Annual Reports 2009
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ANNUAL REPORTS 2009 Consolidated annual report Gruppo Banca Sella Banca Sella Holding S.p.A. Parent company of Gruppo Banca Sella. Head office: 13900 Biella (Italia), via Italia, 2 – Share capital and reserves € 469.632.431 Member of the Deposi scheme – Registered on the Banks and Banking Groups Roll TAX and VAT number 01709430027 – Tel. 015.35011 – Telefax 015.351767 – Swift SELB IT 22 Web site www.gruppobancasella.it This volume has been priented on ecological recycled paper ecologicalrecycled on been priented has This volume Centre insert: Fondazione Sella archive photographs Vittorio Sella, Mount Koshtantau, Dichtau, Shkara, valley of Adyl, etc. from oriental cone of Elbruz, 5000m 19 August 1889 Vittorio Sella, Mount Ushba e Shkara, Betsho hill from peak of Ciat – Bashil, 3500m ca. 22 August 1889 Vittorio Sella, Peak of Dongusorun nearby the homonymous hill, 3000m ca., northern side 1889 Vittorio Sella, Mount Ushba, above Ezeri village (Soanezia) 1889 Contents Main corporate boards and committees of the parent company Banca Sella Holding S.p.A. ..............................7 Map of the Banca Sella Group...............................................................................................................................8 Territorial organization of the Banca Sella Group...............................................................................................10 Correspondent banks of Banca Sella Holding S.p.A. ..............................................................................................25 CONSOLIDATED ANNUAL REPORT GRUPPO BANCA SELLA Report on operations________________________________________________________________________29 Main figures and indicators.....................................................................................................................................30 Rating......................................................................................................................................................................32 Macroeconomic scenario..........................................................................................................................................33 Strategic issues...........................................................................................................................................................36 Commercial policies..................................................................................................................................................39 Distribution policies..................................................................................................................................................42 Human resources.......................................................................................................................................................48 Operational structure................................................................................................................................................51 Changes in the framework of the Group and equity investments.........................................................................62 Results for the year - Income data..................................................................................................................63 Results for the year - Balance sheet data..............................................................................................................71 Profit distribution policy..........................................................................................................................................91 Group companies......................................................................................................................................................92 Own shares..............................................................................................................................................................108 Business outlook......................................................................................................................................................109 Events subsequent to closing of the financial year...............................................................................................111 Statement of reconciliation between shareholders’ equity and net profit of the parent company and consolidated shareholders’ equity and profit...........................................................112 Report of the board of statutory auditors_______________________________________________________113 Report of the board of statutory auditors..............................................................................................................114 Consolidated Financial Statements at 31 December 2009 _________________________________________115 Consolidated balance sheet....................................................................................................................................116 Consolidated income statement.............................................................................................................................118 Statement of consolidated comprehensive income.............................................................................................119 Consolidated cash flow statement.......................................................................................................................120 Statement of changes in consolidated shareholders’ equity...............................................................................121 Notes to the Financial Statements ___________________________________________________________123 Part A – Accounting policies..................................................................................................................................125 Annual reports 2009 | 3 Part B – Information on the consolidated balance sheet Assets......................................................................................................................................................157 Liabilities...................................................................................................................................................205 Part C – Information on the consolidated income statement.............................................................................223 Part D – Consolidated comprehensive income.....................................................................................................259 Part E – Information on risks and associated hedging policies........................................................................261 Part F – Information on capital...........................................................................................................................325 Part G – Aggregation operations regarding companies or business lines...........................................................335 Part H – Related party transactions......................................................................................................................337 Part I – Payment agreements based on own equity instruments................................................................341 Part L – Segment reporting....................................................................................................................................343 Independent auditors’ report ________________________________________________________________349 Independent auditors’ report..................................................................................................................................350 4 | GRUPPO BANCA SELLA Annual reports 2009 | 5 Main corporate boards and committees of the parent company Banca Sella Holding S.p.A. BOARD OF DIRECTORS in office up to the approval of the 2009 financial statements____________________________________________________ Chairman Maurizio Sella Deputy chairman Franco Sella Deputy chairman Lodovico Sella Chief Executive Officer and General Manager Pietro Sella Co-General Manager Attilio Viola Director Mario Cattaneo “ Mario Renzo Deaglio “ Fitoussi Jean Paul “ Pier Vittorio Magnani “ Giovanni Rosso “ Federico Sella “ Sebastiano Sella “ Vittorio Sella “ Marco Weigmann “ Giovanni Zanetti BOARD OF STATUTORY AUDITORS in office up to the approval of the 2011 financial statements ____________________________________________________ Auditor - Chairman Alessandro Rayneri “ Paolo Piccatti “ Alberto Rizzo Alternate Auditor Riccardo Foglia Taverna “ “ Mario Pia AUDIT COMMITTEE _________________________________________________________________________ Chairman Marco Weigmann Mario Cattaneo Giovanni Zanetti INDEPENDENT AUDITORS ______________________________________________________________ Independent auditors Deloitte & Touche S.p.A. Annual reports 2009 | 7 Map of the Banca Sella Group At 31 December 2009 BANCA SELLA SELLA HOLDIN G N.V. BANCA SELLA SELLA BANK SELLA BANK A.G. BANCA SELLA S.P.A. NORDEST BOVIO LUXE MBOURG S.A. CALDERARI S.P.A BANCA S ELLA SUD SELLA SYNERGY BANCA PATRIMONI SELIR S.R.L. ARDITI G ALATI INDIA LTD. SELLA & C. S.P.A. S.P.A. Controlled companies but not included in the Group’s perimeter Other Me-by-line consolidated companies: MARS 2600 S.r.l. (società veicolo di operazioni di cartolarizzazione del Gruppo). Net equity method consolidated companies: MARTIN MAUREL SELLA BANQUE PRIVEE MONACO S.A.M. BANCA MONTE PARMA S.p.A. HI-MTF SIM S.p.A. INCHIARO ASSICURAZIONI S.P.A. S.C.P. VDP 1 AGATA S.p.A. RETAIL ITALIA S.R.L.