Introduction... 4 Chairman s Letter Corporate Bodies Business People Organisation and technologies Timeline...

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2 CONTENTS Introduction... 4 Chairman s Letter... 4 Corporate Bodies... 5 Business... 6 People Organisation and technologies Timeline Funding Investments in securities Results and Strategy Comment by the CEO Directors report Highlights Group KPI Results by business sectors Quarterly Evolution Group historical data Results presentation Context Reference markets Impact of regulatory changes Group financial and income results Contribution of business sectors Main risks and uncertainties Banca IFIS shares Significant events occurred during the year Significant subsequent events Outlook

3 Other information Consolidated Financial Statements Consolidated Statement of Financial Position Consolidated Income Statement Consolidated Statement of Comprehensive Income Statement of Changes in Consolidated Equity at 31 December Statement of Changes in Consolidated Equity at 31 December Consolidated Cash Flows Statement Notes to the Consolidated Financial Statements Part A Accounting policies Part B Consolidated statement of financial position Part C Consolidated income statement Part D Consolidated statement of comprehensive income Part E Information on risks and risk management policies Part F Consolidated equity Part G Business combinations Part H Related-party transactions Part I Share-based payments Part L - Segment reporting Declaration on the Consolidated Financial Statements as per article 81-ter of Consob Regulation no of 14 May Board of Statutory Auditors report on the consolidated financial statements Independent auditors report on the consolidated financial statements Glossary

4 Introduction Chairman s Letter Dear Shareholders, 2012 was a complex year marked by excellent results. The further fall in business activity, deteriorating financial and credit fundamentals, as well as worsening social conditions impacted significantly on the solidity of the markets and institutions. Against this backdrop, the Bank managed, and sometimes was forced, to act rapidly and decisively. The players who best interpreted a market which, albeit consolidated, opened up new scenarios came out stronger saw Banca IFIS grow significantly in terms of size and as an organisation. Profits were excellent on the back of abundant liquidity supported by a growing and constantly adequate capital. The year just ended will be remembered, above all, for what the Group planned and achieved, for the ideas and spot-on choices in the face of a deteriorating economy, and for the ability of its staff, who invested their energy, professional skills, ingenuity and willingness will present several challenges. The economic outlook is still negative. Low or zero growth, together with the policies necessary to curb the national debt, raises fears of a further deterioration in the economy. Reacting more and more quickly and effectively to changes will be crucial. In such an uncertain context, our Bank s ability to react will be very important. Maintaining a sense of responsibility towards all stakeholders, businesses, savers, and staff will be paramount. Dear Shareholders, this Bank is ready and fit to face 2013 and wants to continue strengthening its position and growing. As we are celebrating our 30 th anniversary, we are ready to face increasingly complex challenges equipped with whatever it takes to fulfil our mandate. 4

5 Corporate Bodies Board of Directors Chairman Sebastien Egon Fürstenberg Deputy Chairman Alessandro Csillaghy C.E.O. Giovanni Bossi (1) Directors Leopoldo Conti Andrea Martin Riccardo Preve Marina Salamon Francesca Maderna 1) The CEO has powers for the ordinary management of the Company. General Manager Alberto Staccione Board of Statutory Auditors Chairman Standing Auditors Alternate Auditors Mauro Rovida Erasmo Santesso Dario Stevanato Luca Giacometti Francesca Rapetti Independent Auditors KPMG S.p.A. Corporate Accounting Reporting Officer Carlo Sirombo Share Capital: 53,811,095 Euro fully paid in Bank Licence (ABI) No : Tax Code and Venice Companies Register Number: VAT No.: Enrolment in the Register of Banks No.: 5508 Registered and administrative office: Via Terraglio 63, Mestre, 30174, Venice, Italy International website: Member of Factors Chain International 5

