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100572813.Pdf Relatório e Contas 2016 Relatório de Gestão | Proposta de Aplicação dos Resultados - Base Individual 122 123 Index Message of the Chief Executive Officer 07 Part II > Financial Statements, Explanatory Notes Governance 09 and Statements Key Indicators 10 1 > FINANCIAL STATEMENTS, EXPLANATORY NOTES AND STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES 124 2 > INDIVIDUAL FINANCIAL STATEMENTS AND EXPLANATORY NOTES 326 3 > STATEMENT OF COMPLIANCE OF THE FINANCIAL INFORMATION ISSUED BY THE EXECUTIVE BOARD OF DIRECTORS 510 4 > COMPLIANCE WITH THE RECOMMENDATIONS Part I > Management Report REGARDING INFORMATION TRANSPARENCY AND ASSET VALUATION 512 1 > CAIXA ECONÓMICA MONTEPIO GERAL GROUP 16 5 > ALTERNATIVE PERFORMANCE MEASURES 518 1.1 > Group Structure 16 6 > ACTIVITY REPORT AND STATEMENT OF THE GENERAL AND SUPERVISORY BOARD 524 1.2 > Cemg’s Notoriety 18 7 > AUDITORS’ REPORT TO THE CONSOLIDATED FINANCIAL STATEMENTS 551 1.3 > Human Resources 20 8 > CERTIFICAÇÃO LEGAL DAS CONTAS E RELATÓRIO DE AUDITORIA 562 1.4 > Distribution And Relation Network 25 1.5 > Service Level 29 1.6 > Sustainability And Social Responsibility 31 2 > MACROECONOMIC ENVIRONMENT 36 Part III > Corporate Government Report 3 > STRATEGY AND BUSINESS AREAS 46 3.1 > Strategy 46 INTRODUCTORY PART 576 3.2 > Business Areas 49 PART I – INFORMATION ON SHAREHOLDER STRUCTURE, 3.2.1 > Domestic Activity 50 ORGANISATION AND CORPORATE GOVERNANCE 579 3.2.1 > International Activity 65 A. Shareholder Structure 579 B. Governing Bodies and Commissions 583 4 > FINANCIAL ANALYSIS 70 C. Internal Organisation 605 4.1 > Capital 70 D. Remunerations 611 4.2 > Liquidity 72 E. Transactions with Related Parties 617 4.3 > Balance Sheet 74 1 > PART II – ASSESSMENT OF CORPORATE GOVERNANCE 619 4.4 > Earnings 81 1. Identification of the Adopted Governance Code 619 4.5 > Pension Fund 89 2. Analysis of Compliance with the Adopted Corporate Code 620 5 > RISK MANAGEMENT 94 3. Other Information 624 ANNEX I 625 6 > PARTICIPATION FUND 112 ANNEX II 633 7 > RATING 116 8 > CONSOLIDATED FINANCIAL STATEMENTS FOR 2016 118 9 > PROPOSAL FOR THE APLICATION OF RESULTS – INDIVIDUAL BASIS 120 Report and Accounts 2016 Message of the Chief Executive Officer The vision that takes us farther Message of the Chief Executive Officer The year of 2016 will remain in the history of Caixa We focused our activity on families, small and medium Económica Montepio Geral as a year of challenges enterprises and on Social Economy, a segment which we responded to with commitment, confidence that aligns with the origin of our institution. With and efficiency preparing for the future. it, we affirmed ourselves in the market, improving our relative position relating to small and medium The result of this work, only reached with the force enterprises and individuals. We successfully of a dedicated team that believes in the foundation accelerated the reduction of the exposure to real of the project, is reflected by the achievement of the estate risk and improved the levels of liquidity and goals which were assumed for the year in analysis and capital, simultaneously reducing the cost of risk. on the improvement of the majority of management indicators as at 31 December 2016. Notwithstanding the difficulties, and even oppositions, we gave fundamental steps to improve our efficiency. By the end of the first semester, we had concluded the re-dimensioning of the operating platform through the optimization of commercial network assuring the geographic coverage of the whole country in line with other measures regarding the control of operating costs. We not only became José Felix Morgado more agile in order to face the future, but also more capable. We implemented the Academia Montepio that is already an essential tool considering talent management, which clearly shows our belief that employees are one of the most important assets for strengthening our business model. Report and Accounts 2016 Regarding Corporate Governance, we consolidated our governance model and started the process of “We are a unique transformation into a Public Limited Company, with the consequent amendment of the articles of association. banking institution that has the Social Still in 2016, we started the preparation of our digital Governance transformation, in a perspective of innovation and modernity in our adaptation to the most cutting edge Economy on its trends of the market, which aims to simplify, facilitate and enhance the flexibility of our customer relations. genesis. We want Board of the General Meeting Assessment Committee Chairman to continue this Chairman We are a unique banking institution that has the Álvaro João Duarte Pinto Correia Manuel Duarte