Consolidated Results as at September 30th 2016 · Consolidated results as at 30 September 2016 8...

1Consolidated results as at 30 September 2016

Consolidated Results as at

September 30th 2016


• This document has been prepared by Credito Valtellinese for information purpose only and does not constitute a

public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for

securities or financial instruments or any advice or recommendation with respect of such securities or other financial

instruments.

• The information, opinions, estimates and forecasts contained herein have not been independently verified. They have

been obtained from, are based upon, sources that company believes to be reliable but makes no representations

(either express or implied) or warranty on their completeness, timeliness or accuracy.

• The document may contain forward-looking statements, which are therefore inherently uncertain. All forward-looking

statements rely on a number of assumptions, expectations, projections and provisional data concerning future events

and are subject to significant risks and uncertainties, many of which are outside the company’s control. There are a

variety of factors that may cause actual results and performance to be materially different from the explicit or implicit

contents any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of

future performance. The company undertakes no obligation to publicly update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise, except as may be required by

applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and

are subject to change without notice.

• Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2), Simona

Orietti, in her capacity as manager in charge of financial reporting declares that the accounting information contained

in this Presentation reflects the group’s documented results, financial accounts and accounting records.

Disclaimer


Agenda

1. Executive summary

2. Credit policies and asset quality

3. Funding, liquidity and securities portfolio

4. Capital ratio

5. Revenues development

6. Cost management and Net profit development

7. Annexes


Executive summary

* Non- performing exposures Coverage including write-off on bad loans and NPE disposals

Asset Quality:

• Net NPEs decreasing (-1% YTD), including disposals of NPEs

• Disposals of NPEs for approx. Euro 430 mn

• Increase in impairments on loans and receivables incorporating the preliminary findings of the Bank of Italy

audit, just concluded, as well as in alignment with the objective to lift up the coverage levels of total NPEs

• NPEs proforma* Coverage ratio at 44.5% (40.3% stated)

Sound Capital position:

• CET1 ratio at 12.4% “fully loaded”

Liquidity position further strengthened

• Total Counterbalancing capacity of Euro 7.2 billion, of which Euro 4.1 billion unencumbered

• LCR and NSFR well above the minimum regulatory levels set for 2018

Economic Trend:

• Net interest income and net fee and commission income growing q-o-q, despite the pressures from the

extremely expansive monetary policy and weakness in volumes

• Operating costs - net of contribution to Resolution Fund and the DTA fee - substantially flat y-o-y


253,783

311,047

09.15 09.16

Executive summary - Strengthening “Customer base”

984k customers

Cross selling ~ 4.2

Retention rate** ~ 97.7%

Active Internet Banking Users

+ 22.6 % YoY 189,300 downloaded apps*

+75% YtD

*As at 30/09/2016; source: App Stores**Source: customer satisfaction survey - households


Agenda




4. Capital ratio



7. Annexes


Construction8.2%

Real estate10.4%

Industrial20.4%

Commercial11.2%

Services13.2%

Households36.6%

SME Corporate37.1%

Corporate22.4%

Retail14.3%

Households21.6%

Other4.6%

23,107 23,064 21,279 20,074 20,099 20,062 20,146 20,106 19,825 19,741 19,315

12.11 12.12 12.13 12.14 03.15 06.15 09.15 12.15 03.16 06.16 09.16

Credit policies and asset quality - Loans to customers analysis

* Total gross loans to customers net of exposures with institutions, mainly CCG (Cassa Compensazione e Garanzia)

and CDP (Cassa Depositi e Prestiti)

Quarterly trend (€mn) Commercial Loans * (gross amounts)

Performing loans by sector**Total gross loans by business segment**

SME corporate: revenue or total assets < 25 mn

Corporate: revenue or total asset ≥ 25 mn

~ 72% of total loan

book to SMEs

**Source: internal data

Of which NPE

disposals for

430 € mn


Credit policies and asset quality - Focus on new loans

~1,815 mn of new loans disbursed (Individuals and SMEs/Corporate) over the period +19.1 % YoY

