• IMPRESE
  • DRL
  • CREDITI FISCALI
  • RACCOLTA
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Contribution of business sectors

The organisational structure

The model for segment reporting is in line with the organisational structure used by the Head Office to analyse Group results and is broken down into the following sectors: Trade Receivables, Distressed Retail Loans, Tax Receivables, Governance and Services.

The Governance and Services sector manages the Group's financial resources and allocates funding costs to operating sectors and subsidiaries through the Group's internal transfer rate system. The internal transfer rate system was updated effective 1 July 2013 to correctly represent the contribution of the different sectors to the Group's results, accounting for the changes in the current situation and outlook of financial markets.

Here below are the results achieved in 2013 by the various business sectors, which will be analysed in the sections dedicated to the individual sectors.

STATEMENT OF FINANCIAL POSITION DATA
(in thousands of Euro)
TRADE RECEIVABLES DRLs TAX RECEIVABLES GOVERNANCE AND SERVICES GROUP CONSOLIDATED TOTAL
Available for sale financial assets          
   Figures at 31.12.2013 - - - 2.529.179 2.529.179
   Figures at 31.12.2012 - - - 1.974.591 1.974.591
Change % - - - 28,1% 28,1%
Held to maturity financial assets          
   Figures at 31.12.2013 - - - 5.818.019 5.818.019
   Figures at 31.12.2012 - - - 3.120.428 3.120.428
Change % - - - 86,4% 86,4%
Due from banks          
   Figures at 31.12.2013 - - - 415.817 415.817
   Figures at 31.12.2012 - - - 545.527 545.527
Change % - - - (23,8)% (23,8)%
Due from customers          
   Figures at 31.12.2013 1.938.415 127.945 90.282 140.291 2.296.933
   Figures at 31.12.2012 (1) 1.761.432 104.044 83.174 329.232 2.277.882
Change % 10,0% 23,0% 8,5% (57,4)% 0,8%
Due to banks          
   Figures at 31.12.2013 - - - 6.665.847 6.665.847
   Figures at 31.12.2012 - - - 557.323 557.323
Change % - - - 1096,0% 1096,0%
Due to customers          
   Figures at 31.12.2013 - - - 4.178.276 4.178.276
   Figures at 31.12.2012 - - - 7.119.008 7.119.008
Change % - - - (41,3)% (41,3)%
(1) Data restated after initial publication. See the Introductory notes on how to read the data.
INCOME STATEMENT DATA
(in thousands of Euro)
TRADE
RECEIVABLES
DRLs TAX
RECEIVABLES (1)
GOVERNANCE AND SERVICES GROUP CONSOLIDATED TOTAL
Net banking income          
   Figures at 31.12.2013 129.702 24.374 9.287 100.833 264.196
   Figures at 31.12.2012 114.276 18.578 3.789 108.274 244.917
Change % 13,5% 31,2% 145,1% (6,9)% 7,9%
Net profit from financial activities          
   Figures at 31.12.2013 81.319 27.826 9.690 100.774 219.609
   Figures at 31.12.2012 69.205 16.633 3.472 101.856 191.166
Change % 17,5% 67,3% 179,1% (1,1)% 14,9%
QUARTERLY INCOME STATEMENT DATA
(in thousands of Euro)
TRADE RECEIVABLES DRLs TAX RECEIVABLES GOVERNANCE AND SERVICES GROUP CONSOLIDATED TOTAL
Net banking income          
   4th Q.2013 39.008 4.982 1.702 24.365 70.057
   4th Q.2012 35.191 5.385 1.685 35.013 77.274
Change % 10,8% (7,5)% 1,0% (30,4)% (9,3)%
Net profit from financial activities          
   4th Q.2013 27.150 6.827 1.693 24.365 60.035
   4th Q.2012 14.762 3.592 1.518 31.240 51.112
Change % 83,9% 90,0% 11,5% (22,0)% 17,5%
SECTOR KPIs
(in thousands of Euro)
TRADE RECEIVABLES DRLs TAX RECEIVABLES GOVERNANCE AND  SERVICES
Turnover (1)        
   Figures at 31.12.2013 5.701.892 n.a. n.a. n.a.
   Figures at 31.12.2012 4.941.514 n.a. n.a. n.a.
Change % 15,4% - - -
Nominal amount of receivables managed        
   Figures at 31.12.2013 2.577.820 3.911.852 140.160 n.a.
   Figures at 31.12.2012 2.352.274 3.471.413 146.231 n.a.
Change % 9,6% 12,7% (4,2)% -
Net non-performing trade receivables/Due from customers        
   Figures at 31.12.2013 2,6% 52,0% 0,6% n.a.
   Figures at 31.12.2012 4,3% 34,6% 3,1% n.a.
Change % (1,7)% 17,4% (2,5)% -
RWA (2)
   Figures at 31.12.2013 1.561.355 127.945 33.292 227.883
   Figures at 31.12.2012 1.448.097 104.044 41.495 236.532
Change % 7,8% 23,0% (19,8)% (3,7)%
(1) Gross flow of the receivables sold by the customers in a specific period of time (2) Risk Weighted Assets