Cardoso Martins Social Economy on its genesis. We want to continue legacy and this Members this legacy and this goal within our daily work. 1st Secretary José António Arez Romão goal within Cassiano Cunha Calvão I would like to use this opportunity to leave a note of acknowledgement to all the employees for their our daily work.” dedication and contribution in pursing the objectives Comité de Remunerações General and Supervisory Board of the year under appraisal. A particular mention must Chairman go to the representatives of the employees – Workers Finally, our thanks to our customers, to governmental Chairman Álvaro João Duarte Pinto Correia Committee and Unions – for their refreshing honesty entities and regulators, for the challenge and support Álvaro João Duarte Pinto Correia and engagement in the search for compromises that given. Members enable greater balance in the defence of the interests Members José António Arez Romão Francisco José Fonseca da Silva of the employees and of the institution, contributing We continue to face out challenges with confidence António Fernando Menezes Rodrigues to relations of mutual respect and commitment. and determination. We are currently confronted with José António Arez Romão new challenges but nurture the strong belief that Vítor Manuel do Carmo Martins A word of gratitude to all the members of the Francisco José Fonseca da Silva Comité de Risco together we will once again overcome this stage, Acácio Jaime Liberado Mota Piloto Governing Bodies, namely the General and Supervisory maintaining Caixa Económica Montepio Geral at the Luís Eduardo Henriques Guimarães Board whose work and confidence was determinant service of the Families, Social Economy, Companies Chairman Rui Pedro Brás de Matos Heitor Acácio Jaime Liberado Mota Piloto in the attainment of this year’s objectives. and Country. Eugénio Óscar Garcia Rosa Members Luís Eduardo Henriques Guimarães Francisco José Fonseca da Silva Executive Board of Directors Chief Executive Officer Statutory Auditor José Manuel Félix Morgado KPMG, represented by: Members Ana Cristina Soares Valente Dourado João Carlos Martins da Cunha Neves Enrolled at the Statutory Auditors Association Luís Gabriel Moreira Maia Almeida under number 1011 Fernando Ferreira Santo João Belard da Fonseca Lopes Raimundo Substitute Jorge Manuel Viana de Azevedo Pinto Bravo Fernando Gustavo Duarte Antunes Luís Miguel Resende de Jesus Enrolled at the Statutory Auditors Association under number 1233 8 9 Report and Accounts 2016 Síntese de Indicadores Key Indicators Common Equity Tier 1 ratio Risk weighted assets % 10,4 M€ 8,8 13,962 Change ‘15 ‘15* ‘16 ’16-’15* 12,830 Activity and Results (EUR million) Total assets 21 145 21 145 21 346 0,9% +1,6 p.p. -8,1% Loans to customers (gross) 15 944 15 611 15 041 (3,7%) Customers' deposits 12 969 12 540 12 468 (0,6%) Risk weighted CET 1 ratio assets Net income (243) (243) (86) 64,5% Solvency (a) 2015 2016 2015 2016 Common Equity Tier 1 ratio 8,8% 8,8% 10,4% 1,6 p.p. Tier 1 ratio 8,8% 8,8% 10,4% 1,6 p.p. Total Capital ratio 9,7% 9,7% 10,9% 1,2 p.p. Risk-weighted assets (EUR million) 13 962 13 962 12 830 (8,1%) Liquidity Ratios Loans to customers (net) / Customers' deposits (b) 113,1% 114,5% 111,2% (3,3 p.p.) Transformation ratio Liquidity coverage ratio (LCR) Net loans / Total on-balance sheet customers' resources (c) Loans to customers (net) / On-balance sheet customers' resources 95,7% 96,4% 96,3% (0,1 p.p.) % % Credit Risk and Coverage by Impairments 106,6 111,4 Cost of credit risk 1,6% 1,5% 1,2% (0,3 p.p.) Ratio of loans and interest overdue by more than 90 days 7,7% 7,8% 9,1% 1,3 p.p. 96,4 96,3 Non-performing loans ratio (b) 9,5% 9,7% 11,5% 1,8 p.p. Net non-performing loans ratio (b) 1,6% 1,8% 3,9% 2,1 p.p. 70% 60% Mín. 2016 Coverage of loans and interest overdue by more than 90 days 104,0% 103,0% 86,0% (17,0 p.p.) Mín. 2015 Credit at risk ratio (b) 14,3% 14,6% 15,2% 0,6 p.p. Net credit at risk (b) 6,8% 7,1% 8,0% 0,9 p.p. -0,1 p.p. -4,8 p.p. Credit at risk coverage ratio 56,1% 55,2% 51,6% (3,6 p.p.) Transformation Credit at risk coverage ratio, including related real estate collateral 126,9% 126,4% 120,0% (6,4 p.p.) ratio LCR Restructured loans as a % of total loans (d) 9,6% 9,8% 8,9% (0,9 p.p.) 2015* 2016 2015 2016 Restructured loans not included in credit at risk as a % of total loans (d) 4,0% 4,1% 3,2% (0,9 p.p.) *2015 reexpresso com aplicação da IFRS 5 às Demonstrações Financeiras das subsidiárias em Angola e Moçambique, para efeitos comparativos. Profitability and Efficiency Total operating income / Average total assets (b) 2,1% 1,8% 1,7% (0,1 p.p.) Net income before income tax / Average total assets (b) (1,2%) (1,2%) (0,9%) 0,3 p.p.
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