the separate financial statements
Derecognition Tangible assets are derecognised upon disposal or when the asset has been retired and future benefits are not expected from its disposal.
5 Classification Intangible assets Intangible assets include goodwill, the “Azimut” trademark (purchased at the end of the finance lease) and the application software for long-term use.
Recognition and measurement Software is recognised at cost, net of amortisation and impairment losses. Such assets are amortised based on their estimated residual useful life. Goodwill is not amortised, but is periodically tested for impairment. Impairment tests are carried out every year (or whenever there is evidence of impairment). To this end, the cash generating unit to which goodwill is to be allocated is identified. The amount of the impairment is determined on the basis of the difference between the carrying amount of goodwill and its recoverable amount, if lower. Recoverable amount is the higher of a cash generating unit's fair value less costs of disposal and its value in use. The related adjustments are taken to the income statement.
Derecognition Intangible assets are derecognised at the date of disposal and when no future economic benefits are expected.
6 Current taxes are calculated in accordance with ruling tax rates and legislation. Tax assets and liabilities When they are not paid, they are recognised under liabilities. Income taxes are recognised in the income statement, except for those related to items directly credited or debited to equity. The provision for taxes is recognised based on a prudent estimate of the current and deferred tax charge. The balance sheet liability method is applied to deferred taxes. Specifically, deferred tax assets and liabilities are calculated in respect of the temporary differences - without time limits - arising between the value of assets and liabilities according to statutory criteria and their value for tax purposes. Deferred tax assets are recognised to the extent their recovery is probable, based on the Company's ability to generate ongoing positive taxable income.
7 This item includes assets which are not ascribable to other assets items. Other assets
216 Gruppo Azimut Recognition and measurement 8 Short-term trade payables (due within 12 months) are recognised at their par value. Payables Payables in the form of medium/long-term loans, initially recognised at the amount collected, are subsequently measured at amortised cost using the effective interest rate method. The amortised cost corresponds to the initial carrying amount, since no transaction costs are applicable and since the nominal interest rate of such liabilities is in line with market rates. Liabilities in the form of the contractual commitments relating to fees and commissions, including retention fees, to be paid to financial advisors in the medium/long-term (over 12 months), are calculated on the basis of actuarial criteria and represent the best estimate of the expense required to settle the foregoing liabilities.
Derecognition Payables are derecognised once settled.
Classification 9 This item includes the convertible bond issued by Azimut Holding S.p.A. For the Outstanding securities purposes of the accounting treatment of the issue of the Azimut ’17-22 non-convertible bond and subsequent early redemption through the repurchase of the Azimut ’13- 20 convertible bond, as per IAS 32.40, the company recognised the transaction as a settlement of an original financial liability and recognised a new financial liability which is “substantially different” from the previous one. In order to determine whether a new financial liability is “substantially different” from the previous one, the company decided to adopt an accounting policy which uses both qualitative (through the analysis of contractual terms and conditions such as expiry date, rate, type of seniority, existence of embedded options, etc.) and quantitative criteria (AG 62 of IAS 32). According to this policy, the terms and conditions are deemed substantially different when the present value of cash flows under the new terms and conditions, including any fee paid, net of any fee received and discounted using the original effective interest rate, differs by at least 10% from the discounted value of the residual cash flows of the original financial liability.
Recognition Outstanding securities are recognised when issued or when a new placement takes place based on the "settlement date” principle. They are initially recognised at fair value which usually corresponds with the collected amount or the issue price, adjusted to reflect any additional cost and income directly attributable to funding or issue transactions. Internal administrative costs are not included. The fair value of outstanding securities issued at below-the-market conditions is subject to a specific estimate and the difference with respect to market value is taken directly to income statement. The costs borne for the bond issue are allocated proportionally to the debt component and the equity component, in the case of convertible debt instrument.
217 Notes to the separate financial statements
Measurement Subsequent to initial recognition, this debt component is measured at amortised cost, using the effective interest rate method.
Derecognition Outstanding securities are derecognised after expiry or settlement. They are derecognised also when previously issued securities are repurchased. The difference between the carrying amount of the security and the amount paid to repurchase it is taken to the income statement. A new placement of own securities subsequent to their repurchase is considered a new issue with the recognition of the new placement price, with no impact on the income statement.
Recognition of income components Interest expense is recognised under the item Interest expense and similar charges in the income statement, using the effective interest rate method.
10 Classification Other liabilities This item includes liabilities that are not ascribable to other liability items.
Recognition Short-term liabilities (due within 12 months) and trade payables are recognised at their par value.
Derecognition Other liabilities are derecognised once settled.
11 In accordance with the legislation governing TFR introduced by Italian Legislative Staff severance pay (TFR) Decree dated 5 December 2005, the staff severance pay (TFR), recognised under liability item 100 to the extent of the portion accrued until 31 December 2007, qualifies as a defined benefit plan and is therefore subject to actuarial measurement, using the Projected Unit Credit Method (PUCM) which projects future cash flows based on historical, statistic and probabilistic analyses and applying adequate demographic techniques. Cash flows are discounted using the market interest rate. Actuarial calculations are performed by independent actuaries. The costs arising from the plan are reported under personnel costs, item 110 Administrative costs; a) personnel costs, net of the contributions paid, those pertaining to prior years not yet recognised, interest accrued and expected income arising from plan assets. In accordance with IAS 19, actuarial gains and losses are recognised in a specific Valuation reserve.
218 Gruppo Azimut Recognition 12 Accruals to provisions for risks and charges are recognised if, and only if: Provisions for risks and • there is a present obligation (legal or constructive) as a result of past events; charges • it is probable that an outflow of resources will be required to generate economic benefits; and • a reliable estimate can be made of the amount of the obligation.
Measurement The amount accrued is the best estimate of the expense required to settle the obligation at the reporting date and reflects the risks and uncertainties that inevitably characterise many facts and circumstances. The amount accrued is equal to the present value of the expense required to settle the obligation where the effect of the present value is a significant aspect. The future facts which may affect the expense required to settle the obligation are considered only when there is objective evidence that they will take place.
Derecognition Accruals are derecognised when the use of resources that generate economic benefits to settle the obligation becomes improbable.
They are recognised on an accrual basis. 13 Costs are recognised when incurred. Those directly related to financial instruments Costs and income measured at amortised cost and which can be determined since the beginning, regardless of the moment they are paid, are taken to the income statement using the effective interest rate. Income is recognised when received, or when it is probable it will be received and when it can be reliably calculated. Fees, commissions and other income from services offered to customers are included in the income statement at the time the services are provided. Financial income and charges are recognised on an accruals basis.
They are recognised as a decrease in equity. Profits or losses arising from the purchase, 14 sale, issue or elimination of treasury shares are not recognised in the income statement, Treasury shares but in equity.
The profit-participating financial instruments issued by Azimut Holding S.p.A. as 15 per the Shareholders' resolution of 29 April 2010 and subsequent resolutions of the Profit-participating Parent Company's Board of Directors are recognised under Equity instruments at the financial instruments subscription amount, equal to their fair value, increasing shareholders’ equity. Indeed, under the By-laws, they have an indefinite life, are issued with no obligation for the Parent Company to repay the amount paid by investors, participate in the allocation of the Parent Company's residual assets in case of liquidation, in subordination to the creditors and shareholders.
219 Notes to the separate financial statements
These instruments are not transferable, except to the Parent Company (at their fair value and subject to specific conditions). In this case, the relevant equity rights are suspended. Furthermore, these instruments entitle their holders to receive a part of the Company's profit as per the By-laws subject to, inter alia, the Shareholders' approval of dividend distribution.
16 Classification Share-based payments Share-based payments are settled by granting Azimut Holding S.p.A. ordinary shares (granting of rights to freely subscribe the shares when specific performance targets are achieved), against the services performed by the financial advisors to the subsidiaries Azimut Capital Management Sgr S.p.A. and Azimut Financial Insurance S.p.A. over the term of the Plan.
Recognition Given the difficulties in reliably determining the fair value of the services received against the equity instruments, the cost allocated is the best possible estimate of fair value, considering the performance targets at 31 December 2017.
Measurement and recognition of income components With respect to equity-settled share-based payments, the liabilities assumed are measured at the fair value of the latter and recognised under item 160. Reserves - Other equity reserves. The balancing entry is recognised under item 90. “Equity investments”.
A.3 Disclosure about transfers between portfolios
The Company did not transfer any financial assets between portfolios during the year.
A.4 Fair value disclosure
Qualitative information In accordance with the provisions of IFRS 7 and IFRS 13, the Company classifies fair value measurement of financial assets and financial liabilities based on a hierarchy that conveys the nature of inputs used. The levels are as follows: • Level 1: (unadjusted) quoted prices in active markets for assets and liabilities identical to those subject to measurement; • Level 2: inputs other than unadjusted quoted prices (as per level 1) that are directly (as in the case of prices) or indirectly (deriving from prices) observable market data; • Level 3: inputs based on unobservable market data.
220 Gruppo Azimut Specifically, the fair value of a financial instrument measured at level 1 corresponds to the unadjusted price, at which the instrument - or an identical instrument - is sold on an active market on the measurement date. For classification at level 1, prices are measured together with all other characteristics of the financial asset or financial liability: if the quoted price is adjusted in order to take account of specific conditions that require adjustment, the financial instrument is classified under a level other than level 1. Analyses for classification at other levels within the fair value hierarchy are performed analytically for each individual financial asset or liability held/issued; these analyses and measurement criteria are applied consistently over time.
With respect to the financial instruments held as part of liquidity management policies and financial liabilities issued, according to the Company's main policies, open-ended mutual funds, whose fair value is designated as level 1 if represented by the Net Asset Value (NAV) provided by the fund manager at the measurement date, are classified as level 1; conversely, with respect to listed funds and Exchange Traded Funds (ETF), level 1 fair value is equal to the closing price of the relevant stock market.
Quantitative information A.4.5 Fair value hierarchy A.4.5.1 Assets and liabilities measured at fair value on a recurring basis: breakdown by fair value level
Financial assets/liabilities measured at fair value Level 1 Level 2 Level 3 Total 1. Held-for-trading financial assets - - - - 2. Financial assets measured at fair value - - - - 3. Available-for-sale financial assets 183,900,103 - - 183,900,103 4. Hedging derivatives - - - - 5. Tangible assets - - - - 6. Intangible assets - - - - Total 183,900,103 - - 183,900,103 1. Held-for-trading financial liabilities - - - - 2. Financial liabilities measured at fair value - - - - 3. Hedging derivatives - - - - Total - - - -
A.4.5.2 Annual change in assets measured at Level 3 fair value on a recurring basis At the reporting date, the Company does not hold financial assets measured at level 3 fair value on a recurring basis.
A.5 Disclosure about the so-called “Day one profit/loss” The company did not carry out transactions which entailed recognition of the so- called “day one profit/loss”.
221 Notes to the separate financial statements
Part B - Notes to the balance sheet
Assets
Section 1 Cash and cash equivalents amount to 7,326 euro (6,488 euro at 31 December Cash and cash 2016) and refer to cash on hand in euro and foreign currency. equivalents Item 10
Section 4 This item amounts to 183,900,103 euro, up by 9,111,537 euro on the previous year Available-for-sale (174,788,566 euro at 31 December 2016). financial assets Item 40
4.1 Breakdown of item 40 “Available-for-sale financial assets”
Total 31/12/2017 Total 31/12/2016 Items/Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Debt securities of which: government securities 2. Equity securities and UCI units 183,900,103 174,788,566 3. Other assets Total 183,900,103 174,788,566
“UCI units” (Level 1) refer to the units in mutual funds managed by the Azimut Group as part of the Company’s liquidity management policies.
4.2 Available-for-sale financial assets: breakdown by debtor/issuer
Items/Value Total Total 31/12/2017 31/12/2016 1. Financial assets a) Governments and central banks b) Other public bodies c) Banks d) Financial institutions e) Other issuers 183,900,103 174,788,566 Total 183,900,103 174,788,566
As regards the nature and form of risks arising from the above financial assets, reference should be made to section 2 - Part D “Other information - Information on risk management and hedging policies”.
222 Gruppo Azimut 6.1 Breakdown of item 60 “Receivables” Section 6 This item amounts to 30,893,962 euro, up by 14,992,059 euro on the previous Receivables year (15,901,903 euro at 31 December 2016). Item 60 Due from banks may be analysed as follows:
Total 31/12/2017 Total 31/12/2016 Carrying Fair value Carrying Fair value amount amount L1 L2 L3 L1 L2 L3 1. Receivables for portfolio management services:
1.1. UCI units
1.2 individual portfolio management
1.3 pension fund management
2. Receivables for other services:
2.1 advisory services
2.2 outsourced corporate functions
2.3 other 3. Other receivables: 30,893,962 30,893,962 15,901,903 15,901,903 3.1 repurchase agreements of which: government securities of which: other debt securities of which: equity securities and units 3.2 deposits and current accounts 30,893,962 30,893,962 15,901,903 15,901,903 3.3 other 4. Debt securities Total 30,893,962 30,893,962 15,901,903 15,901,903
L1 = Level 1 L2 = Level 2 L3 = Level 3
This item is composed of cash deposited in bank current accounts which bear interest at market rates.
223 Notes to the separate financial statements
6.2 Receivables: breakdown by counterparty
Breakdown/Counterparty Banks Financial institutions Clients of which: of which: of which: Group Group Group
1. Receivables for portfolio management services: 1.1. UCI units 1.2 individual portfolio management 1.3 pension fund management 2. Receivables for other services: 2.1 advisory services 2.2 outsourced corporate functions 2.3 other 3. Other receivables 30,893,962 3.1 repurchase agreements of which: government securities of which for other debt securities of which for equity securities and units 3.2 deposits and current accounts 30,893,962 3.3 other Total 31/12/2017 30,893,962 Total 31/12/2016 15,552,575 349,328 349,328
Section 9 This item amounts to 623,656,139 euro (552,673,445 euro at 31 December 2016), Equity investments up by 70,982,694 euro on the previous year. Item 90 9.1 Equity investments: information The details of the Company’s equity investments are provided in annex A of these notes, and refer to the financial statements of the wholly-owned subsidiaries at 31 December 2017. In accordance with IAS 36 governing impairment tests, the carrying amount of the Company's equity investments was tested for impairment in order to identify any impairment indicators. Reference should be made to section 11.1, paragraph "Impairment test" for information on the methodology applied.
224 Gruppo Azimut 9.2 Annual change in equity investments
Group equity Non-group equity Total investments investments A. Opening balance 552,673,445 552,673,445 B. Increases 70,982,694 70,982,694 B.1 Purchases 3,584,567 3,584,567 B.2 Reversals of impairment losses B.3 Revaluations B.4 Other changes 67,398,127 67,398,127 C. Decreases - - C.1 Sales - C.2 Impairment losses C.3 Other changes - D. Closing balance 623,656,139 623,656,139
“Increases” is comprised of: • purchases that refer to: • acquisition of 45% of Azimut Libera Impresa SGR S.p.A. for 1,899,691 million euro; • acquisition of 49% of Augustum Opus Sim S.p.A. for 1,684,876 million euro. • other changes that refer to: • capital injections to increase the share capital of AZ International Holdings SA, with registered office in Luxembourg (35,700,000 euro), Azimut Enterprise Holding S.r.l. (4,039,440 euro) and Azimut Global Counseling S.r.l. (200,000 euro) made during the year; • capital injection to cover the 2016 losses and capital injections of 12,458,687 euro to increase the share capital of Azimut Financial Insurance S.p.A.; • the current value (15,000,000 euro) of the incentive plan for the Group’s financial advisors, recognised as an increase in “Equity investments”, equal to the fair value at 31 December 2017, with a balancing entry in an equity reserve.
225 Notes to the separate financial statements
Section 10 10.1 Breakdown of item 100 Breakdown of “Tangible assets - business purposes: Tangible assets breakdown of assets at cost” Item 100 This item amounts to 561,106 euro, down by 252,806 euro on 813,912 euro at 31 December 2016. The breakdown is as follows:
Assets/Value Total Total 31/12/2017 31/12/2016 1. Company-owned 561,106 813,912 a) land b) buildings c) furniture & fixtures 23,429 25,645 d) capital goods e) other 537,677 788,267 2. Under finance lease a) land b) buildings c) furniture & fixtures d) capital goods e) other Total 561,106 813,912
“Other” include electronic office equipment (personal computers, printers and monitors) and the telephone system.
226 Gruppo Azimut 10.5 Tangible assets - business purposes: annual changes
Furniture & Electronic Land Buildings fixtures systems Other Total
A. Opening balance 174,244 1,955,204 2,129,448 A.1 Total net impairment losses -148,599 -1,166,937 -1,315,536 A.2 Opening net balances 25,645 788,267 813,912 B. Increases 6,719 86,756 93,475 B.1 Purchases 6,719 79,592 86,311 B.2 Leasehold improvements B.3 Reversals of impairment losses B.4 Increases in fair value taken to: a) shareholders’ equity b) profit or loss B.5 Exchange rate gains B.6 Transfers from investment property B.7 Other changes 7,164 7,164 C. Decreases 8,935 337,346 346,281 C.1 Sales 20,228 20,228 C.2 Depreciation 8,935 317,118 326,053 C.3 Impairment losses charged to: a) shareholders’ equity b) profit or loss C.4 Decreases in fair value charged to: a) shareholders’ equity b) profit or loss C.5 Exchange rate losses C.6 Transfers to: a) tangible assets held for investment purposes b) assets held for sale C.7 Other changes D. Net closing balance 23,429 537,677 561,106 D.1 Total net impairment losses -157,534 -1,504,283 -1,661,817 D. Gross closing balance 180,963 2,041,960 2,222,923 Measurement at cost 23,429 537,677 561,106
227 Notes to the separate financial statements
Depreciation is calculated based on the following rates:
Company % Rate Motor vehicles 25% Electronic office equipment 20% Furniture & fixtures 12% Telephone system 25% Other assets 25%
Section 11 This item amounts to 185,557,034 euro, down by 525,326 euro on the previous Intangible assets year end (186,082,360 euro at 31 December 2016). This item is broken down as Item 110 follows:
Total 31/12/2017 Total 31/12/2016 Assets Assets at Assets Assets at at cost fair value at cost fair value 1. Goodwill 149,829,431 149,829,431 2. Other intangible assets 35,727,603 36,252,929 2.1 generated internally 2.2 other 35,727,603 36,252,929 Total 185,557,034 186,082,360
“Goodwill” of an original amount of 176.3 million euro, of which 26.4 million amortised prior to the adoption of the IFRS, and corresponding to the portion of goodwill arising from merger that had not been allocated as an increase in the carrying amount of equity investments, relates to the goodwill paid by Azimut Holding S.p.A. (formerly Tumiza S.p.A.) to purchase the Group in 2002 by acquiring the entire share capital of Azimut Holding S.p.A., incorporated in December of the same year. “Other intangible assets - other” refer to the cost of software (389,379 euro) and the Azimut trademark.
Impairment test With respect to "goodwill" and "trademarks" (recognised as an intangible asset with an indefinite useful life), IAS 36 “Impairment of assets” stipulates that the Company must perform annual impairment tests to check the adequacy of the amounts recognised during the drafting of the financial statements. The aim of the impairment test is to identify any impairment loss: where the test shows that the value of an asset has been overestimated, the Company shall recognise an
228 Gruppo Azimut impairment loss on the asset. For the purposes of impairment testing at Group-level, two cash generating units (CGUs) have been identified that basically reflect the Azimut Group’s business and to which the above intangible assets (goodwill and trademark) have been allocated. The first CGU, to which the Company's goodwill and trademarks were allocated, reflects the activity carried out by the companies directly controlled by Azimut Holding S.p.A., each specialising in the distribution, promotion and management of financial and insurance products (basically unit-linked products) and operating as a single structure, dedicated in its entirety to asset management and the sale of investment instruments, in which the contributions made by the individual companies appear to be indistinguishable and operating results are revised periodically by management for the purpose of decisions regarding allocation of resources and measurement of results and company performance. The second CGU refers to the activity carried out by the foreign companies belonging to the Luxembourg company AZ International Holdings SA, wholly owned by Azimut Holding S.p.A., aimed at identifying, acquiring and managing new foreign partnerships. The impairment test of the Azimut CGU, to which goodwill and the trademark were allocated, had a positive outcome. For the purposes of the impairment test, management calculated the value in use of the Azimut CGU using the Discounted Cash Flow (“DCF”) method and comparing value in use with the carrying amount of the CGU, inclusive of the above intangible assets (trademark and goodwill). Value in use calculated using the DCF method is as follows:
1 - Calculation of unlevered cash flows: for the purposes of this calculation, the expected cash flow was approximated to the net profit for the year. To calculate Cash Flow an approximate estimate is made based on net profit for the year, gross of amortisation/depreciation and financial income/charges. Profits for the first five years were based on the “2015 - 2019 to 2022 Extended Business Plan. It was calculated using the following assumptions:
Average inflows 2.5 billion euro per year Weighted average performance 2.5% p.a. Increase in overheads It is in line with forecast growth of personnel and structure. Flow increases after 2022 Steady at 2%.
229 Notes to the separate financial statements
2 - Calculation of the weighted average cost of capital (“WACC”), equal to 8.14%, based on the following parameters:
Risk Free: 10-year Italian government bonds, average 2017 Azimut Beta calculated on a 5-year timescale with daily readings (source: Bloomberg) Market risk premium Extra return required for investments in shares rather than risk-free securities (Source: Credit Suisse Global Equity Strategy) Azimut's financial structure N/A
Cost of capital calculation:
WACC 31/12/2017 Risk-free rate 1.87% Market risk premium 5.60% Beta Unlevered 1.121 Risk premium 5.60% Cost of equity (Ke) 8.14% D / (D+E) 0% E / (D+E) 100% WACC 8.14%
Discounting cash flows over the five-year timescale and cash flows calculated for terminal value purposes at the WACC to estimate the Enterprise Value of the CGU and calculating the value in use of the CGU, adjusted to reflect the net financial position at 31 December 2017. Based on the above, management calculated Azimut CGU's value in use at 5,227 million euro. This amount is considerably greater than the CGU carrying amount of 448 million; therefore, no impairment losses were recognised. Furthermore, the CGU's value in use was subjected to a sensitivity analysis, which considered WACC changes and the long-term growth rate (g-rate).
The table below shows the results of the sensitivity analysis (with the WACC on the x axis and the terminal growth rate on the y axis) which did not identify any impairment loss.
230 Gruppo Azimut Sensitivity Analysis
Difference between value in use and the carrying amount of the CGU 5.8% 6.3% 6.8% 7.3% 7.8% 8.3% 8.8% 9.3% 0.00% 4,932.5 4,611.7 4,338.1 4,102.0 3,896.2 3,715.2 3,554.8 3,411.6 0.5% 5,336.0 4,952.7 4,630.3 4,355.3 4,118.0 3,911.2 3,729.3 3,568.1 1.0% 5,823.7 5,358.1 4,972.9 4,648.8 4,372.5 4,134.1 3,926.2 3,743.4 1.5% 6,425.0 5,848.1 5,380.2 4,993.1 4,667.4 4,389.7 4,150.1 3,941.2 G 2.0% 7,184.8 6,452.3 5,872.5 5,402.3 5,013.3 4,686.0 4,406.9 4,166.1 2.5% 8,175.2 7,215.6 6,479.5 5,896.9 5,424.5 5,033.5 4,704.6 4,424.2 3.0% 9,520.1 8,210.7 7,246.4 6,506.7 5,921.3 5,446.5 5,053.7 4,723.2 3.5% 11,451.2 9,561.9 8,246.2 7,277.3 6,534.0 5,945.8 5,468.6 5,073.8
Difference between value in use and the carrying amount of the CGU - decrease in cash flows -17.5% -15.0% -12.5% -10.0% -7.5% -5.0% -2.5% 4,566.58 4,596.90 4,627.23 4,657.56 4,687.88 4,718.21 4,748.53 4,778.9
11.2 Intangible assets: annual changes
Total A. Opening balance 186,082,360 B. Increases 127,814 B.1 Purchases 127,814 B.2 Reversals of impairment losses B.3 Increases in fair value taken to: shareholders’ equity profit or loss B.4 Other changes C. Decreases 653,140 C.1 Sales C.2 Depreciation 653,140 C.3 Impairment losses charged to: shareholders’ equity profit or loss C.4 Decreases in fair value charged to: shareholders’ equity profit or loss C.5 Other changes D. Closing balance 185,557,034
231 Notes to the separate financial statements
The above purchases refer exclusively to software packages, which are amortised using the following rates:
Company % rate Software packages 33%
Section 12 Tax assets Tax assets and tax liabilities Item 120 This item amounts to 31,205,879 euro, up by 1,868,994 euro on the previous year Item 70 (29,336,885 euro at 31 December 2016).
12.1 Breakdown of item 120 “Tax assets: current and deferred”
31/12/2017 31/12/2016 Current 170,731 780,980 Deferred 31,035,148 28,555,905 of which pursuant to Italian Law 214/2011 - - Total 31,205,879 29,336,885
“Current tax assets” mainly refer to non-offset IRES and IRAP tax credits for the year 2017. “Deferred tax assets” mainly include: • 5,726,001 euro of deferred tax assets arising from the value of the lease instalments deductible in future years by virtue of the sale and lease-back agreement for the Azimut trademark; • 23,067,779 euro of deferred tax assets related to tax losses; • 1,693,463 euro of deferred tax assets relating to the adjustment of the book and tax value (IRAP) of the trademark and goodwill pursuant to Article 1, paragraph 51 of Italian Law 244/2007 (2008 Budget Law) and offset against future tax liabilities arising from amortisation/depreciation and other negative items deducted off the balance sheet (as indicated in EC section of the Modello Unico tax return) up until the tax year underway at 31 December 2007; • to a lesser extent, the temporary differences resulting from the different timing criteria of IRES tax deductibility for some cost items compared to that recognised in the income statement.
Tax liabilities
This item amounts to 54,392,735 euro, up by 471,622 euro on the previous year (53,921,113 euro at 31 December 2016).
232 Gruppo Azimut 12.2 Breakdown of item 70 “Tax liabilities: current and deferred”
Breakdown 31/12/2017 31/12/2016 Current 1,180,368 0 Deferred 53,212,367 53,921,113 Total 54,392,735 53,921,113
“Deferred tax liabilities” mainly include deferred tax liabilities relating to the difference between the carrying amount and tax value of the trademark amounting to 11,686,351 euro and the deferred tax liabilities recognised on the temporary difference between the carrying amount and tax value of goodwill of 40,847,109 euro. These tax liabilities, recognised in accordance with IAS 12, are not reasonably expected to become actual costs given that the aforementioned temporary differences will only be reduced following a negative impairment test that leads to the recognition of an impairment loss on goodwill and the trademark, and in the case of disposal of these assets.
12.3 Changes in deferred tax assets (balancing entry in income statement)
Total Total 31/12/2017 31/12/2016 1. Opening balance 27,257,677 13,801,827 2. Increases 4,362,842 14,469,968 2.1 Deferred tax assets recognised in the year 4,362,842 7,655,268 from previous years due to changes in accounting policies write-ups other 2.2 New taxes or increased tax rates 2.3 Other increases 6,814,700 3. Decreases (2,295,664) (1,014,118) 3.1 Deferred tax assets eliminated during the year (2,295,664) (1,014,118) a) reversals (2,295,664) (1,014,118) b) write-off of irrecoverable tax c) due to changes in accounting policies d) other 3.2 Decreases in tax rates 3.3 Other decreases 4. Closing balance 29,324,855 27,257,677
233 Notes to the separate financial statements
12.4 Changes in deferred tax liabilities (balancing entry in income statement)
Total Total 31/12/2017 31/12/2016 1. Opening balance 52,652,158 51,432,348 2. Increases 1,837 1,945,569 2.1 Deferred tax liabilities recognised in the year 1,837 1,945,569 a) from previous years b) due to changes in accounting policies c) other 1,837 1,945,569 2.2 New taxes or increased tax rates 2.3 Other increases 3. Decreases (94,336) (725,759) 3.1 Deferred tax liabilities eliminated during the year (94,336) (725,759) a) reversals (94,336) (725,759) b) due to changes in accounting policies c) other 3.2 Decreases in tax rates 3.3 Other decreases 4. Closing balance 52,559,659 52,652,158
234 Gruppo Azimut 12.5 Changes in deferred tax assets (balancing entry in shareholders’ equity)
Total Total 31/12/2017 31/12/2016 1. Opening balance 1,298,228 1,270,031 2. Increases 412,065 28,197 2.1 Deferred tax assets recognised in the year 412,065 28,197 a) from previous years b) due to changes in accounting policies c) other 412,065 28,197 2.2 New taxes or increased tax rates 2.3 Other increases 3. Decreases 3.1 Deferred tax assets eliminated during the year a) reversals b) write-off of irrecoverable tax c) due to changes in accounting policies d) other 3.2 Decreases in tax rates 3.3 Other decreases 4. Closing balance 1,710,293 1,298,228
235 Notes to the separate financial statements
12.6 Changes in deferred tax liabilities (balancing entry in shareholders’ equity)
Total Total 31/12/2017 31/12/2016 1. Opening balance 1,268,955 369,848 2. Increases 151,870 899,107 2.1 Deferred tax assets recognised in the year 151,870 899,107 from previous years due to changes in accounting policies 2.2 New taxes or increased tax rates 2.3 Other increases 151,870 899,107 Other 3. Decreases (768,117) 3.1 Deferred tax assets eliminated during the year a) reversals b) due to changes in accounting policies c) other 3.2 Decreases in tax rates 3.3 Other decreases (768,117) 4. Closing balance 652,708 1,268,955
Section 14 This item amounts to 38,698,981 euro, up by 22,279,459 euro on the previous Other assets year (16,419,522 euro at 31 December 2016). Item 140 14.1 Breakdown of item 140 “Other assets”
Breakdown 31/12/2017 31/12/2016 Due from Inland Revenue 3,314,482 5,146,668 Other receivables 34,998,328 10,931,348 Prepayments 386,171 341,506 Total 38,698,981 16,419,522
“Due from Inland Revenue” refers exclusively to VAT credits. “Due from group companies” mainly includes: • the 2 million euro receivable from the subsidiary Azimut Capital Management SGR S.p.A. in the form of royalties on the Azimut trademark due for 2017, related to the recharging of the control functions (0.5 million euro) and coordination activities (1 million euro); • the receivables from the subsidiary Azimut Capital Management SGR S.p.A. for direct taxes (IRES) arising from the 2017 positive taxable income, transferred to the parent company following adoption of the tax consolidation regime (8 million euro); • the receivables from the subsidiary AZ Fund Management SA related to the 20 million euro cash pooling arrangement.
236 Gruppo Azimut Liabilities
This item amounts to 11,962,152 euro, up by 76,694,505 euro on the previous year Section 1 (88,656,657 euro at 31 December 2016). The item is as follows: Payables Item 10 1.1 Breakdown of item 10 “Payables”
Breakdown/Value Total 31/12/2017 Total 31/12/2016
1. Due to sales networks: 1.1 for UCI sales 1.2 for individual portfolio management sales 1.3 for pension fund sales 2. Payables for asset management services: 2.1 for proprietary portfolio management 2.2 for discretionary portfolio management 2.3 for other 3. Payables for other services: 3.1 advisory services 3.2 outsourced corporate functions 3.3 other 4. Other payables 4.1 repurchase agreements of which: government securities of which for other debt securities of which for equity securities and units 4.2 other 11,962,152 88,656,657 Total 11,962,152 88,656,657 Fair value-Level 1 Fair value-Level 2 Fair value-Level 3 11,962,152 88,656,657 Total fair value 11,962,152 88,656,657
At the reporting date, this item includes the residual portion of the loan granted by Banco Bpm S.p.A. on 22 April 2008 for an initial amount of 200 million euro, divided into two lines, A and B, each originally amounting to 100 million euro. The credit lines are repayable in tranches and expire on 30 June 2013 and 30 June 2018 respectively, with the interest rate calculated based on the Euribor plus 115 basis points for Line A and 125 basis points for Line B. The loan is not subject to covenants nor express termination clause.
237 Notes to the separate financial statements
The decrease in “other payables” on 31 December 2016 is due to the combined effect of the following transactions (i) the repayment of the instalment of the loan granted by Banco BPM S.p.A. (Line B) (10,000,000 euro), (ii) the repayment of the loan granted by Azimut Partecipazioni S.r.l. (68,500,000 euro) on 18 November 2016 and (iii) the payable to Azimut Capital Management Sgr S.p.A. on the cash account for the purchase of treasury shares settled in early January 2018.
1.2 "Payables": breakdown by counterparty
Breakdown/Counterparty Banks Financial institutions Customers of which of which of which Group Group Group 1. Due to sales networks: 1.1 for UCI sales 1.2 for individual portfolio management sales 1.3 for pension fund sales 2. Payables for asset management services: 2.1 for proprietary portfolio management 2.2 for discretionary portfolio management 2.3 for other 3. Payables for other services: 3.1 advisory services received 3.2 outsourced corporate functions 3.3 other 4. Other payables 4.1 repurchase agreements of which: government securities of which for other debt securities of which for equity securities and units 4.2 other 10,000,000 1,962,152 Total 31.12.2017 10,000,000 1,962,152 Total 31.12.2016 20,051,110 68,605,547
238 Gruppo Azimut 2.1 Breakdown of item 20 “Outstanding securities” Section 2 Outstanding securities Item 20
Liabilities Total 31/12/2017 Total 31/12/2016 Carrying Fair value Carrying Fair value amount amount Level 1 Level L2 Level L3 Level 1 Level L2 Level L3 1. Securities bonds 353,815,985 353,815,985 226,522,394 244,237,783 other securities Total 353,815,985 353,815,985 226,522,394 244,237,783
This item is solely comprised of the “Azimut 2017-2022 2.000%” bond amounting to 353,815,985 euro originally composed of 3,500 bonds for a nominal amount of 100,000 euro, with a duration of five years and issued on 27 March 2017. For additional information about the transaction, reference should be made to the paragraph “Significant events of the year”. The amount refers to total bonds sold and includes the charges incurred by the company for the issue and placement, in addition to interest expense accrued at 31 December 2017 which will be paid on the pre-established date. The bond bears annual fixed interest of 2.000%. In May 2017, the company repurchased its “euro 250,000,000 2.125% Subordinated Convertible Bonds due 2020” issued in November 2013 through a reverse bookbuilding process.
2.2 Subordinated securities The company has no subordinated securities.
“Tax liabilities” are described in detail in section 12 of assets to which reference Section 7 should be made. Tax liabilities Item 70
This item amounts to 98,389,673 euro, up by 91,630,913 euro on the previous year Section 9 (6,758,760 euro at 31 December 2016). Other liabilities Item 90
239 Notes to the separate financial statements
9.1 Breakdown of item 90 “Other liabilities”
31/12/2017 31/12/2016 Due to suppliers 2,178,586 2,067,997 Due to company bodies 308,421 229,437 Due to Inland Revenue 443,956 430,427 Due to social security bodies 255,764 250,851 Due to employees 1,489,696 1,629,290 Other payables 93,713,250 2,150,758 Total 98,389,673 6,758,760
“Other payables” include the amounts due to the subsidiary Azimut Financial Insurance S.p.A. against the direct taxes (IRES) transferred to the Company in accordance with the Tax Consolidation Regime and the payable to the subsidiary Azimut Partecipazioni S.r.l. for the cash pooling arrangement.
Section 10 This item amounts to 722,367 euro, down by 399,600 euro on the previous year Staff severance pay (TFR) (1,121,967 euro at 31 December 2016). Item 100 10.1 "Staff severance pay (TFR)": annual changes
Total 31/12/2017 Total 31/12/2016 A. Opening balance 1,121,967 908,579 B. Increases 113,483 219,468 B1. Provisions for the year 113,483 131,632 B2. Other increases: 87,836 C. Decreases 513,083 6,080 C1. Payments made 354,676 6,080 C2. Other decreases 158,407 D. Closing balance 722,367 1,121,967
"Other decreases" include the actuarial gain of the year with a direct balancing entry in the specific equity reserve, net of the related tax effect and the substitute tax.
10.2 "Other information” In accordance with that set out in the Part A - Section A.2 on the accounting standards applied to individual financial statements items, staff severance pay was calculated pursuant to IAS 19, based on the following specific technical, demographic and financial assumptions:
240 Gruppo Azimut Demographic assumptions In order to determine the probabilities of removal of personnel in service due to death, the SIM/F 2000 table was used (ISTAT - Italian National Institute of Statistics - mortality table by gender), prudentially reduced by 20%. Decreases due to disability were calculated using the relevant INPS (the Italian social security institution) tables, reduced by 20%. Pension, which is considered the main reason for outgoing employees, was subject to a timescale equal to meeting the minimum requirement (contribution period or seniority), calculated in accordance with ruling legislation. The following parameters were used for other technical, non- financial factors: • Turnover: 1.5% unchanged; • Advance: 2% unchanged; • Amount paid in advance: 70%. Finally, assessment of the allocation of TFR to private pension funds was carried out based on the behaviour observed on assessment (lack or partial adherence to private pension funds), without making any assumption on the future decisions of the personnel different from the current ones.
Financial assumptions IAS 19 requires utilisation of financial technical factors. These assumptions reflect their influence on the prospective trend of flows (following remuneration increases and forecast inflation scenarios) and on discounting of the Company's estimated liability at the measurement date. Indeed, the discount rate is the main financial assumption on which the analysis results depend. • Inflation: a constant rate of 2.00% was used with respect to the future inflation scenario to be used for remuneration and TFR revaluation. • Interest rates: the future liability to employees was discounted using the yield curve of debt securities in accordance with IAS 19.
11.1 Breakdown of item 110 “Provisions for risks and charges” Section 11 At 31 December 2017, this item amounts to 150,000 euro (30,000 euro at 31 Provisions for risks December 2016). and charges Item 110
11.2 Item 110 “Provisions for risks and charges”: annual changes The increase on 31 December 2016 is due to the provision for legal disputes accrued during the year equal to the present value of the charge that is expected to be necessary to settle the obligations.
241 Notes to the separate financial statements
Other provisions Total Opening balance 30,000 Accruals 150,000 Utilisation 30,000 Other Total 31/12/2017 150,000
Section 12 The breakdown of shareholders’ equity is as follows: Shareholders’ Equity Items 120, 130, 140, 150, 12.1 Breakdown of item 120 “Share capital” 160 and 170 Types of shares A m o u n t 1. Treasury shares 32,324,092 1.1 Ordinary shares 32,324,092 1.2 Other shares -
At 31 December 2017, the fully paid up and subscribed share capital was composed of 143,254,497 ordinary shares, with a total value of 32,324,092 euro.
12.2 Breakdown of item 130 “Treasury Shares”
Types of shares Total 1. Treasury shares 130,028,451 1.1 Ordinary shares 130,028,451 1.2 Other shares -
At 31 December 2017, Azimut Holding S.p.A. held 13,314,037 treasury shares at an average carrying amount of 9.766 euro per share.
12.3 Breakdown of item 140 “Equity instruments” This item amounts to 36,000,000 euro and relates to the issue amount, as per the shareholders' resolution of 29 April 2010, of 1,500,000 profit-participating financial instruments (equal to their fair value calculated by an independent leading company).
12.4 Breakdown of item 150 “Share premium reserve” The share premium reserve amounts to 173,986,915 euro at 31 December 2017 (173,986,915 euro at 31 December 2016).
242 Gruppo Azimut 12.5 Other information 12.5.1 Breakdown of Item 160 “Reserves”
Legal Other Total reserve reserves A. Opening balance 6,464,818 234,638,729 241,103,547 B. Increases 18,559,656 18,559,656 B.1 Profit appropriations 3,559,656 3,559,656 B.2 Other changes 15,000,000 15,000,000 C. Decreases (6,422,279) (6,422,279) C.1 Allocations loss account reserve dividends transfers to share capital C.2 Other changes (6,422,279) (6,422,279) D. Closing balance 6,464,818 246,776,106 253,240,924
The following gives a breakdown of shareholders’ equity, showing the origin and level of availability and distributability of the items, in accordance with Article 2427 paragraph 7-bis of the Italian Civil Code.
