Consolidated Half Year Report As at 30Th June 2008
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Consolidated Half Year Report as at 30th June 2008 Joint stock co-operative company Registered office: Bergamo, Piazza Vittorio Veneto 8 Operating offices: Bergamo, Piazza Vittorio Veneto 8; Brescia, Via Cefalonia 74 Member of the Interbank Deposit Protection Fund and the National Guarantee Fund Tax Code, VAT No. and Bergamo Company Registration No. 03053920165 ABI (Italian Banking Association) 3111.2 Register of Banks No. 5678 Register of banking groups No. 3111.2 Parent Bank of the Unione di Banche Italiane Banking Group Share capital as at 30th June 2008: Euro 1.597.864.755,00 fully paid up www.ubibanca.it WorldReginfo - 2f6dc225-2fba-40dc-86e1-77126a6d836f WorldReginfo - 2f6dc225-2fba-40dc-86e1-77126a6d836f Contents UBI Banca: company officers...........................................................................................p. 3 UBI Banca Group: principal figures and performance indicators.........................................p. 4 UBI Banca Group: branch network..........................................................................................p. 5 UBI Banca Group: the main investments as at 30th June 2008 ...........................................p. 6 The rating ...................................................................................................................................p. 8 DIRECTORS’ INTERIM REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS The macroeconomic scenario..................................................................................p. 12 Strategic lines of development ................................................................................p. 16 The distribution network and positioning……………....... .......................................p. 20 Human resources...................................................................................................p. 24 The consolidation scope .........................................................................................p. 29 Reclassified consolidated financial statements and reconciliations .........................p. 37 - Notes to the financial statements....................................................................................p. 37 - Reclassified consolidated balance sheet ..........................................................................p. 39 - Reclassified consolidated income statement....................................................................p. 40 - Reclassified consolidated quarterly income statements ...................................................p. 41 - Reclassified consolidated income statement net of the most significant non recurring items........................................................................................................p. 42 - Reconciliation schedules ................................................................................................p. 43 Traditional banking business .................................................................................p. 45 - Direct funding ................................................................................................................p. 45 - Indirect funding and assets under management .............................................................p. 48 - Lending..........................................................................................................................p. 49 The interbank market and the liquidity situation ........................................................p. 54 Financial activities .................................................................................................p. 56 Position of the UBI Group on risks assumed with trading in structured credit products – fair value of financial instruments – trading with customers in structured derivative products ......................................p. 63 Information on risks and hedging policies ..............................................................p. 75 - The principal risks and uncertainties for the second half of the year...............................p. 87 Property, plant and equipment and intangible assets .............................................p. 90 Non current assets/liabilities held for disposal.......................................................p. 92 Provisions for liabilities and charges.......................................................................p. 93 Contingent liabilities .............................................................................................p. 94 The income statement ............................................................................................p. 95 Shareholders’ equity and capital adequacy ............................................................p. 105 Information on share capital, the share, dividends paid and earnings per share ...................................................................p. 107 Consolidated companies: the principal figures........................................................p. 111 - Information on the principal banks in the Group ......................................................p. 115 Segment reporting..................................................................................................p. 124 Transactions with related parties ...........................................................................p. 125 Other information ..................................................................................................p. 132 - Litigation........................................................................................................................p. 132 - Initiatives in favour of residential mortgage holders ........................................................p. 132 - Antitrust Authority proceedings on the portability of mortgages......................................p. 134 - Branch disposals for antitrust authority compliance.......................................................p. 135 - Supervisory measures concerning the organisation and corporate governance of banks..p. 135 - Inspections.....................................................................................................................p. 136 - Tax aspects ....................................................................................................................p. 136 - “Dormant” accounts .......................................................................................................p. 138 1 WorldReginfo - 2f6dc225-2fba-40dc-86e1-77126a6d836f - The application of maximum overdraft charges...............................................................p. 139 Significant subsequent events occurring after 30th June 2008................................p. 140 Business outlook ...................................................................................................p. 141 CONDENSED HALF YEAR CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE PERIOD ENDED 30TH JUNE 2008 Condensed half year mandatory consolidated financial statements as at and for the period ended 30th June 2008........................................................p. 144 - Consolidated balance sheet ............................................................................................p. 144 - Consolidated income statement ......................................................................................p. 146 - Statement of changes in consolidated shareholders’ equity as at 30th June 2008 ............p. 147 - Statement of changes in consolidated shareholders’ equity as at 30th June 2007 ............p. 148 - Consolidated statement of cash flows .............................................................................pag. 149 Illustrative notes ....................................................................................................p. 151 - Accounting policies.........................................................................................................pag. 151 - Explanatory tables .........................................................................................................pag. 156 STATEMENT OF THE CHIEF EXECUTIVE OFFICER AND OF THE SENIOR OFFICER RESPONSIBLE FOR THE PREPARATION OF THE CORPORATE ACCOUTING DOCUMENTS...............................................p. 161 INDEPENDENT AUDITORS’ REPORT..........................................................................................p. 165 INFORMATION ON THE PERFORMANCE OF THE PARENT BANK, UBI BANCA SCPA IN THE FIRST HALF OF 2008 Reclassified financial statements and reconciliation schedules...............................p. 170 - Notes to the financial statements....................................................................................p. 170 - Reclassified balance sheet ..............................................................................................p. 172 - Reclassified income statement ........................................................................................p. 173 - Reclassified quarterly income statements ......................................................................p. 174 - Reclassified income statement net of the most significant non recurring items .......................................................................................................p. 175 - Reconciliation schedules ...............................................................................................p. 176 Performance in the period ......................................................................................p. 178 Separate condensed half year mandatory