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Eurizon azioni internazionali milano finanza forex clearview investments ak

Eurizon azioni internazionali milano finanza forex

Adjustments to property, equipment and intangible assets, of million euro, fell These provisions essentially cover probable risks arising from revocatory actions and, to a lesser extent, claims for damages, lawsuits and other disputes.

Net impairment losses on other assets of million euro 35 million euro in , are entirely attributable to adjustments to financial assets available for sale. The main value reductions concerned the shares held in the London Stock Exchange million euro , Banca Generali 30 million euro , CAM Finanziaria 7 million euro , Hopa 6 million euro , as well as debt securities Altius Funding 7 million euro. On investments held to maturity and on other investments, net losses of 1, million euro were recorded, attributable on the one hand to adjustments to equity investments for 2, million euro following assessment of recoverability of their book value, which is illustrated in detail in the Notes to the consolidated financial statements, and on the other to net income from the sale of shareholdings and other investments, respectively for million euro and million euro.

The main impairments to equity investments concerned Banca Fideuram 1, million euro , Pravex Bank million euro , Eurizon Capital million euro , Telco million euro , RCS 72 million euro , Allfunds 40 million euro and Pirelli 20 million euro. Profits on disposal of other investments resulted from the sale of individual real estate units to subsidiary company Immit.

Income before tax from continuing operations amounted to million euro. Taxes on income from continuing operations, both current and deferred, show a tax credit of million euro. Specifically, this procedure was followed with regard to goodwill, for 6, million euro. Against this tax revaluation in the accounts of , substitute tax charges for 1, million euro have been recognised, and the benefits linked to future tax deductibility of the freed amounts consisting of deferred tax assets In the reclassified financial statements charges connected to the integration process between Banca Intesa and Sanpaolo IMI are recorded in specific captions net of taxes.

In particular, merger and restructuring related charges net of tax amounted to million euro, of which million euro pertained to activation of the Solidarity Allowance associated with the early retirement incentive programme; the amount represents the present value of future expenses. Other components are made up of other administrative expenses that directly relate to the integration of the two banks million euro and to adjustments to property, equipment and intangible assets 40 million euro partly attributable to the write off of procedures that have been discontinued subsequent to the merger.

Finally, income after tax from discontinued operations, million euro, mainly included the profits from the disposal of branches to third-party banks in application of the already mentioned decision issued on 20 December by the Italian Competition Authority, in connection with the merger between Banca Intesa and Sanpaolo IMI. The income statement closed with a net income for the period of 1, million euro. Net of these reclassifications, the increase would have been of Breakdown by contract type shows a more marked growth of repurchase agreements and current accounts, while the other types of contract as a whole shows a declining trend.

With regard to performing loans to customers, excluding those represented by securities , million Financial assets held for trading, which comprise debt securities and equities held for trading, net of liabilities 15, million euro , totalled 6, million euro, a decrease of approximately Equity investments, at 41, million euro, comprise equity investments in subsidiaries, associates and companies subject to joint control.

The net increase on the figure, on a consistent basis, as at 31 December was 3, million euro, and mainly reflects acquisition of the equity investments in Cassa di Risparmio di Firenze, Pravex Bank and Intesa Sanpaolo Servizi Transazionali, as well as the value increases of subsidiaries Cassa di Risparmio del Veneto and Banco di Napoli following the contribution of branches under the project for the geographical reorganisation of the Banca dei Territori network.

For all other information required by Law, reference should be made to the Consolidated Report on Operations or the Notes to these separate financial statements. Specifically, the Report on the Consolidated financial statements should be referred to for: information on risks and uncertainties, as the same considerations illustrated apply also to the corresponding paragraph of the consolidated financial statements; risks linked to capital stability and to going concern issues, discussed in the introduction to the Consolidated Report on Operations; in addition, Part F of the Notes to the separate financial statements provide information on capital; information required pursuant to art.

Reference should instead be made to the Notes to these separate financial statements with regard to: information on the Bank s transactions with related parties, provided in Part H. As regards Parent Company s and subsidiary companies shares held by Supervisory and Management Board Members, General Managers, in aggregate form by other Key Managers and other persons pursuant to art.

Information on the Corporate Governance system of the Intesa Sanpaolo is contained in a separate volume. Lastly, it should be specified that pursuant to article and subsequent articles of the Italian Civil Code, Intesa Sanpaolo exercises management and coordination activities for its direct and indirect subsidiaries, including companies which, on the basis of current laws, are not part of the Banking group. In particular, satisfactory performance of lending and funding volumes is expected, albeit at lower levels than in Revenues are expected to decrease, as are operating costs.

