Financial statements
2008
Banca di Cividale S.p.A. financial highlights and balance sheet ratios
RECLASSIFIED BALANCE SHEET
ASSETS 31/12/2008 COM P % 31/12/2007 COM P % CHANGE %
Cash and cash equivalents 17.219.383 0,56% 13.628.375 0,55% 26,35%
Financial assets held f or trading 91.293.126 2,97% 237.318.264 9,63% -61,53% Financial assets available f or sale 170.424.990 5,55% 22.867.606 0,93% 645,27%
Loans to banks 647.951.340 21,11% 234.614.478 9,52% 176,18%
Loans to customers 2.046.676.055 66,69% 1.865.129.581 75,66% 9,73%
Hedging derivatives 2.165.944 0,07% 2.335.455 0,09% -7,26%
Equity investments - 0,00% 173.251 0,01% -100,00%
Property plant and equipment and intangible assets 49.169.573 1,60% 49.375.764 2,00% -0,42%
Other assets 44.066.351 1,44% 39.820.966 1,62% 10,66%
Total as s e ts 3.068.966.762 100,00% 2.465.263.740 100,00% 24,49%
LIABILITIES 31/12/2008 COM P % 31/12/2007 COM P % CHANGE %
Due to banks 725.901.125 23,65% 410.084.970 16,63% 77,01%
Direc t f unding f rom c ustomers 2.029.482.862 66,13% 1.723.100.455 69,90% 17,78%
Financ ial liabilities held f or trading 1.754.336 0,06% 3.158.907 0,13% -44,46%
Hedging derivativ es 2.692.414 0,09% 5.576.890 0,23% -51,72%
Other liabilities 58.303.607 1,90% 67.660.902 2,74% -13,83%
Spec if ic prov is ions 7.009.881 0,23% 8.659.867 0,35% -19,05%
Shareholders ' equity 243.822.537 7,94% 247.021.749 10,02% -1,30%
Total liabilitie s 3.068.966.762 100,00% 2.465.263.740 100,00% 24,49%
RECLASSIFIED INCOM E STATEM ENT
31/12/2008
31/12/2007
CHANGE %
Net interes t inc ome (inc luding result of hedging)
67.225.055
57.982.842
15,94%
Dividends and net inc ome (los s ) of equity inv estments ac c ounted
f or using equity method
647.884
397.044
63,18%
FINANCIAL INCOM E
67.872.939
58.379.886
16,26%
Net c ommis s ions
18.242.394
18.999.150
-3,98%
Other operating income (net of rec ov ered ex pens es )
4.046.891
5.832.416
-30,61%
Net inc ome (los s ) f rom trading
(2.737.154)
803.712
-440,56%
Gains (loss es ) f rom purchas e/s ale of loans and f inanc ial as s ets
188.695
223.720
-15,66%
Net res ult of f air value measurement of f inanc ial as s ets
-
-
0,00%
OPERATING REV ENUES
87.613.765
84.238.884
4,01%
Staf f c os ts (net of rec ov ered ex pens es )
(26.427.466)
(24.105.251)
9,63%
Other adminis trativ e ex pens es (net of rec ov ered ex pens es )
(23.620.247)
(22.666.781)
4,21%
V alue adjus tments of property, plant and equipment and intangible
as s ets (ex cluding goodw ill)
(1.716.661)
(1.563.830)
9,77%
OPERATING EXPENSES
(51.764.374)
(48.335.862)
-7,09%
OPERATING INCOM E
35.849.391
35.903.022
-0,15%
A djus tments of goodw ill
-
-
-Net adjus tments of loans
(18.191.939)
(15.006.555)
21,23%
Net adjus tments of other as s ets
(267.589)
(9.447)
2732,53%
Net prov isions
(725.000)
(423.798)
71,07%
Net res ult of f air value measurement of property , plant and
-
-
-Gains (loss es ) on dis posal of inv es tments
-
(41.041)
-100,00%
INCOM E (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS
16.664.863
20.422.181
-18,40%
Inc ome tax f or the period on c ontinuing operations
(7.461.863)
(9.392.181)
20,55%
INCOM E (LOSS) AFTER TAX FROM CONTINUING OPERATIONS
