BANCA INTERMOBILIARE DI INVESTIMENTI E GESTIONI S.P.A. CONSOLIDATED and SEPARATE FINANCIAL STATEMENTS AS of 31 DECEMBER 2010
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GROUP BANCA INTERMOBILIARE DI INVESTIMENTI E GESTIONI S.p.A. CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2010 29TH YEAR BIM GROUP COMPANIES BANCA INTERMOBILIARE DI INVESTIMENTI E GESTIONI S.p.A. Torino: 10121 - Via Gramsci, 7 Tel. 011/08.28.1 - Fax 011/08.28.800 www.bancaintermobiliare.com - Email: info@bancaintermobiliare.com BANCA INTERMOBILIARE DI INVESTIMENTI E GESTIONI SUISSE S.A. Lugano: 6900 - Contrada Sassello, 10 SUISSE Tel. 0041/91/9136666 - Fax 0041/91/9136667 www.bimsuisse.com - Email: bim@bimsuisse.com BANCA IPIBI FINANCIAL ADVISORY S.p.A. Milano: 20123 - Via Meravigli, 2 Tel +39.02/85906. 1 - Fax +39.02/85906.280 BANCA FINANCIAL ADVISORY www.bancaipibi.it - Email: info@bancaipibi.it GRUPPO BANCA INTERMOBILIARE SYMPHONIA SGR S.p.A. Milano: 20121 - Corso Matteotti, 5 Tel. 02/777071 - Fax 02/77707350 www.symphonia.it - Email: infosgr@symphonia.it BIM FIDUCIARIA S.p.A. Torino: 10121 - Via Gramsci, 7 Tel 011/08.28.1 - Fax 011/08.28.852 Email: fiduciaria@bimfiduciaria.it BIM VITA S.p.A. Torino: 10121 - Via Gramsci, 7 Tel. 011/0828.411 - Fax 011/08.28.800 www.bimvita.it - Email: bimvita@bimvita.it BIM INSURANCE BROKERS S.p.A. BIM INSURANCE BROKERS Torino: 10121 - Via Gramsci, 7 Lloyd’s Correspondent Tel 011/08.28.416 - Fax 011/08.28.823 www.bimbrokers.it - Email: infobroker@bimbrokers.it BIM IMMOBILIARE S.r.l. Torino: 10121 - Via Gramsci, 7 Tel 011/08.28.1 - Fax 011/08.28.852 P ATIO LUGANO S.A. Lugano: 6900 - Contrada di Sassello, 10 Tel. 0041/91/9136666 - Fax 0041/91/9136667 Corporate website www.bancaintermobiliare.com Investor relations: ir@bancaintermobiliare.com Telephone, Banca Intermobiliare: +39 011 - 0828.1 GROUP BFINANCIALANCA YEAR 2010 INTERMOBILIARE DI INVESTIMENTI E GESTIONI S.p.A. CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2010 29th FINANCIAL YEAR REGISTERED OFFICE: VIA GRAMSCI, 7 10121 TURIN SHARE CAPITAL e 156,209,463 FULLY PAID-UP BANK CODE NO. 3043.7 BANKS REGISTER NO. 5319 TURIN COMPANY REGISTER NO. 02751170016 CHAMBER OF COMMERCE FOR INDUSTRY AGRICULTURE AND HANDICRAFTS OF TURIN, LISTED UNDER ECONOMIC ADMINISTRATIVE INDEX NO. REA 600548 TAX CODE/ VAT NUMBER 02751170016 SUBSCRIBING TO THE NATIONAL COMPENSATION FUND AND TO THE DEPOSIT PROTECTION FUND A MEMBER OF THE VENETO BANCA BANKIKG GROUP (Registered with the Register of Banking Groups on 8/06/1992 code no. 5035.1) and subject to Management and Coordination Activities of Veneto Banca S.c.p.a. FINANCIAL YEAR 2010 CONTENTS BANCA INTERMOBILIARE GROUP CONSOLIDATED MANAGEMENT REPORT 5 Highlights 6 The macroeconomic scenario 9 Main group information 13 Reclassified consolidated financial statements 15 Summary of results and management performance 20 Events after the financial statements reporting date 22 Business outlook 22 Operating figures and balance sheet data 23 Consolidated financial results 34 Results of investments 41 Information on risks and factors influencing profitability 44 Development and organisation activities 47 Management and auditing activities 49 Other aspects 51 CONSOLIDATED FINANCIAL STATEMENTS AT 31.12.2010 53 Consolidated balance sheet 54 Consolidated income statement 56 Consolidated statement of comprehensive income 57 Consolidated statement of changes in equity 58 Consolidated cash flow statement 60 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 63 Part A - Accounting policies 64 Part B - Information on the consolidated balance sheet 81 Part C - Information on the consolidated income statement 119 Part D - Consolidated statement of comprehensive income 135 Part E - Information on risks and related hedging policies 136 Part F - Information on consolidated equity 185 Part G - Business combinations regarding companies or company divisions 191 Part H - Related parties transactions 192 Part I - Share-based payment agreements 195 Part L - Segment operating 196 REPORTS ON CONSOLIDATED FINANCIAL STATEMENTS 199 Certification of the consolidated financial statements in accordance with art. 81-ter of CONSOB Regulation no. 11971 of 14 May 1999, as amended and supplemented 200 Statutory auditors’ report on the consolidated and separate financial statements 202 Independent auditors’ report on the consolidated financial statements 210 ANNEXES TO THE CONSOLIDATED FINANCIAL STATEMENTS 213 Annex 1 - Independent auditors’ fees related to Consolidated financial statements 214 FINANCIAL YEAR 2010 CONTENTS BANCA INTERMOBILIARE S.p.A. SEPARATE MANAGEMENT REPORT 217 Parent bank’s main data 218 Reclassified separate financial statements 220 Operating figures and balance sheet data 222 Financial results 231 Other aspects 237 Events after the financial statements reporting date 237 Business outlook 238 Project for allocating profit