The expected deterioration in credit quality should lead to a significant increase in net adjustments. In conclusion, a positive net income is expected. The Management Board Milano, 20 March. In the Reports on operations which accompany the Group s Consolidated Financial Statements and the Parent Company's Financial Statements for , the Directors have illustrated the economic and on financial markets situation which has developed since the second half of The Directors believe that at this time, when the market perceives capitalisation of the banks as particularly important, it is appropriate to strengthen the Bank s and the Group s capital base and, as a consequence, to allocate net income to the reserves, to the extent permitted by the Articles of Association.

Therefore, pursuant to article bis of the Italian Civil Code and articles 7. Consequently, only non convertible saving shares will receive a dividend per share of euro. We therefore submit to Your approval the following allocation of the Company s net income, amounting to 1,,, euro: Net income for the period 1,,, Assignment of a dividend of euro for each of the ,, saving shares determined pursuant to Art. We propose that the dividend on saving shares be made payable, in compliance with legal provisions, as of 21 May , with detachment of the coupon on 18 May If the proposal for the allocation of net income obtains Your approval, the resulting shareholders' equity of Intesa Sanpaolo S.

Cash flow from 4,,, 6,,, - sales of equity investments 1,,, 1,,, - dividends collected on equity investments 1,,, ,, - sales of investments held to maturity ,, ,, - sales of property and equipment 7,, 11,, - sales of intangible assets ,, 1,, - sales of subsidiaries and business branches 1,,, 4,,, Cash flow used in -7,,,,,, - purchases of equity investments -7,,,,,, - purchases of investments held to maturity ,, purchases of property and equipment ,, ,, - purchases of intangibles assets ,,,, - purchases of subsidiaries and business branches - -4,, - Net cash flow from used in investing activities -2,,, 4,,, C.

These Instructions set out compulsory financial statement forms and their means of preparation, as well as the contents of the notes to the financial statements. This document discussed in more detail below introduced changes to IAS 39 and IFRS 7 that, in particular circumstances, authorise the reclassification of certain financial instruments. The application of this Regulation has had impacts on the Parent Company s financial statements that are described in part A.

None of these documents had any impact on the Parent Company s financial statements. In compliance with provisions of Art. The amounts indicated in the Parent Company s financial statements are expressed in euro, while figures in the Notes to the Parent Company s financial statements as well as those in the Report on operations are expressed in millions of euro, unless otherwise specified.

The Parent Company s financial statements are prepared with the application of the general principles set out by IAS 1 and the specific accounting principles endorsed by the European Commission and illustrated in Part A.

The balance sheet as at 31 December and the relevant details in the Notes to the Parent Company s financial statements - in accordance with the provisions of IFRS 5 - show some assets due for imminent disposal within non-current assets held for sale and discontinued operations.

These are branches of the La Spezia and Pistoia areas under disposal following the order by the Italian Competition Authority resulting from the acquisition of the Cassa di Risparmio di Firenze Group. The income statement and the relevant details in the Notes to the Parent Company s financial statements include under non-current assets held for sale and discontinued operations the capital gains from the sales carried out during the year, and in particular from the sale of branches to Veneto Banca, Credito Valtellinese, Banca Popolare di Bari, Banca Popolare Alto Adige and Banca Carige.

This caption also includes all the profits earned by the entities sold up to the date of completion of the transactions and the economic effects attributable to the abovementioned non-current assets held for sale and discontinued operations. The Parent Company s financial statement forms and the Notes to the Parent Company s financial statements show, in addition to the figures for the reference period, the comparative figures as at 31 December The income statement and the relevant details in the Notes to the Parent Company s financial statements have also been amended for the comparison year in accordance with IFRS 5 to take into account the effects on the income statement of the abovementioned non current assets held for sale and discontinued operations.

The Attachments include tables with the reconciliations between such comparative figures and the balance sheet and income statement figures originally published in the Annual report, together with specific reconciliations between these figures and the reclassified statements included in the Report on operations accompanying these financial statements. Contents of financial statement forms Balance sheet and income statement The compulsory forms of the balance sheet and income statement are made up of captions, subcaptions and further informative details specified as the of which items in the captions and subcaptions.

For the purposes of completeness with respect to the compulsory forms defined by the Bank of Italy, captions which do not present amounts for and for are in any case included. In the income statement revenues are indicated without sign, whereas costs are preceded by the minus sign.

The form presents shareholders equity accounts and changes which occurred in the reference year and in the previous year, broken down in share capital ordinary and saving shares , reserves, reserves from retained earnings, valuation reserves and net income. Treasury shares are deducted from shareholders equity.

No other equity instruments other than ordinary and saving shares have been issued. Statement of cash flows The statement of cash flows registered in the reference year and in the previous year is prepared using the indirect method, on the basis of which cash flows from operating activities are represented by net income adjusted for the effects of non-cash transactions. Cash flows are broken down into flows from operating activities, from investing activities and from financing activities.

