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MPS-Bilancio ING 2018 Layout 1 FINANCIAL STATEMENTS 2018 FINANCIAL STATEMENTS AT 31 DECEMBER 2018 Financial Statements at 31 December 2018 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Table of contents - Report on Operations 13 Reference Context 15 Significant Aspects of Operations 17 Credit Aggregates 21 Deposits 28 Main financial aggregates 29 Equity investments 33 Income Statement and operating indicators 34 Risk governance 37 The equity position 38 Human Resources 40 Organisational and Technological Trends 42 Internal Audit 43 Compliance 44 Environmental Issues 45 Relations with Group companies 46 Significant events during financial year 2018, significant events subsequent to the end of the year and outlook 47 Proposals to the Shareholders' Meeting 48 - Financial Statements 49 - Notes to the Financial Statements 61 Part A - Accounting Policies 63 Part B - Notes to the Balance Sheet 142 Part C - Notes to the Income Statement 215 Part D - Comprehensive Income 240 Part E - Information on Risks and Related Hedging Policies 242 Part F - Information on Equity 336 Part G - Business Combinations regarding companies or business units 341 Part H - Transactions with related parties 342 Part I - Share-based Payments 348 Part L - Segment Reporting 350 Attachments to the Notes to the Financial Statements 351 - Certification Report 365 - Report of the Board of Statutory Auditors 369 - Shareholders’ Meeting Resolutions 383 5 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Financial Statements at 31 December 2018 Company Profile Name MPS CAPITAL SERVICES BANCA PER LE IMPRESE S.p.A. “Monte dei Paschi di Siena” Banking Group General Information MPS Capital Services Banca per le Imprese SpA (MPSCS) is the Corporate & Investment Bank of the Monte dei Paschi di Siena Banking Group (MPS Group), specialised in financial support and advice to the Corporate, Public Bodies and Institutional segment. It is registered as a Joint Stock Company in the Florence Companies Register from 4 September 2007, with No. 00816350482, Registered in the Bank of Italy List of Banks with No. 4770, a subscriber to the Interbank Deposit Protection Fund and to the National Guarantee Fund. It is a signatory to the Banking and Financial Sector Code of Conduct. It also participates in the Banking and Financial Ombudsman (ABF) through the Bank of Italy, and the Financial Dispute Arbitrator (ACF) through CONSOB, and the Italian Bank Reconciliation Body. It is subject to the direction and coordination of Banca Monte dei Paschi di Siena SpA (BMPS). In particular the Bank is obliged to observe the rules that the Parent Company issues for the execution of the instructions provided by the Bank of Italy in the interest of the group’s stability. The duration of the company is until 31 December 2050. Year of constitution 1954 as Mediocredito Regionale della Toscana Share Capital € 1,669,516,282.10 fully paid-up. Registered Offices Florence - Via Pancaldo, 4 - 50127 General Management Florence - Via Panciatichi, 48 - 50127 Telephone +39 055 2498.1 - Fax +39 055 240826 Website www.mpscapitalservices.it Other General Management Offices Siena - Viale G. Mazzini, 23 - 53100 Telephone +39 0577 209111 - Fax +39 0577 209100 Rome - Via Salaria, 231 (villino 2) - 00199 Telephone +39 06 42048325 - Fax +39 06 42016914 Milan - Via Ippolito Rosellini, 16 - 20124 Telephone +39 02 697 05571 - Fax +39 02 882 33205 Market Supervisory Structures Milan - Via Ippolito Rosellini, 16 - 20124 Telephone +39 02 888 91941/30 - Fax +39 02 882 33206 (electronic channels, e-trade) Telephone +39 02 888 91945/43/31/28/24/21 Fax +39 02 882 33205 (Financial Institutions) Telephone +39 02 888 91934 - Fax +39 02 88233205 (Corporates) Ref. NORTH WEST Territorial Area 6 Financial Statements at 31 December 2018 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Siena - Viale G. Mazzini, 23-53100 Telephone +39 0577 537326 - Fax +39 0577 209505 (electronic channels, execution) Telephone +39 0577 537150 - Fax +39 0577 209505 (Corporates) Ref. TUSCANY Territorial Area Telephone +39 0577 537151/56/62 - Fax +39 0577 209505 (Entities and Institutional Bodies) Rome - Via Salaria, 231 (Villino 2) - 00199 Telephone +39 06 424 50714 - Fax +39 06 420 48337 (Corporates) Ref. CENTRE AND SARDINIA Territorial Area, SOUTH AND SICILY Territorial Area Padua - Piazzetta Turati, 2 (Torre Est) - 35131 Telephone +39 049 804 6106 - (Corporate) Ref. NORTH EAST Territorial Area Territorial Centres North West Milan (head office) - c/o Banca Monte dei Paschi di Siena Largo Cairoli, 1 - 20123 Telephone +39 02 882 33210 - Fax +39 02 882 33233 Turin - c/o Banca Monte dei Paschi di Siena Corso Filippo Turati, 43 - 10128 Telephone +39 011 192 17629 - Fax +39 055 240826 Mantua - c/o Banca Monte dei Paschi di Siena Via Vittorio Emanuele II°, 30 - 46100 Telephone +39 049 699 2067 North East Padua (head office) - c/o Banca Monte dei Paschi di Siena Piazzetta Turati, 2 - 35131 Telephone +39 049 699 