243 Notes to the separate financial statements
Breakdown of shareholders' equity (article 2427 no. 7-Bis)
Type/Description Summary of uses over past three years Amount Possible Available Loss account Other use amount reserve Share capital 32,324,092 Share capital reserve: Treasury share reserve -130,028,451 Parent company share or quota reserve Share premium reserve 173,986,915 A,B,C 173,986,915 Other reserves 13,866,120 Equity instruments 36,000,000 Income-related reserve: Legal reserve 6,464,818 B 6,464,818 Unallocated earnings 232,909,986 A,B,C 232,909,986 Total 365,523,480 413,361,719 A: share capital increase B: to cover losses C: dividends
12.5.2 Breakdown of item 170 “Valuation reserves”
Available-for-sale Staff severance pay Total financial assets (TFR) A. Opening balance 70,430 -76,939 -6,509 B. Increases 5,881,709 158,407 6,040,116 B.1 Increases in fair value 4,701,527 4,701,527 B.2 Other changes 1,180,182 158,407 1,338,589 C. Decreases 5,305,162 46,331 5,351,493 C.1 Decreases in fair value 3,936,619 3,936,619 C.2 Other changes 1,368,543 46,331 1,414,874 D. Closing balance 646,976 35,137 682,113
244 Gruppo Azimut Part C - Notes to the income statement Section 1 Fee and commission This item amounts to 2,000,000 euro (unchanged from last year) and include royalties on income and expenses the "Azimut" trademark for the year, charged to Azimut Capital Management SGR S.p.A. Items10 and 20
1.1 “Fee and commission income and expense” Services Total 31/12/2017 Total 31/12/2016 Fee and Fee and Net fee Fee and Fee and Net fee comm. comm. and comm. comm. and income expense comm. income expense comm. A. Asset management 1. Proprietary portfolio management 1.1 Mutual funds Management fees Incentive fees Entry / redemption fees Switch fees Other fees Total mutual fund fees 1.2 Individual portfolio management Management fees Incentive fees Entry / redemption fees Other fees Total individual portfolio management fees 1.3 Open-ended pension funds Management fees Incentive fees Entry / redemption fees Other fees Total open pension fund fees 2. Discretionary portfolio management Management fees Incentive fees Other fees Total discretionary portfolio management fees Total asset management fees (A) B. Other services Consulting Royalties 2,000,000 2,000,000 2,000,000 2,000,000 Total fees for other services (B) 2,000,000 2,000,000 2,000,000 2,000,000 Total fees (A+B) 2,000,000 2,000,000 2,000,000 2,000,000
245 Notes to the separate financial statements
Section 2 This item amounts to 240,453,618 euro, up by 52,584,175 euro on the previous Dividends and year (187,869,443 euro in 2016). similar income Item 30 2.1 Breakdown of item 30 “Dividends and similar income”
Items/Income Total 31/12/2017 Total 31/12/2016 Dividends Income from Dividends Income from UCI units UCI units 1. Held-for-trading financial assets 2. Available-for-sale financial assets 255,232 255,232 3. Financial assets measured at fair value 4. Equity investments 240,198,386 187,614,211 Total 240,198,386 255,232 187,614,211 255,232
“Dividends from equity investments" may be analysed as follows:
Description 2017 2016 Azimut Consulenza SIM S.p.A. 66,780,000 Azimut Capital Management SGR S.p.A. 26,800,000.00 25,500,000 AZ Fund Management SA 137,578,994 90,452,461 AZ Life Dac 3,900,000 Augustum Opus SIM S.p.A. 1,519,392 981,750 Azimut Partecipazioni S.r.l. 74,300,000 Total 240,198,386 187,614,211
The amount related to the subsidiary AZ Fund Management SA also includes the interim dividend whose distribution was approved during the year.
Section 3 Interest income Interest This item amounts to 86,380 euro (190,430 euro in 2016), down on the previous Items 40 and 50 year. It includes gross interest income on current accounts.
246 Gruppo Azimut 3.1 Breakdown of item 40 “Interest income and similar income”
Items/Technical forms Debt Repurchase Deposits Other Total Total securities agreements and current 31/12/2017 31/12/2016 accounts 1. Held-for-trading financial assets 2. Financial assets measured at fair value 3. Available-for-sale financial assets 4. Financial assets held to maturity 5. Receivables 86,380 86,380 190,430 6. Other assets 7. Hedging derivatives Total 86,380 86,380 190,430
Interest expense This item amounts to 10,046,198 euro (11,162,874 euro at 31 December 2016), down by 1,116,676 euro on the previous year.
3.2 Breakdown of item 50 “Interest expense and similar charges”
Items/Technical forms Loans Repurchase Securities Other Total Total agreements 31/12/2017 31/12/2016 1. Payables 550,565 1,264 551,830 373,929 2. Outstanding securities 9,494,368 9,494,368 10,788,945 3. Held-for-trading financial liabilities 4. Financial liabilities measured at fair value 5. Other liabilities 6. Hedging derivatives Total 550,565 9,494,368 1,264 10,046,198 11,162,874
The item is a loss of 8,926,414 euro (2016: 101,830 euro) and mainly relates to Section 7 the losses incurred in respect of the early redemption of “Azimut 2013-2020” Profits (losses) on disposal subordinated bond and the net losses arising from the disinvestment of the mutual or repurchase funds held by the Company as part of liquidity management policies. Item 90
247 Notes to the separate financial statements
7.1 Breakdown of item 90 “Profits (losses) on disposal and repurchase”
Items/Income items Total 31/12/2017 Total 31/12/2016 Profit Loss Net Profit Loss Net result result 1. Financial assets 1.1 Available-for-sale assets 4,814,770 5,823,705 (1,008,935) 163,300 55,268 108,032 1.2 Held-to-maturity assets - - - 1.3 Other financial assets - - - Total (1) 4,814,770 5,823,705 (1,008,935) 163,300 55,268 108,032 2. Financial liabilities 2.1 Payables - - 2.2 Outstanding securities 7,917,479 (7,917,479) 6,202 -6,202 Total (2) - 7,917,479 (7,917,479) - 6,202 -6,202 Total (1+2) 4,814,770 13,741,184 (8,926,414) 163,300 61,470 101,830
Section 9 This item amounts to 21,989,647 euro, up by 2,108,962 euro on the previous year Administrative costs (19,880,685 euro in 2016). Item 110
248 Gruppo Azimut 9.1 Breakdown of item 110.a. “Personnel costs”
Items/Sectors Total Total 31/12/2017 31/12/2016 1. Employees 6,707,692 6,607,988 a) wages and salaries 4,885,909 4,952,611 b) social security 1,426,311 1,284,638 c) staff severance pay (TFR) d) pension contributions e) TFR provisions 312,177 301,248 f) accrual to the pension provision and similar obligations: defined contribution defined benefit g) private pension plans: defined contribution defined benefit h) other expenses 83,295 69,491 2. Other personnel 104,324 599,507 3. Directors and Statutory Auditors 2,451,179 1,814,764 4. Early retirement costs - - 5. Cost recoveries for employees seconded to other companies - - 6. Reimbursed costs for employees seconded to the company - - Total 9,263,195 9,022,259
9.2 Average number of employees by category
Position 31/12/2017 31/12/2016 Managers 18 17 Middle managers 10 11 Office staff 3 2 Total 31 30
249 Notes to the separate financial statements
9.3 Breakdown of item 110.b. “Other administrative costs”
31/12/2017 31/12/2016 Professional services rendered 4,978,696 3,404,903 Insurance premiums 187,977 118,768 Indirect taxes 96,421 39,835 Advertising, promotion and marketing expenses 181,347 710,456 Outsourcing and EDP services 3,053,386 3,370,594 Expenses for acquisition of non-professional goods and services 4,228,624 3,213,870 Total 12,726,452 10,858,426
The increase in ”Professional services rendered” refers to the legal fees incurred to settle the subordinated bond, while the increase in “Expenses for acquisition of non-professional goods and services” is due to the cost of the pro-rata VAT which cannot be deducted from the purchases of the year.
Section 10 10.1 Breakdown of “Net impairment and write-ups of tangible assets” Net impairment losses/reversals of impairment losses on tangible assets Items 120
Items/Impairment and write-ups Depreciation Impairment Reversals of Net result losses impairment losses 1. Group-owned 326,053 326,053 business purposes 326,053 - - 326,053 investment purposes - - - - 2. Under finance lease business purposes - - - - investment purposes - - - - Total 326,053 - - 326,053
250 Gruppo Azimut 11.1 Breakdown of item 130 “Net impairment losses/reversals of impairment losses Section 11 on intangible assets” Net impairment losses/reversals of impairment losses on intangible assets Items 130 Items/Impairment and write-ups Amortisation Impairment Reversals of Net result losses impairment losses 1. Goodwill - - 2. Other intangible assets 653,140 - - 653,140 2.1 Group-owned 653,140 - - 653,140 generated internally - - other (software packages) 653,140 - - 653,140 2.2 Under finance lease - - - - Total 653,140 - - 653,140
This item of 120,000 euro (2016: 30,000 euro) comprises the net accrual to the Section 13 provision for sundry risks and charges related to litigation risks. Net accruals to provisions for risks and charges Items 150
This item amounts to 1,217,702 euro (2016: 1,756,617 euro) and mainly includes Section 14 recharged amounts for coordination and management activities by the parent and Other operating income other amounts recharged to subsidiaries. and costs Items 160
Taxes for the year amount to a positive 7,145,777 euro (positive by 2,081,767 in Section 17 2016). Income tax on profit from continuing operations Items 190
17.1 Breakdown of item 190 “Income tax on profit from continuing operations”
Total Total 31/12/2017 31/12/2016 1. Current taxes -3,725,865 2,789,763 2. Changes in current taxes of previous years 3. Decrease in current taxes for the year 3.bis Reduction in current taxes for the year due to tax credits pursuant to Italian Law No. 214/2011 4. Change in deferred tax assets -3,327,414 -6,091,339 5. Change in deferred tax liabilities -92,498 1,219,809 Taxes for the year -7,145,777 -2,081,767
251 Notes to the separate financial statements
Current income taxes for the year mainly refers to IRAP of the year, calculated in accordance with ruling legislation and income from tax consolidation amounting to the taxes receivable and due on taxable income transferred to the parent company by the Group’s Italian subsidiaries that have adopted the tax consolidation regime pursuant to Article 117 of Italian Presidential Decree 917/86.
17.2 Reconciliation of theoretical tax burden and effective tax burden
2017 Taxable income Tax % rate IRES Pre-tax profit 201,790,583 Theoretical IRES tax burden 55,492,410 27.50% Effect of increases 1,797,050 494,189 27.74% Effect of decreases 237,042,810 (65,186,774) Of which: Dividends 228,188,466 (62,751,829) -3.35% Goodwill amortisation 5,506,865 (1,514,388) -4.10% Trademark amortisation 3,055,556 (840,278) -4.52% Other 291,923 (80,279) -4.56% Change in deferred tax assets (2,879,722) 791,924 -4.17% Change in deferred tax liabilities 6,855,192 (92,807) -4.21% Other changes (3,118,600) -5.76% IRES tax for the year (11,619,658) -5.76% IRES effective tax rate -5.76% IRAP taxable income 77,259,923 4,303,378 5.57% Change in deferred tax assets 3,055,556 170,194 5.57% Change in deferred tax liabilities 5,557 309 5.56% IRAP tax for the year 4,473,881 5.56% Total income tax for the year (7,145,777)
252 Gruppo Azimut Part D - Other information
1.1 Information on commitments, guarantees and third party assets Section 1 1.1.1 Commitments and guarantees issued to third parties Specific references At 31 December 2017, the Company had commitments to Banca Popolare di Vicenza to business activities (now Intesa San Paolo) and Banco Bpm S.p.A. for a total of 3.1 million euro relating to sureties issued in favour of the subsidiary Azimut Capital Management Sgr S.p.A. No collateral was issued at 31 December 2017. As regards the business activities of AZ Life Dac, for as long as there is no change in its shareholding structure, Azimut Holding S.p.A. has made a commitment to the IFSRA (Irish Financial Services Regulatory Authority) to provide the insurance company with the necessary capital in the event that it is unable to meet an adequate solvency margin, in accordance with the relevant regulations.
1.1.4 Own securities deposited with third parties
Own securities deposited with third parties 31/12/2017 31/12/2016 UCI units deposited with BNP Paribas 168,129,192 158,555,800 UCI units deposited with Banque De Rothschild Luxembourg 15,770,911 15,606,070
Azimut Holding S.p.A. treasury shares deposited with Banco BPN S.p.A. 164,424,373 163,437,887
Azimut Holding S.p.A. treasury shares deposited with BCC Treviglio 35,134,000
Azimut Holding S.p.A. treasury shares deposited 1,302,931 with BPVI (now Intesa San Paolo) 13,066,798 Total 396,525,274 338,902,688
3.1 Financial risks Section 3 As regards financial risks, the Company's proprietary trading is exposed to market risk. Information on risk Moreover, the financial instruments in question are easily liquidated and are monitored management and hedging policies closely, most being mutual fund units managed by the Group companies. As for credit risk, there are no specific problems given the nature of the corporate activity. At 31 December 2017, Azimut Holding S.p.A. held only funds managed by group companies in its proprietary portfolio as part of liquidity management policies. Details at the reporting date:
253 Notes to the separate financial statements
Name Issuer Company Total 31/12/2016 Type
AZ Fund 1 AZ Fund Mgt SA AZ Fund Mgt SA 134,613,025 Luxembourg open-ended fund AZ Multi Asset AZ Fund Mgt SA AZ Fund Mgt SA 24,606,902 Luxembourg open-ended fund Eskatos Eskatos Capital Mgt SA Eskatos Capital Mgt SA 15,770,911 Luxembourg Multistrategy open-ended fund Antares fund Azimut Libera Impresa SGR S.p.A. Azimut Libera Impresa SGR S.p.A. 3,371,587 Italian closed-ended fund Ipo Club fund Azimut Libera Impresa SGR S.p.A. Azimut Libera Impresa SGR S.p.A. 5,537,678 Italian closed-ended fund Total 183,900,103
* this amount is the entire outstanding balance of the item “Available-for-sale financial assets” in the financial statements at 31 December 2017.
As regards the risks linked to the investment held in Eskatos - AZ Multistrategy ILS Fund (a fund of Eskatos S.C.A., SICAV-FIS), this UCI is an asset that is completely uncorrelated with the normal risks that instruments usually present on the market are subject to. The return of the Eskatos - AZ Multistrategy ILS Fund was positive during the year, as well as in the first few months of 2018. Specifically, the assessment is performed by periodically checking that the management of the Eskatos - AZ Multistrategy ILS Fund (a fund of Eskatos S.C.A. SICAV-FIS) applies adequate measurement techniques in line with the specific characteristics of the portfolio and implements the processes necessary to ensure that the risks associated to the instruments invested by the fund and the relevant contributions to the portfolio total risk are identified based on sound and reliable qualitative and quantitative information, while considering the actuarial peculiarities of the insurance-linked instruments; moreover, it should carry out stress tests and scenario analyses to identify any potential risks associated to significant events related to the value of the fund portfolio or part of it. As regards the assessment procedure for the management of financial assets on behalf of third parties, the risk management function plays a significant role. This service involves both performing ex-ante and ex-post evaluations of the risk profiles of the various managed portfolios and providing the Investment Department with an ex-ante market risk evaluation procedure. Specifically, the assessment is performed by analysing the portfolios of the individual funds and monitoring, on an on-going basis, the significant risk factors identified, such as the average financial duration, exposure to various asset classes and financial instruments, currency exposure and the credit rating of the issuers. The assessment of the fund’s risk profile is performed ex-post both in absolute terms (volatility understood as the standard annual deviation) and in relative terms compared to the benchmark (tracking error volatility). The risk management function uses external providers to calculate the Value at Risk (VaR) of all the portfolios managed with regard to the ex-ante evaluation of the market risk. Where necessary, the VaR represents the basis for the establishment of the limits within which the manager may accept the risk.
254 Gruppo Azimut In addition, the risk management function monitors the development of the risk models adopted and the return of the funds in relation to peers and the benchmark, where disclosed.
3.2 Operational risks Qualitative information This form of risk includes those that are typical of the various business operating procedures. The risk management function “maps out” the risks in the broader framework of its own activities, preparing and constantly maintaining an up-to-date database of the risks identified. This is then discussed by the Internal Control and Risk Management Committee, which analyses the risks at Group level. Activities which show significant risk values are analysed and assessed by this Committee and, if required, the necessary action is subsequently taken.
4.1 Company shareholders’ equity Section 4 Information on 4.1.1 Qualitative information shareholders' equity For information on the individual shareholders’ equity items, please refer to Part B of these notes.
255 Notes to the separate financial statements
4.1.2 Quantitative information 4.1.2.1 Company shareholders’ equity: breakdown
Items/Value Total Total 31/12/2017 31/12/2016 1. Share capital 32,324,092 32,324,092 2. Share premium reserve 173,986,915 173,986,915 3. Reserves 253,240,924 241,103,546 income-related a) legal 6,464,818 6,464,818 b) statutory c) treasury shares d) other 232,909,986 235,772,608 other 13,866,120 -1,133,880 4. (Treasury shares) -130,028,451 -81,288,162 5. Valuation reserves 682,113 -6,509 Available-for-sale financial assets 646,976 70,430 Tangible assets Intangible assets Foreign investment hedge Cash flow hedge Exchange rate differences Non-current assets held for sale and discontinued operations
Special revaluation laws Actuarial gains/losses on defined benefit plans 35,137 -76,939 Share of valuation reserves for investments measured at equity 6. Equity instruments 36,000,000 70,949,500 7. Profit (loss) for the year 208,842,024 161,942,807 Total 575,047,617 599,012,189
256 Gruppo Azimut 4.1.2.2 Valuation reserves of available-for-sale assets: breakdown
Assets/Value Total 31/12/2017 Total 31/12/2016 Positive Negative Positive Negative reserve reserve reserve reserve
Debt securities Equity securities UCI units 646,976 70,430 Loans Total 646,976 - - 70,430
4.1.2.3 Valuation reserves of available-for-sale financial assets: annual changes
Debt Equity UCI Loans Total securities securities units 1. Opening balance 70,430 70,430 2. Increases - - 5,788,847 - 5,788,847 2.1 Increases in fair value - - 552,251 - 552,251 2.2 Transfer to profit or loss of negative reserves: - - 4,149,275 - 4,149,275 following impairment - - - - - following disposal - - - - - 2.3 Other changes - - 1,087,321 - - 3. Decreases - - 5,212,301 - 5,212,301 3.1 Decreases in fair value 1,498,418 1,498,418 3.2 Impairment losses - - -
3.3 Transfer to profit or loss of positive reserves: following disposal - - 2,438,201 - 2,438,201 3.4 Other changes - - 1,275,682 - 1,275,682 4. Closing balance - - 646,976 - 646,976
257 Section 5 Statement of comprehensive income Items Gross amount Income tax Net amount 10. Profit for the year 201,696,247 7,145,777 208,842,024 Other comprehensive income not transferred to profit or loss 154,587 -42,511 112,076 20. Tangible assets 30. Intangible assets 40. Defined benefit plans 154,587 -42,511 112,076 50. Non-current assets held for sale 60. Share of valuation reserves of investments measured at equity Other comprehensive income transferred to profit or loss 764,907 -188,361 576,546 70. Foreign investment hedge: a) changes in fair value b) transfer to profit or loss c) other changes 80. Exchange rate differences: a) changes in fair value b) transfer to profit or loss c) other changes 90. Cash flow hedge: a) changes in fair value b) transfer to profit or loss c) other changes 100. Available-for-sale financial assets: a) changes in carrying amount -946,167 260,196 -685,971 b) transfer to profit or loss impairment losses profits/losses on disposal 1,711,074 -448,557 1,262,517 c) other changes 110. Non-current assets held for sale: a) changes in fair value b) transfer to profit or loss c) other changes 120. Share of valuation reserves of investments measured at equity: a) changes in fair value b) transfer to profit or loss impairment losses profits/losses on disposal c) other changes 130. Total other comprehensive income 919,494 -230,873 688,622 140. Comprehensive income (Items 10+130) 202,615,741 6,914,905 209,530,646
258 Gruppo Azimut 6.1 Information on key management fees Section 6 At 31 December 2017, directors' fees amounted to 779,025 euro and the fees for the Related-party transactions Board of Statutory Auditors members stood at 208,000 euro. The Board of Directors is composed of 12 members. The Board of Auditors has three standing members.
6.2 Related-party disclosures Related party transactions refer exclusively to commercial transactions carried out by Azimut Holding S.p.A. with its subsidiaries in 2017. These transactions are part of the Group’s ordinary operations and are conducted on an arm’s length basis. The most important commercial transactions are described below: • for use of the trademark, the subsidiary Azimut Capital Management Sgr S.p.A. pays Azimut Holding S.p.A. annual royalties totalling 2,000,000 euro, established by contract; • Azimut Holding S.p.A., as the parent company, Azimut Capital Management Sgr S.p.A., Azimut Financial Insurance S.p.A., Azimut Enterprises Holding S.r.l. and Azimut Partecipazioni S.r.l., as subsidiaries, have adopted the tax consolidation regime; • a contractually established annual fee (totalling 1,000,000 euro) is payable for the coordination activities carried out by the company on behalf of the subsidiary Azimut Capital Management Sgr S.p.A.: • an annual fee calculated based on contractually established percentages is payable for the Risk Management, Internal Audit, Compliance and Anti-money Laundering control activities carried out by the company in favour of the subsidiaries Azimut Capital Management S.p.A., Azimut Libera Impresa Sgr S.p.A. and Cgm Italia Sgr S.p.A. The 2017 balance is 455,352 euro.
259 Notes to the separate financial statements
Total Related parties Absolute % value Assets Other assets: 38,698,981 31,593,418 81.64% Receivables for tax consolidation 7,186,322 18.57% Receivable for cash pooling arrangement 20,807,286 53.77% Invoices issued for administrative cost recoveries 1,599,810 4.13% Invoices to be issued for Royalties 2,000,000 5.17% Liabilities Payables 11,962,152 1,962,152 16.40% Payables for cash held in deposit accounts 1,962,152 16.40% Other liabilities: 98,389,673 94,019,493 95.56% IRES payables 3,724,704 3.79% Payables for cash pooling arrangement 89,986,368 91.46% Due to Directors 119,271 0.12% Due to the Board of statutory auditors 189,150 0.19% Income statement Interest expense 10,046,198 399,202 3.97% Administrative costs 21,989,647 2,451,179 11.15% Statutory auditors' fees 208,000 0.95% Directors' fees 2,243,179 10.20% Commission income (royalties) 2,000,000 2,000,000 100% Other operating income 1,487,352 1,487,352 100%
Section 7 7.1 Dividends paid Other information The unit dividend for 2017 amounted to 1 euro per ordinary share and was paid in May 2017.
7.2 Significant non-recurring events and transactions During the year, Azimut Holding S.p.A. did not carry out non-recurring equity transactions that were not disclosed in these notes. There were no atypical and/or unusual transactions.
7.3 Auditing and non-auditing service fees Pursuant to Article 149-duodecies of Consob Regulation No. 11971/99 and subsequent amendments and supplements, the breakdown of fees (net of VAT and expenses) due to the independent auditors and companies within its network for auditing and non- auditing services during 2017 is as follows:
260 Gruppo Azimut Service Service Fees provider (Euro) Audit PricewaterhouseCoopers S.p.A. 105,000 Tax services for compliance stamp PricewaterhouseCoopers S.p.A. 3,500 Other services PricewaterhouseCoopers S.p.A. (*) 35,000 Other services PricewaterhouseCoopers Advisory S.p.A. (**) 26,000 Certification services PricewaterhouseCoopers S.p.A. (***) 110,000 Total 279,500 (*) This amount includes the limited assurance on the non-financial disclosure prepared in accordance with ruling legislation and included in the management report. (**) This amount includes the fees related to the gap analysis carried out for the Group's Manager in charge of financial reporting. (***) This amount mainly includes the fees related to the comfort letter for the convertible bond issue and the certification services (35,000 euro) related to the limited review of the condensed consolidated interim financial statements of Azimut Holding S.p.A.
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
261 262 Gruppo Azimut Annexes
263 Annex A
Equity investments
N a m e Carrying amount Stake Voting Registered Assets at 31/12/2017 rights office A. Wholly-owned subsidiaries
AZ Fund Management SA 3,239,925 51% 51% Luxembourg
Mutual funds
AZ Life Dac 10,012,150 100% 100% Ireland
Life insurance
Azimut Capital Management SGR S.p.A. 326,589,049 100% 100% Milan
Mutual and speculative funds management
AZ International Holdings SA 239,185,552 100% 100% Luxembourg
Equity investment management
Azimut Global Counseling S.r.l. 1,710,000 100% 100% Milan
Advisory services
Azimut Enterprises Holding S.r.l. 15,827,882 100% 100% Milan
Equity investment management
Azimut Libera Impresa SGR S.p.A. 4,366,591 100% 100% Milan
Funds
Azimut Financial Insurance S.p.A. 19,653,687 100% 100% Milan
Insurance agent and distribution of bank products
Azimut Partecipazioni S.r.l. 3,068,303 100% 100% Milan
Equity investment management
Note: The difference between the carrying amount and the value under the equity method for the investees Azimut Capital Management SGR S.p.A. and AZ Fund Management SA refers to the revaluation performed after reallocation of goodwill arising from merger generated in 2002.
264 Gruppo Azimut Total Total Shareholders’ Profit/(loss) for the Listed assets income equity most recent year
125,637,385 516,252,537 254,706,136 226,845,920 NO
6,870,232,404 72,810,028 114,291,659 26,344,710 NO
222,232,325 347,554,216 90,825,564 15,901,467 NO
238,144,099 1,830,286 236,095,399 -1,343,405 NO
712,458 901,263 286,659 -45,077 NO
14,728,396 3,078 14,721,026 -169,117 NO
5,954,251 4,148,663 4,906,081 675,679 NO
73,788,377 79,689,162 42,454,983 27,594,976 NO
96,950,049 94,329,993 95,103,145 93,462,915 NO
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
265 Annex B
Statement of significant equity investments pursuant to Article 125 of Consob regulation No. 11971/1999 Reporting date: 31 December 2017
Name Country Stake Type of ownership (direct/indirect) share/quotaholder % stake 1. Azimut Capital Management SGR S.p.A. Italy Azimut Holding S.p.A. 100 Direct ownership 2. AZ Fund Management SA Luxembourg Azimut Holding S.p.A. 51 Direct ownership Azimut Partecipazioni S.p.A. 30 Indirect ownership Azimut Financial Insurance S.p.A. 19 Indirect ownership 3. AZ Life DAC Ireland Azimut Holding S.p.A. 100 Direct ownership 4. Azimut Global Counseling S.r.l. Italy Azimut Holding S.p.A. 100 Direct ownership 5. Azimut Enterprises Holding S.r.l. Italy Azimut Holding S.p.A. 100 Direct ownership 6. Azimut Analytics S.r.l. Italy Azimut Enterprises Holding S.r.l. 60 Indirect ownership 7. Azimut Libera Impresa Sgr S.p.A. Italy Azimut Holding S.p.A. 100 Direct ownership 8. Azimut Financial Insurance S.p.A. Italy Azimut Holding S.p.A. 100 Direct ownership 9. Azimut Partecipazioni S.r.l. Italy Azimut Holding S.p.A. 100 Direct ownership 10. AZ International Holdings S.A. Luxembourg Azimut Holding S.p.A. 100 Direct ownership 11. AN Zhong (AZ) Investment Management Hong Kong AZ International Holdings SA 100 Indirect ownership 12. AN Zhong (AZ) Investiment Management Hong Kong An Zhong (AZ) Investment Management 100 Indirect ownership Hong Kong 13. An Zhong Investment Management Shanghai An Zhong (AZ) Investment 100 Indirect ownership (Shanghai) Co. Ltd. Management Hong Kong Ltd 14. Compagnie de Gestion Privée Monégasque Monaco AZ International Holdings SA 51 Indirect ownership 15. CGM Italia SGR S.p.A. Italy Compagnie de Gestion privée Monegasque 51 Indirect ownership 16. Katarsis Capital Advisors SA Switzerland AZ International Holdings SA 100 Indirect ownership 17. Eskatos Capital Management Sarl Luxembourg Katarsis Capital Advisors SA 100 Indirect ownership 18. AZ Swiss & Partners SA Switzerland AZ International Holdings SA 51 Indirect ownership 19. AZ Sinopro Financial Planning Ltd Taiwan AZ International Holdings SA 51 Indirect ownership 20. AZ Sinopro Investment Planning Ltd Taiwan AZ Sinopro Financial Planning Ltd 51 Indirect ownership 21. AZ Sinopro Insurance Planning Ltd Taiwan AZ Sinopro Investment Planning Ltd 51 Indirect ownership 22. AZ Investment Management Singapore Ltd Singapore AZ International Holdings SA 100 Indirect ownership 23. AZ Brasil Holdings Ltda Brazil AZ International Holdings SA 99.9 Indirect ownership 24. AZ Quest Participações SA Brazil AZ Brasil Holdings Ltda 65.4345 Indirect ownership 25. AZ Quest Investimentos Ltda Brazil AZ Quest Participações SA 65.37 Indirect ownership 26. Azimut Brasil Wealth Management Holding S.A. Brazil AZ Brasil Holdings Ltda 95.8 Indirect ownership 27. M&O Consultoria, Planejamento e Brazil Azimut Brasil Wealth 95.71 Indirect ownership Análise de Valores Mobiliários Ltda Management Holding S.A. 28. Futurainvest Investimentos e Participações Ltda Brazil Azimut Brasil Wealth 95.71 Indirect ownership Management Holding S.A. AZ & Partners Gestão de Recursos Ltda Brazil Azimut Brasil Wealth 100 Indirect ownership Management Holding S.A. 29. Azimut Brasil Wealth Management Ltda Brazil Azimut Brasil Wealth 90.41 Indirect ownership Management Holding S.A.
266 Gruppo Azimut Name Country Stake Type of ownership (direct/indirect) Shares/quotaholder % stake 30. Futurainvest Holding SA Brazil AZ Brasil Holdings Ltda 99.9 Indirect ownership 31. Azimut Brasil DTVM Ltda Brazil Futurainvest Holding SA 99.9 Indirect ownership 32. Azimut Portföy Yönetimi A.Ş. Turkey AZ International Holdings SA 100 Indirect ownership 33. AZ Mexico Holdings S.A. de CV Mexico AZ International Holdings SA 94.79 Indirect ownership 34. Mas Fondos S.A. Mexico AZ Mexico Holdings S.A. de CV 94.79 Indirect ownership 35. AZ Next Generation Advisory PTY Ltd Australia AZ International Holdings SA 52.42 Indirect ownership 36. Eureka Whittaker Macnaught PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 37. Pride Advice PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 38. Lifestyle Financial Planning Services (LFPS) PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 39. Eureka Financial Group PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 40. Pride Financial PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 41. Wise Planners PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 42. Domane Financial Advisers PTY LTD Australia Wise Planners PTY Ltd 52.42 Indirect ownership 43. Financial Lifestyle Partners PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 44. Harvest Wealth PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 45. RI Toowoomba PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 46. Empowered Financial Partners PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 47. Wealthwise PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 48. Priority Advisory Group PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 49. Sterling Planners PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 50. Logiro Unchartered PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 51. Aspire Pty Ltd Australia Logiro Unchartered PTY Ltd 52.42 Indirect ownership 52. On-Track Financial Solutions Pty Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 53. AZ Sestante Ltd Australia AZ International Holdings SA 100 Indirect ownership 54. AZ Andes S.p.A. Chile AZ International Holdings SA 92 Indirect ownership 55. Sigma Funds Management PTY Ltd Australia AZ International Holdings SA 51 Indirect ownership 56. AZ US Holding Inc. United States AZ International Holdings SA 100 Indirect ownership 57. AZ Apice Capital Management LLC United States AZ US Holding Inc. 70 Indirect ownership 58. Pride SMSF PTY Ltd Australia Pride Financial Pty Ltd 52.42 Indirect ownership 59. Priority Advisory Trust Australia Priority Advisory Group PTY Ltd 52.42 Indirect ownership 60. Priority Lifestile Advice Pty Ltd Australia Wise Planners Pty Ltd 52.42 Indirect ownership Priority Advisory Group Pty Ltd 52.42 Indirect ownership 61. Peters & Partners PTY Ltd Australia AZ Next Generation Advisory 52.42 Indirect ownership Accounting PTY Ltd 62. Menico Tuck Parrish Financial Solution Pty Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 63. AZ Next Generation Accounting PTY Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 64. AZ New Horizon Ltd United Arab AZ International Holdings SA 80 Indirect ownership Emirates
267 Name Country Stake Type of ownership (direct/indirect) Shares/quotaholder % stake 65. Wealthmed Australia Pty Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 66. Wealthmed Accounting Pty Ltd Australia Wealthmed Australia Pty Ltd 52.42 Indirect ownership 67. Wealthmed Property Pty Ltd Australia Wealthmed Australia Pty Ltd 52.42 Indirect ownership 68. Wealthmed Financial Planning Pty Ltd Australia Wealthmed Australia Pty Ltd 52.42 Indirect ownership 69. Farrow Hughes Mulcahy Financial Services Pty Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 70. H&H Wealth Management Pty Ltd Australia Priority Advisory Group Pty Ltd 52.42 Indirect ownership 71. Menico Tuck Parish Pty Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 72. Henderson Maxwel No.2 Pty Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 73. Henderson Maxwell Financial Planning Pty Ltd Australia Henderson Maxwel No.2 Pty Ltd 52.42 Indirect ownership 74. Henderson Maxwell Accounting Pty Ltd Australia Henderson Maxwel No.2 Pty Ltd 52.42 Indirect ownership 75. Hurwitz Geller Pty Ltd Australia AZ Next Generation Accounting Pty Ltd 52.42 Indirect ownership 76. Dunsford Financial Plannings Pty Ltd Australia AZ Next Generation Advisory PTY Ltd 52.42 Indirect ownership 77. AZ Industry & Innovation S.r.l. in liquidation Italy Azimut Holding S.p.A. 40 Direct ownership 78. Programma 101 Sicaf S.p.A. Italy Azimut Enterprises Holding S.r.l. 22.49 Indirect ownership 79. Siamosoci S.r.l. Italy Azimut Enterprises Holding S.r.l. 22.1 Indirect ownership 80. Cofircont Compagnia Fiduciaria S.r.l. Italy Azimut Enterprises Holding S.r.l. 30 Indirect ownership 81. Club 2 Investimenti S.p.A. Italy Azimut Enterprises Holding S.r.l. 17.9 Indirect ownership 82. Sterling Planners WA Australia Sterling Planners Pty Ltd 26.21 Indirect ownership 83. 3. Ipo Challenger 1 S.p.A. Italy Azimut Global Counseling S.r.l./ Ipo Club 31 Indirect ownership
On behalf of the Board of Directors Chief Executive Officer (Sergio Albarelli)
268 Gruppo Azimut Certification of the separate financial statements pursuant to Article 81-ter of Consob Regulation No. 11971 of 14 May 1999 and subsequent amendments and supplements
1. The undersigned, Sergio Albarelli, Chief Executive Officer, and Alessandro Zambotti, Manager in charge of financial reporting of Azimut Holding S.p.A., hereby represent, having also taken into account the provisions of Article 154- bis, paragraphs 3 and 4 of Italian Legislative Decree No. 58 of 24 February 1998: • the adequacy in view of the nature of the business and • the effective application of the administrative and accounting procedures used for the preparation of the 2017 separate financial statements.
2. The evaluation of the adequacy of the administrative and accounting procedures for the preparation of the separate financial statements at 31 December 2017 is based on a process designed by Azimut Holding S.p.A. in line with the Internal Control - Integrated Framework model issued by the Committee of Sponsoring Organisations of the Treadway Commission (COSO), an internationally accepted reference framework.
3. The undersigned also represent that: 3.1 the separate financial statements at 31 December 2017: • were prepared in accordance with the International Financial Reporting Standards endorsed by the European Commission pursuant to Regulation (EC) 1606/2002 of the European Parliament and Council, of 19 July 2002; • are consistent with the accounting books and records; • give a true and fair view of the financial position and results of operations of the issuer
3.2 the management report contains a reliable analysis of the operating performance and results, in addition to the position of the issuer, and a description of the main risks and uncertainties to which it is exposed.