In the form, cash flows generated in the year are indicated without sign, whereas cash flows absorbed are preceded by the minus sign. They also take into account the instructions issued by the Bank of Italy in the letter of 2 January , which introduced Based on this option, Group companies which opted for the national fiscal consolidation determine the tax charge pertaining to them and the corresponding taxable income is transferred to the Parent Company.

If one or more companies have a negative taxable income, in the presence of a consolidated income in the year or of highly probable future taxable incomes, the fiscal losses are transferred to the Parent Company. Non-EU subsidiaries As regards the disclosure in relation to subsidiaries based in non-european countries that are considered significant on the basis of the Consob regulations, please refer to the contents of the section with the same heading in the Notes to the consolidated financial statements.

More specifically, with its document Reclassification of financial assets issued October , the IASB made changes to IAS 39, in relation to the classification of financial instruments, and to IFRS 7 with regard to the related disclosure. These amendments were endorsed by European Commission on 15 October and became effective immediately. The change provided the possibility, not permitted until the present amendments became effective, of reclassifying non-derivative financial assets no longer held for trading from the category of trading financial instruments financial assets designated at fair value through profit or loss to the other categories established by IAS 39 investments held to maturity, financial assets available for sale, loans and receivables.

The possibility was also established of reclassifying financial assets available for sale to the loans and receivables category. Such reclassifications are now permitted when a financial asset, as a result of a rare circumstance, i. The current financial crisis was classed by the IASB as a rare circumstance. The reclassifications, as a result of the exceptional situation, could be made with reference to the values as at 1 July if carried out by 1 November Intesa Sanpaolo considered it appropriate to identify certain bonds not quoted on active markets and certain loans originally classified under trading assets or under assets available for sale that currently do not have any risk of impairment for which the current and foreseeable future market conditions no longer permit active management and that as a consequence will be held in portfolio.

These assets have therefore been reclassified to the loans category and are consequently valued at amortised cost from the time of their reclassification. Specifically, within the securities portfolio, the reclassifications mainly involved certain structured credit products. With regard to the loan portfolio certain syndicated loans originally intended for placement with other financial institutions were reclassified.

In accordance with the transitional provision established by the aforementioned accounting document, reclassifications were carried out for 4, million euro in terms of nominal value by 1 November and therefore taking as reference the value of these assets as at 1 July if already present as at that date in the portfolio or with reference to the purchase price, if this took place after 1 July , or at nominal value for loans issued after that date. No reclassifications were carried out after 1 November More specifically the following financial assets were reclassified: Type of instrument Previous classification New classification Nominal value Book value after reclassification Fair value as at Impact on the income statement before tax Impact on the shareholders' equity reserves before tax Debt securities Financial assets held for trading Loans 3, 3, 2, Loans Financial assets available for sale Loans Total reclassification 4, 4, 3, If the Bank had not taken up the option to reclassify the abovementioned financial assets, additional negative amounts before tax totalling million euro would have been recognised in the income statement, and the valuation reserves under shareholders equity, before tax, would have been 51 million euro lower.

The internal rate of return of the reclassified portfolio was 5. Lastly, as a result of the abovementioned reclassifications additional interest income of 12 million euro was recorded as the recovery on an accruals basis of the loss recognised upon reclassification, and that no significant gains or income were realised from the repayments or the disposals that took place after the reclassification.

For each of these phases the description of related economic effects, if significant, is also indicated. Financial assets held for trading Classification criteria This category includes debt securities and equities and the positive value of derivative contracts held for trading. Derivative contracts also include those embedded in combined financial instruments which are subject to separate accounting when: their characteristics and risks are not closely related to the characteristics of the host contract; embedded instruments, even though separate, fully meet the definition of derivative; combined instruments are not measured at fair value with changes in fair value recognised through profit and loss.

The reclassifications to other categories of financial assets are not permitted unless there is an event that is unusual and highly unlikely to recur in the near term. In such cases debt securities and equities not held for trading may be reclassified into other categories established by IAS 39 if the conditions for their recognition apply Investments held to maturity, Financial assets available for sale, Loans and Receivables. The transfer value is the fair value at the time of the reclassification.

Upon reclassification, the presence of any embedded derivative contracts, that have to be separated, is assessed. Recognition criteria Initial recognition of financial assets occurs at settlement date, for debt securities and equities and at trade date for derivative contracts. On initial recognition, financial assets held for trading are recorded at fair value, without considering transaction costs or revenues directly attributable to the instrument.

Any embedded derivatives in combined financial instruments not directly connected to the latter and with the characteristics to meet the definition of derivative are recorded separately from the host contract at fair value. Measurement criteria After initial recognition financial assets held for trading are recorded at fair value. The effects of the application of this measurement criterion are recorded in the income statement.

