FINANCIAL
STATEMENTS
REPORT ON OPERATIONS AND FINANCIAL STATEMENTS
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BANCA CARIGE GROUP
2021 REPORT ON OPERATIONS AND CONSOLIDATED FINANCIAL STATEMENTS
STRUCTURE OF THE BANCA CARIGE GROUP | 6 | |
PARENT COMPANY'S BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND | 7 | |
INDEPENDENT AUDITORS AS AT 31 DECEMBER 2021 | ||
POWERS AND DELEGATED AUTHORITIES OF THE GOVERNING BODIES | 8 | |
FINANCIAL HIGHLIGHTS FOR THE GROUP | 9 | |
REPORT ON OPERATIONS | 12 | |
- | Real economy and money market | 13 |
- | Covid-19: Regulatory measures and Carige Group initiatives | 15 |
- | Strategy and business performance | 24 |
- | Key events in the reporting period | 26 |
- | Ownership structure | 33 |
- | Corporate governance | 33 |
- | Non-Financial Report | 34 |
- | Carige share price | 34 |
- | Distribution channels | 34 |
- | HR management | 36 |
- | Sales and Innovation | 37 |
- | Profit & Loss results | 40 |
- | Balance sheet items, funding and lending | 47 |
- | Fixed assets and equity investments | 56 |
- | Cash Flow Statement, Shareholders' Equity and Risk Management | 57 |
- | Group companies | 62 |
- | Social and cultural promotion activities | 66 |
- | Main risks and uncertainties and outlook on operations | 67 |
CONSOLIDATED FINANCIAL STATEMENTS | 72 | |
CONSOLIDATED FINANCIAL ACCOUNTS | 73 | |
- | Consolidated Balance Sheet | 74 |
- | Consolidated Income Statement | 76 |
- | Consolidated Statement of Comprehensive Income | 77 |
- | Statement of Changes in Consolidated Shareholders' Equity | 78 |
- | Consolidated Statement of Cash Flows | 80 |
CONSOLIDATED EXPLANATORY NOTES | 82 | |
A 1 - Introduction | 84 | |
Section 1 - Statement of compliance with international accounting standards | 84 | |
Section 2 - Preparation criteria | 87 | |
Section 3 - Scope and methods of consolidation | 98 | |
Section 4 - Subsequent events | 106 | |
Section 5 - Other information | 107 | |
A 2 - Main items of the consolidated financial statements position and results of the | 113 | |
operations pursuant to art. 73, para. 4 of the Italian Consolidated Law on Banking | ||
A 4 - Information on fair value | 154 | |
A 5 - Information on "Day one profit/loss" | 163 | |
Part B - Consolidated Balance sheet | 164 | |
Part C - Consolidated Income Statement | 246 | |
Part D - Consolidated Comprehensive Income | 278 | |
Part E - Information on risks and risk hedging policies | 280 | |
Part F - Consolidated shareholders' equity | 377 | |
Part G - Business combinations | 383 | |
Part H - Related-party transactions | 385 | |
Part I - Share-based payments | 390 | |
Part L - Segment reporting | 392 | |
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Part M - Leases | 397 |
- | |
CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS PURSUANT TO ART. 81-TER | 404 |
OF CONSOB REGULATION NO. 11971 OF 14 MAY 1999 AS SUBSEQUENTLY AMENDED AND | |
SUPPLEMENTED | |
INDEPENDENT AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS | 406 |
ANNEXES | 418 |
NOTE | The following conventional signs are used in the tables of the Report on Operations and in the Financial Statements: |
- when data is nil | |
… when data is not significant |
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INTRODUCTION
The Banca Carige Group's Consolidated Financial Statements for the year ended 31 December 2021 were prepared in accordance with the international accounting standards IAS/IFRS in force as at this reporting date and related interpretations (SIC/IFRIC) officially approved by the European Commission and in line with the guidance provided by the Bank of Italy in its Circular No. 262 of 22 December 2005 ("Banks' Financial Statements: Layout and Preparation", 7th update of 29 October 2021).
It also takes into account the provisions included in the Notice from the Bank of Italy of 21 December 2021 that supplements the provisions of Circular 262 of 22 December 2005, with a view to providing the market with information on the effects that the Covid-19 and the measures to support the economy have had on the strategies, objectives and policies of risk management and on the profit/loss and balance sheet position of intermediaries1.
This Consolidated Financial Report consists of the Financial Statements as at 31 December 2021, the Explanatory Notes and Annexes, and is accompanied by the Directors' Report on Operations.
Included in the financial statements are the:
- Balance Sheet;
- Income Statement;
- Statement of Comprehensive Income;
- Statement of changes in Shareholders' equity;
- Statement of cash flows.
The Report on Operations provides the required information concerning the overall business performance and the various segments of the Group's business, as well as the main risks and uncertainties encountered, particularly in consideration of the current macroeconomic context - where the ongoing Covid-19 pandemic continues to cause uncertainties - and the geopolitical context regarding the events in Ukraine.
The Banca Carige Group's Financial Statements are audited by Deloitte & Touche S.p.A for the nine-year period 2021-2029
1 The communication requires that, in describing the general policies used to prepare the financial statements, account should be taken, where applicable, of the main interpretative and supporting documents, issued by European regulatory and supervisory bodies and by standard setters, addressing the application of certain standards in relation to the impact of Covid-19.
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Banca Carige S.p.A. Cassa di Risparmio di Genova e Imperia published this content on 25 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2022 16:11:15 UTC.