of the year 238 SEPARATE FINANCIAL STATEMENTS AT 31.12.2010 239 Separate balance sheet 240 Separate income statement 242 Separate statement of comprehensive income 243 Separate statement of changes in equity 244 Separate cash flow statement 246 SEPARATE NOTES TO THE FINANCIAL STATEMENTS 249 Part A - Accounting policies 250 Part B - Information on the balance sheet 266 Part C - Information on the income statement 297 Part D - Statement of comprehensive income 312 Part E - Information on risks and related hedging policies 313 Part F - Information on equity 347 Part G - Business combinations regarding companies or business branches 351 Part H - Related party transactions 351 Part I - Share-based payment agreements 356 Part L - Segment operating 357 REPORTS ON SEPARATE FINANCIAL STATEMENTS 361 Certificate of separate financial statements pursuant to art. 81-ter of CONSOB Regulation no. 11971 of 14 May 1999 as supplemented and amended 362 Independent auditors’ report on the separate financial statements 364 ANNEXES TO SEPARATE FINANCIAL STATEMENTS 367 Annex 2 - Independent auditors’ fees related to the separate financial statements 368 NATIONAL NETWORK BANCA INTERMOBILIARE BRANCHES Turin head office and branch 10121, Via Gramsci, 7 Alba branch 12051, Via Pierino Belli,1 Arzignano branch 36071, Corso Garibaldi, 1 Asti branch 14100, Via Bonzanigo, 34 Bassano del Grappa branch 36061, Via Bellavitis, 6 Bergamo branch 24121, C/so Vittorio Emanuele II, 8 Bologna branch 40124, Via de' Pignattari, 1 Chivasso branch 10034, Via Teodoro II, 2 Cuneo branch 12100, Corso Nizza, 2 Florence branch 50132, Via della Robbia, 24/26 Genoa branch 16121, Via XX Settembre, 31/4 Ivrea branch 10015, Via Palestro, 16 Milan branch 20123, Via Meravigli, 4 Milan branch 20121, Corso Matteotti, 5 Modena branch 41100, Corso Cavour, 36 Naples branch 80133, Via Medina, 40 Padua branch 35137, Via dei Borromeo, 16 Pavia branch 27100, Piazza Belli, 9 Pesaro branch 61100, Via Giusti, 6 Piacenza branch 29100, Via San Siro, 18 Pordenone branch 33170, Corso V. Emanuele II, 21/G Rome branch 00198, Via Donizetti, 14 Savona branch 17100, Via Paleocapa, 16/3 Thiene branch 36016, Via Montegrappa, 6/L Treviso branch 31100, Piazza Sant’Andrea, 6 Varese branch 21100, Via Leopardi, 1 Venice branch 30124, Palazzo Ziani - San Marco, 4934 Verona branch 37122, Corso Porta Nuova, 101 Vicenza branch 36100, Via Contrà Ponte San Michele, 3 FINANCIAL YEAR 2010 CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2010 CONSOLIDATED MANAGEMENT REPORT FINANCIAL YEAR 2010 HIGHLIGHTS GROUP STRUCTURE OFFICES HELD WITHIN THE PARENT COMPANY THE BOARD OF DIRECTORS The Board of Directors of Banca Intermobiliare, appointed by the shareholder meeting of 23/04/2010 and remaining in office until the financial statements at 31/12/2012 are approved, is currently composed as follows: Roberto RUOZI Chairman Independent Flavio TRINCA Vice Chairman Non-executive Pietro D’AGUI’ Chief Executive Officer Executive Franco ANTIGA Director Non-executive Angelo CECCATO Director Non-executive Vincenzo CONSOLI Director Non-executive Matteo CORDERO DI MONTEZEMOLO Director Non-executive Mauro CORTESE Director Independent Massimo MALVESTIO Director Non-executive Giuseppe SANTONOCITO Director Non-executive Luigi TERZOLI Director Non-executive BOARD OF STATUTORY AUDITORS The Board of Statutory Auditors of Banca Intermobiliare, appointed by the shareholder meeting of 25/06/2010 and remaining in office until the financial statements at 31/12/2012 are approved, is currently composed as follows: Paolo DE POI Chairman Paolo ANDOLFATO Statutory Auditor Roberto D’IMPERIO Statutory Auditor Stefano BERTARELLI Alternate Auditor Marco PEZZETTA Alternate Auditor CONSOLIDATED MANAGEMENT REPORT INDEPENDENT AUDITORS Deloitte & Touche S.p.A. is responsible for auditing the financial statements and the consolidated financial statements until 31/12/2013. DIRECTOR IN CHARGE Mr. Mauro VALESANI, Operations and Administration Manager of the Banca Intermobiliare Group, is in charge of drawing up corporate accounting documents, appointed by the BIM Board of Directors with the opinion of the Board of Statutory Auditors pursuant to Article 154 bis of Legislative Decree 58/1998. 6 • Consolidated Management Report FINANCIAL YEAR 2010 GROUP STRUCTURE Veneto Banca, through a merger by incorporation of Cofito (majority shareholder of Banca Intermobiliare) concluded on 18 February 2011 and registered on the Treviso and Turin Company Registers on 25 February 2011, acquired legal control of the Issuer, Banca Intermobiliare. Following the aforementioned acquisition by Veneto Banca, the legal requirements for a compulsory takeover bid were met, pursuant to articles 102 and 106, paragraph 1 of the Italian Consolidated Law on Finance (TUF), relating to residual outstanding BIM shares. The Bidder shall give each offer participant a cash