Expected Loss performing portfolio -19 bps since December 2015

Individuals

Mortgage 226 mn

2.33 %*

Amount

Average RateOther secured 343 mn

Unsecured 640 mn

Total amount 1,209 mn

Of which substitutions («surroghe»): 76 mn

+2.7 %

Chg %

YoY

+30.8 %

+38.6 %

+28.1 %

606 mn 2.70 %+ 4.5 %

IND

IVID

UA

LS

SM

E &

CO

RP

OR

AT

E

% Fixed Average

Rate*

Amount Chg %

YoY

31.9 %

Positive results of the outstanding remix

Individuals + 4.6% YoY

Real Estate – 9.5% YoYSource: internal data

Expected Loss new

performing exposures

disbursed in the period

36 bps

Expected Loss new

performing exposures

disbursed in the period

Corporate: 57 bps

Retail: 64 bps

*Average rate from the beginning of the year


% LTV (as of 30/09/2016)

Retail – Secured on real estate property 53.9%

Retail – Secured on real estate property of which SME 50.7%

Retail – Secured on real estate property of which non SME 54.9%

Lombardia55.9%

Sicilia16.1%

Lazio8.0%

Marche7.8%

Piemonte3.6%

Veneto3.1%

Toscana1.8%

Trentino Alto Adige1.7%

Emilia Romagna1.2%

Umbria0.8%

Valle d'Aosta0.02%

Credit policies and asset quality - Loan portfolio diversification

Average EUR 86,000 per loan

• ~ 84% of loans in North / Center Italy, of

which ~ 56% of loans in Lombardy

• Average loan granted to real estate and

construction sectors (“ATECO”) ~ 200k

• Conservative LTV ( ̴ 54%), both for

households and SMEs

Gross loan book breakdown by geography (%)

Source: internal data

Loan Concentration % Total Loans

Top 20 exposures 5.1%



2,195 2,463 2,494 2,418 2,684

30/09/2015 31/12/2015 31/03/2016 30/06/2016 30/09/2016

5,422 5,620 5,391 5,309 5,570

30/09/2015 31/12/2015 31/03/2016 30/06/2016 30/09/2016

481 346 299 289 244

30/09/2015 31/12/2015 31/03/2016 30/06/2016 30/09/2016

2,746 2,811 2,597 2,601 2,643

30/09/2015 31/12/2015 31/03/2016 30/06/2016 30/09/2016

Credit policies and asset quality - Non performing exposures (Gross amount)

Bad loans

Past due

Non-performing exposures

Unlikely to pay

+198 -229 -82 +261

Mn €

September data include the effect of

Bank of Italy audit

-50 mn


Credit policies and asset quality – Asset quality (1/2)

Net NPEs ̴ -33 mn to

December 2015

30/09/2016 30/06/2016 31/03/2016 31/12/2015Chg % vs

Dec. 201530/09/2015

Net Bad loans 1,217 1,229 1,238 1,207 0.8% 1,220

Net Unlikely to pay 1,885 1,811 1,880 1,835 2.7% 1,699

Net Past due 222 264 274 315 -29.5% 439

Total net non-performing

exposures 3,324 3,304 3,392 3,357 -1.0% 3,358


0.73% 0.73% 0.68% 0.58%

December 2015 March 2016 June 2016 September 2016

Credit policies and asset quality – Asset quality (2/2)

* Non- performing exposures Coverage including write-off on bad loans and NPE disposals.

Annual trend in line with the portfolio

improvement effect and new credit policy

Non-performing exposures Coverage Coverage Bonis

40.3% 37.8% xxx%

40.3% 37.1% 37.8% 40.3% 41.7% 44.5%

December 2015 March 2016 June 2016 September 2016 September 2016including write-off

