THE ITALIAN CONSUMER CREDIT LEADER
INVESTOR RELATIONS
Euro billion
Findomestic
2.7
Fiatsava
2.5
Deutsche Bank
1.5
AgosItafinco (Intesa)
Fiditalia (SocGen)
1.3
1.2
Finemiro (Cardine) 1.1
Compass
0.9
BPLDucato 0.8
Citifin
0.8
Source: Assofin - As at Sept. 30, 2001 - Mortgages excluded
At 30 September 2001 new business
figures confirmed the Company as
the most important player in the
Italian market
EFFICIENCY
INVESTOR RELATIONS
Outperforming growth and steady reduction of credit losses
34.0%
35.1%
NPL ratio*
28.8%
30.0%
29.3%
33.2%
1997
1.39%
1998
20.5%
1.22%
22.6%
1999
18.0%
1.15%
14.7%
2000
1.00%
2001 < 1.00%
1996
1997
1998
1999
Findomestic, new business (yoy %)
2000
System average : 2 %
Italy, new business (yoy %)
*As % of outstanding credits - Source : Assofin
2
BUSINESS SEGMENTATION
INVESTOR RELATIONS
INVESTOR
RELATIONS
Revolving cards
Personal
loans
26%
18%
Other
3%
29%
24%
Home appliances
Vehicle financing
September 30, 2001 - New business volume : Euro 2.7 Billion
3
FINDOMESTIC BANCA
INVESTOR RELATIONS
THE CARDS BUSINESS
4
THE AURA CARD
INVESTOR RELATIONS
FLEXIBILITY
ISSUERS
Retailers
400
Banks & Insurance co. 29
Revolving system
Euro 4,000 credit line
Monthly repayment :
from 5% to 10% of
outstanding debit
SHOPPING
Outlets
65,000
Cash advance via Internet-Phone-ATM
5
THE AURA CARD : multibranding
INVESTOR RELATIONS
2,200,000* cardholders among proprietary,
private label and bank cards
* FY 2001E, all brands managed cards (Aura: 2,000,000)
6
BUSINESS CONTRIBUTION
to the FINANCIAL MARGIN
INVESTOR RELATIONS
INVESTOR
RELATIONS
Aura : a growing business and a high contribution
100%
25%
45%
26%
16%
33%
24%
17%
14%
0%
Outstanding credits
Revolving cards
FY 2001E
Personal loans
Financial margin
Home appliances
Vehicle financing
7
FUTURE TREND
INVESTOR RELATIONS
Comparison with more developed markets shows room for
a further increase in consumer credit
20.00%
ITA ‘91
ITA ‘00
10.00%
UK ‘91
USA ‘91
Savings ratio
EU 8.8%
0.00%
0.00%
Source : Merrill Lynch
UK ‘00
USA ‘00
12.50%
Cons. credit / GDP
25.00%
8
EUROPE GOES REVOLVING
INVESTOR RELATIONS
Findomestic is already there
28%
26%
18%
3%
9%
21%
29%
24%
8%
34%
ASSOFIN
Italy
FINDOMESTIC
EUROFINAS - Europe
10%
8%
9%
16%
57%
Revolving cards
Personal loans
Home appliances
Vehicle financing
9
INVESTOR RELATIONS
BACK-UP SLIDES
March 2002 - U.S.A.
Banca CR Firenze Spa - FY 2001 preliminary results
INVESTOR RELATIONS
2000
2001E
Variation
NET INTEREST INCOME
309.6
357.7
15.5%
Fees & Commissions
263.0
256.5
-2.5%
Personnel costs*
231.9
230.1
-0.8%
Total operating costs*
378.2
379.4
FLAT
CORE OPERATING INCOME**
572.7
614.2
7.3%
INCOME before Expceptionals
126.5
142.2
12.4%
79.9
84.9
6.3%
Euro millions
NET INCOME
*Exceptional costs excluded
** Operating income, trading income excluded
11
Customer base segmentation
INVESTOR RELATIONS
Top
1%
5,000
> 25
Big
6%
> 2.5
17.5%
82%
CORPORATE
Mid-size
9%
>1
0.5%
Small
20%
> 0,25
Micro
64%
Assets - Euro
75,000
500,000
Retail
Affluent
Private customers
800,000
Companies
100,000
Private Bkg.
