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Credito Emiliano 3 Juni 2014 Credit View BLOOMBERG TICKER CRDEM Corp COMPANY RATING Moody’s Baa3 Fitch BBB+,Neg. S&P BBB-,Neg. MAJOR SHAREHOLDER Credemholding 76.87% Free float 23.13% CREDITO EMILIANO Company profile: Credem ranks amoung the top 10 largest Italian banking groups; Issuer’s ratings are aligned with, but only one notch below the Sovereign one (S&P’s: BBB-; Moody’s: Baa3; Fitch: BBB+) and in line with the top rated Italian banking groups. Credem’s business model is focused on traditional retail ,along with a special focus on commercial banking and wealth management; more than 20% of total income is related to asset management and brokerage fees. Recent development: In FY2013 net interest income was substantially stable, - 0.4% yoy while significantly up qoq (4.8%); non-interest income was up strongly up (5.2% yoy), driven by banking management fees (+11.5% yoy). The cost-to-income ratio improved to 61.6% (down from 62.2% a year before). Direct deposits from customers (including retail bonds) were up by 2.1% yoy. Lending volume dropped 3.4% yoy, which resulted in a loan-to-deposit ratio of 117.7% (vs. 124.4% per FY2012). NPL stood at 1.6% (vs. 1.3%) with a coverage ratio of 58.2% (vs. 55.4 a year before). Of note is that Credem has strengthened its capital base entirely through group profits, and without any capital increase over the last five years. Core Tier 1 Capital Ratio was at 9.9% (vs. 9.4% a year ago). Total Capital Ratio stood at 13.4%. Outlook: Credem stands out with its defensive profile, good asset quality and superior profitability, even in a difficult macro environment. The bank was one of the few Italian banks which did not record a loss in the years during the financial crisis and even continued distributing divdidends. Credem has strengthened its capital base entirely through profitability, and without any capital increase over the last five years.This confirms that Credem is an outlier in the sector, and we expect the revenue to continue expanding while the asset quality improves even further. Last but not least, the bank is in the process of obtaining the validation in compliance with the Advanced IRB methodology for both its Corporate and Retail portfolios. This is expected to increase the current Group’s Core Tier 1 by 150bps. KEY FINANCIALS PER 31/12/2013 EUR m FY2010 FY2011 FY2012 FY2013 FY2010 FY2011 FY2012 FY2013 Net Interest Income 448.4 463.3 468.3 466.3 C/I Ratio (incl. D&A) 69.8% 68.7% 65.6% 65.2% Non Interest Income 514.1 462.6 502.9 529.0 NPL Ratio 1.04% 1.16% 1.30% 1.55% Revenues 962.5 925.9 971.2 995.3 Coverage Ratio 57.4% 56.0% 55.4% 58.2% Opex -643.2 -605.2 -604.5 -613.3 Core Tier 1 8.6% 8.7% 9.4% 9.9% Loan loss charges -62.1 -52.0 -89.1 -120.3 L / D Ratio 129% 128% 124% 118% Pre-Tax Profit 168.3 215.8 228.2 211.1 Loans / Assets 63% 64% 67% 63% Net Income 78.0 96.6 121.2 115.9 Deposits / Assets 49% 50% 54% 54% Source: Company Data, HCM HYPO Capital Management AG Mag. Nina Nedialkova www.hypocapital.at Fixed Income-Analyst Phone: +43 (1) 535 15 51 -534 [email protected] 3 Juni 2014 Credit View TABLE OF CONTENTS I. COMPANY PROFILE ............................................................................... 3 COMPANY PROFILE .................................................................................. 3 BRIEF HISTORY.......................................................................................... 4 II. FINANCIAL ANALYSIS ............................................................................ 5 FY2013 RESULTS ....................................................................................... 5 BALANCE SHEET ANALYSIS ..................................................................... 6 INCOME STATEMENT ANALYSIS ........................................................... 10 III. FIXED INCOME ...................................................................................... 11 2 3 Juni 2014 Credit View I. COMPANY PROFILE COMPANY PROFILE Credem, the largest With EUR30.8bn in total assets, Credito Emiliano (Credem), established in Reggio privately owned bank in Emilia (Emilia Romagna) in 1910, is among the top 10 largest listed Italian banking Italy groups. The group consists of several companies covering all main retail and corporate financial services, including leasing, factoring, asset management, life and general insurance. Credito Emiliano SpA has been listed on the Italian Stock Exchange since 1997. GRUPPO CREDEM Commercial Banking Bancassurance Asset Management Other Business Commercial Banking EUROMOBILIARE CREDEMVITA CREDEMHOLDING Life Insurance and Pension Asset Management SGR Fund CREDEMLEASING EUROMOBILIARE Remote Banking and Private Banking Document Management CREDEMFACTOR CREDEMVITA Life Insurance and Pension Factoring Fund CREDEM INTERNATIONAL LUX MAGAZZINI GENERALI DELLE International Private and TAGLIATE