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Financial-2007-03.Pdf Banco Popolare Società Cooperativa Registered and Head offices: Piazza Nogara, 2 - 37121 Verona Share capital as at July 1st, 2007: euro 2,305,728,126 fully paid Tax code, VAT no. and enrollment no. in the Verona Enterprise Registry: 03700430238 Member of the Interbank Fund for Deposit Protection and of the National Guarantee Fund Parent company of the Banking Group Banco Popolare Member of the Banking Groups’ Registry TABLE OF CONTENTS Introductory note ..............................................................................................................................................5 Gruppo Banco Popolare Corporate boards, General Management and Auditing Company ......................................................................9 Group structure ...............................................................................................................................................10 Pro-forma data ................................................................................................................................................13 Integration plan ...............................................................................................................................................23 Noteworthy events after the balance sheet date ...............................................................................................25 Operational outlook ........................................................................................................................................29 Gruppo Banco Popolare di Verona e Novara Corporate boards, Management and Auditing Company as at June 30th, 2007 ...........................................................33 Group structure ...............................................................................................................................................34 Group financial highlights ................................................................................................................................36 Group operating performance .........................................................................................................................38 Financial statements ........................................................................................................................................41 Explanatory notes ............................................................................................................................................53 Accounting standards ......................................................................................................................................57 Operating results and performance ..................................................................................................................72 Segment reporting ...........................................................................................................................................90 Banco Popolare di Verona e Novara stock........................................................................................................96 Stock option plans ...........................................................................................................................................97 Business combinations .................................................................................................................................100 Transactions with related parties ...................................................................................................................102 Noteworthy events after the balance sheet date .............................................................................................106 Operational outlook ......................................................................................................................................106 Independent auditors’ report .........................................................................................................................109 Attachments ..................................................................................................................................................113 Gruppo Banca Popolare Italiana Corporate boards, Top Management and Auditing Company as at June 30th, 2007...............................................125 Group structure .............................................................................................................................................126 Group financial highlights .............................................................................................................................129 Report on Group operations ..........................................................................................................................130 Operating performance .................................................................................................................................141 Income statement – quarterly evolution .........................................................................................................159 Operating performance of the main companies .............................................................................................160 Noteworthy events after June 30th, 2007 ........................................................................................................184 Operational outlook ......................................................................................................................................184 Consolidated financial statements .................................................................................................................185 Notes to the consolidated accounts ...............................................................................................................192 Notes to the consolidated balance sheet ........................................................................................................209 Notes to the consolidated income statement ..................................................................................................217 Segment reporting .........................................................................................................................................223 Transactions with related parties ....................................................................................................................226 Independent auditors’ report .........................................................................................................................229 Attachments ..................................................................................................................................................233 3 4 INTRODUCTORY NOTE Merger between Banco Popolare di Verona e Novara and Banca Popolare Italiana On July 1st, 2007, the Merger between Banco Popolare di Verona e Novara (BPVN) and Banca Popolare Italiana (BPI) became fully effective, leading to the formation of a new company called “Banco Popolare” and to the creation of the largest cooperative Banking Group. Banco Popolare: x ranks third among Italian distribution networks, with about 2,200 branches and a 10% share of the market in Northern Italy; x its global customer basis counts more than 3 million customers, mainly households and small to medium- sized companies in Northern Italy; x it benefits from 89 billion direct customer funds and 80 billion net loans. Since the merger’s legal and accounting effectiveness started on July 1st, 2007, the report on operations for the first six months of the year has been prepared separately, one for each of the two Groups being merged. The reports are presented in this document under the sections devoted to Banco Popolare di Verona e Novara and to Banca Popolare Italiana, respectively. This section shall report the pro-forma consolidated data of Gruppo Banco Popolare, the work-in-progress of the integration plan, as well as noteworthy events following the balance sheet date and the operational outlook. 5 GRUPPO BANCO POPOLARE Desideria Guicciardini - Banco Popolare, water-color 8 CORPORATE BOARDS, GENERAL MANAGEMENT AND AUDITING COMPANY AS AT JUNE 30TH, 2007 Supervisory Board Chairman Carlo Fratta Pasini Deputy Vice-Chairman Dino Piero Giarda Vice Chairman Maurizio Comoli Directors Marco Boroli Giuliano Buffelli Guido Duccio Castellotti Pietro Manzonetto Maurizio Marino Mario Minoja Claudio Rangoni Machiavelli Management Board Chairman Divo Gronchi Chief Executive Officer with Vice-Chairman functions Fabio Innocenzi Directors Franco Baronio (*) Alfredo Cariello (*) Vittorio Coda Luigi Corsi Domenico De Angelis (*) Maurizio Di Maio (*) Enrico Fagioli Marzocchi (*) Maurizio Faroni (*) Massimo Minolfi (*) Roberto Romanin Jacur (*) Directors with executive offices Board of Advisors Standing Marco Cicogna Luciano Codini Giuseppe Bussi Alternate Aldo Bulgarelli Vittorio Cocito Corporate General Manager Massimo Minolfi Retail General Manager Franco Baronio Auditing Company Reconta Ernst & Young S.p.A. 9 Gruppo Banco Popolare Banca Aletti & C. Banca Popolare di Verona - S. Geminiano Banca Valori e S. Prospero Aletti Gestielle SGR Banca Popolare di Lodi Bipitalia Gestioni SGR Banca Popolare di Novara Aletti Gestielle Alternative SGR Credito Bergamasco Bipitalia Alternative SGR Cassa di Risparmio di Lucca Pisa Livorno Banca Aletti & C. (Suisse) Banca Caripe Bipielle Bank (Suisse) Banca Popolare di Crema Efi banca / Aletti Merchant Banca Popolare di Cremona
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