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Financial Statements CORPORATE OFFICERS AND AUDITORS .............................................................................................................. 2 REPORT FORMAT AND CONTENT........................................................................................................................... 3 GROUP PROFILE ........................................................................................................................................................... 4 CONSOLIDATION AREA ........................................................................................................................................... 4 PRODUCTS AND MARKET PRESENCE................................................................................................................... 5 SUMMARY PERFORMANCE DATA .......................................................................................................................... 7 MARKET FRAMEWORK.............................................................................................................................................. 9 MACROECONOMIC OVERVIEW.............................................................................................................................. 9 LEASING MARKET AND GROUP'S POSITIONING .............................................................................................. 10 FACTORING MARKET AND GROUP'S POSITIONING......................................................................................... 12 REVIEW OF OPERATING PERFORMANCE.......................................................................................................... 13 EARNINGS RESULTS ............................................................................................................................................... 13 KEY BALANCE-SHEET AGGREGATES................................................................................................................. 15 DOUBTFUL RECEIVABLES .................................................................................................................................... 18 CAPITAL ADEQUACY ............................................................................................................................................. 19 REVIEW OF ACTIVITY BY LINE OF BUSINESS .................................................................................................. 20 LEASING .................................................................................................................................................................... 20 FACTORING............................................................................................................................................................... 21 MEDIUM-/LONG-TERM FINANCING .................................................................................................................... 22 REMARKETING ........................................................................................................................................................ 22 HEAD OFFICE DEPARTMENTS ............................................................................................................................... 24 RISK MANAGEMENT ................................................................................................................................................. 28 OTHER INFORMATION ............................................................................................................................................. 30 SHARE PERFORMANCE .......................................................................................................................................... 30 SHAREHOLDER BASE ............................................................................................................................................. 31 RATINGS .................................................................................................................................................................... 31 OPERATING HIGHLIGHTS AFTER QUARTER END ..........................................................................................32 FINANCIAL STATEMENTS ....................................................................................................................................... 33 BALANCE SHEET ..................................................................................................................................................... 33 INCOME STATEMENT ............................................................................................................................................. 34 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY............................................................................... 35 STATEMENT OF CHANGES IN FINANCIAL POSITION ...................................................................................... 37 ACCOUNTING POLICIES........................................................................................................................................... 39 ASSETS....................................................................................................................................................................... 52 LIABILITIES AND SHAREHOLDERS' EQUITY..................................................................................................... 64 OTHER INFORMATION ........................................................................................................................................... 74 TAX DISPUTES.......................................................................................................................................................... 75 INFORMATION ON THE INCOME STATEMENT ................................................................................................ 77 CREDIT QUALITY ....................................................................................................................................................... 87 SEGMENT REPORTING ............................................................................................................................................. 91 A – PRIMARY SEGMENT REPORTING .................................................................................................................. 91 B – SECONDARY SEGMENT REPORTING ............................................................................................................ 92 TRANSACTIONS WITH RELATED PARTIES........................................................................................................ 95 SHARE-BASED PAYMENTS..................................................................................................................................... 101 INFORMATION ON THE HOLDING COMPANY ................................................................................................ 103 FINANCIAL STATEMENTS OF THE HOLDING COMPANY ............................................................................. 104 1 CORPORATE OFFICERS AND AUDITORS Board of Directors Chairman Lucio Rondelli ° °° Vice Chairmen Ettore Caselli ° Fabio Innocenzi ° Piero Montani ° Chief Executive Officer Massimo Faenza ° Directors Maurizio Biliotti ° Giovanni Cartia Spartaco Gafforini °° Pasquale Lorusso °° Renato Mastrostefano Nicolò Melzi °° Mario Alberto Pedranzini ° Luigi Lana ° Errico Ronzo ° °° Pier Giorgio Signorelli (°) Members of the Executive Committee (°°) Independent directors Board of Statutory Auditors Chairman Alfio Poli Auditors Luigi Anselmi Pio Bersani Bruno Filippi Lelio Scopa Alternate Auditors Attilio Guardone Nicola Tarantino Independent Auditors Deloitte & Touche S.p.A. 2 REPORT FORMAT AND CONTENT The financial statements as of 31 March 2007 have been prepared in accordance with IAS/IFRS, and in conformity with the provisions of the "Regulations for the implementation of Legislative Decree n. 58 of 24 February 1998, concerning the governance of issuers" as adopted by CONSOB with its Resolution n. 11971 of 14 May 1999, and the subsequent modifications thereto. More specifically, the consolidated financial statements as of 31 March 2007have been prepared as provided by Article 81 of the issuer regulations and subsequent communications, using the formats proposed by the Bank of Italy in its Circular n. 262 of 22 December 2005. The financial statements for the first quarter of 2007 include: • Information on the Group's operating performance and business; • Consolidated Balance Sheet, Consolidated Income Statement, Statement of Changes in Consolidated Shareholders' Equity, and Statement of Changes in Consolidated Financial Position, all prepared in accordance with IAS/IFRS • Notes to the Consolidated Financial Statements • Banca Italease S.p.A. (Holding Company) Balance Sheet, Income Statement, Statement of Changes in Shareholders' Equity, and Statement of Changes in Financial Position, all prepared in accordance with IAS/IFRS. 3 GROUP PROFILE CONSOLIDATION AREA As of 31 March 2007, the Group consisted of the holding company, Banca Italease, and the subsidiaries and affiliates shown in the chart below: 100% 100% 100% 99,90% 100% Mercantile Italease Italease Italeasing S.p.A Leasimpresa S.p.A Leasing S.p.A Factorit S.p.A Network S.p.A (1) 100% 70% Italease Itaca Service S.p.A Finance S.p.A (2) 95% 100% Italease Gestione Italease Beni S.p.A (3) Agency S.r.l 100% Essegibi Promozioni Banca Italease Immobiliari S.r.l 100% Funding LLC 100% Essegibi Service Banca Italease S.p.A 100% Capital Trust Essegibi
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