annual report 2012

Transcription

annual report 2012

ANNUAL REPORT
2012
ANNUAL REPORT 2012
Contents
This is a summary of 2012
Banca March annual report.
A complete version is
attached in digital form.
2
Front of Bank of Spain,
Madrid.
CONTENTS
Message from the Chairman ..................................................... 4
Board of Directors...........................................................................8
Executive Committee.................................................................... 9
Audit Committee............................................................................ 9
Appointments and Remuneration Committee................... 9
Management Committee............................................................. 9
Key Figures.......................................................................................10
Global economy in 2012.............................................................. 12
01
Economic and Financial Report..................................... 19
Banca March Group.....................................................................20
Consolidated Balance Sheet Analysis..................................24
Client Deposits...............................................................................26
Client Loans....................................................................................28
Capital Markets..............................................................................30
Capital Instruments....................................................................... 31
Consolidated Profit and Loss Statement............................ 33
02
Main Business Areas....................................................... 37
Wealth Management...................................................................38
Commercial and Private Banking.......................................... 40
Corporate Banking ......................................................................46
Subsidiaries.....................................................................................49
March Gestión...................................................................49
March JLT........................................................................... 52
March Vida......................................................................... 53
360 Corporate..................................................................54
Consulnor........................................................................... 55
03
Investment Activity by Corporación Financiera Alba.......57
Holdings...........................................................................................58
Listed Companies.........................................................................59
ACS.......................................................................................59
Acerinox............................................................................. 60
Prosegur............................................................................ 60
Indra...................................................................................... 61
Ebro Foods......................................................................... 61
Clínica Baviera..................................................................62
Antevenio...........................................................................62
Non-listed Companies................................................................63
Mecalux...............................................................................63
Pepe Jeans.........................................................................63
Panasa.................................................................................64
Ros Roca.............................................................................64
Flex.......................................................................................65
Ocibar..................................................................................65
3
ANNUAL REPORT 2012
MESSAGE FROM
THE CHAIRMAN
The year 2012 brought with it a number
which we have been immersed for the past
of shake-ups on the economic and social
several years.
fronts. In the first half of the year there was a
sovereign debt crisis of alarming proportions
in the peripheral economies which came
to call into question the foundation of
the European Union and the euro itself.
There were threats of potential rescues for
4
important countries such as Italy or Spain
and the resulting turmoil in its risk premium,
which reached levels 600 points above that
of German bonds.
In Spain we experienced an extensive
restructuring of the financial system, with
special repercussions on the savings banks,
the majority of which were nationalized
or absorbed by other savings banks. The
Eurogroup agreement which conceded lines
of credit up to 100 billion euros to facilitate
the restructuring of the banking sector
and the creation of a so-called “bad bank”
into which all these financial institutions’
problematic real estate assets could be
In this respect, a decisive declaration was
made by the president of the European
poured, has served to bring greater stability
to the system.
Central Bank stating that he would do all
that was necessary to stabilize the situation
and eliminate uncertainty to guarantee the
continuity of the euro. More recent events,
such as the rescue of Cyprus, have produced
renewed uncertainty and cast doubt on
whether the European crisis has been
completely harnessed. Without wishing to
be overly optimistic, we can firmly assert,
however, that in the course of 2012 there
was a turning point in the evolution of the
deep economic and financial recession in
Detail of the Banca March branch in C/ Sant Miquel. Mallorca
MESSAGE FROM THE CHAIRMAN
Despite these stabilization measures, the
management, quality products and co-
economic situation has not yet shown real
investing with our clients.
signs of improvement with unemployment
on the rise, GDP on the decline and private
spending extremely affected by the drastic
measures – including tax increases as
well as decreases in public spending and
employment –, all steps adopted by the
executive branch to reduce the deficit. These
were certainly necessary measures, such
as the labor reform, but they have been
insufficient to generate employment and
There has been a very positive development
in the acquisition of deposits, funds as well
as a rise in margins and the number of
clients. We have seen strong growth in all
of our strategic areas: wealth management
and private banking as well as in corporate
banking while our asset management and
insurance brokerage companies have also
performed well.
growth. However, following this essential
Basic balance sheet figures have improved
adjustment phase it is necessary to adopt
substantially:
other steps which spur growth. This is crucial
compared to the system average of 9.4%,
in highly indebted economies such as the
with shareholders’ equity at 3,322 million.
