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IFI Annual Report 2006

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IFI Annual Report 2006 Annual Report 2006 Società per Azioni Capital stock € 163,251,460, fully paid-in Registered office in Turin – Corso Matteotti 26 – Turin Company Register No. 00470400011 TABLE OF CONTENTS DIRECTORS' REPORT ON OPERATIONS 1 Board of Directors, Board of Statutory Auditors and Independent Auditors 2 Letter to the stockholders 5 IFI Group profile 11 Major events in 2006 and in the first quarter of 2007 11 Business outlook 12 IFI S.p.A. - Review of the results of the separate financial statements 16 IFI Group - Review of the consolidated results 21 Other information 22 Review of the operating performance of the subsidiary IFIL Investments S.p.A. 33 Motion for the approval of the separate financial statements and the appropriation of the profit for the year SEPARATE FINANCIAL STATEMENTS OF IFI S.p.A. AT DECEMBER 31, 2006 36 Separate balance sheet 37 Separate income statement 38 Separate statement of changes in equity 39 Separate statement of cash flows 40 Notes to the separate financial statements 63 Appendix - Transition to International Financial Reporting Standards (IFRS) by IFI S.p.A. CONSOLIDATED FINANCIAL STATEMENTS OF THE IFI GROUP AT DECEMBER 31, 2006 72 Consolidated balance sheet 73 Consolidated income statement 74 Consolidated statement of changes in equity 75 Consolidated statement of cash flows 76 Notes to the consolidated financial statements 150 REPORTS OF THE BOARD OF STATUTORY AUDITORS 153 REPORTS OF THE INDEPENDENT AUDITORS 157 LIST OF GROUP COMPANIES This is an English translation of the Italian original document “Relazioni e Bilanci 2006” approved by the IFI S.p.A. board of directors on March 30, 2007, which has been prepared solely for the convenience of the reader. The version in Italian takes precedence and for complete information about IFI S.p.A. and the Group, reference should be made to the full original report in Italian containing the Directors' Report on Operations and the Separate and Consolidated Financial Statements also available on the corporate website: http://www.gruppoifi.com Board of Directors Chairman John Elkann (a) Vice Chairman Pio Teodorani-Fabbri Chief Executive Officer and General Manager Virgilio Marrone Directors Carlo Acutis (b) Andrea Agnelli Tiberto Brandolini d'Adda Oddone Camerana Luca Ferrero Ventimiglia Gianluigi Gabetti (c) Franzo Grande Stevens Francesco Marini Clarelli Andrea Nasi Lupo Rattazzi Secretary to the Board Pierluigi Bernasconi (a) From April 17, 2007. (b) Independent director. (c) Chairman until April 17, 2007. The composition of the board of directors is updated according to the resolutions passed on April 17, 2007. It should be noted that the Turin Court of Appeals has suspended the effectiveness of the additional administrative sanctions imposed by Consob on Gianluigi Gabetti, Franzo Grande Stevens and Virgilio Marrone. Board of Statutory Auditors Chairman Gianluca Ferrero Standing Auditors Giorgio Giorgi Lionello Jona Celesia Alternate Auditors Giorgio Ferrino Paolo Piccatti Independent Auditors Deloitte & Touche S.p.A. Expiry of the terms of office The terms of office of the board of directors and the board of statutory auditors, elected by the stockholders' meeting held on June 25, 2006, will expire concurrently with the stockholders' meeting that will be held to approve the statutory financial statements for the year ending December 31, 2008. The appointment of the independent auditors will expire concurrently with the stockholders' meeting that will be held to approve the financial statements for the year ending December 31, 2011. 1 REPORT ON OPERATIONS LETTER TO THE STOCKHOLDERS During 2006, the attention of economic operators moved permanently from the Atlantic Ocean to the Pacific Ocean. In fact, prior to that, hopes of a recovery or fears of potential economic crises were always focused on the shores of the Atlantic. Attention focused on the decoupling of the European economy versus the United States economy, on the effects of a rise in interest rates or, conversely, of an easygoing monetary policy decided in Washington, on the trend of industrial growth in Frankfurt or Paris, or on the possibility that Europe might replace the United States as the driver behind world growth. Other countries played a decidedly secondary role. Despite the fact that Japan had phenomenal production capacity and a presence in the technological sectors with higher added value, in recent years, it has never succeeded in imposing itself as a key player in world growth. Rather it has benefited from phases of growth in other parts of the world and has suffered in times of slowdown. Even today, its political and financial weight is markedly inferior to its economic capacity. In this context, even China was no exception. Of course, the sheer size of the country, its massive population and its military might have always aroused the curiosity of