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For Banca Popolare · Volksbank, 2015 Was a Year Full of Success Stories

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For Banca Popolare · Volksbank, 2015 Was a Year Full of Success Stories DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 2015 1 Banca Popolare dell’Alto Adige società cooperativa per azioni Registered office and head office: Via del Macello, 55 – I-39100 Bolzano Share Capital as at 31 December 2015: Euro 179,535,732 fully paid up Tax code, VAT number and member of the Business Register of Bolzano no. 00129730214 The bank adheres to the inter-bank deposit protection fund and the national guarantee fund ABI 05856.0 www.bancapopolare.it 3 WIR FINDEN EINFACHE UND NACHHALTIGE LÖSUNGEN FÜR MEHR LEBENSQUALITÄT. WE FIND SIMPLE, SUSTAINABLE SOLUTIONS FOR A BETTER QUALITY OF LIFE. 3 „ Es geht uns darum, nach innen zu wachsen: Wir werden noch mehr Qualität in unseren Produkten und Dienstleistungen bieten, serviceorientierter arbeiten und die menschliche und persönliche Nähe zu unseren Kunden weiter erhöhen. “ Otmar Michaeler 4 5 Die Volksbank hat ein erfolgreiches Jahr 2015 hinter sich. Die Herausforderungen waren groß – nicht minder groß sind jene, die die Bank 2016 erwarten. Es gilt auch heuer wieder, mit Bodenständigkeit zu agieren, um solide Ergebnisse zu erwirtschaften. 2015 wird als das Jahr der Fusion mit Ein Ergebnis, das ohne treue Mitglieder über werden wir Sie weiterhin ausführlich der Banca Popolare di Marostica in die und Kunden so nicht zustande gekom- informieren. Geschichte der Volksbank eingehen. Es men wäre. Als Regionalbank setzen wir war das Jahr, in dem die Volksbank ei- auf den persönlichen Kontakt zu Ihnen. Unsere zweite wichtige Aufgabe für 2016 nen zweiten Heimatmarkt in der Provinz Jeder vierte unserer Kunden ist Mitglied ist es, unser Augenmerk noch stärker auf Vicenza erschlossen hat; das Jahr, in der Volksbank! Es freut uns, dass wir im unsere Kunden zu richten. Unsere Re- dem die Zahl der Mitarbeiter, der Kunden, vergangenen Jahr das 50.000ste Mitglied tail-, Privat- und Firmenkunden werden der Filialen und der verwalteten Mittel um in unserer Bank willkommen heißen konn- wir künftig noch besser, spezifischer und jeweils ein Drittel angestiegen ist. Wir ha- ten. Und natürlich freuen wir uns über die konkreter beraten. Unser Strategieplan ben dieses Jahr und seine Herausforde- Unterstützung unserer mittlerweile über bis 2020 ist darauf ausgerichtet, die Kun- rungen gut bewältigt. Bodenständigkeit 57.000 Mitglieder im Rahmen der Kapi- den noch stärker in den Mittelpunkt zu macht sich bezahlt. talerhöhung, die wir im Januar 2016 sehr rücken und die Bank noch effizienter und erfolgreich abschließen konnten. rentabler zu machen. Als tragfähig hat sich diese Bodenstän- digkeit nicht nur bei der Fusion erwiesen. Für das abgelaufene Geschäftsjahr Danke für Ihre Unterstützung und Ihr Ver- Wir hatten es 2015 mit einem besonders schlägt der Verwaltungsrat der Mitglie- trauen. herausfordernden Zinsumfeld zu tun. Die derversammlung einen Ausgabepreis von Konjunktur im gesamten Einzugsgebiet 19,65 Euro und eine Dividende von 27 war schwach. Die Auflagen der Auf- Cent pro Aktie vor. Ihr sichtsbehörden nahmen zu. Trotz dieser Rahmenbedingungen ist es der Volks- Das Jahr 2016 wird nicht weniger span- bank gelungen, einen Gewinn nach Steu- nend als 2015: Wir stehen vor der Um- ern von 22,4 Mio. Euro zu erwirtschaften. wandlung