For the determination of the fair value of financial instruments quoted on active markets, market quotations are used. If the market for a financial instrument is not active, standard practice estimation methods and valuation techniques are used which consider all the risk factors correlated to the instruments and that are based on market elements such as: valuation of quoted instruments with the same characteristics, calculation of discounted cash flows, option pricing models, recent comparable transactions, etc.

Equities and derivative instruments which have equities as underlying assets, for which it is not possible to determine a reliable fair value according to the guidelines listed above, are maintained at cost. Derecognition criteria Financial assets are derecognised solely if the sale leads to the substantial transfer of all the risks and rewards connected to the assets. Conversely, if a significant part of the risks and rewards relative to the sold financial assets is maintained, they continue to be recorded in assets, even though their title has been transferred.

When it is not possible to ascertain the substantial transfer of risks and rewards, the financial assets are derecognised where no control over the assets has been maintained. If this is not the case, when, even partial, control is maintained, then the assets continue to be recognised for the entity s continuing involvement, measured by the exposure to changes in value of assets sold and to variations in the relevant cash flows.

Lastly, financial assets sold are derecognised if the entity retains the contractual rights to receive the cash flows of the asset, but signs a simultaneous obligation to pay such cash flows, and only such cash flows, to third parties. Financial assets available for sale Classification criteria This category includes the financial assets that do not fall within any of the other categories such as Loans, Financial assets held for trading, Investments held to maturity or Financial assets designated at fair value through profit and loss.

In particular, this caption is made up of i bonds which are not held for trading and which are not included in Loans, in Investments held to maturity or designated at fair value through profit and loss, ii equity investments which are not held for trading and do not qualify as investments in subsidiaries, associates or entities subject to joint control, including private equity investments and private equity funds as well as iii the portions of syndicated loans that, from inception, are destined for sale.

In the cases provided for by the accounting standards, reclassifications are only permitted towards the category Investments held to maturity unless there is an event that is unusual and highly unlikely to recur in the near term. In such cases, debt securities may be reclassified to the categories, established by IAS 39, of Investments held to maturity and Loans and Receivables if the conditions for their recognition apply. Recognition criteria Initial recognition of the financial asset occurs at settlement date for debt securities and equities and at disbursement date for loans.

On initial recognition, assets are recorded at fair value, including transaction costs and revenues directly attributable to the instrument. If, in the cases provided for by the accounting standards, recognition occurs following the reclassification from Investments held to maturity or, when rare circumstances occur, from Financial assets held for trading, the recognition value is the fair value as at the time of transfer. Measurement criteria After initial recognition, Financial assets available for sale are measured at fair value, through the registration in the income statement of the value corresponding to amortised cost, while gains or losses deriving from a change in fair value are recorded in a specific reserve in shareholders equity, until the financial asset is derecognised or a permanent loss occurs.

On the sale of the financial asset or on recognition of a loss, the cumulated profit or loss must be reversed, all or in part, to the income statement. Fair value is determined on the basis of the criteria already illustrated for financial assets held for trading. Equities included in this category and any derivative instruments which have equities as underlying assets, for which it is not possible to determine a reliable fair value, are maintained at cost.

Financial assets available for sale are assessed to identify if they show objective evidence of an impairment loss. If such evidence exists, the loss is measured as the difference between the carrying value of the asset and its fair value, namely the estimated future cash flows, discounted at the market interest rate as at the financial statements date, or through specific valuation methodologies for equities.

If the reasons for impairment cease to exist, following an event which occurred after the registration of the impairment, value recoveries are posted through the income statement in the case of loans or debt securities, and through shareholders equity in the case of equities.

The size of the recovery must not lead the carrying amount of the financial asset to exceed the amortised cost had no impairment losses been recognised in previous periods. If this is not the case, when, even partial, control is maintained, the assets continue to be recognised for the entity s continuing involvement, measured by the exposure to changes in value of assets sold and to variations in the relevant cash flows.

Investments held to maturity Classification criteria Quoted debt securities with fixed or determinable payments and fixed maturity, which the entity has the positive intention and ability to hold to maturity, are classified in this category. In the cases provided for by the accounting standards, reclassifications are only permitted towards the category Financial assets available for sale.

If during a year, prior to expiry, more than an insignificant amount classified under this category is sold or reclassified, the remaining investments held to maturity are reclassified as Financial assets available for sale and the portfolio in question may not be used for the next two years, unless the sales and reclassifications: are so close to maturity or the financial asset s call date that changes in the market rate of interest would not have a significant effect on the financial asset s fair value; occur after the entity has collected substantially all of the financial asset s original principal through scheduled payments or prepayments; or are attributable to an isolated event that is beyond the entity s control, is non-recurring and could not have been reasonably anticipated by the entity.