Milan, 8 March 2018
Chief Executive Officer Manager in charge of (Sergio Albarelli) financial reporting (Alessandro Zambotti)
269 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
1. Azimut Holding Spa (di seguito la “Società” o l’”Emittente”) è dal luglio 2004 società Azioni a voto multiplo 0 0 N/A N/A Profilo dell’emittente quotata nel Mercato Telematico Azionario organizzato e gestito da Borsa Italiana Azioni con diritto di voto limitato 0 0 N/A N/A Spa, con sede sociale in Milano. Al fine di favorire la stabilità dell’assetto azionario della società, è stato costituito un Azioni prive del diritto di voto 0 0 N/A N/A Patto di Sindacato dal management, dai dipendenti, nonché dai consulenti finanziari Altro / / / / che operano per le società del Gruppo (come precisato al successivo punto 2.7). La Società è la capogruppo della principale realtà italiana indipendente operante nel Non sono emessi, ad oggi, altri strumenti finanziari attribuenti il diritto di sottoscri- settore del risparmio gestito. vere azioni di nuova emissione. Il Gruppo Azimut comprende diverse società attive nella promozione, gestione e nella distribuzione di prodotti e servizi finanziari, nonché assicurativi, aventi sede 2.2. Restrizione al trasferimento di titoli in Italia, Lussemburgo, Irlanda, Cina (Hong Kong e Shanghai), Monaco, Svizzera, Le azioni sono nominative indivisibili e liberamente trasferibili, fatto salvo quanto in- Singapore, Brasile, Taiwan, Turchia, Stati Uniti, Messico, Cile e Australia. dicato al successivo punto 2.7 con riferimento ai vincoli di blocco e di voto applicabili La Società, essendo una holding di partecipazioni, non è direttamente coinvolta in at- alle azioni sindacate di proprietà dei soggetti aderenti al Patto di Sindacato Azimut tività operative, ma svolge le funzioni legali, di amministrazione, finanza e controllo, Holding Spa. avendo la responsabilità del bilancio consolidato e la funzione di marketing e gestione del marchio “Azimut”, che viene svolta in modo centralizzato per tutte le società del 2.3. Partecipazioni rilevanti nel capitale Gruppo. Alla data di approvazione della presente relazione (8 marzo 2018), l’elenco nominati- vo degli azionisti che partecipano direttamente o indirettamente in misura superiore 1.1. Sistema di governo societario al 3% del capitale sociale sottoscritto, rappresentato da azioni con diritto di voto, La Società ha adottato il modello di amministrazione e controllo tradizionale di cui secondo quanto risulta dalle comunicazioni effettuate ai sensi dell’art. 120 TUF, è il agli artt. da 2380 a 2409septies del Codice Civile, caratterizzato dalla presenza di un seguente: organo di gestione, il Consiglio di Amministrazione, e di un organo di controllo, il Partecipazioni rilevanti nel capitale Collegio Sindacale. Nell’ambito del modello prescelto, Azimut Holding Spa svolge le funzioni di indiriz- Dichiarante Azionista Quota % Quota % su diretto su capitale capitale zo, coordinamento e controllo delle società del Gruppo nel rispetto delle disposizioni ordinario votante vigenti e dell’autonomia delle società sottoposte a vigilanza. Con riferimento al Consiglio di Amministrazione ed agli organi delegati si rimanda Azimut Holding Spa Azimut Holding Spa 8,949 8,949 a quanto indicato al successivo punto 4. Blackrock Inc. Blackrock (Netherlands) BV -0,012 -0,012 Blackrock Fund Advisors -5,012 -5,012 Blackrock Advisors LLC -0,013 -0,013 2. 2.1. Struttura del capitale sociale Informazioni sugli assetti La società ha un capitale sociale di Euro 32.324.091,54, interamente sottoscritto e Blackrock Asset Management Deutschland AG -0,210 -0,210 proprietari versato, suddiviso in n. 143.254.497 azioni, senza indicazioni del valore nominale BlackRock Investment Management (UK) Limited -0,002 -0,002 delle azioni medesime. BlackRock Investment Management, LLC -0,160 -0,160 Le azioni sono quotate, dal 2004, sul Mercato Telematico Azionario gestito da Borsa Italiana, indice “FTSE-Mib” e dal settembre 2013 sono entrate a far parte dello Blackrock Investment Management (Australia) Limited -0,003 -0,003 Stoxx Europe 600 Index. Blackrock Financial Management inc. -0,103 -0,103
Struttura del capitale sociale BlackRock Institutional Trust Company, National Association -0,589 -0,589 N. azioni % rispetto al Quotato Diritti ed obblighi BlackRock Advisors (UK) Limited -0,150 -0,150 capitale sociale (indicare mercato)/ Blackrock International Limited -0,001 -0,001 non quotato Blackrock Japan Co Ltd -0,004 -0,004 Azioni ordinarie e senza 143.254.497 100 MTA Ogni azione dà diritto l’indicazione del valore nominale ad un voto. I diritti e gli Blackrock Asset Management Canada Limited -0,002 -0,002 ai sensi dell’art. 2346 c.c. obblighi degli azionisti sono -6,261 -6,261 quelli previsti dagli artt. 2346 ss. Codice civile
264270 Gruppo Azimut 265 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
1. Azimut Holding Spa (di seguito la “Società” o l’”Emittente”) è dal luglio 2004 società Azioni a voto multiplo 0 0 N/A N/A Profilo dell’emittente quotata nel Mercato Telematico Azionario organizzato e gestito da Borsa Italiana Azioni con diritto di voto limitato 0 0 N/A N/A Spa, con sede sociale in Milano. Al fine di favorire la stabilità dell’assetto azionario della società, è stato costituito un Azioni prive del diritto di voto 0 0 N/A N/A Patto di Sindacato dal management, dai dipendenti, nonché dai consulenti finanziari Altro / / / / che operano per le società del Gruppo (come precisato al successivo punto 2.7). La Società è la capogruppo della principale realtà italiana indipendente operante nel Non sono emessi, ad oggi, altri strumenti finanziari attribuenti il diritto di sottoscri- settore del risparmio gestito. vere azioni di nuova emissione. Il Gruppo Azimut comprende diverse società attive nella promozione, gestione e nella distribuzione di prodotti e servizi finanziari, nonché assicurativi, aventi sede 2.2. Restrizione al trasferimento di titoli in Italia, Lussemburgo, Irlanda, Cina (Hong Kong e Shanghai), Monaco, Svizzera, Le azioni sono nominative indivisibili e liberamente trasferibili, fatto salvo quanto in- Singapore, Brasile, Taiwan, Turchia, Stati Uniti, Messico, Cile e Australia. dicato al successivo punto 2.7 con riferimento ai vincoli di blocco e di voto applicabili La Società, essendo una holding di partecipazioni, non è direttamente coinvolta in at- alle azioni sindacate di proprietà dei soggetti aderenti al Patto di Sindacato Azimut tività operative, ma svolge le funzioni legali, di amministrazione, finanza e controllo, Holding Spa. avendo la responsabilità del bilancio consolidato e la funzione di marketing e gestione del marchio “Azimut”, che viene svolta in modo centralizzato per tutte le società del 2.3. Partecipazioni rilevanti nel capitale Gruppo. Alla data di approvazione della presente relazione (8 marzo 2018), l’elenco nominati- vo degli azionisti che partecipano direttamente o indirettamente in misura superiore 1.1. Sistema di governo societario al 3% del capitale sociale sottoscritto, rappresentato da azioni con diritto di voto, La Società ha adottato il modello di amministrazione e controllo tradizionale di cui secondo quanto risulta dalle comunicazioni effettuate ai sensi dell’art. 120 TUF, è il agli artt. da 2380 a 2409septies del Codice Civile, caratterizzato dalla presenza di un seguente: organo di gestione, il Consiglio di Amministrazione, e di un organo di controllo, il Partecipazioni rilevanti nel capitale Collegio Sindacale. Nell’ambito del modello prescelto, Azimut Holding Spa svolge le funzioni di indiriz- Dichiarante Azionista Quota % Quota % su diretto su capitale capitale zo, coordinamento e controllo delle società del Gruppo nel rispetto delle disposizioni ordinario votante vigenti e dell’autonomia delle società sottoposte a vigilanza. Con riferimento al Consiglio di Amministrazione ed agli organi delegati si rimanda Azimut Holding Spa Azimut Holding Spa 8,949 8,949 a quanto indicato al successivo punto 4. Blackrock Inc. Blackrock (Netherlands) BV -0,012 -0,012 Blackrock Fund Advisors -5,012 -5,012 Blackrock Advisors LLC -0,013 -0,013 2. 2.1. Struttura del capitale sociale Informazioni sugli assetti La società ha un capitale sociale di Euro 32.324.091,54, interamente sottoscritto e Blackrock Asset Management Deutschland AG -0,210 -0,210 proprietari versato, suddiviso in n. 143.254.497 azioni, senza indicazioni del valore nominale BlackRock Investment Management (UK) Limited -0,002 -0,002 delle azioni medesime. BlackRock Investment Management, LLC -0,160 -0,160 Le azioni sono quotate, dal 2004, sul Mercato Telematico Azionario gestito da Borsa Italiana, indice “FTSE-Mib” e dal settembre 2013 sono entrate a far parte dello Blackrock Investment Management (Australia) Limited -0,003 -0,003 Stoxx Europe 600 Index. Blackrock Financial Management inc. -0,103 -0,103
Struttura del capitale sociale BlackRock Institutional Trust Company, National Association -0,589 -0,589 N. azioni % rispetto al Quotato Diritti ed obblighi BlackRock Advisors (UK) Limited -0,150 -0,150 capitale sociale (indicare mercato)/ Blackrock International Limited -0,001 -0,001 non quotato Blackrock Japan Co Ltd -0,004 -0,004 Azioni ordinarie e senza 143.254.497 100 MTA Ogni azione dà diritto l’indicazione del valore nominale ad un voto. I diritti e gli Blackrock Asset Management Canada Limited -0,002 -0,002 ai sensi dell’art. 2346 c.c. obblighi degli azionisti sono -6,261 -6,261 quelli previsti dagli artt. 2346 ss. Codice civile
264 Gruppo Azimut 271265 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Si segnala, altresì, che Timone Fiduciaria Srl detiene alla data della presente Relazio- 2.9. Deleghe ad aumentare il capitale sociale ed autorizzazioni all’acquisto di azioni proprie ne una partecipazione pari a 15,01% del capitale sociale. Il Consiglio di Amministrazione non ha ricevuto deleghe ai sensi dell’art. 2443 del Codice Civile per procedere ad aumenti di capitale sociale. 2.4. Titoli che conferiscono diritti speciali L’Assemblea degli Azionisti del 29 aprile 2010 ha deliberato di emettere, ai sensi Non sono stati emessi titoli che conferiscono diritti speciali di controllo. dell’art. 2346, comma 6, cod. civ., in una o più tranche ed entro e non oltre il 31 dicem- bre 2012, un numero massimo di 1.500.000 strumenti finanziari partecipativi non 2.5. Partecipazione azionaria dei dipendenti: meccanismo di esercizio dei diritti di voto quotati (gli “Strumenti”) riservati ai soli consulenti finanziari, dipendenti e managers Non esiste un meccanismo di esercizio dei diritti di voto dei dipendenti. Si precisa, delle società del Gruppo Azimut che siano individuati dall’organo amministrativo tuttavia, che al Patto di Sindacato di cui al successivo punto 2.7 aderiscono anche come destinatari dell’emissione, e disciplinati dagli artt. 9-bis, 32 e 35 dello Statu- dipendenti della Società. to Sociale, delegando al Consiglio di Amministrazione la determinazione di tutti 2.6. Restrizioni al diritto di voto i profili di disciplina degli Strumenti e della loro emissione non già specificati nella Non esistono restrizioni al diritto di voto. predetta delibera assembleare e nello statuto sociale, inclusa, a titolo esemplificativo l’individuazione 2.7. Accordi tra azionisti (i) dei destinatari dell’emissione degli Strumenti, In data 7 luglio 2004, al fine di favorire la stabilità dell’assetto azionario dell’Emit- (ii) del numero di Strumenti offerti a ciascun destinatario, tente, nonché contribuire all’indirizzo delle attività dello stesso, è stato costituito un (iii) della tempistica di emissione degli Strumenti, “Patto di Sindacato di Voto e di Blocco” dal management, dai dipendenti, nonché dai (iv) dell’ammontare dell’apporto in denaro richiesto a fronte dell’assegnazione degli consulenti finanziari che operano per le società del Gruppo. Strumenti. L’Emittente, con delibera del Consiglio di Amministrazione del 20 Tutte le azioni della Società di proprietà di ciascun aderente al patto sono sottoposte giugno 2017, ha inoltre proceduto all’adozione di un regolamento relativo a tali ai vincoli di voto e una parte di dette azioni è soggetta a vincoli di blocco. Strumenti, da sottoporre all’esame dei titolari degli Strumenti per la relativa sot- In data 18 maggio 2015 gli azionisti aderenti al suddetto Patto di Sindacato sono toscrizione, che recepisce le varie disposizioni già previste nello Statuto Sociale e giunti alla determinazione di modificare il Patto al fine di meglio adattarlo all’e- nella contrattualistica sottoscritta dai titolari degli Strumenti. voluzione del gruppo e alle esigenze dei partecipanti allo stesso. In particolare, gli L’Assemblea degli Azionisti del 27 aprile 2017 ha deliberato, previa revoca dell’auto- azionisti aderenti hanno convenuto di apportare, tra l’altro, al Patto le modificazioni rizzazione deliberata dall’Assemblea Ordinaria del 28 aprile 2016: volte a consentire loro una maggior flessibilità in relazione ai limiti e alle procedure • di autorizzare, ai sensi e per gli effetti dell’art. 2357 c.c., l’acquisto, in una o più di trasferimento delle azioni conferite nel Patto, anche per tener conto - in modo volte e nel rispetto della normativa applicabile, per un periodo di 18 mesi dalla deli- opportunamente diversificato e ponderato - dell’anzianità e della durata della parte- berazione, fino ad un massimo di n. 28.000.000 di azioni ordinarie Azimut Holding cipazione al Patto da parte dei singoli aderenti. Spa, pari al 19,55% dell’attuale capitale sociale, da utilizzare per finalità quali Le suddette modifiche si collocano in linea con gli interessi del Gruppo Azimut, vol- (i) operazioni di successiva rivendita sul mercato; te ad assicurare, tra l’altro, una strutturazione del Patto adeguata all’evolversi delle (ii) costituzione della provvista necessaria a dare esecuzione ad eventuali piani di esigenze dei singoli partecipanti nell’ambito del loro ruolo nelle società del Gruppo, azionariato; mantenendo al contempo la stabilità del rapporto con il management. (iii) corrispettivo nell’ambito di eventuali operazioni di acquisizione o permuta di Si segnala che il Patto di Sindacato Azimut Holding Spa si è rinnovato automatica- partecipazioni societarie; mente per un ulteriore triennio con decorrenza dal 7 luglio 2016. (iv) impiego al servizio di strumenti finanziari convertibili in azioni della Società; L’estratto del “Patto di Sindacato di Voto e di Blocco” è accessibile sul sito web di CON- (v) altri scopi utili, ai fini di accrescere il valore della Società, consentiti dalle vigenti SOB (www.consob.it) e su quello di Azimut Holding Spa (www.azimut-group.com disposizioni normative; - sezione Gruppo/Azionariato). • di stabilire che, ai fini della determinazione del numero massimo di azioni ordinarie Azimut Holding Spa acquistabili ai sensi delle presenti autorizzazioni, si terrà conto 2.8. Clausole di change of control e disposizioni statutarie in materia di OPA (ex artt. 104, del numero di azioni proprie già possedute dalla Società (comprese quelle a servi- comma 1-ter, e 104-bis, comma 1) zio del prestito obbligazionario convertibile in azioni proprie “Azimut 2013-2020 L’Emittente o le sue controllate non hanno stipulato accordi significativi che acqui- subordinato 2,125%”) e di quelle eventualmente possedute dalle società controllate, stano efficacia, sono modificati o si estinguono in caso di cambiamento di controllo in conformità a quanto previsto dall’art. 2357, terzo comma, 11 c.c.; della società contraente. • di stabilire che l’acquisto delle azioni dovrà avvenire per un corrispettivo minimo Non sono presenti nello Statuto Sociale disposizioni ex art. 104 del TUF. non inferiore al valore contabile implicito dell’azione Azimut Holding Spa e ad un corrispettivo massimo unitario non superiore a Euro 50;
266272 Gruppo Azimut 267 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Si segnala, altresì, che Timone Fiduciaria Srl detiene alla data della presente Relazio- 2.9. Deleghe ad aumentare il capitale sociale ed autorizzazioni all’acquisto di azioni proprie ne una partecipazione pari a 15,01% del capitale sociale. Il Consiglio di Amministrazione non ha ricevuto deleghe ai sensi dell’art. 2443 del Codice Civile per procedere ad aumenti di capitale sociale. 2.4. Titoli che conferiscono diritti speciali L’Assemblea degli Azionisti del 29 aprile 2010 ha deliberato di emettere, ai sensi Non sono stati emessi titoli che conferiscono diritti speciali di controllo. dell’art. 2346, comma 6, cod. civ., in una o più tranche ed entro e non oltre il 31 dicem- bre 2012, un numero massimo di 1.500.000 strumenti finanziari partecipativi non 2.5. Partecipazione azionaria dei dipendenti: meccanismo di esercizio dei diritti di voto quotati (gli “Strumenti”) riservati ai soli consulenti finanziari, dipendenti e managers Non esiste un meccanismo di esercizio dei diritti di voto dei dipendenti. Si precisa, delle società del Gruppo Azimut che siano individuati dall’organo amministrativo tuttavia, che al Patto di Sindacato di cui al successivo punto 2.7 aderiscono anche come destinatari dell’emissione, e disciplinati dagli artt. 9-bis, 32 e 35 dello Statu- dipendenti della Società. to Sociale, delegando al Consiglio di Amministrazione la determinazione di tutti 2.6. Restrizioni al diritto di voto i profili di disciplina degli Strumenti e della loro emissione non già specificati nella Non esistono restrizioni al diritto di voto. predetta delibera assembleare e nello statuto sociale, inclusa, a titolo esemplificativo l’individuazione 2.7. Accordi tra azionisti (i) dei destinatari dell’emissione degli Strumenti, In data 7 luglio 2004, al fine di favorire la stabilità dell’assetto azionario dell’Emit- (ii) del numero di Strumenti offerti a ciascun destinatario, tente, nonché contribuire all’indirizzo delle attività dello stesso, è stato costituito un (iii) della tempistica di emissione degli Strumenti, “Patto di Sindacato di Voto e di Blocco” dal management, dai dipendenti, nonché dai (iv) dell’ammontare dell’apporto in denaro richiesto a fronte dell’assegnazione degli consulenti finanziari che operano per le società del Gruppo. Strumenti. L’Emittente, con delibera del Consiglio di Amministrazione del 20 Tutte le azioni della Società di proprietà di ciascun aderente al patto sono sottoposte giugno 2017, ha inoltre proceduto all’adozione di un regolamento relativo a tali ai vincoli di voto e una parte di dette azioni è soggetta a vincoli di blocco. Strumenti, da sottoporre all’esame dei titolari degli Strumenti per la relativa sot- In data 18 maggio 2015 gli azionisti aderenti al suddetto Patto di Sindacato sono toscrizione, che recepisce le varie disposizioni già previste nello Statuto Sociale e giunti alla determinazione di modificare il Patto al fine di meglio adattarlo all’e- nella contrattualistica sottoscritta dai titolari degli Strumenti. voluzione del gruppo e alle esigenze dei partecipanti allo stesso. In particolare, gli L’Assemblea degli Azionisti del 27 aprile 2017 ha deliberato, previa revoca dell’auto- azionisti aderenti hanno convenuto di apportare, tra l’altro, al Patto le modificazioni rizzazione deliberata dall’Assemblea Ordinaria del 28 aprile 2016: volte a consentire loro una maggior flessibilità in relazione ai limiti e alle procedure • di autorizzare, ai sensi e per gli effetti dell’art. 2357 c.c., l’acquisto, in una o più di trasferimento delle azioni conferite nel Patto, anche per tener conto - in modo volte e nel rispetto della normativa applicabile, per un periodo di 18 mesi dalla deli- opportunamente diversificato e ponderato - dell’anzianità e della durata della parte- berazione, fino ad un massimo di n. 28.000.000 di azioni ordinarie Azimut Holding cipazione al Patto da parte dei singoli aderenti. Spa, pari al 19,55% dell’attuale capitale sociale, da utilizzare per finalità quali Le suddette modifiche si collocano in linea con gli interessi del Gruppo Azimut, vol- (i) operazioni di successiva rivendita sul mercato; te ad assicurare, tra l’altro, una strutturazione del Patto adeguata all’evolversi delle (ii) costituzione della provvista necessaria a dare esecuzione ad eventuali piani di esigenze dei singoli partecipanti nell’ambito del loro ruolo nelle società del Gruppo, azionariato; mantenendo al contempo la stabilità del rapporto con il management. (iii) corrispettivo nell’ambito di eventuali operazioni di acquisizione o permuta di Si segnala che il Patto di Sindacato Azimut Holding Spa si è rinnovato automatica- partecipazioni societarie; mente per un ulteriore triennio con decorrenza dal 7 luglio 2016. (iv) impiego al servizio di strumenti finanziari convertibili in azioni della Società; L’estratto del “Patto di Sindacato di Voto e di Blocco” è accessibile sul sito web di CON- (v) altri scopi utili, ai fini di accrescere il valore della Società, consentiti dalle vigenti SOB (www.consob.it) e su quello di Azimut Holding Spa (www.azimut-group.com disposizioni normative; - sezione Gruppo/Azionariato). • di stabilire che, ai fini della determinazione del numero massimo di azioni ordinarie Azimut Holding Spa acquistabili ai sensi delle presenti autorizzazioni, si terrà conto 2.8. Clausole di change of control e disposizioni statutarie in materia di OPA (ex artt. 104, del numero di azioni proprie già possedute dalla Società (comprese quelle a servi- comma 1-ter, e 104-bis, comma 1) zio del prestito obbligazionario convertibile in azioni proprie “Azimut 2013-2020 L’Emittente o le sue controllate non hanno stipulato accordi significativi che acqui- subordinato 2,125%”) e di quelle eventualmente possedute dalle società controllate, stano efficacia, sono modificati o si estinguono in caso di cambiamento di controllo in conformità a quanto previsto dall’art. 2357, terzo comma, 11 c.c.; della società contraente. • di stabilire che l’acquisto delle azioni dovrà avvenire per un corrispettivo minimo Non sono presenti nello Statuto Sociale disposizioni ex art. 104 del TUF. non inferiore al valore contabile implicito dell’azione Azimut Holding Spa e ad un corrispettivo massimo unitario non superiore a Euro 50;
266 Gruppo Azimut 273267 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Al 31 dicembre 2017 le azioni proprie in portafoglio detenute dalla Società erano presentare, neppure per interposta persona o società fiduciaria, più di una lista, né pari a n. 13.314.037. possono votare liste diverse. Ogni candidato può presentarsi in una sola lista a pena di ineleggibilità. 2.10. Attività di direzione e coordinamento (ex art. 2497 e ss. c.c.) Le liste indicano quali sono gli amministratori in possesso dei requisiti di indipenden- La Società non è soggetta all’attività di direzione e coordinamento di altra società. za stabiliti dalla legge. Per le informazioni di cui all’art. 123-bis, primo comma, lett. i) in merito ad eventuali In ciascuna lista deve essere contenuta ed espressamente indicata la candidatura di accordi tra la Società e gli Amministratori che prevedono indennità in caso di scio- almeno un soggetto avente i requisiti di indipendenza stabiliti per i sindaci dall’art. glimento anticipato del rapporto di lavoro si rimanda a quanto indicato al successivo 148, comma 3, D. Lgs. 58/98 e di almeno due soggetti per il caso che l’Assemblea punto 9. determini il numero dei Consiglieri superiore a sette. Nei termini previsti dalle norme di legge e regolamentari vigenti le liste devono es- sere depositate presso la sede della Società e la Società deve metterle a disposizione Il sistema di governo societario della Società fa riferimento alle raccomandazio- del pubblico presso la sede sociale, sul proprio sito internet e con le altre modalità 3. previste dalle norme di legge e regolamentari vigenti. Compliance ni proposte dal Codice di Autodisciplina delle Società quotate (il “Codice”) nella versione pubblicata nel 2015 accessibile sul sito web di Borsa Italiana alla pagina Le liste sono corredate: http://borsaitaliana.it/comitato-corporate-governance/codice/codice.htm. • dell’identificazione dell’identità dei soci hec hanno presentato le liste, della percen- Né l’Emittente né le sue controllate, aventi rilevanza strategica, sono soggette a tuale di partecipazione complessivamente detenuta, nonché da una dichiarazione disposizioni di legge non italiane che influenzano la struttura di corporate governance dei soci diversi da quelli che detengono, anche congiuntamente, una partecipazione dell’Emittente. di controllo o di maggioranza relativa, attestante l’assenza di rapporti di collega- mento previsti dall’art. 144quinquies del Regolamento CONSOB n. 11971/99 con questi ultimi; 4. 4.1 Nomina e sostituzione • un’esauriente informativa riguardante le caratteristiche personali e professionali di Consiglio di L’art. 18 dello Statuto Sociale prevede il meccanismo del voto di lista, che assicura ciascun candidato alla carica, con indicazione dell’eventuale idoneità dei medesimi amministrazione una procedura di nomina trasparente ed una equilibrata composizione del Consiglio a qualificarsi come indipendenti; stesso. • le dichiarazioni con le quali i singoli candidati accettano la candidatura e attestano, Con delibera consiliare del 10 marzo 2011 sono stati apportati alla suddetta clau- sotto la propria responsabilità, l’inesistenza di cause di ineleggibilità e di incompa- sola statutaria gli adeguamenti obbligatori derivanti dall’entrata in vigore del D. tibilità, nonché l’esistenza di requisiti normativi e statutariamente prescritti per le Lgs. 27 gennaio 2010 n. 27 di recepimento nell’ordinamento italiano della Direttiva rispettive cariche. 2007/36/CE relativa all’esercizio di alcuni diritti degli azionisti di società quotate, Ai fini del riparto degli amministratori da eleggere, non si tiene conto delle liste che nota come direttiva “Shareholder’s Rights”; inoltre con delibera dell’Assemblea degli non hanno conseguito una percentuale di voti almeno pari alla metà di quella richie- Azionisti del 26 aprile 2012 sono stati introdotti nello Statuto Sociale criteri di com- sta per la presentazione delle stesse. posizione delle liste che prevedono il rispetto dell’equilibrio tra generi secondo quan- All’elezione degli amministratori si procede come segue: to disposto dall’art. 147-ter comma 1 ter del TUF. • dalla lista che ha ottenuto in Assemblea il maggior numero di voti sono tratti, in Gli amministratori vengono nominati dall’Assemblea sulla base di liste presentate base all’ordine progressivo con il quale sono elencati nella lista, tanti consiglieri che dagli azionisti che da soli o insieme ad altri, siano complessivamente titolari di azio- rappresentino la totalità di quelli da eleggere meno uno; ni con diritto di voto rappresentanti almeno il quarantesimo del capitale sociale o, • dalla seconda lista che ha ottenuto in Assemblea il maggior numero di voti è tratto se inferiore, la diversa misura stabilita dall’art. 144quater del regolamento Emittenti il restante consigliere nella persona del candidato elencato al primo posto della lista. CONSOB e pubblicata dalla CONSOB ai sensi dell’art. 144-septies del medesimo Il Consiglio di Amministrazione è composto in maniera tale da garantire l’indipen- regolamento. denza in conformità a quanto previsto dalla normativa vigente e l’equilibrio tra ge- La titolarità della quota minima di partecipazione azionaria prevista per la presenta- neri. zione delle liste è determinata avendo riguardo alle azioni che risultano registrate a Qualora con i candidati eletti con le modalità sopra indicate non sia assicurata la no- favore dell’azionista nel giorno in cui le liste sono depositate presso la Società. mina di un amministratore (o di due nel caso in cui l’Assemblea determini il numero La relativa certificazione può essere prodotta anche successivamente al deposito, degli amministratori superiore a sette) in possesso dei requisiti di indipendenza stabi- purché entro il termine previsto per la pubblicazione delle liste da parte della Società. liti per i sindaci dall’art. 148 comma 3 D. Lgs. n. 58/1998 si procederà come segue: Ogni azionista, nonché gli azionisti appartenenti ad un medesimo gruppo e che ade- a) in caso di Consiglio di Amministrazione composto fino a sette membri, risulterà riscano ad un patto parasociale avente ad oggetto azioni dell’Emittente, non possono eletto, anziché il candidato indicato al primo posto della seconda lista che ha otte-
268274 Gruppo Azimut 269 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Al 31 dicembre 2017 le azioni proprie in portafoglio detenute dalla Società erano presentare, neppure per interposta persona o società fiduciaria, più di una lista, né pari a n. 13.314.037. possono votare liste diverse. Ogni candidato può presentarsi in una sola lista a pena di ineleggibilità. 2.10. Attività di direzione e coordinamento (ex art. 2497 e ss. c.c.) Le liste indicano quali sono gli amministratori in possesso dei requisiti di indipenden- La Società non è soggetta all’attività di direzione e coordinamento di altra società. za stabiliti dalla legge. Per le informazioni di cui all’art. 123-bis, primo comma, lett. i) in merito ad eventuali In ciascuna lista deve essere contenuta ed espressamente indicata la candidatura di accordi tra la Società e gli Amministratori che prevedono indennità in caso di scio- almeno un soggetto avente i requisiti di indipendenza stabiliti per i sindaci dall’art. glimento anticipato del rapporto di lavoro si rimanda a quanto indicato al successivo 148, comma 3, D. Lgs. 58/98 e di almeno due soggetti per il caso che l’Assemblea punto 9. determini il numero dei Consiglieri superiore a sette. Nei termini previsti dalle norme di legge e regolamentari vigenti le liste devono es- sere depositate presso la sede della Società e la Società deve metterle a disposizione Il sistema di governo societario della Società fa riferimento alle raccomandazio- del pubblico presso la sede sociale, sul proprio sito internet e con le altre modalità 3. previste dalle norme di legge e regolamentari vigenti. Compliance ni proposte dal Codice di Autodisciplina delle Società quotate (il “Codice”) nella versione pubblicata nel 2015 accessibile sul sito web di Borsa Italiana alla pagina Le liste sono corredate: http://borsaitaliana.it/comitato-corporate-governance/codice/codice.htm. • dell’identificazione dell’identità dei soci hec hanno presentato le liste, della percen- Né l’Emittente né le sue controllate, aventi rilevanza strategica, sono soggette a tuale di partecipazione complessivamente detenuta, nonché da una dichiarazione disposizioni di legge non italiane che influenzano la struttura di corporate governance dei soci diversi da quelli che detengono, anche congiuntamente, una partecipazione dell’Emittente. di controllo o di maggioranza relativa, attestante l’assenza di rapporti di collega- mento previsti dall’art. 144quinquies del Regolamento CONSOB n. 11971/99 con questi ultimi; 4. 4.1 Nomina e sostituzione • un’esauriente informativa riguardante le caratteristiche personali e professionali di Consiglio di L’art. 18 dello Statuto Sociale prevede il meccanismo del voto di lista, che assicura ciascun candidato alla carica, con indicazione dell’eventuale idoneità dei medesimi amministrazione una procedura di nomina trasparente ed una equilibrata composizione del Consiglio a qualificarsi come indipendenti; stesso. • le dichiarazioni con le quali i singoli candidati accettano la candidatura e attestano, Con delibera consiliare del 10 marzo 2011 sono stati apportati alla suddetta clau- sotto la propria responsabilità, l’inesistenza di cause di ineleggibilità e di incompa- sola statutaria gli adeguamenti obbligatori derivanti dall’entrata in vigore del D. tibilità, nonché l’esistenza di requisiti normativi e statutariamente prescritti per le Lgs. 27 gennaio 2010 n. 27 di recepimento nell’ordinamento italiano della Direttiva rispettive cariche. 2007/36/CE relativa all’esercizio di alcuni diritti degli azionisti di società quotate, Ai fini del riparto degli amministratori da eleggere, non si tiene conto delle liste che nota come direttiva “Shareholder’s Rights”; inoltre con delibera dell’Assemblea degli non hanno conseguito una percentuale di voti almeno pari alla metà di quella richie- Azionisti del 26 aprile 2012 sono stati introdotti nello Statuto Sociale criteri di com- sta per la presentazione delle stesse. posizione delle liste che prevedono il rispetto dell’equilibrio tra generi secondo quan- All’elezione degli amministratori si procede come segue: to disposto dall’art. 147-ter comma 1 ter del TUF. • dalla lista che ha ottenuto in Assemblea il maggior numero di voti sono tratti, in Gli amministratori vengono nominati dall’Assemblea sulla base di liste presentate base all’ordine progressivo con il quale sono elencati nella lista, tanti consiglieri che dagli azionisti che da soli o insieme ad altri, siano complessivamente titolari di azio- rappresentino la totalità di quelli da eleggere meno uno; ni con diritto di voto rappresentanti almeno il quarantesimo del capitale sociale o, • dalla seconda lista che ha ottenuto in Assemblea il maggior numero di voti è tratto se inferiore, la diversa misura stabilita dall’art. 144quater del regolamento Emittenti il restante consigliere nella persona del candidato elencato al primo posto della lista. CONSOB e pubblicata dalla CONSOB ai sensi dell’art. 144-septies del medesimo Il Consiglio di Amministrazione è composto in maniera tale da garantire l’indipen- regolamento. denza in conformità a quanto previsto dalla normativa vigente e l’equilibrio tra ge- La titolarità della quota minima di partecipazione azionaria prevista per la presenta- neri. zione delle liste è determinata avendo riguardo alle azioni che risultano registrate a Qualora con i candidati eletti con le modalità sopra indicate non sia assicurata la no- favore dell’azionista nel giorno in cui le liste sono depositate presso la Società. mina di un amministratore (o di due nel caso in cui l’Assemblea determini il numero La relativa certificazione può essere prodotta anche successivamente al deposito, degli amministratori superiore a sette) in possesso dei requisiti di indipendenza stabi- purché entro il termine previsto per la pubblicazione delle liste da parte della Società. liti per i sindaci dall’art. 148 comma 3 D. Lgs. n. 58/1998 si procederà come segue: Ogni azionista, nonché gli azionisti appartenenti ad un medesimo gruppo e che ade- a) in caso di Consiglio di Amministrazione composto fino a sette membri, risulterà riscano ad un patto parasociale avente ad oggetto azioni dell’Emittente, non possono eletto, anziché il candidato indicato al primo posto della seconda lista che ha otte-
268 Gruppo Azimut 275269 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
nuto il maggior numero di voti, il primo candidato non eletto nella medesima lista ti rispettivamente eletto uno o due amministratori in possesso dei requisiti richiesti in possesso dei requisiti di indipendenza stabiliti per i sindaci dall’art. 148 comma dall’art. 148 comma 3 D. Lgs. n. 58/1998 per gli amministratori indipendenti di 3 D.Lgs. n. 58/1998; società quotate, il candidato o i due candidati che risulterebbero eletti per ultimi in b) in caso di Consiglio di Amministrazione composto da più di sette membri: base all’ordine progressivo della lista e tratti dall’unica lista presentata sono sostituiti, (i) il candidato che risulterà eletto per ultimo e tratto dalla prima lista che ha otte- rispettivamente, dal primo o dai primi due candidati di ordine progressivo inferiore nuto il maggior numero di voti, sarà sostituito dal primo candidato non eletto dotati dei citati requisiti ed indicati nella medesima lista. nella medesima lista in possesso dei requisiti di indipendenza stabiliti per i sin- In mancanza di liste e nel caso in cui attraverso il meccanismo del voto per lista il nu- daci dall’art. 148 comma 3 D. Lgs. n. 58/1998; mero di candidati eletti risulti inferiore al numero stabilito dall’Assemblea, il Consi- (ii) il secondo amministratore sarà eletto sulla base di quanto previsto alla lettera a) glio di Amministrazione viene, rispettivamente, nominato o integrato dall’Assemblea che precede; con le maggioranze di legge. c) in caso di Consiglio di Amministrazione composto da più di sette membri e con Qualora le prime due liste ottengano un numero pari di voto si procederà a nuova un unico amministratore nominato avente i requisiti citati eletto dalla seconda lista votazione da parte dell’Assemblea, mettendo ai voti solo le prime due liste. che ha ottenuto il maggior numero di voti, si procederà per la nomina del secondo Nel caso di cessazione dalla carica, per qualunque causa, di un amministratore tratto come descritto alla lettera b)(i) che precede. dalla seconda lista che ha ottenuto il maggior numero di voti: • il Consiglio di Amministrazione provvede alla sua sostituzione mediante cooptazio- Qualora con i candidati eletti con le modalità sopra indicate non sia raggiunto l’equi- ne ai sensi e per gli effetti dell’art. 2386 cod. civ., nominando Consigliere il primo librio tra generi previsto dall’art. 147 ter comma 1 ter TUF si procederà come segue: dei candidati non eletti nella lista alla quale apparteneva l’amministratore cessato, a) in caso di Consiglio di Amministrazione composto fino a sette membri, risulterà purché sia ancora eleggibile e disponibile ad accettare la carica e fermo restando eletto, anziché il candidato indicato al primo posto della seconda lista che ha otte- l’obbligo di rispettare il numero minimo di amministratori indipendenti; nuto il maggior numero di voti, il primo candidato non eletto nella medesima lista • l’Assemblea provvede alla sostituzione dell’amministratore cessato a maggioranza, il cui genere consente il raggiungimento dell’equilibrio tra generi; scegliendo il sostituto tra i candidati della stessa lista che abbiano previamente ac- b) in caso di Consiglio di Amministrazione composto da più di sette membri risul- cettato la sostituzione. terà eletto, anziché il candidato indicato al primo posto della seconda lista che ha In caso di cessazione dalla carica, per qualsiasi causa, di un amministratore tratto ottenuto il maggior numero di voti, il primo candidato non eletto nella medesima dalla prima lista che ha ottenuto il maggior numero di voti o dall’unica lista presen- lista il cui genere consente il raggiungimento dell’equilibrio tra generi. Nel caso tata, quelli rimasti in carica provvedono alla sua sostituzione mediante cooptazione in cui ciò non fosse sufficiente per l’equilibrio tra generi richiesto dall’art. 147 ter ai sensi e per gli effetti dell’art. 2386 cod. civ., e fermo restando l’obbligo di rispettare comma 1 ter TUF il candidato che risulterà eletto per ultimo e tratto dalla prima il numero minimo di amministratori indipendenti e l’equilibro tra generi previsto lista che ha ottenuto il maggior numero di voti, sarà sostituito dal primo candidato dall’art. 147 ter comma 1 ter TUF. non eletto nella medesima lista il cui genere consente il raggiungimento dell’equi- La nomina assembleare dell’amministratore in sostituzione dell’amministratore ces- librio tra generi. sato è liberamente effettuata con le maggioranze di legge, fermo restando l’obbligo di rispettare il numero minimo di amministratori indipendenti ai sensi del D.Lgs. n. Nel caso in cui venga presentata un’unica lista l’Assemblea esprime il proprio voto 58/1998 e l’equilibro tra generi previsto dall’art. 147 ter comma 1 ter TUF. su di essa con le maggioranze previste dalla legge e risultano eletti amministrato- ri i candidati elencati in ordine progressivo, fino a concorrenza del numero fissato Piani di successione dall’Assemblea. La Società non ha ritenuto necessario adottare allo stato un piano di successione per gli Amministratori esecutivi, in quanto l’allocazione di deleghe in seno al Consiglio Qualora così procedendo non si raggiunga l’equilibrio tra generi previsto dall’art. di Amministrazione, tenuto anche conto del ruolo e dei poteri attribuiti all’Ammini- 147-ter comma 1 ter TUF il candidato che risulterà eletto per ultimo sarà sostituito stratore Delegato, ai Co-Amministratori Delegati ed al Co-Direttore Generale, sono dal primo candidato non eletto il cui genere consente il raggiungimento dell’equi- idonee a consentire la continuità, almeno provvisoria, della gestione aziendale nell’i- librio tra generi. Nel caso in cui ciò non fosse sufficiente per l’equilibrio tra generi potesi del venir meno di una di tali figure. richiesto dall’art. 147-ter comma 1 ter TUF il candidato che risulterà eletto per pe- nultimo sarà sostituito dal secondo candidato non eletto il cui genere consente il 4.2 Composizione raggiungimento dell’equilibrio tra generi. L’art. 18 dello Statuto Sociale prevede che la Società sia amministrata da un Con- Qualora così procedendo, in presenza di un nominando Consiglio di Amministra- siglio di Amministrazione composto da un numero non inferiore a 5 (cinque) e non zione composto rispettivamente fino a sette o da più di sette membri, non risul- superiore a 15 (quindici) membri (anche non soci) compreso il Presidente. I membri
270276 Gruppo Azimut 271 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
nuto il maggior numero di voti, il primo candidato non eletto nella medesima lista ti rispettivamente eletto uno o due amministratori in possesso dei requisiti richiesti in possesso dei requisiti di indipendenza stabiliti per i sindaci dall’art. 148 comma dall’art. 148 comma 3 D. Lgs. n. 58/1998 per gli amministratori indipendenti di 3 D.Lgs. n. 58/1998; società quotate, il candidato o i due candidati che risulterebbero eletti per ultimi in b) in caso di Consiglio di Amministrazione composto da più di sette membri: base all’ordine progressivo della lista e tratti dall’unica lista presentata sono sostituiti, (i) il candidato che risulterà eletto per ultimo e tratto dalla prima lista che ha otte- rispettivamente, dal primo o dai primi due candidati di ordine progressivo inferiore nuto il maggior numero di voti, sarà sostituito dal primo candidato non eletto dotati dei citati requisiti ed indicati nella medesima lista. nella medesima lista in possesso dei requisiti di indipendenza stabiliti per i sin- In mancanza di liste e nel caso in cui attraverso il meccanismo del voto per lista il nu- daci dall’art. 148 comma 3 D. Lgs. n. 58/1998; mero di candidati eletti risulti inferiore al numero stabilito dall’Assemblea, il Consi- (ii) il secondo amministratore sarà eletto sulla base di quanto previsto alla lettera a) glio di Amministrazione viene, rispettivamente, nominato o integrato dall’Assemblea che precede; con le maggioranze di legge. c) in caso di Consiglio di Amministrazione composto da più di sette membri e con Qualora le prime due liste ottengano un numero pari di voto si procederà a nuova un unico amministratore nominato avente i requisiti citati eletto dalla seconda lista votazione da parte dell’Assemblea, mettendo ai voti solo le prime due liste. che ha ottenuto il maggior numero di voti, si procederà per la nomina del secondo Nel caso di cessazione dalla carica, per qualunque causa, di un amministratore tratto come descritto alla lettera b)(i) che precede. dalla seconda lista che ha ottenuto il maggior numero di voti: • il Consiglio di Amministrazione provvede alla sua sostituzione mediante cooptazio- Qualora con i candidati eletti con le modalità sopra indicate non sia raggiunto l’equi- ne ai sensi e per gli effetti dell’art. 2386 cod. civ., nominando Consigliere il primo librio tra generi previsto dall’art. 147 ter comma 1 ter TUF si procederà come segue: dei candidati non eletti nella lista alla quale apparteneva l’amministratore cessato, a) in caso di Consiglio di Amministrazione composto fino a sette membri, risulterà purché sia ancora eleggibile e disponibile ad accettare la carica e fermo restando eletto, anziché il candidato indicato al primo posto della seconda lista che ha otte- l’obbligo di rispettare il numero minimo di amministratori indipendenti; nuto il maggior numero di voti, il primo candidato non eletto nella medesima lista • l’Assemblea provvede alla sostituzione dell’amministratore cessato a maggioranza, il cui genere consente il raggiungimento dell’equilibrio tra generi; scegliendo il sostituto tra i candidati della stessa lista che abbiano previamente ac- b) in caso di Consiglio di Amministrazione composto da più di sette membri risul- cettato la sostituzione. terà eletto, anziché il candidato indicato al primo posto della seconda lista che ha In caso di cessazione dalla carica, per qualsiasi causa, di un amministratore tratto ottenuto il maggior numero di voti, il primo candidato non eletto nella medesima dalla prima lista che ha ottenuto il maggior numero di voti o dall’unica lista presen- lista il cui genere consente il raggiungimento dell’equilibrio tra generi. Nel caso tata, quelli rimasti in carica provvedono alla sua sostituzione mediante cooptazione in cui ciò non fosse sufficiente per l’equilibrio tra generi richiesto dall’art. 147 ter ai sensi e per gli effetti dell’art. 2386 cod. civ., e fermo restando l’obbligo di rispettare comma 1 ter TUF il candidato che risulterà eletto per ultimo e tratto dalla prima il numero minimo di amministratori indipendenti e l’equilibro tra generi previsto lista che ha ottenuto il maggior numero di voti, sarà sostituito dal primo candidato dall’art. 147 ter comma 1 ter TUF. non eletto nella medesima lista il cui genere consente il raggiungimento dell’equi- La nomina assembleare dell’amministratore in sostituzione dell’amministratore ces- librio tra generi. sato è liberamente effettuata con le maggioranze di legge, fermo restando l’obbligo di rispettare il numero minimo di amministratori indipendenti ai sensi del D.Lgs. n. Nel caso in cui venga presentata un’unica lista l’Assemblea esprime il proprio voto 58/1998 e l’equilibro tra generi previsto dall’art. 147 ter comma 1 ter TUF. su di essa con le maggioranze previste dalla legge e risultano eletti amministrato- ri i candidati elencati in ordine progressivo, fino a concorrenza del numero fissato Piani di successione dall’Assemblea. La Società non ha ritenuto necessario adottare allo stato un piano di successione per gli Amministratori esecutivi, in quanto l’allocazione di deleghe in seno al Consiglio Qualora così procedendo non si raggiunga l’equilibrio tra generi previsto dall’art. di Amministrazione, tenuto anche conto del ruolo e dei poteri attribuiti all’Ammini- 147-ter comma 1 ter TUF il candidato che risulterà eletto per ultimo sarà sostituito stratore Delegato, ai Co-Amministratori Delegati ed al Co-Direttore Generale, sono dal primo candidato non eletto il cui genere consente il raggiungimento dell’equi- idonee a consentire la continuità, almeno provvisoria, della gestione aziendale nell’i- librio tra generi. Nel caso in cui ciò non fosse sufficiente per l’equilibrio tra generi potesi del venir meno di una di tali figure. richiesto dall’art. 147-ter comma 1 ter TUF il candidato che risulterà eletto per pe- nultimo sarà sostituito dal secondo candidato non eletto il cui genere consente il 4.2 Composizione raggiungimento dell’equilibrio tra generi. L’art. 18 dello Statuto Sociale prevede che la Società sia amministrata da un Con- Qualora così procedendo, in presenza di un nominando Consiglio di Amministra- siglio di Amministrazione composto da un numero non inferiore a 5 (cinque) e non zione composto rispettivamente fino a sette o da più di sette membri, non risul- superiore a 15 (quindici) membri (anche non soci) compreso il Presidente. I membri
270 Gruppo Azimut 277271 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
del Consiglio di Amministrazione della Società devono essere in possesso dei requisiti N. Nominativo Luogo e data di nascita Durata in carica Scadenza carica prescritti dagli artt. 14 e 147-quinquies del D. Lgs. 58/98. A tale accertamento prov- 11 Antonio Andrea Monari** Adria (R0), 19/08/1951 n. 3 esercizi Assemblea approvazione bilancio vede il Consiglio di Amministrazione. [2016 - 2017 - 2018] chiuso al 31/12/2018 Il Consiglio di Amministrazione è stato nominato dall’Assemblea degli Azionisti del 28 aprile 2016, sulla base dell’unica lista di candidati presentata da Timone Fiducia- 12 Anna Maria Bortolotti** Bologna, 02/10/1958 n. 3 esercizi Assemblea approvazione bilancio [2016 - 2017 - 2018] chiuso al 31/12/2018 ria Srl.
