Report and Financial Statements for Fiscal Year 2017
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Financial Statements 2017 1 2 Banca Cambiano 1884 S.p.a. – Individual Financial Statements 2017 REPORT AND FINANCIAL STATEMENTS FOR FISCAL YEAR 2017 Ordinary Shareholders’ Meeting 2 March 2018 First calling 3 March 2018 Second calling Registered Office and General Administration: Viale Antonio Gramsci, 34 – 50132 Florence Administrative Offices: Piazza Giovanni XXIII, 6 – 50051 Castelfiorentino (Fi) Registered in the Bank of Italy Banking Register at n. 5667 Corporate Capital € 232,800,000.00 fully paid‐in Registration number in the Register of Companies of Florence, Fiscal code and VAT code: 02599341209 Member of the Gruppo Bancario Cambiano Subject to Management and Coordination by Ente Cambiano S.c.p.a. 3 INDEX 1. Notice of the Shareholders’ Meeting ..................................................................................... 6 2. Corporate and Supervisory Officers ....................................................................................... 8 3. Branch Network .................................................................................................................. 10 4. Report on Management ...................................................................................................... 12 Main summary data .................................................................................................................................... 15 Local economic situation ............................................................................................................................. 16 Strategic development of the financial year ............................................................................................... 24 Shares .......................................................................................................................................................... 31 Commercial policies ..................................................................................................................................... 32 Credit and financial brokerage .................................................................................................................... 37 Property, plant and equipment and intangible assets ................................................................................ 45 Book shareholders’ equity ........................................................................................................................... 46 Income trend ............................................................................................................................................... 46 Operating structure ..................................................................................................................................... 52 Risk management and control ..................................................................................................................... 59 Transactions with related parties ................................................................................................................ 63 Significant events after the close of the fiscal year ..................................................................................... 64 Foreseeable management trend ................................................................................................................. 64 Research and development activities.......................................................................................................... 65 Proposal for the allocation of the fiscal year profit ..................................................................................... 65 5. Report of the Statutory Auditors ......................................................................................... 67 6. Report of the Independent Auditor ..................................................................................... 80 7. Schedules to the Financial Statements ................................................................................ 91 8. Explanatory Notes ............................................................................................................. 101 PART A – Accounting policies .................................................................................................................... 102 PART B – Information on the balance sheet .............................................................................................. 130 PART C – Information on the income statement ...................................................................................... 163 PART D – Overall Profitability .................................................................................................................... 177 PART E – Information on risks and the relative hedging policies .............................................................. 181 PART F – Information on capital ................................................................................................................ 233 PART G – Mergers with companies or branches of business .................................................................... 243 PART H – Transactions with related parties .............................................................................................. 264 4 Banca Cambiano 1884 S.p.a. – Individual Financial Statements 2017 9. Annexes ............................................................................................................................ 268 a. Schedules to the Financial Statements of Cabel Leasing S.p.a. ......................................................... 269 b. Schedules to the financial statements of Immobiliare 1884 S.r.l. ..................................................... 273 c. Analytical list of real property with indication of revaluation – Law n. 72 of 19/03/1983, article 10 .... ........................................................................................................................................................... 277 d. Fees for statutory audit – sub‐section 1, n. 16‐bis, article 2427 Italian Civil Code ........................... 278 e. Public disclosure (country by country reporting) with reference to the situation at 31 December 2017 in accordance with vigilance provisions for banks – Bank of Italy Circular n. 285/2013 – Part One – Title III – Chapter 2 .................................................................................................................................... 279 5 1. Notice of the Shareholders’ Meeting Notice o f the Shareholders’ Meeting 6 Banca Cambiano 1884 S.p.a. – Individual Financial Statements 2017 BANCA CAMBIANO 1884 Società per Azioni Registered at n. 5667 of the Banking Registrar Member of the Gruppo Bancario Cambiano Subject to management and coordination by Ente Cambiano Scpa Registered offices: viale Antonio Gramsci, 34 ‐ 50132 Florence (FI), Italy Share capital: € 232,800,000.00 fully paid‐in Register of companies: Firenze 02599341209 Administrative Economic Index (R.E.A.): Florence 648868 – Fiscal code: 02599341209 – VAT code: 02599341209 NOTICE OF ORDINARY SHAREHOLDERS’ MEETING The shareholders are hereby given notice of an ordinary shareholders’ meeting, to be held at first calling at 5:00 p.m. on Friday 2 March 2018 in the meeting room of the registered office located in Florence, in Viale Antonio Gramsci n. 34 and, if necessary, at second calling, at 10:00 a.m. on SATURDAY 3 MARCH 2018, same location, to discuss and vote on the following agenda: 1. Financial Statements at 31 December 2017 complete with the Director’s Report on Operations, the Report of the Board of Statutory Auditors and the Report of the Independent Auditor; resolutions pertaining thereto and resulting there from; 2. The Bank’s remuneration and incentive policies: (i) Annual report on the remuneration for managers, auditors, employees and collaborators not bound to the company by permanent employment contracts as per articles 10, letter g) and 27 of the Articles of Association; (ii) Remuneration and incentive policies for the 2018 fiscal year. ATTENDANCE PROCEDURE Shareholders are reminded that, in accordance with article 11 of the Articles of Association and the Regulations for shareholders’ meetings: a) A shareholder may be represented by another shareholder who is a physical person, unless the latter is a director, statutory auditor or employee of the company, pursuant to a written proxy specifying the name of the representative and if the signature of the delegating shareholder has been authenticated by the chairman, by members of the board or by a company employee authorized to do so by the Board of Directors, by a notary public or by any other public official authorized by law; the Board of Directors has given authorization to authenticate the signatures of delegating shareholders to all of General Management and all Branch Managers; the proxy to vote may also be assigned by means of an IT document undersigned electronically, in accordance with current laws in force and notified to the Company at the email address info@bancacambiano.it; every shareholder may receive no more than 15 proxies; b) Shareholders whose shares are not deposited at the bank and who wish to attend the shareholders’ meeting (also for the purpose of the complying with the provisions of the third sub‐section of article 2370 of the Italian Civil Code) are required to file a document that demonstrates eligibility to attend and vote at the meeting, at the company’s registered office at least two days prior to the date set for the meeting;