newsletter banca ifis group 5
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Newsletter Banca IFIS Group 5, march 2013TRANSCRIPT
01_Letter from the Chairman of Banca
IFIS, Sebastien Egon Fürstenberg
02_2012, the best year for the three
pillars of Banca IFIS:
Profitability, Liquidity, Equity
03_Banca IFIS and social media presence
04_Records
05_SMEs: factoring, an instrument
for companies
06_The international factoring
07_Recruitment: positions available
08_Twittertime with the Managing
Director Giovanni Bossi
09_On the Agenda
10_Contacts
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013Newsletter 5 31 March 2013_Quarterly newsletter
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01 Letter from the Chairman of Banca IFIS,Sebastien Egon Fürstenberg
Sebastien Egon Fürstenberg,
Presidente di Banca IFIS.
Dear Shareholders,
2012 was a complex year, however crowned by
excellent results.
Further fall-off in economic activity, the continued
deterioration of financial and credit fundamentals
and impairment of the social fabric shook the stability
of markets and institutions to the core. This situation
meant that it was possible, and sometimes necessary,
to act dynamically. Businesses that could judge
the market most astutely were the ones to emerge
stronger because, despite its established nature, the
market has opened new horizons.
2012 was a year in which Banca IFIS grew
significantly in terms of size and organisation.
Profitability was excellent and there was ample
liquidity, supported by increasing equity that was
always sufficient.
The year will be remembered in particular for what
the Group was able to plan and implement and
the fact that it made the right ideas and choices,
permitting it to respond adequately to the worsening
economic situation; it will also be remembered for the
excellent workforce, which proved itself in terms of
energy and professional capacity, intelligence and
enthusiasm.
2013 will present a number of challenges.
Economic outlook is still negative. Low or zero
growth, along with the policies needed to reduce debt
levels lead to worries that the economic context will
continue to worsen.
It will be necessary to respond to change on an
increasingly rapid, efficient basis.
The ability to respond will be very important for our
Bank in such uncertain times.
It will be crucial for all parties involved to maintain
a high sense of responsibility: the businesses, small
savers, employees and stakeholders.
I would like to reassure the shareholders that this
Bank can face 2013 with equanimity as it is on solid
footing, with a well-prepared game plan, and the
intention to continue to get stronger and grow.
On this our 30th birthday, we are ready to face the
increasingly complex challenges, having all the
credentials required to fulfil our mandate.
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02 2012, the best year forthe three pillars of Banca IFIS: Profitability, Liquidity, Equity
Giovanni Bossi,
Amministratore Delegato
di Banca IFIS.
“The first few weeks of 2013 are in line with the last
few weeks of 2012 in terms of context and performance.
We are proud of the results achieved, starting with
the increase in the Bank’s Equity, without any capital
increase. We are also aware that opportunities arise
in all sectors, contexts and crises and that they can be
transformed into new launch pads as long as one is free
from prejudice and able to make proper critical analyses
of the situations presented.”
Profits tripled, there was an increase in loans granted
and there are excellent prospects for 2013: 2012 closed
on this note for Banca IFIS with exceptional financial
results approved by the Board of Directors on 6 March
2013. The key figures include the increase in the net
banking income by 101.7% to 244.9 million euro
(121.5 million the previous year), thanks to the higher
remuneration from the management and guarantee
service offered by the Group.
The net profit from financial activities increased by
114.0% to 191.2 million euro (89.3 million in 2011), while
there was further improvement in the ratio of costs to
net banking income which fell to 27.9% in 2012.
The net profit for the year amounted to a total of 78.1
million euro, compared to 26.5 million euro in 2011
(+194.2%): this is a significant increase in net profit
which can be read in terms of ROE equal to 35.6%. Net
profit for the fourth quarter increased by 265.3% to 20.2
million euro.
Total receivables due from customers were 2,292.3
million euro at the end of the year, with a 33.1% increase
over the 1,722.5 million euro at the end of 2011. With
respect to business loans, the number of customers with
receivables due from the Public Administration has
increased (30.2% compared to 27.8% as at 31 December
2011), while the private sector is slightly down from
72.2% as at 31 December 2011 to 69.8% in 2012.
The securities portfolio had grown significantly by
the end of the year, amounting to 5,140.1 million euro
(+188.5%) compared to 31 December 2011; 97.4% of this
portfolio comprises government bonds (5,008.1 million
euro). A further 187.5 million euro (nominal value)
was added to the portfolio at year end, which had been
acquired as at 31 December with settlement scheduled
for after 31 December 2012.
