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Annual Report 2006 Banco Popolare Di Verona E Novara Limited Liability Cooperative Company

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Annual Report 2006 Banco Popolare Di Verona E Novara Limited Liability Cooperative Company Annual Report 2006 Banco Popolare di Verona e Novara Limited liability cooperative company Registered offices and Headquarters: Piazza Nogara, 2 – 37121 Verona Share capital as of 31-12-2006: 1,351,181,934.00 euro fully paid Tax code, VAT no. and enrollment no. in the Verona Enterprise Registry: 0323127 023 6 Member of the Interbank Fund for Deposit Protection Member of the Banks’ Registry Parent company of the Banking Group Banco Popolare di Verona e Novara Member of the Banking Groups’ Registry Note to the reader: Please, note that the numbers shown in the tables have not been converted into English mode, and have still commas and points in place of points and commas, along the Italian mode (ex. 1.485,5 millions stands for 1,485.5 millions while 17,4% stands for 17.4%). We apologize for the inconvenience. 2 Corporate boards, Management and Auditing Company Board of Directors Chairman Carlo Fratta Pasini Deputy Vice-Chairman Maurizio Comoli Vice Chairman Alberto Bauli Chief Executive Offier Fabio Innocenzi Directors Marco Boroli, Pietro Buzzi, Valentino Campagnolo, Vittorio Corradi, Ugo Della Bella, Giuseppe Fedrigoni, Federico Guasti, Sergio Loro Piana, Maurizio Marino, Giuseppe Nicolò, Gian Luca Rana, Claudio Rangoni Machiavelli, Fabio Ravanelli Luigi Righetti, Gian Carlo Vezzalini, Franco Zanetta Board of Statutory Auditors Chairman Flavio Dezzani Standing auditors Giuliano Buffelli, Maurizio Calderini, Carlo Gaiani, Giovanni Tantini Alternate auditors Bruno Anti, Emilio Rossi Board of Advisors Standing Marco Cicogna, Luciano Codini, Sergio Mancini Alternate Aldo Bulgarelli, Vittorio Cocito General Manager Massimo Minolfi Auditing Company Reconta Ernst & Young S.p.A. 3 Table of Contents Group Structure Group financial highlights Report on Group operations Results, policies and strategies Planning, auditing and service activities Banking activities Performance of the main companies of the Group Operational outlook Independent Auditors’ Report Consolidated financial statements Consolidated balance sheet Consolidated income statement Statement of changes in consolidated Shareholders’ Equity Consolidated statement of cash flows Notes to the consolidated accounts Chapter A – Accounting policies Chapter B – Notes to the consolidated Balance Sheet Chapter C – Notes to the consolidated Income Statement Chapter D – Segment reporting Chapter E – Risks and associated hedging policies Chapter F – Regulatory capital Chapter G – Business combinations Chapter H – Transactions with related parties Chapter I – Share-based payments 4 Group Structure Private Banking, Retail Corporate Investment Other Banking & Asset Management • Banco Popolare di Verona e Novara • Banca Aletti & C. • Società Gestione Servizi - BPVN • Banca Popolare di Novara • Banca Aletti & C. (Suisse) • Holding di • Credito Bergamasco Partecipazioni • Aletti Gestielle SGR Finanziarie Popolare di Verona • Aletti Gestielle e Novara Alternative SGR • BPVN Immobiliare • BPV Vita (1) • BPVN (Luxembourg) • Aletti Fiduciaria • Immobiliare BPV • Novara Vita (1) • Aletti Merchant • Aletti Private Equity SGR TecMarket Servizi • Linea (1) • Arena Broker • Other companies • Banka Sonic • (1) Jointly controlled or associated company, carried at equity 5 Geographical network of Group branches The Group’s foreign network is made up of BPVN’s branch in London, Banka Sonic 27 branches, the head offices of foreign companies and by the representative offices in Mumbai (India), Hong Kong and Shanghai (China). 6 Group Financial Highlights Financial highlights 7 Financial ratios and other data 8 REPORT ON GROUP OPERATIONS 9 The economic backdrop World scenario The world economy continued to follow a high-growth track also in 2006. However, a number of new elements emerged compared with the previous years. In the United States, although on a yearly average the economy reported a strong progress, yet in the mid quarters it experienced a harsh slowdown. On the contrary, Euroland put an end to a long period of stagnation and confirmed the recovery of the economic cycle starting from the second half of 2005. Oil prices reached a new peak in the first half of the year, but then started to creep downwards, and closed at slightly lower levels than at the beginning of the year. In the United States, Gross Domestic Product (GDP) in the first quarter reported at first an annual growth rate of 5.6%, and then started to slow down around mid-year as a result of decreasing consumption and investment rates, especially in the residential sector. Preliminary data point at an annual average growth rate of 3.3%, which is but a fraction higher than in 2005. The trade deficit continued to widen, although at a slower pace compared with the recent past: as a percentage of GDP it remained stable with respect to the previous year (5.8%). In Asia, the Chinese and Indian economies maintained highly sustained growth rates. The good performance enjoyed by Latin American countries continued, favored by the high prices of raw materials