Corporate Banking CREACASA (Financial Advisor) EUROMOBILIARE EUROMOBILIARE FiduciaryCompany International Fund Sicav CREDEM PRIVATE EQUITY SGR CREDEM CB Asset Management SPV to be used for the covered bond programme as per ex. L. 130/99 CANOSSA CB SPV to be used for the covered bond programme as per ex. L. 130/99 Source: Company Data, HCM Major shahreholder: Credem is the largest privately owned bank in Italy. Credem’s capital is to 76.8% held Maramotti family by Credito Emiliano Holding SpA, owned by some 3.220 shareholders representing the enterpreuneral families of Reggio Emilia. The 220 largest shareholders of the holding, who own 75.2% of its capital, are bound together in a shareholder pact. The largest shareholder, the Maramotti family (owners of the MaxMara fashion company), controls 37.8% of the holding. The remaining 23.13% shares of Credem are listed on the Milan stock exchange. The ownership structure is very stable as the shareholder pact has been regurlarly renewed. 3 3 Juni 2014 Credit View CREDEM GROUP SHAREHOLDERS' BASE SHAREHOLDERS' PACT* More than 3,000 other Cofimar S.r.l. 21.3% shareholders Max Mara Finance S.r.l. 8.2% Max Mara Fasion Group S.r.l 8.1% Others 37.4% 75.2% Credemholding 24.8% 76.87% Free float Credem SpA 23.13% Source: Company Data, HCM BRIEF HISTORY Established in 1910 with Credito Emiliano (Credem) was established in 1910 as Banca Agricola Commerciale di focus on supporting Reggio Emilia, a privately owned local bank in the northern region of Emilia Romagna, local farmers focusing on supporting local farmers with only 4 branches. In 1975 the bank began to look outside the province for future potential development (by then the bank had about 50 branches), toghether with a new CEO (Franco Bizzocchi) and a progressive evolution of the shareholders' base where the Maramotti family became the key shareholders as is still now the case. The current denomination of Credito Emiliano S.p.A. has been used since 1983 following the acquisition of Banca Belinzaghi di Milano, the first step taken by the Issuer towards an expansion on a national level. Expanding in the During the 1990s, the CREDEM group undertook an active acquisition campaign, southern part of Italy taking over almost thirty small Italian banks, mainly located in the southern part of Italy. though acquisitions In 1994, CREDEM acquired Euromobiliare S.p.A. (“Euromobiliare”), a banking group active in the investment banking and asset management sectors, from HSBC. Euromobiliare was merged with Credem in 1997 and since October the same year, Credem has been listed on the Italian Stock Exchange. 1910 - 1990 1991 - 1999 2000 - 2007 2008 - 2013 The bank was set up in Acquisition of around 30 Through an organic growth, In 2008, the group acquired 1910 in the name of Banca small banks the group grew from 347 a total of 72 branches from Agricola Commerciale di branches at the end of 1999 CitiGroup, Banco Popolare Reggio Emilia In 1994, Credem took over to 501 branches at the end and UniCredit Euromobiliare SpA, a of 2007 banking group active in In 2009, facing the global The current denomination investment banking and In 2000 Credem entered in financial crisis, Credem of Credem was adopted in asset management sector the investment banking started to optimize its 1983 from HSBC establishing Abaxbank. branch network Source: Company data, HCM 4 3 Juni 2014 Credit View II. FINANCIAL ANALYSIS FY2013 RESULTS NII substantially stable Credem has released FY2013 results with a net interest income (NII) substantially C/I ratio at 61.6% stable, -0.4% yoy and significantly up qoq (4.8%); non interest income strongly up (5.2% yoy) driven by banking management fees (+11.5% yoy). Total revenues were up 2.5% while the operating expenses remained broadly unchanged. This lead to a slight improvement in the cost-to-income ratio to 61.6%, down from 62.2% a year before. Loan loss charges However, loan loss charges came in at EUR120m, up from EUR89m in FY2012 and weighed on the bottom weighed on the bottom line, EUR116m (down by 4.4%). Our understanding is that the line rise in the loan loss charges was mainly due to stricter criteria used to recognize and value non-performning loans. KEY FINANCIALS PER 31/12/2013 EUR m FY2012 FY2013 Chg. YoY 3Q 2013 4Q 2013 Chg. QoQ Net Interest Income 468.3 466.3 -0.4% 115.7 121.3 4.8% Non Interest Income 502.9 529.0 5.2% 118.7 136.8 15.2% Revenues 971.2 995.3 2.5% 234.4 258.1 10.1% Opex -604.5 -613.3 1.5% -147.1 -153.9 4.6% Loan loss charges -89.1 -120.3 35.0% -21.4 -51.0 138.3% Pre-Tax Profit 228.2 211.1 -7.5% 51.3 38.7 -24.6% Net Income 121.2 115.9 -4.4% 29.3 15.6 -46.8% Source: Company Data, HCM Deposits up by 2.1% yoy In terms of funding, in FY2013 direct deposits from customers (including retail bonds) Lending down by 3.4% were up by 2.1% yoy to EUR16.906m compared to EUR16.554m at the end of FY2012.
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