Total funding amounted to 7,676.3 million euro in the
Group’s liabilities, up 109.8% on 31 December 2011.
Retail funding continued to increase through the online
rendimax savings account, which sped up development
of the deposits - partly thanks to the launch of the new
“rendimax Like” product - to amount to 3,046.2 million
euro at year end (+95.8% compared to the end of 2011).
The Net Equity of the Group stood at a total of 309.0
million euro as at 31 December 2012 (196.3 million euro
as at 31 December 2011).
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03 Banca IFISand social media presence
It is important for Banca IFIS to have a social
network presence, not only in terms of business
opportunities but also in order to interact, relate and
converse with all the stakeholders of the business.
Interaction with the users in the social channels and
a widespread presence on the Internet mark out the
Group due to its multiple social media presence and
its capacity to adapt to all the changing modes of
communication thanks to a proper, proactive use of
the Internet and all related strategies.
Banca IFIS chose to get involved in the social media
phenomenon through its interactive site for the
2012 draft financial statements among other
things: an innovative way of presenting the economic
and financial highlights, emphasising the clarity of
presentation of the significant facts thanks to easy-
to-use graphics and updates to the twitter accounts
and Facebook status which helped spread the news.
bilancio.bancaifis.it
Scopri il bilancio
interattivo di Banca IFIS
all’indirizzo:
bilancio.bancaifis.it
Il bilancio di Banca IFIS
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The homepage is divided into subject-specific sections that contain multimedia content (PDF files, videos,
slideshare presentations and infographics) on the various areas that comprise the draft financial statements.
The results are expressed clearly and are easily readable thanks to the infographics that contain the
main economic-asset KPIs and the percentage changes compared to the 2011 financial statements.
Banca IFIS shares are explained through graphs that indicate share price trends and the main share
indicators.
The social networks are given prominence, and all the channels are indicated (Banca IFIS, rendimax,
contomax and MondoPMI) separated by profile, updating the followers and views.
The entire site is aimed at sharing the contents: each page can be printed, sent by e-mail, have notes
added or the significant operating information downloaded by clicking the related icons.
The glossary section allows the main financial statement items to be easily read through the explanation
of the terms comprising the financial statements.
The site is completely integrated with the corporate site of the Banking Group, improving interaction and
the exchange of information between the sites.
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04 Records
(1) Outstanding shares
are net of treasury shares
held in portfolio.
(2) Dividend paid partly
in cash and partly
through stock grants.
Note
The following table shows the main indicators and performance recorded by the Group during the last 5 years.
(in thousands of Euro) 31/12/2012 31/12/2011 31/12/2010 31/12/2009 31/12/2008
available for salefinancial assets
1.974.591 1.685.163 818.507 387.705 3.134
due from customers 2.292.314 1.722.481 1.571.592 1.247.026 1.008.649
due to banks 557.323 2.001.734 840.546 840.546 924.189
due to customers 7.119.008 1.657.224 1.802.011 909.615 157.855
Equity 309.017 196.282 206.613 155.839 153.106
net banking income 244.917 121.453 94.430 80.810 67.627
net profit from financial activities
191.166 89.310 69.986 60.592 61.224
Group net profit 78.076 26.535 18.626 17.216 22.801
roE 35,6% 12,60% 10,90% 11,60% 17,30%
roa 1,50% 1,10% 1,10% 1,30% 2,40%
roCa 1,00% 1,10% 1,10% 1,70% 2,40%
Cost/income ratio 27,9% 39,10% 42,50% 42,80% 42,80%
Cost of credit equity 3,0% 1,90% 1,90% 2,10% n.d.
net non-performing loans/due from customers
5,0% 4,30% 2,40% 1,60% 1,00%
net non-performing loans/Equity
37,30% 37,70% 18,60% 13,00% 6,90%
solvency ratio 12,72% 10,80% 11,30% 8,90% 10,40%
Core tier 1 12,92% 11,20% 11,50% 9,20% 10,80%
number of shares outstanding (in thousands) (1)
53.551 52.814 51.582 32.339 33.132
Book per share value 5,77 3,72 4,01 4,82 4,62
EPs 1,46 0,51 0,36 0,53 0,71
dividend per share 0,37 0,25 0,20 (2) 0,37 (2) 0,3
Payout ratio 25,4% 49,80% 56,3% (2) 69,1% (2) 45,10%
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05 SMEs: factoring,an instrument for companies
Meeting the needs of companies that have
commercial supply dealings with customers of
good credit standing: factoring is the instrument
applied by Banca IFIS to fund small and very
small companies, transferring the credit risk to
their customers, i.e. the assigned debtor. The
measurement criteria and assurance related to
the use of this financial instrument are based on
the credit quality and production capacity of the
company, and not on its equity, and allow Banca
IFIS to grant loans basing its intervention on
customers’ ability to perform well.