9.203.000
11.030.000
-16,56%
Inc ome (los s ) af ter tax f rom non-current ass ets being div es ted
-
-
BALANCE SHEET RATIOS
31/12/2008
31/12/2007
Indirec t f unding f rom c us tomers / Total f unding
40,96%
48,26%
A ss ets under management / Indirect f unding f rom customers
39,75%
45,94%
Direc t f unding f rom c us tomers / Total liabilities
66,13%
69,90%
Loans to c ustomers / Direc t f unding f rom c us tomers
100,85%
108,24%
Loans to c ustomers / Total as sets
66,69%
75,66%
CREDIT RISK INDICATORS (thous ands of e ur os )
31/12/2008
31/12/2007
Net bad debts
38.924
29.368
Other net impaired loans (exc luding overdraf ts )
38.548
27.040
Other net impaired loans (total)
63.870
59.013
Net impaired loans / Loans to c us tomers
1,90%
1,57%
Other net impaired loans (exc luding overdraf t) / Loans to c us tomers
1,88%
1,45%
Other net impaired loans (total) / Loans to customers
3,12%
3,16%
BALANCE SHEET DATA (e ur os ) 31/12/2008 31/12/2007 CHANGE %
Financ ial as sets held f or trading 91.293.126 237.318.264 -61,53% Financ ial as sets available f or s ale 170.424.990 22.867.606 645,27%
Loans to banks 647.951.340 234.614.478 176,18%
Loans to customers 2.046.676.055 1.865.129.581 9,73%
Hedging derivatives 2.165.944 2.335.455 -7,26%
Equity inv estments - 173.251 -100,00%
Total ass ets 3.068.966.762 2.465.263.740 24,49%
Due to banks 725.901.125 410.084.970 77,01%
Due to customers 986.111.115 887.426.440 11,12%
Securities issued 1.043.371.747 835.674.015 24,85%
Financ ial liabilities held f or trading 1.754.336 3.158.907 -44,46%
Hedging derivatives 2.692.414 5.576.890 -51,72%
Shareholders' equity 243.822.537 247.021.749 -1,30%
Total indirect f unding 1.407.943.000 1.607.317.000 -12,40%
Financial statements
Balance sheet
Balance s he e t - As s e ts V ar.%
10 Cash and cash equivalents 17.219.383 13.628.375 26,35%
20 Financial assets held f or trading 91.293.126 237.318.264 -61,53%
30 Financial assets recognised at f air value - - -40 Financial assets available f or sale 170.424.990 22.867.606 645,27% 50 Financial assets held to maturity - -
-60 Loans to banks 647.951.340 234.614.478 176,18%
70 Loans to c ustomers 2.046.676.055 1.865.129.581 9,73%
80 Hedging deriv atives 2.165.944 2.335.455 -7,26%
90
V alue adjustments of f inanc ial assets hedged
generically (+/-) - -
-100 Equity investments - 173.251 -100,00%
110 Property, plant and equipment 29.030.031 28.951.182 0,27%
120 Intangible assets 20.139.542 20.424.582 -1,40% of w hic h: -- goodw ill 19.135.900 19.135.900 -130 Tax assets 20.983.556 17.649.560 18,89% a) current 11.840.327 10.620.148 -b) def erred 9.143.229 7.029.412 -150 Other assets 23.082.795 22.171.406 4,11% Total as s e ts 3.068.966.762 2.465.263.740 24,49% 31/12/2008 31/12/2007
Balance s he e t - liabilitie s and s har e holde r s ' e quity V ar .%
10 Due to banks 725.901.125 410.084.970 77,01%
20 Due to cus tomers 986.111.115 887.426.440 11,12%
30 Sec urities is s ued 1.043.371.747 835.674.015 24,85%
40 Financial liabilities held f or trading 1.754.336 3.158.907 -44,46% 50 Financial liabilities rec ognised at f air v alue - -
-60 Hedging deriv atives 2.692.414 5.576.890 -51,72%