Recognition criteria Initial recognition of financial assets occurs at settlement date. On initial recognition, financial assets classified in this category are recorded at fair value, inclusive of any costs and revenues directly attributable to the asset. If inclusion in this category occurs following reclassification from Financial assets available for sale or, when rare circumstances occur, from Financial assets held for trading, the fair value of the asset as at the date of reclassification is used as the new amortised cost of the asset.

Measurement criteria After the initial recognition, Investments held to maturity are valued at amortised cost, using the effective interest method. Profits or losses referred to investments held to maturity are recorded in the income statement when assets are derecognised or impaired, and through the amortisation process of the difference between book value and the value reimbursable at maturity.

Investments held to maturity are assessed to identify if they show objective evidence of an impairment loss. If such evidence exists, the loss is measured as the difference between the carrying value of the asset and the present value of the estimated future cash flows, discounted at the original effective interest rate. The loss is recorded in the income statement. If the reasons for impairment are no longer applicable following an event subsequent to the registration of impairment, recoveries are recorded in the income statement.

Loans Classification criteria Loans include loans to customers and due from banks, both disbursed directly and acquired by third parties, which entail fixed or in any case determinable payments, which are not quoted on an active market and which are not classified at inception in Financial assets available for sale. The caption Loans to customers also includes commercial loans, repurchase agreements with the obligation to resell at a later date, and securities underwritten at issue or via private placements, with determined or determinable payments, not quoted in active markets.

Reclassifications to the other categories of financial assets established in IAS 39 are not permitted. Costs that, even with the aforementioned characteristics, are reimbursed by the borrower or are classifiable as normal internal administrative costs are excluded.

If, when rare circumstances occur, the inclusion in this category occurs following reclassification from Financial assets available for sale or from Financial assets held for trading, the fair value of the asset as at the date of reclassification is used as the new amortised cost of the asset.

The amortised cost method is not used for loans whose short maturity implies that the application of the discounting approach leads to immaterial effects. Such loans are recorded at historical cost. An analogous measurement criterion is applied to loans with unspecified maturity or with notice period. Loans are reassessed for the purpose of identifying those which, due to events occurred after initial recognition, show objective evidence of possible impairment.

Such non-performing loans undergo an individual measurement process and the amount of the adjustment of each loan is the difference between its carrying value at the time of measurement amortised cost and the present value of expected future cash flows, discounted using the original effective interest rate. Expected cash flows consider expected recovery periods, presumed realisable value of guarantees as well as the costs sustained for the recovery of credit exposure.

The original effective rate of each loan remains unchanged over time even though the relationship has been restructured with a variation of the contractual interest rate and even though the relationship, in practice, no longer bears contractual interest. The adjustment is recorded in the income statement. The original value of loans is reinstated in subsequent periods to the extent that the reasons which had led to the impairment cease to exist, provided that such valuation is objectively attributed to an event which occurred subsequent to the impairment.

The recovery is recorded in the income statement and must not lead the carrying amount of the loan to exceed the amortised cost had no impairment losses been recognised in previous periods. Recoveries on impairment include time value effects. Loans for which no objective evidence of loss has emerged from individual measurement are subject to collective measurement.

This measurement occurs for groups of loans with the same credit risk characteristics and the relevant percentage losses are estimated considering historical loss data, and other objective elements observable at measurement date, which enable to estimate the intrinsic loss for each loan category. Measurement also considers the risk connected to the borrower s country of residence.

Collective adjustments are recorded in the income statement. Conversely, if a significant part of the risks and rewards relative to the sold loans is maintained, they continue to be recorded in assets, even though their title has been transferred.

When it is not possible to ascertain the substantial transfer of risks and rewards, the loans are derecognised where no control over the loans has been maintained. If this is not the case, when, even partial, control is maintained, then the loans continue to be recognised for the entity s continuing involvement, measured by the exposure to changes in value of loans sold and to variations in the relevant cash flows. Lastly, loans sold are derecognised if the entity retains the contractual rights to receive the cash flows of the loan, but signs a simultaneous obligation to pay such cash flows, and only such cash flows, to third parties.

Reclassifications to the other categories of financial assets are not permitted. Recognition criteria On initial recognition, financial assets are recognised at fair value, without considering transaction costs or revenues directly attributable to the instrument. Measurement criteria After initial recognition, the financial instruments in question are measured at fair value. Whenever it is not possible to ascertain the substantial transfer of risks and rewards, the financial assets are derecognised where no control over the assets has been maintained.

Hedging transactions Classification criteria: type of hedge Hedging transactions are aimed at neutralising potential losses on a specific item or group of items, attributable to a certain risk, if such a risk should actually occur. This type of hedge is used to Only hedging transactions which involve counterparties outside the Group may qualify for hedge accounting.

