HALF-YEAR
CONSOLIDATED
FINANCIAL REPORT AS AT 30 JUNE 2021
BANCA CARIGE GROUP
HALF-YEAR CONSOLIDATED FINANCIAL REPORT
AS AT 30 JUNE 2021
TABLE OF CONTENTS
STRUCTURE OF THE BANCA CARIGE GROUP | 3 | |
PARENT COMPANY'S BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND | 4 | |
INDEPENDENT AUDITORS AS AT 30 JUNE 2021 | ||
PARENT COMPANY'S BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND | 5 | |
INDEPENDENT AUDITORS AS AT THE DATE OF APPROVAL | ||
FINANCIAL HIGHLIGHTS FOR THE GROUP | 6 | |
INTERIM REPORT ON OPERATIONS | 9 | |
Real economy and money market | 10 | |
Covid-19: Regulatory measures and Carige Group initiatives | 12 | |
Strategy and business performance | 19 | |
Key events in the reporting period | 22 | |
Main risks and uncertainties and outlook on operations | 28 | |
Related party disclosures | 31 | |
Performance of subsidiaries in the reporting period | 31 | |
Distribution channels and HR management | 32 | |
HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 35 | |
Consolidated Financial Statements | 36 | |
- | Consolidated Balance Sheet | 37 |
- | Consolidated Income Statement | 38 |
- Consolidated Statement of Comprehensive Income | 39 | |
- Statement of Changes in Consolidated Shareholders' Equity | 40 | |
- Consolidated Statement of Cash Flows | 42 | |
Explanatory notes | 43 | |
- | Accounting policies | 43 |
- Scope and methods of consolidation | 60 | |
- | Subsequent events | 62 |
- Profit & loss results | 63 | |
- Balance sheet items, funding and lending | 68 | |
- | Related-party transactions | 79 |
- Treasury shares, statement of cash flows and shareholders' equity | 80 | |
- | Risk control | 81 |
- | Segment reporting | 94 |
ANNEXES | 97 | |
CERTIFICATION OF THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 100 | |
PURSUANT TO ART. 81-TER OF CONSOB REGULATION 11971 OF 14 MAY 1999, AS AMENDED | ||
INDEPENDENT AUDITORS' REPORT ON THE HALF-YEAR CONDENSED CONSOLIDATED | 102 | |
FINANCIAL STATEMENTS AS AT 30 JUNE 2021 | ||
NOTE | The following conventional signs are used in the tables: |
- when data is nil | |
… when data is not significant |
2
STRUCTURE OF THE BANCA CARIGE GROUP
3
PARENT COMPANY'S BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND
INDEPENDENT AUDITORS AS AT 30 JUNE 2021
BOARD OF DIRECTORS | BOARD OF STATUTORY AUDITORS |
CHAIR | CHAIR |
Giuseppe Boccuzzi | Alberto Giussani |
DEPUTY CHAIR | STANDING AUDITORS |
Paolo Ravà | Anna Girello |
Pierpaolo Singer | |
CHIEF EXECUTIVE OFFICER | |
Francesco Guido | |
DIRECTORS | |
Sabrina Bruno | |
Lucia Calvosa | |
Paola Demartini | |
Miro Fiordi | |
Gaudiana Giusti | |
Francesco Micheli | |
Leopoldo Scarpa | |
INDEPENDENT AUDITORS | |
Deloitte & Touche S.p.A | |
MANAGER CHARGED WITH PREPARING THE COMPANY'S FINANCIAL REPORTS | |
Mauro Mangani |
The Ordinary Shareholders' Meeting of 31 January 2020 appointed the Board of Directors and the Board of Statutory Auditors for the financial years 2020, 2021 and 2022, with term of office until the date of the Shareholders' Meeting called to approve the financial statements for the year ending as at 31 December 2022.
At its meeting on the same day, the Board of Directors appointed Francesco Guido as Chief Executive Officer.
Angelo Barbarulo, appointed Deputy Chair of the Board of Directors at the aforementioned Shareholders' Meeting of 31 January 2020, resigned with immediate effect on 26 February 2020.
Following his resignation, on 14 October 2020 the Board of Directors co-opted, pursuant to Article 2386 of the Italian Civil Code, Director Paolo Ravà, who was concurrently appointed member of the Risk Committee.
The Chairman of Banca Carige S.p.A., Vincenzo Calandra Buonaura, passed away on 28 December 2020.
On 22 February 2021, the Ordinary Shareholders' Meeting appointed Giuseppe Boccuzzi and Paolo Ravà as members of the Board of Directors, to serve until the date of the Shareholders' Meeting called to approve the financial statements for the year ending 31 December 2022. The Shareholders' Meeting further appointed Giuseppe Boccuzzi and Paolo Ravà to serve respectively as Chair and Deputy Chair of the Board of Directors.
