Economic value generated and distributed

In 2016, the Banca IFIS Group generated 920,6 million Euro in economic value. The breakdown of the generated economic value represents the wealth the Group generated during the year and how this is reinvested in the Bank or distributed to the stakeholders with which the Group engages in its day-to-day operations.

Therefore, the analysis of the value generated and distributed shows in monetary terms the relationships between the Banking Group and the socio-economic system it engages with—and especially its main stakeholders:

  • employees and collaborators received 93,4 million Euro, approximately 10% of the economic value generated. Besides salaries, contributions and post-employment benefits for employees, this amount includes also the fees paid to debt collection agencies;
  • suppliers received nearly 74,1 million Euro, about 8% of the economic value generated, for the purchase of goods and the rendering of services;
  • The Italian State, Authorities and Institutions received 58,7 million Euro, approximately 6% of the economic value generated, through direct and indirect taxes as well as income tax (for the portion concerning current taxes); this item also includes the contributions to Italy's Bank Resolution Fund and Interbank Deposit Protection Fund. in addition, the Group participated in social and cultural initiatives within the Community.
  • shareholders and third parties received nearly 5% of the economic value generated Euro, totalling 43,8 million Euro. This was represented by the dividends paid;
  • the rest, 650,1 million Euro, i.e. 71% of the economic value generated, remained with the company as amounts set aside (current and deferred taxes, depreciation and amortisation, and allocations to the provisions for risks and charges) for productive investments, in order to maintain efficiency and allow the company to grow.

The total economic value withheld totalled 650,1 million Euro, compared to 129,1 million Euro in December 2015: the significant increase was essentially attributable to the 623,6 million Euro gain on bargain purchase recognised in profit or loss following the acquisition of the former GE Capital Interbanca Group on 30 November 2016. This shows that the acquisition has significantly strengthened the financial position of the Banking Group, which will allow to support its growth in the long term.

ECONOMIC VALUE GENERATED AND DISTRIBUTED

 (in thousands of Euro) 2015 2016 2015 - % 2016 - %
TOTAL ECONOMIC VALUE GENERATED 376.734,4 920.584 100% 100%
TOTAL ECONOMIC VALUE DISTRIBUTED -247.620,6 -270.529 66% 29%
SUPPLIERS -55.444 -74.053 15% 8%
EMPLOYEES AND COLLABORATORS -62.954 -93.402 17% 10%
SHAREHOLDERS AND THIRD PARTIES -40.342 -43.813 11% 5%
ITALIAN STATE, AUTHORITIES AND INSTITUTIONS, COMMUNITY -88.880,6 -58.675 24% 6%
TOTAL ECONOMIC VALUE WITHHELD -129.113,6 -650.055 34% 71%