• IMPRESE
  • DRL
  • CREDITI FISCALI
  • RACCOLTA
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Part L - Segment reporting

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.

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;
  • Pharma, supporting the trade receivables of local health services' suppliers.

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.

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 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.

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 functions, 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, and the cost of retail funding exceeding core loans and held in order to guarantee an adequate level of liquidity under economic stress scenarios.

Here below are the results achieved in 2013 by the various business sectors.

STATEMENT OF FINANCIAL POSITION DATA
(in thousands of euro)
TRADERECEIVABLES DRLs TAXRECEIVABLES GOVERNANCEAND SERVICES GROUPCONSOLIDATEDTOTAL
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 31.12.201(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 Part A Accounting policies in these Notes.
INCOME STATEMENT DATA
(in thousands of Euro)
TRADERECEIVABLES DRLs TAXRECEIVABLES GOVERNANCEAND SERVICES GROUPCONSOLIDATEDTOTAL
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) TRADERECEIVABLES DRLs TAXRECEIVABLES GOVERNANCEAND SERVICES GROUPCONSOLIDATEDTOTAL
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) TRADERECEIVABLES DRLs TAXRECEIVABLES GOVERNANCEAND 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

For a more detailed analysis of the result of the business sectors, please refer to the Directors’ Report.  

 

Venice - Mestre, 6 March 2014

For the Board of Directors

The Chairman

Sebastien Egon Fürstenberg

The C.E.O.

Giovanni Bossi

BANCA IFIS SPA P. IVA n. 02992620274