On 15 June 2021, Standing Auditor Anna Girello resigned from her position with effect as of the date of appointment of her replacement and on the same date, Silvia Muzi resigned from the position of Alternate Auditor with immediate effect. On 16 June 2021 Vincenzo Miceli resigned from the position of Alternate Auditor, with immediate effect.
The Board of Directors has also set up the following Board-internal Committees, the composition of which, as at today, is:
- Risk Committee: Miro Fiordi (Chair), Paola Demartini, Paolo Ravà and Leopoldo Scarpa;
- Nomination, Governance and Sustainability Committee: Lucia Calvosa (Chair) and Sabrina Bruno;
- Remuneration Committee: Francesco Micheli (Chair), Sabrina Bruno and Miro Fiordi;
- Related-PartyTransactions Committee: Gaudiana Giusti (Chair), Lucia Calvosa and Francesco Micheli.
4
PARENT COMPANY'S BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND
INDEPENDENT AUDITORS
AS AT THE DATE OF APPROVAL
BOARD OF DIRECTORS | BOARD OF STATUTORY AUDITORS |
CHAIR | CHAIR |
Giuseppe Boccuzzi | Alberto Giussani |
DEPUTY CHAIR | STANDING AUDITORS |
Paolo Ravà | Biancamaria Raganelli |
Pierpaolo Singer | |
CHIEF EXECUTIVE OFFICER | |
Francesco Guido | ALTERNATE AUDITORS |
Maddalena Rabitti | |
DIRECTORS | Diego Agostino Rigon |
Sabrina Bruno | |
Lucia Calvosa | |
Paola Demartini | |
Miro Fiordi | |
Gaudiana Giusti | |
Francesco Micheli | |
Leopoldo Scarpa | |
INDEPENDENT AUDITORS | |
Deloitte & Touche S.p.A | |
MANAGER CHARGED WITH PREPARING THE COMPANY'S FINANCIAL REPORTS | |
Mauro Mangani |
The Ordinary Shareholders' Meeting of 31 January 2020 appointed the Board of Directors and the Board of Statutory Auditors for the financial years 2020, 2021 and 2022, with term of office until the date of the Shareholders' Meeting called to approve the financial statements for the year ending as at 31 December 2022.
At its meeting on the same day, the Board of Directors appointed Francesco Guido as Chief Executive Officer.
Angelo Barbarulo, appointed Deputy Chair of the Board of Directors at the aforementioned Shareholders' Meeting of 31January 2020, resigned with immediate effect on 26 June 2020.
Following his resignation, on 14 October 2020 the Board of Directors co-opted, pursuant to Article 2386 of the Italian Civil Code, Director Paolo Ravà, who was concurrently appointed member of the Risk Committee.
The Chairman of Banca Carige S.p.A., Vincenzo Calandra Buonaura, passed away on 28 December 2020.
On 22 February 2021, the Ordinary Shareholders' Meeting appointed Giuseppe Boccuzzi and Paolo Ravà as members of the Board of Directors, to serve until the date of the Shareholders' Meeting called to approve the financial statements for the year ending as at 31 December 2022. The Shareholders' Meeting further appointed Giuseppe Boccuzzi and Paolo Ravà to serve respectively as Chair and Deputy Chair of the Board of Directors.
On 15 June 2021, Standing Auditor Anna Girello resigned from her position with effect as of the date of appointment of her replacement and on the same date, Silvia Muzi resigned from the position of Alternate Auditor with immediate effect. On 16 June 2021 Vincenzo Miceli resigned from the position of Alternate Auditor, with immediate effect.
On 28 July 2021 the Ordinary Shareholders' Meeting appointed Biancamaria Raganelli as standing auditor and Maddalena Rabitti and Diego Agostino Rigon as alternate auditors, to serve until the date of the Shareholders' Meeting called to approve the financial statements for the year ending as at 31 December 2022.
The Board of Directors has also set up the following Board-internal Committees, the composition of which, as at today, is:
- Risk Committee: Miro Fiordi (Chair), Paola Demartini, Paolo Ravà and Leopoldo Scarpa;
- Nomination, Governance and Sustainability Committee: Lucia Calvosa (Chair), Giuseppe Boccuzzi and Sabrina Bruno.
- Remuneration Committee: Francesco Micheli (Chair), Sabrina Bruno and Miro Fiordi;
- Related-PartyTransactions Committee: Gaudiana Giusti (Chair), Lucia Calvosa and Francesco Micheli.
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Banca Carige S.p.A. Cassa di Risparmio di Genova e Imperia published this content on 29 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2021 10:51:00 UTC.