Recognition criteria Hedging derivative financial instruments, like all derivatives, are initially recognised and subsequently measured at fair value. Measurement criteria Hedging derivatives are measured at fair value. In particular: in the case of fair value hedges, the change in the fair value of the hedged item is offset by the change in fair value of the hedging instrument.

Offsetting is recognised via the registration in the income statement of the gains and losses referred to both the hedged item as concerns the variations produced by the underlying risk factor , and the hedging instrument. Any difference, which represents the partial ineffectiveness of the hedge, is therefore the net economic effect; in the case of cash flow hedges, changes in fair value of the derivative are recorded in equity, for the effective portion of the hedge, and these are registered in the income statement only when, with reference to the hedged item, there is a variation in the flows to be offset or if the hedge is ineffective; hedges of net investments in foreign currency are treated in the same way as cash flow hedges.

Derivatives are designated as hedging instruments if there is formal designation and documentation of the hedging relationship between the hedged item and the hedging instrument and if this is effective at inception and prospectively over the entire period of the hedge. The effectiveness of the hedge depends on the extent to which changes in the fair value of the hedged item or the relating expected cash flows are offset by those of the hedging instrument.

Therefore, effectiveness is appraised by comparing the aforementioned changes, considering the intent pursued by the entity at the time in which it entered the hedging transaction. Effectiveness is assessed at every close of annual or interim financial statements using: prospective tests, which justify the application of hedge accounting, since these prove the expected effectiveness of the hedge; retrospective tests, which highlight the degree of hedge effectiveness reached in the period to which they refer.

In other words, they measure to what extent results achieved differ from perfect hedging. If such assessments do not confirm hedge effectiveness, from that moment hedge accounting is discontinued, the derivative is reclassified in instruments held for trading and the hedged item is measured on the basis of its classification in the balance sheet. Equity investments Classification criteria The caption includes investments in subsidiaries, associates and companies subject to joint control.

Companies are considered subsidiaries when the Parent Company, directly or indirectly, holds more than half of the voting rights or when it has a lower portion of voting rights but has the power to appoint the majority of directors of the company or determine its financial or operating policies.

In the measurement of voting rights also potential rights are considered if they are currently exercisable or convertible into effective voting rights at any time. Companies are considered as subject to joint control when the voting rights and the control of the economic activities of the company are equally shared by Intesa Sanpaolo, directly or indirectly, and another entity. Furthermore, a company is considered as subject to joint control even when voting rights are not equally shared if control over the economic activities and the strategies of the company is shared based on contractual agreements with other entities.

The caption also includes, in consideration of its peculiarity, the equity stake in Bank of Italy. Recognition criteria Equity investments are recognised at settlement date. On initial recognition equity investments are recorded at cost, inclusive of the costs or income directly attributable to the transaction.

Measurement criteria Equity investments are measured at cost, which may be adjusted if permanent losses are deemed to have occurred. If there is evidence of impairment, the recoverable amount of the investment is estimated considering the present value of the future cash flows which may be generated by the investment, including the final disposal value.

If the recoverable amount is lower than the carrying value, the difference is recorded in the income statement. If the reasons for impairment are removed following an event subsequent to the registration of impairment, recoveries are recorded in the income statement.

Derecognition criteria Equity investments are derecognised when the contractual rights to the cash flows from the assets expire or when the investment is sold transferring substantially all the risks and rewards connected to the assets. Property and equipment Classification criteria Property and equipment include land, buildings used in operations, investment property, technical plants, furniture and fittings and any type of equipment.

They are tangible items that are held for use in the production or supply of goods or services, for rental to third parties and are expected to be used during more than one period. The caption also includes the goods used in financial lease contracts, even though the ownership remains in the books of the lessor. Recognition criteria Property and equipment are initially measured at cost which comprises in addition to their purchase price, any costs directly attributable to the purchase and required for them to be operational.

Extraordinary maintenance expenses which lead to a rise in future economic benefits are attributed to increase the value of assets, while other ordinary maintenance costs are recorded in the income statement. Measurement criteria Property and equipment, including investment property, are measured at cost, net of depreciation and impairment losses. Property and equipment are systematically depreciated, adopting the straight-line method over their useful life. Depreciable amount is represented by the cost of the goods since the residual value at the end of the depreciation period is not deemed to be significant.

Buildings are depreciated for a portion deemed to be fit to represent their deterioration over time following their use, considering extraordinary maintenance expenses, which are recognised in the carrying value of the assets. The following are not depreciated: land, irrespective of whether acquired individually or embedded in the value of buildings, since it has an indefinite useful life; works of art, since the useful life of a work of art cannot be estimated and its value is normally destined to increase over time.

