CASSA DI RISPARMIO DI FIRENZE - BANCA CR FIRENZE -

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1 01-09 Inglese CRF :10 Pagina 1 Annual Report 2002 CASSA DI RISPARMIO DI FIRENZE - BANCA CR FIRENZE - Limited Liability Company Registered Office and Headquarters in Florence Share Capital ,01 fully paid Reserves ,90 Register of Companies, Fiscal and VAT Code n Banking Register n 5120 Cassa di Risparmio di Firenze Group Banking Group Register: n

2 01-09 Inglese CRF :10 Pagina 2

3 01-09 Inglese CRF :10 Pagina 3 Table of Contents Annual Report 2002 Table of Contents Directors and General Management 5 Agenda for the Annual Shareholders Meeting 7 Chairman s Letter to the Shareholders 8 Cassa di Risparmio di Firenze Spa - Parent company Annual Report 2002 Directors Report on the Parent Company 23 Financial statements 62 Notes to the financial statements 66 Exhibits to the financial statements 129 Statutory Auditors Report 174 Independent Auditors Report 178 Cassa di Risparmio di Firenze Group - Group Annual Report 2002 Directors Report on the Group 187 Consolidated financial statements 214 Notes to the consolidated financial statements 218 Exhibits to the consolidated financial statements 281 Independent Auditors Report 287 Listing of Branches 289 3

4 01-09 Inglese CRF :10 Pagina 4

5 01-09 Inglese CRF :10 Pagina 5 Directors and General Management Annual Report 2002 Board of Directors Chairman Vice Chairman Directors Aureliano Benedetti Giampiero Busi Piero Antinori Paolo Campaioli Jean Clamon Francesco Corsi Ferruccio Ferragamo Ambrogio Folonari Lionardo Ginori Lisci Pier Giovanni Marzili Massimo Mattera Giuseppe Morbidelli Ivano Paci Foscolo Poggiolini Giuseppe Spadafora Executive Committee Chairman Vice Chairman Members Aureliano Benedetti Giampiero Busi Francesco Corsi Pier Giovanni Marzili Massimo Mattera Giuseppe Morbidelli Giuseppe Spadafora Board of Statutory Auditors Chairman Acting Auditors Substitute Auditors Vieri Fiori Franco Caleffi Marco Sacconi Francesco Maria Mancini Giuseppe Rogantini Picco General Management General Manager Lino Moscatelli 5

6 10-16 Inglese CRF :17 Pagina 10 the distribution model heads a group which brings together banks of central and north Italy (the Pistoia, Civitavecchia, Orvieto and Mirandola Savings Banks) and specialist operating companies, some of which are leaders at national level. It has been quoted on the Milan Stock Exchange since The basis for the continuous growth of the Bank and its Group is its capacity for constant self-renewal and its desire to put the highest emphasis on customer relations and service. was one of the first Italian banks to adopt a development strategy centred on an integrated distribution, multichannel and multiservice model. This was made possible also thanks to the synergies existing with the product companies connected to the Group and the collaboration of its banking shareholders and other international partners. Having created supplementary operative channels, at the same time strengthening the traditional sales network, makes the Bank available to customers 24 hours a day, wherever they are, thanks to the Internet connection, the land-line telephone system, or cellular GSMs or WAPs. With a total network of 426 branches, spread over Tuscany, Umbria, Lazio, Emilia Romagna and Lombardy, we have widespread presence in the area of our operations, both in the large cities and in minor locations, so as to ensure direct and personalised service to our clientele. Through the Liberamente Network system the Group also oversees a financial promoters network operating in Rome, Tuscany, Emilia Romagna and the Marches. This new distribution channel boosts the Bank's and the Group's presence in the managed savings sector using an organisation of qualified professionals. is one of the most advanced banks in Internet banking, using its own portals dedicated to private clientele and businesses. Alongside the institutional site ( the bank can also be accessed through two portals, one dedicated to private customers ( and the other to business ( On the services side, the Florence Group can offer numerous personalised solutions in the areas of banking, finance, insurance and consumer credit, thanks also to the synergies existing with leading companies operating in the various sectors, such as Findomestic (consumer credit), Centrovita Assicurazioni, Centro Leasing and Centro Factoring. In addition, through working with banking partners of international stature and prestige, such as Sanpaolo IMI and BNP-Paribas, the Group has enlarged its range of services to retail customers through a multichannel network and expanded activities in business areas commanding higher added value, such as corporate finance. 10

7 10-16 Inglese CRF :17 Pagina 11 Corporate profile Group summary data In millions of euros 31/12/ /12/2001 Change % Total financial assets 26, , % Direct borrowing 12, , % Indirect borrowing: Administered savings 5, , % Managed savings 8, , % - Asset management (GPM - GPS - GPF) 1, , % - Funds 4.471,1 4, % - Insurance 1, , % In millions of euros 31/12/ /12/2001 Change % pro-forma Interest margin % Net commissions and other operating income % Administrative expenses % Net provisions for and value adjustments to loans and non-current financial asset % Profit from ordinary activities % Consolidated Group net profit % ROE (*) 8.9% 11.3% Loan risk ratios (**) 1.06% 1.74% (*) Net profit / Average book equity excluding net profit (**) Net doubtful loans / Net customer loans 11