Si precisa che la predetta Assemblea degli Azionisti ha determinato la durata in cari- * Indica i Consiglieri non esecutivi (consulenti finanziari abilitati all’offerta fuori sede che operano per società del ca dei componenti del Consiglio di Amministrazione come segue: Gruppo Azimut) la cui nomina è proposta per un solo esercizio e che si alterneranno quindi nel corso del triennio di • per n. 10 (dieci) componenti per la durata di 3 (tre) esercizi durata in carica degli altri componenti il Consiglio di Amministrazione; ciò al fine di soddisfare l’esigenza di un’am- pia rappresentatività in seno all’organo amministrativo delle aree territoriali che compongono il Patto di Sindacato e di Voto e di Blocco di Azimut Holding Spa • per n. 2 (due) componenti per la durata di 1 (un) esercizio ** Indica i Consiglieri in possesso dei requisiti di indipendenza stabiliti dalla normativa vigente. come di seguito indicato: *** Con decorrenza dall’Assemblea degli Azionisti di approvazione bilancio dell’esercizio precedente.
Consiglio di amministrazione A seguito delle dimissioni dalla carica dell’Amministratore Claudio Foscoli con ef- N. Nominativo Luogo e data di nascita Durata in carica Scadenza carica ficacia dal 3 ottobre 2016, il Consiglio di Amministrazione del 27 settembre 2016 1 Pietro Giuliani Tivoli (RM), 29/10/1956 n. 3 esercizi Assemblea approvazione bilancio ha provveduto alla reintegrazione del Consiglio stesso, ai sensi di quanto disposto [2016 - 2017 - 2018] chiuso al 31/12/2018 dall’art. 2386 del codice civile e con il consenso del Collegio Sindacale, tramite la 2 Andrea Aliberti Macerata, 29/10/1969 n. 3 esercizi Assemblea approvazione bilancio nomina, con efficacia dal 3 ottobre 2016, di un nuovo Amministratore in persona [2016 - 2017 - 2018] chiuso al 31/12/2018 del dott. Sergio Albarelli, conferendogli altresì la carica di Amministratore Delegato. Inoltre, il Consiglio di Amministrazione del 9 marzo 2017, a seguito delle dimissioni 3 Claudio Foscoli Ancona, 16/04/1957 n. 3 esercizi Assemblea approvazione bilancio [2016 - 2017 - 2018] chiuso al 31/12/2018 dalla carica presentate dal Co Amministratore Delegato dott. Marco Malcontenti con effetto dal giorno antecedente l’Assemblea degli Azionisti di approvazione del 4 Marco Malcontenti Verona, 14/01/1967 n. 3 esercizi Assemblea approvazione bilancio bilancio al 31.12.2016 di Azimut Capital Management Sgr Spa prevista per il 13 [2016 - 2017 - 2018] chiuso al 31/12/2018 aprile 2017, ha nominato in qualità di Amministratore, ai sensi dell’art. 2386, primo 5 Paolo Martini Genova, 26/08/1973 n. 3 esercizi Assemblea approvazione bilancio comma del Codice Civile e con il consenso del Collegio Sindacale, il dott. Alessandro [2016 - 2017 - 2018] chiuso al 31/12/2018 Zambotti, con effetto dal 9 marzo 2017, al quale è stato conferito altresì il ruolo di 6 Paola Antonella Mungo Milano, 25/06/1967 n. 3 esercizi Assemblea approvazione bilancio Chief Financial Officer del Gruppo. [2016 - 2017 - 2018] chiuso al 31/12/2018 Si segnala, in aggiunta, che il Consiglio di Amministrazione del 4 maggio 2017, a 7 Marzio Zocca Milano, 18/04/1961 n. 3 esercizi Assemblea approvazione bilancio seguito delle dimissioni rassegnate dal Co Amministratore Delegato Paola Antonella [2016 - 2017 - 2018] chiuso al 31/12/2018 Mungo ed efficaci a decorrere dal 27 aprile 2017, ha nominato in qualità di Ammi- 8 Giampiero Gallizioli* Aosta, 28/04/1955 n. 1 esercizio [2016] Assemblea approvazione bilancio nistratore ai sensi dell’art. 2386, primo comma del Codice Civile e con il consenso chiuso al 31/12/2016 del Collegio Sindacale, la dott.ssa Renata Ricotti. Gerardo Tribuzio* Reggio Emilia, 24/11/1966 n. 1 esercizio [2017] *** Assemblea approvazione bilancio L’Assemblea degli Azionisti del 27 aprile 2017 ha, quindi, deliberato la conferma in chiuso al 31/12/2017 carica del dott. Sergio Albarelli e del dott. Alessandro Zambotti e l’Assemblea degli Azionisti convocata per l’approvazione del bilancio al 31 dicembre 2017 è chiamata Marco Mandelli* Brescia, 12/03/1955 n. 1 esercizio [2018] *** Assemblea approvazione bilancio chiuso al 31/12/2018 a deliberare anche in merito alla conferma in carica della dott.ssa Renata Ricotti. L’attuale Consiglio è composto quindi da 12 Consiglieri nelle persone di: 9 Silvia Scandurra* Roma, 26/08/1968 n. 1 esercizio [2016] Assemblea approvazione bilancio chiuso al 31/12/2016 Pietro Giuliani Presidente Susanna Cerini* Arezzo, 03/09/1969 n. 1 esercizio [2017] *** Assemblea approvazione bilancio chiuso al 31/12/2017 Sergio Albarelli Amministratore Delegato Ester Aldighieri* Chieri (TO), 12/01/1968 n. 1 esercizio [2018] *** Assemblea approvazione bilancio Paolo Martini Consigliere e Co Direttore Generale chiuso al 31/12/2018 Andrea Aliberti Consigliere 10 Raffaella Pagani** Milano, 21/06/1971 n. 3 esercizi Assemblea approvazione bilancio Anna Maria Bortolotti Consigliere [2016 - 2017 - 2018] chiuso al 31/12/2018 Susanna Cerini Consigliere
272278 Gruppo Azimut 273 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
del Consiglio di Amministrazione della Società devono essere in possesso dei requisiti N. Nominativo Luogo e data di nascita Durata in carica Scadenza carica prescritti dagli artt. 14 e 147-quinquies del D. Lgs. 58/98. A tale accertamento prov- 11 Antonio Andrea Monari** Adria (R0), 19/08/1951 n. 3 esercizi Assemblea approvazione bilancio vede il Consiglio di Amministrazione. [2016 - 2017 - 2018] chiuso al 31/12/2018 Il Consiglio di Amministrazione è stato nominato dall’Assemblea degli Azionisti del 28 aprile 2016, sulla base dell’unica lista di candidati presentata da Timone Fiducia- 12 Anna Maria Bortolotti** Bologna, 02/10/1958 n. 3 esercizi Assemblea approvazione bilancio [2016 - 2017 - 2018] chiuso al 31/12/2018 ria Srl.
Si precisa che la predetta Assemblea degli Azionisti ha determinato la durata in cari- * Indica i Consiglieri non esecutivi (consulenti finanziari abilitati all’offerta fuori sede che operano per società del ca dei componenti del Consiglio di Amministrazione come segue: Gruppo Azimut) la cui nomina è proposta per un solo esercizio e che si alterneranno quindi nel corso del triennio di • per n. 10 (dieci) componenti per la durata di 3 (tre) esercizi durata in carica degli altri componenti il Consiglio di Amministrazione; ciò al fine di soddisfare l’esigenza di un’am- pia rappresentatività in seno all’organo amministrativo delle aree territoriali che compongono il Patto di Sindacato e di Voto e di Blocco di Azimut Holding Spa • per n. 2 (due) componenti per la durata di 1 (un) esercizio ** Indica i Consiglieri in possesso dei requisiti di indipendenza stabiliti dalla normativa vigente. come di seguito indicato: *** Con decorrenza dall’Assemblea degli Azionisti di approvazione bilancio dell’esercizio precedente.
Consiglio di amministrazione A seguito delle dimissioni dalla carica dell’Amministratore Claudio Foscoli con ef- N. Nominativo Luogo e data di nascita Durata in carica Scadenza carica ficacia dal 3 ottobre 2016, il Consiglio di Amministrazione del 27 settembre 2016 1 Pietro Giuliani Tivoli (RM), 29/10/1956 n. 3 esercizi Assemblea approvazione bilancio ha provveduto alla reintegrazione del Consiglio stesso, ai sensi di quanto disposto [2016 - 2017 - 2018] chiuso al 31/12/2018 dall’art. 2386 del codice civile e con il consenso del Collegio Sindacale, tramite la 2 Andrea Aliberti Macerata, 29/10/1969 n. 3 esercizi Assemblea approvazione bilancio nomina, con efficacia dal 3 ottobre 2016, di un nuovo Amministratore in persona [2016 - 2017 - 2018] chiuso al 31/12/2018 del dott. Sergio Albarelli, conferendogli altresì la carica di Amministratore Delegato. Inoltre, il Consiglio di Amministrazione del 9 marzo 2017, a seguito delle dimissioni 3 Claudio Foscoli Ancona, 16/04/1957 n. 3 esercizi Assemblea approvazione bilancio [2016 - 2017 - 2018] chiuso al 31/12/2018 dalla carica presentate dal Co Amministratore Delegato dott. Marco Malcontenti con effetto dal giorno antecedente l’Assemblea degli Azionisti di approvazione del 4 Marco Malcontenti Verona, 14/01/1967 n. 3 esercizi Assemblea approvazione bilancio bilancio al 31.12.2016 di Azimut Capital Management Sgr Spa prevista per il 13 [2016 - 2017 - 2018] chiuso al 31/12/2018 aprile 2017, ha nominato in qualità di Amministratore, ai sensi dell’art. 2386, primo 5 Paolo Martini Genova, 26/08/1973 n. 3 esercizi Assemblea approvazione bilancio comma del Codice Civile e con il consenso del Collegio Sindacale, il dott. Alessandro [2016 - 2017 - 2018] chiuso al 31/12/2018 Zambotti, con effetto dal 9 marzo 2017, al quale è stato conferito altresì il ruolo di 6 Paola Antonella Mungo Milano, 25/06/1967 n. 3 esercizi Assemblea approvazione bilancio Chief Financial Officer del Gruppo. [2016 - 2017 - 2018] chiuso al 31/12/2018 Si segnala, in aggiunta, che il Consiglio di Amministrazione del 4 maggio 2017, a 7 Marzio Zocca Milano, 18/04/1961 n. 3 esercizi Assemblea approvazione bilancio seguito delle dimissioni rassegnate dal Co Amministratore Delegato Paola Antonella [2016 - 2017 - 2018] chiuso al 31/12/2018 Mungo ed efficaci a decorrere dal 27 aprile 2017, ha nominato in qualità di Ammi- 8 Giampiero Gallizioli* Aosta, 28/04/1955 n. 1 esercizio [2016] Assemblea approvazione bilancio nistratore ai sensi dell’art. 2386, primo comma del Codice Civile e con il consenso chiuso al 31/12/2016 del Collegio Sindacale, la dott.ssa Renata Ricotti. Gerardo Tribuzio* Reggio Emilia, 24/11/1966 n. 1 esercizio [2017] *** Assemblea approvazione bilancio L’Assemblea degli Azionisti del 27 aprile 2017 ha, quindi, deliberato la conferma in chiuso al 31/12/2017 carica del dott. Sergio Albarelli e del dott. Alessandro Zambotti e l’Assemblea degli Azionisti convocata per l’approvazione del bilancio al 31 dicembre 2017 è chiamata Marco Mandelli* Brescia, 12/03/1955 n. 1 esercizio [2018] *** Assemblea approvazione bilancio chiuso al 31/12/2018 a deliberare anche in merito alla conferma in carica della dott.ssa Renata Ricotti. L’attuale Consiglio è composto quindi da 12 Consiglieri nelle persone di: 9 Silvia Scandurra* Roma, 26/08/1968 n. 1 esercizio [2016] Assemblea approvazione bilancio chiuso al 31/12/2016 Pietro Giuliani Presidente Susanna Cerini* Arezzo, 03/09/1969 n. 1 esercizio [2017] *** Assemblea approvazione bilancio chiuso al 31/12/2017 Sergio Albarelli Amministratore Delegato Ester Aldighieri* Chieri (TO), 12/01/1968 n. 1 esercizio [2018] *** Assemblea approvazione bilancio Paolo Martini Consigliere e Co Direttore Generale chiuso al 31/12/2018 Andrea Aliberti Consigliere 10 Raffaella Pagani** Milano, 21/06/1971 n. 3 esercizi Assemblea approvazione bilancio Anna Maria Bortolotti Consigliere [2016 - 2017 - 2018] chiuso al 31/12/2018 Susanna Cerini Consigliere
272 Gruppo Azimut 279273 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Antonio Andrea Monari Consigliere quadro normativo e autoregolamentare di riferimento. Nel corso del 2016 è stato avviato un programma di orientamento (cd: “Induction Raffaella Pagani Consigliere plan”) - che è proseguito nell’anno 2017 - rivolto in particolare agli Amministratori Renata Ricotti Consigliere Indipendenti e diretto a fornire tramite apposite sessioni una più approfondita Gerardo Tribuzio Consigliere informativa sulla struttura organizzativa e le aree di attività del Gruppo.
Alessandro Zambotti Consigliere 4.3 Ruolo del Consiglio Marzio Zocca Consigliere Il Consiglio di Amministrazione che riveste un ruolo centrale nell’organizzazione aziendale si riunisce con regolare cadenza e si organizza ed opera in modo da garan- Dalla data di chiusura dell’esercizio (31 dicembre 2017) alla data di approvazione tire un effettivo ed efficace svolgimento delle proprie funzioni. della presente relazione (8 marzo 2018) nessun ulteriore cambiamento, oltre a quanto Nel corso del 2017 l’attuale Consiglio si è riunito 18 volte, per una durata media di sopra indicato, è intervenuto nella composizione del Consiglio di Amministrazione. circa 1 ora e 15 minuti per ciascuna riunione. Il Consiglio di Amministrazione dell’Emittente ha una composizione che integra Per l’anno 2018 sono previste 11 riunioni. profili manageriali e professionali tra loro diversi e che tiene altresì conto dell’impor- Alla data di approvazione della presente Relazione si sono già tenute 3 riunioni. tanza di una equilibrata rappresentanza di genere, nonché dei benefici conseguenti Ciascun membro del Consiglio di Amministrazione è tenuto a deliberare con cogni- alla presenza di diverse fasce di età e anzianità di carica. Con riferimento alle poli- zione di causa ed in autonomia, perseguendo l’obiettivo della creazione di valore, tiche di diversità si rimanda a quanto previsto dalla Dichiarazione Non Finanziaria impegnandosi a dedicare alla carica rivestita nella Società il tempo necessario a ga- rantire uno svolgimento diligente delle proprie funzioni, indipendentemente dagli Nella Tabella 1 allegata alla presente Relazione è stata dettagliata la struttura del incarichi ricoperti al di fuori dell’Emittente, essendo consapevole delle responsabilità Consiglio di Amministrazione e dei Comitati costituiti dall’Emittente. inerenti la carica ricoperta. La modalità operativa del Consiglio di Amministrazione, definita ora anche in un apposito Regolamento del Consiglio, così come di seguito meglio dettagliato, è con- Nell’allegato 1 alla presente Relazione si riporta il dettaglio degli incarichi ricoperti forme alle disposizioni del Codice vigente. A tale proposito si precisa che, tra l’altro: dai componenti del Consiglio di Amministrazione in altre società quotate in merca- (a) esamina ed approva i piani strategici, industriali e finanziari della società e a livel- ti regolamentati italiani ed esteri, in società finanziarie, bancarie, assicurative o di lo di Gruppo e la struttura societaria del Gruppo, monitorandone periodicamente rilevanti dimensioni. In merito alle ulteriori caratteristiche personali e professionali l’attuazione; di ciascun Amministratore si rimanda alla documentazione pubblicata sul sito della (b) definisce il sistema di governo societario dell’Emittente; società www.azimut-group.com sezione “investor relations”. (c) definisce la natura e il livello di rischio compatibile con gli obiettivi strategici dell’Emittente; Il Consiglio di Amministrazione, valutato anche il numero degli incarichi ricoper- (d) stabilisce la periodicità, almeno trimestrale, con la quale gli organi delegati de- ti dai singoli Amministratori, non ha ritenuto opportuno, allo stato, definire criteri vono riferire al Consiglio circa l’attività svolta nell’esercizio delle deleghe loro generali circa il numero massimo di incarichi di amministrazione e di controllo in conferite; altre società che possa essere considerato compatibile con un efficace svolgimento del (e) valuta il generale andamento della gestione tenendo in considerazione, in parti- ruolo di amministratore dell’Emittente, fermo restando il dovere di ciascun Consi- colare, le informazioni ricevute dagli organi delegati, nonché confrontando, pe- gliere di valutare la compatibilità delle cariche di amministratore e sindaco, rivestite riodicamente, i risultati conseguiti con quelli programmati; in altre società quotate in mercati regolamentati, in società finanziarie, bancarie, (f) esamina ed approva le operazioni aventi un significativo rilievo economico, patri- assicurative o di rilevanti dimensioni, con lo svolgimento diligente dei compiti assunti moniale e finanziario, con particolare riferimento alle operazioni con parti corre- come consigliere dell’Emittente, nonché sulla base di quanto previsto dall’art. 36 del late; a tale fine stabilisce criteri generali per individuare le operazioni di significa- D. L. n. 201/2011, convertito in legge con modifiche dalla L. n. 214 del 22 dicembre tivo rilievo; 2011, recante disposizioni riguardanti la tutela della concorrenza e le partecipazioni (g) valuta l’adeguatezza dell’assetto organizzativo, amministrativo e contabile dell’E- personali incrociate nei mercati del credito, assicurativi e finanziari. mittente nonché quello delle controllate aventi rilevanza strategica con particola- re riferimento al sistema di controllo interno e di gestione dei rischi basandosi, a La Società si preoccupa che i componenti del Consiglio di Amministrazione, anche riguardo, sulle informazioni fornite dalla sub-holding AZ International Holding unitamente al Collegio Sindacale, periodicamente e nel corso del mandato, parte- Sa, dal Comitato controllo e rischi, nonché sulle valutazioni delle funzioni di con- cipino a sessioni di aggiornamento e approfondimento afferenti l’ambito del settore trollo del Gruppo; di operatività in cui opera l’Emittente, i principi di corretta gestione dei rischi e il (h) delibera eventuali interventi necessari per eliminare criticità emerse nella gestione
274280 Gruppo Azimut 275 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Antonio Andrea Monari Consigliere quadro normativo e autoregolamentare di riferimento. Nel corso del 2016 è stato avviato un programma di orientamento (cd: “Induction Raffaella Pagani Consigliere plan”) - che è proseguito nell’anno 2017 - rivolto in particolare agli Amministratori Renata Ricotti Consigliere Indipendenti e diretto a fornire tramite apposite sessioni una più approfondita Gerardo Tribuzio Consigliere informativa sulla struttura organizzativa e le aree di attività del Gruppo.
Alessandro Zambotti Consigliere 4.3 Ruolo del Consiglio Marzio Zocca Consigliere Il Consiglio di Amministrazione che riveste un ruolo centrale nell’organizzazione aziendale si riunisce con regolare cadenza e si organizza ed opera in modo da garan- Dalla data di chiusura dell’esercizio (31 dicembre 2017) alla data di approvazione tire un effettivo ed efficace svolgimento delle proprie funzioni. della presente relazione (8 marzo 2018) nessun ulteriore cambiamento, oltre a quanto Nel corso del 2017 l’attuale Consiglio si è riunito 18 volte, per una durata media di sopra indicato, è intervenuto nella composizione del Consiglio di Amministrazione. circa 1 ora e 15 minuti per ciascuna riunione. Il Consiglio di Amministrazione dell’Emittente ha una composizione che integra Per l’anno 2018 sono previste 11 riunioni. profili manageriali e professionali tra loro diversi e che tiene altresì conto dell’impor- Alla data di approvazione della presente Relazione si sono già tenute 3 riunioni. tanza di una equilibrata rappresentanza di genere, nonché dei benefici conseguenti Ciascun membro del Consiglio di Amministrazione è tenuto a deliberare con cogni- alla presenza di diverse fasce di età e anzianità di carica. Con riferimento alle poli- zione di causa ed in autonomia, perseguendo l’obiettivo della creazione di valore, tiche di diversità si rimanda a quanto previsto dalla Dichiarazione Non Finanziaria impegnandosi a dedicare alla carica rivestita nella Società il tempo necessario a ga- rantire uno svolgimento diligente delle proprie funzioni, indipendentemente dagli Nella Tabella 1 allegata alla presente Relazione è stata dettagliata la struttura del incarichi ricoperti al di fuori dell’Emittente, essendo consapevole delle responsabilità Consiglio di Amministrazione e dei Comitati costituiti dall’Emittente. inerenti la carica ricoperta. La modalità operativa del Consiglio di Amministrazione, definita ora anche in un apposito Regolamento del Consiglio, così come di seguito meglio dettagliato, è con- Nell’allegato 1 alla presente Relazione si riporta il dettaglio degli incarichi ricoperti forme alle disposizioni del Codice vigente. A tale proposito si precisa che, tra l’altro: dai componenti del Consiglio di Amministrazione in altre società quotate in merca- (a) esamina ed approva i piani strategici, industriali e finanziari della società e a livel- ti regolamentati italiani ed esteri, in società finanziarie, bancarie, assicurative o di lo di Gruppo e la struttura societaria del Gruppo, monitorandone periodicamente rilevanti dimensioni. In merito alle ulteriori caratteristiche personali e professionali l’attuazione; di ciascun Amministratore si rimanda alla documentazione pubblicata sul sito della (b) definisce il sistema di governo societario dell’Emittente; società www.azimut-group.com sezione “investor relations”. (c) definisce la natura e il livello di rischio compatibile con gli obiettivi strategici dell’Emittente; Il Consiglio di Amministrazione, valutato anche il numero degli incarichi ricoper- (d) stabilisce la periodicità, almeno trimestrale, con la quale gli organi delegati de- ti dai singoli Amministratori, non ha ritenuto opportuno, allo stato, definire criteri vono riferire al Consiglio circa l’attività svolta nell’esercizio delle deleghe loro generali circa il numero massimo di incarichi di amministrazione e di controllo in conferite; altre società che possa essere considerato compatibile con un efficace svolgimento del (e) valuta il generale andamento della gestione tenendo in considerazione, in parti- ruolo di amministratore dell’Emittente, fermo restando il dovere di ciascun Consi- colare, le informazioni ricevute dagli organi delegati, nonché confrontando, pe- gliere di valutare la compatibilità delle cariche di amministratore e sindaco, rivestite riodicamente, i risultati conseguiti con quelli programmati; in altre società quotate in mercati regolamentati, in società finanziarie, bancarie, (f) esamina ed approva le operazioni aventi un significativo rilievo economico, patri- assicurative o di rilevanti dimensioni, con lo svolgimento diligente dei compiti assunti moniale e finanziario, con particolare riferimento alle operazioni con parti corre- come consigliere dell’Emittente, nonché sulla base di quanto previsto dall’art. 36 del late; a tale fine stabilisce criteri generali per individuare le operazioni di significa- D. L. n. 201/2011, convertito in legge con modifiche dalla L. n. 214 del 22 dicembre tivo rilievo; 2011, recante disposizioni riguardanti la tutela della concorrenza e le partecipazioni (g) valuta l’adeguatezza dell’assetto organizzativo, amministrativo e contabile dell’E- personali incrociate nei mercati del credito, assicurativi e finanziari. mittente nonché quello delle controllate aventi rilevanza strategica con particola- re riferimento al sistema di controllo interno e di gestione dei rischi basandosi, a La Società si preoccupa che i componenti del Consiglio di Amministrazione, anche riguardo, sulle informazioni fornite dalla sub-holding AZ International Holding unitamente al Collegio Sindacale, periodicamente e nel corso del mandato, parte- Sa, dal Comitato controllo e rischi, nonché sulle valutazioni delle funzioni di con- cipino a sessioni di aggiornamento e approfondimento afferenti l’ambito del settore trollo del Gruppo; di operatività in cui opera l’Emittente, i principi di corretta gestione dei rischi e il (h) delibera eventuali interventi necessari per eliminare criticità emerse nella gestione
274 Gruppo Azimut 281275 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
della società o delle società del Gruppo a seguito delle verifiche svolte dalle fun- ai sensi della normativa vigente in materia di società con azioni quotate nei mercati zioni preposte ai controlli ed alla gestione del rischio, sulla base delle informazioni regolamentati. fornite dalla sub-holding AZ International Holding Sa, dal Comitato controllo e L’art. 26 dello Statuto sociale attribuisce la rappresentanza di fronte a terzi ed in rischi, nonché sulle valutazioni delle funzioni di controllo del Gruppo; giudizio, nonché la firma sociale al Presidente del Consiglio di Amministrazione, (i) svolge l’attività di direzione e coordinamento della Capogruppo con particolare nonché ai Vice Presidenti e agli Amministratori Delegati se nominati. riferimento all’attività di governo dei rischi, deliberando policy e linee guida gene- rali per il Gruppo; Il Presidente convoca le riunioni del Consiglio e si adopera, anche per il tramite delle (j) fornisce informativa nella relazione sul governo societario sulla propria composi- Direzioni di volta in volta competenti, affinché ai Consiglieri siano fornite la docu- zione indicando per ciascun componente la qualifica, il ruolo ricoperto all’interno mentazione e le informazioni necessarie per permettere allo stesso di esprimersi con del Consiglio, sul numero e sulla durata media delle riunioni del consiglio e del consapevolezza sulle materie sottoposte al suo esame ed approvazione. comitato esecutivo tenutesi nel corso dell’esercizio, nonché sulla relativa percen- In particolare, al fine di consentire agli amministratori di valutare in modo corretto tuale di partecipazione di ciascun amministratore; e completo i fatti portati all’esame del Consiglio, le informazioni riguardanti le ma- (k) al fine di assicurare la corretta gestione delle informazioni societarie adotta su terie poste all’ordine del giorno e le bozze dei documenti oggetto di approvazione proposta del Presidente e Amministratore Delegato una procedura per la gestione vengono trasmessi a tutti gli amministratori con un ragionevole anticipo rispetto alla interna e la comunicazione all’esterno di documenti e informazioni riguardanti data delle riunioni. Limiti alla predetta informativa preventiva degli amministratori l’Emittente con particolare riferimento alle informazioni privilegiate. possono derivare sia da particolari esigenze di riservatezza sia da casi di particolare e comprovata urgenza. L’art. 25 dello Statuto determina i poteri del Consiglio di Amministrazione, che sono Il Presidente coordina le attività del Consiglio, nonché guida lo svolgimento delle conformi a quelli previsti dal Codice. In particolare, ai sensi del menzionato articolo, relative riunioni. la gestione della Società spetta esclusivamente al Consiglio di Amministrazione, il Nel corso delle riunioni consiliari possono essere invitati a partecipare anche soggetti quale compie le operazioni necessarie per l’attuazione dell’oggetto sociale, ferma esterni al Consiglio di Amministrazione per fornire gli opportuni approfondimenti restando la necessità di specifica autorizzazione nei casi richiesti dalla legge. sugli argomenti all’ordine del giorno. A norma dello stesso art. 25 sono, inoltre, attribuite al Consiglio di Amministrazione le deliberazioni concernenti: Il Consiglio di Amministrazione del 27 novembre 2015 ha approvato il “Regolamento (i) la delibera di fusione nei casi di cui agli articoli 2505 e 2505 bis, del codice civile; sul funzionamento del Consiglio di Amministrazione” volto a regolare l’attività deliberati- (ii) l’istituzione e la soppressione di sedi secondarie; va del Consiglio medesimo, la preparazione e la messa a disposizione della docu- (iii) l’indicazione di quali amministratori abbiano la rappresentanza della Società; mentazione in vista delle riunioni consiliari e, più, in generale il funzionamento del (iv) la riduzione del capitale sociale in caso di recesso del socio; Consiglio stesso. Sono stati, altresì, individuati gli standard di condotta dei Consiglieri (v) l’adeguamento dello statuto sociale a disposizioni normative; - tenuti ad agire in modo informato - le modalità di partecipazione alla discussione, (vi) il trasferimento della sede sociale nel territorio nazionale; il ruolo del Presidente, i profili attinenti alla verbalizzazione. Al fine di assicurare (vii) la riduzione del capitale, qualora risulti perduto oltre un terzo del capitale sociale maggiore tracciabilità nei processi decisionali, sono state inserite previsioni riferite e la Società abbia emesso azioni senza valore nominale. alle modalità di presentazione e formalizzazione delle proposte di delibera. Nella predisposizione del Regolamento si sono assunte a riferimento le best practices in tema Al Consiglio di Amministrazione sono comunque sottoposte le deliberazioni in me- di corporate governance, e le disposizioni del Codice di autodisciplina di Borsa Italiana, rito alle operazioni dell’Emittente e delle sue controllate quando tali operazioni ab- nella versione aggiornata al luglio 2015. biano un significativo rilievo strategico, economico, patrimoniale o finanziario per l’Emittente stesso. Con riguardo alle modalità concretamente applicate per garantire la tempestività e Ai sensi degli artt. 21 e 26 dello Statuto, il Consiglio di Amministrazione può delega- la correttezza dell’informativa pre-consiliare, si segnala che ai fini della messa a di- re parte delle proprie attribuzioni, escluse quelle riservate espressamente dalla legge sposizione ai Consiglieri della documentazione propedeutica allo svolgimento della alla propria competenza, ad un Comitato Esecutivo determinandone la composizio- riunione è stato sviluppato dalla Società e messo a disposizione di ciascun compo- ne, i poteri e la remunerazione. nente un apposito software che consente di visualizzare in tempo reale su qualunque Ai sensi dei medesimi articoli, inoltre, il Consiglio di Amministrazione può nominare dispositivo, previo inserimento delle credenziali personali, tutta la documentazione uno o più Vice Presidenti e uno o più Amministratori Delegati, determinando i limiti a supporto relativa a ciascun punto all’Ordine del Giorno della riunione con avviso della delega, nonché uno o più Direttori Generali, designandoli anche fra i membri mediante ricezione di apposita mail circa la pubblicazione del documento. Più in del Consiglio stesso. Può altresì istituire comitati di natura consultiva e/o propositiva particolare, con riferimento alle tempistiche, qualora gli argomenti in discussione si determinando il numero dei membri di tali comitati e le funzioni ad essi attribuite, riferiscano a iniziative di tipo ordinario, i relativi documenti, ove disponibili, vengono
276282 Gruppo Azimut 277 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
della società o delle società del Gruppo a seguito delle verifiche svolte dalle fun- ai sensi della normativa vigente in materia di società con azioni quotate nei mercati zioni preposte ai controlli ed alla gestione del rischio, sulla base delle informazioni regolamentati. fornite dalla sub-holding AZ International Holding Sa, dal Comitato controllo e L’art. 26 dello Statuto sociale attribuisce la rappresentanza di fronte a terzi ed in rischi, nonché sulle valutazioni delle funzioni di controllo del Gruppo; giudizio, nonché la firma sociale al Presidente del Consiglio di Amministrazione, (i) svolge l’attività di direzione e coordinamento della Capogruppo con particolare nonché ai Vice Presidenti e agli Amministratori Delegati se nominati. riferimento all’attività di governo dei rischi, deliberando policy e linee guida gene- rali per il Gruppo; Il Presidente convoca le riunioni del Consiglio e si adopera, anche per il tramite delle (j) fornisce informativa nella relazione sul governo societario sulla propria composi- Direzioni di volta in volta competenti, affinché ai Consiglieri siano fornite la docu- zione indicando per ciascun componente la qualifica, il ruolo ricoperto all’interno mentazione e le informazioni necessarie per permettere allo stesso di esprimersi con del Consiglio, sul numero e sulla durata media delle riunioni del consiglio e del consapevolezza sulle materie sottoposte al suo esame ed approvazione. comitato esecutivo tenutesi nel corso dell’esercizio, nonché sulla relativa percen- In particolare, al fine di consentire agli amministratori di valutare in modo corretto tuale di partecipazione di ciascun amministratore; e completo i fatti portati all’esame del Consiglio, le informazioni riguardanti le ma- (k) al fine di assicurare la corretta gestione delle informazioni societarie adotta su terie poste all’ordine del giorno e le bozze dei documenti oggetto di approvazione proposta del Presidente e Amministratore Delegato una procedura per la gestione vengono trasmessi a tutti gli amministratori con un ragionevole anticipo rispetto alla interna e la comunicazione all’esterno di documenti e informazioni riguardanti data delle riunioni. Limiti alla predetta informativa preventiva degli amministratori l’Emittente con particolare riferimento alle informazioni privilegiate. possono derivare sia da particolari esigenze di riservatezza sia da casi di particolare e comprovata urgenza. L’art. 25 dello Statuto determina i poteri del Consiglio di Amministrazione, che sono Il Presidente coordina le attività del Consiglio, nonché guida lo svolgimento delle conformi a quelli previsti dal Codice. In particolare, ai sensi del menzionato articolo, relative riunioni. la gestione della Società spetta esclusivamente al Consiglio di Amministrazione, il Nel corso delle riunioni consiliari possono essere invitati a partecipare anche soggetti quale compie le operazioni necessarie per l’attuazione dell’oggetto sociale, ferma esterni al Consiglio di Amministrazione per fornire gli opportuni approfondimenti restando la necessità di specifica autorizzazione nei casi richiesti dalla legge. sugli argomenti all’ordine del giorno. A norma dello stesso art. 25 sono, inoltre, attribuite al Consiglio di Amministrazione le deliberazioni concernenti: Il Consiglio di Amministrazione del 27 novembre 2015 ha approvato il “Regolamento (i) la delibera di fusione nei casi di cui agli articoli 2505 e 2505 bis, del codice civile; sul funzionamento del Consiglio di Amministrazione” volto a regolare l’attività deliberati- (ii) l’istituzione e la soppressione di sedi secondarie; va del Consiglio medesimo, la preparazione e la messa a disposizione della docu- (iii) l’indicazione di quali amministratori abbiano la rappresentanza della Società; mentazione in vista delle riunioni consiliari e, più, in generale il funzionamento del (iv) la riduzione del capitale sociale in caso di recesso del socio; Consiglio stesso. Sono stati, altresì, individuati gli standard di condotta dei Consiglieri (v) l’adeguamento dello statuto sociale a disposizioni normative; - tenuti ad agire in modo informato - le modalità di partecipazione alla discussione, (vi) il trasferimento della sede sociale nel territorio nazionale; il ruolo del Presidente, i profili attinenti alla verbalizzazione. Al fine di assicurare (vii) la riduzione del capitale, qualora risulti perduto oltre un terzo del capitale sociale maggiore tracciabilità nei processi decisionali, sono state inserite previsioni riferite e la Società abbia emesso azioni senza valore nominale. alle modalità di presentazione e formalizzazione delle proposte di delibera. Nella predisposizione del Regolamento si sono assunte a riferimento le best practices in tema Al Consiglio di Amministrazione sono comunque sottoposte le deliberazioni in me- di corporate governance, e le disposizioni del Codice di autodisciplina di Borsa Italiana, rito alle operazioni dell’Emittente e delle sue controllate quando tali operazioni ab- nella versione aggiornata al luglio 2015. biano un significativo rilievo strategico, economico, patrimoniale o finanziario per l’Emittente stesso. Con riguardo alle modalità concretamente applicate per garantire la tempestività e Ai sensi degli artt. 21 e 26 dello Statuto, il Consiglio di Amministrazione può delega- la correttezza dell’informativa pre-consiliare, si segnala che ai fini della messa a di- re parte delle proprie attribuzioni, escluse quelle riservate espressamente dalla legge sposizione ai Consiglieri della documentazione propedeutica allo svolgimento della alla propria competenza, ad un Comitato Esecutivo determinandone la composizio- riunione è stato sviluppato dalla Società e messo a disposizione di ciascun compo- ne, i poteri e la remunerazione. nente un apposito software che consente di visualizzare in tempo reale su qualunque Ai sensi dei medesimi articoli, inoltre, il Consiglio di Amministrazione può nominare dispositivo, previo inserimento delle credenziali personali, tutta la documentazione uno o più Vice Presidenti e uno o più Amministratori Delegati, determinando i limiti a supporto relativa a ciascun punto all’Ordine del Giorno della riunione con avviso della delega, nonché uno o più Direttori Generali, designandoli anche fra i membri mediante ricezione di apposita mail circa la pubblicazione del documento. Più in del Consiglio stesso. Può altresì istituire comitati di natura consultiva e/o propositiva particolare, con riferimento alle tempistiche, qualora gli argomenti in discussione si determinando il numero dei membri di tali comitati e le funzioni ad essi attribuite, riferiscano a iniziative di tipo ordinario, i relativi documenti, ove disponibili, vengono
276 Gruppo Azimut 283277 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
trasmessi di regola almeno tre giorni prima la data fissata per la riunione consiliare, (iii) all’area di assunzione del personale (esclusi i dirigenti) esercitabili con firma congiunta salvo ostino particolari ragioni di riservatezza. Per iniziative di carattere straordi- con il Responsabile Antiriciclaggio e Responsabile Compliance ad interim, il Chief nario, invece, la valutazione è rimessa, caso per caso, al Presidente del Consiglio di Controlling Officer o il Responsabile Internal Audit, in relazione alla funzione di Amministrazione. volta in volta interessata. Quanto alla documentazione informativa di supporto, si precisa che questa è rappre- • all’Amministratore e Co Direttore Generale Paolo Martini sono stati attribuiti i sentata da una nota/relazione contenente elementi informativi e descrittivi in forma poteri di ordinaria amministrazione limitatamente all’area Commerciale e Marketing e sintetica, ovvero una reportistica di dettaglio quando trattasi di dati economici/patri- Prodotti esercitabili con firma singola, nonché poteri in relazione all’area diassunzio - moniali/statistici, in ogni caso idonea a consentire ai Consiglieri di amministrazione ne del personale (esclusi i dirigenti) esercitabili con firma congiunta con il Responsabile un’adeguata conoscenza dei temi in discussione ai fini dell’assunzione di decisioni Antiriciclaggio e Responsabile Compliance ad interim, il Chief Controlling Officer o il consapevoli. Responsabile Internal Audit, in relazione alla funzione di volta in volta interessata; • agli Amministratori Andrea Aliberti e Marzio Zocca sono stati attribuiti i poteri Nel Regolamento sono state altresì inserite previsioni riferite al ruolo degli Amministra- di ordinaria amministrazione limitatamente all’area Gestione (con esclusione di de- tori indipendenti, le modalità di presentazione delle proposte di delibera (volte, tra cisioni che attengano al processo di investimento) esercitabili con firma congiunta l’altro, ad assicurare maggior tracciabilità delle decisioni aziendali), la verbalizzazio- con Alessandro Zambotti. ne e il ruolo degli amministratori non esecutivi. Gli organi delegati, inoltre, forniscono al Consiglio di Amministrazione e al Collegio Ai sensi dell’art. 2381 comma 5 Codice Civile, il Consiglio di Amministrazione della Sindacale adeguata informativa ai sensi dell’art. 2381, quinto comma, del codice Capogruppo e delle società vigilate controllate ha valutato l’adeguatezza dell’assetto civile, nonché sulle operazioni atipiche, inusuali o con parti correlate, il cui esame e organizzativo, amministrativo e contabile dell’Emittente con particolare riferimento la cui approvazione non siano riservati al Consiglio di Amministrazione. al sistema di controllo interno e di gestione dei rischi e il generale andamento della gestione. Il Consiglio di Amministrazione dell’Emittente in data 26 gennaio 2016, con l’inten- to di procedere ad un ulteriore rafforzamento del ruolo di indirizzo proprio del Con- 4.4 Organi Delegati (Amministratori Delegati, Presidente del Consiglio di Amministrazione, siglio di Amministrazione, ha deliberato di dare corso alla cessazione anticipata del Comitato Esecutivo e Direttore Generale) Comitato Esecutivo, nominato dal Consiglio di Amministrazione del 24/04/2013 A seguito della nomina dei nuovi componenti del Consiglio di Amministrazione deli- ed integrato dal Consiglio di Amministrazione dell’8/05/2014, con effetto dalla me- berata dall’Assemblea degli Azionisti del 28 aprile 2016, il Consiglio di Amministra- desima data. zione, riunitosi nella medesima data, ha provveduto a confermare la struttura delle deleghe già adottata dalla Società, che prevede una definizione dei poteri in capo agli 4.5 Altri consiglieri esecutivi Amministratori esecutivi caratterizzata da una individuazione degli ambiti di ciascu- Nel Consiglio di Amministrazione dell’Emittente non vi sono altri consiglieri ese- no nelle aree di competenza, onde ottenere un idoneo bilanciamento complessivo dei cutivi in aggiunta a quelli nominativamente indicati nel precedente punto 4.4 della poteri in seno al Consiglio di Amministrazione medesimo. presente. Inoltre, a seguito della nomina del dott. Sergio Albarelli in qualità di Amministratore Delegato, il Consiglio di Amministrazione ha provveduto ad attribuire al medesimo 4.6 Amministratori Indipendenti specifici poteri di firma e a riformulare quelli del Presidente Ing. Pietro Giuliani, Gli amministratori Indipendenti della Società sono quattro Anna Maria Bortolotti, conferendo al medesimo i soli poteri di rappresentanza della Società senza deleghe Antonio Andrea Monari, Raffaella Pagani e Renata Ricotti. di natura operativa. L’Assemblea degli Azionisti del 28 aprile 2016 ha nominato un Consiglio di Am- ministrazione composto da 12 amministratori di cui tre indipendenti; al tempo tale Nello specifico: numero di amministratori indipendenti oltre ad essere conforme a quanto previsto • all’Amministratore Delegato Sergio Albarelli, oltre alla legale rappresentanza an- dall’art. 147ter, comma 4 TUF (che richiede la nomina di almeno due amministra- che in giudizio senza limiti di area, sono stati attribuiti poteri di ordinaria ammini- tori indipendenti, qualora il Consiglio di Amministrazione sia composto da più di strazione, esercitabili a firma singola. sette membri), è stato ritenuto idoneo a garantire l’efficacia del ruolo affidato a detti • all’Amministratore Alessandro Zambotti sono stati attribuiti poteri di ordinaria amministratori e ad assicurare che il loro giudizio possa avere un peso significativo amministrazione, limitatamente nell’assunzione delle decisioni consiliari della Società. (i) alle aree Finanza e Amministrazione, Fiscale esercitabili a firma singola; Gli Amministratori indipendenti grazie alle loro individuali professionalità apporta- (i) all’area Estero, esercitabili con firma congiunta con il Responsabile Sviluppo no le loro specifiche competenze nelle discussioni consiliari, contribuendo all’assun- Estero Gabriele Blei; zione di decisioni conformi all’interesse sociale.