If there is some evidence that an asset may have been impaired, the carrying value of the asset and its recoverable amount are compared. Any impairment losses are recorded in the income statement. Derecognition criteria Property and equipment are derecognised from the balance sheet on disposal or when the asset is permanently withdrawn from use and no future economic benefits are expected from its disposal. Intangible assets Classification criteria Intangible assets are recognised as such if they may be identified and stem from legal or contractual rights.

Intangible assets include software. Recognition and measurement criteria Intangible assets are recognised at cost, adjusted for any accessory charges only if it is probable that the future economic benefits attributable to the assets will be realised and if the cost of the asset may be reliably determined. If this is not the case, the cost of the intangible asset is recorded in the income statement in the year in which it was sustained.

For assets with finite useful life, the cost is amortised on a straight-line basis. Assets with indefinite useful life are not subject to systematic amortisation, but are periodically subjected to impairment testing. If there is any indication that an asset may have suffered impairment losses, the asset s recoverable amount is estimated. The impairment loss, which is recorded in the income statement, is equal to the difference between the book value of the assets and the recoverable amount.

In particular intangible assets include: technology related intangibles, such as software, which are amortised on the basis of their obsolescence and over a maximum period of five years; customer related intangibles represented, in business combinations, by asset management, insurance and core deposits portfolios. Such assets, all with a finite life, are originally measured by the discounting, using a rate representing the time value of money and the asset s specific risks, of the income margins on the ongoing relations at the time of the business combination over a period which expresses their residual, contractual or estimated life.

They are amortised on a straight-line basis over the period of greater significance of the expected economic benefits in case of relations which do not have a predetermined duration or in decreasing portions corresponding to the duration of the contract in case of relations with predetermined expiry.

More specifically, asset management relations are amortised over a period of years, core deposits in years and relations from insurance contracts in decreasing portions corresponding to the residual maturity of the policies; marketing related intangibles represented by the measurement of the brand name which is also recorded at the time of business combinations. This asset is considered as having indefinite life since it is deemed to contribute for an indefinite period of time to the formation of income flows.

Lastly, intangible assets include goodwill. Goodwill may be recorded when the positive difference between fair value of shareholders equity acquired and the purchase cost of the equity investment inclusive of accessory costs is representative of the future income-generation potential of the equity investment.

If such difference should be negative badwill or if goodwill may not be attributed considering future income-generation potential of the equity investments, the same difference is directly recorded in the income statement. Once a year or every time that there is evidence of impairment losses , an impairment test is carried out for goodwill.

Derecognition criteria Intangible assets are derecognised from the balance sheet on disposal and if no future economic benefits are expected. The income and charges net of tax impact attributable to non-current assets held for sale and discontinued operations or recorded as such in the year are recognised in the income statement in a separate caption.

Current and deferred tax Income tax, calculated according to domestic tax regulations, is accounted for as a cost in compliance with the accruals concept, in line with the method followed to include, in the financial statements, the costs and income that generated it. Therefore, it represents the balance of current and deferred taxation relating to the net result for the period.

Current tax assets and liabilities include the tax balances of the Bank due to the relevant Italian and foreign tax authorities. More specifically, these captions include the net balance of current tax liabilities for the year, calculated on the basis of a prudent estimate of the tax charges due for the period, assessed according to the tax regulations currently in force, and the current tax assets represented by advances paid and other tax credits for withholding taxes borne or tax credits of previous years that the Bank claimed against taxes payable in future years.

Current tax assets also include tax credits in respect of which a tax refund claim has been filed by the Bank with the relevant tax authorities. Considering the Group s adoption of the national fiscal consolidation provisions, tax positions which may be referred to the Bank and those originated by other Group companies are managed separately from an administrative standpoint.

Deferred taxation is calculated according to the balance sheet liability method, taking into account the tax effect of the temporary differences between the book value of the assets and liabilities and their value for taxation purposes, which will determine taxable income or deductible amounts in the future. To this end, taxable temporary differences are differences which will give rise to taxable income in future years while deductible temporary differences are those which will give rise to deductible amounts in future years.

Deferred tax liabilities are calculated by applying the tax rates currently in force to taxable temporary differences that are likely to generate a tax burden, and to the deductible temporary differences for which it is likely that there will be future taxable amounts at the time when the related tax deductibility occurs so-called probability test.

Deferred tax assets and liabilities related to the same tax and due in the same period are compensated. In the years where deductible temporary differences are greater than taxable temporary differences, the related deferred tax assets are included under balance sheet assets among deferred tax assets. On the other hand, in the years where taxable temporary differences are greater than deductible temporary differences, the related deferred taxes are included under balance sheet liabilities among Deferred tax liabilities.