September 2016proforma*

Coverage Ratios 30/09/2016 31/12/2015 30/09/2015

Bad loans 53.9% 57.1% 55.6%

Unlikely to pay 29.8% 25.5% 22.6%

Past due 8.9% 9.0% 8.8%


Agenda




4. Capital ratio



7. Annexes


19,480 19,654 19,028 19,041 18,534 18,312 18,097 18,532 18,239 18,376 17,867

12.11 12.12 12.13 12.14 03.15 06.15 09.15 12.15 03.16 06.16 09.16

19% 16%

81% 84%

31/12/2015 30/09/2016

Securities issued

Deposits due to customers

Funding, liquidity and securities portfolio - Direct deposits

* Total funding net of CCG, CDP and institutionals

Quarterly trend (€mn) Retail funding *

Composition of Direct Funding (mn €) 30/09/2016 31/12/2015 Chg. %

Deposits 487 519 -6.3%

Time deposits 1,451 1,413 2.7%

Current accounts 13,079 13,073 0.0%

Securitizations 344 471 -26.9%

Wholesale bonds (senior + subordinated) 136 107 27.4%

Senior retail bonds 2,250 2,695 -16.5%

Subordinated retail bonds 420 642 -34.6%

Deposit certificates 107 111 -3.3%

Deposits CCG & CDP 2,616 2,481 5.4%

Other 214 183 17.1%

DIRECT FUNDING 21,104 21,695 -2.7%

-2.7%

-18.5%

+0.9%


Funding, liquidity and securities portfolio - Bonds by maturities and ECB funding

* As at 27 September 2016, residual maturities

TLTRO 2:

• TLTRO 2 take up as of

28 September: 1.5 bn

• Residual callable amount:

estimated EUR 3.1 bn

Retail bonds senior + subordinated (€ mn)

2016 – 2018 Maturities* Retail + Wholesale (€ mn)

Wholesale bonds (€ mn)

ECB funding Creval

September 2016 (€ mn)

968

301

Maturities 2016 Issues 2016

-667 mn30

Issues 2016

208696 864 1.038

2016 2017 2018 Beyond 2018

1,500

2016

TLTRO



31/03/2015 30/06/2015 30/09/2015 31/12/2015 31/03/2016 30/06/2016 30/09/2016

1d 2d 3d 4d 5d 2w 3w 1m 2m 3m

Net balance of cumulative

expiring positions- 36 - 120 256 - 124 - 149 - 406 - 606 - 926 - 1,050 - 1,099

Counterbalancing Capacity 3,999 4,075 3,736 4,195 4,195 4,419 4,592 4,659 4,680 4,712

Net balance of overall liquidity 3,963 3,955 3,992 4,070 4,046 4,013 3,986 3,733 3,630 3,613

Funding, liquidity and securities portfolio – Liquidity position

Gross commercial loans / Retail funding

Short-term liquidity position – September, 27th 2016 (€ mn)

108.4%

109.6%111.3%

108.5%

108.7%

107.4%

108.1%

LCR as at

30 September 2016

204%

NSFR as at

30 June 2016

120%

Net liquidity balance ~ 15.2%

of the Total Asset of the Group


30/09/2016 30/06/2016 31/03/2016 31/12/2015Chg. % vs

Dec. 2015

HFT Portfolio 29 43 47 52 -44%

AFS Portfolio 5,422 5,813 4,876 5,321 2%

HTM Portfolio - - - -

99.5%

0.5%

AFS

HFT

96.2%

2.2% 1.6%

Debt instruments

Equity instruments

OEIC units

Funding, liquidity end securities portfolio - Securities portfolio diversification

Current Average Duration of AFS portfolio 2.73

Breakdown by accounting portfolio

Breakdown of AFS portfolio30/09/2016 30/06/2016 31/03/2016 31/12/2015

Debt instruments 5,214 5.624 4.680 5.112

Equity instruments 119 99 143 156

OEIC Units 89 89 53 53

• AFS reserve as at 30 Sept. +28.4 mn €

• AFS reserve on Govies, as at 30 Sept., ~ + 23.8 mn €

• AFS reserve as at 30 June +16.1 mn €

• AFS reserve on Govies, as at as at 30 June, ~ +13.8 mn €

71.2%

17.0%

3.7%8.1%

BTP CCT Other equities Other bonds

-391 mn


12,065 12,093 11,532 11,279 11,429

30/09/2015 31/12/2015 31/03/2016 30/06/2016 30/09/2016

56% 62%

44% 38%

31/12/2015 30/09/2016

AUM

Under custody

Funding, liquidity and securities portfolio - Indirect deposits analysis

Quarterly trend (€mn) Indirect Funding

Indirect deposits breakdown

Growth mainly driven by the AUM

and insurance trends.

