consolidated annual report - Gruppo Banca Sella

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OVERVIEW OF PERFORMANCE In a scenario marked by a feeble economic upturn of the Eurozone and of Italy in particular, 2004 closed with a Group net profit of € 26,8 million (€ 12,8 million in 2003), growing by 109%. Consolidated R.O.E. therefore reached 8,3%, showing a remarkable improvement if compared to the 4,3% of 2003. The main items which influenced the trend of the financial year were: • 2,6% improvement of gross operating income, with an increase of € 2,8 million in volume; • the increase of loan losses (net of write-ups), standing at € 43,4 million as against € 30,1 million of 2003; • the decrease of amortization of positive goodwill arising on consolidation, amounting to € 12,1 million if compared to € 23 million of 2003, when it was influenced by the decision of accelerating the process of amortization of goodwill paid to acquire some foreign equity investments; • the recovery of part of precautionary provisions made at the end of 2003 by the subsidiary IBL Investment Bank Luxembourg SA (now Sella Bank Luxembourg SA), as against forecasted liabilities which later showed to be of a lower amount. The best results were recorded by the Italian banks, 172 - GRUPPO BANCA SELLA mainly active in retail banking, which, even though showing different increases, remarkably contributed to consolidated results. The subsidiaries working in the leasing and consumer credit businesses also showed satisfactory profits and consumer credit in particular witnessed a remarkable increase if compared to the previous financial year. Subsidiaries whose main business is related to asset management and stock brokerage recorded a recovery of profitability and quality with respect to a year earlier. As far as the sales networks are concerned, the actions aimed at the rationalization of their structure and at the improvement of their efficiency, which were already carried out in 2002 and 2003 and were continued in 2004, allowed Sella Consult SIM to reach excellent results, reaching a net profit of € 1,3 million (even if helped by extraordinary income related to the application of taxes paid in advance relevant to losses and provisions of previous financial years). In the insurance sector, CBA Vita, specialized in life policies, recorded an improvement of profitability, closing the financial year with a net profit of € 1,3 million. Here below is shown the R.O.E. of the main companies the Group, excluding holdings and real estate companies:
R.O.E. (1) 2004 2003 2002 Banca Sella S.p.A. 7,9% 8,4% 8,1% Banca Arditi Galati S.p.A. 3,2% 2,8% 2,1% Banca Bovio Calderari S.p.A. 6,9% 7,1% 5,4% Banca di Palermo S.p.A. 2,1% 1,5% -2,2% Biella Leasing S.p.A. 19,2% 19,8% 19,2% Brosel S.p.A. 45,7% 30,6% 27,7% C.B.A. Vita S.p.A. 3,6% 0,7% -9,5% Consel S.p.A. 19,2% 11,3% 15,2% Easy Nolo S.p.A. 10,4% 10,5% 488,0% Fiduciaria Sella SIMp.A. 18,8% 15,7% 19,6% Gestnord Fondi SGR S.p.A. 6,4% 5,5% 2,1% Gestnord Intermediazione SIM S.p.A. -1,6% 0,8% -3,6% Sella Bank Luxembourg S.A. (formerly IBL) -25,2% -53,8% 18,7% International Capital Bourse S.A. 2,2% -12,0% -12,9% International Capital Gestion S.A. 8,5% -23,3% -17,1% Selfid S.p.A. 9,4% 30,9% 56,1% Selir S.r.l. 7,9% 71,9% 55,0% Sella Austria Financial Services AG -356,3% -166,0% -27,4% Sella Bank AG 1,9% 3,8% 8,1% Sella Capital Management SGR S.p.A. 8,3% -9,5% -14,2% Sella Consult SIMp.A. 36,7% 2,1% -47,2% Sella Corporate Finance S.p.A. 4,5% 16,4% 17,6% Sella Fund Management Ireland Ltd -7,0% 18,4% 4,5% Sella Investimenti Banca S.p.A. -11,5% -5,6% -6,9% Sella Life Ltd -17,5% -5,2% 1,9% Sella Synergy India Ltd -22,2% 4,6% 2,1% Sella Trust Lux S.A. 1,1% 3,9% 50,9% Selsoft Direct Marketing S.p.A. 5,5% 4,3% -14,6% (1) Net profit (including minority interests before provision to the reserve for general banking risks) over stockholders’ equity (including reserve for general banking risks before provisions), excluding revaluation reserves according to Law 342/2000. The impact of increases in capital made during the year was taken into account proportionally with the actual months of persistence. Consolidated annual report 2004 - 173