Trade receivables

This item includes the following business areas:

  • Italian Trade Receivables, dedicated to supporting the trade receivables of SMEs operating in the domestic market;
  • Foreign Trade Receivables, for companies growing abroad or based abroad and working with Italian customers; this area includes IFIS Finance’s operations in Poland;
  • Pharma, supporting the trade receivables of local health services' suppliers.

The +13,5% rise in net banking income in the Trade Receivables sector (129,7 million Euro compared to 114,3 million Euro in the prior-year period) was due to the higher number of financed companies – the sector's turnover exceeded 5,7 billion Euro, up 15,4% – and the increase in interest on arrears collected by the Pharma business area (7,8 million Euro compared to 1,3 million Euro in the prior-year period).

It should be noted that at 31 December 2013 the Bank recognised interest on arrears – calculated from the invoice’s original maturity date – related to already collected receivables (totalling approximately 28,8 million Euro) as well as non-collected receivables (approximately 33,3 million Euro) due from the Public Administration. The Bank, based on historical data and available information, estimates that at least 20% of interest on arrears can be recovered starting from the estimated collection date. 

During 2013, the Bank assessed its operating instruments, currently under development and consistent with business, accounting and IT processes, intended to support the management of the ATD product and, therefore, the monitoring of the relevant interest on arrears; those will be recognised based on collection estimates starting from 2014, once the mentioned operating instruments are fully implemented. As for the financial statements at 31 December 2013, in light of the above considerations, the Bank did not recognise interest on arrears in profit or loss, but deemed it appropriate to disclose the amount likely to be collected at the reporting date, totalling at least 2,5 million Euro.

As mentioned in the paragraph Introductory notes on how to read the data, the Banca IFIS Group revised its methods of accounting for receivables purchased outright within the factoring activity (hereinafter "ATD", a titolo definitivo in Italian) in order to report them more accurately in the financial statements. Specifically, although most of these receivables are short-term, the Bank measured them at amortised cost and reported them accordingly in its accounts. To allow for like-for-like comparison, the data for the previous year were reclassified, reporting Receivables due from customers under assets net of 14,4 million Euro in relevant deferred income recognised under Other liabilities, and reclassifying the seller's consideration from Commission income to Interest income for 33,1 million Euro.

Impairment losses reflected the protracted adverse economic conditions, although today there are tentative signs of recovery.

The ratio of non-performing loans to loans in the trade receivables sector improved to 2,6%, down 1,7% from 4,3% at 31 December 2012.

INCOME STATEMENT DATA
(in thousands of Euro)
31.12.2013 31.12.2012 (1) CHANGE
ABSOLUTE %
Net interest income 68.086 51.165 16.921 33,1%
Net commission income 61.616 63.111 (1.495) (2,4)%
Net banking income 129.702 114.276 15.426 13,5%
Net impairment losses on loans and receivables (48.383) (45.071) (3.312) 7,3%
Net profit from financial activities 81.319 69.205 12.114 17,5%
(1) Data restated after initial publication. See the Introductory notes on how to read the data.
QUARTERLY INCOME STATEMENT DATA
(in thousands of Euro)
4 Q. 2013 4 Q. 2012 (1) CHANGE
ABSOLUTE %
Net interest income 23.384 18.959 4.425 23,3%
Net commission income 15.624 16.232 (608) (3,7)%
Net banking income 39.008 35.191 3.817 10,8%
Net impairment losses on loans and receivables (11.858) (20.429) 8.571 (42,0)%
Net profit from financial activities 27.150 14.762 12.388 83,9%

Data restated after initial publication. See the Introductory notes on how to read the data.

