ANNUAL REPORT 2020 Table of Contents
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ANNUAL REPORT 2020 Table of Contents Introduction Identifying Data 4 Governing Bodies 5 Chairman’s letter - CSR Report 6 Financial Data Financial Report of the Year 8 Distribution of Net Surplus 11 Comments to the Financial Statements 11 Legal Documentation Audit Report 13 Consolidated Financial Statements 22 Notes to the Financial Statements 30 Consolidated Management Report 160 Annual Corporate Governance Report 170 CSR Report and Non-Financial Statements 2020 209 Other Information Report on Social Activities 382 Employees, Branch and Regional Offices 383 2 2020 Annual Report CRN Annual Report 2020 Introduction Annual Report 2020 Introduction Identifying data Name: Caja Rural de Navarra (S. Coop. de Cr dito) Registered offices: Plaza de los Fueros, 1. 31003 PAMPLONA Telephone: 948 16 81 00 Telex: 37764 CUNA E Fax: 948 24 45 57 / 948 24 08 67 Tax Identification No.: F / 31 - 021611 Qualified Cooperative Bank. (legal status allowing the credit co-operative to administer government lending) Registered with the Bank of Spain: No. 3008 Registered with the Labour Ministry, General Register of Credit Co-operatives: No. 344 / s. M. T. 2,163. Registered with the Mercantile Registry of Navarra: No. 6790, Volume 11, page 175, sheet NA183. Included in the Credit Co-operatives Guarantee Deposit Fund: Member of Banco Cooperativo Espa ol. Member of the Spanish Association of Credit Co-Operatives 4 2020 Annual Report CRN Annual Report 2020 Introduction Governing Bodies Board of Directors Chairman: D. Ignacio Terés Los Arcos Vice-Chairman: D. Pedro Jesús Irisarri Valencia Secretary: D. Marcelino Etayo Andueza Board Members: D. Fermín Esandi Santesteban D. Manuel García Díaz de Cerio D. Ignacio Zabaleta Jurío D. Roberto Zabaleta Ciriza D. Pedro José Goñi Juampérez D. Gabriel Urrutia Aicega D. José Joaquín Rodríguez Eguílaz D. Jesús María del Castillo Torres D. Alberto Arrondo Lahera D. Carlos Sánchez Diestro D. Fernando Olleta Gayarre Executive Committee Chairman: D. Ignacio Terés Los Arcos Vice-Chairman: D. Pedro Jesús Irisarri Valencia Secretary: D. Marcelino Etayo Andueza Board Members: D. Carlos Sánchez Diestro Board Members: D. Ignacio Zabaleta Jurío Chief Executive Officer D. Ignacio Arrieta del Valle 5 2020 Annual Report CRN Annual Report 2020 Introduction CHAIRMAN’S LETTER - CSR REPORT 2020 It is hard to summarise a year as complex and unexpected as 2020. A year that will be mainly remembered for the Covid-19 pandemic, a health crisis unprecedented in our recent history. It threw down new social challenges, including restrictions on mobility and business, and led to the worldwide social and economic consequences we now face. Over these tough months, we lived times of weakness, loneliness and sadness. But we should not forget the many small spontaneous actions and inspiring contributions made by a host of professionals and anonymous people, which helped mitigate the consequences of the “state of alarm”, breathing the spirit of hope back into our communities. In such grave circumstances, we were called on to give our best from day one. Banking was deemed an essential service and we kept our entire branch network open to serve the public, despite the health challenges, ensuring local communities could continue to function. For this reason, 2020 will also be remembered as a year of commitment. Commitment to our customers and employees, to our neighbourhoods, villages, towns and cities, and to the wider society by putting in place a wide range of measures. A hard year, but a year that we can look back on with some satisfaction thanks to the effort and commitment shown by the whole organisation. But life goes on and we cannot stand still. We need to react and look forward, change and lay foundations that secure our future and that of new generations. We need to look beyond governments and public policy. Companies, social partners and the general public, we must all act with the greatest responsibility and minimise uncertainty. This is why, at Caja Rural de Navarra, we continue to create spaces that command the confidence of our customers and enhance the safety and stability of our community, once again showing the commitment and attachment to the region that is the hallmark of our cooperative banking model. Our efforts should focus on supporting families, the self-employed, companies and institutions, helping them recover and consolidate their lives, while we target social and economic recovery. This will unquestionably be the greatest contribution we can make in the current complex and uncertain times. Also, in Caja Rural de Navarra we will be working hard to align our actions with the priorities set by the EU, to try and promote a carbon-neutral and green Europe, a Europe adapted