70
V alue adjus tments of f inanc ial liabilities hedged
generic ally (+/-) - -
-80 Tax liabilities 11.966.694 11.159.484 7,23%
a) current 9.521.340 9.460.103
b) def erred 2.445.354 1.699.381
-90 Liabilities in respect of groups of as sets being dives ted - -
-100 Other liabilities 46.336.913 56.501.418 -17,99%
110 Employ ee sev eranc e benef its 5.582.281 6.436.781 -13,28%
120 Provisions 1.427.600 2.223.086 -35,78%
a) pensions and s imilar c ommitments - -
b) other prov is ions 1.427.600 2.223.086
-130 V aluation res erv es 10.826.142 13.571.978 -20,23%
140 Redeemable shares - -
-150 Equity ins truments - -
-160 Res erves 14.128.329 12.754.705 10,77%
170 Share premium reserv e 147.040.066 147.040.066 0,00%
180 Share capital 62.625.000 62.625.000 0,00%
190 Treasury stock (-) - -
-200 Net inc ome (los s ) f or the period (+/-) 9.203.000 11.030.000 -16,56%
Total liabilitie s and s har e holde r s ' e quity 3.068.966.762 2.465.263.740 24,49%
Income statement
Incom e s tate m e nt V ar .%
10 Interest income and s imilar revenues 169.462.875 133.900.798 26,56%
20 Interest expense and similar c harges (101.535.063) (75.906.874) 33,76%
30 Ne t inte r e s t incom e 67.927.812 57.993.924 17,13%
40 Commission income 19.715.710 21.164.302 -6,84%
50 Commission expense (1.473.316) (2.165.152) -31,95%
60 Ne t com m is s ion incom e 18.242.394 18.999.150 -3,98%
70 Div idends and similar rev enues 647.884 397.044 63,18%
80 Net gain (loss ) on trading activ ities (2.737.154) 803.712 -440,56%
90 Net gain (loss ) on hedging activities (702.757) (11.082) 6241,43%
100 Gains (los ses) on dis posal or repurchas e of : 188.695 223.720 -15,66%
a) loans -
b) f inanc ial assets av ailable f or sale (279.296) 223.720
c) f inanc ial assets held to maturity -
d) f inanc ial liabilities 467.991
-110
Net adjustments of f inancial ass ets and liabilities
recognis ed at f air value - -
-120 Gr os s incom e 83.566.874 78.406.468 6,58%
130 Net impairment adjustments of : (18.459.528) (15.016.002) 22,93%
a) loans (18.191.939) (15.006.555) 21,23%
b) f inanc ial assets av ailable f or sale (273.985) (23.726) 1054,79%
c) f inancial assets held to maturity - -
d) other f inancial transactions 6.396 14.279
-140 Financial incom e (e xpe ns e ), ne t 65.107.346 63.390.466 2,71%
150 A dministrative ex pens es: (53.637.155) (50.376.730) 6,47%
a) s taf f costs (26.427.466) (24.105.251) 9,63%
b) other adminis trativ e expenses (27.209.689) (26.271.479) 3,57%
160 Net provis ions (725.000) (423.798) 71,07%
170 Net adjustments of property , plant and equipment (1.135.349) (1.031.537) 10,06%
180 Net adjustments of intangible assets (581.312) (532.293) 9,21%
190 Other operating revenues (expenses) 7.636.333 9.437.114 -19,08%
200 Ope r ating e xpe ns e s (48.442.483) (42.927.244) 12,85%
210 Gains (los ses) on equity inves tments - -
-220 Net adjustment to f air value of property , plant and
equipment and intangible as sets - -
-230 V alue adjustments of goodw ill - -
-240 Gains (los ses) on dis posal of inves tments - (41.041) -100,00%
250 Incom e (los s ) be for e tax fr om continuing ope r ations 16.664.863 20.422.181 -18,40%