in eine Aktiengesellschaft, so Ein ordentliches Ergebnis, das der Ver- wie es das Gesetz für Genossenschaften Otmar Michaeler waltungsrat sehr positiv wertet. mit Aktiva über 8 Mrd. Euro vorsieht. Dar- Präsident des Verwaltungsrates 4 5 „ Our aim is to grow from the inside: we will enhance the quality of products and services, we will work to provide services that are increasingly targeted and we will improve even more our human“ and personal relations with our customers. Otmar Michaeler 6 7 For Banca Popolare · Volksbank, 2015 was a year full of success stories. The challenges were enormous – no less so than those our Bank can expect in 2016. This year, too, we will need to keep our feet fixed firmly on the ground to achieve solid results. 2015 will go down in Volksbank’s history A result we could not have achieved cooperatives with assets of more than as “the year of the merger” with Banca without the invaluable contribution from Euro 8 billion, we are looking towards Popolare di Marostica. It was the year our shareholders and our customers. the transformation into a joint-stock in which Volksbank was able to access For us, as a regional bank, personal company. We will keep you informed of a wider market of origin in the province contact is extremely important. A quarter the details. of Vicenza; one in which the number of of our customers are also shareholders employees, customers, branches and of the Bank! We are very happy to have Our second major task for 2016 will be managed assets rose by one third. We welcomed our 50,000th member during to focus more strongly on caring for our handled the past year and its challenges last year. And naturally we are proud of customers. In future we intend to offer our extremely well. Being deeply rooted in the the support from our shareholders, now retail, private and corporate customers area bears fruit. numbering over 57,000, at the time of even more in-depth advice. Our strategic our share capital increase which was plan envisages that by 2020 our custom- And not only as regards the merger. In concluded with enormous success in ers will be positioned even closer to the 2015 the modest interest rate trend was January 2016. heart of our interests and our Bank will particularly tough. The economic trend become more efficient and remunerative. in the entire catchment area was weak. With regard to last year, the Board of Di- Directives from the regulatory authorities rectors would like to propose an issue All thanks to your support and your trust. increased. Despite this situation, however, price of Euro 19.65 and a dividend of Volksbank achieved a net profit of Euro 27 cents per share to the shareholders’ Kind regards 22.4 million. A good result, recognised meeting. as highly positive also be the Board of Directors. 2016 will be another compelling year: in fact, as required by the law governing Otmar Michaeler Chairman of the Board of Directors 6 7 8 9 2015 ANNUAL FINANCIAL REPORT 8 9 10 11 CONTENTS DIRECTORS’ REPORT 25 Financial environment and Markets 27 The Banking System 29 The merger of Banca Popolare di Marostica into Banca Popolare · Volksbank 31 The competitive position of Banca Popolare · Volksbank 37 Long Term Trends 38 The business plan 41 Significant Events during the Financial Year 43 Results of Operations 44 Rating 58 Corporate governance 59 The distribution model 62 Banking activities 67 Governance activities 71 Mutual Nature and Initiatives for Shareholders 