STATEMENT OF FINANCIAL POSITION DATA
(in thousands of Euro)
31.12.2013 31.12.2012(1) CHANGE
ABSOLUTE %
Non-performing loans 50.804 76.711 (25.907) (33,8)%
Substandard loans 61.796 136.124 (74.328) (54,6)%
Restructured loans 8.351 7.910 441 5,6%
Past due loans 41.658 112.820 (71.162) (63,1)%
Total impaired assets due from customers 162.609 333.565 (170.956) (51,3)%
Net performing loans 1.775.806 1.427.867 347.939 24,4%
Total due from customers (cash) 1.938.415 1.761.432 176.983 10,0%
(1) Data restated after initial publication. See the Introductory notes on how to read the data.

Receivables due from customers are composed as follows: 27% from the Public Administration (compared to 34,8% at 31 December 2012) and 73% from the private sector (compared to 65,2% at 31 December 2012). The reduction in receivables due from the Public Administration was due, among other things, to the acceleration in payments registered from the second half of 2013.

It should be noted that net impaired assets fell by 51,3%, from 333,6 million Euro to 162,6 million Euro, due to a significant decrease in non-performing loans (-33,8%), substandard loans (-54,6%), and past due loans (-63,1%).

The ratio of net non-performing loans to loans in the Trade Receivables sector improved markedly, from 4,4% to 2,6%, and the ratio of net substandard loans to loans dropped from 7,7% to 3,2%, as a result of both improved asset quality and particularly stringent provisioning policies.

IMPAIRED TRADE RECEIVABLES
(in thousands of Euro)
NON PERFORMING (1) SUBSTANDARD RESTRUCTURED PAST DUE TOTAL
BALANCE AT 31.12.2013  
Gross amount 234.681 72.302 9.395 42.432 358.810
   Incidence on gross total receivables 11,0% 3,4% 0,4% 2,0% 16,8%
Adjustments 183.877 10.506 1.044 774 196.201
   Incidence on gross value 78,4% 14,0% 11,1% 1,8% 54,5%
Net amount 50.804 61.796 8.351 41.658 162.609
   Incidence on net total receivables 2,6% 3,2% 0,4% 2,1% 8,4%
SITUAZIONE AL 31.12.2012
Gross amount 199.531 161.744 9.048 113.249 483.572
   Incidence on gross total receivables 10,3% 8,4% 0,5% 5,9% 25,0%
Adjustments 122.820 25.620 1.138 429 150.007
   Incidence on gross value 61,6% 15,8% 12,6% 0,4% 31,0%
Net amount 76.711 136.124 7.910 112.820 333.565
   Incidence on net total receivables 4,3% 7,7% 0,4% 6,4% 18,8%
(1) Non-performing loans are recognised in the financial statements up to the point in which all credit collection procedures have been entirely completed.
KPIs 31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Turnover 5.701.892 4.941.514 760.378 15,4%
Net banking income/ Turnover 2,3% 2,3% - 0,0%
KPIs y/y 31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Net banking income/Due from customers 6,7% 6,4% - 0,3%
Value adjustment on receivables/Due from customers 2,5% 2,5% - (0,0)%
Net non-performing loans/Due from customers 2,6% 4,3% - (1,7)%
Coverage of gross non-performing loans 78,4% 61,6% - 16,8%
Impaired assets/ Due from customers 8,4% 18,8% - (10,4)%
Total RWA per sector 1.561.355 1.448.097 113.258 7,8%

The following table shows the nominal value of receivables purchased (operating data not recognised in the statements) for factoring transactions outstanding at the end of the year (Total Receivables), broken down into receivables with or without recourse and receivables purchased outright. Please note that the breakdown of purchased receivables in the following table is based on the contract form used by the Bank.

TOTAL RECEIVABLES
(in thousands of Euro)
YEAR CHANGE
31.12.2013 31.12.2012 ABSOLUTE %
Receivables with recourse 1.832.762 1.551.389 281.373 18,1%
   of which due from the Public Administration 394.179 453.774 (59.595) (13,1)%
Receivables without recourse 146.515 127.580 18.935 14,8%
   of which due from the Public Administration 17.986 10.250 7.736 75,5%
Outright purchases 598.543 673.305 (74.762) (11,1)%
   of which due from the Public Administration 525.951 615.564 (89.613) (14,6)%
Total receivables 2.577.820 2.352.274 225.546 9,6%
   of which due from the Public Administration 938.116 1.079.588 (141.472) (13,1)%

The breakdown of customers by geographic area in Italy, with a separate indication for those abroad, and the breakdown of customers by product sector are as follows:

BREAKDOWN OF CUSTOMERS BY GEOGRAPHIC AREA LOAN COMMITMENTS TURNOVER
Northern Italy 24,7% 26,2%
Central Italy 2,9% 5,8%
Southern Italy 49,7% 53,9%
Abroad 22,7% 14,1%
Total 100,0% 100,0%

Distressed Retail Loans

This is the Banca IFIS Group's sector dedicated to non-recourse factoring and managing distressed retail loans. It serves households under the new CrediFamiglia brand.

