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FINANCIAL STATEMENTS 2015 FINANCIAL STATEMENTS AT 31 DECEMBER 2015 Financial Statements at 31 December 2015 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Table of contents - Report on Operations 13 Reference Context 15 Significant Aspects of Operations 18 Credit Aggregates 22 Deposits 30 Main financial aggregates 32 Equity Investments 42 Main economic aggregates and operating indicators 43 Risk governance 46 The equity position 47 Human Resources 48 Organisational and Technological Trends 50 Internal Audit 51 Compliance 53 Environmental Issues 55 Relations with Group companies 56 Significant Subsequent Events and Outlook on Operations 57 Proposals to the Shareholders’ Meeting 58 - Financial Statements 59 - Notes to the Financial Statements 71 Part A - Accounting Policies 73 Part B - Notes to the Balance Sheet 117 Part C - Notes to the Income Statement 187 Part D - Comprehensive Income 211 Part E - Information on Risks and Related Hedging Policies 212 Part F - Information on Equity 298 Part G - Business Combinations regarding companies or business units 314 Part H - Transactions with related parties 315 Part I - Share-based Payments 320 Part L - Segment Reporting 321 Attachments to the Notes to the Statements 323 - Certification Report 337 - Report of the Board of Statutory Auditors 341 5 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Financial Statements at 31 December 2015 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 (BMPS 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, 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, and ac- cepts the Banking Conciliator - Banking Ombudsman-Jury. It is also a signa- tory to the interbank agreement for the establishment of the Complaints Office. MPSCS is a Company subject to the direction and coordination of Banca Monte dei Paschi di Siena SpA (BMPS). In particular the Bank is obliged to ob- serve the rules that the Parent Company issues for the execution of the in- structions 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 Euro 276,434,746.28 fully paid-up. Registered head office 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 Global Markets Department Siena - Viale G. Mazzini, 23-53100 Telephone +39 0577-294111 - Fax +39 0577-209100 Investment Banking Department Rome - Via Salaria, 231 (villino 2) - 00199 Telephone +39 06-42048325 - Fax +39 06-42016914 Sales and Financial Solutions Milan - Via Ippolito Rosellini, 16-20124 Department Telephone +39 02-69705571 - Fax +39 02-88233205 Market Supervisory Structures Milan - Via Ippolito Rosellini, 16-20124 Telephone +39 02-88891941-30 (electronic channels, e-trade) Telephone 02-88891945/21/24 (Financial Institutions) Siena - Viale G. Mazzini, 23-53100 Telephone 0577-537150 - Fax 0577-209505 (Corporate) Telephone 0577-537151 - Fax 0577-209505 (Entities and Instit.) 6 Financial Statements at 31 December 2015 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Representative Offices Turin - c/o Banca Monte dei Paschi di Siena Local Offices Via Mazzini, 14/16-10123 Telephone +39 011-8155243 - Fax +39 055-240826 Milan - c/o Banca Monte dei Paschi di Siena Largo Cairoli, 1-20123 Telephone +39 02-88233220 - Fax +39 02-88233233 Padua - c/o Banca Monte dei Paschi di Siena Piazzetta Turati, 17 (West Tower) - 35131 Telephone +39 049-6991659 - Fax +39 049-6992195 Mantua - c/o Banca Monte dei Paschi di Siena Via Vittorio Emanuele II°, 30-46100 Telephone +39 0376-313563 Bologna Viale della Repubblica, 23-40127 Telephone +39 071-2912735 - Fax +39 055-240826 Perugia - c/o Banca Monte dei Paschi di Siena Via XX Settembre, 77-06124 Telephone +39 0577-209246 - Fax +39 055-240826 Ancona - c/o Banca Monte dei Paschi di Siena Via 1° Maggio, 70/d - 60131 Telephone +39 071-2912735 - Fax +39 055-240826 Rome Via Salaria (villino 2) 231-00199 Telephone +39 06-67345313 - Fax +39 06-67345330 Naples - c/o Banca Monte dei Paschi di Siena Via Cervantes de Savaedra, 55/14-80133 Telephone +39 081-7785243 - Fax +39 055-240826 Bari - c/o Banca Monte dei Paschi di Siena Piazza Aldo Moro, 21-70122 Telephone +39 080-5226244 - Fax +39 055-240826 Catania - c/o Banca Monte dei Paschi di Siena Piazza della Repubblica, 32/38-95131 Telephone +39 081-7785243 - Fax +39 055-240826 Administrative offices Rome - Via Pedicino, 5 Telephone +39 06-42048320 - Fax +39 06-42016914 Padua - c/o Banca Monte dei Paschi di Siena Piazzetta Turati, 17-35131 7 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Financial