Page 1: GRUPPO BANCA SELLA CONSOLIDATED ANN
Page 4 and 5: Section 4 - Tangible and intangible
Page 7 and 8: BOARD OF DIRECTORS’ CONSOLIDATED
Page 9 and 10: FINANCIAL RATIOS PROFITABILITY RATI
Page 11: - accomplishment of the project for
Page 15 and 16: F I N A N C I A L R E S U LT S NET
Page 17 and 18: Loan losses (excluding write-ups to
Page 19 and 20: SECURITIES PORTFOLIO Consolidated s
Page 21 and 22: COMMERCIAL AND DISTRIBUTION POLICIE
Page 23 and 24: BRANCHES OF THE BANKS OF THE GROUP
Page 25 and 26: An analysis of Group staff highligh
Page 27 and 28: arise. It puts forward proposals an
Page 29 and 30: AUDITING CONTROL SURVEYS 2004 2003
Page 31 and 32: LOANS AS AT 31/12/2004 AND AS AT 31
Page 33 and 34: ASSETS UNDER MANAGEMENT AND THIRD P
Page 35 and 36: to € 17,3 million (including divi
Page 37 and 38: item was given by commissions on th
Page 39 and 40: Net collected assets showed a posit
Page 41 and 42: International Capital Holding S.A.
Page 43 and 44: one person and the rise in wages ac
Page 45 and 46: 2005 OUTLOOK ECONOMIC BACKGROUND Th
Page 47 and 48: REMARKABLE FACTS AFTER CLOSING OF T
Page 49 and 50: BOARD OF STATUTORY AUDITORS’ CONS
Page 51 and 52: CONSOLIDATED FINANCIAL STATEMENTS O
Page 53 and 54: LIABILITIES (figures in euro thousa
Page 55: EXPLANATORY NOTES TO THE CONSOLIDAT
Page 58 and 59: The consolidated financial statemen
Page 60 and 61: ties hedged and the characteristics
Page 62 and 63:
Sella Holding N.V. Participation ho
Page 64 and 65:
any interest on arrears accrued and
Page 66 and 67:
Dividends Dividends in favour of th
Page 68 and 69:
SECTION 1 LOANS 1.1 Caption 30 “D
Page 70 and 71:
1.9 Movements in write-downs during
Page 72 and 73:
2.1 Investment securities 232 - GRU
Page 74 and 75:
3.1 Significant investments Head Ty
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Here below are stated the operation
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Name of company Activity Ownership
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4.1 Changes during the year in tang
Page 82 and 83:
SECTION 6 PAYABLES 6.1 Caption 10
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7.1 Caption 90 “Reserves for poss
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Changes in caption 70 “Staff seve
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Caption 150 “Subscribed capital
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The floating rate bond loan issued
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9.2 Caption 60 “Accruals and defe
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10.5 Forward transactions Transacti
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11.5 Geographical distribution of a
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12.1 Securities dealing 258 - GRUPP
Page 100 and 101:
The situation since the beginning o
Page 103 and 104:
PART C - INFORMATION ABOUT CONSOLID
Page 105 and 106:
SECTION 2 COMMISSIONS 2.1 Caption 4
Page 107 and 108:
SECTION 3 DEALING PROFITS/LOSSES 3.
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SECTION 5 WRITE-DOWNS, WRITE-UPS AN
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SECTION 6 OTHER INCOME STATEMENT CA
Page 113 and 114:
PART D - OTHER INFORMATION (all fig
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ANNEXES (all figures are shown in e
Page 117:
STATEMENT OF CASH FLOW Funds genera
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280 - GRUPPO BANCA SELLA
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