6 Business The Banca IFIS Group is the only independent banking group in Italy that specialises in the sector of trade receivables, non-performing loans and tax receivables. The brands and business areas through which the Group operates, financing the real economy, are: Banca IFIS, dedicated to supporting the trade receivables of small and medium sized enterprises operating in the Italian market; Banca IFIS International, for companies growing abroad or based abroad and working with Italian customers; Banca IFIS Pharma, supporting the trade receivables of local health services suppliers; Toscana Finanza - Non-Performing Loans - which brings together all the activities of the business unit operating in the non-performing loans sector; Fast Finance, focusing on the tax receivables sector. The Bank's retail funding business consists of the following brands and products: rendimax, the high-yield online savings account, completely free, offered to individuals, business customers and for insolvency proceedings; contomax, born in January 2013, the low-cost online current account with high returns. Listed on the Star segment of Borsa Italiana, the Banca IFIS Group is an innovative and steadily growing company. The Group celebrates its 30th anniversary in Trade receivables Banca IFIS During 2012 Banca IFIS increased by 20% the number of small and medium sized enterprises in its portfolio, bringing total active customers at year-end to over The Bank gives them customised solutions aimed at resolving specific problems related to credit and the management of trade receivables. In particular, Banca IFIS managed to address the needs of companies that boast supply relationships with customers of good credit standing. The factoring contract, frequently used for delivering management services to large businesses and which Banca IFIS is the first in applying for SMEs, allowed the Bank to lend to companies by transferring the credit risk to their customer, i.e. to the account debtor. The assessment and authorisation criteria related to this financial instrument are based on the credit quality and the productive capacity of the company, rather than its equity, allowing Banca IFIS to lend on the basis of its customers' ability to perform well. The Bank s intervention is based on a key and constant element, which is the transfer of trade receivables from the customer to Banca IFIS, and on financing them in a very short time period. For Banca IFIS financing a customer means providing companies with the resources to run and expand their business. However, the lending business on its own does not explain how the Bank s product range is structured. Leveraging trade receivables to provide companies with the necessary support 6

7 to develop entails new possibilities, whose mix generates intrinsically better results compared to traditional bank lending. In fact, in the traditional approach to lending, the bank s risk analysis is based on the company-customer and its creditworthiness. In Banca IFIS s approach, the trade receivables the company-customer manages to generate are assessed: this leads to a new way of providing credit that is more effective than the traditional generalist approach. For the company-customer, therefore, the dialogue with Banca IFIS becomes not only a financial issue, nonetheless crucial as especially small and medium-sized enterprises often need resources urgently to finance their business; it is also a matter of managing credit. Smaller companies often see an advantage in letting a specialist bank professionally manage their receivables, while also larger companies consider the outsourcing of such a delicate process as managing their accounts receivable as a way to generate value. Furthermore, it is a question of controlling the risk related to the final debtor, in the sense that Banca IFIS s assessment on the quality of the account debtor, i.e. who in the end must repay the trade receivable, is crucial. Banca IFIS will not act if the final debtor (i.e. the customer of the Bank's customer) does not meet the necessary credit requirements. Therefore, intervention by Banca IFIS is not only a question of trade finance. Alongside the purely monetary support, we provide a service to manage account receivables and to assess credit quality which makes it extremely advantageous for the company-customer to use the Bank s services. 7

8 Banca IFIS has a widespread presence throughout Italy, with 28 branches employing over 150 professional staff responsible for managing trade relations and customer-related activities, ensuring an ongoing relationship between the Bank and companies. For Banca IFIS meeting customers at the latter s premises is the norm, as are high in-house standards concerning the speed, effectiveness, and directness of the relationship between the Bank and the customer. In order to develop selected relations with the customers, the Bank maintains local contacts with some qualified institutional counterparties, as well as industry trade groups. In this way, it aims to provide customers/associates with a service that is as wide-reaching as possible. Knowledge of the local area and customers, together with the business model based on factoring mitigating the relevant credit risk, allow the Bank to maintain a relatively limited risk profile for its assets. In particular, the assets quality is better than that normally resulting from banking operations involving small and medium-sized enterprises. Those have been affected by the economic situation, and most recently by the recession and the credit crunch which has been roiling markets for five years. This means that the Bank did indeed record losses on receivables, but those are still limited compared to the returns on the operations undertaken. The nature of the Bank's activity allows it to continue operating in favour of companies, even in the face of markets often compelling credit intermediaries to be very prudent in taking on risk on small and medium-sized enterprises. Banca IFIS International Banca IFIS is one of the most active players in international factoring and stands out from the competition due to its direct presence in foreign markets, such as Poland, Romania, Hungary and India, with around 25 professional staff dedicated to the Group's international business. Banca IFIS's strength lies in its ability to act not only as a supplier of factoring services but also as a consultant to those customers who intend to move to new markets or are looking for new operating solutions to propose to their counterparts. The Bank s knowledge of the markets and of the various industrial sectors allows it to validly support the exporter in defining some contractual operational aspects. Export Factoring is the product dedicated to Italian exporting companies and includes both recourse and non-recourse factoring. In order to offer the service most suited to the customer s needs, the Bank, depending on the type of operation proposed and the countries involved, can intervene directly or use the services of its correspondents. Import Factoring is the service offered to foreign companies exporting to Italy. Also in the case of import, services can be offered directly to foreign companies or to FCI correspondents. In the first case, the three services - management, guarantee against the risk of default and financing of receivables are almost always present, while in the case of operations notified by correspondents, the focus is usually on management and guarantee against the risk of default. It is important to high light that the Bank has been structured in such a way as to be able to enter into a direct relationship with any foreign company, except for those operating in markets with impediments to the transfer of credit. In the business segment of non-domestic operations two foreign counterparts are involved: the invoice seller and the account debtor. Generally this type of product envisages the use of nonrecourse factoring as the primary choice. Offering non-domestic operations requires a sound knowledge of the law of the countries involved, with particular reference to the conditions required to 8

