consolidated annual report - Gruppo Banca Sella

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Shareholders, the Consolidated Financial Statements as at 31 De- cember 2004, which are submitted to your attention, include the Consolidated Balance Sheet, the Consolidated Income Statement and the Explanatory Notes to the Financial Statements as well as the Annual Report. The year ended with a total net profit of € 26.770 thousand for the Group, net of minority interests for € 3.929 thousand and a Group shareholders’ equity of € 277.192 thousand. The Financial Statements were submitted to us by the Board of Directors together with the Annual Report and were prepared in accordance with the criteria, models, classifications, principles and evaluations in compliance with Law by Decree 87 of 27 January 1992 and with provision of Banca d’Italia No. 100 of 15 July 1992 and following supplements. The financial statements submitted by each subsidiary are those prepared by the relevant Boards of Directors, due to be approved by the relevant shareholders’ meetings. According to the direct and assumed information we have, we acknowledge what here below illustrated. The Companies being part of the Banking Group closed their financial statements on 31 December of each year; therefore the Group Consolidated Financial Statements were drawn up using their annual financial statements, except for Brosel S.p.A., which is consoli- 210 - GRUPPO BANCA SELLA BOARD OF STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS as at 31 december 2004 dated according to the equity method referring to its financial statements closed on 30 November 2004. The Group Consolidated Financial Statements were drawn according to a line by line consolidation of all companies except for, besides the already mentioned Brosel S.p.A., C.B.A. Vita S.p.A., Sella Life Ltd, Banque Privée Martin Maurel Sella S.A.M. and Selcre S.p.A. in liquidation, which were consolidated according to the equity method. The accounting policies and consolidation methods which were applied, exhaustively illustrated by the Directors in the Explanatory Notes to the Financial Statements, comply with the law and were correctly applied; we gave our approval to enter deferred charges. The Explanatory Notes and the Annual Report contain all information as required by law and are consistent with the figures of the financial statements. We agree with the allocation of goodwill arising on consolidation, amounting to € 20.749 thousand, net of negative goodwill arising on consolidation for € 9.106 thousand. The Consolidated Financial Statements as at 31 December 2004 are currently being audited by Reconta, Ernst & Young S.p.A. The Statutory Auditors Alberto Rizzo Vittorio Bernero Alessandro Rayneri
CONSOLIDATED FINANCIAL STATEMENTS OF GRUPPO BANCA SELLA AS AT 31 DECEMBER 2004 Consolidated annual report 2004 - 211
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 and 12: - accomplishment of the project for
Page 13 and 14: R.O.E. (1) 2004 2003 2002 Banca Sel
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: BOARD OF STATUTORY AUDITORS’ CONS
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
Page 76 and 77: Here below are stated the operation
Page 78 and 79: Name of company Activity Ownership
Page 80 and 81: 4.1 Changes during the year in tang
Page 82 and 83: SECTION 6 PAYABLES 6.1 Caption 10
Page 84 and 85: 7.1 Caption 90 “Reserves for poss
Page 86 and 87: Changes in caption 70 “Staff seve
Page 88 and 89: Caption 150 “Subscribed capital
Page 90 and 91: The floating rate bond loan issued
Page 92 and 93: 9.2 Caption 60 “Accruals and defe
Page 94 and 95: 10.5 Forward transactions Transacti
Page 96 and 97: 11.5 Geographical distribution of a
Page 98 and 99: 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.
Page 109 and 110:
SECTION 5 WRITE-DOWNS, WRITE-UPS AN
Page 111 and 112:
SECTION 6 OTHER INCOME STATEMENT CA
Page 113 and 114:
PART D - OTHER INFORMATION (all fig
Page 115 and 116:
ANNEXES (all figures are shown in e
Page 117:
STATEMENT OF CASH FLOW Funds genera
Page 120 and 121:
280 - GRUPPO BANCA SELLA
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consolidated annual report - Gruppo Banca Sella

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