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Worldreginfo AS AT 30 JUNE 2019 WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 CONSOLIDATED INTERIM REPORT at 30.06.2019 BOARD OF DIRECTORS 30 JULY 2019 This Interim Report has been translated from that issued in Italy, from the Italian into the English language, solely for the convenience of international readers. The Italian version remains the definitive version. WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 BANCA GENERALI S.P.A. Banca Generali S.p.A. Administration and Control Bodies Board of Directors - 30 July 2019 Board of Directors Giancarlo Fancel Chairman Gian Maria Mossa Chief Executive Officer Giovanni Brugnoli Director Azzurra Caltagirone Director Anna Gervasoni Director Massimo Lapucci Director Annalisa Pescatori Director Cristina Rustignoli Director Vittorio Emanuele Terzi Director Board of Statutory Massimo Cremona Chairman Auditors Mario Francesco Anaclerio Flavia Minutillo General Manager Gian Maria Mossa Manager in charge Tommaso Di Russo of preparing the Company’s Financial Reports 2 WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 BANCA GENERALI S.P.A. Contents Group Economic and Financial Highlights 5 Consolidated Interim Report on Operations 9 1. Summary of Half-Year Operations 10 2. Macroeconomic Context 12 3. Banca Generali's Competitive Positioning 14 4. Group Indirect Inflows 18 5. Operating Result and Performance of the Main Net Equity Aggregates 20 5.1 Profit and Loss Results 20 5.2 Balance Sheet and Net Equity Aggregates 34 6. Performance of Group Companies 46 7. Related Party Transactions 48 8. Human Resources and the Group’s Distribution Network 50 9. Products and Marketing 56 10. Auditing 61 11. Organisation and ICT 62 12. Main Risks and Uncertainties 64 13. Outlook for the Second Half of 2019 66 Condensed Consolidated Half-Year Financial Statements at 30.06.2019 69 CONSOLIDATED ACCOUNTING STATEMENTS Consolidated Balance Sheet 70 Consolidated Profit and Loss Account 71 Consolidated Statement of Comprehensive Income 72 Consolidated Statement of Changes in Net Equity 73 Consolidated Cash Flow Statement 74 NOTES AND COMMENTS Part A - Accounting Policies 77 Part B - Information on the Consolidated Balance Sheet 92 Part C - Information on the Consolidated Profit and Loss Account 114 Part D - Consolidated Comprehensive Income 128 Part E - Information on Consolidated Net Equity 130 Part F - Related Party Transactions 135 Part G - Segment Reporting 140 Attestation to the Condensed Half-Year Financial Statements pursuant to Art. 81-ter of Consob Regulation No. 11971 of 14 May 1999 and subsequent amendments 143 Independent Auditors' Report 147 CONTENTS 3 WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 GROUP ECONOMIC AND FINANCIAL HIGHLIGHTS WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 BANCA GENERALI S.P.A. Group economic and financial highlights CONSOLIDATED FIGURES (€ MILLION) 30.06.2019 30.06.2018 CHANGE % Net interest income 33.6 28.1 19.7 Net income (loss) from trading activities and dividends 6.0 20.6 -70.6 Net fees (c) 233.1 174.7 33.4 Net banking income 272.7 223.4 22.1 Staff expenses -45.0 -42.3 6.4 Other general and administrative expenses -71.4 -74.2 -3.8 Amortisation and depreciation -13.8 -4.2 231.6 Other operating income and expenses 29.4 27.1 8.5 Net operating expenses -100.9 -93.6 7.7 Operating result 171.8 129.8 32.4 Provisions -9.3 -10.6 -12.0 Adjustments -1.1 -3.6 -68.3 Profit before taxation 161.3 115.4 39.7 Net profit 132.8 92.6 43.5 PERFORMANCE INDICATORS 30.06.2019 30.06.2018 CHANGE % Cost income ratio(c) 31.9% 40.0% -20.3 Operating Costs/Total Assets (AUM) 0.34% 0.35% -3.5 EBTDA(c) 185.6 133.9 38.6 ROE(a) (c) 36.1% 26.8% 35.0 ROA(b) 0.44% 0.33% 34.5 EPS - Earning per share (euro) 1.140 0.798 43.0 (a) Ratio of net result to the arithmetic average of equity, including net profit, at the end of the reporting period and at the end of the previous annualised period. (b) Ratio of net result to the average of Assoreti's annualised quarterly AUM. (c) The figures for the period under review have been restated net of provisions. NET PROFIT (€ million) 92.6 132.8 150 100 +43.5% 50 0 30.06.2018 30.06.2019 6 GROUP ECONOMIC AND FINANCIAL HIGHLIGHTS WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 BANCA GENERALI S.P.A. NET INFLOWS (€ MILLION) (ASSORETI DATA) 30.06.2019 30.06.2018 CHANGE % Funds and Sicavs 506 558 -9.3 Financial wrappers -267 251 -206.4 Insurance wrappers 176 606 -71.0 Asset management 415 1,415 -70.7 Insurance/Pension