9 guarantee that the transfer of the receivable is valid, both for directly managed dealings and for those notified by FCI correspondents. Banca IFIS Pharma In 2010 Banca IFIS started a new line of business dedicated to creating new integrated management solutions for pharmaceutical companies wishing to transfer non-recourse receivables due from the National Health Service, thus allowing those customers to hedge late payment risk. Purchasing these receivables, as they are due from the Health Service, implies less exposure to the downgrade risk and returns in line with the Bank's standards. In 2012 this line of business grew significantly, establishing important relations with medium and large industry players, and focusing on purchasing receivables selected on the basis of the account debtors' liquidity risk, i.e. the time required for collecting the loan repayment, as well as the concentration risk, in order to further diversify the portfolio. Non-Performing Loans (NPL) Sector Toscana Finanza At present, it is Banca IFIS Group s business area dedicated to non-recourse factoring of nonperforming loans. Toscana Finanza SpA, which was bought in May 2011, was merged into Banca IFIS S.p.A. in December Toscana Finanza is based in Florence, where it was founded in In its twenty year history it has stood out for its ability to value and buy important portfolios and to establish a remarkable database containing specific information relating to more than four hundred thousand debtors. 9

10 Today it is one of Italy's leading debt buyers, buying mainly non-performing and unsecured loans due from individuals from consumer credit institutions and banks. The business model is based on its ability to optimise both the purchase and management of receivables. Tax receivables Fast Finance Fast Finance is the business area of the Banca IFIS Group dedicated to purchasing tax receivables arising from insolvency proceedings: it offers to buy both accrued and accruing tax receivables on which repayment has already been requested or will be requested in the future, and which arose during insolvency proceedings or in prior years. Based in Bologna, it is a leading company in the services for insolvency proceedings, capturing over 50% market share. It was created in 2001 and has been part of the Banca IFIS Group since May During 2012 it merged into the Parent, becoming a specialist business area. 10

11 Receivables are factored without recourse and without any cost for the seller, with Fast Finance taking responsibility for all costs regarding the valuation, transfer and management of the receivables, including those relating to the issue of any surety bond that may be requested as guarantee by the tax authorities before effecting the repayment. The high level of technical know-how acquired thanks to its long experience in this sector enables Fast Finance to offer the Parties involved in Proceedings qualified assistance and the utmost efficiency in managing operations through a detailed analysis of every position, with particular attention to the type of tax, the origination period, the amount, the possibility of collection and the timeframe for the repayment. Fast Finance has eight Area Managers who work on a daily basis with the courts, offering qualified assistance to the Parties involved in Proceedings by detailing them on the operational aspects, as well as supporting the Professional in preparing the documentation and working with him to handle and resolve any problems which may arise in the preparatory stage. 11

12 People The rising trend in recruitment continued during the year: at the end of 2012 the Banca IFIS Group had 457 staff, 35 more compared to the previous year. This increase is largely connected to the Bank s growth and development, as well as to the need to operate in a market where management of risks has become the priority, to the extent that it requires the input of additional skills and knowhow in the receivables management division, and to promote internal growth by seizing new opportunities. Qualified and motivated resources joined the most strategic business areas following recruitment activities carried out also through the Bank s social network channels. In autumn 2011, the Bank embraced social recruiting by creating a Linkedin company account setting out all the Group s brands and divisions. Recruitment is carried out separately for each division, also using job posting videos in which the bank's employees explain the characteristics required for the position. In 2012 we achieved very encouraging results, as in just a few months the job postings attracted over 25,000 visits to the company s account; we received over 4,000 applications for the open positions in just 3 months; 30% of the new hires came from contacts established through LinkedIn. Banca IFIS s online approach, il Gruppo che assume ( the recruiting Group ), was recognised as best practice by LinkedIn. Aware that people are the Group s key asset, Banca IFIS is committed to constantly creating new growth and career opportunities. During 2012 the Bank invested in training, offering mainly courses on technical topics such as factoring receivables due from the Public Administration, the accounting and financial statements of public bodies, the Central Credit Register, Basel 3, regulatory updates and comparisons concerning money-laundering, privacy, the new Bank of Italy's rules on customer due diligence, the New regulation for banking and financial distribution networks, the New regulations for the prudential supervision of banks, and language courses. 12

