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Alba Leasing S.P.A. Annual Report 2020

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Alba Leasing S.P.A. Annual Report 2020 Alba Leasing S.p.A. Annual Report 2020 Annual Report 2020 2 2020 ANNUAL REPORT Alba Leasing S.p.A. Registered office and head office: Via Sile, 18 – 20139 Milan Telephone 02 367161 - Fax 02 36716443. Web: www.albaleasing.eu. E-Mail: [email protected] Included in the List of Financial Intermediaries as per article 106 of the Consolidated Banking Act as no. 32 Tax code, VAT number and Milano-Monza-Brianza-Lodi Chamber of Commerce company registration no. 06707270960 Fully paid-up share capital €357,953,058.13 Member of Assilea, the Italian Association of Lease Companies 3 2020 ANNUAL REPORT Corporate bodies Board of directors Chairman Luigi Roth Directors Giorgio Pellagatti Matteo Bigarelli Fabio Cereghini Vittorio Pellegatta Camilla Cionini Visani Maurizio Riccadonna Board of statutory auditors Chairman Antonio Mele Standing statutory auditors Gabriele Camillo Erba Bruno Garbellini Alternate statutory auditors Matteo Tiezzi Nicola Fiameni General Board General Manager Stefano Rossi Vice General Manager Stefano Corti Shareholders Alba Leasing’s shareholders are: Banco BPM S.p.A. 39.19% BPER Banca S.p.A. 33.50% Banca Popolare di Sondrio S.c.p.a. 19.26% Credito Valtellinese S.p.A. 8.05% 4 2020 ANNUAL REPORT Contents Directors’ report ................................................................................................................................... 7 Consolidated financial statements .............................................................................................. 25 STATEMENT OF FINANCIAL POSITION ..................................................................................................... 27 INCOME STATEMENT ........................................................................................................................................ 28 STATEMENT OF COMPREHENSIVE INCOME .......................................................................................... 29 STATEMENT OF CHANGES IN EQUITY ...................................................................................................... 30 STATEMENT OF CASH FLOWS (indirect method) ................................................................................ 32 Notes to the consolidated financial statements .................................................................... 35 PART A - ACCOUNTING POLICIES ............................................................................................................ 37 A.1 – GENERAL PART .................................................................................................................................... 37 Section 1 – Statement of compliance with the IFRS .......................................................................... 37 Section 2 – Basis of presentation .............................................................................................................. 37 Section 3 – Events after the reporting date ......................................................................................... 42 Section 4 – Other aspects ............................................................................................................................ 42 Section 5 – Consolidation methods ......................................................................................................... 49 A.2 - ACCOUNTING POLICIES .................................................................................................................... 51 A.3 - TRANSFERS BETWEEN PORTFOLIOS OF FINANCIAL ASSETS ...................................... 64 A.4 - FAIR VALUE ........................................................................................................................................... 64 A.5 - DAY ONE PROFIT/LOSS ................................................................................................................... 66 PART B – NOTES TO THE STATEMENT OF FINANCIAL POSITION ............................................... 67 ASSETS ................................................................................................................................................................ 67 Section 1 – Cash and cash equivalents - Caption 10 .......................................................................... 67 Section 4 – Financial assets at amortised cost - Caption 40 ........................................................ 68 Section 8 – Property, equipment and investment property - Caption 80 ................................ 75 Section 9 – Intangible assets - Caption 90 ........................................................................................... 78 Section 10 – Tax assets and liabilities - Caption 100 of assets and Caption 60 of liabilities ................................................................................................................................. 79 Section 12 – Other assets - Caption 120 ................................................................................................. 82 LIABILITIES ........................................................................................................................................................ 83 Section 1 – Financial liabilities at amortised cost - Caption 10 ...................................................... 83 Section 6 – Tax liabilities - Caption 60 ................................................................................................... 84 Section 8 – Other liabilities - Caption 80 ............................................................................................... 84 Section 9 – Post-employment benefits - Caption 90 ....................................................................... 85 Section 10 – Provisions for risks and charges - Caption 100 .......................................................... 86 Section 11 – Equity - Captions 110, 120, 130, 140, 150, 160 and 170 ............................................... 90 5 2020 ANNUAL REPORT Part C – NOTES TO THE INCOME STATEMENT ....................................................................................93 Section 1 – Interest - Captions 10 and 20 ............................................................................................... 93 Section 2 – Fees and commissions - Captions 40 and 50 .............................................................. 95 Section 8 – Net impairment losses for credit risk - Caption 130 .................................................. 96 Section 9 – Net modification losses – Caption 140 ............................................................................ 97 Section 10 – Administrative expenses - Caption 160 ........................................................................ 98 Section 11 – Net accruals to provisions for risks and charges - Caption 170 ............................ 99 Section 12 – Depreciation and net impairment losses on property, equipment and investment property – Caption 180 ........................................................................ 100 Section 13 – Amortisation and net impairment losses on intangible assets - Caption 190 ................................................................................................................ 100 Section 14 – Other operating expense, net - Caption 200............................................................ 100 Section 18 – Net gains (losses) on sales of investments - Caption 250 .................................... 101 Section 19 – Income taxes – Captions 270 ........................................................................................... 101 Section 20 – Post-tax profit from discontinued operations - Caption 290 ........................... 102 Section 21 – Income statement: other information .......................................................................... 103 Part D – OTHER INFORMATION ................................................................................................................ 104 Section 1 – The group’s operations......................................................................................................... 104 Section 2 – Securitisations, unconsolidated structured entities (other than securitisation vehicles) and transfers of assets ................................................................................... 113 Section 3 – Risks and related hedging policies ................................................................................. 130 Section 4 – Equity .......................................................................................................................................... 156 Section 5 – Comprehensive income ....................................................................................................... 160 Section 6 – Related party transactions ................................................................................................... 161 Section 8 – Other disclosures .................................................................................................................... 163 Independent auditors’ report ...................................................................................................... 165 Report of the board of statutory auditors .............................................................................. 171 Statement of the managing director and the manager in charge of financial reporting ............................................................................... 177 Directors’ report 9 2020 ANNUAL REPORT Introduction As described in more detail in the notes to the consolidated
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