Spanish one where the contracting effect
For its part, non-performing loans stand at
of the measures implemented to reduce
around 5%, a figure more and more distant
the public deficit are causing, at least in the
from that of the sector figure which is more
short term, a deterioration of the situation.
than double (10.4%).
solvency
reached
27%
Even though there appears to be gradual
consensus that the most indebted countries
Our financial margin grew by 27.1% and
maintain a certain level of flexibility in
deposits by 19%, which added to the 15.5%
complying with their deficit objectives, the
from the previous year, gives us one of the
majority of forecasts predict that Spain will
best balance sheet liquidity ratios in the
not grow or lower unemployment until 2014.
entire system. Other controlled resources
grew 26.3% while the number of strategic
For Banca March, and despite the adversity
clients increased 20%.
seen within the sector, 2012 provided us
notably positive results in our banking
It is also important to highlight our good
activities and allowed us to reap the rewards
liquidity level as made evident by some of
of many years of hard work. We have a
the indicators on the balance sheet:
strong and stable balance sheet with the
highest solvency ratio in the system and
an excellent liquidity. Today, Banca March
is a dynamic financial institution which is
coming out of the current crisis stronger as
a result of a competitive advantage based
on financial solvency and equilibrium, sound
-
The
relationship
between
deposits
and credits in our case stands at 106%,
whereas for the banking system it only
reaches 84%.
- There are no wholesale maturities in 2013.
5
ANNUAL REPORT 2012
- All of this has allowed us to comply the
We can affirm with reasonable pride that we
requirements stipulated by Basel III
are one of a handful of financial institutions
greatly ahead of the 2019 deadline.
that is growing, taking on experienced
Moreover, we are one of the few institutions
that at 31.12.2012 had already complied with
all of the requirements imposed by the
and
offering
credit
to
companies during a period of noticeable
credit drought.
Ministry of Economy and Finance to make
Our management company March Gestión,
significant provisions derived from the real
as the insurance business of March JLT –
estate loan portfolio, with a contribution of
which is already reaping the results of its
EUR 228.0 million. These provisions provide
association with Jardine Lloyd Thompson
us with a solid capacity to grow our results
(JLT), the world’s fourth largest insurance
in the future, even though this year there was
and pension broker –, has performed solidly
a slight decrease in the individual result (net
with growth ratios that stand out in an
benefit) over last year’s (-69.5%).
environment in which its sectors are not
An adjustment in the market price of our
6
professionals
experiencing the best of times.
participation ACS for its holding in Iberdrola,
News has spread about our most recent
which took place in 2012, resulted in a net
international
consolidated profit of –141.8 million. It is
year in a row the British magazine World
important to point out in any case that this
Finance named us Best Private Bank and the
restructuring had already been foreseen in
publication The New Europe named us the
the Group’s shareholders’ equity and as such
Best Asset Management Bank Spain in 2012.
did not impact the bank’s solvency, which in
fact improved during the year under review
to reach 27.1%. Without these extraordinary
negative results the consolidated profit
would have been 21.7 million.
accolades.
For
the
third
As regards Corporación Financiera Alba,
our group’s investment arm, 2012 was a
year of transition in which there were no
quantitatively relevant transactions due
to the economic uncertainty as well as to
In 2012 we entered the financial market
the number of transactions made in the
in
having
three previous years which amounted to
become shareholders in Consulnor, a solid
an investment of EUR 631 million in listed
independent asset management company. It
and unlisted companies such as Indra, Ebro
is an agreement of which we are particularly
Foods, Mecalux, Pepe Jeans, Ros Roca
proud. We continue to strengthen our
and Flex. As part of its portfolio turnover
position in Catalonia and we have gained a
strategy implemented to take advantage of
foothold in Luxembourg.
opportunities, Alba realized sales of shares
the
Basque
Country
after
MESSAGE FROM THE CHAIRMAN
National Library.
Madrid
amounting to EUR 704 million, principally in
participations held by Alba were generated
ACS. Following the close of the fiscal year,
outside of Spain as compared to 51% barely
Alba sold 1.96% of its stake in Prosegur.
two years earlier.
