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Report and Financial Statement at 31 December

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Report and Financial Statement at 31 December BIELLA Since 1886 REPORT AND FINANCIAL STATEMENT AT 31 DECEMBER 2014 13900 Biella (Italia) – Piazza Gaudenzio Sella, 1 Tel. 015 35011 – Telefax 015 351767 – Swift SELB IT 2B Website www.sella.it Map of the Banking Group as 31 December 2014 BANCA SELLA HOLDING S.P.A. FINANZIARIA 2010 BIELLA LEASING CONSEL S.P.A. S.P.A. S.P.A. BANCA PATRIMONI SELLA GESTIONI SGR MIRET S.A. SELIR S.R.L. BANCA SELLA S.P.A. SELLA & C. S.P.A. S.P.A. SELLA SYNERGY INDIA FAMILY ADVISORY SIM SELLA & SELFID S.P.A. EASY NOLO S.P.A. P.LTD. PARTNERS IMMOBILIARE SELLA IMMOBILIARE LANIFICIO MAURIZIO S.P.A. SELLA S.P.A. C.B.A. VITA S.P.A. BROSEL S.P.A. Subsidiaries not inserted within the perimeter of the banking group Other fully consolidated companies: MARS 2600 S.r.l. ( securitisation t SPV for of the Group) SELLA CAPITAL MONVISO 2013 S.r.l. (SPV for securitisation tof the Group) SELLA LIFE LTD. MANAGEMENT SGR S.P.A . in liquidat ion MONVISO 2014 S.r.l. (SPV for securitisation tof the Group) Subsidiaries consolidated within Net Equity: MARTIN MAUREL SELLA BANQUE PRIVEE MONACO S.A.M. HI-MTF SIM S.p.A. INCHIARO ASSICURAZIONI S.p.A. S.C.P. VDP 1 SELVIMM DUE S.A. ENERSEL S.p.A. DPIXEL S.r.l Officers of Banca Sella BOARD OF DIRECTORS In office until approval of the 2016 budget President Maurizio Sella Vice President Franco Sella CEO Claudio Musiari Director Elisabetta Galati “ Luigi Gargiulo “ Ferdinando Parente “ Carlo Santini “ Pietro Sella “ Sebastiano Sella “ Silvana Terragnolo “ Paolo Tosolini “ Andrea Vicari “ Attilio Viola BOARD OF AUDITORS In office until approval of the 2016 budget Auditor – President Paolo Piccatti “ Vincenzo Rizzo “ Riccardo Foglia Taverna Deputy Auditor Daniele Frè “ “ Michela Rayneri GENERAL MANAGEMENT General Manager and CEO Claudio Musiari Assistant General Manager and Deputy CEO Viviana Barbera Assitant General Manager Giorgio De Donno 3 Management Report 4 Highlights Financial highlights (in thousands of euros) Change BALANCE SHEET 12/31/2014 12/31/2013 absolute % Total assets 10,566,753.9 10,088,243.4 478,510.5 4.7% Financial assets 1,338,305.0 1,261,689.0 76,616.1 6.1% Cash loans excluding repurchase agreements 6,961,360.6 7,200,550.4 (239,189.9) -3.3% Repurchase agreements - - - 0.0% Total cash loans (1) 6,961,360.6 7,200,550.4 (239,189.9) -3.3% Tangible and intangible assets 88,415.9 76,018.2 12,397.7 16.3% Total deposits 21,078,036.7 20,185,604.1 892,432.6 4.4% Direct deposits excluding repos 9,212,379.0 8,704,188.2 508,190.8 5.8% Repurchase agreements 297,286.1 260,009.2 37,276.9 14.3% Total direct deposits (2) 9,509,665.1 8,964,197.4 545,467.7 6.1% Indirect funding (3) 11,568,371.6 11,221,406.7 346,964.9 3.1% Guarantees 252,196.4 269,661.0 (17,464.6) -6.5% Equity 617,219.9 555,187.4 62,032.6 11.2% Primary capital -CET Class 1 (Tier 1 in 2013) (4) 553,373.2 505,088.1 - - Class 2 –T2 Capital (Tier 2 in 2013) (4) 239,297.9 299,645.0 - - Total own funds for prudential purposes (4) 792,671.1 804,733.2 - - Change RECLASSIFIED INCOME STATEMENT DATA (5) 12/31/2014 12/31/2013 Absolute % Net interest income 197,664.3 197,405.0 259.3 0.1% Gross revenue from services 255,565.3 244,853.2 10,711.5 4.4% Commission expense 76,260.9 72,794.1 3,466.8 4.8% Net income from services 179,304.4 172,059.7 7,244.7 4.2% Net banking income 376,968.6 369,464.7 7,503.9 2.0% Operating costs net recoveries taxes and stamp duties (6) 244,072.6 242,851.7 1,220.9 0.5% Operating profit 132,896.0 126,613.0 6,283.0 5.0% Impairment/ write-backs for impairment of loans (103,505.1) (105,726.0) 2,221.0 -2.1% Other costs and revenue 66,887.9 13,510.3 53,377.6 395.1% Income tax (32,048.7) (13,988.8) (18,059.9) 129.1% Profit (loss) for the year 64,230.1 20,408.7 43,821.4 214.7% (1) The sum represents the item 70 “Loans to customers” of the Balance Sheet Assets. (2) The sum represents the aggretate total of the following itesm of the balance sheet liabilities: 20 “Due to customers” and 30 “Securities issued”. (3) The sum does not include the item “liquidity”, relating to asset management, included in the it “direct deposits”. It includes instead the component “Insurance collection”, as a footnote to the table of Management and trading for third parties. (4) The comparios of the data at 31 December 2013 and those at 31 December 2014 is not homogenous, as the former has been calculated according to the criteria of Basel II, while 31 December 2014 under the new provisions of Basel III that came into force on 1 January 2014. See also the following table of financial performance indicators with the coefficient details. (5) As highlighted items in the reclassified income statement page 26. (6) The sum of the following items: “Administrative expenses” item 150, “Writedowns of tangible assets” item 170, “Write-downs of intangible assets” item 180, “Other operating expenses and income” item 190. 