80 Other information 83 Business outlook 86 Significant Events after Year End 87 REPORT BY THE BOARD OF STATUTORY AUDITORS 89 CERTIFICATION ON THE ANNUAL FINANCIAL STATEMENTS 97 INDEPENDENT AUDITORS’ REPORT 101 FINANCIAL STATEMENTS 107 Balance Sheet 109 Income Statement 110 Statement of Comprehensive Income 110 Statement of Changes in Shareholders’ Equity 111 Cash Flow Statement 112 NOTES TO THE ACCOUNTS 115 Part A – Accounting Policies 117 Part B – Information on the Balance Sheet 169 Part C – Information on the Income Statement 213 Part D – Comprehensive income 229 Part E – Information on risks and related hedging policies 231 Part F – Information on capital 319 Part G – Business combinations concerning companies or business branches 327 Part H – Information on remuneration and transactions with related parties 333 Part I – Share-based payment arrangements 337 Part L – Segment Reporting 339 ANNEXES TO THE FINANCIAL STATEMENTS 343 10 11 CORPORATE OFFICES AS AT 31 DECEMBER 2015 BOARD OF DIRECTORS BOARD OF ARBITRATORS Chairman Chairman Otmar Michaeler Federica Isotti Deputy Chairmen Standing Arbitrators Lorenzo Salvà (**) Christine Mayr Maria Giovanna Cabion Richard Stampfl Directors Substitute Arbitrators Marcello Alberti (**) Karin Runggaldier Lorenzo Bertacco (*) (**) Stefano Stivanello David Covi (*) (***) Philip Froschmayr (***) Lukas Ladurner (***) Alessandro Marzola (**) Giuseppe Padovan Margit Tauber (*) (***) Gregor Wierer (**) BOARD OF STATUTORY AUDITORS MANAGEMENT Chairman General Manager Heinz Peter Hager Johannes Schneebacher Standing Auditors Deputy General Manager Joachim Knoll Stefan Schmidhammer Georg Hesse Substitute Auditors THE MANAGER RESPONSIBLE Massimo Biasin resigned 24/04/2015 FOR THE PREPARATION OF Emilio Lorenzon CORPORATE ACCOUNTING DOCUMENTS Alberto Caltroni INDEPENDENT AUDITORS BDO Italia S.p.A. (*) Independent directors as per art. 29 (6) of the articles of association (**) Members of the Credit Committee (***) Members of the Risk Committee 12 13 OUR NETWORK BANCA POPOLARE DELL’ALTO ADIGE Società cooperativa per azioni Member of the Business Register of Bolzano, No. 00129730214 The bank adheres to the inter-bank deposit protection fund ABI 05856.0 HEAD OFFICE AND BRANCHES Bolzano, Via del Macello 55 – Bozen, Schlachthofstraße 55 Tel. +39 0471 996111 – Fax 0471 979188 – www.bancapopolare.it – [email protected] BRANCHES BOLZANO PROVINCE Appiano – Eppan Via J. G. Plazer 56 Chienes – Kiens Via Chienes 1 – Kiener Dorfweg 1 tel. +39 0474 - 544 730 – J.-G.-Plazer-Straße 56 tel. +39 0471 - 944 270 Chiusa – Klausen Piazza Tinne 5 – Tinneplatz 5 tel. +39 0472 - 811 540 Bolzano – Bozen Galleria Telser 1 – Telsergalerie 1 tel. +39 0471 - 944 170 Dobbiaco – Toblach Viale S. Giovanni 23 – Bolzano – Bozen Piazza Mazzini 2 – Mazziniplatz 2 tel. +39 0471 - 944 020 St.-Johannes-Straße 23 tel. +39 0474 - 544 770 Bolzano – Bozen Piazza Parrocchia 4 – Pfarrplatz 4 tel. +39 0471 - 944 050 Egna – Neumarkt Largo Municipio 32 – Bolzano – Bozen Via C. Augusta 5 – Rathausring 32 tel. +39 0471 - 944 280 C.-Augusta-Straße 5 tel. +39 0471 - 944 250 Fiè allo Sciliar – Völs am Schlern Via Bolzano 3 – Bolzano – Bozen Via del Macello 55 – Bozner Straße 3 tel. +39 0471 - 944 080 Schlachthofstraße 55 tel. +39 0471 - 944 310 Fortezza – Franzensfeste Via Brennero 7/c – Bolzano – Bozen Via del Ronco 15 – Brennerstraße 7/c tel. +39 0472 - 811 530 Neubruchweg 15 tel.
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