The sector, formerly known as NPL, was renamed during 2013 as "Distressed Retails Loans" (hereinafter "DRL") so as to avoid confusion with impaired assets, defined as "non-performing loans (NPLs)" in English.

The business is closely associated with recovering impaired loans. Loans in the DRL segment are included among non-performing and substandard loans: in particular, those loans are initially attributed the same classification as that assigned by the invoice seller, provided the latter is subject to the same law as Banca IFIS: otherwise, if the Bank has not ascertained the debtor's state of insolvency, those loans are classified as substandard.

After initial recognition, at an amount equal to the price paid, receivables are measured at amortised cost, calculated using the effective interest rate method; the effective interest rate is calculated as the rate at which the present value of the expected cash flows (Internal Rate of Return, hereafter IRR), for principal and interest, is equal to the price paid.

Specifically, receivables in the DRL sector are measured and recognised through the following steps:

  1. at the time of their acquisition, receivables are recognised at their purchase price and measured at cost. Subsequently, the Bank assesses the account receivable’s documentation, as well as whether it is past the statute of limitations, in order to either seek recourse from the seller or write off the receivable, if required. At the end of this phase, and after notifying the account debtor of the sale, the Bank can start taking action to recover the receivable;
  2. once the collection process begins, they are measured at amortised cost using the effective interest rate method;
  3. the effective interest rate is calculated on the basis of the price paid, the transaction costs, if any, and the estimated cash flows and collection time calculated using either a proprietary statistical model (point 5), analytical estimates made by managers, or, in the case of bills of exchange or agreements finalised with the creditor, the relevant repayment plans;
  4. the effective interest rate as set out in the previous point is unchanged over time;
  5. the cash flows and collection time are estimated using a statistical model, on the basis of historical time series on revenues from similar portfolios over a statistically significant period of time;
  6. repayment plans referring to bills of exchange or agreements finalised with the creditor are adjusted by a historical proportion of unpaid accounts;
  7. at the end of each reporting period, interest income accrued on the basis of the original effective interest rate is recognised under Interest Income. Said interest is calculated as follows: Amortised Cost at the beginning of the period x IRR/365* days in the period;
  8. in addition, at the end of each reporting period the expected cash flows for each position are re-estimated;
  9. should events occur (higher or lower revenues realised or expected compared to forecasts and/or a change in collection times) which cause a change in the amortised cost (calculated by discounting the new cash flows at the original effective rate compared to the amortised cost in the period), this change is also recognised under Interest Income, except in the situation set out in the following point;
  10. should the receivables be classified as non-performing, all the changes as set out in the previous point are recognised under Impairment losses/reversals on receivables;
  11. should loans be classified as substandard, or should they be objectively impaired, the changes as set out in point 9) are recognised under item 130 Net impairment losses/reversals on receivables; if an impairment loss had already been recognised, reversals can be recognised up to the amount of said impairment loss, recognising the surplus under Interest Income;
  12. It is important to bear in mind that the recognition of the various economic elements under Interest Income and Impairment losses/reversals is purely for accounting purposes, since it is connected to the classification of receivables; on the other hand, from the viewpoint of business, the economic effects shall be considered on the whole and divided into two macro-categories: interest generated by the measurement at amortised cost (point 7) and the economic components due to the changes in cash flows (points 8-9-10-11).
DRL RECEIVABLES PERFORMANCE (thousands of Euro)
Receivables portfolio at 31.12.2012 104.044
Purchases 21.203
Interest income from amortised cost 23.880
Other components of net interest income from change in cash flow 4.147
Reversals of impairment losses from change in cash flow 3.452
Collections (28.781)
Receivables portfolio at 31.12.2013 127.945
INCOME STATEMENT DATA
(in thousands of Euro)
31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Interest income from amortised cost 23.880 18.725 5.155 27,5%
Other interest income 4.147 3.391 756 22,3%
Funding costs (3.653) (3.538) (115) 3,3%
Net banking income 24.374 18.578 5.796 31,2%
Net impairment losses/recoveries on loans and receivables 3.452 (1.945) 5.397 (277,5)%
Net profit from financial activities 27.826 16.633 11.193 67,3%
QUARTERLY INCOME STATEMENT DATA
(in thousands of Euro)
4 Q. 2013 4 Q. 2012 CHANGE
ABSOLUTE %
Net interest income 4.983 5.385 (402) (7,5)%
Net banking income 4.983 5.385 (402) (7,5)%
Net impairment losses/recoveries on loans and receivables 1.844 (1.793) 3.637 (202,8)%
Net profit from financial activities 6.827 3.592 3.235 90,0%
STATEMENT OF FINANCIAL POSITION DATA
(in thousands of Euro)
31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Non-performing loans 66.505 35.974 30.531 84,9%
Substandard loans 61.440 68.070 (6.630) (9,7)%
Restructured loans - - - -
Past due loans - - - -
Total impaired assets due from customers 127.945 104.044 23.901 23,0%
Net performing loans - - - -
Total due from customers (cash) 127.945 104.044 23.901 23,0%
KPIs 31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Nominal amount of receivables managed 3.911.852 3.471.413 440.439 12,7%
Total RWA per sector 127.945 104.044 23.901 23,0%