1513 - Fax +39 049 699 2195 Bologna - c/o Banca Monte dei Paschi di Siena Viale della Repubblica, 23 - 40127 Telephone +39 049 6991659 - Fax +39 055 240826 Tuscany Florence (head office) Via Panciatichi 48 - 50127 Telephone +39 055 2498.111 - Fax +39 055 240826 Siena -Viale G. Mazzini, 23 - 53100 Telephone +39 0577 209111 - Fax +39 055 240826 Centre and Sardinia Rome (head office) Via Salaria (villino 2) 231 - 00199 Telephone +39 06 673 45313 - Fax +39 06 673 45330 7 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Financial Statements at 31 December 2018 Ancona - c/o Banca Monte dei Paschi di Siena Via 1° Maggio, 70/d - 60131 Telephone +39 071 2912735 - Fax +39 055 240826 Perugia - c/o Banca Monte dei Paschi di Siena Via Pietro Cestelini, 13 - 06135 Telephone +39 06 673 45313 - Fax +39 06 673 45330 South and Sicily Naples (head office) - c/o Banca Monte dei Paschi di Siena Via Cervantes de Savaedra, 55/14 - 80133 Telephone +39 081 778 5243 - Fax +39 055 240826 Bari - c/o Banca Monte dei Paschi di Siena Via Nicolò Dall’Arca, 22 - 70121 Telephone +39 080 522 6244 - Fax +39 055 240826 Catania - c/o Banca Monte dei Paschi di Siena Piazza della Repubblica, 32/38 - 95131 Telephone +39 081 778 5243 - Fax +39 055 240826 Other administrative offices Rome c/o Banca Monte dei Paschi di Siena Via Pedicino, 5 - 00156 Telephone +39 06 42048320 - Fax +39 06 42016914 Padua - c/o Banca Monte dei Paschi di Siena Piazzetta Turati, 13 - 35131 8 Financial Statements at 31 December 2018 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Corporate Officers and Auditing Company BOARD OF DIRECTORS Chairperson Mario COMANA Deputy Chairperson Angelo BARBARULO Managing Director Giampiero BERGAMI1 Director Paola DEMARTINI Director Lucia SAVARESE Director Riccardo TISCINI Director Vittorio CALVANICO Director Ilaria Maria DALLA RIVA2 Director Renzo Filippo Riccardo QUAGLIANA BOARD OF STATUTORY AUDITORS Chairperson Graziano GALLO Regular Auditor Werther MONTANARI Regular Auditor Lara ZAMPIERO Alternate Auditor Marco TANINI MANAGEMENT General Manager Emanuele SCARNATI AUDITING COMPANY ERNST & YOUNG S.P.A. Via Po, 32 00198 ROME VAT No. 00891231003 (1) On 1 January 2019, Mr Giampiero Bergami resigned from the position of Managing Director. At the moment, the position remains vacant. (2) On 14 February 2019, Ms Ilaria Dalla Riva resigned from the BoD. 9 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Financial Statements at 31 December 2018 Ratings The following ratings were assigned to the Bank by Moody’s Investors Service Ltd for financial year 2018: LONG-TERM DEPOSITS RATING: B1 SHORT-TERM DEPOSITS RATING: Not Prime FINANCIAL STRENGTH RATING: caa1 with stable outlook. The international ratings agency Moody’s revised its assessment of creditworthiness for the Sovereign Entity Italy downwards by one notch, with a rating of Baa3, although with a stable outlook. Even in this context, the rating on the financial strength of the MPS Group and of the Bank remained unchanged at caa1. The rating on long-term deposits was confirmed at B1. However, in its first 2019 “Credit Opinion”, Moody’s decided to change the Bank’s outlook, taking it from stable to negative, thus aligning it with the Parent Company’s outlook, which was downgraded at the end of 2018. 10 Financial Statements at 31 December 2018 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Shareholding Structure anca Monte dei Paschi di Siena controls the company with an equity investment equal to 99.993% as of 31 BDecember 2018, as shown in the table below: Shareholder Number of shares Percentage Banca Monte dei Paschi di Siena SpA 802,495 99.993% I.N.A.I.L. 23 0.003% Other shareholders 33 0.004% Total 802,551 100.000% 11 REPORT ON OPERATIONS Financial Statements at 31 December 2018 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Reference Context 018 was characterised by robust growth at the global level and by a limited rise in inflation. On the Central Banks 2front, while the ECB, the BoJ and the BoE continued to maintain an accommodating attitude, the Fed continued the process of normalising monetary policy raising the rates - with four rises during 2018 - up to 2.25%-2.50% and reducing its balance sheet (Quantitative Tightening). In December, the ECB terminated the securities purchasing programme (Quantitative Easing), stressing, however, that the rates will remain low at least up to next summer and, in any case, until the target on prices has been reached and that reinvestment of securities maturing will continue also after the rate rise. The macro data did not have a determining effect on the trend in government rates which was driven mainly by events of a political nature (trade war, Brexit, Italian crisis). On the macroeconomic front for the IMF, the final figures for 2018 should show global GDP growth at 3.7% from the 3.8% of 2017. In the USA, growth should come out at 2.9% from the 2.2% of 2017 and in the Euro Area at 1.8% from 2.4%.
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