+0.2% -4.6% -2.2% +1.3%

-5.5%

+4.9%

-18.8%

Development of the strategic

partnership with ANIMA SGR

(mn €) 30/09/2016 31/12/2015 Chg. %

Funds & Sicav 2,510 2,408 4.3%

Custody 4,302 5,300 -18.8%

Individual accounts 2,178 2,267 -3.9%

Insurance 2,439 2,118 15.2%

Total 11,429 12,093 -5.5%

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4. Capital ratio



7. Annexes

Agenda


13.1% 13.2% 13.0% 12.4%13.1% 13.2% 13.0% 12.4%15.1% 14.9% 14.5% 13.7%

31/12/2015 31/03/2016 30/06/2016 30/09/2016

Common Equity Tier 1 ratio Tier 1 ratio Total capital ratio

Capital ratio- Capital ratios evolution

Capital ratios evolution, phased-in calculation

Requirements 30/09/2016 30/06/2016 30/03/2016 31/12/2015

Credit 90.2% 90.5% 90.6% 90.6%

CVA 0.2% 0.2% 0.2% 0.2%

Market 0.1% 0.1% 0.1% 0.1%

Operational 9.5% 9.2% 9.1% 9.1%

CET 1 Ratio -70 bps YtD

Fully loaded calculation at

Sept. 30th, 2016

(considering the “SME supporting factor”):

CET 1 ratio

12.4% (13.1% at 30.06.2016)

Tier 1 ratio

12.4% (13.1% at 30.06.2016)

Total capital ratio

13.7% (14.5% at 30.06.2016)

SREP ratio Buffer (phased-in)

-CET1 ratio: 8,3% +411 bps

-T1 ratio: 9,8% +261 bps

-TC ratio: 12,7% +102 bps

Leverage ratio as at 30/06/2016

7.1% (fully loaded)

Indicator 30/09/2016 30/06/2016 30/03/2016 31/12/2015

Loan Risk weighted 75.1% 74.6% 73.8% 73.6%

RWA/Assets 56.8% 56.5% 58.0% 57.5%

Capital ratio 30/09/2016 30/06/2016 30/03/2016 31/12/2015

COMMON EQUITY (€ mn) 1,839 1,999 2,034 2,034

TIER 1 (€ mn) 1,839 1,999 2,034 2,035

TIER 2 (€ mn) 194 228 266 310

TOTAL CAPITAL (€ mn) 2,033 2,227 2,300 2,345

RWA (€ mn) 14,819 15,335 15,430 15,479

TIER 1 RATIO 12.4% 13.0% 13.2% 13.1%

TOTAL CAPITAL RATIO 13.7% 14.5% 14.9% 15.1%


Agenda




4. Capital ratio



7. Annexes


NII56.5%

Net fees and commissions

36.7%

Div. & profits on inv. in ass. comp.

0.9%

Trading income

3.6%Other net income

2.3%

Chg. % 2016 - 2015

Revenues development – Operating income development

TRADING INCOME BREAKDOWN (€/1.000)

-Profits (Losses) on trading: 2.421

-Fair value adj. in hedge accounting: -907

-Profits (Losses) on sale or repurchase of:

• loans and receivables: -42,264

• available-for-sale financial assets: 61,831

• financial liabilities: -801316

559

205

5 20 13

NII Net fees andcommissions

Div. & profits on inv. inass. comp.

Trading income Other net income Operating income

-2.0 %-10.2 % -61.8 % -69.2 % -18.9 % -14.8 %

93.2% of revenues from core

business (NII + Fees)


114,361 112,613 107,491 103,609 104,826

3Q15 4Q15 1Q16 2Q16 3Q16

Revenues development – Focus on interest income

Interest Income, Quarterly figures (€/1,000)

Trend euribor quarterly (2014-2016)

-1.5% -4.5% -3.6% +1.2%

Jun 14 Sept 14 Dec 14 Mar 15 Jun 15 Sept 15 Dec 15 Mar 16 Jun 16 Sept 16

0,21% 0,08% 0,08% 0,02% -0,01% -0,04% -0,13% -0,24% -0,29% -0.30%

-26 bps

since Sept 2015

Commercial spread trend* (2014-2016)