8 10-16 Inglese CRF :17 Pagina 12 strategies followed in 2002 In answer to the continuous changes in the markets affecting us and growing competition in the sector, has worked out a new distribution model which is heavily based on targeted results and customer segments. This process, the planning for which started in 2002, has involved the creation of two new sales areas - the Businesses and Private Banking Division and the Retail Division, which meet the requirements of specific customers and aim at increasing service value and quality and improving cost control at the same time. further strengthened its distribution network by opening new branches (particularly in Rome where it has 4 outlets, besides the 10 belonging to the subsidiary Cassa di Risparmio di Civitavecchia) and expanding the financial promoters network, particularly in the Marches and Emilia Romagna, with a total force of 66 promoters. In 2002 the Group engaged in further sales actions in line with its budget objectives and sales plan, also making organisational rearrangements for higher efficiency at Group level in order to rationalise operations and contain costs. It is also important to note that there has been much collaboration, regarding corporate and operational aspects, with the other pivot shareholder banks, Sanpaolo IMI and BNP Paribas. With a view to expanding the Group, action for development and rationalisation was taken, also in the participating interests sector, both to strengthen the Group structure and dispose of non-strategic assets. 12

9 10-16 Inglese CRF :17 Pagina 13 Group structure at Corporate profile - Parent company Group Companies Other subsidiaries Banking and financial companies held over 20% Other companies held over 20% CR Mirandola 60,8% Centrovita Assicurazioni 51,0% Findomestic Banca 50,0% Arval Service Lease Italia 30,0% CR Pistoia e Pescia 51,0% Info 2B 100,0% Centro Leasing 40,9% Centro di Telemarketing 50,0% CR Orvieto 73,6% Centro Factoring 45,9% Citylife 48,5% CR Civitavecchia 51,0% Eptaconsors 20,2% Et Group 42,7% CR Firenze Gestion International 80,0% CFT Finanziaria 46,9% Beta 49,0% Centro Riscossione Tributi Cerit 100,0% Sviluppo Industriale Pistoia 30,1% Ce.Spe.Vi. 20,0% Infogroup 100,0% Data Centro 100,0% Perseo Finance 60,0% Distribution Product Mirafin 100,0% Service Tebe Tours 90,0% 13

10 10-16 Inglese CRF :17 Pagina 14 the bank s share The share closed the year 2002 at Euro 1.17 (Euro at 31 December 2001), thus rising 1.7% over the year. This result is noteworthy if comparison is made with the MIB General index which dropped 23.7% in 2002 and the sector indices, Midex and Mib banking, which fell 18.7% and 27.2% respectively. At a time when the market was particularly difficult for banks, the share showed a positive trend, rising for the first time since its listing to a value of Euro 1.40 and attaining, in the first four months of the year, a growth level of 19%. In the same period, the MIB General index rose 2.2% and the Mib Banking index 11.9%. In the subsequent eight months of 2002, the market again felt the effects of the sharp decline which interested the whole economy and indices again went down until reaching the minimum for the year in October. There was a slight recovery in the last two months of Even in this second part of the year, the Banca CR Firenze share did better than the market, falling 14.6% as against a decrease in the banking sector index of around 35% thanks to investors' awareness of the Bank's excellent fundamentals, its good half-year results and its low exposure to economic segments with a high volatility level. Compared with the prior year, volumes increased 95% with total trades of over 167 million shares representing 15.4% of total share capital and 57% of shares on the market. The Stock Exchange Commission inserted the share as from September into the Italian Stock Exchange Midex Index, which includes the first 25 listed companies in terms of capitalisation and liquidity, immediately following those in the MIB30 index. The retrenchment in volumes, which was the result of the negative trend in the markets, has led to the share passing as from 24 March 2003 to the Blue Chips sector. Sala Verde Palazzo Incontri Via dei Pucci, 1 - Firenze 14

11 10-16 Inglese CRF :17 Pagina 15 historical outline Corporate profile Cassa di Risparmio di Firenze was formed in 1829 on the initiative of several of the most brilliant figures in Florentine society and its economic community who set the objective of founding a bank to promote the idea that saving was a valuable attribute. Since that time Cassa di Risparmio di Firenze has always played an important role in the development of Florence and Tuscany, also supporting it financially through the construction of important public works. During the years following the second world war the Bank participated actively in the reconstruction of the country and dedicated itself to supporting the economy and the social fabric, in particular by lending to small and medium-sized businesses which, still today, constitute the backbone for activities in the areas where it operates. In 1992 Cassa di Risparmio di Firenze - which in the preceding years had set up innovative product companies such as Centro Leasing, Centro Factoring and Findomestic - became an SpA-type limited company, and still continued on improving the quality of its business management criteria and organisational structure. In 1998 the Cassa di Risparmio di Firenze Banking Group was formed. In July 2000 the shares of the parent company were listed on the Milan Stock Exchange. The Group, fortified by its traditions and attentive to the requirements of the public it serves, is facing the new millennium as a dynamic and pioneering enterprise, heavily oriented towards the creation of value. Spazio finanziario Corso Vittorio Emanuele II, 239 Roma 15

12 10-16 Inglese CRF :17 Pagina 16 the bank s rating Rating house Short-term debt Long-term debt Fitch F1 A- Moody's P1 A2 Share price performance BANCA CR FIRENZE MIB GENERAL MIDEX MIB BANKING 60 G F M A M G L A S O N D Shareholder composition Other (on the market) 21,0% Ente CR Firenze 41,8% CR Ravenna 0,6% Banca Carige 0,8% Sanpaolo IMI 19,5% Fondazione CR Pistoia e Pescia 3,9% Fidelity Investments 5,5% BNP Paribas 6,9% 16

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