funds 775 227 241.4 Securities/Current accounts 1,648 1,511 9.1 Total 2,838 3,153 -10.0 ASSETS UNDER MANAGEMENT & CUSTODY (AUM/C) (€ BILLION) (ASSORETI DATA) 30.06.2019 31.12.2018 CHANGE % Funds and Sicavs 14.8 13.2 11.7 Financial wrappers 6.5 6.4 1.7 Insurance wrappers 8.3 7.7 7.6 Asset management 29.6 27.3 8.2 Traditional life insurance policies 16.2 15.4 5.1 AUC 17.1 14.8 15.8 Total 62.9 57.5 9.3 NET EQUITY (€ MILLION) 30.06.2019 31.12.2018 CHANGE % Net equity 734.7 734.9 - Own funds 532.9 537.9 -0.9 Excess capital 163.0 249.1 -34.5 Total Capital Ratio 17.1% 19.0% -10.2 NET INFLOWS ASSETS UNDER MANAGEMENT OWN FUNDS (€ million) (€ billion) (€ million) 57.5 62.9 3,153 2,838 537.9 532.9 6,000 60 600 4,000 40 400 -10.0% +9.3% -0.9% 2,000 20 200 0 0 0 30.06.2018 30.06.2019 31.12.2018 30.06.2019 31.12.2018 30.06.2019 GROUP ECONOMIC AND FINANCIAL HIGHLIGHTS 7 WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 CONSOLIDATED INTERIM REPORT ON OPERATIONS at 30.06.2019 BOARD OF DIRECTORS 30 JULY 2019 WorldReginfo - 2ac36e93-c3bf-45f8-b2a3-8214b7c10830 BANCA GENERALI S.P.A. 1. Summary of half-year operations The Banca Generali Group closed the first half of 2019 with consolidated net profit of 132.8 mil- lion euros and total net inflows of over 2.8 billion euros, bringing the total volume of the assets entrusted by customers to the Banking Group for management to 62.9 billion euros (+9.3% com- pared to the end of 2018). Assets growth in the reporting period continued to focus primarily on AUC (1.6 billion euros) and traditional insurance policies (0.8 billion euros), which best mirrored the persistently ex- tremely prudent customer attitude. The significant increase in the liquid component of net inflows (1.0 billion euros) also reflected the contribution arising from the acquisition of new clients, who currently prefer to await the most appropriate moment for planning decisions. Among managed products, mention should be made of the excellent response to the new sub- funds of the Luxembourg-based Sicav Lux IM, launched in April 2018, which has now reached an AUM volume of 8.7 billion euros, marking an increase of over 123% on the end of the first quarter of 2018. In addition, Assets under Advisory amounted to 4.0 billion euros, with an increase ex- ceeding 1.7 billion euros in the current year. Net banking income reached 272.7 million euros, up by 22.1% on the same period of 2018, due in part to the financial market uptrend, which fuelled the contribution of the most volatile compo- nent, i.e., performance fees (+48.2 million euros). Net financial income – the sum of net interest income and net income from trading activities and dividends – declined sharply (-9.0 million euros) compared to the first half of 2018, which had benefited from the banking book de-risking strategy. The decline in net income from trading activities was offset by the significant improvement in net interest income, driven by the sharp rise in yields on Italian government bonds seen starting in the second quarter of 2018 (+25.8%, gross of the effects of the transition to IFRS 16). Operating expenses amounted to 100.9 million euros, increasing compared to the same period of the previous year (+7.7%). The increase was tied to the Bank's pronounced efforts to expedite all of its current strategic projects. This item includes the impact of some one-off components relating to the relocation of the administrative offices and the recent acquisitions for a total of 2.6 million euros, partially offset by the application of the new accounting standard IFRS 16, which contributed 0.7 million euros in terms of operating expenses. Net of these effects, which also include charges associated with the Saxo project, operating expenses reported a 5.7% change, in line with the Bank’s guidance, which calls for an increase of core operating expenses in the range of 3-5%1 for the three-year period 2019-2021. With reference to capital, Banca Generali confirmed the soundness of its regulatory aggregates. CET1 ratio reached 15.7% and Total Capital ratio was 17.1%. It should be noted that the transition to IFRS 16 entailed an adverse effect on the TCR of approx- imately 87 bps due to the recognition of the new RWAs represented by the rights of use, whereas the exclusion from own funds of the retained portion of half-yearly net profit, in accordance with the new dividend policy, resulted in an additional effect that may be estimated at approximately 83 bps.
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