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Report and Consolidated Financial Statements

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Report and Consolidated Financial Statements Report and consolidated financial statements Year 2016 Report and Consolidated Financial Statements of the Bipiemme Group as at 31 December 2016 Cooperative Bank founded in 1865 Parent Company of the BPM – Banca Popolare di Milano – Banking Group Share capital as at 31.12.2016: Euro 3,365,439,319.02 Milan Companies Register no. 00715120150 Enrolled in the National Register of Cooperative Companies no. A109641 Registered Office and General Management: Piazza F. Meda, 4 - Milan www.gruppobpm.it Member of the Interbank Guarantee Fund Registered Bank and Parent Company of the BPM - Banca Popolare di Milano - Banking Group enrolled in the Register of Banking Groups Please note that as a result of the merger between Banco Popolare Soc. Coop. and Banca Popolare di Milano S.c. a r.l., approved on 15 October 2016, by the respective Extraordinary Meeting of Members, the Banco BPM S.p.A. was formed, effective from 1 January 2017. Banco BPM S.p.A. is the parent company of the namesake Banking Group, with registered office at Piazza F. Meda 4, Milan; VAT no. 09722490969; share capital: € 7,100,000,000.00. Year 2016 This English version is not an official translation and is not a substitute for the original Italian document. It is for informational purposes only and has been prepared solely for the convenience of international readers. 1 Contents Directors and Officers, General Management and Independent Auditors 7 Notice of Ordinary General Meeting 11 Report and Consolidated financial statements of the Bipiemme Group Year 2016 17 Key figures and ratios of the Bipiemme Group 19 Structure of the Bipiemme Group 20 Consolidated reclassified financial statements: general aspects 21 Reclassified balance sheet 23 Reclassified balance sheet – quarter by quarter 24 Reclassified income statement 25 Reclassified income statement – quarter by quarter 26 Key figures 27 Key ratios 28 Reclassified income statement excluding non-recurring items 29 3 Report on operations of the Bipiemme Group 31 The macroeconomic scenario and the banking system 32 Significant events for Banca Popolare di Milano and the Bipiemme Group 37 The activities of the Bipiemme Group in 2016 50 The distribution network and human resources 63 The Bipiemme Group’s scope of consolidation 70 Principal balance sheet aggregates 72 Income statement 88 Statement of cash flows 97 Information on the main Bipiemme Group companies 98 Related party transactions 107 Outlook 110 Consolidated Financial Statements 113 Consolidated Balance Sheet 114 Consolidated Income Statement 116 Consolidated statement of comprehensive income 117 Consolidated statement of changes in shareholders’ equity 118 Consolidated statement of cash flows 122 Consolidated Explanatory Notes 123 Part A – Accounting policies 125 Part B – Information on the consolidated balance sheet 197 Part C – Information on the consolidated income statement 277 Part D – Consolidated Statement of comprehensive income 303 Part E – Information on risks and related hedging policies 307 Part F – Information on consolidated capital 409 Part G – Business combinations 421 Part H – Related party transactions 425 Part I – Share-based payments 433 Part L – Segment reporting 439 4 Contents Certification of the consolidated financial statements pursuant to art. 81-ter of Consob Regulation no. 11971 dated 14 May 1999 and subsequent additions and amendments 447 Attachments to the consolidated financial statements 451 Reconciliation between the consolidated balance sheet and the consolidated reclassified balance sheet 452 Reconciliation between the consolidated income statement and the consolidated reclassified income statement 454 Consolidated reclassified income statement net of non-recurring items -- quarter by quarter 456 Disclosure of fees paid for auditing and other services pursuant to with art. 149-duodecies of the Consob Issuers’ Regulation 460 Public disclosures (Country by Country reporting) 461 Report of the Independent Auditors on the consolidated financial statements 463 Contents 5 Directors and Officers, BANCO BPM SpA Board of General Management General Management Directors and Independent Chairman General Manager Auditors Carlo Fratta Pasini Maurizio Faroni Senior Deputy Chairman Co-General Managers Mauro Paoloni(*) Domenico De Angelis Salvatore Poloni Vice-Chairmen Guido Castellotti(*) Maurizio Comoli(*) Chief Executive Officer Giuseppe Castagna(*) Directors Mario Anolli Michele Cerqua Rita Laura D’Ecclesia Carlo Frascarolo Paola Galbiati Cristina Galeotti Marisa Golo Piero Lonardi(*) Giulio Pedrollo Fabio Ravanelli Pier Francesco Saviotti(*) Manuela Soffientini Costanza Torricelli Cristina Zucchetti Board of Statutory Auditors Independent Auditors Chairman PricewaterhouseCoopers S.p.A. Marcello Priori Standing Auditors Maria Luisa Mosconi Gabriele Camillo Erba Claudia Rossi Alfonso Sonato Alternate Auditors Chiara Benciolini Marco Bronzato Paola Simonelli (*) members of the Executive