During the past few years the majority of
As always, I would like to express my
our holdings have made a significant effort
gratitude to all of the people who make
to go global thereby allowing them to
up the Banca March team. I encourage
substantially reduce their dependence on the
them to continue working to benefit from
Spanish market, which has been so impacted
the opportunities presented to us and to
by the crisis. Eighty three percent of the
strengthen our business model.
consolidated aggregate sales in the listed
Carlos March Delgado
Chairman
7
ANNUAL REPORT 2012
BOARD
OF DIRECTORS*
Chairman:
Mr. Carlos March Delgado (ownership right)
First Deputy Chairman:
Mr. Pablo Vallbona Vadell (external)
First Deputy Chairman:
Front of Torres de Serrano, Valencia.
Mr. Juan March de la Lastra (ownership right)
Chief Executive Officer:
Mr. José Nieto de la Cierva (executive)
Members of the Board of Directors:
Mr. Juan March Delgado (ownership right)
Mr. Juan March Juan
(ownership right)
Mr. Juan Carlos Villalonga March (ownership right)
8
Mr. Javier Vilardell March
(ownership right)
Mr. Albert Esteve Cruellas (independent)
Mr. Santos Martínez-Conde Gutiérrez-Barquín (executive)
Mr. Antonio Matas Segura (external)
Mr. Ignacio Muñoz Pidal (independent)
Mr. Luis Javier Rodríguez García(independent)
Mr. Fernando Abril-Martorell (independent)
Secretary to the Board:
Mr. José Ignacio Benjumea Alarcón (executive)
*As at 30 April 2013
STRUCTURE OF BOARD AND COMMITTEES
EXECUTIVE
COMMITTEE*
APPOINTMENTS
AND REMUNERATION
COMMITTEE*
Chairman:
Mr. Juan March de la Lastra
Chairman:
Mr. Juan March de la Lastra
Members:
Mr. Pablo Vallbona Vadell
Mr. Juan March Juan
Mr. José Nieto de la Cierva
Mr. Santos Martínez-Conde Gutiérrez-Barquín
Mr. Ignacio Muñoz Pidal
Mr. Luis Javier Rodríguez García
Members:
Mr. Pablo Vallbona Vadell
Mr. Santos Martínez-Conde Gutiérrez-Barquín
Mr. Ignacio Muñoz Pidal
Secretary:
Mr. José Ignacio Benjumea Alarcón
Secretary:
9
AUDIT
COMMITTEE*
MANAGEMENT
COMMITTEE *
Chairman:
Mr. Luis Javier Rodríguez García
Chief Executive Officer:
Mr. José Nieto de la Cierva
Deputy Chairman:
Mr. Antonio Matas Segura
Mr. José Luis Acea Rodríguez
(Commercial and Private Banking)
Member:
Secretary:
Mr. Jaime Fuster Pericás
Mr. Hugo Aramburu López- Aranguren
(Wealth Management)
Mr. Alberto del Cid Picado
(Finance)
Mr. Miguel Crespo del Valle
(Corporate Banking)
Mrs. Mercedes Grau Monjo
(Catalonia)
Mrs. María Luisa Lombardero Barceló
(Business Development)
Mrs. Rita Rodríguez Arrojo
(Human Resources)
*As at 30 April 2013
ANNUAL REPORT 2012
KEY
FIGURES
BANCA MARCH GROUP
2012
2011
10
variaTIOn %
BUSINESS VOLUME
Shareholder’s equity
3,302.3
3,374.7
-2.1
Managed assets
10,899.0
10,060.8
8.3
Managed loans
7,702.2
7,980.1
-3.5
Participations
2,321.2
2,508.3
-7.5
Total assets
14,268.0
13,204.2
8.1
RESULTS
Net interest income
167.6
131.7
27.2
Gross margin
-28.2
484.1
-105.8
Allowance provisions and impairment losses
90.9
106.7
-14.7
Consolidated results before tax
-358.3
371.0
-196.6
Results attributed to Group
-141.8
72.4
-295.8
SOLVENCY RATIOS
AND FINANCIAL STRENGTH
Core Capital
27.1
26.7
Non-performing loans
4.9
4.1
Coverage of non-performing loans
79.2
81.2
NUMBER OF EMPLOYEES
AND POINTS OF SALE
No. of employees
1,477
1,509
No. of offices
229
242
No. of ATMs
495
499
in millions of euros
1
KEY FIGURES
BANCA MARCH, S.A.
