PRESS RELEASE
THE BOD OF BANCA FINNAT APPROVES THE CONSOLIDATED HALF-YEARLY REPORT AT 30 JUNE 2015 AND THE GROUP'S BUSINESS PLAN FOR 2015-2017 CONSOLIDATED NET PROFIT RISES TO € 4,136 MILLION COMPARED TO € 2,190 MILLION PERIOD-OVER-PERIOD (+89%) EARNINGS MARGIN IS UP BY 45% NET COMMISSIONS ALMOST DOUBLED FROM € 11,15 MILLION TO € 21,6 MILLION, UP BY ALMOST 94% TOTAL GROUP ASSETS UNDER MANAGEMENT STAND AT 13,2 BILLION, UP BY 29% SINCE 31.12.2014Rome, 31 July 2015 - At a meeting held today, the Board of Directors of Banca Finnat Euramerica S.p.A. examined and approved the Group's Business Plan for 2015-2017 and the consolidated results posted by the Group for the six months ending on 30 June 2015. The financial report at 30 June 2015, which will be deposited, according to the law, at the company's headquarters, will be posted on www.bancafinnat.itin the Investor Relations / Regulated information section, as well as on the website of the authorised SDIR-NIS/NIS- Storage mechanism (www.emarketstorage.com). The report will also be available on the website of Borsa Italiana S.p.A ( www.borsaitaliana.it).
Consolidated financial highlightsThe Earnings Margin is up by 45%, from € 21.28 million to € 30.94 million.
Net Commissions rose by 94%, from € 11.15 million to € 21.59 million.
Profit from the Disposal of available-for-sale (AFS) financial assets is also up, period-over-period, by almost 3.6 million euros (€ 5 million at 30 June 2015 compared to € 1.44 million at 30 June 2014).
On the contrary, both the Interest Margin and the own trading activities are down, the former by 29% (from € 7 million at 30.06.2014 to € 4.99 million at the end of the first half of 2015), as a result of the strong reduction imposed by the market on the rates of return on financial investments, while the latter features a negative balance of € 2.42 million, compared to a positive balance of € 126 thousand, period-over-period).
The Group Consolidated Net Profit is up by 89%, and now stands at € 4.14
million, compared to € 2.19 million period-over-period.
The Total Group Assets under Management (AUM) - comprising deposits, discretionary managed portfolios, management mandates from third parties, brokerage accounts, securities management, trust services and portfolios invested in real estate funds - stand at € 13,2 billion, up by 29% since 31.12.2014. The increase in the real estate funds (from € 4,131 billion at 31.12.2014 to € 6,774 billion at 30.06.2015) is the result of the contribution of assets by Beni Stabili Gestioni SGR and Polaris Real Estate SGR, following their merger with the Bank's subsidiary Investire SGR.
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At 30 June 2015, the number of treasury shares held totalled 26,160,966 (25,105,632 at
31 December 2014), accounting for 7.2% of the Bank's capital.
The Group's Business Plan for 2015-2017 will be following the below guidelines :
As far as the Lending to clients, we expect to increase the average rate of return and interest margin.
As far as the AUM, we expect to see a rise in revenue from the increased customer base and the development of the managed products and remunerated consultancy activities.
As far as the Services to SMEs, we expect to broaden our services portfolio, develop and consolidate our corporate consulting activities and develop our services to the AIM (Alternative Investment Market) in Italy, with a view to securing top market positioning.
As far as the Real estate business, we expect to develop our managed real estate portfolio, with an increase in turnover and profitability.
As far as our Equity investments, our aim is to secure new opportunities by
either extracting value from our existing investments or through new acquisitions.
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At the consolidated level, the goals of the plan are as follows:
We expect to see an increase in assets by private-banking customers, in excess of 400 million euros, with the inclusion of 16 new Private Bankers alongside our current team of 34 Private Bankers.
The real estate portfolio managed by Investire SGR is expected to grow and reach, at the end year of the plan, € 9.3 billion (assessed at GAV), from the present approx. value of 7 billion, also featuring an increase in the number of managed funds, from 35 to 43.
The Group assets under management are expected to grow, in the period in question, at an average annual rate of 9%, and reach almost € 17 billion from € 13 billion as of 30.06.2015 while indirect deposits are expected to rise from € 4.6 billion as of 30.06.2015 to € 5.5 billion at the end of 2017.
The Tier 1 ratio and Total Capital ratio are expected to remain high throughout the term of the Plan, both reaching 27% in 2017.