Banca IFIS has a widespread presence throughout
Italy, with 28 branches, with over 150 professionals
who are responsible for commercial relations and all
the management aspects relating to the customers.
The extent of the countrywide organisation
ensures constant relations between the Bank and
its customers. It is standard for Banca IFIS to have
direct relations at the customer’s place of business,
and it has high internal standards in terms of
speed, pragmatism and disintermediation of the
relationship between the bank and the customer.
The Bank also has selected partners around Italy
to develop customer relations, along with qualified
institutional parties such as local banks and similar
institutions and trade associations, with the aim of
providing the customers/associates with the most
wide-ranging service possible. Knowledge of the
local area and customers, along with a business
model based on the assignment of trade receivables
and credit risk mitigation resulting from the
application of factoring, ensure that the Bank has a
relatively low risk profile.
MondoPMI
MondoPMI is the blog
dedicated to Small and
Medium Enterprises and
particularly to credit,
loans to enterprises
and new laws and
regulations for SMEs
www.mondopmi.com
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To find a sustainable
solution together with
the enterprises involved.
To offer the person
or the enterprise the
possibility to regain the
serenity necessary to
continue working in a
healthy and serious way;
an opportunity called
factoring, a tool for
companies boasting
receivables due from
bigger businesses, the
Public Administration or
the National Health System
Factoring
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06 The international factoring
Written by
Daniela Bonzanini,
Manager of Banca IFIS’s
International Office
Even though the statistics published around this time
by Factors Chain International - the biggest Factors
chain in the world with 266 associated members
and operating in 73 countries - are still provisional,
they confirm that international factoring is showing
positive trends at global level. The results achieved
in 2012 showed a 34.36% increase over the results of
the previous year.
The product with the highest growth in international
factoring was Export Factoring if the business
generated by Export Factoring without notification
is also considered. The main countries using it, in
order of importance are: China, Turkey, Hong Kong,
Taiwan, Spain, Greece and Italy.
In the current economic context, Export Factoring
is showing how loan, credit management and
guarantee services to foreign debtors can be of help
to exporters, especially in those countries where the
recession has drastically reduced credit by the banks
and insurance companies have actually reduced the
assumption of commercial risk to zero. In these cases,
the option of working with corresponding factoring
companies that operate in the countries of residence
of the assigned debtor provides greater flexibility due
to knowledge of market and different product sectors,
and direct experience with the importers.
This explains why the countries most affected by
the crisis have gone up a number of positions in the
classification of countries that are most likely to use
Export Factoring: Italy has gone from 11th to 7th
place in the space of three years. The graph referring
to the main factoring companies shows how the
amount of credit assigned has more than tripled in
a few short years.
Internal market demand in Italy continues to fall,
and forecasts do not indicate that this trend will
change for several sectors in the short term.
On the other hand, sales abroad are on the increase
and over the past few months, appear to be the only
component that can provide a positive contribution
to the economy of the country. The contribution of
sales abroad to the GDP exceeded 30% in 2012. This
shows that exporting Italian companies are capable
of providing excellent products in certain sectors,
that Italian products are still highly valued abroad
despite competition from low cost country producers
since they cannot match Italian quality standards; it
also shows that many companies have improved and
found the motivation and strength to launch their
products on new markets. Sales abroad in 2013 are
expected to increase even further.
While a significant portion of exports continue to be
to European countries, markets such as the United
States, North America, Northern Africa and Asia, and
more especially Japan, are increasing their purchase
of Italian products.
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Area recently updated the documentation on the
product, providing more information that can be of
assistance to the sales network at the stage where
the customer is approached and negotiations are
ongoing; internal training courses have also been
organised and a significant number of sales staff
representing all the bank’s branches participated in
such courses.