278284 Gruppo Azimut 279 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
trasmessi di regola almeno tre giorni prima la data fissata per la riunione consiliare, (iii) all’area di assunzione del personale (esclusi i dirigenti) esercitabili con firma congiunta salvo ostino particolari ragioni di riservatezza. Per iniziative di carattere straordi- con il Responsabile Antiriciclaggio e Responsabile Compliance ad interim, il Chief nario, invece, la valutazione è rimessa, caso per caso, al Presidente del Consiglio di Controlling Officer o il Responsabile Internal Audit, in relazione alla funzione di Amministrazione. volta in volta interessata. Quanto alla documentazione informativa di supporto, si precisa che questa è rappre- • all’Amministratore e Co Direttore Generale Paolo Martini sono stati attribuiti i sentata da una nota/relazione contenente elementi informativi e descrittivi in forma poteri di ordinaria amministrazione limitatamente all’area Commerciale e Marketing e sintetica, ovvero una reportistica di dettaglio quando trattasi di dati economici/patri- Prodotti esercitabili con firma singola, nonché poteri in relazione all’area diassunzio - moniali/statistici, in ogni caso idonea a consentire ai Consiglieri di amministrazione ne del personale (esclusi i dirigenti) esercitabili con firma congiunta con il Responsabile un’adeguata conoscenza dei temi in discussione ai fini dell’assunzione di decisioni Antiriciclaggio e Responsabile Compliance ad interim, il Chief Controlling Officer o il consapevoli. Responsabile Internal Audit, in relazione alla funzione di volta in volta interessata; • agli Amministratori Andrea Aliberti e Marzio Zocca sono stati attribuiti i poteri Nel Regolamento sono state altresì inserite previsioni riferite al ruolo degli Amministra- di ordinaria amministrazione limitatamente all’area Gestione (con esclusione di de- tori indipendenti, le modalità di presentazione delle proposte di delibera (volte, tra cisioni che attengano al processo di investimento) esercitabili con firma congiunta l’altro, ad assicurare maggior tracciabilità delle decisioni aziendali), la verbalizzazio- con Alessandro Zambotti. ne e il ruolo degli amministratori non esecutivi. Gli organi delegati, inoltre, forniscono al Consiglio di Amministrazione e al Collegio Ai sensi dell’art. 2381 comma 5 Codice Civile, il Consiglio di Amministrazione della Sindacale adeguata informativa ai sensi dell’art. 2381, quinto comma, del codice Capogruppo e delle società vigilate controllate ha valutato l’adeguatezza dell’assetto civile, nonché sulle operazioni atipiche, inusuali o con parti correlate, il cui esame e organizzativo, amministrativo e contabile dell’Emittente con particolare riferimento la cui approvazione non siano riservati al Consiglio di Amministrazione. al sistema di controllo interno e di gestione dei rischi e il generale andamento della gestione. Il Consiglio di Amministrazione dell’Emittente in data 26 gennaio 2016, con l’inten- to di procedere ad un ulteriore rafforzamento del ruolo di indirizzo proprio del Con- 4.4 Organi Delegati (Amministratori Delegati, Presidente del Consiglio di Amministrazione, siglio di Amministrazione, ha deliberato di dare corso alla cessazione anticipata del Comitato Esecutivo e Direttore Generale) Comitato Esecutivo, nominato dal Consiglio di Amministrazione del 24/04/2013 A seguito della nomina dei nuovi componenti del Consiglio di Amministrazione deli- ed integrato dal Consiglio di Amministrazione dell’8/05/2014, con effetto dalla me- berata dall’Assemblea degli Azionisti del 28 aprile 2016, il Consiglio di Amministra- desima data. zione, riunitosi nella medesima data, ha provveduto a confermare la struttura delle deleghe già adottata dalla Società, che prevede una definizione dei poteri in capo agli 4.5 Altri consiglieri esecutivi Amministratori esecutivi caratterizzata da una individuazione degli ambiti di ciascu- Nel Consiglio di Amministrazione dell’Emittente non vi sono altri consiglieri ese- no nelle aree di competenza, onde ottenere un idoneo bilanciamento complessivo dei cutivi in aggiunta a quelli nominativamente indicati nel precedente punto 4.4 della poteri in seno al Consiglio di Amministrazione medesimo. presente. Inoltre, a seguito della nomina del dott. Sergio Albarelli in qualità di Amministratore Delegato, il Consiglio di Amministrazione ha provveduto ad attribuire al medesimo 4.6 Amministratori Indipendenti specifici poteri di firma e a riformulare quelli del Presidente Ing. Pietro Giuliani, Gli amministratori Indipendenti della Società sono quattro Anna Maria Bortolotti, conferendo al medesimo i soli poteri di rappresentanza della Società senza deleghe Antonio Andrea Monari, Raffaella Pagani e Renata Ricotti. di natura operativa. L’Assemblea degli Azionisti del 28 aprile 2016 ha nominato un Consiglio di Am- ministrazione composto da 12 amministratori di cui tre indipendenti; al tempo tale Nello specifico: numero di amministratori indipendenti oltre ad essere conforme a quanto previsto • all’Amministratore Delegato Sergio Albarelli, oltre alla legale rappresentanza an- dall’art. 147ter, comma 4 TUF (che richiede la nomina di almeno due amministra- che in giudizio senza limiti di area, sono stati attribuiti poteri di ordinaria ammini- tori indipendenti, qualora il Consiglio di Amministrazione sia composto da più di strazione, esercitabili a firma singola. sette membri), è stato ritenuto idoneo a garantire l’efficacia del ruolo affidato a detti • all’Amministratore Alessandro Zambotti sono stati attribuiti poteri di ordinaria amministratori e ad assicurare che il loro giudizio possa avere un peso significativo amministrazione, limitatamente nell’assunzione delle decisioni consiliari della Società. (i) alle aree Finanza e Amministrazione, Fiscale esercitabili a firma singola; Gli Amministratori indipendenti grazie alle loro individuali professionalità apporta- (i) all’area Estero, esercitabili con firma congiunta con il Responsabile Sviluppo no le loro specifiche competenze nelle discussioni consiliari, contribuendo all’assun- Estero Gabriele Blei; zione di decisioni conformi all’interesse sociale.
278 Gruppo Azimut 285279 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
La valutazione in merito alla presenza dei requisiti di indipendenza in capo ai pre- all’esterno delle informazioni “price sensitive”, onde evitare che la diffusione all’esterno detti amministratori è stata effettuata dall’assemblea all’atto della nomina sulla base di informazioni riguardanti la Società stessa avvenga in modo selettivo, intempestivo della documentazione presentata, nonché nella riunione del Consiglio di Ammini- o in forma incompleta o inadeguata. strazione del 5 maggio 2016. La predetta verifica in capo ai 3 suddetti Ammini- Nell’ambito dell’adozione di sistemi di gestione delle informazioni riservate, detto co- stratori Indipendenti è stata poi rinnovata nella riunione del Consiglio di Ammi- dice di comportamento disciplina altresì gli obblighi informativi inerenti alle opera- nistrazione del 4 maggio 2017, che ha accertato i requisiti di indipendenza anche zioni su strumenti finanziari compiute dagli amministratori, dai direttori, dai sindaci in capo all’Amministratore cooptato nella medesima riunione, Renata Ricotti. Nel e dalle altre persone che, in ragione della loro carica, hanno accesso ad informazioni corso degli esercizi successivi alla nomina, il Consiglio di Amministrazione procede rilevanti, secondo quanto richiesto dalla normativa vigente. di norma ad effettuare ulteriori valutazioni in merito alla sussistenza dei requisiti di In data 3 luglio 2016 sono divenuti applicabili gli obblighi normativi, di cui al Rego- indipendenza in capo agli amministratori, oltre che nei casi di nuova nomina o di lamento UE n. 596/2014, alla Direttiva 2014/57/UE e della relativa regolamenta- rinnovo della carica, anche in caso di variazioni di rilievo attinenti detti requisiti che zione tecnica di attuazione, diretti ad istituire un quadro normativo comune e quindi siano state comunicate dagli stessi amministratori indipendenti ovvero accertate con una disciplina uniforme a livello comunitario, in materia di abuso e comunicazione altre modalità dall’Emittente stesso. Il Consiglio con l’obiettivo di assicurare la piena illecita di informazioni privilegiate e manipolazioni di mercato, di misure dirette a funzionalità dello stesso provvede altresì a valutare il possesso, da parte dei consiglie- prevenire abusi di mercato, nonché a stabilire le misure minime per le sanzioni penali ri, di idonei requisiti, competenze e professionalità. applicabili in materia. Tale procedura è ritenuta idonea ad assicurare l’esercizio di un effettivo controllo in Il Consiglio di Amministrazione quindi in data 28 giugno 2016 e 27 settembre 2016 merito alla conservazione dei requisiti di indipendenza ed in linea con il criterio ap- ha proceduto ad un aggiornamento della “Policy in materia di Market Abuse Informazioni plicativo del Codice secondo cui la valutazione deve essere effettuata avuto riguardo Privilegiate ed Internal Dealing”, onde recepire le novità introdotte dalla predetta norma- più alla sostanza che alla forma. tiva, apportando i conseguenti adattamenti anche alle relative procedure aziendali. Come segnalato al precedente paragrafo 4.2, nel corso del 2016 è stato avviato un È stato conseguentemente istituito un nuovo elenco dei soggetti aventi accesso alle programma di orientamento (cd: “Induction plan”) - che è proseguito nell’anno 2017 informazioni privilegiate, in sostituzione del registro in uso ed istituito dalla Società - rivolto ai predetti Amministratori Indipendenti e diretto a fornire tramite apposite in ottemperanza al disposto di cui all’art. 115 bis del TUF; tale nuovo elenco viene sessioni una più approfondita informativa sulla struttura organizzativa e le aree di gestito tramite un database che presenta caratteristiche tecnico/funzionali necessarie attività del Gruppo. per garantire il rispetto dei requisiti di sicurezza logica e fisica, la immodificabilità delle registrazioni e la facilità di consultazione e di ricerca. 4.7 Lead independent director In ottemperanza a quanto previsto dal Regolamento di Esecuzione UE n. 2016/347, Il Consiglio di Amministrazione, in relazione alla raccomandazione del Codice di emanato in materia e che disciplina il formato e le modalità tecniche per la tenuta prevedere l’istituzione di un “lead indipendent director” nel caso in cui il Presidente del del predetto elenco, si è provveduto a suddividere lo stesso in sezioni distinte, una Consiglio di Amministrazione sia il principale responsabile della gestione dell’impre- per ciascuna informazione privilegiata; ciascuna sezione elenca tutte le persone (ed i sa, ha ritenuto di non procedere alla individuazione di tale figura. Si precisa a tale relativi dati personali) che hanno accesso alla stessa informazione privilegiata speci- proposito che la Società, così come indicato nel precedente punto 4.4 ha provveduto ficamente indicata. alla separazione dei ruoli di Presidente e di Amministratore Delegato, conferendo al Il Consiglio di Amministrazione del 28 giugno 2016 ha altresì deliberato l’istituzione Presidente i soli poteri di rappresentanza della Società senza deleghe operative. nel predetto elenco, di una ulteriore sezione, denominata sezione degli accessi permanenti, in cui sono state inserite le persone (ed i relativi dati personali) che, per funzione e posizione, hanno sempre accesso a tutte le informazioni privilegiate presenti presso 5. Gli Amministratori Delegati assicurano la corretta gestione delle informazioni so- la Società. Trattamento delle cietarie; a tal fine essi propongono al Consiglio di Amministrazione l’adozione di A tale proposito, sono stati indicati nella predetta sezione i soggetti individuati dal informazioni societarie procedure per la gestione interna e la comunicazione all’esterno di documenti ed Consiglio di Amministrazione nelle persone del Presidente, dell’Amministratore De- informazioni riguardanti la società, con particolare riferimento alle informazioni legato e dei Co Amministratori Delegati della Società. “price sensitive” e a quelle relative ad operazioni su strumenti finanziari compiute dalle Peraltro, è in corso di attivazione, in ottemperanza a quanto previsto dalle Linee persone che a causa dell’incarico ricoperto hanno accesso a informazioni rilevanti. Guida per la gestione delle Informazioni Privilegiate emanate da CONSOB nell’ot- Tutti gli amministratori sono tenuti a mantenere riservati i documenti e le informa- tobre 2017 anche un ulteriore registro, da svilupparsi attraverso una piattaforma zioni acquisiti nello svolgimento dei loro compiti ed a rispettare le procedure adottate informatica cd. “relevant insider list” (“RIL”) che permetta di individuare le persone per la comunicazione all’esterno di tali documenti ed informazioni. che hanno accesso informazioni rilevanti, ovvero a quelle informazioni che l’Emit- La Società, conformemente alle previsioni del Codice, ha adottato una specifica pro- tente ritiene rilevanti, in quanto relative a dati, eventi, progetti o circostanze che in cedura interna per la gestione delle informazioni riservate e per la comunicazione modo continuativo, ripetitivo, periodico, oppure saltuario, occasionale, o imprevisto,
280286 Gruppo Azimut 281 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
La valutazione in merito alla presenza dei requisiti di indipendenza in capo ai pre- all’esterno delle informazioni “price sensitive”, onde evitare che la diffusione all’esterno detti amministratori è stata effettuata dall’assemblea all’atto della nomina sulla base di informazioni riguardanti la Società stessa avvenga in modo selettivo, intempestivo della documentazione presentata, nonché nella riunione del Consiglio di Ammini- o in forma incompleta o inadeguata. strazione del 5 maggio 2016. La predetta verifica in capo ai 3 suddetti Ammini- Nell’ambito dell’adozione di sistemi di gestione delle informazioni riservate, detto co- stratori Indipendenti è stata poi rinnovata nella riunione del Consiglio di Ammi- dice di comportamento disciplina altresì gli obblighi informativi inerenti alle opera- nistrazione del 4 maggio 2017, che ha accertato i requisiti di indipendenza anche zioni su strumenti finanziari compiute dagli amministratori, dai direttori, dai sindaci in capo all’Amministratore cooptato nella medesima riunione, Renata Ricotti. Nel e dalle altre persone che, in ragione della loro carica, hanno accesso ad informazioni corso degli esercizi successivi alla nomina, il Consiglio di Amministrazione procede rilevanti, secondo quanto richiesto dalla normativa vigente. di norma ad effettuare ulteriori valutazioni in merito alla sussistenza dei requisiti di In data 3 luglio 2016 sono divenuti applicabili gli obblighi normativi, di cui al Rego- indipendenza in capo agli amministratori, oltre che nei casi di nuova nomina o di lamento UE n. 596/2014, alla Direttiva 2014/57/UE e della relativa regolamenta- rinnovo della carica, anche in caso di variazioni di rilievo attinenti detti requisiti che zione tecnica di attuazione, diretti ad istituire un quadro normativo comune e quindi siano state comunicate dagli stessi amministratori indipendenti ovvero accertate con una disciplina uniforme a livello comunitario, in materia di abuso e comunicazione altre modalità dall’Emittente stesso. Il Consiglio con l’obiettivo di assicurare la piena illecita di informazioni privilegiate e manipolazioni di mercato, di misure dirette a funzionalità dello stesso provvede altresì a valutare il possesso, da parte dei consiglie- prevenire abusi di mercato, nonché a stabilire le misure minime per le sanzioni penali ri, di idonei requisiti, competenze e professionalità. applicabili in materia. Tale procedura è ritenuta idonea ad assicurare l’esercizio di un effettivo controllo in Il Consiglio di Amministrazione quindi in data 28 giugno 2016 e 27 settembre 2016 merito alla conservazione dei requisiti di indipendenza ed in linea con il criterio ap- ha proceduto ad un aggiornamento della “Policy in materia di Market Abuse Informazioni plicativo del Codice secondo cui la valutazione deve essere effettuata avuto riguardo Privilegiate ed Internal Dealing”, onde recepire le novità introdotte dalla predetta norma- più alla sostanza che alla forma. tiva, apportando i conseguenti adattamenti anche alle relative procedure aziendali. Come segnalato al precedente paragrafo 4.2, nel corso del 2016 è stato avviato un È stato conseguentemente istituito un nuovo elenco dei soggetti aventi accesso alle programma di orientamento (cd: “Induction plan”) - che è proseguito nell’anno 2017 informazioni privilegiate, in sostituzione del registro in uso ed istituito dalla Società - rivolto ai predetti Amministratori Indipendenti e diretto a fornire tramite apposite in ottemperanza al disposto di cui all’art. 115 bis del TUF; tale nuovo elenco viene sessioni una più approfondita informativa sulla struttura organizzativa e le aree di gestito tramite un database che presenta caratteristiche tecnico/funzionali necessarie attività del Gruppo. per garantire il rispetto dei requisiti di sicurezza logica e fisica, la immodificabilità delle registrazioni e la facilità di consultazione e di ricerca. 4.7 Lead independent director In ottemperanza a quanto previsto dal Regolamento di Esecuzione UE n. 2016/347, Il Consiglio di Amministrazione, in relazione alla raccomandazione del Codice di emanato in materia e che disciplina il formato e le modalità tecniche per la tenuta prevedere l’istituzione di un “lead indipendent director” nel caso in cui il Presidente del del predetto elenco, si è provveduto a suddividere lo stesso in sezioni distinte, una Consiglio di Amministrazione sia il principale responsabile della gestione dell’impre- per ciascuna informazione privilegiata; ciascuna sezione elenca tutte le persone (ed i sa, ha ritenuto di non procedere alla individuazione di tale figura. Si precisa a tale relativi dati personali) che hanno accesso alla stessa informazione privilegiata speci- proposito che la Società, così come indicato nel precedente punto 4.4 ha provveduto ficamente indicata. alla separazione dei ruoli di Presidente e di Amministratore Delegato, conferendo al Il Consiglio di Amministrazione del 28 giugno 2016 ha altresì deliberato l’istituzione Presidente i soli poteri di rappresentanza della Società senza deleghe operative. nel predetto elenco, di una ulteriore sezione, denominata sezione degli accessi permanenti, in cui sono state inserite le persone (ed i relativi dati personali) che, per funzione e posizione, hanno sempre accesso a tutte le informazioni privilegiate presenti presso 5. Gli Amministratori Delegati assicurano la corretta gestione delle informazioni so- la Società. Trattamento delle cietarie; a tal fine essi propongono al Consiglio di Amministrazione l’adozione di A tale proposito, sono stati indicati nella predetta sezione i soggetti individuati dal informazioni societarie procedure per la gestione interna e la comunicazione all’esterno di documenti ed Consiglio di Amministrazione nelle persone del Presidente, dell’Amministratore De- informazioni riguardanti la società, con particolare riferimento alle informazioni legato e dei Co Amministratori Delegati della Società. “price sensitive” e a quelle relative ad operazioni su strumenti finanziari compiute dalle Peraltro, è in corso di attivazione, in ottemperanza a quanto previsto dalle Linee persone che a causa dell’incarico ricoperto hanno accesso a informazioni rilevanti. Guida per la gestione delle Informazioni Privilegiate emanate da CONSOB nell’ot- Tutti gli amministratori sono tenuti a mantenere riservati i documenti e le informa- tobre 2017 anche un ulteriore registro, da svilupparsi attraverso una piattaforma zioni acquisiti nello svolgimento dei loro compiti ed a rispettare le procedure adottate informatica cd. “relevant insider list” (“RIL”) che permetta di individuare le persone per la comunicazione all’esterno di tali documenti ed informazioni. che hanno accesso informazioni rilevanti, ovvero a quelle informazioni che l’Emit- La Società, conformemente alle previsioni del Codice, ha adottato una specifica pro- tente ritiene rilevanti, in quanto relative a dati, eventi, progetti o circostanze che in cedura interna per la gestione delle informazioni riservate e per la comunicazione modo continuativo, ripetitivo, periodico, oppure saltuario, occasionale, o imprevisto,
280 Gruppo Azimut 287281 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
riguardano direttamente l’Emittente stesso e che possono, in un secondo anche pros- sponsabilità strategiche e del restante personale, in conformità a quanto previsto simo momento, assumere natura privilegiata. dalla normativa, anche di carattere regolamentare tempo per tempo vigente e dalla Quanto sopra al fine di garantire l’individuazione tempestiva e il monitoraggio con- Politiche in materia di Remunerazione ed Incentivazione adottata alla Società, e tinuativo della circolazione delle specifiche informazioni rilevanti fino al momento formula al Consiglio di Amministrazione proposte in materia. in cui le stesse assumono il carattere di informazioni privilegiate e vengono quindi A tal fine, esso può avvalersi di consulenti esterni, a spese delle società. automaticamente passate, con tutte le informazioni a corredo richieste dalla norma- I soggetti della cui remunerazione si discute non partecipano alle decisioni riguar- tiva, nell’attuale sistema di tenuta delle informazioni privilegiate, riducendo così le danti la propria remunerazione. tempistiche del processo di gestione delle informazioni privilegiate. La Società, in data 28 aprile 2016, ha proceduto alla nomina di un Comitato per la Remunerazione composto da tre amministratori indipendenti nelle persone della dott.ssa Raffaella Pagani, del dott. Antonio Andrea Monari e della dott.ssa Anna In conformità a quanto stabilito dal Codice di Autodisciplina, il Consiglio di Am- Maria Bortolotti, Il dott. Antonio Andrea Monari ricopre altresì il ruolo di Presiden- 6. Comitati interni al ministrazione della Società ha costituito i comitati interni indicati di seguito con te del predetto Comitato. consiglio funzioni consultive, propositive o di controllo, a cui è assicurato il diritto di accesso alle informazioni rilevanti. Si precisa altresì che anche la società controllata Azimut Capital Management Sgr Spa ha costituito un apposito Comitato Remunerazione. Il Consiglio di Amministrazione del 27 novembre 2015 ha approvato il “Regolamento Al momento il Consiglio di Amministrazione della Società non ha ritenuto di istituire disciplinante il funzionamento del Comitato per la remunerazione” volto ad assicurare miglior 7. tracciabilità dei processi decisionali e a meglio individuare il ruolo del Consiglio di Comitato per le nomine al proprio interno un comitato per le proposte di nomina alla carica di amministra- tore, tenuto conto che la nomina degli amministratori è già dettagliatamente disci- Amministrazione e dei relativi Comitati interni. plinata dallo Statuto sociale in conformità alle analitiche disposizioni di legge e del Il Regolamento disciplina le modalità di funzionamento del Comitato e ne individua codice civile, anche con particolare riguardo alla tutela delle minoranze azionarie, e le competenze, sulla base dei migliori standard del settore, e tenuto conto delle indica- che, in ogni caso, la composizione numerica non particolarmente elevata dell’organo zioni del Codice di Autodisciplina di Borsa Italiana. amministrativo favorisce l’adozione di proposte al riguardo tramite il Consiglio stesso Il Presidente del Comitato presiede le adunanze del Comitato; ne prepara i lavori; nella sua collegialità. dirige, coordina e modera la discussione; rappresenta il Comitato in occasione delle riunioni del Consiglio di Amministrazione e nei rapporti con gli altri organi sociali, potendo altresì sottoscrivere a nome del Comitato le relazioni ed i pareri da sotto- Il Consiglio di Amministrazione ha costituito al proprio interno un comitato per la porre al Consiglio di Amministrazione. Di ogni riunione viene tenuto un verbale, 8. firmato dal Presidente del Comitato e dal Segretario. Le riunioni del Comitato si Comitato per la remunerazione e per gli eventuali piani di stock option o di assegnazione di azioni. remunerazione Tale comitato composto solo da amministratori indipendenti, svolge un ruolo con- tengono, di regola, almeno due volte l’anno. sultivo e propositivo nei confronti del Consiglio di Amministrazione in materia di Al Comitato viene affidato un ruolo di rilievo nel contesto delle prassi di remunera- politiche di remunerazione e di incentivazione applicabili ad Azimut Holding Spa e zione e incentivazione del Gruppo, in linea con le indicazioni emergenti dalle più alle società del Gruppo. Più in particolare, tra l’altro: recenti regole in materia, in una prospettiva sia ex-ante (definizione delle politiche di • presenta al Consiglio di Amministrazione pareri, proposte e indicazioni in merito remunerazione), sia ex-post, con particolare riguardo alla verifica delle scelte adottate alla determinazione del trattamento economico spettante a coloro che ricoprano le alla politica di remunerazione del Gruppo e alla disciplina del settore, come via via cariche di Presidente del Consiglio di Amministrazione, di Amministratore Dele- evolutasi nel tempo. gato, Direttore generale ed agli altri amministratori esecutivi, esprimendosi anche sulla fissazione degli obiettivi di performance correlati alla eventuale componente va- riabile della remunerazione; Ai sensi dell’art. 17 dello Statuto sociale, come modificato dall’Assemblea degli Azio- 9. • formula criteri e fornisce indicazioni in merito alle Politiche di remunerazione e nisti del 28 aprile 2016, è competenza dell’Assemblea ordinaria approvare: Remunerazione dei incentivazione del personale del Gruppo Azimut, in conformità a quanto previsto (a) le politiche di remunerazione e incentivazione a favore dei componenti degli or- componenti degli organi gani con funzione di supervisione strategica, gestione e controllo e del restante di amministrazione dalla normativa, anche di carattere regolamentare tempo per tempo vigente; e controllo, direttori • formula criteri e indica i compensi del personale più rilevante, come individuato personale, nonché dei collaboratori non legati alla società da rapporti di lavoro generali e dirigenti con nella Politica in materia di remunerazione ed incentivazione adottata dalla Società; subordinato; responsabilità strategiche • valuta periodicamente la coerenza complessiva e la concreta applicazione della (b) gli eventuali piani di remunerazione e incentivazione basati su strumenti finanzia- politica adottata per la remunerazione degli amministratori, dei dirigenti con re- ri; e
282288 Gruppo Azimut 283 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
riguardano direttamente l’Emittente stesso e che possono, in un secondo anche pros- sponsabilità strategiche e del restante personale, in conformità a quanto previsto simo momento, assumere natura privilegiata. dalla normativa, anche di carattere regolamentare tempo per tempo vigente e dalla Quanto sopra al fine di garantire l’individuazione tempestiva e il monitoraggio con- Politiche in materia di Remunerazione ed Incentivazione adottata alla Società, e tinuativo della circolazione delle specifiche informazioni rilevanti fino al momento formula al Consiglio di Amministrazione proposte in materia. in cui le stesse assumono il carattere di informazioni privilegiate e vengono quindi A tal fine, esso può avvalersi di consulenti esterni, a spese delle società. automaticamente passate, con tutte le informazioni a corredo richieste dalla norma- I soggetti della cui remunerazione si discute non partecipano alle decisioni riguar- tiva, nell’attuale sistema di tenuta delle informazioni privilegiate, riducendo così le danti la propria remunerazione. tempistiche del processo di gestione delle informazioni privilegiate. La Società, in data 28 aprile 2016, ha proceduto alla nomina di un Comitato per la Remunerazione composto da tre amministratori indipendenti nelle persone della dott.ssa Raffaella Pagani, del dott. Antonio Andrea Monari e della dott.ssa Anna In conformità a quanto stabilito dal Codice di Autodisciplina, il Consiglio di Am- Maria Bortolotti, Il dott. Antonio Andrea Monari ricopre altresì il ruolo di Presiden- 6. Comitati interni al ministrazione della Società ha costituito i comitati interni indicati di seguito con te del predetto Comitato. consiglio funzioni consultive, propositive o di controllo, a cui è assicurato il diritto di accesso alle informazioni rilevanti. Si precisa altresì che anche la società controllata Azimut Capital Management Sgr Spa ha costituito un apposito Comitato Remunerazione. Il Consiglio di Amministrazione del 27 novembre 2015 ha approvato il “Regolamento Al momento il Consiglio di Amministrazione della Società non ha ritenuto di istituire disciplinante il funzionamento del Comitato per la remunerazione” volto ad assicurare miglior 7. tracciabilità dei processi decisionali e a meglio individuare il ruolo del Consiglio di Comitato per le nomine al proprio interno un comitato per le proposte di nomina alla carica di amministra- tore, tenuto conto che la nomina degli amministratori è già dettagliatamente disci- Amministrazione e dei relativi Comitati interni. plinata dallo Statuto sociale in conformità alle analitiche disposizioni di legge e del Il Regolamento disciplina le modalità di funzionamento del Comitato e ne individua codice civile, anche con particolare riguardo alla tutela delle minoranze azionarie, e le competenze, sulla base dei migliori standard del settore, e tenuto conto delle indica- che, in ogni caso, la composizione numerica non particolarmente elevata dell’organo zioni del Codice di Autodisciplina di Borsa Italiana. amministrativo favorisce l’adozione di proposte al riguardo tramite il Consiglio stesso Il Presidente del Comitato presiede le adunanze del Comitato; ne prepara i lavori; nella sua collegialità. dirige, coordina e modera la discussione; rappresenta il Comitato in occasione delle riunioni del Consiglio di Amministrazione e nei rapporti con gli altri organi sociali, potendo altresì sottoscrivere a nome del Comitato le relazioni ed i pareri da sotto- Il Consiglio di Amministrazione ha costituito al proprio interno un comitato per la porre al Consiglio di Amministrazione. Di ogni riunione viene tenuto un verbale, 8. firmato dal Presidente del Comitato e dal Segretario. Le riunioni del Comitato si Comitato per la remunerazione e per gli eventuali piani di stock option o di assegnazione di azioni. remunerazione Tale comitato composto solo da amministratori indipendenti, svolge un ruolo con- tengono, di regola, almeno due volte l’anno. sultivo e propositivo nei confronti del Consiglio di Amministrazione in materia di Al Comitato viene affidato un ruolo di rilievo nel contesto delle prassi di remunera- politiche di remunerazione e di incentivazione applicabili ad Azimut Holding Spa e zione e incentivazione del Gruppo, in linea con le indicazioni emergenti dalle più alle società del Gruppo. Più in particolare, tra l’altro: recenti regole in materia, in una prospettiva sia ex-ante (definizione delle politiche di • presenta al Consiglio di Amministrazione pareri, proposte e indicazioni in merito remunerazione), sia ex-post, con particolare riguardo alla verifica delle scelte adottate alla determinazione del trattamento economico spettante a coloro che ricoprano le alla politica di remunerazione del Gruppo e alla disciplina del settore, come via via cariche di Presidente del Consiglio di Amministrazione, di Amministratore Dele- evolutasi nel tempo. gato, Direttore generale ed agli altri amministratori esecutivi, esprimendosi anche sulla fissazione degli obiettivi di performance correlati alla eventuale componente va- riabile della remunerazione; Ai sensi dell’art. 17 dello Statuto sociale, come modificato dall’Assemblea degli Azio- 9. • formula criteri e fornisce indicazioni in merito alle Politiche di remunerazione e nisti del 28 aprile 2016, è competenza dell’Assemblea ordinaria approvare: Remunerazione dei incentivazione del personale del Gruppo Azimut, in conformità a quanto previsto (a) le politiche di remunerazione e incentivazione a favore dei componenti degli or- componenti degli organi gani con funzione di supervisione strategica, gestione e controllo e del restante di amministrazione dalla normativa, anche di carattere regolamentare tempo per tempo vigente; e controllo, direttori • formula criteri e indica i compensi del personale più rilevante, come individuato personale, nonché dei collaboratori non legati alla società da rapporti di lavoro generali e dirigenti con nella Politica in materia di remunerazione ed incentivazione adottata dalla Società; subordinato; responsabilità strategiche • valuta periodicamente la coerenza complessiva e la concreta applicazione della (b) gli eventuali piani di remunerazione e incentivazione basati su strumenti finanzia- politica adottata per la remunerazione degli amministratori, dei dirigenti con re- ri; e
282 Gruppo Azimut 289283 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
(c) i criteri per la determinazione del compenso da accordare in caso di conclusio- Il Consiglio di Amministrazione, in data 28 aprile 2016, ha costituito un Comitato 10. ne anticipata del rapporto di lavoro o di cessazione anticipata dalla carica, ivi Controllo e Rischi, con funzioni consultive e propositive. Attualmente il Comitato è Comitato controllo e rischi compresi i limiti fissati a detto compenso, in conformità con la normativa anche composto da tre amministratori non esecutivi di cui due indipendenti nelle persone regolamentare, tempo per tempo vigente. All’Assemblea è assicurata adeguata della dott.ssa Raffaella Pagani, del dott.ssa Renata Ricotti e della dott.ssa Susanna informativa sull’attuazione delle politiche di remunerazione. Cerini(quest’ultima scelta tra gli amministratori non esecutivi consulenti finanziari Nell’ambito dell’approvazione delle politiche di remunerazione, l’Assemblea ordina- abilitati all’offerta fuori sede che sono stati nominati in seno al Consiglio in rappre- ria può elevare fino al doppio il limite del rapporto tra la componente variabile e la sentanza delle aree territoriali che compongono il Patto di Sindacato di Voto e di componente fissa della remunerazione individuale, alle condizioni e nei limiti stabiliti Blocco di Azimut Holding Spa). La dott.ssa Renata Ricotti ricopre altresì il ruolo di dalla disciplina normativa e regolamentare tempo per tempo vigente. La deliberazio- Presidente del predetto Comitato. ne dell’Assemblea è in tal caso assunta, su proposta del Consiglio di Amministrazio- Alle riunioni del Comitato possono essere invitati di norma i responsabili delle fun- ne, con il voto favorevole: zioni di controllo, ma non quelli delle aree operative. Partecipa inoltre il Presidente (i) di almeno 2/3 (due terzi) del capitale sociale rappresentato in Assemblea, se que- del Collegio Sindacale o altro sindaco designato dal Presidente del Collegio. sto è pari almeno alla metà del capitale sociale; Il Comitato Controllo e Rischi ha il compito di individuare e valutare le problemati- (ii) di almeno 3/4 (tre quarti) del capitale sociale rappresentato in Assemblea, se que- che ed i rischi delle attività aziendali. Detto comitato, tra l’altro, assiste il Consiglio di sto è meno della metà del capitale sociale; ovvero con le diverse maggioranze che Amministrazione nell’espletamento dei compiti di controllo interno, valuta il piano fossero eventualmente imposte dalla disciplina normativa e regolamentare tempo di lavoro preparato dai preposti al controllo interno e riceve le relazioni periodiche per tempo vigente. degli stessi. Ai sensi dell’art. 27 dello Statuto sociale i compensi, in qualsivoglia forma, ai membri Inoltre si precisa che, ai sensi del D.Lgs. n. 39 del 27/01/2010, nella Società il Co- del Consiglio di Amministrazione e del Comitato Esecutivo sono stabiliti dall’Assem- mitato per il Controllo Interno e la revisione contabile di cui all’art. 19 del predetto blea, anche mediante determinazione di un importo complessivo ai sensi dell’art. decreto si identifica con il Collegio Sindacale ed ha il compito di vigilare 2389 del Codice Civile. i) sul processo di informativa finanziaria; Il Consiglio di Amministrazione stabilisce altresì la remunerazione degli Ammini- ii) sull’efficacia dei sistemi di controllo interno, di revisione interna e di gestione del stratori investiti di particolari cariche. rischio; Inoltre, ai membri del Consiglio di Amministrazione spetta il rimborso delle spese iii) sulla revisione legale dei conti annuali e dei conti consolidati; sostenute per ragione del loro ufficio. iv) sull’indipendenza del revisore legale o della società di revisione legale, in partico- Si segnala altresì che il Consiglio di Amministrazione ha approvato in data 8 marzo lare per quanto concerne la prestazione di servizi non di revisione alla Società. 2018, la relazione sulla remunerazione. Per la descrizione delle politiche di remune- razione si rinvia alla predetta relazione pubblicata ai sensi dell’art. 123-ter del TUF Il Consiglio di Amministrazione del 27 novembre 2015 ha approvato il “Regolamento e sottoposta all’Assemblea degli Azionisti. sul funzionamento del Comitato Controllo e Rischi”, redatto dalle competenti funzioni avuto Si precisa che non sono stati stipulati accordi tra la Società e gli Amministratori che riguardo alle best practice del settore, alle indicazioni del Codice di Autodisciplina prevedano indennità in caso di scioglimento anticipato del rapporto. per le società quotate e alle più recenti regole in materia. Si segnala, tuttavia, che con taluni amministratori esecutivi e managers sono stati sti- Il predetto Regolamento, che disciplina le modalità di convocazione e funzionamento pulati dei patti di non concorrenza, nel rispetto del Codice Civile e delle Disposizioni del Comitato, precisa le funzioni spettanti al Comitato, inserendole nel più ampio si- di Vigilanza di Banca d’Italia. Tali patti, in particolare, prevedono che i soggetti stema dei controlli interni, e disciplinandone i rapporti - tra l’altro - con le funzioni di interessati, a fronte del riconoscimento di un corrispettivo commisurato - confor- Internal Audit, Compliance, Antiriciclaggio e Risk Management. Il Regolamento disciplina memente alle disposizioni del Codice Civile e ai principi di diritto in materia - alla anche la composizione del Comitato e la durata in carica dei relativi componenti. total compensation, non possano svolgere o essere coinvolti in attività concorrenziale Il Presidente del Comitato presiede le adunanze del Comitato; ne prepara i lavori; con quella svolta dalle società del Gruppo, per un periodo di due anni dal momento dirige, coordina e modera la discussione; rappresenta il Comitato in occasione delle della cessazione del loro rapporto professionale con il Gruppo medesimo derivante riunioni del Consiglio di Amministrazione e nei rapporti con gli altri organi sociali, da dimissioni volontarie o licenziamento, con facoltà per i predetti soggetti di eser- potendo altresì sottoscrivere a nome del Comitato le relazioni ed i pareri da sotto- citare, sempre a fronte del riconoscimento di un corrispettivo da parte della Società, porre al Consiglio di Amministrazione. Di ogni riunione viene tenuto un verbale, un’opzione di mantenimento della stabilità della non concorrenza sino a un massimo firmato dal Presidente del Comitato e dal Segretario. Le riunioni del Comitato si di ulteriori 3 anni. A tali patti, inoltre, sono applicati meccanismi di claw back, con- tengono, di regola, almeno due volte l’anno. formemente alle Disposizioni di Vigilanza di Banca d’Italia.