* * * * * The manager in charge of preparing corporate reports and accounting documents (Paolo Collettini) declares, pursuant to paragraph 2 of article 154 bis of the Consolidated Law on Finance, that the accounting information disclosed in this press release is consistent with the company's accounting records, books and entries. (PURSUANT TO ARTICLE 66 OF CONSOB RESOLUTION NO. 11971 OF 14 MAY 1999)4
For further information
BANCA FINNAT EURAMERICA S.p.A. (www.bancafinnat.it)
IRManager: GianFrancoTraverso Guicciardi - Tel. +39 06 699 331 E-mail: g.traverso@finnat.it
SEC - Ufficio Stampa - Marco Fraquelli - Tel. +39 02 6249 9979 E-mail: fraquelli@secrp.it
Attachments: Consolidated Profit and Loss Account, Balance Sheet and Consolidated
Statement of Performance at 30 June 2015
Assets | 30/06/2015 | 31/12/2014 | |
10. | Cash and cash equivalents | 412 | 665 |
20. | Financial assets held for trading | 31.565 | 106.246 |
40. | Available-for-sale financial assets | 879.442 | 790.205 |
50. | Financial assets held to maturity | 1.939 | 2.319 |
60. | Due from banks | 80.310 | 76.020 |
70. | Due from customers | 346.132 | 289.483 |
100. | Equity investments | 10.372 | 10.822 |
120. | Tangible assets | 5.392 | 5.207 |
130. | Intangible assets | 42.208 | 4.190 |
of which: | |||
- goodwill 37.729 300 | |||
140. | Attività fiscali | 8.943 | 5.492 |
a) current tax assets | 2.100 | 2.115 | |
b) deferred tax assets | 6.843 | 3.377 | |
of which under Law 214/2011 | 2.117 | 2.221 | |
160. | Other assets | 23.788 | 14.486 |
Total assets | 1.430.503 | 1.305.135 | |
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Liabilities and Net Equity | 30/06/2015 | 31/12/2014 | |
10. | Due to banks | 20.903 | 97.204 |
20. | Due to customers | 1.108.346 | 937.095 |
30. | Outstanding securities | 26.971 | 46.958 |
40. | Financial liabilities held for training | 2.693 | 2.359 |
80. | Tax liabilities | 4.242 | 4.303 |
a) current tax liabilities | 591 | 452 | |
b) deferred tax liabilities | 3.651 | 3.851 | |
100. | Other liabilities | 18.262 | 18.702 |
110. | Staff severance fund | 4.484 | 3.993 |
140. | Valuation reserves | 29.263 | 28.699 |
170. | Reserves | 117.253 | 97.972 |
190. | Share capital | 72.576 | 72.576 |
200. | Treasury shares (-) | (12.908) | (12.410) |
210. | Net equity of minority interests (+/-) | 34.282 | 3.436 |
220. | Net Profit (Loss) for the period (+/-) | 4.136 | 4.248 |
Total liabilities and net equity | 1.430.503 | 1.305.135 |
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CONSOLIDATED PROFIT AND LOSS ACCOUNT (in thousands of euros)
Items | 1st half - 2015 | 1st half - 2014 | |
10. | Interes t income and s imilar income | 6.101 | 9.418 |
20. | Interes t expens e and s imilar expens e | (1.106) | (2.411) |
30. | Interes t margin | 4.995 | 7.007 |
40. | Commis s ion income | 22.625 | 12.146 |
50. | Commis s ion expens e | (1.034) | (993) |
60. | Net commis s ions | 21.591 | 11.153 |
70. | Dividends and s imilar income | 1.766 | 1.558 |
80. | Net income from trading activities | (2.420) | 126 |
100. | Profit (los s ) from the trans fer or repurchas e of: b) available-for-sale financial assets | 5.005 | 1.440 |
120. | Earnings margin | 30.937 | 21.284 |
130. | Net value adjus tments /write-backs for the impairment of: | ||
a) receivables b) available-for-sale financial assets | (1.279) (209) | (834) - | |
140. | Net income from financial operations | 29.449 | 20.450 |
180. | Adminis trative expens es | ||
a) staff costs | (15.069) | (10.665) | |
b) other administrative expenses | (9.308) | (6.521) | |
200. | Net value adjus tments /write-backs on tangible as s ets | (232) | (215) |
210. | Net value adjus tments /write-backs on intangible as s ets | (61) | (37) |
220. | Other operating income and expens es | 2.092 | 1.027 |
230. | Operating cos ts | (22.578) | (16.411) |
240. | Profit (Los s ) from equity inves tments | 91 | 165 |
280. | Profit (Los s ) from current operations before taxes | 6.962 | 4.204 |
290. | Income tax on current operations | (1.409) | (1.708) |
300. | Profit (Los s ) from current operations after taxes | 5.553 | 2.496 |
320. | Profit (Los s ) for the period | 5.553 | 2.496 |
330. | Profit (Los s ) for the period of minority interes ts | (1.417) | (306) |
340. | Profit (Los s ) for the period of parent company | 4.136 | 2.190 |
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CONSOLIDATED STATEMENT OF PERFORMANCE (in thousands of euros) Items 1st half - 2015 1st half - 2014 10. Profit (Loss) for the period 5.553 2.496 Other income items after tax, without reversal to income statement 40. Defined benefit plans 167 (143) Portion of the valuation reserves from equity investments 60.recorded under the shareholders' equity (128) 97
Other income items after tax, with reversal to income statement 100. Available-for-sale financial assets (1.552) 5.435130. | Total other income items after tax | (1.513) | 5.389 |
140. | Total earnings (Items 10+130) | 4.040 | 7.885 |
150. | Total consolidated earnings of minority interests | (660) | 310 |
160. | Total consolidated earnings of parent company | 4.700 | 7.575 |
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distributed by |