13 Organisation and technologies Control over the development of the Group's organisation, with reference to organisational structures, size and processes, is guaranteed by the Operations and ICT Division. In 2012 the Bank's organisational structure continued to evolve. At the end of 2011 it had acquired the operations of the former Toscana Finanza, and during 2012 those of Fast Finance S.p.A., following the respective mergers. The consequent structural reorganisation led to the creation of dedicated specialised business areas, complementing the service structures and risk departments of the relevant functions. In particular, as for the Bank s traditional market, based on lending to SMEs, the receivables, management and litigation areas were restructured and the Pharma BU area was introduced with the aim of strengthening customer loyalty and managing issues better; as for the non-performing loans area, debt collection procedures were updated by introducing specific operational innovations which will be further developed during 2013; as for the retail funding area, the whole service was restructured in order to support the new contomax product. In addition, measures were taken to rationalise the organisation of and operations entrusted to branches, optimising the organisation of work through a redistribution of activities between the branches and the head office, resulting in operational improvements. As for the regulatory situation, following the aforementioned mergers, the Group introduced new procedures for managing non-performing loans and tax receivables, as well as reviewing the main corporate regulations (group regulation, general regulation, regulation for the Corporate Accounting Reporting Officer, etc.) and internal procedures, with the aim of supporting the regulatory changes as well as organisational and product innovations. As every year, outsourcing service contracts were revised and updated in order to adjust them to changes in operations; where necessary, also the key performance indicators (KPIs) for the services supplied were improved. As every year, the Bank updated the Policy Document on Privacy as envisaged by art. 34 of Legislative Decree 196/03 - Code on protection of personal data. Banca IFIS uses an information system that includes applications supporting the products offered and internet operations, as well as naturally all the applications for administrative/financial, accounting and regulatory governance. The Bank's position as a leader and its propensity to innovate make it essential not only to be able to manage established services efficiently, but also to facilitate financial and service innovation with an operational structure that matches the high standing of its customers. At an organisational level this is achieved by managing the core activities of the Bank s business (the applications to manage factoring customers, retail funding, non-performing loans and tax receivables) in-house and outsourcing the remaining activities, where the synergies and benefits achievable are greater. During 2012 the organisational structure of the ICT division was strengthened even further, in order to bring it into line with business developments. Here below are the main initiatives that took place in 2012: 13

14 Adoption of JDE as the Bank and Group s accounting system, streamlining the relevant resources; Development of the Group's Customers Records System, which is used to uniquely identify the records of customers entered in the various management systems obtained following the mergers during the year; the procedure aggregates also the underlying risk positions, allowing to monitor them in real time; Progress on the new management information system dedicated to factoring. The release of the new application, which is planned for 2013, will allow the Bank to enhance its own specific product lines aimed at SMEs; End of work on the Disputes division in order to achieve greater control of internal and external activities and to better rationalise management and operating processes; Development of the online current account contomax; Acquisition and integration into the information system of the customer profiling platform for the purposes of calculating money-laundering risk; Further work on an "Expert System" capable of providing automatic feedback on the counterparty concerned, based on financial data and the Italian Central Credit Register. Implementation of the new processes for managing non-performing loans and tax receivables. Finally, Business Continuity and Disaster Recovery of the Bank s management system underwent the standard architectural and applicative tests during The scope of business continuity was extended to all core applications. The tests were carried out in the presence of the Internal Auditing. 14

