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2016 Annual Report

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2016 Annual Report 2016 Annual Report 1 FINANCIAL RESULTS CONTENTS 00 01 02 03 Chairman’s statement 6 FINANCIAL RESULTS MAIN BUSINESS LINES HOLDINGS OF CORPORACIÓN Board of Directors 10 Key figures 24 Wealth Management 46 FINANCIERA ALBA Nomination and Corporate Investment portfolio 74 Banca March Group 26 Retail and Private banking 48 Governance Committee 10 Affiliated companies 75 Remuneration Committee 10 Consolidated balance sheet 31 Corporate Banking 57 LISTED COMPANIES 75 Audit Committee 11 ACS 75 Customer funds 34 Subsidiaries 64 Acerinox 76 Global Risk and Technology Ebro Foods 77 Change Committee 11 Customer loans 36 March A.M. 64 Bolsas y Mercados Españoles 78 Credit Risk Committee 11 Viscofan 79 Capital markets 38 March JLT 66 Indra 80 The economy in 2016 12 Euskaltel 81 The outlook for 2017 20 Capital instruments 39 March Vida 68 Parques Reunidos 82 Clínica Baviera 83 Consolidated income statement 40 Consulnor 70 NON-LISTED COMPANIES 84 Mecalux 84 Banco Inversis 71 Panasa 84 Flex 85 Siresa - EnCampus 85 In-Store Media 86 Ros Roca Environment 86 Real estate activity 87 2 3 INFORME ECONÓMICO Y FINANCIERO 00 INTRODUCTION Chairman’s statement 6 Board of Directors 10 Nomination and Corporate Governance Committee 10 Remuneration Committee 10 Audit Committee 11 Global Risk and Technology Change Committee 11 Credit Risk Committee 11 The economy in 2016 12 The outlook for 2017 20 4 5 CHAIRMAN’S STATEMENT CHAIRMAN’S In 2016, Banca March celebrated its Banca March’s five-year goal is to competitors, business models that have 90th anniversary. Over these nine become Spain’s leading provider of transformed the global economy and STATEMENT decades of effort and dedication, our private banking and corporate advisory new technologies, drive us to constantly unwavering business philosophy has services, safeguarding our significant better ourselves. been underpinned by four key tenets: market share in the Balearic Islands. This landscape has led Banca March shareholder commitment, exclusive We are backed by a robust balance to launch a transformation process products, outstanding service quality sheet and our financial ratios – capital and excellent professionals. Our involving all key areas, including equity, liquidity, NPL and NPL coverage management model seeks to ensure technology, information systems, – position us as a European sector shared growth for all of our stakeholders, products and human resources. Coupled leader. Beyond the implications in terms including our shareholders, clients, with our size, experience, expertise and of rankings, this affords our clients employees and society as a whole. financial strength, this process will allow the utmost confidence in our range of This model has proved to be a great us to fully harness every opportunity financial products and services. success, thanks to our long-term we encounter. Our goal is to continue approach and our enduring values: Banca March recently received a further to offer top-level advice and expertise for our clients whilst upholding our commitment, ambition, integrity, effort rating upgrade. and exacting standards. These roots principles of responsible commitment ensure we have the determination we We are fully equipped to tackle – with and profitable growth. At Banca March, need to face the substantial challenges the utmost security – the rapidly- we are alert and receptive to the changes ahead, as we strive to achieve our most changing landscape in which we underway in the market; we are able not ambitious goals. operate. New challenges, such as new only to adapt, but also to maintain our 6 7 CHAIRMAN’S STATEMENT unique identity and we look forward to unemployment rate stood at 18.6% of another 90 years of success. the active population in 2016; still too high, but lower than the figures for We are operating against an economic 2015 (20.9%) and 2014 (23.7%). The backdrop that shows continued signs of Spanish Active Population Survey (EPA) recovery. For the second year running, reveals that 413,900 people found work the Spanish economy was the top in 2016. This gradual recovery of the performer in the eurozone, beating labour market is partially overshadowed international organisations’ forecasts by the excessive use of temporary with 3.2% year-on-year growth, its contracts and the reduction in the active strongest figure since the beginning population in recent years. of the financial crisis in 2007. GDP has trended steadily upwards since 2014, Another persistent weak spot is Spain’s confirming that the Spanish economy public sector debt. Despite the slight is headed in the right direction. This improvement on last year’s figure, buoyant economic performance was public sector debt stood at 99.4% of driven by the reforms undertaken in GDP in 2016. This undeniably high the last political term and the end of ratio somewhat undermines the well- management. Our commitment to Specifically, Banca March has the lowest previous political uncertainty, as well established recovery of the country’s profitable growth, underpinned