2012
2011
variaTION %
BUSINESS VOLUME
Shareholders’ equity
766.6
760.8
0.8
Client deposits
8,172.5
7,588.4
7.7
Client loans
7,541.3
7,703.2
-2.1
Total assets
11,156.8
9,980.1
11.8
RESULTS
Net interest income
153.4
135.3
13.3
Gross income
262.4
318.4
-17.6
Year-end results
11.8
38.4
-69.3
NUMBER OF EMPLOYEES
AND POINTS OF SALE
No. of employees
1,284
No. of offices
229
No. of ATMs
495
11
1,307
242
499
ANNUAL REPORT 2012
2012. Global
slowdown and strong
financial tensions
due to euro crisis.
The evolution of the global economy in 2012
an upturn in Japanese growth – following
was marked by a slowdown and an increased
the earthquake and nuclear disaster of
divergence in the pace of growth of the
the previous year – and increased strength
various regions. Global growth reached a
in the emerging markets. Nevertheless,
moderate level of 3%, down from 3.9% in 2011.
the European economy fell into recession
This came about as a result of a continuing
weighing down the global market place and
economic recovery in the United States,
any exuberance in other regions.
12
Increase in GDP. Principle economies.
Source: IMF
12
10
8
Data in %
6
4
2
0
-2
-4
World
US
UK
Euro
Zone
Germany
2010
France
2011
Italy
2012
Spain
Japan
2013 EST
China
India
Brazil
Russia
1
GLOBAL ECONOMY IN 2012
Instituto Cervantes.
Madrid
high
0.75%, issued a new 3-year liquidity auction,
unemployment levels in the developed
but more significantly, it gave unconditional
economies
The
economic
downturn,
the
credit
support to the euro in July. By September it
landscape resulted in a decrease in global
had announced a new plan to buy public debt
inflation which reached around 3.3%. In the
in unlimited amounts from countries which
United States, price increases reached 2.1%
signed a financial rescue agreement as part
while in the euro zone tax increases produced
of the European Financial Stability Facility.
a somewhat higher level of inflation of 2.5%.
This measure marked a before and after in
However, the underlying rate, excluding
the European crisis and raised assurances
energy and food costs, stayed at around
on the sustainability of the euro as well as
1.5%, reflecting the absence of significant
reduced the risk premium in the peripheral
inflationary pressures.
economies.
In this context of moderate inflation, the
In the United States, the Federal Reserve
world’s central banks maintained interest
announced a new asset purchasing program
rates at low levels and implemented new
focused on mortgage-backed securities
extraordinary
the
as well as new purchases of public debt.
sovereign debt crisis and the economic
Emerging market economies also reduced
slowdown.
interest
and
the
measures
restrictive
to
lessen
The European Central Bank (ECB) reduced
its official interest rate by 25 basis points to
rates
historic lows.
or
maintained
them
at
13
ANNUAL REPORT 2012
With official interest rates low and enormous
injections of liquidity on the part of central
banks, American and German sovereign
bonds also offered minimum returns. Gold
benefited from these factors and appreciated
more than 7% during the course of the year.
Much higher returns were required for bonds
from peripheral economies, however, due
to increased risk premiums, as shown in the
following table.
Cadiz Cathedral.
EVOLUTION OF 10-YEAR RATES
United States Germany Spain
Italy 31-dec-12
31-dec-11
1.8% 1.3% 5.2% 4.5% 1.9%
1.8%
5.0%
6.9%
Source: Bloomberg
14
EVOLUTION OF 3-MONTH RATES United States (3-month LIBOR) Euro Zone (3-month Euribor) 31-dec-12
31-dec-11
0.31% 0.19% 0.58%
1.36%
Source: Bloomberg
In the raw materials market we witnessed
by the peripheral economies as shown in
temporary episodes of price tensions due to
graph below. During the first half of the year
reduced supply. In the first quarter, heightened
when the sustainability of the monetary
geopolitical tensions with Iran threatened
union began to look doubtful, the euro fell
the supply of crude and pressured a price
in regards to the dollar to around 1.20 $/€.