15 Timeline A year of postings, tweets and conversations. Junuary February 15

16 March April 16

17 May June 17

18 July August 18

19 September October 19

20 November December 20

21 Funding The measures taken by the ECB's Executive Board since the end of 2011 allowed Italian banks to cope with the fall in foreign interbank funding seen from the second half of The market remained relatively liquid given high quality collateral (typically sovereign bonds); as for unsecured funding needs, all banks struggled to meet them. Smaller banks could not access the unsecured interbank market except for short maturities, essentially useless for the purposes of financial planning. In 2012 wholesale funding decreased by 76 billion Euro, whereas retail deposits and debentures increased by 58 billion Euro. In 2012 Banca IFIS continued to access secured lines for the entire year, relying on a significant and growing number of Italian government bonds, accepted as collateral by other international banks, or, as a last resort, on the Eurosystem, thanks to the loans always granted by the ECB. In January 2012 the Bank increased its portfolio of assets eligible for refinancing operations with the Eurosystem by issuing and repurchasing 138 million Euro of bonds that the Italian Government had guaranteed for a three-year period and 69 million Euro of bonds the Government had guaranteed for a five-year period, paying 1,03% in fees. In February 2012 the Bank participated in the second three-year LTRO, borrowing 500 million Euro at a 0,75% rate (ECB rate) repayable from March Funding never showed signs of stress and securities trading generated positive results in terms of profitability, helping to ease retail funding costs. Those are traditionally higher on the online market, where the volatility of deposits not sufficiently remunerative for customers may represent a risk. rendimax rendimax is Banca IFIS s high-yeld online savings account aimed at private investors, companies and insolvency proceedings. It was created in July 2008 and at the end of 2012 rendimax had around 66 thousand accounts with funding of over 3 billion Euro, of which over 50% under the new "rendimax like" formula launched in December The accelerating rise of this type of funding, which has been constantly growing since its inception, is an extremely positive result of the attention given to the customer, the simplicity of the product, and the transparency and excellent quality of the dedicated service. The possibilities offered to customers are numerous: call deposits, fixed-term deposits with interest paid in advance ( First option ) or in quarterly arrears ( Top option ), or rendimax like, a call deposit with cash sums available 33 days after the request. rendimax's other characteristics are: exclusively online account opening and management, security (also due to the guarantee of the Interbank Deposit Protection Fund) and zero costs. In addition to the total exemption from setting-up and management fees, the stamp duty is paid by the Bank and therefore the customer faces no such cost. The rendimax savings account also offers several maturity options for fixed-term deposits, from one to 24 months. Rendimax savers can use the exclusive rendimax debit card (which runs on the Bancomat/Pagobancomat and Cirrus/Maestro circuits). 21

22 Investments in securities Securities trading reached a significant volume: the Bank seized the opportunities that arose towards the end of 2011 and throughout Exclusively Italian government bonds were purchased, at fixed rate for short-term bonds and at floating rate for medium-term ones. Currently the portfolio's average return is decent relative to refinancing costs. At the end of the year, the portfolio's total book value was 5.243,5 million Euro, 97.4% of which composed of Italian government bonds and the rest of previously purchased bank bonds near maturity. At 31 December 2012, 35,6% of the portfolio would mature within 12 months, and as a whole within 5 years. 22

23 Results and Strategy Comment by the CEO A solid and forward-looking group which made a break with its past during the best year since its establishment: this is how we may describe 2012 for Banca IFIS, a bank which is building its future with dogged determination and with the aim to write a small new chapter in that never-ending book about the role of banks in the life of Italy and of Europe as a whole. The results achieved, starting with the strengthening of the Bank s equity without increasing the share capital, make us proud and aware that in every sector and in every situation there are opportunities which can be grasped and transformed into new ventures only with an open-minded and critical approach. Against this backdrop, we are aware that we have grown in size, as well as of our potential and of the challenges to which we may provide new answers; but we also know that a steadfast sense of responsibility is necessary to face unpredictable challenges. Banca IFIS knows how to acknowledge the good work of the people it finances and must continue to select them on that basis, confirming its commitment towards virtuous companies. The Bank supports growth, it does not create it. The Bank supports virtous businesses, it does not make decisions in place of the entrepreneurs. Finally, the Bank chooses whether to act or not based on the principle that it will help those who deserve it and reject those who do not. This is Banca IFIS s mission, and will quickly turn it into one of the top five players in the Italian market. All this is the result of our focus on companies which innovate and export, as well as those companies which have receivables due from the Public Administration, paying attention to facilitating the completion of insolvency proceedings, thus freeing companies from receivables due from the tax authorities and helping to accelerate the reinvestment of capitals that are important for growth. The NPL business area, which focuses on managing positions with counterparties often represented by struggling households, underwent significant changes. New instruments and processes will gradually take shape during the year, and the search for sustainable solutions will lead to a confirmed commitment towards the hundreds of thousands of people with payables due to the Bank. Sustainability, seriousness, and mutual respect will be the Group's tag lines as far as the collection of nonperforming loans is concerned, where there is so much room for improving the quality of life of those who have been or are facing a difficult financial situation, often for reasons beyond their control. New challenges emerged in retail funding: the most delicate is the launch of the crowd current account contomax, which joins the rendimax savings account and will allow us to offer a brand new product to our customers in a simple and fair relationship. Excellent service, internal efficiency, which means minimising product costs, and innovative products are, and will remain, the cornerstones of our funding operations. The first few weeks of 2013 are similar in terms of situation and performance to the end of Our commitment to and our support for bringing about an economic recovery are unchanged: we hope that 2013 will be the year in which anyone can hope to succeed through hard work, dedication, talent and vision. 23

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