In addition, the Indian, Russian and Brazilian
markets have been explored in order to provide
adequate assistance to exporters in markets that
are becoming more important for Italian exports;
assistance in such markets will become operative in
the short term. A medium term project being carried
out in association with the FCI involves the study of
certain African markets that are expected to become
interesting for Italian exporters.
Fonte F.C.I.
Growth in Export FactorinG in italy (in millions of Euro)
6.7665.989
9.013
16.944
21.119
In the current economic
context, Export Factoring
shows how loans, credit
management and
guarantee services for
foreign debtors can be
of help to exporters,
especially in those
countries where the
recession has drastically
reduced credit offered
by banks and insurance
companies refuse to
assume commercial risks
2008 2009 2010 2011 2012
By sector, the increase in exports is spurred most
particularly by mechanical, automobile, chemical
and refined oil products, the fashion, food, metal
and metal product sectors and the mechanical tool,
chemical & pharmaceutical industries.
Most of the new markets, just as with the type of
products exported, can be considered suitable for
Export Factoring transactions.
How does Banca IFIS fit into this panorama?
It should first of all be specified that Export Factoring
should not just provide the normal services involved
in order to provide a quality service, but should
also act as a “consultant” for the exporting entity
who wishes to approach new customers and/or
new markets. Customers can only be provided with
adequate assistance if there is sufficient familiarity
with the product; this is why training is very important
to improve awareness. To that end, the International
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07 Recruitment: positions available
Il Gruppo Banca IFIS si differenzia dagli altri
operatori del settore anche per il trend di
assunzioni che continua nonostante il quadro
nazionale negativo.
Continua l’ evoluzione dinamica del Gruppo Banca
IFIS, così come continua la ricerca di talenti da
inserire nel suo organico. La Banca si rivolge sia ai
giovani, che forma e fa crescere al suo interno, sia
a figure senior che apportano la loro esperienza.
Sono vari i profili attualmente ricercati.
Work for us
Visit our new website or
the Careers section on
Banca IFIS’s LinkedIn page
to see our positions vacant
attualmente i profili ricercati sono, tutti per la
sede di Venezia:
Oracle Database Administrator; Junior Risk Manager;
Addetto Compliance; Sistemista Linux; Operational
Risk Manager; Senior Internal Auditor; Senior
Software Tester; Project Manager Organizzazione;
Junior Credit Sales Assistant.
Banca IFIS is a case history in the social recruitment
and will present its experience at the Digital Festival
in Turin (3rd may).
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08 Twittertime with Managing DirectorGiovanni Bossi
Twitter: @GiovanniBossi
@GiovanniBossi Monday 14 January 2013 during
a two-hour Twitter Time session (#contomaxlive),
the Managing Director of Banca IFIS Giovanni Bossi
personally answered over 40 questions made to him
regarding strategies and future developments of the
current accounts just launched (www.contomax.it).
The questions came from over 15 different locations
in Italy (source Ttwitonomy), and were all related
to matters regarding the current account including
the features, services and special features. More
specifically, this dialogue with the users led to new
ideas being incorporated into the account.
The #contomaxlive participants were also asked to
suggest new ways of communication, leading to a
proposal to activate a Skype contact for immediate
answers to questions from customers.
On 23 and 25 January 2013, the Managing Director,
Giovanni Bossi, answered questions from the
Twittersphere directly from the World Economic
Forum in Davos (official hashtag #IFISDavos),
sharing impressions and sensations from the biggest
global event on economics. For the entire duration
of the event (23-27 January), Giovanni Bossi also
continued the dialogue and discussion with his
twitter followers through the hashtag #wef.
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Giovanni Bossi, Banca IFIS’s C.E.O., will take part in the initiative “The annual report explained in a
tweet”. On April 24, from 12am (Italian time), through the hastags #capirebilancio and #IRSocial,
Mr. Bossi will share Banca IFIS’s 2012 Annual Results with tweet users, answering questions
on the items contained in the Annual Report. Banca IFIS’s staff will also be twitting for the Bank for
all those who wish to ask for explanations and clarification, to exchange information or simply to satisfy
their curiosity on a difficult topic like financial reports.
