Credito Emiliano S.p.a. · MIL:CE
Credito Emiliano — FY2010 Earnings Presentation
19 slides from Credito Emiliano's earnings presentation, 2011
Slide 1: 2010 Group Results
2010 Group Results
Slide 2: Executive Summary
Executive Summary FY10 Highlights Operating results fully in line with plan’s targets (Operating Profit +12.9% yoy), despite a recovery of the macro picture weaker than expected: Strong increase in lending volumes (7.7%yoy and 6.2% qoq) that is 350 bps higher than the industry average* AUM volumes g
Slide 3: Income Statements
Income Statements EURm 2009 2010 % yoy 4Q09 3Q10 4Q10 % qoq Operating Income 948.6 962.5 1.5 237.5 236.2 265.3 12.3 Operating Costs -661.8 -643.2 -2.8 -161.7 -163.8 -158.9 -3.0 Gross Operating Profit 286.8 319.3 11.3 75.8 72.4 106.4 47.0 Amortization and Depreciation -29.5 -28.8 -2.4 -7.3 -7.6 -7.3
Slide 4: Revenues and Costs
Revenues and Costs Operating Income The outstanding 4Q10 performance has EURm benefiting by: 265.3 1050 948.6 962.5 250 236.2 a further improvement of Net Commissions, 900 200 105.9 supported by €5 million of performance fees 750 431.1 448.4 111.6 600 150 the partial sale of group’s securities’ port
Slide 5: Costs evolution and targets set in 2010-2012 Business Plan
Costs evolution and targets set in 2010-2012 Business Plan Operating Costs and D&A evolution Other Administrative Costs evolution EURm Personnel Costs Other Adm. Costs D&A 65 750 691.3 672.0 708 60 29.5 36 28.8 55 600 50 61.8 60 59.5 244 57.7 228.4 217 55.9 57.1 55.6 45 46.6 450 40 EURm 1Q09 2Q09 3Q
Slide 6: Spread and Loan Book
Spread and Loan Book Spread on clientele Spread shows a slightly improvement in the (Credem SpA management accounting) quarter due to latest interest rates upward 5.0 4.80 movements 3.95 4.0 3.60 3.30 3.20 3.20 Lending volumes growth has accelerated in 3.06 3.12 3.12 3.0 2.84 2.78 2.61 2.58 2.59 2.5
Slide 7: Loan Book development: comparison with the market
Loan Book development: comparison with the market Credem loan growth vs. Market growth In 2010, Credem loan growth has outperformed 7.7% the market growth* by almost 350 bps, in line 8.0% with the target set in the business plan 7.0% 6.0% According to plan, growth was focused on 3.4% corporate custo
Slide 8: Deposits & Assets Under Management
Deposits & Assets Under Management Eum 2007 2008 2009 3Q10 2010 Deposits & Repos are in line with previous quarter figures while Bonds are up by almost Current and €400 million due to new issues both to saving 9,520 10,444 11,443 11,826 11,604 accounts Institutional and retail customers Time deposit
Slide 9: Retail customer base development
Retail customer base development An important contribution to match 2011 and 2012 AuM growth targets will come from the new commercial campaigns aimed at increasing the retail customers’ base While 2009 and 2010 were mainly focused on improving customers product penetration (CSR), due to the weak ma
Slide 10: Non-Interest Margin
Non-Interest Margin Non-Interest Margin evolution The solid Management and Brokerage fees 70 performance of latest quarters, in 4Q10 has been 59.1 59.5 60 53.5 flanked by the sound growth of Banking 51.2 50 43.7 Services, driven by loan book development, and 42.3 40 39.3 38.8 37.8 by a strong Tradin
Slide 11: Credit Quality (1/2)
Credit Quality (1/2) Gross Impaired Loans 500 459.1 424.6 450 400.1 2009 400 363.8 371.0 350 292.7 1Q10 EURm 300 253.9 276.6 261.9 260.5 1H10 250 200 9M10 150 106.3 113.3 99.6 96.9 102.5 2010 100 50 0 Gross NPLs Gross Watchlist Loans Gross Past Due Loans % on Total Loans (Credem) 2.0 2.1 2.2 2.3 2.4
Slide 12: Credit Quality (2/2)
Credit Quality (2/2) Net Impaired Loans 3.5 Total Net Impaired Loans on Total Net 2.93 2.83 % on Net Total Loans. 3 2.66 2.84 2.77 Loans are considerably down in the quarter, 2.5 0.59 0.63 0.54 0.53 0.52 close to 2009 figures 2 1.49 1.37 1.31 1.21 NPLs coverage is almost stable at 57.4% 1.5 1.28 1 c
Slide 13: Cost of risk
Cost of risk Cost of risk (bps) 2010 cost of risk is down to 34 bps in 80 71 comparison to the 62 bps in 2009 (-28bps 60 59 58 62 58 yoy) 40 The seasonality has penalized the last quarter 33 34 figure, even if the final result is in line with the 29 20 sound performance posted in 1H10 0 1Q09 1H09 9M
Slide 14: Assets & Liabilities
Assets & Liabilities Assets (EURm) Financial Assets remained fairly stable since 14,000 1Q10. During 4Q10, the portfolio decreased 12,000 because of the partial sale our securities’ 10,000 portfolio, that generated a positive trading 8,000 6,759 6,443 6,792 6,585 performance, and went eventually up
Slide 15: Capital Ratios
Capital Ratios Capital Ratios 2,500 11,1% 11,5% 11,2% 11,6% 11,3% 2,000 8,1% 8,5% 8,8% 8,6% 1,500 8,4% EURm 1,941 1,942 1,915 1,891 1,881 1,000 1,456 1,438 1,413 1,419 1,430 541 595 542 591 547 500 - 2009 1 Tr 10 6 M 10 9 M 10 2010 Tier I Capital Tier Total Capital Eccedenza Patrimoniale Dividend an
Slide 16: Distribution Network
Distribution Network Number ofCREDEM Gruppo branches and 2007 2008 2009 2010 n° branches marketmercato filiali e quota di share per region sportelli Credem Branches 479 563 552 544 B.ca Euromobiliare 4 22 27 23 19 0.4% 10 Branches 1.0% 73 29 Total Branches 501 590 575 563 1.1% 21 0.8% 0.8% Corporate
Slide 17: Shareholders’ base
Shareholders’ base Pact among More than 2,900 other 230 shareholders shareholders Cofimar S.r.l. 20.0% Max Mara Fashion Group S.r.l. 8.1% Max Mara Finance S.r.l. 6.4% Others 39.7% 74.2% 25.8% Credemholding Free Float 76.9% 23.1% Source: Internal data 17
Slide 18: A Complete Group
A Complete Group Commercial banking Wealth Management Invest. Banking Other 100% 99.0% 100% 100% 100% 100% 100% 50%* 100% 100% 100% 100% 100% 100% Incorporated in Credem since 26 March 2011 18
Slide 19: Disclaimer and Contacts
Disclaimer and Contacts Pursuant to Article 154-bis, section 2 of the “Consolidated Law on Financial Intermediation” dated Feb 24, 1998, the Financial Manager Paolo Tommasini, declares that the accounting information contained in this document correspond to documentary records, ledgers and accountin
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