GE Capital Interbanca: Consolidated Financial Results (In accordance with IAS/IFRS - International Financial Reporting Standards)

Size: px

Start display at page:

Download "GE Capital Interbanca: Consolidated Financial Results 12.31.2009 (In accordance with IAS/IFRS - International Financial Reporting Standards)"

Marcus Payne
8 years ago
Views:

GE Capital Interbanca Corso Venezia 56 20121 Milano T +39 02 77311

1 GE Capital Interbanca Corso Venezia Milano T F PRESS RELEASE GE Capital Interbanca: Consolidated Financial Results (In accordance with IAS/IFRS - International Financial Reporting Standards) Net Interest Margin 23 MM Net fee and commission income 13 MM Net interest and other banking income 56 MM Operating Costs 80 MM Net Profit (loss) for the year 257 MM Milan, April 26, 2010: The Ordinary Assembly of GE Capital Interbanca has approved the Separate Financial Statements at December 31, 2009, following a meeting today. Last year, GE Capital Interbanca proactively managed its loan portfolio, and undertook a comprehensive reorganization of the bank to adapt its operations to changing market conditions. The bank continued to lend to Italian businesses throughout 2009, which was the first year in GE (General Electric). The 2009 Income Statement reflects provisions of 200 million to cover both performing and non-performing loans and financial assets. These provisions, along with provisions for organizational restructuring ( 22 million) and impairment on deferred tax assets ( 64 million), contributed to a total consolidated loss of 257 million. However, this performance is an improvement on 2008 results. As part of GE, GE Capital Interbanca can further improve service quality by accessing customer best practice examples from GE s international network. In addition, by becoming part of GE a new Banking Group can be created which will make GE Capital Interbanca an advanced banking platform for small and medium-sized businesses, focused on supporting development objectives and investment plans. In relation to balance sheets and, more generally, the Bank's activity is reported as follows: Loans to customers GE Capital S.p.A. Iscritta all'albo delle banche. Sede Legale: Milano - Corso Venezia, 56 - Capitale euro ,00 Codice fiscale, Partita IVA e Registro delle Imprese di Milano n Casella Postale: Milano Telefono: Facsimile: Sito web: Imposta sostitutiva D.P.R n Tit. IV Aderente al Fondo Interbancario di Tutela dei Depositi e Fondo Nazionale di Garanzia.

2009 (In accordance with IAS/IFRS - International Financial Reporting Standards) Net Interest Margin 23 MM Net fee and commission income 13 MM Net interest and other banking income 56 MM Operating

2 - 2 - Total loans to customers and due from banks declined 16.2% compared to Loans to customers declined 16.1% as a result of the containment of disbursements with respect to loans reaching maturity. Total disbursements in 2009 were 500 million, a decline from the 2.4 billion disbursed in Equity Investment During the year 2009, two divestments were completed for a total value of 10.5 million. As at 31 December 2009, the merchant banking portfolio consists of 13 active equity investments. Investment banking In 2009, GE Capital Interbanca carried out a series of Mergers & Acquisitions and Equity Capital Markets transactions, supporting both private equity funds and industrial corporations. Our mandates involved assistance in acquisition transactions (buy-side), sales transaction (sell-side) and increases in share capital on regulated and unregulated markets. Among the transactions concluded, GE Capital Interbanca acted as Sponsor in the listing of Effegi Group on the Alternative Capital Market, one of the few listings made in 2009 in Italian markets. Consolidated balance sheet and income statement tables are on the following pages. Further information, please contact: GE Capital Interbanca - Lavinia Piana - Brand and Communications Manager T: M: E : lavinia.piana@ge.com Close to Media - Giulia Ferrario, Paolo Monti T M: E: giulia.ferrario@closetomedia.it; paolo.monti@closetomedia.it

Equity Investment During the year 2009, two divestments were completed for a total value of 10.5 million.

