consolidated annual report - Gruppo Banca Sella

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Changes in caption 70 “Staff severance fund” Balance as at 31/12/2003 38.273 decreases - Severance payments to staff 1.498 - Advances given according to the law 918 - Other variations 591 increases - Provision as total covering of year-accrued quotas 5.881 - Other variations 170 Balance as at 31/12/2004 41.317 Caption 80/a “Provisions for risks and charges - Provisions for pensions and similar commitments”. Composing items 246 - GRUPPO BANCA SELLA 2004 2003 For pensions - - Total - - Changes in caption 80/a “ Provisions for risks and charges - Provisions for pensions and similar commitments” Balance as at 31/12/2003 - decreases - Payments made during the year - - Other payments - - Other variations - increases - Provisions for the financial year - Balance as at 31/12/2004 - Caption 80/b “Provisions for risks and charges - Provisions for taxes and fees” Composing items 2004 2003 Income taxes: IRES and similar 27.367 28.843 Income taxes: IRAP 10.603 9.742 Deferred taxation 453 218 Shareholders’ equity tax 211 192 Indirect taxes and levies 842 863 Total 39.476 39.858
Changes in caption 80/b “Provisions for risks and charges - Provisions for taxes and fees” Balance as at 31/12/2003 39.858 decreases - Payments made during the year 37.988 - Transfer to out-of-period income of the exceeding part 103 - Use of deferred taxation fund for accrued taxation 184 - Other decreases 83 increases Provisions for the financial year: - Income taxes 36.234 - Indirect taxes and levies 737 - Deferred taxation 340 - Other increases 665 Balance as at 31/12/2004 39.476 Deferred taxation As regards deferred taxation, please refer also to Part A, Section 1, Accounting Policies, Provisions for risks and charges, Provision for taxes and fees section. The main assets related to taxes paid in advance (deferred tax assets) as at end 2004 are in particular related to the following items: 1. fiscal losses for the financial year, which can be offset with future fiscal profits: € 1,15 million; 2. depreciation of due from customers for the part exceeding the maximum annual limit, deductible in various financial years: € 4,56 million; 3. depreciation of equity investments, for the amount deductible in subsequent financial years: € 3,36 million; 4. provision for risks and charges of different nature, deductible in the financial year in which the charges become certain: € 5,73 million. Liabilities for deferred taxation as at end 2004 are in particular related to the following items: 1. capital gains deriving from the sale of investments, kept for at least three financial years, taxable in five years: € 0,2 million; 2. charges for the incentive of early retirement, deductible at the moment of actual disbursement: € 0,14 million. Where the conditions pointed out by the injunction of Banca d’Italia were fulfilled, liabilities for deferred taxation are totally offset with the assets for deferred taxation. As regards tax rates used for the calculation of deferred taxation, reference was made to weighted average rates in case of fractions of the same income taxed with different rates. Amounts and variations related to liabilities for deferred taxation not included in sub-caption 80/b “Provisions for taxes and fees”. Deferred taxation on reserve for possible loan losses for default interest, in which was set aside the recoverable part of default interests,was deducted from capital for supervisory purposes. Total deferred taxation on reserve for possible loan losses for default interest as at 31/12/2004: € 3,1 million. Amounts and variations of temporary taxable differences for which do not apply the requirements for recording among liabilities for deferred taxation. Reserves in tax suspension: these are reserves for shareholders’ net capital in suspension of taxation, for which it was not undertaken, and it is believed it is not likely to be undertaken in the future, any behaviour so as to integrate the requirements for the taxation of the same. Fixed assets revalued in tax suspension: these are fixed assets which have been revalued in suspension of taxation according to special laws. For such assets no behaviour directed to integrate the requirements for the taxation of the same was undertaken, nor it is believed will be undertaken in the future. Consolidated annual report 2004 - 247
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GRUPPO BANCA SELLA CONSOLIDATED ANN
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Section 4 - Tangible and intangible
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BOARD OF DIRECTORS’ CONSOLIDATED
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FINANCIAL RATIOS PROFITABILITY RATI
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- accomplishment of the project for
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R.O.E. (1) 2004 2003 2002 Banca Sel
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F I N A N C I A L R E S U LT S NET
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Loan losses (excluding write-ups to
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SECURITIES PORTFOLIO Consolidated s
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COMMERCIAL AND DISTRIBUTION POLICIE
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BRANCHES OF THE BANKS OF THE GROUP
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An analysis of Group staff highligh
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arise. It puts forward proposals an
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AUDITING CONTROL SURVEYS 2004 2003
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LOANS AS AT 31/12/2004 AND AS AT 31
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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
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 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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