Statements at 31 December 2015 Corporate Officers and Auditing Company BOARD OF DIRECTORS Chairperson Mario SALVESTRONI Deputy Chairperson Paola DEMARTINI Managing Director Sergio VICINANZA Director Angelo BARBARULO Director Gabriele BENI Director Valentino FANTI Director Angelo MARTINELLI Director Arturo BETUNIO Director Rita PELAGOTTI BOARD OF STATUTORY AUDITORS Chairperson Francesco BONELLI Regular Auditor Federico CAPUTI Regular Auditor Daniela MORONI Alternate Auditor Paolo BOCCI Alternate Auditor Vittorio MARRONI MANAGEMENT General Manager Giorgio PERNICI AUDITING COMPANY RECONTA ERNST & YOUNG S.P.A. Via Po, 32 00198 ROME VAT No. 00891231003 8 Financial Statements at 31 December 2015 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Ratings The following ratings have been assigned to the Bank by Moody’s Investors Service Ltd: LONG-TERM DEBT RATING: B3 SHORT-TERM DEBT RATING: Not Prime FINANCIAL STRENGTH RATING: caa2 During the first half of financial year 2015, the international rating agency Moody’s brought into operation its new banking system assessment model and completed the consequent revision of the rating levels of the main credit institutions. This entailed for the Parent Company Banca Monte dei Paschi di Siena, and consequently for the Bank, a further downgrade of two notches relative to the rating level of the long-term debt with respect to the previous assessment, although in the absence of significant changes in the main performance indicators of the Bank and the Group. A negative outlook was assigned to the rating and it is therefore to be considered constantly under observation. We must specify that the new classification of impaired loans that came into force starting from 2015 is very close to the definition of “problem loans” of the model used by Moody’s, so this change had no impact of the determination of the Bank’s rating. 9 MPS CAPITAL SERVICES BANCA PER LE IMPRESE Financial Statements at 31 December 2015 Shareholding Structure As of 31 December 2015, the Share Capital broke down as follows: Shareholder Number of shares Amount in units Percentage of one Euro Banca Monte dei Paschi di Siena SpA 891,019,260 276,215,970.60 99.92% I.N.A.I.L. 239,634 74,286.54 0.03% Other shareholders 466,094 144,489.14 0.05% Total 891,724,988 276,434,746.28 100.00% With a resolution passed on 16 September 2015 the Bank’s Extraordinary Shareholders’ Meeting resolved to increase the share capital by a maximum amount of € 1,200,000,000, by issuing 1,783,449,976 ordinary shares, with regular dividend and a face value of € 0.31 each, to be offered as an option to the Bank’s shareholders on the basis of a ratio of 2 shares for every 1 ordinary share held, at a unit price of € 0.67285 (of which € 0.36285 by way of share premium). With a note of 22 January 2016, Reference No. 0005855/16, Consob communicated the authorisation for publication of the prospectus; the offer closed on 9/2/2016 with subsequent full subscription by the Parent Company of the unopted portion. The operation was registered at the Companies Register on 16 February 2016. The current share capital therefore amounts to € 829,304,238.84 and is represented by 2,675,174,964 shares with a unit par value of € 0.31. The composition updated to 16 February 2016 was the following: Shareholder Number of shares Amount in units Percentage of one Euro Banca Monte dei Paschi di Siena SpA 2,674,469,255 829,085,469.05 99.97% I.N.A.I.L. 239,634 74,286.54 0.01% Other shareholders 466,075 144,483.25 0.02% Total 2,675,174,964 829,304,238.84 100.00% Among the “other shareholders” there are also numerous public bodies. Equity investments in MPS Capital Services S.p.A. held by Public Administrations Starting from 2007 various legislative changes have been made with the aim of inducing public bodies to review and rationalise their non-strategic equity investments: Italian Law No. 244 of 24 December 2007, (the so-called 2008 Budget Law); Italian Law No. 147 of 27 December 2013 (the so-called 2014 Stability Law) and finally Italian Law No. 190 of 23 December 2014 (the so-called 2015 Stability Law). In particular, this last imposed on local authorities and other public bodies a process of rationalising the equity interests held both directly and indirectly, aimed at the disposal, by 31 December 2015, of companies and equity interests not functional to pursuance of their institutional purposes.
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