Committee Directors and Officers 7 Letter to Shareholders Dear Shareholders, At this first General Meeting of Shareholders of Banco BPM S.p.A., you are called upon to approve the financial sta- tements for financial year 2016 of the banks that have, after a long and complex merger process, become the new Banco BPM S.p.A. These financial statements reflect a number of structural trends that Italian banks are having to face and which present challenges of a nature that cannot be overcome without mutual support for a growing number of institutions in the country. In particular, profitability is declining due mainly to the fact that interest rates have fallen to all-time lows, as well as to competition among banks for levels of credit demand that remain weak and to rigidity in the costs connected to opera- ting more traditional distribution networks. The bill that healthy banks are having to pay for the instability of their competitors is also significant. In fact, in 2016, Banco Popolare and BPM incurred a charge of 261.7 million euro for contributions to FITD, to the Single Resolution Fund, and to the Italian National Resolution Fund to complete the rescue of four banks and for the writedown of invest- ments in the Atlante Fund and in the FITD’s Volunteer Mechanism. Performance is also being hindered by provisions for non-performing loans brought about by the ongoing economic crisis, the declining value of collateral, and the slowness of compulsory procedures. As recently noted by the Director General of ABI, there is also the issue for the Italian banking industry of the truly incongruous price that the NPL market pays for these loans when selling them in bulk, which is the only way to achieve those reductions in stock that regulators continue to call for and underscore the importance of. In addition to these factors common to all Italian banks, there have also been the effects of our merger. The financial statements of both banks show a significant one-off cost for the merger as well as for the enhancement of coverage for non-performing loans as agreed upon with the ECB, which impacted on Banco Popolare’s financials for 2016, whereas for BPM the effects will be seen on the 2017 financial statements of Banco BPM, along with a much more significant extraordinary gain to be recognized following completion of the merger. In contrast to the heavy losses that have resulted (1.7 billion euro, 279 million of which for Banco Popolare for the impairment of the goodwill of the subsidiary Banca Aletti and 72.7 million euro of income for BPM), there is the outlook of profitability for the future, which is supported both by the greater strategic reach of the new organization and the start of a process of integration that, despite being in its early stages, has already shown a real potential for achieving the targets of the business plan from now until 2019, even in a landscape more challenging than what has been forecasted. Therefore, it is the desire of the Board of Directors, whose term began on 1 January of this year, that all employees of Banco BPM should embrace and benefit from the great upward potential that this “new beginning” now brings. It is not so much a matter of taking pride in the only banking merger carried out in 2016—and without having to turn to other banks or contributors for money or other resources—as it is about approaching this opportunity for which we have worked so hard with awareness, industriousness and responsibility. We are all perfectly aware that the future is beset with difficulties. It will take greater effort from us all in terms of hard work, responsibility and the governance of risks in return for remuneration that, for all levels, will at best be equal to that of the past. In the organization we are now building, it will matter not where you come from, but what you can do, and all of this must be a daily commitment experienced with the confidence that comes from the awareness of much more challenging, at times even dramatic situations that other banks, businesses, and many households are having to face in the communities we serve. It is with this outlook and attitude that Banco BPM will be taking its first steps as a new, unified bank, one that will re- member its roots and one that, as a joint-stock company, will seek to continue providing the sort of service to businesses and households that one expects from the best of mutual banks. In essence, it is about continuing in our mission, pursuing an orderly, well managed process of integration, and achie- ving all of the success that the Business Plan has in store for this new organization in terms of capital, asset quality, maintenance of liquidity requirements, the reduction of costs, and growth in revenue and profitability over time. As the logo of the new bank suggests, the horizon is as challenging as it is beautiful. Verona - Milan, 10 February 2017 The Board of Directors Lettera ai soci 9 Notice to convene the Pursuant to articles 13 and 43 of the Articles of Association, the Ordinary Shareholders’ Meeting of Banco BPM S.p.A.
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