284290 Gruppo Azimut 285 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
(c) i criteri per la determinazione del compenso da accordare in caso di conclusio- Il Consiglio di Amministrazione, in data 28 aprile 2016, ha costituito un Comitato 10. ne anticipata del rapporto di lavoro o di cessazione anticipata dalla carica, ivi Controllo e Rischi, con funzioni consultive e propositive. Attualmente il Comitato è Comitato controllo e rischi compresi i limiti fissati a detto compenso, in conformità con la normativa anche composto da tre amministratori non esecutivi di cui due indipendenti nelle persone regolamentare, tempo per tempo vigente. All’Assemblea è assicurata adeguata della dott.ssa Raffaella Pagani, del dott.ssa Renata Ricotti e della dott.ssa Susanna informativa sull’attuazione delle politiche di remunerazione. Cerini(quest’ultima scelta tra gli amministratori non esecutivi consulenti finanziari Nell’ambito dell’approvazione delle politiche di remunerazione, l’Assemblea ordina- abilitati all’offerta fuori sede che sono stati nominati in seno al Consiglio in rappre- ria può elevare fino al doppio il limite del rapporto tra la componente variabile e la sentanza delle aree territoriali che compongono il Patto di Sindacato di Voto e di componente fissa della remunerazione individuale, alle condizioni e nei limiti stabiliti Blocco di Azimut Holding Spa). La dott.ssa Renata Ricotti ricopre altresì il ruolo di dalla disciplina normativa e regolamentare tempo per tempo vigente. La deliberazio- Presidente del predetto Comitato. ne dell’Assemblea è in tal caso assunta, su proposta del Consiglio di Amministrazio- Alle riunioni del Comitato possono essere invitati di norma i responsabili delle fun- ne, con il voto favorevole: zioni di controllo, ma non quelli delle aree operative. Partecipa inoltre il Presidente (i) di almeno 2/3 (due terzi) del capitale sociale rappresentato in Assemblea, se que- del Collegio Sindacale o altro sindaco designato dal Presidente del Collegio. sto è pari almeno alla metà del capitale sociale; Il Comitato Controllo e Rischi ha il compito di individuare e valutare le problemati- (ii) di almeno 3/4 (tre quarti) del capitale sociale rappresentato in Assemblea, se que- che ed i rischi delle attività aziendali. Detto comitato, tra l’altro, assiste il Consiglio di sto è meno della metà del capitale sociale; ovvero con le diverse maggioranze che Amministrazione nell’espletamento dei compiti di controllo interno, valuta il piano fossero eventualmente imposte dalla disciplina normativa e regolamentare tempo di lavoro preparato dai preposti al controllo interno e riceve le relazioni periodiche per tempo vigente. degli stessi. Ai sensi dell’art. 27 dello Statuto sociale i compensi, in qualsivoglia forma, ai membri Inoltre si precisa che, ai sensi del D.Lgs. n. 39 del 27/01/2010, nella Società il Co- del Consiglio di Amministrazione e del Comitato Esecutivo sono stabiliti dall’Assem- mitato per il Controllo Interno e la revisione contabile di cui all’art. 19 del predetto blea, anche mediante determinazione di un importo complessivo ai sensi dell’art. decreto si identifica con il Collegio Sindacale ed ha il compito di vigilare 2389 del Codice Civile. i) sul processo di informativa finanziaria; Il Consiglio di Amministrazione stabilisce altresì la remunerazione degli Ammini- ii) sull’efficacia dei sistemi di controllo interno, di revisione interna e di gestione del stratori investiti di particolari cariche. rischio; Inoltre, ai membri del Consiglio di Amministrazione spetta il rimborso delle spese iii) sulla revisione legale dei conti annuali e dei conti consolidati; sostenute per ragione del loro ufficio. iv) sull’indipendenza del revisore legale o della società di revisione legale, in partico- Si segnala altresì che il Consiglio di Amministrazione ha approvato in data 8 marzo lare per quanto concerne la prestazione di servizi non di revisione alla Società. 2018, la relazione sulla remunerazione. Per la descrizione delle politiche di remune- razione si rinvia alla predetta relazione pubblicata ai sensi dell’art. 123-ter del TUF Il Consiglio di Amministrazione del 27 novembre 2015 ha approvato il “Regolamento e sottoposta all’Assemblea degli Azionisti. sul funzionamento del Comitato Controllo e Rischi”, redatto dalle competenti funzioni avuto Si precisa che non sono stati stipulati accordi tra la Società e gli Amministratori che riguardo alle best practice del settore, alle indicazioni del Codice di Autodisciplina prevedano indennità in caso di scioglimento anticipato del rapporto. per le società quotate e alle più recenti regole in materia. Si segnala, tuttavia, che con taluni amministratori esecutivi e managers sono stati sti- Il predetto Regolamento, che disciplina le modalità di convocazione e funzionamento pulati dei patti di non concorrenza, nel rispetto del Codice Civile e delle Disposizioni del Comitato, precisa le funzioni spettanti al Comitato, inserendole nel più ampio si- di Vigilanza di Banca d’Italia. Tali patti, in particolare, prevedono che i soggetti stema dei controlli interni, e disciplinandone i rapporti - tra l’altro - con le funzioni di interessati, a fronte del riconoscimento di un corrispettivo commisurato - confor- Internal Audit, Compliance, Antiriciclaggio e Risk Management. Il Regolamento disciplina memente alle disposizioni del Codice Civile e ai principi di diritto in materia - alla anche la composizione del Comitato e la durata in carica dei relativi componenti. total compensation, non possano svolgere o essere coinvolti in attività concorrenziale Il Presidente del Comitato presiede le adunanze del Comitato; ne prepara i lavori; con quella svolta dalle società del Gruppo, per un periodo di due anni dal momento dirige, coordina e modera la discussione; rappresenta il Comitato in occasione delle della cessazione del loro rapporto professionale con il Gruppo medesimo derivante riunioni del Consiglio di Amministrazione e nei rapporti con gli altri organi sociali, da dimissioni volontarie o licenziamento, con facoltà per i predetti soggetti di eser- potendo altresì sottoscrivere a nome del Comitato le relazioni ed i pareri da sotto- citare, sempre a fronte del riconoscimento di un corrispettivo da parte della Società, porre al Consiglio di Amministrazione. Di ogni riunione viene tenuto un verbale, un’opzione di mantenimento della stabilità della non concorrenza sino a un massimo firmato dal Presidente del Comitato e dal Segretario. Le riunioni del Comitato si di ulteriori 3 anni. A tali patti, inoltre, sono applicati meccanismi di claw back, con- tengono, di regola, almeno due volte l’anno. formemente alle Disposizioni di Vigilanza di Banca d’Italia.
284 Gruppo Azimut 291285 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
11. 11.1 Amministratore Incaricato del sistema di controllo interno e di gestione dei rischi. l’autonomia di ciascuna funzione di controllo. Sistema di controllo La Società tenuto conto di quanto indicato al precedente punto 10 ed al presente interno e di gestione punto 11, del sistema di controllo interno complessivo, nonché della particolare or- Il Gruppo inoltre ha previsto sistemi di segnalazioni interne ed esterne relative alle dei rischi ganizzazione del Gruppo, non ha ritenuto di individuare un Amministratore esecu- eventuali irregolarità riscontrate ai sensi delle procedure e policy in essere in materia tivo incaricato di sovraintendere alla funzionalità del sistema di Controllo Interno. di Market Abuse, Antiriciclaggio e Contrasto al finanziamento del terrorismo, nonché Per quanto attiene il complessivo sistema di controllo interno adottato, si evidenzia nel modello organizzativo adottato ai sensi del D. Lgs. 8 giugno 2001 n. 231. che detto sistema è presidiato dall’operato di: • Consiglio di Amministrazione L’Emittente è inoltre dotato di una specificaPolicy Whistleblowing ex art. 4-undecies • Collegio Sindacale “Sistemi interni di segnalazione delle violazioni” e 4-duodecies “Procedura di se- • Funzione di revisione interna (Internal Audit) gnalazione alle Autorità di Vigilanza” quale procedura specifica per la segnalazione • Funzione di gestione del rischio (Risk Management) al proprio interno da parte del personale, di atti o fatti che possano costituire una • Funzione di conformità alle norme (Compliance) violazione delle norme disciplinanti l’attività svolta, nonché del regolamento (UE) n. • Funzione Antiriciclaggio e Comitato Antiriciclaggio 596/2014. La policy è stata recepita anche dalle società del Gruppo. • Chief Controlling Officer • Comitato Controllo e Rischi La Funzione di Gestione del Rischio è istituita presso Azimut Holding Spa. • Organismo di vigilanza (ai sensi del D. Lgs. 231/01). La Funzione riporta gerarchicamente al Consiglio di Amministrazione di Azimut Holding Spa. Il Consiglio di Amministrazione delle singole società delibera le strategie e le politi- La Funzione ha la finalità di collaborare alla definizione e all’attuazione delle po- che, valuta i rischi assunti, stabilisce i livelli accettabili di tali rischi e si assicura che litiche di governo dei rischi, attraverso un adeguato processo di gestione dei rischi, l’Alta Direzione adotti le misure necessarie per individuare, monitorare e controllare tenuto conto del principio di proporzionalità, delle differenti aree di rischio legate i rischi stessi; approva la struttura organizzativa e la struttura del sistema di controllo all’attività tipica di ciascuna società del Gruppo Azimut e della disciplina applicabile. interno, e si assicura che l’Alta Direzione verifichi con continuità, nel tempo, l’effica- Entro tale prospettiva, la Funzione: cia del sistema dei controlli interni. I. assicura che tutti i rischi che caratterizzano l’attività della azienda siano identifi- cati e adeguatamente gestiti dalle strutture competenti; Il Collegio Sindacale ha il compito di verificare il regolare funzionamento comples- II. fornisce dettagliate e tempestive informazioni sui rischi rilevanti e sulla relativa sivo aziendale, valutando inoltre il grado di efficienza e di adeguatezza del sistema esposizione agli Organi Sociali, ove esistenti alle altre funzioni di controllo, non- dei controlli. ché al Chief Controlling Officer (CCO); III. supporta il Consiglio di Amministrazione e le unità organizzative nella proposta Sino al 31 dicembre 2015 le funzioni di controllo interno sono state accentrate presso e nelle decisioni da assumere sui rischi, al fine di conseguire la coerenza con le le società operative italiane. Dal 1° gennaio 2016 le Funzioni Internal Audit, Antirici- politiche e la propensione al rischio del Gruppo Azimut. claggio, nonché Compliance e dal 1° febbraio 2016 il Risk Management sono state trasfe- Nell’ambito dell’attività svolta nei confronti della Capogruppo, la Funzione supporta rite in seno alla Capogruppo Azimut Holding Spa. il Consiglio di Amministrazione nella definizione e formalizzazione delle politiche di Il Gruppo si è dotato, anche recentemente, di ulteriori specifiche procedure e di ulte- governo dei rischi strategici. riori flussi informativi, nonché di standard comuni per le varie entità, volti a rafforzare Il rischio strategico viene definito come il rischio di un possibile deterioramento di il coordinamento delle attività di controllo svolte nell’ambito dell’intero perimetro determinate aree di bilancio derivante da variabili macro-economiche, inadeguata del Gruppo. Tutte le funzioni di controllo sono dotate anche di idoneo budget di spesa. implementazione dei piani strategici aziendali, la inappropriata o mancanza di re- attività ai cambiamenti e all’evoluzione dello scenario normativo e dell’ambiente In data 12 settembre 2017, l’Emittente si è anche dotato di un Chief Controlling Officer, esterno. in una prospettiva di ulteriore integrazione delle infrastrutture e di rafforzamento La funzione è inoltre incaricata della progettazione, dell’implementazione e del pre- del sistema dei controlli interni a livello consolidato. Al CCO sono affidati compiti sidio del framework metodologico e organizzativo di Gruppo, per i rischi operativi e e responsabilità connessi al coordinamento e al miglior funzionamento delle Fun- reputazionali. zioni di Controllo (ossia le funzioni Compliance, Risk Management, Operational & Reputational Risk Management, Internal Audit e Antiriciclaggio), in un’ottica di Rischio Operativo collaborazione, ampiezza e capillarità delle attività, nonché di facilitazione dei flussi Il rischio operativo viene definito come rischio di subire perdite derivanti dalla inade- informativi con l’alta dirigenza e all’interno del sistema dei controlli, fermo restando guatezza o dalla disfunzione di procedure, risorse umane e sistemi interni, oppure da
286292 Gruppo Azimut 287 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
11. 11.1 Amministratore Incaricato del sistema di controllo interno e di gestione dei rischi. l’autonomia di ciascuna funzione di controllo. Sistema di controllo La Società tenuto conto di quanto indicato al precedente punto 10 ed al presente interno e di gestione punto 11, del sistema di controllo interno complessivo, nonché della particolare or- Il Gruppo inoltre ha previsto sistemi di segnalazioni interne ed esterne relative alle dei rischi ganizzazione del Gruppo, non ha ritenuto di individuare un Amministratore esecu- eventuali irregolarità riscontrate ai sensi delle procedure e policy in essere in materia tivo incaricato di sovraintendere alla funzionalità del sistema di Controllo Interno. di Market Abuse, Antiriciclaggio e Contrasto al finanziamento del terrorismo, nonché Per quanto attiene il complessivo sistema di controllo interno adottato, si evidenzia nel modello organizzativo adottato ai sensi del D. Lgs. 8 giugno 2001 n. 231. che detto sistema è presidiato dall’operato di: • Consiglio di Amministrazione L’Emittente è inoltre dotato di una specificaPolicy Whistleblowing ex art. 4-undecies • Collegio Sindacale “Sistemi interni di segnalazione delle violazioni” e 4-duodecies “Procedura di se- • Funzione di revisione interna (Internal Audit) gnalazione alle Autorità di Vigilanza” quale procedura specifica per la segnalazione • Funzione di gestione del rischio (Risk Management) al proprio interno da parte del personale, di atti o fatti che possano costituire una • Funzione di conformità alle norme (Compliance) violazione delle norme disciplinanti l’attività svolta, nonché del regolamento (UE) n. • Funzione Antiriciclaggio e Comitato Antiriciclaggio 596/2014. La policy è stata recepita anche dalle società del Gruppo. • Chief Controlling Officer • Comitato Controllo e Rischi La Funzione di Gestione del Rischio è istituita presso Azimut Holding Spa. • Organismo di vigilanza (ai sensi del D. Lgs. 231/01). La Funzione riporta gerarchicamente al Consiglio di Amministrazione di Azimut Holding Spa. Il Consiglio di Amministrazione delle singole società delibera le strategie e le politi- La Funzione ha la finalità di collaborare alla definizione e all’attuazione delle po- che, valuta i rischi assunti, stabilisce i livelli accettabili di tali rischi e si assicura che litiche di governo dei rischi, attraverso un adeguato processo di gestione dei rischi, l’Alta Direzione adotti le misure necessarie per individuare, monitorare e controllare tenuto conto del principio di proporzionalità, delle differenti aree di rischio legate i rischi stessi; approva la struttura organizzativa e la struttura del sistema di controllo all’attività tipica di ciascuna società del Gruppo Azimut e della disciplina applicabile. interno, e si assicura che l’Alta Direzione verifichi con continuità, nel tempo, l’effica- Entro tale prospettiva, la Funzione: cia del sistema dei controlli interni. I. assicura che tutti i rischi che caratterizzano l’attività della azienda siano identifi- cati e adeguatamente gestiti dalle strutture competenti; Il Collegio Sindacale ha il compito di verificare il regolare funzionamento comples- II. fornisce dettagliate e tempestive informazioni sui rischi rilevanti e sulla relativa sivo aziendale, valutando inoltre il grado di efficienza e di adeguatezza del sistema esposizione agli Organi Sociali, ove esistenti alle altre funzioni di controllo, non- dei controlli. ché al Chief Controlling Officer (CCO); III. supporta il Consiglio di Amministrazione e le unità organizzative nella proposta Sino al 31 dicembre 2015 le funzioni di controllo interno sono state accentrate presso e nelle decisioni da assumere sui rischi, al fine di conseguire la coerenza con le le società operative italiane. Dal 1° gennaio 2016 le Funzioni Internal Audit, Antirici- politiche e la propensione al rischio del Gruppo Azimut. claggio, nonché Compliance e dal 1° febbraio 2016 il Risk Management sono state trasfe- Nell’ambito dell’attività svolta nei confronti della Capogruppo, la Funzione supporta rite in seno alla Capogruppo Azimut Holding Spa. il Consiglio di Amministrazione nella definizione e formalizzazione delle politiche di Il Gruppo si è dotato, anche recentemente, di ulteriori specifiche procedure e di ulte- governo dei rischi strategici. riori flussi informativi, nonché di standard comuni per le varie entità, volti a rafforzare Il rischio strategico viene definito come il rischio di un possibile deterioramento di il coordinamento delle attività di controllo svolte nell’ambito dell’intero perimetro determinate aree di bilancio derivante da variabili macro-economiche, inadeguata del Gruppo. Tutte le funzioni di controllo sono dotate anche di idoneo budget di spesa. implementazione dei piani strategici aziendali, la inappropriata o mancanza di re- attività ai cambiamenti e all’evoluzione dello scenario normativo e dell’ambiente In data 12 settembre 2017, l’Emittente si è anche dotato di un Chief Controlling Officer, esterno. in una prospettiva di ulteriore integrazione delle infrastrutture e di rafforzamento La funzione è inoltre incaricata della progettazione, dell’implementazione e del pre- del sistema dei controlli interni a livello consolidato. Al CCO sono affidati compiti sidio del framework metodologico e organizzativo di Gruppo, per i rischi operativi e e responsabilità connessi al coordinamento e al miglior funzionamento delle Fun- reputazionali. zioni di Controllo (ossia le funzioni Compliance, Risk Management, Operational & Reputational Risk Management, Internal Audit e Antiriciclaggio), in un’ottica di Rischio Operativo collaborazione, ampiezza e capillarità delle attività, nonché di facilitazione dei flussi Il rischio operativo viene definito come rischio di subire perdite derivanti dalla inade- informativi con l’alta dirigenza e all’interno del sistema dei controlli, fermo restando guatezza o dalla disfunzione di procedure, risorse umane e sistemi interni, oppure da
286 Gruppo Azimut 293287 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
eventi esogeni. Il rischio operativo include il rischio legale, ma non quello strategico Il modello organizzativo adottato dalle società italiane del Gruppo Azimut prevede la e reputazionale. nomina da parte del Consiglio di Amministrazione delle singole società italiane del Gruppo di un Responsabile Antiriciclaggio, al quale viene talvolta altresì conferita la Rischio Reputazionale delega per la segnalazione delle operazioni sospette; la persona incaricata della fun- Il rischio reputazionale viene definito come il rischio attuale o prospettico di flessione zione non ha responsabilità dirette in aree operative nella società per cui assolve la degli utili o del capitale derivante da una percezione negativa dell’immagine della responsabilità antiriciclaggio. Al Responsabile Antiriciclaggio spetta la supervisione Società da parte di clienti, controparti, azionisti, investitori, Autorità di Vigilanza, e monitoraggio del rischio riciclaggio e, se delegato, anche il compito di valutare le con conseguente caduta della fiducia e credibilità. segnalazioni pervenute e di trasmettere alla UIF le segnalazioni ritenute fondate. In La Funzione di Gestione del Rischio di Azimut Holding Spa può assumere in considerazione del modello organizzativo adottato, in taluni casi le attività di pre- outsourcing, ove ricorrano ragioni obiettive e nel rispetto delle disposizioni normative sidio correlate alla gestione del rischio riciclaggio e finanziamento del terrorismo applicabili, l’esercizio delle attività di analisi e controllo in materia di gestione del ri- sono state esternalizzate alla Funzione Antiriciclaggio di Gruppo, istituita presso la schio con riferimento alle società del Gruppo Azimut. Le società del Gruppo Azimut Capogruppo. che attualmente usufruiscono del servizio di outsourcing sono: Alla Funzione di Gruppo è inoltre demandata la supervisione delle attività della Fun- zione Antiriciclaggio (o funzione equivalente) delle varie società del Gruppo. • Azimut Capital Management Sgr Spa • Azimut Libera Impresa Sgr Spa Si precisa, in aggiunta, che è stato istituito un Comitato Antiriciclaggio, sede di in- • AZ Fund Management Sa contro e confronto delle funzioni aziendali in varia misura coinvolte nella gestione • CGM Italia Sgr Spa delle tematiche antiriciclaggio, a cui spettano compiti di pianificazione e program- mazione sia strategica sia operativa in materia; al predetto Comitato partecipano Nell’ambito dell’attività svolta in outsourcing la Funzione copre i seguenti rischi: stabilmente anche rappresentanti del team antiriciclaggio esternalizzato di cui la Fun- • rischi operativi; zione di Gruppo si avvale. • rischi di mercato; • rischio liquidità; Con riferimento all’Organismo di Vigilanza di cui al D. Lgs. 8 giugno 2001 n. 231 si • rischio di controparte. rimanda a quanto esposto al punto 11.3. Il Gruppo Azimut ha definito un sistema di gestione dei rischi e di controllo interno Alla Funzione di conformità alle norme è affidata la responsabilità dell’attività di in relazione all’informativa finanziaria sulla base del modello delineato nel “COSO compliance delle società italiane del Gruppo. Report”(1). Il controllo interno, in base alla definizione elaborata da COSO, un pro- La funzione di Compliance si avvale del servizio esternalizzato presso la società TMF cesso, svolto dal Consiglio di Amministrazione, dai dirigenti e da altri operatori della Compliance per l’effettuazione delle verifiche di propria competenza. struttura aziendale, che si prefigge lo scopo di fornire una ragionevole sicurezza sulla L’attività di compliance è volta a prevenire e gestire il rischio di non conformità alle realizzazione dei seguenti obiettivi: norme in modo da contribuire alla creazione di valore aziendale attraverso la corret- • efficacia ed efficienza dellettività a operative; tezza operativa e gestionale. • attendibilità delle informazioni di bilancio; La funzione di Compliance ha il compito di supportare l’Alta Direzione nella defini- • conformità alla legge e ai regolamenti in vigore. zione dei presidi organizzativi e operativi da porre in essere con l’obiettivo di svilup- In relazione al processo di informativa finanziaria, tali obiettivi sono identificati pare una cultura della compliance finalizzata al controllo del concreto rispetto delle nell’attendibilità, accuratezza, affidabilità e tempestività dell’informativa stessa. indicazioni previste dalla normativa di settore, nonché dall’autoregolamentazione della Società. A tale fine si relaziona con le strutture di volta in volta interessate ed Il Gruppo Azimut, nel definire il proprio sistema di controllo interno in relazione è supportata dalle competenze legali presenti nel Gruppo per le problematiche più al processo di informativa finanziaria, si è attenuto alle indicazioni esistenti a tale specialistiche, nonché da un primario Studio professionale. riguardo nella seguente regolamentazione di riferimento: Il Responsabile della Funzione redige annualmente un piano delle verifiche da rea- • Decreto Legislativo del 58/1998 (Testo Unico della Finanza); lizzare, all’interno del quale vengono indicati gli accertamenti da effettuare nel corso • Regolamento Emittenti CONSOB; dell’anno al fine di coprire i rischi di compliance più significativi. • Legge 262/2005 e successive modifiche e i successivi decreti legislativi in tema di Il Responsabile Compliance relaziona periodicamente il Comitato Controlli e Rischi e il Consiglio di Amministrazione con riguardo alle risultanze delle verifiche effettuate 1 Modello COSO, elaborato dal Committee of Sponsoring Organizations of the Treadway Commission - “Internal nel corso dell’anno nonché le indicazioni fornite per rimediare ad eventuali carenze. Control - Integrated Framework” pubblicato nel 1992 e aggiornato nel 1994 dal Committee of Sponsoring Organiza- tions of the Treadway Commission.
288294 Gruppo Azimut 289 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
eventi esogeni. Il rischio operativo include il rischio legale, ma non quello strategico Il modello organizzativo adottato dalle società italiane del Gruppo Azimut prevede la e reputazionale. nomina da parte del Consiglio di Amministrazione delle singole società italiane del Gruppo di un Responsabile Antiriciclaggio, al quale viene talvolta altresì conferita la Rischio Reputazionale delega per la segnalazione delle operazioni sospette; la persona incaricata della fun- Il rischio reputazionale viene definito come il rischio attuale o prospettico di flessione zione non ha responsabilità dirette in aree operative nella società per cui assolve la degli utili o del capitale derivante da una percezione negativa dell’immagine della responsabilità antiriciclaggio. Al Responsabile Antiriciclaggio spetta la supervisione Società da parte di clienti, controparti, azionisti, investitori, Autorità di Vigilanza, e monitoraggio del rischio riciclaggio e, se delegato, anche il compito di valutare le con conseguente caduta della fiducia e credibilità. segnalazioni pervenute e di trasmettere alla UIF le segnalazioni ritenute fondate. In La Funzione di Gestione del Rischio di Azimut Holding Spa può assumere in considerazione del modello organizzativo adottato, in taluni casi le attività di pre- outsourcing, ove ricorrano ragioni obiettive e nel rispetto delle disposizioni normative sidio correlate alla gestione del rischio riciclaggio e finanziamento del terrorismo applicabili, l’esercizio delle attività di analisi e controllo in materia di gestione del ri- sono state esternalizzate alla Funzione Antiriciclaggio di Gruppo, istituita presso la schio con riferimento alle società del Gruppo Azimut. Le società del Gruppo Azimut Capogruppo. che attualmente usufruiscono del servizio di outsourcing sono: Alla Funzione di Gruppo è inoltre demandata la supervisione delle attività della Fun- zione Antiriciclaggio (o funzione equivalente) delle varie società del Gruppo. • Azimut Capital Management Sgr Spa • Azimut Libera Impresa Sgr Spa Si precisa, in aggiunta, che è stato istituito un Comitato Antiriciclaggio, sede di in- • AZ Fund Management Sa contro e confronto delle funzioni aziendali in varia misura coinvolte nella gestione • CGM Italia Sgr Spa delle tematiche antiriciclaggio, a cui spettano compiti di pianificazione e program- mazione sia strategica sia operativa in materia; al predetto Comitato partecipano Nell’ambito dell’attività svolta in outsourcing la Funzione copre i seguenti rischi: stabilmente anche rappresentanti del team antiriciclaggio esternalizzato di cui la Fun- • rischi operativi; zione di Gruppo si avvale. • rischi di mercato; • rischio liquidità; Con riferimento all’Organismo di Vigilanza di cui al D. Lgs. 8 giugno 2001 n. 231 si • rischio di controparte. rimanda a quanto esposto al punto 11.3. Il Gruppo Azimut ha definito un sistema di gestione dei rischi e di controllo interno Alla Funzione di conformità alle norme è affidata la responsabilità dell’attività di in relazione all’informativa finanziaria sulla base del modello delineato nel “COSO compliance delle società italiane del Gruppo. Report”(1). Il controllo interno, in base alla definizione elaborata da COSO, un pro- La funzione di Compliance si avvale del servizio esternalizzato presso la società TMF cesso, svolto dal Consiglio di Amministrazione, dai dirigenti e da altri operatori della Compliance per l’effettuazione delle verifiche di propria competenza. struttura aziendale, che si prefigge lo scopo di fornire una ragionevole sicurezza sulla L’attività di compliance è volta a prevenire e gestire il rischio di non conformità alle realizzazione dei seguenti obiettivi: norme in modo da contribuire alla creazione di valore aziendale attraverso la corret- • efficacia ed efficienza dellettività a operative; tezza operativa e gestionale. • attendibilità delle informazioni di bilancio; La funzione di Compliance ha il compito di supportare l’Alta Direzione nella defini- • conformità alla legge e ai regolamenti in vigore. zione dei presidi organizzativi e operativi da porre in essere con l’obiettivo di svilup- In relazione al processo di informativa finanziaria, tali obiettivi sono identificati pare una cultura della compliance finalizzata al controllo del concreto rispetto delle nell’attendibilità, accuratezza, affidabilità e tempestività dell’informativa stessa. indicazioni previste dalla normativa di settore, nonché dall’autoregolamentazione della Società. A tale fine si relaziona con le strutture di volta in volta interessate ed Il Gruppo Azimut, nel definire il proprio sistema di controllo interno in relazione è supportata dalle competenze legali presenti nel Gruppo per le problematiche più al processo di informativa finanziaria, si è attenuto alle indicazioni esistenti a tale specialistiche, nonché da un primario Studio professionale. riguardo nella seguente regolamentazione di riferimento: Il Responsabile della Funzione redige annualmente un piano delle verifiche da rea- • Decreto Legislativo del 58/1998 (Testo Unico della Finanza); lizzare, all’interno del quale vengono indicati gli accertamenti da effettuare nel corso • Regolamento Emittenti CONSOB; dell’anno al fine di coprire i rischi di compliance più significativi. • Legge 262/2005 e successive modifiche e i successivi decreti legislativi in tema di Il Responsabile Compliance relaziona periodicamente il Comitato Controlli e Rischi e il Consiglio di Amministrazione con riguardo alle risultanze delle verifiche effettuate 1 Modello COSO, elaborato dal Committee of Sponsoring Organizations of the Treadway Commission - “Internal nel corso dell’anno nonché le indicazioni fornite per rimediare ad eventuali carenze. Control - Integrated Framework” pubblicato nel 1992 e aggiornato nel 1994 dal Committee of Sponsoring Organiza- tions of the Treadway Commission.
288 Gruppo Azimut 295289 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
redazione dei documenti contabili societari; transazioni e ai processi aziendali da cui discendono i dati contabili. Tale approccio • Codice Civile, che prevede l’estensione ai Dirigenti Preposti alla redazione dei do- prevede la definizione di criteri quantitativi in relazione al contributo economico e cumenti contabili l’azione di responsabilità nella gestione sociale (art. 2434 c.c.), il patrimoniale fornito dalle operazioni di gestione e l’applicazione di criteri di selezio- reato di infedeltà a seguito di dazione o promessa di utilità (art. 2635 c.c.) ed il reato ne tramite soglie minime di rilevanza. di ostacolo all’esercizio delle funzioni delle autorità pubbliche e di vigilanza (art. I rischi, individuati attraverso il processo di Risk Assessment e valutati come significati- 2638 c.c.); vi, richiedono la definizione di specifici controlli che ne garantiscono la mitigazione, • Decreto Legislativo 231/2001 che, richiamando le previsioni del Codice Civile so- limitando in tal modo l’eventuale impatto di un potenziale errore rilevante sul repor- pra citate e la responsabilità amministrativa dei soggetti giuridici per reati commessi ting finanziario all’interno di soglie di accettabilità. dai propri dipendenti nei confronti della Pubblica Amministrazione, considera tra i La natura dei controlli effettuati è duplice: soggetti apicali il Dirigente Preposto alla redazione dei documenti contabili. 1. controlli a livello di capogruppo o di singole società controllate, quali struttura dei poteri delegati e dei processi autorizzativi, segregazione dei ruoli/responsabilità Approccio metodologico e assegnazione dei diritti di accesso alle varie applicazioni informatiche. I rischi Il sistema di gestione dei rischi e di controllo in relazione all’informativa finanziaria oggetto di tale tipologia di controlli concernono, con riferimento all’informativa del Gruppo Azimut si inserisce in un ambiente di controllo più ampio, che prende in finanziaria, l’eventualità di frodi, di non corretto funzionamento dei sistemi infor- considerazione ulteriori elementi, tra i quali: matici o l’assenza di separazione delle funzioni. • il Codice Etico; 2. controlli ex-ante e controlli ex-post che possono avere una connotazione sia ma- • il modello di organizzazione e di gestione ai sensi del Decreto Legislativo 231/2001 nuale che automatica che si sostanziano in controlli di processo e/o di natura ope- e dei relativi protocolli; rativa quali l’effettuazione di riconciliazioni, svolgimento di verifiche di coerenza e • le procedure per le comunicazioni in tema di Internal Dealing; ragionevolezza e i controlli sui processi di chiusura contabile. • i principi e procedure per l’effettuazione di operazioni rilevanti e con parti correla- te; L’attività di testing è svolta in modo continuativo durante tutto l’esercizio su indi- • sistema delle procedure organizzative delle società appartenenti al Gruppo; cazione e con il coordinamento del Dirigente Preposto avvalendosi della propria • il processo di mappatura dei rischi adottato. struttura e, ove ritenuto necessario, con il supporto della funzione di Internal Audit. Inoltre il Gruppo Azimut ha posto in essere e mantiene aggiornato un insieme di Tale funzione, nello svolgimento della propria ordinaria attività, può inoltre fornire procedure amministrative e contabili tali da garantire un adeguato livello di efficacia elementi utili ad identificare e valutare fattori di criticità che rientrino nel perimetro del sistema di controllo interno sul reporting finanziario. dell’informativa finanziaria. In conformità alla definizione inclusa nel COSOReport , che come sopra indicato è il La valutazione dei controlli può comportare l’individuazione di controlli integrativi, quadro scelto dal Gruppo Azimut per la definizione del proprio sistema di controllo azioni correttive o piani di miglioramento in relazione alle eventuali problematiche interno, il processo di controllo interno è costituito dall’implementazione e dall’a- emerse. dozione permanente di adeguati sistemi di gestione, aventi l’obiettivo di fornire agli Il Dirigente Preposto è costantemente informato circa tale attività di monitoraggio e amministratori e al management la ragionevole certezza circa l’affidabilità dell’infor- quindi in merito all’affidabilità del sistema di controllo dell’informativa finanziaria. mativa finanziaria, il rispetto delle leggi e dei regolamenti interni, nonché l’efficacia e l’efficienza dei principali processi aziendali. Il processo di controllo interno ha, tra gli altri, l’obiettivo di prevenire e controllare 11.2 Responsabile della Funzione di Internal Audit i rischi di errori e frodi. Tuttavia, a causa dei limiti intrinseci in tutti i sistemi di con- Il Consiglio di Amministrazione dell’Emittente, in data 27 novembre 2015, ha tra- trollo, il processo di controllo interno non può garantire che tutti i rischi di errori o sferito presso la Società e nominato Responsabile della Funzione Internal Audit il dott. frodi siano completamente eliminati o controllati. Roberto Bolgiani, con efficacia dal 1° gennaio 2016. Il Responsabile della Funzione Internal Audit non è responsabile di alcuna area opera- Individuazione e valutazione dei rischi e dei relativi controlli sull’informativa finan- tiva e dipende gerarchicamente dal Consiglio di Amministrazione. ziaria Il Responsabile Internal Audit è dotato di apposito budget. Il processo di identificazione e valutazione dei rischi riguardanti l’informativa finan- La funzione di revisione interna concorre e supporta il Consiglio di Amministrazione ziaria è avvenuto attraverso un processo di Risk Assessment che ha consentito di indivi- delle società del Gruppo nell’intercettare violazioni delle procedure e della regola- duare le unità organizzative, i processi e le relative voci contabili in grado di generare mentazione. In particolare, alla predetta funzione è affidata la responsabilità dell’at- potenziali errori rilevanti ed inficiare la correttezza dell’informativa finanziaria. tività di audit delle società italiane del Gruppo, nonché l’attività di audit per AZ Life L’approccio metodologico del Gruppo Azimut associa i rischi e i relativi controlli alle Ltd, AZ Fund Management Sa e per il fondo Eskatos Sicav SIF, gestito da Eskatos Capital Management S.ar.l.
290296 Gruppo Azimut 291 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
redazione dei documenti contabili societari; transazioni e ai processi aziendali da cui discendono i dati contabili. Tale approccio • Codice Civile, che prevede l’estensione ai Dirigenti Preposti alla redazione dei do- prevede la definizione di criteri quantitativi in relazione al contributo economico e cumenti contabili l’azione di responsabilità nella gestione sociale (art. 2434 c.c.), il patrimoniale fornito dalle operazioni di gestione e l’applicazione di criteri di selezio- reato di infedeltà a seguito di dazione o promessa di utilità (art. 2635 c.c.) ed il reato ne tramite soglie minime di rilevanza. di ostacolo all’esercizio delle funzioni delle autorità pubbliche e di vigilanza (art. I rischi, individuati attraverso il processo di Risk Assessment e valutati come significati- 2638 c.c.); vi, richiedono la definizione di specifici controlli che ne garantiscono la mitigazione, • Decreto Legislativo 231/2001 che, richiamando le previsioni del Codice Civile so- limitando in tal modo l’eventuale impatto di un potenziale errore rilevante sul repor- pra citate e la responsabilità amministrativa dei soggetti giuridici per reati commessi ting finanziario all’interno di soglie di accettabilità. dai propri dipendenti nei confronti della Pubblica Amministrazione, considera tra i La natura dei controlli effettuati è duplice: soggetti apicali il Dirigente Preposto alla redazione dei documenti contabili. 1. controlli a livello di capogruppo o di singole società controllate, quali struttura dei poteri delegati e dei processi autorizzativi, segregazione dei ruoli/responsabilità Approccio metodologico e assegnazione dei diritti di accesso alle varie applicazioni informatiche. I rischi Il sistema di gestione dei rischi e di controllo in relazione all’informativa finanziaria oggetto di tale tipologia di controlli concernono, con riferimento all’informativa del Gruppo Azimut si inserisce in un ambiente di controllo più ampio, che prende in finanziaria, l’eventualità di frodi, di non corretto funzionamento dei sistemi infor- considerazione ulteriori elementi, tra i quali: matici o l’assenza di separazione delle funzioni. • il Codice Etico; 2. controlli ex-ante e controlli ex-post che possono avere una connotazione sia ma- • il modello di organizzazione e di gestione ai sensi del Decreto Legislativo 231/2001 nuale che automatica che si sostanziano in controlli di processo e/o di natura ope- e dei relativi protocolli; rativa quali l’effettuazione di riconciliazioni, svolgimento di verifiche di coerenza e • le procedure per le comunicazioni in tema di Internal Dealing; ragionevolezza e i controlli sui processi di chiusura contabile. • i principi e procedure per l’effettuazione di operazioni rilevanti e con parti correla- te; L’attività di testing è svolta in modo continuativo durante tutto l’esercizio su indi- • sistema delle procedure organizzative delle società appartenenti al Gruppo; cazione e con il coordinamento del Dirigente Preposto avvalendosi della propria • il processo di mappatura dei rischi adottato. struttura e, ove ritenuto necessario, con il supporto della funzione di Internal Audit. Inoltre il Gruppo Azimut ha posto in essere e mantiene aggiornato un insieme di Tale funzione, nello svolgimento della propria ordinaria attività, può inoltre fornire procedure amministrative e contabili tali da garantire un adeguato livello di efficacia elementi utili ad identificare e valutare fattori di criticità che rientrino nel perimetro del sistema di controllo interno sul reporting finanziario. dell’informativa finanziaria. In conformità alla definizione inclusa nel COSOReport , che come sopra indicato è il La valutazione dei controlli può comportare l’individuazione di controlli integrativi, quadro scelto dal Gruppo Azimut per la definizione del proprio sistema di controllo azioni correttive o piani di miglioramento in relazione alle eventuali problematiche interno, il processo di controllo interno è costituito dall’implementazione e dall’a- emerse. dozione permanente di adeguati sistemi di gestione, aventi l’obiettivo di fornire agli Il Dirigente Preposto è costantemente informato circa tale attività di monitoraggio e amministratori e al management la ragionevole certezza circa l’affidabilità dell’infor- quindi in merito all’affidabilità del sistema di controllo dell’informativa finanziaria. mativa finanziaria, il rispetto delle leggi e dei regolamenti interni, nonché l’efficacia e l’efficienza dei principali processi aziendali. Il processo di controllo interno ha, tra gli altri, l’obiettivo di prevenire e controllare 11.2 Responsabile della Funzione di Internal Audit i rischi di errori e frodi. Tuttavia, a causa dei limiti intrinseci in tutti i sistemi di con- Il Consiglio di Amministrazione dell’Emittente, in data 27 novembre 2015, ha tra- trollo, il processo di controllo interno non può garantire che tutti i rischi di errori o sferito presso la Società e nominato Responsabile della Funzione Internal Audit il dott. frodi siano completamente eliminati o controllati. Roberto Bolgiani, con efficacia dal 1° gennaio 2016. Il Responsabile della Funzione Internal Audit non è responsabile di alcuna area opera- Individuazione e valutazione dei rischi e dei relativi controlli sull’informativa finan- tiva e dipende gerarchicamente dal Consiglio di Amministrazione. ziaria Il Responsabile Internal Audit è dotato di apposito budget. Il processo di identificazione e valutazione dei rischi riguardanti l’informativa finan- La funzione di revisione interna concorre e supporta il Consiglio di Amministrazione ziaria è avvenuto attraverso un processo di Risk Assessment che ha consentito di indivi- delle società del Gruppo nell’intercettare violazioni delle procedure e della regola- duare le unità organizzative, i processi e le relative voci contabili in grado di generare mentazione. In particolare, alla predetta funzione è affidata la responsabilità dell’at- potenziali errori rilevanti ed inficiare la correttezza dell’informativa finanziaria. tività di audit delle società italiane del Gruppo, nonché l’attività di audit per AZ Life L’approccio metodologico del Gruppo Azimut associa i rischi e i relativi controlli alle Ltd, AZ Fund Management Sa e per il fondo Eskatos Sicav SIF, gestito da Eskatos Capital Management S.ar.l.