increase in this raw material which came to
Nevertheless,
exceed USD 125 for a barrel of Brent crude.
to purchase public debt and the gradual
However, and prior to a worsening of growth
progress in European integration allowed
expectations and the easing of tensions with
the European currency to recover up to 1.32
Iran, the price of crude corrected itself and
$/€, achieving a 1.8% appreciation in value.
stabilized at USD 110 per barrel of Brent. For
For its part, the yen depreciated nearly 15%
its part, tensions in agricultural raw materials
vis-à-vis the euro. This shift in the last
occurred during the summer months due
quarter of the year was the result of a change
to the poor annual harvest forecasts in the
of government in Japan and the introduction
United States resulting from a drought.
of new monetary stimulus measures by the
The exchange rate for the euro fluctuated at
the expense of risk premiums experienced
Bank of Japan.
the
ECB’s
announcement
1
GLOBAL ECONOMY IN 2012
Development of euro-dollar currency exchange and European debt differentials (Italy and Spain)
Source: Bloomberg
1.36
1.34
1.32
1.30
1.28
1.26
1.24
1.22
1.20
Dec. 11
Feb. 12
Mar. 12
May. 12
euro-dollar
June 12
Aug. 12
Sept. 12
Nov. 12
Differentials Peripheral Inverse (50% IT - 50% ES)
Despite the fact that corporate profits
measures to promote the employment of
increased at a lower pace than the previous
young people. There was also a push to
year, and in some cases even registered
introduce legislation to unify the market
declines in Europe, stock markets concluded
place (Ley de Unidad de Mercado) that would
the year with far from negligible increases.
allow a license granted to a company in one
These were propelled in the second half of
autonomous region to operate throughout
the year by expectations of an economic
the country. This measure should contribute
upturn in 2013 and, above all, by a lessening
EUR 1.5 billion annually to Spain’s GDP for
of fears that the euro would collapse. The
the next ten years.
exceptions were the stock market indices
in the peripheral economies which were
punished by lower economic expectations
and fiscal austerity measures. The Ibex
finished the year 4.7% lower.
On a positive note, the adjustment in the
external current account resulted in the
biggest surplus in the current account
balance since 1990 when figures began to be
collected. All of this was due to fundamental
Spain experienced a significant economic
contraction in 2012 which amounted to 1.4%
of GDP. Weakened consumer spending and
investment combined with a considerable
adjustment in public spending explains this
deterioration in growth.
changes in the structure of the economy.
In the banking sector non-performing loans
reached 10.4%. The year was marked by
the request for a rescue from the European
authorities in order to restructure the
financial sector with a maximum volume of
On the labor market unemployment figures
EUR 100,000 million of which EUR 37,000
closed the year above 26% from 23% at the
million were necessary.
end of the previous year. The government
approved labor reform aimed at increasing
flexibility on the labor front, applying changes
in collective bargaining, reducing severance
pay
for
terminations
and
introducing
The country closed 2012 with a public deficit
of 6.9% and forecasts for 2013 estimate a
4.5% deficit, even though there is a possibility
this figure may be lower.
15
ANNUAL REPORT 2012
These fears also translated to corporate
financing where it became nearly impossible
to turn to the markets and the tightening
of
bank
financing
conditions
had
a
strong impact.
The evolution of the European crisis was one
of the most important events of the year.
Slow progress was made at the innumerable
meetings and European Council reunions:
Sculpture Escultura Mar de Illes.
Mallorca
rescue plans were made more flexible,
Rate of return on 10-year government bonds (IRR) (Germany, Italy and Spain)
Source: Bloomberg
8.0
Public debt Spain and Italy vs. Germany
7.0
6.0
5.0
16
4.0
3.0
2.0
1.0
Jan. 08
June 08
Nov. 08
Apr. 09
Sept. 09
10-year Spanish bond
Feb.10
Dec.10
10-year German bond
rescue funds were also expanded and the
ECB helped to lower the risk premium in
the peripheral economies. Even though
there remains a long road ahead to greater
European integration, the measures taken
did help to reduce the fears surrounding the
future of the European Monetary Union and
to end the year with less pessimism.
July 10
May 11
Oct. 11
Mar. 12
Sept. 12
10-year Italian bond
1
Outlook for 2013
Outlook for 2013:
Global recovery
awaiting political
agreement.