If deferred tax assets and liabilities refer to items affecting the Income statement, the counterbalance is represented by income taxes. No provision is made for reserves subject to taxation only in the event of distribution, since the size of the available reserves which have already been taxed, leads to the belief that the Bank will not undertake any transactions which may cause taxation the untaxed reserves.

Deferred tax liabilities referred to companies included in the fiscal consolidation are reported in their financial statements, in application of the matching principle and in consideration of the fact that the effects of fiscal consolidation are limited to the settlement of current tax positions.

Allowances for risks and charges Post employment benefits Company post employment benefits are based on agreements and qualify as defined benefit plans. Liabilities related to such plans and the relative cost of current service are determined on the basis of actuarial assumptions based on the Projected Unit Credit Method. This method sets out that future obligations are forecast using past time-series analyses and the demographic curve and that such future cash flows are discounted based on a market interest rate.

The provisions made in each period of service are considered separately and give rise to an additional unit of benefit entitlement for the purposes of the final obligation. The rate used to discount future flows is the average market yield curve on measurement dates. The present value of the liability at the reference date of the financial statements is also adjusted by the fair value of any plan assets. Other allowances Other allowances for risks and charges record provisions related to legal obligations or connected to labour relationships or to litigations, also fiscal, originating from a past event for which a disbursement will probably arise to settle the obligations, provided that the amount of the disbursement may be estimated reliably.

Where time value is significant, provisions are discounted using current market rates. Provisions and increases due to time value are recorded in the income statement. The caption also includes long-term benefits to employees, whose charges are determined with the same actuarial criteria described for post employment benefits. Actuarial profits and losses are all immediately recognised in the income statement.

Payables and securities issued Classification criteria Amounts Due to banks, Due to customers and Securities issued include various forms of funding on the interbank market and with customers, repurchase agreements with commitment to repurchase and funding via certificates of deposit, bonds issued and other funding instruments in circulation, net of any amounts repurchased. It also includes the payables recorded by the bank in the capacity of lessee in financial lease transactions.

Recognition criteria Initial recognition of such financial liabilities occurs at the date of subscription of the contract, which normally coincides with the time of collection of the sums deposited or the issue of debt securities. Internal administrative costs are excluded. Measurement criteria After initial recognition, financial liabilities are measured at amortised cost with the effective interest method.

An exception is made for short-term liabilities, where time value is immaterial, which are stated at collected amount. Derecognition criteria Financial liabilities are derecognised from the balance sheet when they have expired or extinguished. Derecognition also occurs for repurchase of previously-issued bonds. The difference between book value of the liability and amount paid for repurchase is recorded in the income statement. Placement of own securities, after their repurchase, is considered a new issue with recognition at the new placement price.

Financial liabilities held for trading The caption includes the negative value of fair value measurement of derivatives held for trading as well as the negative value of embedded derivatives in combined contracts but which are not closely correlated to the latter. It also includes liabilities determined by short selling generated by securities trading activities. All financial liabilities held for trading are measured at fair value through profit and loss.

The code is used worldwide not only for carrying out wire transfers, but also for identifying banks. It is essential for sending money beyond borders. If you need to send money overseas, you will need to have the SWIFT code of the recipient's bank to be able to make the transfer. The core of the system is to provide a central storage and forward system. It also has some transaction management control. SWIFT will ensure safe and secure transfer to the recipient bank after appropriate action is taken by the institution in the middle.

The 'guarantee' of transfer is created by high level of redundancy of software, hardware and people. This is what makes this system so reliable and so widely accepted. It is used in almost all the countries worldwide. It is estimated that tens of millions of messages are exchanged every day.

A unique thing about this system is that it will only transfer financial messages in a highly reliable and secure way without holding any accounts for members. The truth is that it will only send payment orders. These orders are then settled by the correspondent accounts which the financial institutions hold with each other.

Every institution will have a banking relationship to be able to carry out the banking transactions. It is owned and operated by a large number of member financial institutions that have offices worldwide. The organization also has a CEO and Chairman.

Today, the SWIFT standard has become a well accepted and recognized industry standard of proper syntax for carrying out financial messages. The SWIFT standard messages are formatted to be read and processed by all the commonly used financial processing systems. It also has cooperation with global organizations for the definition of standards for message formats and contents. It's also a registration authority for many ISO standards. There is no other system that is so widely used and accepted as it.

MICR Code or Magnetic Ink Character Recognition is a character recognition system used mostly by the banking industry for facilitating the processing of cheques. These characters are printed in special unique typefaces with magnetic ink. Iron oxide is the commonly used material and it requires a specially designed machine for reading these characters. These characters are mostly printed on the bottom of the cheque leaf. When it comes to making an international online payment, you will be required to provide a BIC code.

It can often leave one confused as to what the Bic Codes refer to. It is an international banking code for transfer of financial messages.

Book value per share does not consider treasury shares.

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