3 - 3 - CONSOLIDATED BALANCE SHEET (in thousands of Euro) Assets Cash and cash equivalents Financial assets held for trading Financial assets designated at fair value through profit and loss Financial assets available for sale Financial assets held to maturity Due from banks Loans to customers Hedging derivatives Tangible assets Intangible assets of which: goodwill Tax assets a) current b) deferred Non current assets and disposal groups held for sale and discontinued 150. operations Other assets Total assets CONSOLIDATED BALANCE SHEET (in thousands of Euro) Liabilities and Shareholders' Equity Due to banks Due to customers Securities issued Financial liabilities held for trading Financial liabilities designated at fair value through profit and loss Hedging derivatives Fair value change of financial liabilities in hedged portfolios (+/-) Tax liabilities a) current b) deferred Liabilities associated with non current assets and disposal 90. groups held for sale and discontinued operations Other liabilities Severance indemnity fund Allowances for risks and charges a) staff retirement funds and similar liabilities - - b) other allowances Valuation reserves (19.069) 150. Reimbursable shares Equity instruments Reserves Share premium reserve Share capital Treasury Shares (-) Minority interests (+/-) - (14.128) 220. Net profit (loss) for the year (+/-) ( ) ( ) Total Liabilities and Shareholders'Equity

231 527.366 70. Loans to customers 4.842.392 5.765.655 80. Hedging derivatives 9.770 88.817 120. Tangible assets 52.214 53.557 130. Intangible assets 1.584 3.051 of which: goodwill - - 140.

4 - 4 - CONSOLIDATED INCOME STATEMENT (in thousands of euro) Items Interest income and similar revenues Interest expense and similar charges ( ) ( ) 30. Net interest margin Fee and commission income Fee and commission expense (1.268) (749) 60. Net fee and commission income Dividends and similar revenues Profits (Losses) on trading (5.555) Net result of hedge accounting (2.470) (451) 100. Profits (Losses) on disposal or repurchase of: a) loans - - b) financial assets available for sale c) financial assets held to maturity - - d) financial liabilities Profits (Losses) on financial assets and liabilities designated at fair value - (28.890) 120. Net interest and other banking income Net impairment losses and reversals of (impairment on): ( ) ( ) a) loans ( ) ( ) b) financial assets available for sale (61.725) ( ) c) financial assets held to maturity - - d) other financial activities (1.255) (17.330) 140. Net income from banking activities ( ) ( ) 150. Net insurance premiums Other net insurance income (expense) Net income from banking and insurance activities ( ) ( ) 180. Administrative expenses: (78.809) (54.071) a) personnel expenses (52.570) (33.677) b) other administrative expenses (26.239) (20.394) 190. Net provisions for risks and charges 621 (8.770) 200. Net adjustments to/recoveries on tangible assets (1.541) (1.802) 210. Net adjustments to/recoveries on intangible assets (1.657) (1.673) 220. Other operating expense/income Operating costs (80.104) (62.709) 240. Profits (Losses) on investments in associates and companies subject to joint-control Valuation differences on tangible and intangible assets measured at fair value Goodwill impairment Profits (Losses) on disposals of investments Profit (Loss) before tax from continuing operations ( ) ( ) 290. Taxes on income from continuing operations (9.042) Profit (Loss) after tax from continuing operations ( ) ( ) 310. Proft (Loss) after tax from discontinued operations Net profit (Loss) for the year ( ) ( ) 330. Minority interests - (16.425) 340. Parent Company's net profit (loss) ( ) ( )

Dividends and similar revenues 83 128 80. Profits (Losses) on trading (5.555) 3.205 90. Net result of hedge accounting (2.470) (451) 100. Profits (Losses) on disposal or repurchase of: 28.321 2.

5 - 5 - About GE Capital GE Capital is a leading provider of specialist finance throughout the EMEA region, providing a wide range of solutions including: accounts receivable management, inventory finance, ABL, cross-border financing, leveraged finance, European leasing/vendor finance and fleet management. GE Capital focuses on sectors where it can share GE's 130+ year heritage with customers - energy, healthcare, media, transportation and industrial - and has a major footprint in EMEA, including an exciting $8 billion commercial finance JV planned with Mubadala in Abu Dhabi. GE Capital Italy GE Capital Italy recently acquired the leading corporate bank Interbanca and provides a broad range of financial solutions to help customers, such as Corporate Lending, Structured Finance, Private Equity investments as well as leasing, lending, fleet management and factoring products and services. Total Assets $12BN, HC: 600. For further information please visit:

GE Capital focuses on sectors where it can share GE's 130+ year heritage with customers - energy, healthcare, media, transportation and industrial - and has a major footprint in EMEA, including an

CREDEMHOLDING: THE BOARD APPROVED FY14 AND 1Q15 RESULTS. DIVIDEND AT 1.75 EURO PER SHARE (+17% YoY)

CREDEMHOLDING: THE BOARD APPROVED FY14 AND 1Q15 RESULTS. DIVIDEND AT 1.75 EURO PER SHARE (+17% YoY) FY14 Resuls The Board of Directors of Credemholding, the holding company owning a stake of 76.9% in Credito