The economic forecast is for more dynamic
On the political front it will be a year with a
global growth in 2013 than in the past year
number of significant events which will mark
while still remaining below the average for the
what is to become of certain economies. This
last decade. We will continue to experience
includes elections in countries such as Italy or
modest global growth which is expected to
Germany, meetings by European leaders at
accelerate as the year progresses.
which they will continue to move forward in
As in 2012, growth in 2013 will be sustained
by the emerging countries. The developed
economies will continue to be marked by
a process of public debt reduction which
the banking and fiscal integration process, and
in the United States where the most relevant
consideration remains its negotiations on
fiscal adjustments.
will slow down their pace of recovery. The
At the Spanish level the inherited challenges
economy in the United States could grow 2%
will continue to focus on lowering the
while its real estate market will continue to
public deficit, and, principally, completing
show improvement. Growth in Europe will be
the restructuring and recapitalization of
nearly non-existent. As the austerity measures
the financial system in order to restore
begin to diminish, an improvement can be
credit channels to companies and families.
expected in the year.
These fundamental changes to the Spanish
Inflation will remain under control during
the course of the year. In this regard, the
big central banks will maintain interest rates
low and continue to show flexibility in their
monetary policies. The emerging economies
may have put an end to maintaining low
interest rates.
economy will predictably impact growth,
but the country will remain on recessionary
territory a further year with a drop in GDP
similar to 2012.
17
ANNUAL REPORT 2012
01
18
Sculpture Escultura Passeig des Born.
Palma de Mallorca
1
INFORME ECONÓMICO Y FINANCIERO | GRUPO BANCA MARCH
Economic
and Financial Report
20
Banca March Group
24
Consolidated Balance Sheet Analysis
26
Client Deposits
28
Client Loans
30
Capital Markets
31
Capital Instruments
33
Consolidated Profit and Loss Statement
19
ANNUAL REPORT 2012
BANCA MARCH
GROUP
The structure of the Banca March Group is
reinsurance. It also manages mutual funds
centered on developing two main areas of
through March Gestión de Fondos, S.G.I.I.C.,
activity: banking and investing in industrial
S.A., March Gestión de Pensiones, S.G.F.P.,
holdings. As at 31 December 2012 the Group
S.A. and Artá Capital S.G.E.C.R., S.A. In June
maintained a high solvency ratio of 27.1%.
2012 the Group took up its activities in the
Since 1926 Banca March, S.A., which heads up
the Group, has been in the banking business
and today counts on specialized areas
20
Front of the University
of Alcalá.
Madrid
in Wealth Management, Private Banking
and Corporate Banking. It is particularly
focused on entrepreneurs and family owned
Basque financial market by joining forces
with Consulnor, an independent company
specialized in financial products and services
for Private Banking and Institutional clients,
with the purchase of a 47.2% stake in the
company.
businesses as well as on medium/high to
During the 2012 fiscal year the Group
high-income individuals.
continued to optimize its resources and
Additionally, the Banca March Group is active
in the insurance sector through its March
JLT and March Vida, S.A. for insurance and
Geographic Network Balearic Islands Canary branch offices by adapting them to the current
economic environment and concentrating
branches within the commercial network of
229 offices as follows:
31-12-2012
130
41
Catalonia 7
Valencia 15
Madrid 14
Andalusia 18
Zaragoza 2
London 1
Luxembourg 1
Total Offices 229
1
Economic and Financial Report | BANCA MARCH GROUP
OCIBAR
21.7%
ROS ROCA
PEPE JEANS
19.0%
12.3%
MECALUX
14.2%
BANCO
INVERSIS
NET
CONSULNOR
47.2%
PANASA
CARREFOUR
CORREDURÍA
DE SEGUROS
26.8%
5.0%
MARCH
CANARIAS
INMOBILIARIA
MARHIGAL
100%
25.0%
MARCH
VIDA
75.0%
MARCH
PATRIMONIOS
100%
100%
FLEX
19.8%
BANCA MARCH, S.A.*
CORPORACIÓN
FINANCIERA ALBA
360 CORPORATE
FINANCE
50.0%
33.9%
MARCH DE
INVERSIONES
ANTEVENIO
IGALCA
100%
100%
20.5%
MARCH JLT
CORREDURÍA
DE SEGUROS
75.0%
MARCH
GESTIÓN
DE
PENSIONES
8.2%
100%
21
100%
PROSEGUR
EBRO
FOODS
MARCH
GESTIÓN
DE
FONDOS
CLÍNICA
BAVIERA
10.0%
20.0%
INDRA
SISTEMAS
11.3%
ACS
ACERINOX
18.3%
24.2%
Global integration
*As at 31 December 2012
Equity method
Available for sale
in
industrial
share capital. None of them, either based
realized
through
on their shareholding or any other kind
Corporación Financiera Alba, S.A., 33.9% of
of agreement, may control it individually.