Jun 14 Sept 14 Dec 14 Mar 15 Jun 15 Sept 15 Dec 15 Mar 16 Jun 16 Sept 16

2,53% 2,56% 2,55% 2,65% 2,65% 2,64% 2,60% 2,47% 2,39% 2,39%

*Quarterly retail customer spread


24.9%

21.1%

21.6%

32.4%

56,166 51,106

43,424 43,192

45,178 44,171

64,380 66,431

Sept 15 Sept 16

Asset management, trading andadvisory services

Payment and collection services

Current account

Loans and other

67,868 71,395 67,780 68,500 68,620

3Q15 4Q15 1Q16 2Q16 3Q16

Revenues development – Focus on net fees

Net fees quarterly trend (€/1,000)

Net fees breakdown - YoY

+5.2% -5.1% +1.1% +0.2%

~6% of up front fees on

total fees at 3Q2016*

* Up front fees: placement of insurance and AUM, fees received from commercial partners (Alba Leasing, Compass, IBL)

+1.1%

YoY

-9.0%

-0.5%

-2.2%

+3.2%

-2.0%


Agenda




4. Capital ratio



7. Annexes


1.85% 1.90%

30/09/2015 30/09/2016

Cost income ratio*

57.0% 66.7%

30/09/2015 30/09/2016

Operating expenses* (€ /1,000)

373,460 372,620

30/09/2015 30/09/2016

558,911

174,999

218,829

140,641 24,442

Operating Income Personnel expenses Other admin. expenses Amortization Net operating margin

Cost management and Net profit development - Operating result and cost income

Including 7.6 mn of provisions for the

Single Resolution Found (SRF) and 3.7 mn

of fees on DTA

+0.9 %-14.8 % +8.1 % -8.0 % -38.0 % Chg. % 2016 - 2015

Operating result development (€ mn)

Cost to asset ratio*

* 2016: pro-forma indicators (excluding the provision SRF for 7.6 mn and fees on DTA for 3.7 mn)

19 branches

closed between 2014-2016

-0.2%+0,05%+9.7%

Operating expenses annualized / Total Asset


Cost management and Net profit development – Net profit development

* Cash component related to the earn out Visa as defined in the agreement for the disposal of ICBP

€ mn 30/09/2016 30/09/2015 Chg %

Net operating margin 174,999 282,249 -38.0%

Value adjustments - 388,691 - 225,174 72.6%

Provision & profit on disposals - 828 - 5,713 -85.5%

Net gains on sales of investments* 26,261 42 n.s.

Income before taxes - 188,259 51,404 -466.2%

Tax for the period 55,169 - 5,745 n.s.

Investment disposal - 20,070 n.s.

Minorities - 2,956 - 2,985 -1.0%

Net income - 136,046 62,744 -316.8%

Including the effect of

Bank of Italy audit


Agenda




4. Capital ratio



7. Annexes


Annexes – Asset quality details

Mn €

30/09/2016Gross

amount

Impairment

losses

Carrying

amount

Coverage

ratio

Bad loans 2,642.62 - 1,425.63 1,216.99 53.9%

Unlikely to pay loans 2,683.67 - 799.08 1,884.59 29.8%

Past due exposures 243.76 - 21.60 222.16 8.9%

Total impaired loans 5,570.05 - 2,246.31 3,323.74 40.3%

Performing loans 14,574.78 - 84.53 14,490.25 0.58%

Total loans and receivables with customers 20,144.83 - 2,330.84 17,813.99


Annexes – Reclassified balance sheet – quarterly figures

Assets 30/09/2016 30/06/2016 31/03/2016 31/12/2015 30/09/2015

Cash and cash equivalents 147,854 151,577 166,058 175,462 151,563

Financial assets held for trading 28,694 42,746 46,837 51,751 89,049

Available-for-sale financial assets 5,421,590 5,812,543 4,875,740 5,321,413 5,101,448

Held-to-maturity investments - - - - -

Loans and receivables with banks 1,064,051 776,665 930,748 713,089 793,524

Loans and receivables with customers 17,813,992 18,614,840 18,936,177 19,049,750 18,903,168

Equity Investments 9,574 9,164 9,612 9,464 31,248

Property, equipment and investment property and

intangible assets 562,903 568,623 569,518 572,882 661,188

Non-current assets and disposal groups held for sale 864 50,633 2,478 2,478 176,947

Other assets 1,031,093 1,122,532 1,069,394 1,005,392 951,793

Total assets 26,080,615 27,149,323 26,606,562 26,901,681 26,859,928

Liabilities and Equity 30/09/2016 30/06/2016 31/03/2016 31/12/2015 30/09/2015

Due to banks 1,742,354 1,770,058 1,719,645 2,040,112 1,834,858

Direct funding from customers 21,103,638 21,870,299 21,367,430 21,694,956 21,556,385