by our NPL ratio in the Spanish banking sector as contained energy costs, low interest economy. robust balance sheet, our outstanding at 3.99% and one of the highest capital rates and an upturn in the labour market service levels and the flagship co- equity ratios in Europe at 20.85%. As for Banca March, our 2016 results spurred by record tourism figures. investment initiatives that set us apart reflect our clear commitment to None of these achievements would have from the competition, provides peace This positive trend is now entrenched, as specialising in private banking and been possible without the commitment of mind to investors and savers alike. confirmed by property sector data, with corporate advisory. The sustained of our shareholders, the trust of our a substantial increase in the number growth in off-balance sheet assets under This is evidenced by the fact that assets clients and the Banca March team. of transactions taking place and rising management (7.6%) and the increased under management in SICAVS grew to I am deeply grateful to everyone who has house prices, and by the foreign sector, weighting of income from services 3,230 million euros, positioning the worked hard to make Banca March the which closed 2016 with record exports within the ordinary margin from banking Group’s asset manager, March Asset bank it is today: Spain’s only fully family- of over 250 billion euros. This gave rise activity (63.4%) both demonstrate the Management, as the third largest owned bank and a private banking and to a drop in the trade deficit of 22.4%, effective implementation of the bank’s player in the Spanish SICAV market by corporate advisory leader. With hard which benefited clearly from low oil specialist, advisory-based business AuM. At the end of 2016, assets under work and dedication, we will continue to prices. model. management by March A.M. stood at strengthen our unique business model 6,385 million euros. Despite this positive performance, The significant increase in Private and secure shared growth for clients, unemployment continues to be Banking clients (11.3%) confirms that our The aforementioned robust balance employees and shareholders alike. one of the Spanish economy’s key business model – which is unparalleled sheet is supported by the bank’s excellent financial ratios. For years weaknesses, although the sustained in the Spanish financial sector – is a Juan March de la Lastra drop in unemployment figures do resounding success. Increasing numbers now, we have boasted unquestionably Chairman allow for cautious optimism. Spain’s of savers are placing their trust in our strong NPL and capital equity ratios. 8 9 STRUCTURE OF COUNCILS AND COMMITTEES BOARD OF NOMINATION AUDIT GLOBAL RISK DIRECTORS AND CORPORATE COMMITTEE AND TECHNOLOGICAL GOVERNANCE CHANGE COMMITTEE Chairman COMMITTEE Chairman Chairman Mr Juan March de la Lastra (executive) Mr Nicolás Villén Jiménez Mr Moisés Israel Abecasis Executive Vice Chair Members Members Chairman Ms Rita Rodríguez Arrojo (executive) Mr Moisés Israel Abecasis Mr Vicente Moreno García-Mansilla Mr Albert Esteve Cruella Mr Vicente Moreno García-Mansilla Mr Ignacio Muñoz Pidal Chief Executive Officer Mr Nicolás Villén Jiménez Members Mr José Luis Acea Rodríguez (executive) Secretary Mr Moisés Israel Abecasis Mr José Ignacio Benjumea Alarcón Secretary Mr Vicente Moreno García-Mansilla Directors Mr José Ignacio Benjumea Alarcón Mr Ignacio Muñoz Pida Mr Juan March Delgado (non-executive) Mr Carlos March Delgado (non-executive) Secretary Mr Juan March Juan (non-executive) Mr José Ignacio Benjumea Alarcón Mr Javier Vilardell March (non-executive) CREDIT RISK Chairman Mr Juan Carlos Villalonga March (non-executive) Mr Santos Martínez-Conde Gutiérrez-Barquín Mr Jorge Bergareche Busquet (non-executive) COMMITTEE Mr Albert Esteve Cruella (independent) Members Mr Moisés Israel Abecasis (independent) Mr José Luis Acea Rodríguez Mr Santos Martínez-Conde Gutiérrez-Barquín (non-executive) REMUNERATION Mr Jorge Bergareche Busquet Mr Vicente Moreno García-Mansilla (independent) Mr Ignacio Muñoz Pidal Mr Ignacio Muñoz Pidal (independent) COMMITTEE Mr Nicolás Villén Jiménez (independent) Secretary Mr José Ignacio Benjumea Alarcón Company Secretary Chairman Mr José Ignacio Benjumea Alarcón (executive) Mr Ignacio Muñoz Pidal Members Mr Albert Esteve Cruella Mr Moisés Israel Abecasis Mr Vicente Moreno García-Mansilla Secretary Mr José Ignacio Benjumea Alarcón 10 11 THE ECONOMY IN 2016 INCREASE IN GDP MAIN ECONOMIES In 2016, global economic growth slowed 5.0 2016: by one tenth of a percentage point year 4.5 GLOBAL GROWTH on year to 3.1%, the weakest growth 4.0 rate since the great recession of 2009. 3.5 SET TO BE STABLE, That said, following the anaemic early 3.0 quarters, the global growth rate did 2.5 BUT MODEST stabilise over the course of 2016 and 2.0 actually picked up the pace in the final 1.5 straight of the year, dispelling fears of 1.0 another recession. The total economic 0.5 0.0 growth chalked up in 2016 was World Developed Emerging US Eurozone Spain therefore modest, but the overall trend continues to be towards improvement.
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