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ANNUAL REPORT 2016 16TH YEAR OF OPERATIONS Banca Patrimoni Sella & C. S.p.A. Via Lagrange n.20 – 10123 Turin Tel. +39 011 5607111 Fax +39 011 5618245 www.bancapatrimoni.it Banca Sella Group Mission statement Taking care of our customers’ assets faithfully and constantly 2 CONTENTS Banca Sella Group map at 31 December 2016 5 Corporate offices 6 BOARD OF DIRECTORS ................................................................................................................................... 6 BOARD OF STATUTORY AUDITORS ................................................................................................................ 6 INDEPENDENT AUDITORS .............................................................................................................................. 6 Management Report 7 Financial highlights 8 Alternative Performance Indicators 9 Highlights 2016 10 1 ‐ The Bank’s strategy 12 2 ‐ Events during the year 14 3 ‐ Macroeconomic scenario 15 4 ‐ Profitability ‐ the profit and loss result 20 5 ‐ Balance Sheet and Shareholders’ Equity figures 30 7 ‐ Human resources 42 8 ‐ Financial wealth of households (private segment) 44 9 ‐ The organisation and the IT system 45 10 ‐ The risk management system and exposure 46 11 ‐ Business outlook 49 12 ‐ Research and development 51 13 ‐ Going concern: the Bank’s strategy and profitability 51 14 ‐ Significant events after year end 51 15 ‐ Treasury shares and shares of the Parent Company 52 16 ‐ Self‐assessment process for senior management 52 17 ‐ Relations with Group companies 52 18 ‐ Proposed allocation of profit 56 Financial Statements at 31 December 2016 57 Balance Sheet 58 Income Statement 59 Statement of Comprehensive Income 60 Statement of Changes in Shareholders’ Equity at 31 December 2015 61 Statement of Cash Flows – Direct Method 63 Explanatory Notes 64 Part A ‐ Accounting policies 65 Part B ‐ Information on the Balance Sheet ‐ Assets 94 Part B ‐ Information on the Balance Sheet ‐ Liabilities 118 3 Part C ‐ Information on the Income Statement 134 Part D ‐ Comprehensive income 157 Part E ‐ Information on risks and related hedging policies 159 Part F ‐ Information on equity 207 Part G ‐ Business combinations involving companies or business units 214 Part H ‐ Related party transactions 216 Part I ‐ Share‐based payment arrangements 222 Part L ‐ Segment reporting 223 Other Information 223 Parent Company or European controlling bank 223 Financial statements of the company exercising management and coordination 224 4 Banca Sella Group map at 31 December 2016 5 Corporate offices BOARD OF DIRECTORS In office until approval of the 2018 financial statements Chairman of the Board of Directors Maurizio Sella Deputy Chairmen Mario Renzo Deaglio Massimo Coppa CEO and Managing Director Federico Sella Director and Honorary Chairman Giovanni Coppa Directors Eugenio Brianti Veronica Buzzi Gregorio Chiorino Silva Maria Lepore Carlo Maria Mascheroni Priscilla Pettiti Sebastiano Sella Attilio Viola BOARD OF STATUTORY AUDITORS In office until approval of the 2018 financial statements Standing Auditor ‐ Chairman Mario Pia Standing Auditors Pier Vincenzo Pellegrino Emanuele Menotti Chieli Alternate Auditors Giovanni Rayneri Marina Mottura INDEPENDENT AUDITORS Independent Auditors Deloitte & Touche S.p.A. 6 Management Report 7 Financial highlights Financial highlights (in thousands of EUR) Changes BALANCE SHEET FIGURES 31/12/2016 31/12/2015 Absolute % Total assets 1,473,991.9 1,097,704.6 376,287.30 34.3% Financial assets (1) 132,435.0 282,002.1 (149,567.1) ‐53.0% Total cash lending (2) 364,529.9 350,324.8 14,205.1 4.1% Investments 430.0 430.0 ‐ 0.0% Property, plant and equipment and intangible assets 30,878.8 29,952.6 926.2 3.1% Total funding (3) 11,398,796.6 10,905,262.5 493,534.1 4.5% Direct funding (4) 1,297,006.2 913,319.3 383,686.9 42.0% Direct funding from banks (5) 44,355.5 51,176.2 (6,820.7) ‐13.3% Third‐party assets under management ‐ gross 1,565,501.0 1,816,617.8 (251,116.8) ‐13.8% Third‐party assets under management ‐ net (6) 1,208,681.3 1,468,965.5 (260,284.2) ‐17.7% Guarantees given 6,910.2 13,720.4 (6,810.1) ‐49.6% Equity 75,478.5 72,938.9 2,539.7 3.5% CET 1 capital 70,814.9 66,949.6 3,865.2 5.8% T2 capital 95.4 123.9 (28.5) ‐23.0% Total own funds 70,910.2 67,073.5 3,836.7 5.7% Changes RECLASSIFIED INCOME STATEMENT FIGURES (7) 31/12/2016 31/12/2015 Absolute % Interest margin 8,934.1 8,469.6 464.5 5.5% Gross revenue from services (8) 86,040.4 87,433.6 (1,393.2) ‐1.6% Fee and commission expense 43,456.0 42,863.9 592.1 1.4% Net revenue from services (net of fee and commission expense) 42,584.4 44,569.7 (1,985.4) ‐4.5% Net interest and other banking income 51,518.5 53,039.3 (1,520.9) ‐2.9% Operating expense net of tax and duty recoveries 39,260.8 37,219.0 2,041.8 