Financial liabilities held for trading 759 1,311 2,160 1,859 2,483

Hedging derivatives 350,170 339,042 327,318 269,496 286,227

Liabilities associated with disposal groups - - - - -

Other liabilities 727,939 874,584 812,675 508,132 868,430

Provisions for specific purpose 187,404 182,895 196,032 199,396 203,369

Equity attributable to non-controlling interests 3,775 3,865 4,481 4,382 4,071

Equity 1,964,576 2,107,269 2,176,821 2,183,348 2,104,105

Total liabilities and equity 26,080,615 27,149,323 26,606,562 26,901,681 26,859,928


Annexes – Reclassified consolidated income statement

Income statement Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

Net interest income 104,826 103,609 107,491 112,613 114,361

Net fee and commission income 68,620 68,500 67,780 71,395 67,868

Dividends and similar income 80 4,128 - 27 1

Profit (loss) of equity-accounted investments 480 167 89 30 851

Net trading and hedging income (expense) and profit (loss) on

sales/repurchases - 15,449 28,018 7,711 8,893 15,157

Other operating net income 4,115 4,440 4,306 6,457 4,612

Operating income 162,672 208,862 187,377 199,415 202,850

Personnel expenses - 72,443 - 74,033 - 72,353 - 78,200 - 72,070

Other administrative expenses - 41,928 - 48,264 - 50,449 - 71,580 - 42,204

Depreciation/amortisation and net impairment losses on property, equipment

and investment property and intangible assets - 8,389 - 7,886 - 8,167 - 27,570 - 9,044

Operating costs - 122,760 - 130,183 - 130,969 - 177,350 - 123,318

Operating profit 39,912 78,679 56,408 22,065 79,532

Net impairment losses on loans and receivables and other financial assets - 236,914 - 102,852 - 48,925 - 217,168 - 66,859

Net accruals to provisions for risks and charges 1,055 - 1,556 - 327 - 11,942 - 1,858

Value adjustments of goodwill - - - - 70,194 -

Net gains (losses) on sales of investments 9 26,244 8 250,023 36

Pre-tax profit (loss) from continuing operations - 195,938 515 7,164 - 27,216 10,851

Income taxes 41,557 14,542 - 930 83,745 1,809

Post-tax profit (loss) from continuing operations - 154,381 15,057 6,234 56,529 12,660

Gains from assets held for sale - - - - -

Profit (loss) for the period attributable to non-controlling interests - 801 - 988 - 1,167 996 - 783

Profit (Loss) for the period - 155,182 14,069 5,067 55,533 11,877


• This document has been prepared by Credito Valtellinese for information purpose only and does not constitute a

public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for

securities or financial instruments or any advice or recommendation with respect of such securities or other financial

instruments.

• The information, opinions, estimates and forecasts contained herein have not been independently verified. They have

been obtained from, are based upon, sources that company believes to be reliable but makes no representations

(either express or implied) or warranty on their completeness, timeliness or accuracy.

• The document may contain forward-looking statements, which are therefore inherently uncertain. All forward-looking

statements rely on a number of assumptions, expectations, projections and provisional data concerning future events

and are subject to significant risks and uncertainties, many of which are outside the company’s control. There are a

variety of factors that may cause actual results and performance to be materially different from the explicit or implicit

contents any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of

future performance. The company undertakes no obligation to publicly update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise, except as may be required by

applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and

are subject to change without notice.

• Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2), Simona

Orietti, in her capacity as manager in charge of financial reporting declares that the accounting information contained

in this Presentation reflects the group’s documented results, financial accounts and accounting records.

Disclaimer


Contacts for Investor and Financial Analysts

Ugo Colombo CFO (Chief Financial Officer)

Mob. +39 3355761968

Email [email protected]

Tiziana Camozzi Head of Investor Relations

Tel. +39 0280637471

Mob. +39 3346700124

Email [email protected]


Consolidated Results as at

September 30th 2016

Date post:	22-Jul-2020
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Consolidated Results as at September 30th 2016 · Consolidated results as at 30 September 2016 8...

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