During the year, the counterparties settled their debts mainly through two methods: in cash (postal orders, bank transfers, etc.) or by signing bills of exchange, which are usually paid in monthly instalments; in particular, 28,8 million Euro were collected, in line with expectations; as for the bills of exchange, they increased to 79 million Euro, compared to 35,3 million Euro in the prior-year period.

The performance of the sector has thus improved markedly, also thanks to the new debt collection approach, which entails a massive increase in the collection of bills of exchange.

The purchases made in the period led to the acquisition of financial receivables portfolios with a nominal value of 471,3 million Euro at a price of 21,2 million Euro (i.e. 4,5% of the nominal value), consisting of 51.398 cases.

With these purchases, the portfolio managed by the DRL sector covers 588.730 cases, for a par value of 3.911,9 million Euro.

For the sake of completeness, it should be noted that the costs relating to debt collection operations undertaken by external agencies, recognised under “other administrative expenses”, was 5,1 million Euro, compared to 4,0 million Euro in the previous year.

Tax receivables

It is Banca IFIS Group’s sector specialised in purchasing tax receivables arising from insolvency proceedings; it operates under the Fast Finance brand and offers to buy both accrued and accruing tax receivables on which repayment has already been requested or which shall be requested in the future, and that arose during insolvency proceedings or in prior years. As a complement to its core business, this sector seldom acquires also trade receivables from insolvency proceedings.

Since the Public Administration is the counterparty, tax receivables are classified as performing; trade receivables, on the other hand, may be classified as impaired assets if required.

INCOME STATEMENT DATA
(in thousands of Euro)
31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Net interest income 9.287 3.789 5.498 145,1%
Total net commission income - - - 0,0%
Net banking income 9.287 3.789 5.498 145,1%
Net impairment losses/recoveries on loans and receivables 403 (317) 720 (227,1)%
Net profit from financial activities 9.690 3.472 6.218 179,1%
QUARTERLY INCOME STATEMENT DATA
(in thousands of Euro)
4 Q. 2013 4 Q. 2012 CHANGE
ABSOLUTE %
Net interest income 1.702 1.685 17 1,0%
Net commission income -   - 0,0%
Net banking income 1.702 1.685 17 1,0%
Net impairment losses/recoveries on loans and receivables (9) (167) 158 (94,6)%
Net profit from financial activities 1.693 1.518 175 11,5%
STATEMENT OF FINANCIAL POSITION DATA
(in thousands of Euro)
31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Non-performing loans 499 2.566 (2.067) (80,6)%
Substandard loans - - - 0,0%
Restructured loans - - - 0,0%
Past due loans - - - 0,0%
Total impaired assets to customers 499 2.566 (2.067) (80,6)%
Net performing loans 89.783 80.608 9.175 11,4%
Total due from customers (cash) 90.282 83.174 7.108 8,5%
KPIs 31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Nominal amount of receivables managed 140.160 146.231 (6.071) (4,2)%
Total RWA per sector 33.292 41.495 (8.203) (19,8)%

Net interest income is generated by the interest accrued according to the amortised cost method and funding costs allocated to the sector; the contribution to profit or loss of positions acquired following the acquisition of the former Toscana Finanza Group by Banca IFIS begins to be significant. They yield returns which are considerably higher than those on the receivables held in the portfolio at the acquisition date, which were measured at fair value. Furthermore, the adjustment to the estimated cash flows, higher than expected, and debt collection time, shorter than expected, resulted in an approximately 5,2 million Euro increase in interest for the period.