290 Gruppo Azimut 297291 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
La funzione di revisione interna si avvale del servizio di controllo interno esternaliz- pimenti in capo ai Consulenti. zato presso la società Deloitte Risk Advisory Srl. A tale riguardo si evidenzia che il Come esito dello svolgimento dei controlli sopra descritti, la funzione assegna ai contratto che regola il servizio prestato, definisce gli obiettivi assegnati all’esternaliz- Consulenti finanziari abilitati all’offerta fuori sede del Gruppo, ai fini di monitorag- zazione in relazione agli standard quali/quantitativi attesi dal processo, prevedendo gio nel continuo della rete commerciale, un profilo di rischio calcolato sulla base della espressamente le attività da porre in essere per la prestazione del servizio di auditing. parametrizzazione di diversi elementi rappresentativi del grado di rischiosità insito nei comportamenti della rete commerciale (i.e. risultati e anomalie identificate nel L’attività di revisione interna è volta a verificare, da un lato il regolare andamento corso di precedenti visite ispettive, numerosità dei reclami riferibili al Consulente, dell’operatività e, dall’altro, a valutare la completezza, l’adeguatezza, la funzionalità eventuali segnalazioni ricevute dalle Autorità di Vigilanza, etc.) e l’affidabilità della struttura organizzativa. Sulla base dei risultati dei controlli sono eventualmente formulate raccomandazioni agli organi aziendali. L’attività è svolta Nel corso dell’Esercizio, la Direzione Internal Audit, al fine di potenziare la propria nel continuo, in via periodica o per eccezioni. azione di controllo sulle società per la quale è investita di responsabilità diretta, non- Sulla base del piano di audit presentato annualmente al Consiglio di Amministra- ché rafforzare il proprio ruolo di coordinamento e monitoraggio delle attività di con- zione e al Collegio Sindacale delle singole società, vengono programmati i controlli trollo condotte in seno alle Società estere del Gruppo ha potenziato il proprio orga- che si intendono effettuare nel periodo. La pianificazione, suddivisa per tipologia di nico. Nello specifico, oltre al supporto di Deloitte ERS, nel corso del primo trimestre servizio prestato, viene predisposta focalizzando l’attenzione sulle aree operative ca- 2018 sono entrate a far parte della Direzione due nuove risorse che hanno matu- ratterizzate da una più elevata significatività, frequenza e manualità ed è strutturata rato nel corso della pregressa attività lavorativa significative esperienze nell’ambito in modo tale da coprire un vasto numero di attività svolte dalle società controllate. dell’Internal audit in realtà operanti nel business dei servizi di investimento in contesti La pianificazione annuale può essere aggiornata in occasione di richieste specifiche di primario standing nazionale ed internazionale. da parte dell’Alta Direzione, del Consiglio di Amministrazione, del Responsabile Au- Nel corso dell’esercizio, la Direzione Internal Audit ha: dit, del Collegio Sindacale o in seguito al verificarsi di fatti contingenti che richiedano • avviato - in esercizio della propria funzione di monitoraggio - l’attività di analisi dei verifiche tempestive e precedentemente non pianificate. Piani di Controllo 2017 redatti dalle Società appartenenti al Gruppo all’interno Il piano di intervento è costituito da verifiche che presentano un diverso grado di delle quale è prevista una funzione di controllo interno, così come già avvenuto per frequenza: annuale, semestrale e trimestrale. La logica sottostante la determinazione i Piani 2016; della frequenza di una verifica tiene conto di differenti fattori, quali ad esempio la • adottato un applicativo che permette la segnalazione di Comportamenti illegittimi significatività in termini di impatto sul bilancio o sul rendiconto, la frequenza dell’o- da parte dei dipendenti; peratività e il grado di automatismo del processo. • ha completato un sistema di scoring finalizzato ad assegnare ad ogni subsidiary estera un livello di rischio rispetto all’attività condotta ed ai relativi presidi di controllo A conclusione dell’audit viene predisposto un verbale nel quale sono riportati tipolo- adottati e terminato la fase pilota del progetto attraverso la ricezione dei questio- gia della verifica, campione selezionato, struttura soggetta alla verifica, documenta- nari per l’attribuzione del suddetto scoring Azimut Subsidiaries’ Internal Audit Scoring zione esaminata, controlli effettuati, risultati emersi, proposte formulate e provvedi- (ASIAS); menti assunti. I verbali riportanti le risultanze dei controlli vengono sottoposti, con • analizzato le risultanze delle verifiche effettuate dalle singole società estere, oltre a cadenza minima semestrale, al Consiglio di Amministrazione e al Collegio Sindacale svolgere le usuali attività di coordinamento e approfondimento. delle singole società controllate, al fine di mantenere gli organi aziendali costante- mente aggiornati in merito all’attività svolta e agli esiti emersi. 11.3 Modello organizzativo ex D.Lgs. 231/2001 La Società ha adottato, ai fini dell’adeguamento a quanto disposto dal D.Lgs. n. La funzione di revisione interna svolge continuamente nel corso dell’esercizio, con- 231/01, un modello di organizzazione, gestione e controllo diretto alla prevenzione trolli riferibili all’operato dei Consulenti finanziari abilitati all’offerta fuori sede: l’at- di quei reati la cui commissione da parte dei dipendenti, collaboratori o amministra- tività è volta a individuare e monitorare gli elementi dell’operato di Consulenti finan- tori della Società comporti a norma del predetto decreto la responsabilità ammini- ziari abilitati all’offerta fuori sede che risultano essere maggiormente rischiosi, anche strativa della medesima. dal punto di vista reputazionale, per il Gruppo. In tale ambito è stato altresì adottato il Codice Etico consultabile sul sito internet L’attività si suddivide tra “Controlli a Distanza”, basati su dati rielaborati massiva- della società www.azimut-group.com - sezione Gruppo. mente e applicati a specifici indicatori di anomalia interni al fine di individuare casi- L’Organismo di Vigilanza della Società risulta attualmente composto da un membro stiche di potenziali comportamenti scorretti, e “Verifiche Ispettive in loco”, al fine di effettivo del Collegio Sindacale di Società del Gruppo, da un Amministratore Indi- verificare il corretto comportamento tenuto nel rapporto con la clientela, il rispetto pendente dai responsabili delle funzioni di Internal Audit e di Compliance. Tale organi- delle norme di presentazione, la corretta tenuta degli archivi e il rispetto degli adem- smo è dotato di un idoneo budget di spesa, nonché di un fondo spese per garantire il corretto ed autonomo svolgimento dei propri compiti.
292298 Gruppo Azimut 293 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
La funzione di revisione interna si avvale del servizio di controllo interno esternaliz- pimenti in capo ai Consulenti. zato presso la società Deloitte Risk Advisory Srl. A tale riguardo si evidenzia che il Come esito dello svolgimento dei controlli sopra descritti, la funzione assegna ai contratto che regola il servizio prestato, definisce gli obiettivi assegnati all’esternaliz- Consulenti finanziari abilitati all’offerta fuori sede del Gruppo, ai fini di monitorag- zazione in relazione agli standard quali/quantitativi attesi dal processo, prevedendo gio nel continuo della rete commerciale, un profilo di rischio calcolato sulla base della espressamente le attività da porre in essere per la prestazione del servizio di auditing. parametrizzazione di diversi elementi rappresentativi del grado di rischiosità insito nei comportamenti della rete commerciale (i.e. risultati e anomalie identificate nel L’attività di revisione interna è volta a verificare, da un lato il regolare andamento corso di precedenti visite ispettive, numerosità dei reclami riferibili al Consulente, dell’operatività e, dall’altro, a valutare la completezza, l’adeguatezza, la funzionalità eventuali segnalazioni ricevute dalle Autorità di Vigilanza, etc.) e l’affidabilità della struttura organizzativa. Sulla base dei risultati dei controlli sono eventualmente formulate raccomandazioni agli organi aziendali. L’attività è svolta Nel corso dell’Esercizio, la Direzione Internal Audit, al fine di potenziare la propria nel continuo, in via periodica o per eccezioni. azione di controllo sulle società per la quale è investita di responsabilità diretta, non- Sulla base del piano di audit presentato annualmente al Consiglio di Amministra- ché rafforzare il proprio ruolo di coordinamento e monitoraggio delle attività di con- zione e al Collegio Sindacale delle singole società, vengono programmati i controlli trollo condotte in seno alle Società estere del Gruppo ha potenziato il proprio orga- che si intendono effettuare nel periodo. La pianificazione, suddivisa per tipologia di nico. Nello specifico, oltre al supporto di Deloitte ERS, nel corso del primo trimestre servizio prestato, viene predisposta focalizzando l’attenzione sulle aree operative ca- 2018 sono entrate a far parte della Direzione due nuove risorse che hanno matu- ratterizzate da una più elevata significatività, frequenza e manualità ed è strutturata rato nel corso della pregressa attività lavorativa significative esperienze nell’ambito in modo tale da coprire un vasto numero di attività svolte dalle società controllate. dell’Internal audit in realtà operanti nel business dei servizi di investimento in contesti La pianificazione annuale può essere aggiornata in occasione di richieste specifiche di primario standing nazionale ed internazionale. da parte dell’Alta Direzione, del Consiglio di Amministrazione, del Responsabile Au- Nel corso dell’esercizio, la Direzione Internal Audit ha: dit, del Collegio Sindacale o in seguito al verificarsi di fatti contingenti che richiedano • avviato - in esercizio della propria funzione di monitoraggio - l’attività di analisi dei verifiche tempestive e precedentemente non pianificate. Piani di Controllo 2017 redatti dalle Società appartenenti al Gruppo all’interno Il piano di intervento è costituito da verifiche che presentano un diverso grado di delle quale è prevista una funzione di controllo interno, così come già avvenuto per frequenza: annuale, semestrale e trimestrale. La logica sottostante la determinazione i Piani 2016; della frequenza di una verifica tiene conto di differenti fattori, quali ad esempio la • adottato un applicativo che permette la segnalazione di Comportamenti illegittimi significatività in termini di impatto sul bilancio o sul rendiconto, la frequenza dell’o- da parte dei dipendenti; peratività e il grado di automatismo del processo. • ha completato un sistema di scoring finalizzato ad assegnare ad ogni subsidiary estera un livello di rischio rispetto all’attività condotta ed ai relativi presidi di controllo A conclusione dell’audit viene predisposto un verbale nel quale sono riportati tipolo- adottati e terminato la fase pilota del progetto attraverso la ricezione dei questio- gia della verifica, campione selezionato, struttura soggetta alla verifica, documenta- nari per l’attribuzione del suddetto scoring Azimut Subsidiaries’ Internal Audit Scoring zione esaminata, controlli effettuati, risultati emersi, proposte formulate e provvedi- (ASIAS); menti assunti. I verbali riportanti le risultanze dei controlli vengono sottoposti, con • analizzato le risultanze delle verifiche effettuate dalle singole società estere, oltre a cadenza minima semestrale, al Consiglio di Amministrazione e al Collegio Sindacale svolgere le usuali attività di coordinamento e approfondimento. delle singole società controllate, al fine di mantenere gli organi aziendali costante- mente aggiornati in merito all’attività svolta e agli esiti emersi. 11.3 Modello organizzativo ex D.Lgs. 231/2001 La Società ha adottato, ai fini dell’adeguamento a quanto disposto dal D.Lgs. n. La funzione di revisione interna svolge continuamente nel corso dell’esercizio, con- 231/01, un modello di organizzazione, gestione e controllo diretto alla prevenzione trolli riferibili all’operato dei Consulenti finanziari abilitati all’offerta fuori sede: l’at- di quei reati la cui commissione da parte dei dipendenti, collaboratori o amministra- tività è volta a individuare e monitorare gli elementi dell’operato di Consulenti finan- tori della Società comporti a norma del predetto decreto la responsabilità ammini- ziari abilitati all’offerta fuori sede che risultano essere maggiormente rischiosi, anche strativa della medesima. dal punto di vista reputazionale, per il Gruppo. In tale ambito è stato altresì adottato il Codice Etico consultabile sul sito internet L’attività si suddivide tra “Controlli a Distanza”, basati su dati rielaborati massiva- della società www.azimut-group.com - sezione Gruppo. mente e applicati a specifici indicatori di anomalia interni al fine di individuare casi- L’Organismo di Vigilanza della Società risulta attualmente composto da un membro stiche di potenziali comportamenti scorretti, e “Verifiche Ispettive in loco”, al fine di effettivo del Collegio Sindacale di Società del Gruppo, da un Amministratore Indi- verificare il corretto comportamento tenuto nel rapporto con la clientela, il rispetto pendente dai responsabili delle funzioni di Internal Audit e di Compliance. Tale organi- delle norme di presentazione, la corretta tenuta degli archivi e il rispetto degli adem- smo è dotato di un idoneo budget di spesa, nonché di un fondo spese per garantire il corretto ed autonomo svolgimento dei propri compiti.
292 Gruppo Azimut 299293 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
11.4 Società di revisione approvate dal Consiglio di Amministrazione previo parere del Comitato per il Con- L’Assemblea degli Azionisti del 24 aprile 2013 ha deliberato il conferimento dell’in- trollo Interno e/o l’assistenza di esperti indipendenti. carico di revisione legale, ai sensi del Decreto Legislativo 39/2010 alla società di Nelle situazioni in cui gli Amministratori hanno un interesse, anche potenziale o revisione PricewaterhouseCoopers Spa per gli esercizi 2013-2021. indiretto, nell’operazione: a) informano tempestivamente ed in modo esauriente il Consiglio sull’esistenza 11.5 Dirigente preposto alla redazione dei documenti contabili societari e altri ruoli e dell’interesse e sulle circostanze del medesimo; funzioni aziendali b) si allontanano dalla riunione al momento della deliberazione ovvero si astengono A seguito delle dimissioni del Dirigente Preposto alla redazione dei documenti conta- dal voto qualora la situazione evidenzia un sostanziale rischio di alterazione della bili societari dott. Matteo Capelli, intervenute in data 10 maggio 2016, il Consiglio di espressione di voto dell’organo di amministrazione e/o qualora ciò venga ritenuto Amministrazione del 24 maggio 2016, previo parere favorevole del Collegio Sinda- opportuno dal Consiglio di Amministrazione. cale, ha conferito il predetto incarico al dott. Alessandro Zambotti, Amministratore e Il Comitato competente ad esprimersi sulle operazioni con parti correlate ai sensi Chief Financial Officer dell’Emittente, attribuendo al medesimo ogni potere di carattere della predetta procedura è il Comitato Controllo e Rischi di cui al precedente punto organizzativo e gestionale necessario per l’esercizio dei compiti attribuiti dalla vigen- 10. te normativa e dallo Statuto sociale. Il testo integrale della “Procedura per le Operazioni con Parti Correlate” è consultabile sul L’art. 29 bis dello statuto sociale prevede che il dirigente preposto alla redazione dei sito www.azimut-group.com - sezione Gruppo. documenti contabili societari sia in possesso dei requisiti di professionalità di cui all’art. 13 del Decreto Legislativo 58/1998. In data 8 marzo 2018 il Consiglio di Amministrazione dell’Emittente ha approvato La nomina del Collegio Sindacale avviene sulla base di liste presentate dagli azionisti 13. la policy recante il presidio sull’informativa finanziaria societaria e di gruppo che rap- nelle quali i candidati sono contrassegnati da un numero progressivo e sono comun- Nomina dei Sindaci presenta il framework organizzativo e metodologico del modello di presidio sull’infor- que in numero non superiore ai componenti da eleggere. mativa finanziaria societaria e di Gruppo che Alle minoranze è riservata l’elezione di un Sindaco Effettivo e di uno Supplente. (i) definisce gli adempimenti in capo al Dirigente Preposto sulla redazione dei docu- Con delibera consiliare del 10 marzo 2011 sono stati apportati all’art. 28 dello Statu- menti contabili societari ai sensi della L. 262/2005; to sociale gli adeguamenti obbligatori derivanti dall’entrata in vigore del D. Lgs. 27 (ii) definisce il ruolo, i principali compiti e le responsabilità del Dirigente Preposto, gennaio 2010 n. 27 di recepimento della Direttiva 2007/36/CE relativa all’esercizio nonché i suoi rapporti con le unità organizzative coinvolte nel processo di gestio- di alcuni diritti degli azionisti di società quotate, nota come direttiva “Shareholder’s ne dei rischi; Rights”; inoltre con assemblea degli azionisti del 26 aprile 2012 sono stati introdotti (iii) individua i compiti svolti del Dirigente Preposto, in relazione all’attività di coor- nello statuto sociale criteri di composizione delle liste che prevedono il rispetto dell’e- dinamento, per tutte le società del Gruppo Azimut. quilibrio tra generi secondo quanto disposto dall’art. 148 comma 1bis del TUF Le liste si compongono di due sezioni: una per i candidati alla carica di Sindaco Ef- 11.6 Coordinamento tra i soggetti coinvolti nel sistema di controllo interno e di gestione dei rischi. fettivo, l’altra per i candidati alla carica di Sindaco supplente. Il coordinamento tra i soggetti coinvolti nel sistema di controllo interno ha luogo Hanno diritto a presentare le liste soltanto gli azionisti che, da soli o insieme ad altri, costantemente e, a livello formale, nel corso delle riunioni del Comitato Controllo e siano complessivamente titolari di azioni con diritto di voto rappresentanti almeno Rischi, alle quali vengono invitati di volta in volta le funzioni aziendali di controllo il quarantesimo del capitale sociale o, se inferiore, la diversa misura stabilita dall’art. interessate e alle quali partecipa anche il Presidente del Collegio Sindacale. 144quater del Regolamento Emittenti CONSOB e pubblicata dalla CONSOB ai sen- si dell’art. 144septies. La titolarità della quota minima di partecipazione azionaria prevista per la presenta- zione delle liste è determinata avendo riguardo alle azioni che risultano registrate a 12. Il Consiglio di Amministrazione della Società nella riunione del 22 novembre 2010, Interessi degli ha deliberato, con il parere favorevole del Comitato per il Controllo Interno, una favore dell’azionista nel giorno in cui le liste sono depositate presso la Società. amministratori e nuova procedura in conformità di quanto previsto dall’art. 2391bis del Codice Civi- La relativa certificazione può essere prodotta anche successivamente al deposito, operazioni con parti purché entro il termine previsto per la pubblicazione delle liste da parte della Società. correlate le e dal Regolamento CONSOB n. 17221 del 12/03/2010, nonché in sostituzione delle precedente procedura adottata dalla Società, volta a disciplinare le operazioni Ogni azionista, nonché gli azionisti appartenenti a un medesimo gruppo e che ade- con le parti correlate poste in essere direttamente dalla Società o per il tramite di riscano ad un patto parasociale avente ad oggetto azioni dell’Emittente, non possono società controllate, al fine di assicurare la trasparenza e la correttezza sia sostanziale presentare, neppure per interposta persona o società fiduciaria, più di una lista, né sia procedurale delle operazioni stesse. possono votare liste diverse. La predetta procedura ha definito le operazioni che devono essere necessariamente Ogni candidato può presentarsi in una sola lista a pena di ineleggibilità.
294300 Gruppo Azimut 295 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
11.4 Società di revisione approvate dal Consiglio di Amministrazione previo parere del Comitato per il Con- L’Assemblea degli Azionisti del 24 aprile 2013 ha deliberato il conferimento dell’in- trollo Interno e/o l’assistenza di esperti indipendenti. carico di revisione legale, ai sensi del Decreto Legislativo 39/2010 alla società di Nelle situazioni in cui gli Amministratori hanno un interesse, anche potenziale o revisione PricewaterhouseCoopers Spa per gli esercizi 2013-2021. indiretto, nell’operazione: a) informano tempestivamente ed in modo esauriente il Consiglio sull’esistenza 11.5 Dirigente preposto alla redazione dei documenti contabili societari e altri ruoli e dell’interesse e sulle circostanze del medesimo; funzioni aziendali b) si allontanano dalla riunione al momento della deliberazione ovvero si astengono A seguito delle dimissioni del Dirigente Preposto alla redazione dei documenti conta- dal voto qualora la situazione evidenzia un sostanziale rischio di alterazione della bili societari dott. Matteo Capelli, intervenute in data 10 maggio 2016, il Consiglio di espressione di voto dell’organo di amministrazione e/o qualora ciò venga ritenuto Amministrazione del 24 maggio 2016, previo parere favorevole del Collegio Sinda- opportuno dal Consiglio di Amministrazione. cale, ha conferito il predetto incarico al dott. Alessandro Zambotti, Amministratore e Il Comitato competente ad esprimersi sulle operazioni con parti correlate ai sensi Chief Financial Officer dell’Emittente, attribuendo al medesimo ogni potere di carattere della predetta procedura è il Comitato Controllo e Rischi di cui al precedente punto organizzativo e gestionale necessario per l’esercizio dei compiti attribuiti dalla vigen- 10. te normativa e dallo Statuto sociale. Il testo integrale della “Procedura per le Operazioni con Parti Correlate” è consultabile sul L’art. 29 bis dello statuto sociale prevede che il dirigente preposto alla redazione dei sito www.azimut-group.com - sezione Gruppo. documenti contabili societari sia in possesso dei requisiti di professionalità di cui all’art. 13 del Decreto Legislativo 58/1998. In data 8 marzo 2018 il Consiglio di Amministrazione dell’Emittente ha approvato La nomina del Collegio Sindacale avviene sulla base di liste presentate dagli azionisti 13. la policy recante il presidio sull’informativa finanziaria societaria e di gruppo che rap- nelle quali i candidati sono contrassegnati da un numero progressivo e sono comun- Nomina dei Sindaci presenta il framework organizzativo e metodologico del modello di presidio sull’infor- que in numero non superiore ai componenti da eleggere. mativa finanziaria societaria e di Gruppo che Alle minoranze è riservata l’elezione di un Sindaco Effettivo e di uno Supplente. (i) definisce gli adempimenti in capo al Dirigente Preposto sulla redazione dei docu- Con delibera consiliare del 10 marzo 2011 sono stati apportati all’art. 28 dello Statu- menti contabili societari ai sensi della L. 262/2005; to sociale gli adeguamenti obbligatori derivanti dall’entrata in vigore del D. Lgs. 27 (ii) definisce il ruolo, i principali compiti e le responsabilità del Dirigente Preposto, gennaio 2010 n. 27 di recepimento della Direttiva 2007/36/CE relativa all’esercizio nonché i suoi rapporti con le unità organizzative coinvolte nel processo di gestio- di alcuni diritti degli azionisti di società quotate, nota come direttiva “Shareholder’s ne dei rischi; Rights”; inoltre con assemblea degli azionisti del 26 aprile 2012 sono stati introdotti (iii) individua i compiti svolti del Dirigente Preposto, in relazione all’attività di coor- nello statuto sociale criteri di composizione delle liste che prevedono il rispetto dell’e- dinamento, per tutte le società del Gruppo Azimut. quilibrio tra generi secondo quanto disposto dall’art. 148 comma 1bis del TUF Le liste si compongono di due sezioni: una per i candidati alla carica di Sindaco Ef- 11.6 Coordinamento tra i soggetti coinvolti nel sistema di controllo interno e di gestione dei rischi. fettivo, l’altra per i candidati alla carica di Sindaco supplente. Il coordinamento tra i soggetti coinvolti nel sistema di controllo interno ha luogo Hanno diritto a presentare le liste soltanto gli azionisti che, da soli o insieme ad altri, costantemente e, a livello formale, nel corso delle riunioni del Comitato Controllo e siano complessivamente titolari di azioni con diritto di voto rappresentanti almeno Rischi, alle quali vengono invitati di volta in volta le funzioni aziendali di controllo il quarantesimo del capitale sociale o, se inferiore, la diversa misura stabilita dall’art. interessate e alle quali partecipa anche il Presidente del Collegio Sindacale. 144quater del Regolamento Emittenti CONSOB e pubblicata dalla CONSOB ai sen- si dell’art. 144septies. La titolarità della quota minima di partecipazione azionaria prevista per la presenta- zione delle liste è determinata avendo riguardo alle azioni che risultano registrate a 12. Il Consiglio di Amministrazione della Società nella riunione del 22 novembre 2010, Interessi degli ha deliberato, con il parere favorevole del Comitato per il Controllo Interno, una favore dell’azionista nel giorno in cui le liste sono depositate presso la Società. amministratori e nuova procedura in conformità di quanto previsto dall’art. 2391bis del Codice Civi- La relativa certificazione può essere prodotta anche successivamente al deposito, operazioni con parti purché entro il termine previsto per la pubblicazione delle liste da parte della Società. correlate le e dal Regolamento CONSOB n. 17221 del 12/03/2010, nonché in sostituzione delle precedente procedura adottata dalla Società, volta a disciplinare le operazioni Ogni azionista, nonché gli azionisti appartenenti a un medesimo gruppo e che ade- con le parti correlate poste in essere direttamente dalla Società o per il tramite di riscano ad un patto parasociale avente ad oggetto azioni dell’Emittente, non possono società controllate, al fine di assicurare la trasparenza e la correttezza sia sostanziale presentare, neppure per interposta persona o società fiduciaria, più di una lista, né sia procedurale delle operazioni stesse. possono votare liste diverse. La predetta procedura ha definito le operazioni che devono essere necessariamente Ogni candidato può presentarsi in una sola lista a pena di ineleggibilità.
294 Gruppo Azimut 301295 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Non possono essere inseriti nelle liste e, se eletti, decadono dall’ufficio i candidati il Collegio Sindacale viene, rispettivamente, nominato o integrato dall’Assemblea che ricoprano già incarichi di Sindaco in altre cinque società quotate, con esclusione con le maggioranze di legge. delle società controllate, e che non siano in possesso dei requisiti di onorabilità e pro- fessionalità stabiliti dalla normativa applicabile. Nel caso che l’Assemblea degli Azionisti venga chiamata a reintegrare il Collegio ai Inoltre non possono essere eletti sindaci e, se eletti, decadono dall’ufficio coloro che sensi di legge si procederà nel seguente modo: si trovano nelle condizioni previste dagli articoli 148, terzo comma, del D. Lgs. n. • in caso di sindaco cessato, per qualsiasi causa, tratto dalla seconda lista che ha ot- 58/98 e 144terdecies del regolamento CONSOB n. 11971. tenuto il maggior numero di voti l’Assemblea provvede alla sua sostituzione a mag- Nei termini previsti dalle norme di legge e regolamentari vigenti le liste devono es- gioranza scegliendo il sostituto tra i candidati della stessa lista e sezione che abbiano sere depositate presso la sede della Società e la Società deve metterle a disposizione preventivamente accettato la sostituzione; del pubblico presso la sede sociale, sul proprio sito internet e con le altre modalità • in caso di sindaco cessato, per qualsiasi causa, tratto dalla prima lista che ha ottenu- previste dalle norme di legge e regolamentari vigenti. to il maggior numero di voti o dall’unica lista presentata, la nomina del sostituto è liberamente effettuata con le maggioranze di legge. Le liste sono corredate: • delle informazioni relative all’identità dei soci che hanno presentato le liste, con I sindaci agiscono con autonomia ed indipendenza anche nei confronti degli azionisti l’indicazione della percentuale di partecipazione complessivamente detenuta; che li hanno eletti. • delle dichiarazione dei soci diversi da quelli che detengono, anche congiuntamente, I sindaci sono tenuti a mantenere riservati i documenti e le informazioni acquisiti una partecipazione di controllo o di maggioranza relativa, attestante l’assenza di nello svolgimento dei loro compiti e a rispettare la procedura adottata per la comu- rapporti di collegamento previsti dall’art. 144-quinquies del Regolamento CON- nicazione all’esterno della società di tali documenti ed informazioni. SOB n. 11971/99 con questi ultimi; Il Collegio Sindacale svolge all’interno della Società la funzione di cui all’art. 2403 • di un’esauriente informativa riguardante le caratteristiche personali e professionali del Codice Civile in completa autonomia ed indipendenza e attua un costante scam- di ciascun candidato alla carica; bio di informazioni con gli organi e le funzioni che nell’ambito della Società svolgono • delle dichiarazioni con le quali i singoli candidati accettano la candidatura e at- compiti rilevanti in materia di controlli interni. testano, sotto la propria responsabilità, l’inesistenza di cause di ineleggibilità e di incompatibilità, nonché l’esistenza di requisiti normativi e statutariamente prescritti per le rispettive cariche. Sulla base dell’unica lista presentata da Timone Fiduciaria Srl, l’Assemblea degli 14. Azionisti del 28 aprile 2016 ha nominato per il prossimo triennio e quindi fino all’ap- Composizione e All’elezione dei Sindaci si procede come segue: provazione del bilancio al 31 dicembre 2018, i seguenti componenti del Collegio funzionamento del • dalla lista che ha ottenuto in Assemblea il maggior numero di voti sono tratti, in Sindacale: collegio sindacale base all’ordine progressivo con il quale sono elencati nelle sezioni della lista, due membri effettivi ed un supplente; Vittorio Rocchetti Presidente del Collegio Sindacale • dalla seconda lista che ha ottenuto in Assemblea il maggior numero di voti sono Costanza Bonelli Sindaco Effettivo tratti, in base all’ordine progressivo con il quale sono elencati nelle sezioni della lista, il restante membro effettivo, che assume altresì la carica di Presidente del Col- Daniele Carlo Trivi Sindaco Effettivo legio Sindacale, e l’altro membro supplente. Maria Catalano Sindaco Supplente Luca Giovanni Bonanno Sindaco Supplente Se i due membri effettivi tratti dalla lista che ha ottenuto il maggior numero di voti sono dello stesso genere il restante membro effettivo deve essere di genere diverso. Qualora le prime due liste ottengano un numero pari di voto si procederà a nuova La valutazione in merito alla presenza dei requisiti di indipendenza in capo ai com- votazione da parte dell’Assemblea, mettendo ai voti solo le prime due liste. ponenti del Collegio Sindacale nominati è stata fatta direttamente dall’assemblea Qualora venga presentata un’unica lista l’Assemblea esprime il proprio voto su di all’atto della nomina sulla base della documentazione presentata, nonché nella riu- essa con le maggioranze previste dalla legge e i tre membri effettivi e i due membri nione del Consiglio di Amministrazione del 5 maggio 2016. supplenti risultano eletti in base all’ordine progressivo con il quale sono elencati nelle Nel corso degli esercizi successivi alla nomina, il Consiglio di Amministrazione pro- due sezioni della lista. cede di norma ad effettuare ulteriori valutazioni in merito alla sussistenza dei requisi- In mancanza di liste e nel caso in cui attraverso il meccanismo di voto per lista il nu- ti di indipendenza in capo ai componenti del Collegio Sindacale, oltre che nei casi di mero dei candidati eletti risulti inferiore a tre sindaci effettivi e due sindaci supplenti nuova nomina o rinnovo della carica, anche a fronte di variazioni di rilievo attinenti i requisiti comunicate dagli stessi membri del Collegio Sindacale ovvero accertate con
296302 Gruppo Azimut 297 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Non possono essere inseriti nelle liste e, se eletti, decadono dall’ufficio i candidati il Collegio Sindacale viene, rispettivamente, nominato o integrato dall’Assemblea che ricoprano già incarichi di Sindaco in altre cinque società quotate, con esclusione con le maggioranze di legge. delle società controllate, e che non siano in possesso dei requisiti di onorabilità e pro- fessionalità stabiliti dalla normativa applicabile. Nel caso che l’Assemblea degli Azionisti venga chiamata a reintegrare il Collegio ai Inoltre non possono essere eletti sindaci e, se eletti, decadono dall’ufficio coloro che sensi di legge si procederà nel seguente modo: si trovano nelle condizioni previste dagli articoli 148, terzo comma, del D. Lgs. n. • in caso di sindaco cessato, per qualsiasi causa, tratto dalla seconda lista che ha ot- 58/98 e 144terdecies del regolamento CONSOB n. 11971. tenuto il maggior numero di voti l’Assemblea provvede alla sua sostituzione a mag- Nei termini previsti dalle norme di legge e regolamentari vigenti le liste devono es- gioranza scegliendo il sostituto tra i candidati della stessa lista e sezione che abbiano sere depositate presso la sede della Società e la Società deve metterle a disposizione preventivamente accettato la sostituzione; del pubblico presso la sede sociale, sul proprio sito internet e con le altre modalità • in caso di sindaco cessato, per qualsiasi causa, tratto dalla prima lista che ha ottenu- previste dalle norme di legge e regolamentari vigenti. to il maggior numero di voti o dall’unica lista presentata, la nomina del sostituto è liberamente effettuata con le maggioranze di legge. Le liste sono corredate: • delle informazioni relative all’identità dei soci che hanno presentato le liste, con I sindaci agiscono con autonomia ed indipendenza anche nei confronti degli azionisti l’indicazione della percentuale di partecipazione complessivamente detenuta; che li hanno eletti. • delle dichiarazione dei soci diversi da quelli che detengono, anche congiuntamente, I sindaci sono tenuti a mantenere riservati i documenti e le informazioni acquisiti una partecipazione di controllo o di maggioranza relativa, attestante l’assenza di nello svolgimento dei loro compiti e a rispettare la procedura adottata per la comu- rapporti di collegamento previsti dall’art. 144-quinquies del Regolamento CON- nicazione all’esterno della società di tali documenti ed informazioni. SOB n. 11971/99 con questi ultimi; Il Collegio Sindacale svolge all’interno della Società la funzione di cui all’art. 2403 • di un’esauriente informativa riguardante le caratteristiche personali e professionali del Codice Civile in completa autonomia ed indipendenza e attua un costante scam- di ciascun candidato alla carica; bio di informazioni con gli organi e le funzioni che nell’ambito della Società svolgono • delle dichiarazioni con le quali i singoli candidati accettano la candidatura e at- compiti rilevanti in materia di controlli interni. testano, sotto la propria responsabilità, l’inesistenza di cause di ineleggibilità e di incompatibilità, nonché l’esistenza di requisiti normativi e statutariamente prescritti per le rispettive cariche. Sulla base dell’unica lista presentata da Timone Fiduciaria Srl, l’Assemblea degli 14. Azionisti del 28 aprile 2016 ha nominato per il prossimo triennio e quindi fino all’ap- Composizione e All’elezione dei Sindaci si procede come segue: provazione del bilancio al 31 dicembre 2018, i seguenti componenti del Collegio funzionamento del • dalla lista che ha ottenuto in Assemblea il maggior numero di voti sono tratti, in Sindacale: collegio sindacale base all’ordine progressivo con il quale sono elencati nelle sezioni della lista, due membri effettivi ed un supplente; Vittorio Rocchetti Presidente del Collegio Sindacale • dalla seconda lista che ha ottenuto in Assemblea il maggior numero di voti sono Costanza Bonelli Sindaco Effettivo tratti, in base all’ordine progressivo con il quale sono elencati nelle sezioni della lista, il restante membro effettivo, che assume altresì la carica di Presidente del Col- Daniele Carlo Trivi Sindaco Effettivo legio Sindacale, e l’altro membro supplente. Maria Catalano Sindaco Supplente Luca Giovanni Bonanno Sindaco Supplente Se i due membri effettivi tratti dalla lista che ha ottenuto il maggior numero di voti sono dello stesso genere il restante membro effettivo deve essere di genere diverso. Qualora le prime due liste ottengano un numero pari di voto si procederà a nuova La valutazione in merito alla presenza dei requisiti di indipendenza in capo ai com- votazione da parte dell’Assemblea, mettendo ai voti solo le prime due liste. ponenti del Collegio Sindacale nominati è stata fatta direttamente dall’assemblea Qualora venga presentata un’unica lista l’Assemblea esprime il proprio voto su di all’atto della nomina sulla base della documentazione presentata, nonché nella riu- essa con le maggioranze previste dalla legge e i tre membri effettivi e i due membri nione del Consiglio di Amministrazione del 5 maggio 2016. supplenti risultano eletti in base all’ordine progressivo con il quale sono elencati nelle Nel corso degli esercizi successivi alla nomina, il Consiglio di Amministrazione pro- due sezioni della lista. cede di norma ad effettuare ulteriori valutazioni in merito alla sussistenza dei requisi- In mancanza di liste e nel caso in cui attraverso il meccanismo di voto per lista il nu- ti di indipendenza in capo ai componenti del Collegio Sindacale, oltre che nei casi di mero dei candidati eletti risulti inferiore a tre sindaci effettivi e due sindaci supplenti nuova nomina o rinnovo della carica, anche a fronte di variazioni di rilievo attinenti i requisiti comunicate dagli stessi membri del Collegio Sindacale ovvero accertate con
296 Gruppo Azimut 303297 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
altre modalità direttamente dall’Emittente stesso. società, nella quale ogni interessato può prendere visione delle informazioni relative Tale procedura è ritenuta idonea ad assicurare l’esercizio di un effettivo controllo in al modello di governo societario, unitamente alle informazioni e documenti concer- merito alla conservazione dei requisiti di indipendenza ed in linea con il criterio ap- nenti gli organi societari e lo statuto sociale. plicativo del Codice secondo cui la valutazione deve essere effettuata avuto riguardo Nella sezione contatti del sito sono evidenziati i riferimenti telefonici ed è disponibile più alla sostanza che alla forma. una casella di posta elettronica per le eventuali richieste di informazioni o di docu- Il Presidente del Consiglio di Amministrazione ha curato che componenti del Col- mentazione. legio Sindacale abbiano partecipato a iniziative di induction volte a fornire loro un’a- Gli amministratori incoraggiano e facilitano la partecipazione più ampia possibile deguata conoscenza del settore di attività in cui la Società opera delle dinamiche degli azionisti alle assemblee. Alle assemblee, di norma, partecipa la maggioranza aziendali e della loro evoluzione, oltre che dei principi di corretta gestione dei rischi degli amministratori. Le assemblee sono occasione anche per la comunicazione agli e del quadro normativo e regolamentare di riferimento. azionisti di informazioni sulla società, nel rispetto della disciplina sulle informazioni La remunerazione dei Sindaci è commisurata all’impegno richiesto alla rilevanza del “price sensitive”. ruolo ricoperto e alle caratteristiche dimensionali e settoriali della Società. La prassi attuale della Società è conforme a quanto indicato nelle disposizioni del Il Collegio Sindacale nello svolgimento della propria attività si è coordinato con la Codice. Funzione Internal Audit e con il Comitato Controllo e Rischi, mediante la partecipa- Il Consiglio di Amministrazione può proporre all’approvazione dell’assemblea un zione al Comitato stesso oltre che nell’ambito di singole riunioni di coordinamento. regolamento che disciplina l’ordinato e funzionale svolgimento della assemblea ordi- Dalla data di chiusura dell’esercizio (31/12/2017) alla data di approvazione della naria e straordinaria della società, garantendo il diritto di ciascun socio di prendere presente relazione (8/03/2018) nessun cambiamento è intervenuto nella composi- la parola sugli argomenti posti in discussione. zione del Collegio Sindacale. La Società non ha adottato al momento alcun regolamento assembleare. L’art. 17 dello Statuto prevede che l’Assemblea ordinaria e straordinaria è valida- Nella Tabella 2 allegata alla presente Relazione è stata dettagliata la struttura del mente costituita e delibera con le maggioranze previste dalla legge, fatto salvo quanto Collegio Sindacale. In merito alle caratteristiche personali e professionali di ciascun indicato al precedente punto 9. La Società si impegna ad una valutazione continuati- componente del Collegio Sindacale si rimanda alla documentazione pubblicata sul va dell’opportunità di adattare tali percentuali in relazione all’evolversi della dimen- sito della società www.azimut-group.com sezione “investor relations”. sione e della struttura azionaria della Società. La società, pur avendo deciso di non dotarsi di uno specifico regolamento assemble- Il Collegio Sindacale dell’Emittente ha una composizione che tiene conto dell’impor- are, durante lo svolgimento delle riunioni assembleari adotta delle modalità tecniche tanza di una equilibrata rappresentanza di genere, nonché dei benefici conseguenti di gestione dei lavori assembleari e di svolgimento delle votazioni che, in occasione alla presenza di diverse fasce di età e anzianità di carica. Con riferimento alle poli- delle periodiche sedute assembleari vengono di volta in volta illustrate dettagliata- tiche di diversità si rimanda a quanto previsto dalla Dichiarazione Non Finanziaria. mente agli azionisti e sottoposte all’approvazione dei medesimi per alzata di mano, onde consentire l’ordinato e funzionale svolgimento dell’assemblea, senza peraltro pregiudicare il diritto di ciascun socio di esprimere la propria opinione sugli argo- Il Presidente e gli Amministratori delegati, nel rispetto della procedura sulla comu- menti in discussione. 15. Rapporti con gli azionisti nicazione di documenti ed informazioni riguardanti la società, si adoperano attiva- mente per instaurare un dialogo con gli azionisti, nonché con gli investitori istituzio- nali, fondato sulla comprensione dei reciproci ruoli. Ai sensi dell’art. 10 dello Statuto sociale, l’Assemblea rappresenta la universalità dei 16. Sono stati pertanto promossi incontri periodici con la comunità finanziaria e la stam- soci e le sue deliberazioni prese in conformità alla Legge ed allo statuto stesso obbli- Assemblee pa sia in Italia che all’estero. gano e vincolano tutti i soci anche se non intervenuti, astenuti o dissenzienti. La Società ha nominato un responsabile dei rapporti con gli investitori istituzionali L’Assemblea è ordinaria o straordinaria ai sensi di legge. che rappresenta il soggetto di interfaccia con i diversi interlocutori della Società. Essa può essere convocata anche fuori dalla sede sociale, purché in Italia o in uno dei L’informativa è rafforzata dal sito internet della Società www.azimut-group.com, che Paesi membri della Unione Europea. viene costantemente aggiornato con i comunicati stampa del Gruppo, il calendario L’Assemblea deve essere convocata dall’organo amministrativo almeno una volta degli eventi societari, informazioni di carattere economico-finanziario (bilanci e le all’anno, entro centoventi giorni dalla chiusura dell’esercizio sociale oppure entro relazioni periodiche, la struttura dell’azionariato) e tutte le altre informazioni utili. I centottanta giorni, qualora ricorrano le condizioni previste dall’articolo 2364, secon- comunicati stampa, le presentazioni e i documenti finanziari sono disponibili anche do comma, del Codice Civile. nella versione in lingua inglese. Ogni azione dà diritto ad un voto. Il sito contiene anche una sezione dedicata espressamente alla corporate governance della Le convocazioni delle assemblee sono fatte ai sensi di legge con la pubblicazione
298304 Gruppo Azimut 299 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
altre modalità direttamente dall’Emittente stesso. società, nella quale ogni interessato può prendere visione delle informazioni relative Tale procedura è ritenuta idonea ad assicurare l’esercizio di un effettivo controllo in al modello di governo societario, unitamente alle informazioni e documenti concer- merito alla conservazione dei requisiti di indipendenza ed in linea con il criterio ap- nenti gli organi societari e lo statuto sociale. plicativo del Codice secondo cui la valutazione deve essere effettuata avuto riguardo Nella sezione contatti del sito sono evidenziati i riferimenti telefonici ed è disponibile più alla sostanza che alla forma. una casella di posta elettronica per le eventuali richieste di informazioni o di docu- Il Presidente del Consiglio di Amministrazione ha curato che componenti del Col- mentazione. legio Sindacale abbiano partecipato a iniziative di induction volte a fornire loro un’a- Gli amministratori incoraggiano e facilitano la partecipazione più ampia possibile deguata conoscenza del settore di attività in cui la Società opera delle dinamiche degli azionisti alle assemblee. Alle assemblee, di norma, partecipa la maggioranza aziendali e della loro evoluzione, oltre che dei principi di corretta gestione dei rischi degli amministratori. Le assemblee sono occasione anche per la comunicazione agli e del quadro normativo e regolamentare di riferimento. azionisti di informazioni sulla società, nel rispetto della disciplina sulle informazioni La remunerazione dei Sindaci è commisurata all’impegno richiesto alla rilevanza del “price sensitive”. ruolo ricoperto e alle caratteristiche dimensionali e settoriali della Società. La prassi attuale della Società è conforme a quanto indicato nelle disposizioni del Il Collegio Sindacale nello svolgimento della propria attività si è coordinato con la Codice. Funzione Internal Audit e con il Comitato Controllo e Rischi, mediante la partecipa- Il Consiglio di Amministrazione può proporre all’approvazione dell’assemblea un zione al Comitato stesso oltre che nell’ambito di singole riunioni di coordinamento. regolamento che disciplina l’ordinato e funzionale svolgimento della assemblea ordi- Dalla data di chiusura dell’esercizio (31/12/2017) alla data di approvazione della naria e straordinaria della società, garantendo il diritto di ciascun socio di prendere presente relazione (8/03/2018) nessun cambiamento è intervenuto nella composi- la parola sugli argomenti posti in discussione. zione del Collegio Sindacale. La Società non ha adottato al momento alcun regolamento assembleare. L’art. 17 dello Statuto prevede che l’Assemblea ordinaria e straordinaria è valida- Nella Tabella 2 allegata alla presente Relazione è stata dettagliata la struttura del mente costituita e delibera con le maggioranze previste dalla legge, fatto salvo quanto Collegio Sindacale. In merito alle caratteristiche personali e professionali di ciascun indicato al precedente punto 9. La Società si impegna ad una valutazione continuati- componente del Collegio Sindacale si rimanda alla documentazione pubblicata sul va dell’opportunità di adattare tali percentuali in relazione all’evolversi della dimen- sito della società www.azimut-group.com sezione “investor relations”. sione e della struttura azionaria della Società. La società, pur avendo deciso di non dotarsi di uno specifico regolamento assemble- Il Collegio Sindacale dell’Emittente ha una composizione che tiene conto dell’impor- are, durante lo svolgimento delle riunioni assembleari adotta delle modalità tecniche tanza di una equilibrata rappresentanza di genere, nonché dei benefici conseguenti di gestione dei lavori assembleari e di svolgimento delle votazioni che, in occasione alla presenza di diverse fasce di età e anzianità di carica. Con riferimento alle poli- delle periodiche sedute assembleari vengono di volta in volta illustrate dettagliata- tiche di diversità si rimanda a quanto previsto dalla Dichiarazione Non Finanziaria. mente agli azionisti e sottoposte all’approvazione dei medesimi per alzata di mano, onde consentire l’ordinato e funzionale svolgimento dell’assemblea, senza peraltro pregiudicare il diritto di ciascun socio di esprimere la propria opinione sugli argo- Il Presidente e gli Amministratori delegati, nel rispetto della procedura sulla comu- menti in discussione. 15. Rapporti con gli azionisti nicazione di documenti ed informazioni riguardanti la società, si adoperano attiva- mente per instaurare un dialogo con gli azionisti, nonché con gli investitori istituzio- nali, fondato sulla comprensione dei reciproci ruoli. Ai sensi dell’art. 10 dello Statuto sociale, l’Assemblea rappresenta la universalità dei 16. Sono stati pertanto promossi incontri periodici con la comunità finanziaria e la stam- soci e le sue deliberazioni prese in conformità alla Legge ed allo statuto stesso obbli- Assemblee pa sia in Italia che all’estero. gano e vincolano tutti i soci anche se non intervenuti, astenuti o dissenzienti. La Società ha nominato un responsabile dei rapporti con gli investitori istituzionali L’Assemblea è ordinaria o straordinaria ai sensi di legge. che rappresenta il soggetto di interfaccia con i diversi interlocutori della Società. Essa può essere convocata anche fuori dalla sede sociale, purché in Italia o in uno dei L’informativa è rafforzata dal sito internet della Società www.azimut-group.com, che Paesi membri della Unione Europea. viene costantemente aggiornato con i comunicati stampa del Gruppo, il calendario L’Assemblea deve essere convocata dall’organo amministrativo almeno una volta degli eventi societari, informazioni di carattere economico-finanziario (bilanci e le all’anno, entro centoventi giorni dalla chiusura dell’esercizio sociale oppure entro relazioni periodiche, la struttura dell’azionariato) e tutte le altre informazioni utili. I centottanta giorni, qualora ricorrano le condizioni previste dall’articolo 2364, secon- comunicati stampa, le presentazioni e i documenti finanziari sono disponibili anche do comma, del Codice Civile. nella versione in lingua inglese. Ogni azione dà diritto ad un voto. Il sito contiene anche una sezione dedicata espressamente alla corporate governance della Le convocazioni delle assemblee sono fatte ai sensi di legge con la pubblicazione
298 Gruppo Azimut 305299 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
dell’avviso contenente l’ordine del giorno sul sito internet della Società e secondo le organizzazione e gestione adottato dalla Scrivente per prevenire i reati di cui al D. altre modalità previste dalle norme di legge e regolamentari vigenti. Lgs. 8 giugno 2001 n. 231. Nell’avviso di convocazione sono indicati il giorno, l’ora e il luogo dell’adunanza, nonché l’elenco delle materie da trattare e le altre informazioni richieste dalle dispo- sizioni normative e regolamentari vigenti. A far data dalla chiusura dell’esercizio non si sono verificati altri cambiamenti nella 18. L’Assemblea è costituita, funziona e delibera ai sensi di legge. Possono intervenire in struttura di governo societario rispetto a quelli già segnalati nelle specifiche sezioni Cambiamenti dalla assemblea gli aventi diritto al voto legittimati secondo quanto previsto dalle norme di della presente relazione. chiusura dell’esercizio di riferimento legge e regolamentari vigenti. Ogni socio che abbia diritto di intervenire all’Assemblea può farsi rappresentare per delega scritta da altra persona a norma dell’articolo 2372 del Codice Civile. Spetta al Presidente dell’Assemblea verificare la regolarità delle deleghe e, in genere, il diritto di intervento. L’Assemblea è presieduta dal Presidente del Consiglio, in caso di sua assenza o im- pedimento, dai Vice Presidenti, se nominati, in ordine di anzianità ovvero in caso di loro assenza o impedimento, dagli Amministratori, in ordine di anzianità ovvero, in caso di loro assenza o impedimento, da altra persona nominata dall’Assemblea a maggioranza dei presenti. Il Presidente dell’Assemblea è assistito da un Segretario anche non socio, designato dal Presidente stesso e nominato da parte dell’Assemblea a maggioranza dei presenti. Le deliberazioni delle assemblee sono fatte constatare da apposito verbale firmato dal Presidente e dal Segretario. Nei casi di legge ed inoltre quando il Presidente dell’Assemblea lo ritenga opportuno il verbale viene redatto da un Notaio. L’Assemblea, sia ordinaria che straordinaria, è validamente costituita e delibera con le maggioranze stabilite dalla legge.