260 Income tax f or the period on c ontinuing operations (7.461.863) (9.392.181) -20,55%
270 Incom e (los s ) afte r tax on continuing ope r ations 9.203.000 11.030.000 -16,56%
280
Income (loss) af ter tax f rom non-current ass ets being
divested - -
-290 Ne t incom e for the pe r iod 9.203.000 11.030.000 -16,56%
OPERATING ACTIVITY
1. Operations 39.284.845 40.204.319
- interes t incom e received (+) 164.876.498 129.416.401
- interes t expens e paid (-) (98.125.007) (64.394.210)
- dividends and s im ilar revenues -
-- net com m is s ions (+/--) 18.242.394 18.999.150
- s taff cos ts (22.045.612) (25.729.763)
- other expens es (-) (30.785.698) (27.764.931)
- other revenues (+) 7.122.271 9.838.007
- taxes and duties (-) - (160.335)
2. Liquidity generated/absorbed by financial assets: (+/-) -595.395.807 -278.252.872 - financial as s ets held for trading 146.025.138 66.399.964
- financial as s ets recognis ed at fair value -
- financial as s ets available for s ale (147.384.133) (2.959.931)
- loans to cus tum ers (176.724.483) (200.178.149)
- loans to bank (413.273.357) (159.628.783)
- other as s ets (4.038.972) 18.114.028
3. Liquidity generated/absorbed by financial liabilities: (+/-) 570.220.931 251.959.717
- due to banks 313.216.797 162.501.565
- due to cus tom ers 98.049.496 71.390.229
- s ecurities is s ued 207.485.311 28.811.084
- financial liabilities held for trading (1.404.571) (1.365.009)
- financial liabilities recognized at fair value -
-- other liabilities (47.126.102) (9.378.152)
Net liquidity generated/absorbed by operating activity A (+/-) 14.109.969 13.911.165 INVESTING ACTIVITY
1. Liquidity generated by: (+) 647.884 397.044
- dis pos al of equity inves tm ents -
-- dividends received on equity inves tm ents 647.884 397.044 - dis pos al of financial as s ets held to m aturity -
-- dis pos al of property, plant and equipm ent -
-- dis pos al of intangible as s ets -
-- dis pos al of s ubs idiaries and bus ines s units -
-2. Liquidity absorbed by: (-) -1.510.470 -1.327.528
- purchas e of equity inves tm ents -
-- purchas e of financial as s ets held to m aturity - -- purchas e of property, plant and equipm ent (1.214.198) (163.856)
- purchas e of intangible as s ets (296.272) (1.163.672)
- purchas e of s ubs idiaries and bus ines s units -
-Net liquidity generated/absorbed by investing activity B (+/-) -862.586 -930.484 FUNDING ACTIVITY
- is s ue/purchas e of own s hares -
-- is s ue/purchas e of capital ins trum ents -
-- dis tribution of dividends and other us es (9.656.375) (11.237.600)
Net liquidity generated/absorbed by funding activity C (+/-) -9.656.375 -11.237.600 NET LIQUIDITY GENERATED/ABSORBED DURING THE PERIOD D = A +/- B +/- C 3.591.008 1.743.081
Voci d bilancio
Cas h and cas h equivalents at the s tart of the period E 13.628.375 11.885.294 Total net liquidity generated/abs orbed during the period D 3.591.008 1.743.081 Cas h and cas h equivalents : effect of exchange rate changes F 0 0 Cash and cash equivalents at the end of the period G = E +/-D+/-F 17.219.383 13.628.375
RECONCILIATION
CASH FLOW STATEMENT BANCA DI CIVIDALE SPA