Net reversals of impairment losses on receivables for the period were due mainly to the reduction of estimated debt collection time.

During the period, 26 million Euro were collected, in line with estimates; 652 receivables were acquired at an average price of 23 million Euro, i.e. approximately 61,4% of the par value of the tax receivables net of enrolments (i.e. 38,3 million Euro).

With these purchases, the portfolio managed by the sector covers 4.612 cases, for a par value of 140,2 million Euro.

Governance and services

Within the scope of its management and coordination activities, the Governance and Services sector exercises strategic, managerial, and technical-operational control over operating segments and subsidiaries.

Furthermore, it provides the operating segments and subsidiaries with the financial resources and services necessary to perform their respective business activities. The Internal Audit, Compliance, Risk Management, Communications, Strategic Planning and Management Control, Administration and General Affairs, Human Resources, Organisation and ICT departments, as well as the structures responsible for raising, allocating (to operating segments and subsidiaries), and managing financial resources, are centralised in the Parent Company. Specifically, this sector includes both the contribution of the securities portfolio to net interest income for the period, amounting to 126,3 million Euro, and the cost of retail funding exceeding core loans and held in order to guarantee an adequate level of liquidity under economic stress scenarios.

INCOME STATEMENT DATA
(in thousands of Euro)
31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Net interest income 104.997 105.473 (476) (0,5)%
Net commission income (4.452) (3.187) (1.265) 39,7%
Dividend and net result from trading 288 5.988 (5.700) (95,2)%
Net banking income 100.833 108.274 (7.441) (6,9)%
Net impairment losses on receivables and other financial assets (59) (6.418) 6.359 (99,1)%
Net profit from financial activities 100.774 101.856 (1.082) (1,1)%
QUARTERLY INCOME STATEMENT DATA
(in thousands of Euro)
4 Q. 2013 4 Q. 2012 CHANGE
ABSOLUTE %
Net interest income 25.660 29.691 (4.031) (13,6)%
Total net commission income (1.199) (845) (354) 41,9%
Dividend and net result from trading (96) 6.167 (6.263) (101,6)%
Net banking income 24.365 35.013 (10.648) (30,4)%
Net impairment losses on receivables and other financial assets - (3.773) 3.773 (100,0)%
Net profit from financial activities 24.365 31.240 (6.875) (22,0)%
STATEMENT OF FINANCIAL POSITION DATA
(in thousands of Euro)
31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Non-performing loans - - - 0,0%
Substandard loans - - - 0,0%
Restructured loans - - - 0,0%
Past due loans - - - 0,0%
Total impaired assets due from customers - - - 0,0%
Net performing loans 140.291 329.232 (188.941) (57,4)%
Total due from customers (cash) 140.291 329.232 (188.941) (57,4)%
STATEMENT OF FINANCIAL POSITION DATA
(in thousands of Euro)
31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Available for sale financial assets 2.529.179 1.974.591 554.588 28,1%
Held to maturity financial assets 5.818.019 3.120.428 2.697.591 86,4%
Due from banks 415.817 545.527 (129.710) (23,8)%
Due from customers 140.291 329.232 (188.941) (57,4)%
Due to banks 6.665.847 557.323 6.108.524 1096,0%
Due to customers 4.178.276 7.119.008 (2.940.732) (41,3)%
KPIs 31.12.2013 31.12.2012 CHANGE
ABSOLUTE %
Total RWA per sector 227.883 236.532 (8.649) (3,7)%

Receivables in the Governance and Services sector fell sharply, from 329,2 million Euro to 140,3 million Euro (-57,4%), as a result of the decrease in both margin lending related to repurchase agreements in government bonds on the MTS platform, dropping from 188,3 million Euro to 80,1 million Euro (-135,1%%), and in reverse repurchase agreements with Cassa di Compensazione e Garanzia, down 62,0% from 138,7 million Euro to 52,7 million Euro.

 

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