5 Structural data Change Items 12/31/2014 12/31/2013 absolute % Employees 2,963 2,912 51 1.8% Branches 293 293 - - Economic-financial indicators Alternative performance indicators PROFITABILITY RATIOS (%) 12/31/2014 12/31/2013 R.O.E. (return on equity) (1) 11.7% 3.8% R.O.A. (return on assets) (2) 0.6% 0.2% Net Interest income (3)/ brokerage income (3) 52.4% 53.4% Net income from services (3)/ brokerage income (3) 47.6% 45.6% Cost to income (4) 62.4% 65.9% PRODUCTIVITY RATIOS (figures in thousands of euros) 12/31/2014 12/31/2013 Gross income (3) / Average employees 128.3 125.1 Gross operating income (3) / Average employees 45.2 42.9 Cash loans / Employees at year end 2,349.4 2,472.7 Direct deposits / Employees at year end 3,109.1 2,989.1 Total deposits / Employees at year end 7,113.4 6,931.9 CAPITAL AND LIQUIDITY RATIOS (%) 12/31/2014 12/31/2013 Cash loans / Direct deposits 75.6% 82.7% Cash loans / Total assets 65.9% 71.4% Direct deposits / Total assets 87.2% 86.3% CREDIT RISK RATIOS (%) 12/31/2014 12/31/2013 Net impaired loans/ Cash loans 8.0% 6.8% Net doubtful loans / Cash loans 3.6% 3.2% Net adjustments to loans / Cash loans 1.5% 1.5% Coverage ratio of impaired loans 44.4% 41.7% NPL coverage rate 59.7% 57.0% SOLVENCY RATIOS (%) 12/31/2014 12/31/2013 Basic ratio (Tier 1) (5) 12.73% - CET Coefficient 1 (5) 10.81% - Total Capital Ratio (5) - 20.29% Coefficient of own funds (5) 15.48% - (1) Relation between “Yearly earnings” and the sum of the items 160 “Reserves”, 170 “Premium shares”, 180 “Capital” of the Statement of Liabilities. (2) Relationship between “Net earnings” and “Total assets”. (3) As from the reclassified Income Statement. (4) Relation between operating costs, IRAP deductions on the cost of personnel and net of losses connected to operating risks, and margin of interest.. (5) The comparison between the figures at 31 December 2013 and those at 31 December 2014 is not homogenous, since the former were calculated according to the criteria of Basil II, while those at 31 December 2014 were calculated according to the new dispositions of Basil III which entered into force on 1 January 2014. 6 Macroeconomic scenario World panorama In 2014 the world economy continued to expand at a rapid content, in line with the growth rates recorded in 2013. The US economy closed 2014 with an average rate of change of the gross domestic product of 2.4% y/y from 2.2% y/y in the previous year. After a subdued first quarter, marked by a decrease in GDP of 2.1% q/q annualized explained in large part by temporary factors such as the occurrence of adverse weather conditions, there has been a gradual consolidation of economic growth at appreciable levels. Private consumption made a major contribution to the dynamic and growing GDP, supported by the gradual improvement of the labor market, from the recovery of wealth and, in the latter part of the year, the fall in oil prices and the resulting positive effects on consumer purchasing power. In addition, the contribution of public spending to GDP growth, which was negative in 2013, was slightly positive in 2014. Less positive average annual signals came instead from residential investment, affected by a decline in the pace of expansion than in previous years despite low inventory levels and the persistence of favorable conditions for access to the housing market, and net exports, reflecting a dynamic slowing in exports and a strengthening of imports. Supported by the recovery of the labor market, the Federal Reserve (Fed) continued to gradually reduce purchases of securities linked to the property market and government bonds, completed in October. At the same time the Fed confirmed the policy of reinvestment of maturing securities that allow the maintenance on its financial statements of significant levels of long-term assets: the management of the assets is consistent with the principles of normalization of monetary policy, updated in September , indicating the rise in the official rate as the first step of the implementation of the exit strategy of the Fed and place at a later stage the gradual reduction of the assets held, to be achieved mainly through the interruption of the policy of reinvestment of maturing securities.
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