Group - FY 2001E
12
AFTER THE 11TH of September 2001 : loans by sensitivity
INVESTOR RELATIONS
High diversification of credits coupled with a high rating average
Business sector
9%
45%
42%
Hotels, Energy,
Transports (air &
land)
4%
Commerce, Textile,
Communications,
Transport (dometic)
HIGH
Metallurgy
MEDIUM
Rubber & Plastic goods
Rating average
3.2
3.2
3.1
Level of risk
LOW
VERY LOW
Non-financial and family companies
Agriculture, Food,
Housing, Chemical,
Paper Industry
3.2
13
Comparables
INVESTOR RELATIONS
A correct peers selection allows useful performance monitoring
B. Pop. COMM. & INDUSTRIA
 Market Cap. > Eur 1,000 mn*
B. Pop. EMILIA ROMAGNA
MONTE PASCHI SIENA
B. Pop. BERGAMO - CV
 “Popolari” banks with a
regional presence
B. Pop. SONDRIO
B. Pop. NOVARA
B. Pop. VERONA
 Area competitors
B. Pop. MILANO
B. LOMBARDA
B. Pop. LODI
B. CARIGE
As at Feb.16, 2001 - Source : Prometeia Calcolo
14
GROUP INTEGRATION - The Financial Department
INVESTOR RELATIONS
Complete reorganization in order to achieve :
 greater efficiency of each business line
 synergies (product side, cost side…)
 stronger commitment in results by each Business Unit
Head of Group
Finance
Trading & Investment
Customer Finance
Treasury
 Proprietary portfolio
Customer sales
- Sales
- Derivatives desk
Money market
 Trading portfolio
Asset /Liabilities Mng.
A 22% reduction
in personnel cost
Group Network
15
3 Quarter 2001 - Consolidated results
INVESTOR RELATIONS
‘01 -‘00 Var.
Sept. 2001
Sept. 2000 PF
Euro million
Net Interest income
348.0
381.4
9.6%
Non-interest income
283.0
270.0
-4.6%
Net commissions & other net income
238.7
238.7
FLAT
Financial Income
20.5
7.8
-62.0%
Dividends
9.2
16.0
73.9%
Equity investments
14.6
7.5
-48.6%
TOTAL INCOME
631.0
651.3
3.2%
16
3 Quarter 2001 - Consolidated results
INVESTOR RELATIONS
‘01 -‘00 Var.
Sept. 2000 PF
Sept. 2001
404.5
404.8
FLAT
43.6
46.5
6.7%
Operating income
183.1
200.0
9.2%
CORE OPERATING INCOME*
162.6
192.2
18.2%
47.4
53.2
12.2%
Pre-tax profit
127.6
143.8
12.7%
NET INCOME
56.6
65.4
15.5%
Euro millions
Administrative expenses
Amortization of fixed assets
Net adjus. & Provi sions
* Operating income without trading income
17
3 Quarter 2001 - Consolidated results
INVESTOR RELATIONS
‘01 -‘00 Var.
Dec. 2000
3Q 2001
Direct funding
10.7
10.9
1.9%
Indirect funding
13.9
14.0
0.7%
Euro billions
Assets under custody
6.9
6.5
-5.9%
Assets under management
7.0
7.5
7.1%
GP (discretional accs.)
2.6
2.3
-11.5%
Mutual funds
3.0
3.6
22.0%
Insurance products
1.4
1.6
15.1%
TOTAL FINANCIAL ASSETS
24.6
24.9
1.2%
18