17. Come esposto ai precedenti punti 10 e 11, l’Emittente si avvale di un Comitato Con- Ulteriori pratiche di trollo e Rischi costituito da tre Amministratori non esecutivi di cui due Indipendenti; governo societario in cui sono inoltre invitati a partecipare il Collegio Sindacale, nonché i Responsabili delle funzioni aziendali di volta in volta interessati all’ordine del giorno. Il Comitato Controllo e Rischi, che si riunisce periodicamente, collabora con il Re- sponsabile Internal Audit, il Compliance Officer e il Risk Manager nell’individuazione, nella pianificazione e nell’aggiornamento dei controlli interni e delle procedure organiz- zative, identificando e valutando i rischi e le eventuali inefficienze derivanti dallo svolgimento delle attività delegate, e ponendosi come parte attiva nell’indicare quegli interventi che si dovessero reputare necessari, al fine di assicurare un’adeguata e con- tinua funzionalità delle strutture. A tal fine, detto Comitato si avvale anche delle risultanze dell’operato del Responsa- bile Audit, del Risk Manager e del Compliance Officer. Inoltre, come già indicato al punto 11.3 della presente Relazione, si evidenzia che l’Organismo di Vigilanza della Società risulta attualmente composto da un membro effettivo del Collegio Sindacale di società del gruppo, dai Responsabili delle funzioni di Internal Audit e di Compliance, nonché da un Amministratore Indipendente, inca- ricato di vigilare sul funzionamento, sull’efficacia e sull’osservanza del modello di
300306 Gruppo Azimut 301 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
dell’avviso contenente l’ordine del giorno sul sito internet della Società e secondo le organizzazione e gestione adottato dalla Scrivente per prevenire i reati di cui al D. altre modalità previste dalle norme di legge e regolamentari vigenti. Lgs. 8 giugno 2001 n. 231. Nell’avviso di convocazione sono indicati il giorno, l’ora e il luogo dell’adunanza, nonché l’elenco delle materie da trattare e le altre informazioni richieste dalle dispo- sizioni normative e regolamentari vigenti. A far data dalla chiusura dell’esercizio non si sono verificati altri cambiamenti nella 18. L’Assemblea è costituita, funziona e delibera ai sensi di legge. Possono intervenire in struttura di governo societario rispetto a quelli già segnalati nelle specifiche sezioni Cambiamenti dalla assemblea gli aventi diritto al voto legittimati secondo quanto previsto dalle norme di della presente relazione. chiusura dell’esercizio di riferimento legge e regolamentari vigenti. Ogni socio che abbia diritto di intervenire all’Assemblea può farsi rappresentare per delega scritta da altra persona a norma dell’articolo 2372 del Codice Civile. Spetta al Presidente dell’Assemblea verificare la regolarità delle deleghe e, in genere, il diritto di intervento. L’Assemblea è presieduta dal Presidente del Consiglio, in caso di sua assenza o im- pedimento, dai Vice Presidenti, se nominati, in ordine di anzianità ovvero in caso di loro assenza o impedimento, dagli Amministratori, in ordine di anzianità ovvero, in caso di loro assenza o impedimento, da altra persona nominata dall’Assemblea a maggioranza dei presenti. Il Presidente dell’Assemblea è assistito da un Segretario anche non socio, designato dal Presidente stesso e nominato da parte dell’Assemblea a maggioranza dei presenti. Le deliberazioni delle assemblee sono fatte constatare da apposito verbale firmato dal Presidente e dal Segretario. Nei casi di legge ed inoltre quando il Presidente dell’Assemblea lo ritenga opportuno il verbale viene redatto da un Notaio. L’Assemblea, sia ordinaria che straordinaria, è validamente costituita e delibera con le maggioranze stabilite dalla legge.
17. Come esposto ai precedenti punti 10 e 11, l’Emittente si avvale di un Comitato Con- Ulteriori pratiche di trollo e Rischi costituito da tre Amministratori non esecutivi di cui due Indipendenti; governo societario in cui sono inoltre invitati a partecipare il Collegio Sindacale, nonché i Responsabili delle funzioni aziendali di volta in volta interessati all’ordine del giorno. Il Comitato Controllo e Rischi, che si riunisce periodicamente, collabora con il Re- sponsabile Internal Audit, il Compliance Officer e il Risk Manager nell’individuazione, nella pianificazione e nell’aggiornamento dei controlli interni e delle procedure organiz- zative, identificando e valutando i rischi e le eventuali inefficienze derivanti dallo svolgimento delle attività delegate, e ponendosi come parte attiva nell’indicare quegli interventi che si dovessero reputare necessari, al fine di assicurare un’adeguata e con- tinua funzionalità delle strutture. A tal fine, detto Comitato si avvale anche delle risultanze dell’operato del Responsa- bile Audit, del Risk Manager e del Compliance Officer. Inoltre, come già indicato al punto 11.3 della presente Relazione, si evidenzia che l’Organismo di Vigilanza della Società risulta attualmente composto da un membro effettivo del Collegio Sindacale di società del gruppo, dai Responsabili delle funzioni di Internal Audit e di Compliance, nonché da un Amministratore Indipendente, inca- ricato di vigilare sul funzionamento, sull’efficacia e sull’osservanza del modello di
300 Gruppo Azimut 307301 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Allegato 1: altri incarichi dei componenti il Consiglio di Amministrazione nell’esercizio di riferimento (1/1 - 31/12/2017) Gerardo Tribuzio == == Nominativo Società Carica ricoperta Alessandro Zambotti Azimut Capital Management Sgr Spa Vice Presidente Pietro Giuliani == == CGM Italia Sgr Spa Vice Presidente Sergio Albarelli Azimut Capital Management Sgr Spa Presidente del Consiglio di Amministrazione Azimut Libera Impresa Sgr Spa Vice Presidente Azimut Financial Insurance Spa Presidente del Consiglio di Amministrazione AZ International Holdings Sa Amministratore CGM Italia Sgr Spa Presidente del Consiglio di Amministrazione AZ Fund Management Sa Amministratore AZ Fund Management Sa Presidente del Consiglio di Amministrazione (*) AZ International Holdings Sa Presidente del Consiglio di Amministrazione Marzio Zocca == == AZ Life Dac Amministratore (*) Società facenti parte del Gruppo dell’Emittente. (*) Andrea Aliberti Azimut Capital Management Sgr Spa Co Amministratore Delegato AZ Fund Management Sa Amministratore e Direttore Generale AZ International Holdings Sa Amministratore Katarsis Capital Advisors Sa Amministratore (*) Anna Maria Bortolotti Azimut Capital Management Sgr Spa (*) Amministratore So.Ge.A.Al. Spa Sindaco Susanna Cerini == == Paolo Martini Azimut Libera Impresa Sgr Spa Presidente Azimut Capital Management Sgr Spa Amministratore Delegato Azimut Financial Insurance Spa Amministratore (*) Antonio Andrea Monari Azimut Capital Management Sgr Spa Amministratore (*) Raffaella Pagani Amplifon Spa Presidente del Collegio Sindacale Brembo Spa Presidente del Collegio Sindacale Euroairports Spa Presidente del Collegio Sindacale Nordcom Spa Presidente del Collegio Sindacale Sanofi Spa Presidente del Collegio Sindacale Tata Consultancy Services Italia Srl Presidente del Collegio Sindacale La Linea Spa Presidente del Collegio Sindacale C.A.L. Spa Sindaco Effettivo Ditta Luigi Salvadori Spa Sindaco Effettivo E-Distribuzione Spa Sindaco Effettivo Enel Italia Srl Sindaco Effettivo Renata RICOTTI Cray Valley Italia Srl con Socio Unico Sindaco Effettivo Innovest Spa Sindaco Effettivo Nexans Italia Spa con Socio Unico Sindaco Effettivo Nexans Intercablo Spa con Socio Unico Sindaco Effettivo Stefanel Spa - Società Quotata Sindaco Effettivo Credimi Spa Presidente del Collegio Sindacale
302308 Gruppo Azimut 303 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Allegato 1: altri incarichi dei componenti il Consiglio di Amministrazione nell’esercizio di riferimento (1/1 - 31/12/2017) Gerardo Tribuzio == == Nominativo Società Carica ricoperta Alessandro Zambotti Azimut Capital Management Sgr Spa Vice Presidente Pietro Giuliani == == CGM Italia Sgr Spa Vice Presidente Sergio Albarelli Azimut Capital Management Sgr Spa Presidente del Consiglio di Amministrazione Azimut Libera Impresa Sgr Spa Vice Presidente Azimut Financial Insurance Spa Presidente del Consiglio di Amministrazione AZ International Holdings Sa Amministratore CGM Italia Sgr Spa Presidente del Consiglio di Amministrazione AZ Fund Management Sa Amministratore AZ Fund Management Sa Presidente del Consiglio di Amministrazione (*) AZ International Holdings Sa Presidente del Consiglio di Amministrazione Marzio Zocca == == AZ Life Dac Amministratore (*) Società facenti parte del Gruppo dell’Emittente. (*) Andrea Aliberti Azimut Capital Management Sgr Spa Co Amministratore Delegato AZ Fund Management Sa Amministratore e Direttore Generale AZ International Holdings Sa Amministratore Katarsis Capital Advisors Sa Amministratore (*) Anna Maria Bortolotti Azimut Capital Management Sgr Spa (*) Amministratore So.Ge.A.Al. Spa Sindaco Susanna Cerini == == Paolo Martini Azimut Libera Impresa Sgr Spa Presidente Azimut Capital Management Sgr Spa Amministratore Delegato Azimut Financial Insurance Spa Amministratore (*) Antonio Andrea Monari Azimut Capital Management Sgr Spa Amministratore (*) Raffaella Pagani Amplifon Spa Presidente del Collegio Sindacale Brembo Spa Presidente del Collegio Sindacale Euroairports Spa Presidente del Collegio Sindacale Nordcom Spa Presidente del Collegio Sindacale Sanofi Spa Presidente del Collegio Sindacale Tata Consultancy Services Italia Srl Presidente del Collegio Sindacale La Linea Spa Presidente del Collegio Sindacale C.A.L. Spa Sindaco Effettivo Ditta Luigi Salvadori Spa Sindaco Effettivo E-Distribuzione Spa Sindaco Effettivo Enel Italia Srl Sindaco Effettivo Renata RICOTTI Cray Valley Italia Srl con Socio Unico Sindaco Effettivo Innovest Spa Sindaco Effettivo Nexans Italia Spa con Socio Unico Sindaco Effettivo Nexans Intercablo Spa con Socio Unico Sindaco Effettivo Stefanel Spa - Società Quotata Sindaco Effettivo Credimi Spa Presidente del Collegio Sindacale
302 Gruppo Azimut 309303 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Tabella 1: Struttura del Consiglio di Amministrazione e dei Comitati Consiglio di amministrazione Carica Componenti Anno di Data di In carica da In carica fino a Lista3 Esecutivo Non esecutivo Ind. Indip. N. altri (*) Comitato Controllo e Rischi Comitato Remunerazione nascita prima nomina ** Codice TUF incarichi *** Alla data chiusura esercizio (*) (**) (*) (**) Presidente Pietro Giuliani 1956 06/07/20041 28/04/2018 Approvazione M X - 17/18 bilancio 31/12/2018 Amministratore e Sergio Albarelli 1963 03/10/2016 27/04/2017 Approvazione X 6 17/18 Amministratore bilancio 31/12/2018 Delegato ♦ Amministratore e Paolo Martini 1973 24/04/2014 28/04/2016 Approvazione M X 3 18/18 Co-Direttore Generale bilancio 31/12/2018 Amministratore Alessandro Zambotti 1982 13/04/2017 27/04/2017 Approvazione X 5 11/11 bilancio 31/12/2018 Amministratore Andrea Aliberti 1969 24/04/2013 28/04/2016 Assemblea approvazione M X 4 16/18 bilancio 31/12/2018 Amministratore Anna Maria Bortolotti 1958 28/04/2016 28/04/2016 Approvazione M X X 2 14/18 3/3 M bilancio 31/12/2018 Amministratore Gerardo Tribuzio 1966 27/04/2017 27/04/2017 Approvazione M X - 11/11 bilancio 31/12/2017 Amministratore Antonio Andrea Monari 1951 28/04/2016 28/04/2016 Approvazione M X X 1 17/18 5/6 P4 3/3 P bilancio 31/12/2018 Amministratore Renata Ricotti 1960 04/05/2017 04/05/2017 Prossima Assemblea X X 6 9/9 6/6 P4 degli Azionisti Amministratore Raffaella Pagani 1972 28/04/2016 28/04/2016 Approvazione M X X 11 16/18 13/13 M 2/3 M bilancio 31/12/2018 Amministratore Susanna Cerini 1969 27/04/2017 27/04/2017 Approvazione M X - 11/11 7/9 M bilancio 31/12/2017 Amministratore Marzio Zocca 1961 28/04/2016 28/04/2016 Approvazione M X - 18/18 bilancio 31/12/2018
Note: I simboli di seguito indicati devono essere inseriti nella colonna “Carica”: (*) In questa colonna è indicata la partecipazione degli amministratori alle riunioni del CdA e dei comitati (indicare • Questo simbolo indica l’amministratore incaricato del sistema di controllo interno e di gestione dei rischi il numero di riunioni cui ha partecipato rispetto al numero complessivo delle riunioni cui avrebbe potuto parte- ♦ Questo simbolo indica il principale responsabile della gestione dell’emittente (Chief Executive Officer o CEO). cipare: p.e. 6/8, 8/8, ecc.) Si precisa che il Dott. Sergio Albarelli è stato nominato dal CdA del 27/09/2016 ai sensi dell’art. 2386 del co- (**) In questa colonna è indicata la qualifica del consigliere all’interno del Comitato:P : Presidente; M: Membro dice civile, con efficacia dal 3/10/2016, in sostituzione dell’Amministratore Claudio Foscoli. * Per data di prima nomina di ciascun amministratore si intende la data in cui l’amministratore è stato nominato ¹ Si precisa che l’Ing. Pietro Giuliani, prima della quotazione, avvenuta in data 07/07/2004, ha ricoperto la ca- per la prima volta (in assoluto) nel CdA dell’emittente rica di Presidente in Azimut Holding Spa (costituita in data 08/11/2001) dal 12/11/2001 al 28/01/2002 e di ** In questa colonna è indicata la lista da cui è stato tratto ciascun amministratore (M: lista di maggioranza; m: Amministratore Delegato dal 28/01/2002. lista di minoranza; CdA: lista presentata dal CdA ² Il Dott. Marco Malcontenti è stato nominato Co-Amministratore Delegato in data 24/04/2007 *** In questa colonna è indicato il numero di incarichi di amministratore o sindaco ricoperti dal soggetto interessato ³ In particolare trattasi dell’unica lista presentata dall’azionista Timone Fiduciaria Srl. in altre società quotate in mercati regolamentari, anche esteri, in società finanziarie, bancarie, assicurative o di 4 Il Consigliere Antonio Andrea Monari e Renata Ricotti si sono avvicendati nel ruolo di Presidente del Comitato rilevanti dimensioni. Nell’allegato 1 alla Corporate Governance gli incarichi sono indicati per esteso. Controllo e Rischi.
304310 Gruppo Azimut 305 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Tabella 1: Struttura del Consiglio di Amministrazione e dei Comitati Consiglio di amministrazione Carica Componenti Anno di Data di In carica da In carica fino a Lista3 Esecutivo Non esecutivo Ind. Indip. N. altri (*) Comitato Controllo e Rischi Comitato Remunerazione nascita prima nomina ** Codice TUF incarichi *** Alla data chiusura esercizio (*) (**) (*) (**) Presidente Pietro Giuliani 1956 06/07/20041 28/04/2018 Approvazione M X - 17/18 bilancio 31/12/2018 Amministratore e Sergio Albarelli 1963 03/10/2016 27/04/2017 Approvazione X 6 17/18 Amministratore bilancio 31/12/2018 Delegato ♦ Amministratore e Paolo Martini 1973 24/04/2014 28/04/2016 Approvazione M X 3 18/18 Co-Direttore Generale bilancio 31/12/2018 Amministratore Alessandro Zambotti 1982 13/04/2017 27/04/2017 Approvazione X 5 11/11 bilancio 31/12/2018 Amministratore Andrea Aliberti 1969 24/04/2013 28/04/2016 Assemblea approvazione M X 4 16/18 bilancio 31/12/2018 Amministratore Anna Maria Bortolotti 1958 28/04/2016 28/04/2016 Approvazione M X X 2 14/18 3/3 M bilancio 31/12/2018 Amministratore Gerardo Tribuzio 1966 27/04/2017 27/04/2017 Approvazione M X - 11/11 bilancio 31/12/2017 Amministratore Antonio Andrea Monari 1951 28/04/2016 28/04/2016 Approvazione M X X 1 17/18 5/6 P4 3/3 P bilancio 31/12/2018 Amministratore Renata Ricotti 1960 04/05/2017 04/05/2017 Prossima Assemblea X X 6 9/9 6/6 P4 degli Azionisti Amministratore Raffaella Pagani 1972 28/04/2016 28/04/2016 Approvazione M X X 11 16/18 13/13 M 2/3 M bilancio 31/12/2018 Amministratore Susanna Cerini 1969 27/04/2017 27/04/2017 Approvazione M X - 11/11 7/9 M bilancio 31/12/2017 Amministratore Marzio Zocca 1961 28/04/2016 28/04/2016 Approvazione M X - 18/18 bilancio 31/12/2018
Note: I simboli di seguito indicati devono essere inseriti nella colonna “Carica”: (*) In questa colonna è indicata la partecipazione degli amministratori alle riunioni del CdA e dei comitati (indicare • Questo simbolo indica l’amministratore incaricato del sistema di controllo interno e di gestione dei rischi il numero di riunioni cui ha partecipato rispetto al numero complessivo delle riunioni cui avrebbe potuto parte- ♦ Questo simbolo indica il principale responsabile della gestione dell’emittente (Chief Executive Officer o CEO). cipare: p.e. 6/8, 8/8, ecc.) Si precisa che il Dott. Sergio Albarelli è stato nominato dal CdA del 27/09/2016 ai sensi dell’art. 2386 del co- (**) In questa colonna è indicata la qualifica del consigliere all’interno del Comitato:P : Presidente; M: Membro dice civile, con efficacia dal 3/10/2016, in sostituzione dell’Amministratore Claudio Foscoli. * Per data di prima nomina di ciascun amministratore si intende la data in cui l’amministratore è stato nominato ¹ Si precisa che l’Ing. Pietro Giuliani, prima della quotazione, avvenuta in data 07/07/2004, ha ricoperto la ca- per la prima volta (in assoluto) nel CdA dell’emittente rica di Presidente in Azimut Holding Spa (costituita in data 08/11/2001) dal 12/11/2001 al 28/01/2002 e di ** In questa colonna è indicata la lista da cui è stato tratto ciascun amministratore (M: lista di maggioranza; m: Amministratore Delegato dal 28/01/2002. lista di minoranza; CdA: lista presentata dal CdA ² Il Dott. Marco Malcontenti è stato nominato Co-Amministratore Delegato in data 24/04/2007 *** In questa colonna è indicato il numero di incarichi di amministratore o sindaco ricoperti dal soggetto interessato ³ In particolare trattasi dell’unica lista presentata dall’azionista Timone Fiduciaria Srl. in altre società quotate in mercati regolamentari, anche esteri, in società finanziarie, bancarie, assicurative o di 4 Il Consigliere Antonio Andrea Monari e Renata Ricotti si sono avvicendati nel ruolo di Presidente del Comitato rilevanti dimensioni. Nell’allegato 1 alla Corporate Governance gli incarichi sono indicati per esteso. Controllo e Rischi.
304 Gruppo Azimut 311305 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Tabella 1: Struttura del Consiglio di Amministrazione e dei Comitati Aministratori cessati durante l’esercizio di riferimento Carica Componenti Anno di Data di In carica da In carica fino a Lista3 Esecutivo Non esecutivo Ind. Indip. N. altri (*) Comitato Controllo e Rischi Comitato Remunerazione nascita prima nomina ** Codice TUF incarichi *** Alla data chiusura esercizio (*) (**) (*) (**) Amministratore Silvia Scandurra 1968 28/04/2016 28/04/2016 27/04/2017 M X 6/7 Amministratore Giampiero Gallizioli 1955 28/04/2016 24/04/2016 27/04/2017 M X 4/7 2/4 M Amministratore Marco Malcontenti 1967 06/07/20042 28/04/2016 12/04/2017 M X 5/7 e Co-Amministratore Delegato Amministratore Paola Antonella Mungo 1967 29/04/2010 28/04/2016 27/04/2017 M X 6/7 e Co-Amministratore Delegato
Numero riunioni svolte durante l’Esercizio di riferimento 18 Comitato Controllo e Rischi 13 Comitato Remunerazione 3
Note: I simboli di seguito indicati devono essere inseriti nella colonna “Carica”: (*) In questa colonna è indicata la partecipazione degli amministratori alle riunioni del CdA e dei comitati (indicare • Questo simbolo indica l’amministratore incaricato del sistema di controllo interno e di gestione dei rischi il numero di riunioni cui ha partecipato rispetto al numero complessivo delle riunioni cui avrebbe potuto parte- ♦ Questo simbolo indica il principale responsabile della gestione dell’emittente (Chief Executive Officer o CEO). cipare: p.e. 6/8, 8/8, ecc.) Si precisa che il Dott. Sergio Albarelli è stato nominato dal CdA del 27/09/2016 ai sensi dell’art. 2386 del co- (**) In questa colonna è indicata la qualifica del consigliere all’interno del Comitato:P : Presidente; M: Membro dice civile, con efficacia dal 3/10/2016, in sostituzione dell’Amministratore Claudio Foscoli. * Per data di prima nomina di ciascun amministratore si intende la data in cui l’amministratore è stato nominato ¹ Si precisa che l’Ing. Pietro Giuliani, prima della quotazione, avvenuta in data 07/07/2004, ha ricoperto la ca- per la prima volta (in assoluto) nel CdA dell’emittente rica di Presidente in Azimut Holding Spa (costituita in data 08/11/2001) dal 12/11/2001 al 28/01/2002 e di ** In questa colonna è indicata la lista da cui è stato tratto ciascun amministratore (M: lista di maggioranza; m: Amministratore Delegato dal 28/01/2002. lista di minoranza; CdA: lista presentata dal CdA ² Il Dott. Marco Malcontenti è stato nominato Co-Amministratore Delegato in data 24/04/2007 *** In questa colonna è indicato il numero di incarichi di amministratore o sindaco ricoperti dal soggetto interessato ³ In particolare trattasi dell’unica lista presentata dall’azionista Timone Fiduciaria Srl. in altre società quotate in mercati regolamentari, anche esteri, in società finanziarie, bancarie, assicurative o di 4 Il Consigliere Antonio Andrea Monari e Renata Ricotti si sono avvicendati nel ruolo di Presidente del Comitato rilevanti dimensioni. Nell’allegato 1 alla Corporate Governance gli incarichi sono indicati per esteso. Controllo e Rischi.
306312 Gruppo Azimut 307 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Tabella 1: Struttura del Consiglio di Amministrazione e dei Comitati Aministratori cessati durante l’esercizio di riferimento Carica Componenti Anno di Data di In carica da In carica fino a Lista3 Esecutivo Non esecutivo Ind. Indip. N. altri (*) Comitato Controllo e Rischi Comitato Remunerazione nascita prima nomina ** Codice TUF incarichi *** Alla data chiusura esercizio (*) (**) (*) (**) Amministratore Silvia Scandurra 1968 28/04/2016 28/04/2016 27/04/2017 M X 6/7 Amministratore Giampiero Gallizioli 1955 28/04/2016 24/04/2016 27/04/2017 M X 4/7 2/4 M Amministratore Marco Malcontenti 1967 06/07/20042 28/04/2016 12/04/2017 M X 5/7 e Co-Amministratore Delegato Amministratore Paola Antonella Mungo 1967 29/04/2010 28/04/2016 27/04/2017 M X 6/7 e Co-Amministratore Delegato
Numero riunioni svolte durante l’Esercizio di riferimento 18 Comitato Controllo e Rischi 13 Comitato Remunerazione 3
Note: I simboli di seguito indicati devono essere inseriti nella colonna “Carica”: (*) In questa colonna è indicata la partecipazione degli amministratori alle riunioni del CdA e dei comitati (indicare • Questo simbolo indica l’amministratore incaricato del sistema di controllo interno e di gestione dei rischi il numero di riunioni cui ha partecipato rispetto al numero complessivo delle riunioni cui avrebbe potuto parte- ♦ Questo simbolo indica il principale responsabile della gestione dell’emittente (Chief Executive Officer o CEO). cipare: p.e. 6/8, 8/8, ecc.) Si precisa che il Dott. Sergio Albarelli è stato nominato dal CdA del 27/09/2016 ai sensi dell’art. 2386 del co- (**) In questa colonna è indicata la qualifica del consigliere all’interno del Comitato:P : Presidente; M: Membro dice civile, con efficacia dal 3/10/2016, in sostituzione dell’Amministratore Claudio Foscoli. * Per data di prima nomina di ciascun amministratore si intende la data in cui l’amministratore è stato nominato ¹ Si precisa che l’Ing. Pietro Giuliani, prima della quotazione, avvenuta in data 07/07/2004, ha ricoperto la ca- per la prima volta (in assoluto) nel CdA dell’emittente rica di Presidente in Azimut Holding Spa (costituita in data 08/11/2001) dal 12/11/2001 al 28/01/2002 e di ** In questa colonna è indicata la lista da cui è stato tratto ciascun amministratore (M: lista di maggioranza; m: Amministratore Delegato dal 28/01/2002. lista di minoranza; CdA: lista presentata dal CdA ² Il Dott. Marco Malcontenti è stato nominato Co-Amministratore Delegato in data 24/04/2007 *** In questa colonna è indicato il numero di incarichi di amministratore o sindaco ricoperti dal soggetto interessato ³ In particolare trattasi dell’unica lista presentata dall’azionista Timone Fiduciaria Srl. in altre società quotate in mercati regolamentari, anche esteri, in società finanziarie, bancarie, assicurative o di 4 Il Consigliere Antonio Andrea Monari e Renata Ricotti si sono avvicendati nel ruolo di Presidente del Comitato rilevanti dimensioni. Nell’allegato 1 alla Corporate Governance gli incarichi sono indicati per esteso. Controllo e Rischi.
306 Gruppo Azimut 313307 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Tabella 2: Struttura del Collegio Sindacale Collegio Sindacale Carica Componenti Anno di nascita Data di In carica da In carica fino a Lista Ind. Codice Partecipazione alle N. altri incarichi prima nomina ** riunioni del Collegio **** * *** 2 Presidente Vittorio Rocchetti 1962 28/04/2016 28/04/2016 Assemblea approvazione M X 22/22 30 bilancio 31/12/2018 Sindaco Effettivo Costanza Bonelli 1968 28/04/2016 28/04/2016 Assemblea approvazione M X 22/22 2 bilancio 31/12/2018 Sindaco Effettivo Daniele Carlo Trivi 1955 28/04/2016 28/04/2016 Assemblea approvazione M X 21/22 13 bilancio 31/12/2018 Sindaco Supplente Maria Catalano 1980 28/04/2016 28/04/2016 Assemblea approvazione M X == 2 bilancio 31/12/2018 Sindaco Supplente Luca Giovanni Bonanno 1960 28/04/2016 28/04/2016 Assemblea approvazione M X == 45 bilancio 31/12/2018
Sindaci cessati durante l’esercizio di riferimento Nessuno
Numero riunioni svolte durante l’esercizio di riferimento: 22
Note (1) Votata in Assemblea all’unanimità dei votanti. (2) Incarichi ricoperti durante l’Esercizio di riferimento. * Per data di prima nomina di ciascun sindaco si intende la data in cui il sindaco è stato nominato per la prima volta (in assoluto) nel CdA dell’emittente ** In questa colonna è indicata la lista da cui è stato tratto ciascun sindaco (M: lista di maggioranza; m: lista di minoranza) *** In questa colonna è indicata la partecipazione dei sindaci alle riunioni del collegio sindacale (indicare il numero di riunioni cui ha partecipato rispetto al numero complessivo delle riunioni cui avrebbe potuto partecipare: p.e. 6/8, 8/8, ecc.) **** In questa colonna è indicato il numero di incarichi di amministratore o sindaco ricoperti dal soggetto interessato ai sensi dell’art. 148-bis TUF e delle relative disposizioni di attuazione contenute nel Regolamento Emittenti Consob. L’elenco completo degli incarichi è pubblicato dalla Consob sul proprio sito internet ai sensi dell’art. 144-quin- quiesdecies del Regolamento Emittenti Consob.
308314 Gruppo Azimut 309 Relazione sul governo societario e gli assetti proprietari ai sensi dell’art. 123bis del Testo Unico della Finanza
Tabella 2: Struttura del Collegio Sindacale Collegio Sindacale Carica Componenti Anno di nascita Data di In carica da In carica fino a Lista Ind. Codice Partecipazione alle N. altri incarichi prima nomina ** riunioni del Collegio **** * *** 2 Presidente Vittorio Rocchetti 1962 28/04/2016 28/04/2016 Assemblea approvazione M X 22/22 30 bilancio 31/12/2018 Sindaco Effettivo Costanza Bonelli 1968 28/04/2016 28/04/2016 Assemblea approvazione M X 22/22 2 bilancio 31/12/2018 Sindaco Effettivo Daniele Carlo Trivi 1955 28/04/2016 28/04/2016 Assemblea approvazione M X 21/22 13 bilancio 31/12/2018 Sindaco Supplente Maria Catalano 1980 28/04/2016 28/04/2016 Assemblea approvazione M X == 2 bilancio 31/12/2018 Sindaco Supplente Luca Giovanni Bonanno 1960 28/04/2016 28/04/2016 Assemblea approvazione M X == 45 bilancio 31/12/2018
Sindaci cessati durante l’esercizio di riferimento Nessuno
Numero riunioni svolte durante l’esercizio di riferimento: 22
Note (1) Votata in Assemblea all’unanimità dei votanti. (2) Incarichi ricoperti durante l’Esercizio di riferimento. * Per data di prima nomina di ciascun sindaco si intende la data in cui il sindaco è stato nominato per la prima volta (in assoluto) nel CdA dell’emittente ** In questa colonna è indicata la lista da cui è stato tratto ciascun sindaco (M: lista di maggioranza; m: lista di minoranza) *** In questa colonna è indicata la partecipazione dei sindaci alle riunioni del collegio sindacale (indicare il numero di riunioni cui ha partecipato rispetto al numero complessivo delle riunioni cui avrebbe potuto partecipare: p.e. 6/8, 8/8, ecc.) **** In questa colonna è indicato il numero di incarichi di amministratore o sindaco ricoperti dal soggetto interessato ai sensi dell’art. 148-bis TUF e delle relative disposizioni di attuazione contenute nel Regolamento Emittenti Consob. L’elenco completo degli incarichi è pubblicato dalla Consob sul proprio sito internet ai sensi dell’art. 144-quin- quiesdecies del Regolamento Emittenti Consob.
308 Gruppo Azimut 315309 Azimut Holding Spa Relazione del Collegio Sindacale all’assemblea degli azionisti della Azimut Holding Spa ai sensi dell’art. 153 del D. Lgs. 58/1998 e dell’art. 2429 c.c.
316 Gruppo Azimut 311 Azimut Holding Spa Relazione del Collegio Sindacale all’assemblea degli azionisti della Azimut Holding Spa ai sensi dell’art. 153 del D. Lgs. 58/1998 e dell’art. 2429 c.c.
317311 Relazione del Collegio Sindacale
312318 Gruppo Azimut 313 Relazione del Collegio Sindacale
312 Gruppo Azimut 319313 Relazione del Collegio Sindacale
314320 Gruppo Azimut 315 Relazione del Collegio Sindacale
314 Gruppo Azimut 321315 Relazione del Collegio Sindacale
316322 Gruppo Azimut 317 Relazione del Collegio Sindacale
316 Gruppo Azimut 323317 Relazione del Collegio Sindacale
318324 Gruppo Azimut 319 Relazione del Collegio Sindacale
318 Gruppo Azimut 325319 320326 Gruppo Azimut 321 320 Gruppo Azimut 327321 322328 Gruppo Azimut 322 Gruppo Azimut 329 324330 Gruppo Azimut 325 324 Gruppo Azimut 331325 326332 Gruppo Azimut 327 326 Gruppo Azimut 333327 328334 Gruppo Azimut 329 328 Gruppo Azimut 335329 330336 Gruppo Azimut 331 330 Gruppo Azimut 337331 332338 Gruppo Azimut 333 332 Gruppo Azimut 339333 334340 Gruppo Azimut 335 334 Gruppo Azimut 341335 336342 Gruppo Azimut 337 336 Gruppo Azimut 343337 338344 Gruppo Azimut 339 338 Gruppo Azimut 345339 340346 Gruppo Azimut 341 340 Gruppo Azimut 347341 A cura di: Azimut Holding Spa Investor Relations Via Cusani 4 20121 Milano [email protected] Progetto grafico e impaginazione Giorgio Rocco Associati Milano
342348 Gruppo Azimut A cura di: Azimut Holding Spa Investor Relations Via Cusani 4 20121 Milano [email protected] Progetto grafico e impaginazione Giorgio Rocco Associati Milano
342 Gruppo Azimut 349