the markets but, for a long time, the role that the country might play in future years was underestimated. There were too many doubts about the ability of the Chinese authorities to undertake the reforms needed to stimulate the local economy in a way that would make it competitive with international markets. Today, even the most skeptical commentators acknowledge that China plays a fundamental role in the world economy, more than the albeit tumultuous growth of its GDP can justify from the mere standpoint of quantity. The attention of the world has therefore shifted to the Pacific Ocean in an effort to understand the relations existing between the U.S.A. and China, and to what extent the decisions made by one may influence the economy of the other. In this specific case, not only very important commercial relations are involved, but also a complex inter-dependence between one country, China, which has not only succeeded in producing what the largest world market wants cheaply but has also financed the consumption of that country, contributing to a large part of the national debt. This phenomenon has undoubtedly helped to ensure the growth of the world economy in recent years, but it has now reached extremely important and possibly critical levels. Recent estimates suggest that Chinese reserves denominated in the American currency alone vastly exceed $ 1,000 billion. The enormous wealth accumulated by China has enabled it to become not only a country which attracts investors but, in the space of a few years, an international investor of the first order with enormous resources to allocate to the most advanced sectors. It is therefore vital that we endeavor to understand China, its internal problems and its contradictions better, since, in the future, decisions made in that country will have a decisive impact on the world equilibrium and on the way economies develop. It is going to be vital to observe the transition to a model of socialist capitalism which combines the demands of a modern economy based on ownership and profit with the principles inherited from its previous experience, which are still deeply rooted in rural areas. The challenge posed by China will probably lead to the development of a true middle class which will make it possible to broaden the consumer base and enable China to be less dependent on the propensity of Americans and Europeans for consumption, acting as a driver of world growth and allowing the macro- economic imbalances which are so obvious today to be gradually reduced. If we turn our attention to the United States, in the second half of the year, there was a gradual and, from many standpoints, salutary slowdown in economic growth. 2006 ended with an increase in GDP of 3% on an annual basis, but with a trend in the last two quarters which does not exceed 2%. The trend of the economy benefited greatly from household consumption, sustained by the positive state of the labor market and the lower cost of energy. The rate of unemployment never exceeded the level of 5% and, during the last quarter of the year, the price 2 REPORT ON OPERATIONS of oil was often lower than the psychological threshold of $ 60 a barrel. Above all, the gradual slowdown in economic growth is associated with the downward trend of the residential real estate sector (it is estimated that the contribution to GDP of residential real estate investments in the last quarter of 2006 was equal to -1.16%, after the -1.20% of the preceding quarter) and it is highly probable that, in the near future, this slowdown will lead to a reduction in the number of jobs in the sector, sparking off a contraction of domestic consumption. This is the consequence of the restrictive monetary policy implemented by the Federal Reserve with the aim of cooling economic growth. Ben Bernanke, who took over Alan Greenspan’s job at the head of the FED in 2006, is anxious to avoid a situation where an excess of liquidity fueled by a low level in the cost of debt might cause an upturn in inflation and the formation of speculative bubbles in the real estate sector. The financial markets, which, by their very nature, try to anticipate macro-economic movements, seem to confirm expectations of a slowdown of the cycle. In fact, medium-term interest rates are at a lower level than the short-term interest rates imposed by the FED. We are facing a positive phenomenon which has been kindled by a rational economic policy, aimed at gradually reducing the imbalances which, unless they are controlled, might result in painful corrective measures in the long term. In Europe, in 2006, economic growth was higher than expected, reaching almost 3%. The main economic authorities suggest that the prospects for 2007 are also favorable. The performance of Germany was particularly significant, with a phase of growth the like of which had not been seen since 1990, and so sustained that it enabled the whole of the Old Continent to start to follow suit.
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