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09 On the AgendaThe digital company: new initiatives for SMSs
Impresa Digitale
The Banca IFIS Group, in collaboration with Digital Accademia - the first digital business school in Italy -,
will organise a series of meetings called “L’impresa nell’era digitale” (The company in the digital era), a
course aimed at business people, CEOs, General Managers, CFOs and Marketing Managers of companies in
the North East of Italy, with the idea of providing more in-depth insight into how companies can improve their
businesses using the Internet. Info: [email protected]
ThE cOMpANy IN ThE dIGITAL ERA
Meetings in APRIL:
• Tuesday, 9 April 2013, 6:00pm
SOCIAL MEDIA E SOCIAL NETWORK:
Una minaccia o un’opportunità al servizio
delle imprese?
• Tuesday, 16 April 2013, 6:00pm
MEASURING THE RESULTS - Basic instruments
and analysis techniques
• Saturday, 20 April 2013, 9:00am
FINAL WORKSHOP: 10 THINGS TO DO TO
IMPROVE YOUR RESULTS STARTING FROM
TOMORROW - Laboratory and exercises
c/o Tenuta Ca’ Tron,
Digital Accademia offices in Roncade
It will be possible to follow all the meetings and
continue the discussion on social media through
the live tweeting of the event with the hashtag
#impresadigitale and on the @BancaIFIS
Twitter profile.
• From April to July “Un libro al mese in villa”
(A book a month at the Villa),
presentation of books with their authors.
Save the date(s):
23 April - 23 May - 20 June - 11 July
• 16/04/2013: Banca IFIS at Facebook Case
History Forum (Milan)
• 18/04/2013: Finance Day a Cà Foscari
• 30/04/2013: Shareholders’ meeting for
approval of the 2012 financial statements
• 03/05/2013: Banca IFIS presents its experience in
social recruitment at the Digital Festival in Turin
• 08/05/2013: Approval of the results for
the first quarter of 2013
• 09/05/2013: Banca IFIS at Ca’ Foscari Digital Week
• 17-18/05/2013: Salone d’Impresa (Business fair)
• 24-25/05/2013: Ambrosetti Technology Forum,
Castelbrando (TV)
• 28/05/2013: Report given at the University of
Padua: Banca IFIS and web marketing
• 30/05/2013 Banca IFIS at the IV edition of the
Social Case History Forum
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Financial Calendar
Banca IFIS’s shares on the stock market
L’Azione Banca IFIS in Borsa
08/05/2013 Approvazione risultati del primo trimestre 2013
08/08/2013 Approvazione relazione semestrale al 30 giugno 20131
03/11/2013 Approvazione terza trimestrale 2013
Prezzo al 29/03/2013 6.71 €
Min-max 2013 5,525 € (02/01/13) - 7,035 € (06/03/13)
N. azioni emesse 53.811.095
Capitalizzazione 361.072.447,45 €
Performance 1 mese + 2.20% *
Performance 6 mesi + 26,90% *
Performance 1 anno + 46,63% *
Dividendo Il Consiglio di Amministrazione, riunitosi in data 06/03/2013, ha deliberato di proporre all’Assemblea dei soci la distribuzione di un dividendo unitario di 0,37 euro/azione in contanti a ciascuna azione ordinaria alla data stacco (la messa in pagamento del dividendo è prevista a partire dal giorno 9 maggio 2013).
Specialist Centrobanca
Alla luce dei risultati del progetto di Bilancio approvati dal Consiglio di Amministrazione in data 06/03/2013,
l’azione di Banca IFIS ha riscontrato un netto apprezzamento da parte degli operatori di mercato. Giudizio
positivo è confermato dai nuovi report finanziari e dagli aggiornamenti degli studi redatti dai diversi uffici studi,
quali Edison, Akros e Centrobanca.
Sebastien Egon Furstenberg
Flottante
Giovanni Bossi
Riccardo Preve
Azioni proprie
68.9%
24.7%
3.4%
2.4%
0.6%
*dati al 02/04/2013
dati aggiornati al 31/12/2012
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10 Contacts
Coverage by analysts
Follow us on Contacts
Marco opipari
Centrobanca, Gruppo UBI Banca
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Marco cavalleri
Banca Akros
https://twitter.com/BancaIFIS
http://www.facebook.com/Banca.IFIS
http://www.linkedin.com/company/banca-ifis
http://tvchannel.bancaifis.it/
http://www.youtube.com/user/BancaIFIS
Website: http://www.bancaifis.it
Website of 2012 financial statements:
http://bilancio.bancaifis.it
Investor contact: Mara Di Giorgio
Email: [email protected]
Tel. +39 041 502 7623
Mark thomas
Edison, Investment Research
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