- CREDITI FISCALI
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.
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.
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)
|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|
|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|
|Due from banks|
|Figures at 31.12.2013||-||-||-||415.817||415.817|
|Figures at 31.12.2012||-||-||-||545.527||545.527|
|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|
|Due to banks|
|Figures at 31.12.2013||-||-||-||6.665.847||6.665.847|
|Figures at 31.12.2012||-||-||-||557.323||557.323|
|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|
INCOME STATEMENT DATA
(in thousands of Euro)
|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|
|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|
|QUARTERLY INCOME STATEMENT DATA (in thousands of Euro)||TRADERECEIVABLES||DRLs||TAXRECEIVABLES||GOVERNANCEAND SERVICES||GROUPCONSOLIDATEDTOTAL|
|Net banking income|
|Net profit from financial activities|
|SECTOR KPIs (in thousands of Euro)||TRADERECEIVABLES||DRLs||TAXRECEIVABLES||GOVERNANCEAND SERVICES|
|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.|
|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.|
|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.|
|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|
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
Sebastien Egon Fürstenberg