5.5% Operating result 12,257.7 15,820.3 (3,562.7) ‐22.5% Net value adjustments/reversals for impairment losses 64.4 (426.9) 491.3 ‐115.1% Other income statement items (9) (1,722.1) (1,402.4) (319.8) 22.8% Income taxes (3,428.4) (4,985.2) 1,556.8 ‐31.2% Profit (loss) for the year 7,171.5 9,005.9 (1,834.4) ‐20.4% (1) The aggregate is the sum of the following asset items of the Balance Sheet: item 20 ‐ Financial assets held for trading and item 40 ‐ Available‐for‐sale financial assets. (2) The aggregate refers to asset item 70 ‐ Due from customers in the Balance Sheet. (3) The aggregate corresponds to Internal Control figures prepared and approved monthly by the Board of Directors. In this respect, note that from 1 January 2016, the Group monitoring of funding (both stock and flows) was improved. In particular, bonds were designated at fair value and no longer recognised at nominal value. For comparison purposes, the figures at 31 December 2015 were also updated. (4) Direct funding corresponds to liabilities item 20 ‐ Due to customers in the Balance Sheet. (5) This refers to direct funding through intermediaries, classified in the financial statements under “due to banks” and, for operating purposes and their characteristics, under “direct funding”. The item contributes to forming the total funding. The balances indicated are reconciled with the accounting data. (6) The aggregate represents the total AUM mandates, net of customers who deposit through Group banks and are assisted by private bankers. Note that, considering the Group’s improved funding monitoring procedures adopted from 1 January 2016, in order to aid comparison, the figure at 31 December 2015 was also updated. (7) As for the items highlighted in the reclassified income statement. (8) The aggregate represents the sum of the following reclassified income statement items: fee and commission income, net gains from trading and hedging and gains (losses) on disposal or repurchase of receivables, available‐for‐sale financial assets, financial assets held to maturity and financial liabilities. (9) Given by the sum of the following items: 160 ‐ Allocations net of provisions for risks and charges; 130 ‐ Net adjustments/reversals for impairment of AFS financial assets and other financial transactions; 240 ‐ Gains (losses) from disposal of investments. 8 Alternative Performance Indicators Alternative Performance Indicators PROFITABILITY RATIOS (%) 31/12/2016 31/12/2015 R.O.E. (return on equity) (1) 10.4% 14.2% R.O.A. (return on assets) (2) 0.5% 0.8% Interest margin (3)/Net interest and other banking income (3) 17.3% 16.0% Net revenue from services (3)/Net interest and other banking income (3) 82.7% 84.0% Cost to income (4) 75.9% 69.7% Cost to income net of European guarantee fund contributions (5) 74.2% 68.4% PRODUCTIVITY RATIOS (in thousands of EUR) 31/12/2016 31/12/2015 Net interest and other banking income/Average no. of employees (6) 221.6 255.0 Operating result/Average no. of employees (6) 52.7 76.1 Cash lending/Employees at year end (7) 1,500.1 1,578.0 Direct funding/Employees at year end (7) 5,337.5 4,114.1 Total funding/Employees at year end (7) 46,908.6 48,415.5 EQUITY AND LIQUIDITY RATIOS (%) 31/12/2016 31/12/2015 Cash lending/Direct funding 28.1% 38.4% Cash lending/Total assets 24.7% 31.9% Direct funding/Total assets 88.0% 83.2% SOLVENCY RATIOS (%) 31/12/2016 31/12/2015 CET 1 capital ratio 16.57% 15.80% Tier 1 capital ratio 16.57% 15.80% Total capital ratio 16.59% 15.83% (1) Ratio between “Profit (loss) for the year” and the sum of liability items 160 “Reserves”, 170 “Share premium reserve”, 180 “Capital” in the Balance Sheet. (2) Ratio between “Net profit (loss)” and “Total assets”. (3) As per the reclassified income statement. (4) Ratio between operating expense, net of IRAP on personnel costs and net of losses associated with operational risk, and the net interest and other banking income. (5) Cost to income calculated by subtracting contributions to the European guarantee fund SRF (Single Resolution Fund) and the DGS (Deposit Guarantee Scheme). (6) The average no. of employees was 232.50, calculated as the average of the number of employees at the end of 2015 and at the end of 2016. (7) The no. of employees at year end was 243. See paragraph 7.1 of the Management Report. 9 Highlights 2016 Own funds Total funding (1) (Total Capital Ratio) in thousands of EUR in thousands of EUR 11,398,797 70,910 10,905,263 67,073 62,310 9,800,427 2014 2015 2016 2014 2015 2016 Net fee and commission income Net profit (loss) in thousands of EUR in thousands of EUR 31,684 31,272 12,951 9,006 7,171 28,005 2014 2015 2016 2014 2015 2016 (1) Takes into consideration the improved Group funding monitoring procedures (for both stock and flows) adopted from 1 January 2016.
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