2010 results Banca IFIS

Transcription

1 2010 results Banca IFIS Milan, March 2011

2 Highlights Our track record in the last 10 years CAGR in Turnover * : 23% CAGR in Net Banking Income: 22% CAGR in Net Profit: 23% We are the largest independent Italian Bank specialized in financing enterprises working capital and offering credit management solutions through factoring We are continuing to deliver first rate result on the domestic market in net banking income/turnover ratio: 1,9% in 2010 We work with a unique funding structure model among peers, flexible and cost efficient ROE = 10,9% ROA = 1,1% ROCA ** = 1,6% CORE Tier 1= 11,5% Solvency = 11,3% Net banking income/turnover = 1.9% *Turnover=amount of trade receivables purchased **ROCA= Profit from financial activities / Core Assets (Total assets Debt securities)

3 Business model The only independent bank specialized in offering short term financial support to enterprises. Our credit risk is mitigated by the use of the factoring contract. We directly manage our client s receivables and in collecting these invoices we are able to pay off our exposure with the client. Traditional core business To finance working capital and to offer credit services to domestic SMEs The arbitrage between yield and risk (from client to debtor) allow us to sustain SMEs achieving an excellent profitability New (2010) set up business unit Dedicated to suppliers of the Local Health Autority Turnover breakdown by BU 6% 94% International business Direct presence + Network of relations which allow to develop business Turnover breakdown by area 11% 89% Traditional LHA Italy International

4 4,8 billion Turnover (+39%) 3032 active 3486 clients year end +31% Traditional LHA 2010 Turnover Domestic presence The largest specialized italian network in the factoring business 25 branches 95 direct specialists who handle and develop customer relations A network of agreements with banks (60), BCC confederations (4), trade associations (33), brokers (10) 4% 7% Turnover by channel 9% 3% 77% Direct Indirect Banks Brokers Institutions International presence Worldwide activity is managed directly and through a network of correspondents who refer to FCI for both import and export factoring. International snapshot 1 daughter company in Poland 1 branch in Paris 2 rep. offices in Hungary and Romenia 1 new JV in India 167 Interfactor Agreements signed with 56 FCI correspondents

5 P&L 94,4 million Net banking income (+16,9%) 70,0 million Profit from financial activities (+15,5%) 29,9 million Pre- tax profit (+15,0%) Net Banking Income by quarter 24,4 million provisions on 44,0% Cost/Income ratio Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q receivables in 2010 (20,2 in 2009) due to: worsening of credit quality in the SMEs sector due to still poor economic situation Banca IFIS strict assessments 43,0% 42,0% 41,0% 40,0% 39,0% 38,0% 37,0% 36,0% ,6million Net Profit for the year (+8,2%)

6 Funding structure 2,6 billion total funding +44.3% 14% 18% 16% 32% 52% 2,6 billion total funding Total funding breakdown Retail (Due to customers) Repos (Due to banks) MTS (Repos)(Due to customers) Interbank deposits (Due to banks) 1,33 billion Retail funding 0,75 billion Wholesale 0,47 billion MTS repos 1,27 billion Banca IFIS deposit account with 27,000 clients Core loan to deposit ratio close to 1:1 Formerly the most important part of funding 2010: Banca IFIS treasury dept. has become independent from the interbank market Due to customers Around 60% of the total amount are time deposits (50% of which over one year) Banca IFIS activity is backed by securities in order to stabilize flows and optimize operating conditions for treasury management Repos Retail

7 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Asset structure 2,8 billion total assets +42.0% Main Asset Categories 8% 6% 32% 54% Loans to customers by quarter 1,6 billion total due from customers +26% Assets available for sale Due from banks Due from customers Other assets From 3Q 2009 Banca IFIS has created a portfolio of eligible assets. Total debt securities held Investment portfolio 2010 Guarantee portfolio 5,0% 4,5% 4,0% 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% NPLs/Loans Due to customers breakdown by dimension 8,6% 26,1% 15,9% 2,6% 11,4% 16,5% 4,6% 14,2% below 1 million between 1 and 5 million between 5 and 15 million between 15 and 50 million between 50 and 100 million between 100 and 500 million over 500 million Public Admin. & other

8 Takeover Bid for Toscana Finanza Group Toscana Finanza is a financial company operating in the buying and management of fiscal and trade hard-to-collect receivables Voluntary takeover bid aimed at the purchase of the entire share capital of Toscana Finanza by Banca IFIS at a price of 1,50 Euros per share. The aim of Banca IFIS is the delisting from MTA of Toscana Finanza through a merger* 45,9 million Euros approximately of countervalue should the bid be fully accepted *merger subject to Bank of Italy authorisation 21 st of February 2011, Bank of Italy issued its authorisation to Banca IFIS to proceed with the Takeover bid

9 Traditional core business To optimize organization and IT processes set up during last years To reorganize the brach structure dividing the sales staff from credit management staff To reinforce sales network To enhance visibility to new potential clients To develop existing partnerships with banks Growth guidelines New (2010) set up business unit dedicated to suppliers to the Local Health Autority To compete in a new market segment with low level of competition, high profitability, reduced risk International business Polonia: reinfocement of the commercial team Francia: organization and staff strenghening Conscious approach to new markets, driven by polical stability, economic development. Commercial exchanges To continue to grow improving capital management.