The consolidated financial statements consist of:

  • the consolidated financial statements (statement of financial position and income statement, the statement of changes in equity, the statement of comprehensive income and the statement of cash flows);

  • the relative notes.

In addition, they contain the Directors’ Report.

The consolidated financial statements have been drawn up using the general principles of IAS 1 (2007), also referring to IASB’s ‘Framework for the preparation and presentation of financial statements’, with particular attention to the fundamental principles of substance over legal form, the concept of the relevance and materiality of information, the accruals basis of accounting and considering the group as a going concern.

For the preparation of these financial statements, reference was made to the format put forward by Bank of Italy’s Circular Guidelines 262 of 22 December 2005, updated in full on 18 November 2009 due to changes in the accounting framework.

Where not otherwise expressed, amounts are expressed in thousands of Euro. The tables set out in the notes may contain roundings; any incongruencies and/or discrepancies in the data presented in the different tables are due to these roundings.

Offsetting between assets and liabilities and between costs and income has been effected only if required or permitted by the relative accounting standards or interpretation of these.

We have used the same classification for the items in the financial statements as in the previous financial year.

The notes do not show the items and tables required by Bank of Italy’s Circular Guidelines 262 of 22 December 2005 where these items are not applicable to the Banca IFIS Group.

Information on the business as a going concern

The Bank of Italy, Consob and Isvap, with document no. 2 issued on 6 February 2009 (Disclosure in financial reports on the going concern assumption, financial risks, test of assets for impairments and uncertainties in the use of estimations), together with the ensuing document no. 4 of 4 March 2010, requires directors to carry out particularly accurate assessments on the existence of the company as a going concern, as per IAS 1.

Unlike in the past, present conditions on financial markets and in the real economy, together with the negative, short/medium-term forecasts, have rendered such assessments necessary, as records of a company’s profitability and access to financial resources may no longer be sufficient.

To this aim, having examined the risks and uncertainties connected to the present macro-economic context, and considering the 2010-2012 financial and economic plans drawn up by the parent company, the Banca IFIS Group can indeed be considered a going concern, in that it can be reasonably expected to continue to operate in the foreseeable future and, consequently, the 2010 consolidated financial statements have been prepared in accordance with this fact.

Uncertainties connected to credit and liquidity risks are considered insignificant or, at least, not significant enough to produce doubts on the company’s ability to continue as a going concern, thanks also to the good profitability levels that the bank has continually achieved, to the quality of its loans and to its current access to financial resources.