on international markets. In 2006, the Euro Area consolidated the economic recovery that had started in the second half of the previous year: the annual average GDP growth rate should be around 2.6%, close to its growth potential. Inflation, which in autumn was curbed by the oil price decrease, started to accelerate once again towards the end of the year. On a yearly average, the HCPI (harmonized consumer price index) grew by 2.2%. For 2007, most economic projections point at a continuation of the economic expansionary phase, albeit at a slightly slower rate. In the United States the real estate market outlook is raising concerns, as after a few years of staggering growth, it started to show some signs of weariness. Euroland’s economy is expected to go on growing, as in 2006, close to its full potential. Italy The Italian economy got through a very difficult 2005 and started to grow again. The growth gap with the other main European economies narrowed significantly, although a slightly negative differential persists. In 2006, GDP is expected to have increased by 1.9%, while in the previous year growth had been practically equal to zero. The economic expansion was particularly strong in the first quarter (+0.8% as compared with the previous quarter), as well as in the fourth quarter of the year (+1.1% based on the economic cycle and +2.9% in terms of growth trend). This result was favored in particular by the recovery of household spending, just as in the past its weakness had been one of the main causes underlying economic stagnation. Fixed investments, after being quite lively at the beginning of the year, started to slow down from summer on. Exports kept on satisfactory growth levels throughout the year. The manufacturing industry made its contribution to the positive economic cycle. In 2006, the industrial output index adjusted for working days increased by 2.4%. Particularly buoyant dynamics were reported by the transportation means, household appliances, precision tools and mechanical sectors. Inflation in Italy has remained in line with the Euro Area. The harmonized consumption price index grew by 2.2%. The labor market benefited from the favorable economic performance. On a yearly average, employment grew by 1.9%, i.e., 425,000 employees more as compared with 2005, and the unemployment rate decreased to 6.8%. 10 The estimated debt to GDP ratio in 2006 for Public Administration entrenched at 4.4%, despite the strong increase in tax proceeds (+7.7% as compared with 2005); in November the public debt totaled 1,607 billion euro (107.1% of GDP). According to forecasts, in 2007 the expansionary phase of the Italian economy should continue, favored by the recovery of domestic private consumption. Yet the stricter fiscal policy, possible further interest rate increases by the ECB and a possible slower growth of international trade might gradually restrain its progress. The economy in our business regions In 2006, Banco’s main business regions, namely Veneto, Piedmont, Emilia Romagna and Lombardy, reported a marked economic improvement when compared with the previous year, in line with the national economic performance. According to Unioncamere, based on the projections for local economies, the GDP growth rate should brush 2% in all four regions. The most significant element in any case is the recovery of domestic demand, driven by household spending and by fixed investments. In Veneto the economic growth that had started in the second half of 2005 continued and gained momentum. The Veneto economy benefited from the lively foreign demand, as well as from the recovery of domestic consumption. The improved consumer confidence, which was favored by a more lively labor market, had a positive effect on household spending. In the first nine months of the year the manufacturing industry reported a 3.4% in production year on year. Worth mentioning in particular are the metallurgic and metal product sectors. Foreign trade figures for the first half of the year reported a growth trend in exports of 8.2% and in imports of 9.7%. In the first six months of the year even the building and construction sector reported a positive performance, sustained by the housing demand as well as by the recovery of production investments. In the real estate sector, prices kept showing a lively dynamic. The service industry contributed to the positive performance of the regional economy. In particular trade was positively affected by an increasing household spending. In Piedmont, as of the fourth quarter of 2005 and throughout 2006, the industrial output posted a positive dynamic, following eighteen negative rate adjustments in a row as of the second quarter of 2001. As a result, 2006 posted a +3.1% rate, while 2005 had closed with a 2.6% decrease. At a closer analysis of the trends of the single manufacturing industries, in the fourth quarter the output of the automobile industry reported an annual increase of 4.9%, thus confirming the encouraging performance shown in the previous quarters. Also the growth rate adjustments of the electronic sector (+7%), metals (+6.1%) and mechanic (+4.2%) sectors, which play a major role in the Piedmont manufacturing arena, stood above the regional average.
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