to the digital era and an economy that works for people. This is best guarantee that we can work together to build a future that is more prosperous, more sustainable and helps us achieve the regional and social cohesion we need. The economic crisis unleashed by the pandemic demands new answers. It also makes us very aware of the consequences of our actions. Now more than ever, we need to push forward a more responsible and inclusive economic model, one that channels investment into industries and activities that can deliver a more sustainable future. We are confronting a host of global challenges, including technological-digital transition, energy-climate transition and the social and healthcare transition. It is obvious that this new world will demand innovation on our part. To do this, we will need to rely on talent. We are lucky enough to have the best educated generation in our history so we are sure that, together, we will be able to achieve our mission and make our contribution to the progress of society. 6 2020 Annual Report CRN Annual Report 2020 Financial Statements Annual Report 2020 Financial Statements Financial Report of the Year CHANGE Thousands CONSOLIDATED BALANCE SHEET 31/12/2020 31/12/2019 % of euros Cash, cash balances at central banks and other demand deposits 1.282.136 412.390 869.746 210,90 % Financial assets held for trading 6.002 6.717 -715 -10,64 % - Derivatives 3.124 2.826 298 10,54 % - Equity instruments 2.879 3.891 -1.012 -26,02 % - Debt securities 0 0 0 - - Memorandum items: lent or given in guarantee with right of sale or pledge 0 0 0 - Financial assets not held for trading mandatorily measured at fair value through profit or loss 7.570 11.959 -4.389 -36,70 % Debt securities 1.975 4.138 -2.163 -52,27 % Loans and advances 5.594 7.821 -2.227 -28,47 % Memorandum items: lent or given in guarantee with right of sale or pledge 0 0 0 - Financial assets at fair value through other comprehensive income 1.358.754 1.338.129 20.625 1,54 % - Equity instruments 248.603 227.870 20.733 9,10 % - Debt securities 1.110.151 1.110.259 -108 -0,01 % Financial assets at amortized cost 12.699.450 10.876.659 1.822.791 16,76 % - Debt securities 3.267.142 2.599.491 667.651 25,68 % - Loans and advances 9.432.308 8.277.168 1.155.140 13,96 % · Credit institutions 123.963 108.436 15.527 14,32 % · Customers 9.308.344 8.168.732 1.139.612 13,95 % - Memorandum items: lent or given in guarantee with right of sale or pledge 423.463 262.794 160.669 61,14 % Derivatives – hedge accounting 13.856 10.666 3.190 29,90 % Investments in joint ventures and associates 60.460 60.502 -42 -0,07 % - Jointly-controlled entities 0 0 0 - - Associates 60.460 60.502 -42 -0,07 % Tangible assets 248.925 225.431 23.494 10,42 % - Property and equipment 232.004 218.309 13.695 6,27 % · For own use 231.834 218.138 13.696 6,28 % · Assigned to social projects (savings banks and credit cooperatives) 171 171 0 -0,11 % - Investment property 16.920 7.122 9.798 137,57 % · Of which: assigned under operating leases 2.402 4.860 -2.458 -50,58 % - Memorandum items: acquired under leases 847 697 150 21,49 % Intangible assets 10.801 11.297 -496 -4,39 % - Goodwill 10.801 8.297 2.504 30,18 % - Other intangible assets 0 3.000 -3.000 -100,00 % Tax assets 30.741 34.848 -4.107 -11,78 % - Current tax assets 3.978 2.990 988 33,05 % - Deferred tax assets 26.763 31.858 -5.095 -15,99 % Other assets 94.717 101.735 -7.018 -6,90 % - Inventories 67.704 75.487 -7.783 -10,31 % - Other 27.012 26.248 764 2,91 % Non-current assets and disposal groups held for sale 36.388 42.781 -6.393 -14,94 % Total assets 15.849.799 13.133.114 2.716.685 20,69 % 8 2020 Annual Report CRN Annual Report 2020 Financial Statements CHANGE Thousands CONSOLIDATED BALANCE SHEET 31/12/2020 31/12/2019 % of euros Financial liabilities held for trading 1.732 854 878 102,77 % - Derivatives 1.732 854 878 102,77 % Financial liabilities at amortized cost 14.333.854 11.664.632 2.669.222 22,88 % - Deposits 12.459.613 9.890.645 2.568.968 25,97 % · Central banks 1.936.340 928.260 1.008.080 108,60 % · Credit institutions 325.136 232.916 92.220 39,59 % · Customers 10.198.137 8.729.469 1.468.668 16,82 % - Debt securities issued 1.770.192 1.661.119 109.073 6,57 % - Other financial liabilities 104.050 112.868 -8.818 -7,81 % - Memorandum items: subordinated liabilities 0 0 0 - Derivatives – hedge accounting 97 0 97 - Provisions 34.475 95.487 -61.012 -63,90 % - Pensions and other defined-benefit post-employment obligations 1.417 1.190 227 19,11 % - Commitments and guarantees given 10.809 10.497 312 2,98 % - Other provisions 22.248 83.800 -61.552 -73,45 % Tax liabilities 15.461 13.903 1.558 11,21 % - Current tax liabilities 9.135 7.624 1.511 19,82 % - Deferred tax liabilities 6.325 6.279 46 0,74 % Other liabilities 117.392 98.746 18.646 18,88 % - Of which: assigned to