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PDF First Half Report BB THE BANCA CARIGE GROUP Fondazione CR BPCE IOM Other Genova e Shareholders Imperia 47.16% 9.99% 42.85% BANCA CARIGE S.p.A. - Cassa di Risparmio di Genova e Imperia Banking Group Insurance Group 95.90% Cassa di Risparmio di Savona S.p.A. Carige Vita Nuova S.p.A. 100.00% 90.00% Cassa di Risparmio di Carrara S.p.A. Carige Assicurazioni S.p.A. 98.40% 60.00% Banca del Monte di Lucca S.p.A. 1.16% held as treasury shares. 100.00% Banca Cesare Ponti S.p.A. 100.00% Creditis Servizi Finanziari S.p.A. 60.25% Assi90 S.r.l. 39.75% 0.50% 99.50% 100.00% Carige A. M. SGR S.p.A. I.H. Roma S.r.l. 76.95% Centro Fiduciario CF S.p.A. 20.00% Dafne Immobiliare S.r.l. 100.00% 100.00% Argo Finance One S.r.l. 100.00% Priamar Finance S.r.l. Banking activities 60.00% Argo Mortgage S.r.l. Trust activities 60.00% Argo Mortgage 2 S.r.l. 60.00% Carige Covered Bond S.r.l. Insurance activities 60.00% Carige Covered Bond 2 S.r.l. Instrumental activities 100.00% Columbus Carige Immobiliare S.p.A. Financial activities 100.00% Banca Carige Group Immobiliare Carisa S.r.l. N.B. in implementation of the Banca Carige Group restructuring project, on 23 May 2012, Banca Carige Italia SpA was incorporated, wholly owned by Banca Carige SpA, which requested authorisation from the Bank of Italy to carry out banking activities. 2 BANCA CARIGE GROUP HALF-YEARLY FINANCIAL REPORT AS AT 30 JUNE 2012 CONTENTS CONSOLIDATED FINANCIAL HIGHLIGHTS 4 BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND INDIPENDENT AUDITORS 5 INTERIM REPORT ON OPERATIONS 6 The real and monetary situation 7 Strategy 8 Business performance 10 Highlights for first half-year 2012 10 Risk management 12 Subsequent events 12 Main risks and uncertainties and business outlook 12 Information on relations with related parties 13 HALF YEARLY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 14 Consolidated Financial statements 15 - Consolidated balance sheet 16 - Consolidated income statement 17 - Statement of consolidated comprehensive income 18 - Changes in consolidated shareholders’ equity 19 - Consolidated statement of cash flows 21 Explanatory notes 22 - Accounting policies 22 - Scope of consolidation and consolidation methods 24 - Trading activities 28 - Economic results 46 - Dividends distributed in the half-year period by Parent Company Banca Carige 51 - Insurance business 52 - Relations with related parties 53 - Equity investments and intangible assets with an indefinite useful life 55 - Treasury shares, statement of cash flows and shareholders’equity 58 - Resource management 59 - Risk management 61 - Results by business segment 67 - Subsequent events 73 THE PARENT COMPANY AND SUBSIDIARIES 74 - The Parent Company: financial statements and explanatory notes 75 - Subsidiary banks 90 - Insurance subsidiaries 95 - Financial subsidiaries 97 - The other main subsidiaries 100 ANNEXES 101 GLOSSARY OF TECHNICAL TERMS AND ACRONYSM USES 102 CERTIFICATION OF THE HALF-YEARLY CONDENSED FINANCIAL STATEMENTS PURSUANT TO 116 ART. 81-TER OF CONSOB REGULATION NO. 11971 OF 14 MAY 1999 AND SUBSEQUENT AMENDMENTS AND ADDITIONS INDEPENDENT AUDITORS’ REPORT ON THE LIMITED AUDIT OF THE HALF-YEARLY CONDENSED 118 CONSOLIDATED FINANCIAL STATEMENTS 3 CONSOLIDATED FINANCIAL HIGHLIGHTS Situation as at Change % 30/06/2012 31/12/2011 30/06/2011 06/2012 06/2012 06/2011 06/2011 BALANCE SHEET (1) Total assets 47,314,048 44,860,061 42,374,106 5.5 11.7 Funding 36,246,804 34,362,190 31,256,275 5.5 16.0 - Direct deposits (a) 27,630,325 28,439,887 28,311,847 -2.8 -2.4 * Due to customers 16,104,290 15,919,602 15,636,164 1.2 3.0 * Securities issued 10,668,463 11,616,164 11,399,971 -8.2 -6.4 * Financial liabilities designated at fair value through profit and loss (2) 857,572 904,121 1,275,712 -5.1 -32.8 - Due to banks 8,616,479 5,922,303 2,944,428 45.5 … Indirect deposits (b) 22,868,695 23,571,160 24,280,660 -3.0 -5.8 - Assets under management 9,659,963 9,523,339 10,185,110 1.4 -5.2 - Assets under administration 13,208,732 14,047,821 14,095,550 -6.0 -6.3 Financial Intermediation Activities (FIA) (a+b) 50,499,020 52,011,047 52,592,507 -2.9 -4.0 Investments 42,810,901 39,951,781 38,264,024 7.2 11.9 - Loans to customers (3) (4) 27,450,266 27,534,610 26,560,685 -0.3 3.3 - Due from banks (3) (4) 1,914,992 1,638,928 1,468,880 16.8 30.4 - Securities portfolio (5) 13,445,643 10,778,243 10,234,459 24.7 31.4 Share capital and reserves 3,282,469 2,634,729 3,595,757 24.6 -8.7 Situation as at Change % 30/06/2012 31/12/2011 30/06/2011 06/2012 12/2011 INCOME STATEMENT (1) Net interest and other banking income 612,811 1,144,144 541,654 13.1 Net income from banking and insurance activities 463,457 944,635 455,441 1.8 Income (loss) before tax from continuing operations 125,965 279,491 119,485 5.4 Parent Company's net income (loss) 90,230 186,651 75,158 20.1 RESOURCES (6) Change % Number of branches 677 677 670 - 1.0 Insurance agencies 437 431 436 1.4 0.2 Number of bank employees 5,443 5,481 5,525 -0.7 -1.5 Number of bank and insurance employees 5,941 5,974 6,013 -0.6 -1.2 FINANCIAL RATIOS Operating expenses Net interest and other banking income 55.5% 58.5% 62.5% Income (loss) before tax from continuing operations /Share capital and reserves 3.8% 10.6% 3.3% ROE 2.7% 7.1% 2.1% ROE (7) 2.5% 5.9% 2.2% ROAE (8) 3.0% 6.1% 2.1% ROAE (7) (8) 2.7% 6.0% 2.3% Earnings per share (in Euro) - basic 0.044 0.114 0.041 - diluted 0.044 0.100 0.041 REGULATORY RATIOS (9) (10) Total weighted assets (1) 23,532,000 23,132,897 22,469,925 1.7 4.7 Core Tier 1 ratio 6.7% 6.7% 5.9% Tier1 ratio 7.4% 7.4% 6.6% Total capital ratio 9.9% 10.1% 9.1% (1) Figures in thousands of euro. (2) Carige Vita Nuova liabilities, designated at fair value and relating to products for which risk is borne by insureds, are not included in this table. (3) Before value adjustments. (4) Net of debt securities classified as L&R. (5) The aggregate includes Balance Sheet items 20 (net of derivatives), 30 (net of liquidity invested facing the insurance contracts for which theinvestmentrisk is borne bythe insured), 40, 60 (only the portion relating to L&R) and 70 (only the portion relating to L&R). (6) Statistics of the end of period. (7) Net of the AFS reserve (item 140 of balance sheet liabilities). (8) Net profit on average shareholders' equity (Return On Average Equity). (9) The figures as at 06/30/2012 result from accounting and management estimates (10) The figures as at 12/31/2011 are stated on a pro-forma basis, taking into account the conversion of the "Banca Carige 4.75% 2010-2015 convertible bond with the option of redemption in shares" ("Banca Carige 4,75% 2010-2015 convertibile con facoltà di rimborso in azioni"). 4 BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND INDIPENDENT AUDITORS BOARD OF DIRECTORS GENERAL MANAGERS BOARD OF STATUTORY AUDITORS CHAIRMAN GENERAL MANAGER CHAIRMAN Giovanni Berneschi * Ennio La Monica Andrea Traverso DEPUTY CHAIRMAN CO-GENERAL STANDING AUDITORS Alessandro Scajola * MANAGER Domenico Sardano (CREDIT AND WEALTH Massimo Scotton MANAGEMENT) Mario Cavanna DIRECTORS Piergiorgio Alberti CO-GENERAL ALTERNATE AUDITORS Piero Guido Alpa MANAGER Stefano Lunardi Jérome Gaston Raymond Bonnet (ADMINISTRATION AND Pietro Segalerba Luca Bonsignore RESOURCES) Cesare Castelbarco Albani Giacomo Ottonello INDIPENDENT AUDITORS Remo Angelo Checconi * Reconta Ernst & Young SpA Bruno Cordazzo DEPUTY GENERAL Ivo De Michelis * MANAGER MANAGER RESPONSIBLE Philippe Marie Michel Garsuault (GOVERNANCE AND FOR PREPARING THE CONTROL) COMPANY’S FINANCIAL Daria Bagnasco REPORTS Luigi Gastaldi * Daria Bagnasco Giovanni Marongiu Paolo Cesare Odone * DEPUTY GENERAL Guido Pescione MANAGER Alessandro Repetto * (COMMERCIAL) Mario Venturino Gabriele Delmonte Philippe Wattecamps * Member of the Executive Committee The Board of Directors was appointed by the Ordinary Shareholders’ Meeting on 27 April 2012 for the 2012-2013-2014 financial years and, therefore, with a term of office lasting until approval of the financial statements for the year ended 31 December 2014. The Board of Statutory Auditors was appointed by the Ordinary Shareholders’ Meeting on 29 April 2011 for the financial years 2011-2012- 2013, hence with a term of office up to the date of the Shareholders’ Meeting called to approve the financial statements as at 31 December 2013. Standing Auditor Mr. Antonio Semeria, who passed away, was replaced in office on 12 May 2011, pursuant to art. 26 of the Articles of Association, by Substitute Auditor Mr. Domenico Sardano. In accordance with the aforementioned art. 26 of the Articles of Association and art. 2401, paragraph 1, of the Italian Civil Code, the Shareholders’ Meeting held on 13 February 2012 then supplemented the Board of Statutory Auditors by appointing Mr. Domenico Sardano as Standing Auditor and Mr. Pietro Segalerba as Substitute Auditor, with the same expiry of term in office as the other members of the Board of Statutory Auditors. The Executive Committee was appointed by the Board of Directors on 2 May 2012 with term of office up to 31 December 2012.
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