consolidated annual report - Gruppo Banca Sella

International Capital Holding S.A.
International Capital Holding S.A. controls the Paris
based companies of the Group, International Capital
Bourse S.A (I.C.B.) and International Capital Géstion
S.A. (I.C.G.), which are respectively active in brokerage
and asset management.
At the end of 2004, International Capital Holding
proceeded to depreciate its participation in International
Capital Bourse S.A. for € 5,7 million to adjust it to the
possible break-up value and therefore closed its financial
year with losses for € 5,1 million.
International Capital Bourse S.A.
The company offers its services to French and foreign
institutional customers and to corporate customers.
The main services offered are: advice on investment
and on investment strategies, securities and
bonds trading on third parties’ account, distribution
of a remote dealing platform for European institutional
customers and assistance on stock quotations
and financial transactions.
Volumes brokered on the stock market amounted to
€ 3,5 billion, with a decrease of 24% over 2003: therefore
the market share as regards brokerage activity on
third parties’ account on the French market recorded a
decrease, passing from 0,26% to 0,17%.
Net interest and other income, amounting to € 4,4
million, recorded an increase of 5,2%, mainly thanks to
the increase of net fees. Structural costs, amounting to
€ 4,6 million, recorded a decrease of 6,1% if compared
to 2003, mainly resulting from the decrease of staff expenses
(about -10%).
The ordinary management of the Company highlights
losses for € 431.000; however, extraordinary
write-ups relevant to previous years allowed the Company
to close the financial year with a net profit of €
143.000 with respect to the 2003 loss for € 879.000.
International Capital Gestion S.A.
Total volumes managed by the Company as at 31
December 2004 (asset management sector) amounted to
€ 239 million (€ 142,2 million of which of assets un-
der management, which increased by 5,9% over 2003),
showing an increase of 3,8% if compared to 2003.
Net interest and other income, amounting to € 2,6
million, recorded an increase of more than 36,8% over
2003, thanks to higher net fees equal to € 2,9 million
(€ 2,3 million in 2003). Structural costs, amounting to
€ 2,9 million, recorded a moderate increase if compared
to 2003, mainly due to other administrative expenses,
while staff expenses were substantially stable.
The financial year closed with a net profit of €
205.000 with respect to the € 732.000 loss of 2003.
Sella Adviser Ireland Ltd and Sella Fund Management
Ireland Ltd
In 2004 Sella Adviser Ireland Ltd was put in liquidation;
consequently, the advisory activity for the funds
established by Sella Fund Management Ireland and
for the internal funds related to Sella Life unit-linked
policies was entrusted to the Italian assets management
companies Gestnord Fondi SGR and Sella Capital Management
SGR.
During the year the procedures for putting Sella
Fund Management Ireland in liquidation were set up;
the funds established by the same were closed and the
invested assets were merged into other products managed
by Group companies.
SALES NETWORKS
Sella Consult SIM p.A.
The Company, based in Biella, has authorization to
carry out an activity of securities placement.
As at 31 December 2004 the Company carried out its
activity with 363 financial promoters and 33 financial
sales points all over Italy.
Total portfolio as at 31 December 2004 reached €
2.174 million (+11,2% over 2003), while the total of assets
under management, weighing for about 53% on the
total portfolio, stood at € 121 million.
The domestic market share of the Company calculated
on collected assets of brokerage companies members
of Assoreti (the Italian financial sales network associa-
Consolidated annual report 2004 - 201