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Relazioni E Bilancio Consolidato AnnualRelazioni Reporte bilancio 2006consolidato 20055th Financial Year 4° Esercizio Annual Report 2006 5th Financial Year Anniversary of Banca Mutua Popolare di Verona - June 21st, 1867 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 4 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. 5 6 Table of Contents Group Structure . pag. 8 Group financial highlights . pag. 12 Report on Group operations . pag. 15 The economic backdrop . pag. 17 Results, policies and strategies . pag. 22 Planning, auditing and service activities . pag. 65 Banking activities . pag. 81 Performance of the main companies of the Group . pag. 124 Operational outlook . pag. 148 Independent Auditors’ Report . pag. 151 Consolidated financial statements . pag. 155 Consolidated balance sheet . pag. 157 Consolidated income statement . pag. 159 Statement of changes in consolidated shareholders’ equity . pag. 160 Consolidated statement of cash flows . pag. 162 Notes to the consolidated accounts . pag. 165 Parte A – Accounting policies . pag. 167 Parte B – Notes to the consolidated balance sheet . pag. 197 Parte C – Notes to the consolidated income statement . pag. 284 Parte D – Segment reporting . pag. 312 Parte E – Risks and associated hedging policies . pag. 318 Parte F – Regulatory capital . pag. 386 Parte G – Business combinations . pag. 394 Parte H – Transactions with related parties . pag. 399 Parte I – Share-based payments . pag. 407 7 Group Banco Popolare di Verona e Novara Banco Popolare di Verona e Novara Banca Popolare di Novara Credito Bergamasco BPV Vita (1) BPVN (Luxembourg) Novara Vita (1) Aletti Merchant Linea (1) Arena Broker Banka Sonic Banca Aletti & C. Banca Aletti & C. (Suisse) Società Gestione Servizi - BPVN Aletti Gestielle SGR Holding di Partecipazioni Finanziarie Aletti Gestielle Alternative SGR Popolare di Verona e Novara Aletti Fiduciaria BPVN Immobiliare Aletti Private Equity SGR Immobiliare BPV TecMarket Servizi Other companies (1) Jointly controlled or associated company, carried at equity. Corporate Retail Private & Investment Banking & Asset Management Other Geographical network of Group branches Trentino Alto Adige: 21 Lombardia: 300 Valle d’Aosta: 6 • • Friuli-Venezia Giulia: 14 Piemonte: • 220 • • Veneto: 284 • • Emilia-Romagna: 168 • Liguria: 50 • Marche: 1 Toscana: 40 • Lazio: 32 • • Puglia: 6 Campania: 42 • Sicilia: 17 • 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). Group Financial Highlights Financial highlights 2006 2005 (*) Changes Income statement (million euro) Net interest, dividend and similar income 1,485.5 1,265.1 17.4% Net commission income 844.1 799.6 5.6% Total income (net interest and other banking income) 2,752.4 2,393.7 15.0% Operating costs 1,330.8 1,339.5 -0.7% Profit from operations 1,421.6 1,054.2 34.9% Income before tax from continuing operations 1,545.8 970.6 59.3% Net income for the year 1,032.9 597.1 73.0% 31-12-2006 31-12-2005 Changes Balance sheet (million euro) Total assets 68,694.9 59,758.4 15.0% Customer loans (gross) 46,123.9 41,308.6 11.7% Financial assets and hedging derivatives 10,771.0 10,099.3 6.7% Shareholders' equity 4,872.0 4,021.0 21.2% Customer financial assets (million euro) Direct customer funds 50,574.0 42,984.1 17.7% Indirect customer funds 74,374.5 73,004.1 1.9% - Assets under management 31,144.1 31,897.6 -2.4% - Mutual funds and Sicav 13,460.6 13,375.5 0.6% - Managed accounts in securities and funds 11,405.3 12,251.8 -6.9% - Insurance policies 6,278.2 6,270.3 0.1% - Assets under custody 43,230.4 41,106.5 5.2% Operational structure Average number of employees (**) 12,677 12,367 2.5% Bank branches 1,250 1,190 5.0% (*) Pro-forma data (**) Monthly arithmetic mean 12 Financial ratios and other data 31-12-2006 31-12-2005 Profitability ratios (%) ROE 26.9% 17.4% Net intr., dividend & similar inc./ Total income 54.0% 52.9% Net commission income/ Total income 30.7% 33.4% Operating costs/ Total income 48.4% 56.0% Operational productivity Customer loans (gross) per employee ( /1000) 3,638.4 3,340.2 Total income per employee ( /1000) 217.1 193.6 Operating charges per employee ( /1000) 105.0 108.3 Credit quality ratios (%) Net NPLs / Customer loans (neti) 1.2% 1.6% Net watchlist loans / Customer loans (net) 1.0% 1.3% Net NPLs / Shareholders' equity 11.3% 16.0% BPVN stock Outstanding shares 375,328,315 372,935,815 of which: treasury shares - - Official closing share price - Max 23.420 17.293 - Min 17.351 13.753 - Average 21.188 15.047 Basic EPS 2.573 1.499 Diluted EPS 2.545 1.470 13 Report on Group operations Carlo Scarpa - Verona - BPV Palace Report on Group operations 16 Report on Group operations The economic backdrop World scenario The world economy continued to follow a high-growth track also in 2006. How- ever, 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 con- trary, Euroland put an end to a long period of stagnation and confirmed the re- covery 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 down- wards, 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 contin- ued 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, fa- vored 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 ex- pected 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 significant- ly, 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 partic- ularly 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 cy- cle 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 17 Report on Group operations one of the main causes underlying economic stagnation. Fixed investments, af- ter 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 cy- cle. 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.
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