which is held directly by the Group. Control
Banca March, S.A. and its shareholders
of Banca March, S.A is exercised by Mr. Juan,
collectively control 66.1% of Corporación
Mr. Carlos, Mrs. Gloria and Mrs. Leonor March
Financiera Alba, S.A.
Its
investment
participations
activities
are
Delgado, who collectively hold 100% of its
ANNUAL REPORT 2012
Investments made by Corporación Financiera
Alba, S.A. are concentrated on property
management given over as operating leases
and the holding of stable and long-term
participations in companies which are leaders
in their sectors. These include an 18.3%
stake in ACS, Actividades de Construcción
y Servicios, S.A., a 24.2% stake in Acerinox,
S. A., in which it is the majority shareholder,
an 11.3% stake in Indra Sistemas, S.A., and an
8.2% stake in Ebro Foods S.A.
Casal Solleric.
Palma de Mallorca
In addition, through Deyá Capital, its venture
capital arm, the Group offers its clients the
opportunity to co-invest in projects with the
purchase of stock. As at 31 December 2012
the Group held a variety of participations
with this objective in important non-listed
companies: Mecalux, S.A., Pepe Jeans, S.A.,
Ros Roca Environment, S.L., Ocibar, S.A.,
Panasa and Flex, S.A.
22
As at 31 December 2012 total assets on
the consolidated balance sheet rose 8.1%,
putting them as at 31 December 2012 at EUR
14,268.0 million. Loan and discounts stood at
EUR 8,857.4 million, 2.1% over the previous
year, while assets under management rose
to EUR 10,899.0 million, an increase of
In 2012 the Banca March Group showed a
8.3% over the previous year. Moreover, the
significant increase in its purely banking
Group’s shareholder equity amounted to
activities with net interest income of EUR
EUR 3,302.3 million.
167.6 million, 27.2% higher than in the
previous fiscal year. Moreover, its investment
fund business, insurances and specialized
financial products contributed commissions
and exchange rate differences amounting
to EUR 101.7 million, an 8.2% rise over last
year. The consolidated result for 2012, as
During the year under review, the Group
contributed EUR 228.1 million to the
restructuring of financing and foreclosed
assets or those received as payment on
debts related to real estate promotions and
land development projects.
a consequence of the write down of the
participation held by ACS, Actividades de
construcción y servicios, S.A. in Iberdrola,
S.A., was for EUR -334.3 million and the
result attributed to the Group was for EUR
-141.8 million.
RESTRUCTURING RISK DEVELOPMENT SECTOR Coverage for:
Foreclosed property or received in lieu of debt Assets classified as at-risk exposure Assets classified as substandard risk Assets classified as normal risk TOTAL TOTAL
26.4
16.6
21.9
163.2
228.1
1
Economic and Financial Report | BANCA MARCH GROUP
In accordance with current legislation, as at
Capital requirements stood at EUR 760.2
31 December 2012, the Group’s solvency ratio
million to attain a capital surplus for the
was 27.1%, 100% of which was core capital.
Banca March Group of EUR 1,819.5 million.
SOLVENCY RATIO (consolidated basis)
Attributable own funds Capital requirements Capital surplus Solvency ratio Of which: Core capital 31-Dec-12
31-Dec-11
2,579.6 760.2 1,819.5 2,568.8
768.7
1,800.1
27.1 27.1 26.7
26.7
In %
The percentage of non-performing loans
considerably lower than the sector average.
(credit risk and off-balance sheet exposure)
In turn, insolvency provisions amounted to
was situated at the end of 2012 at 4.9%,
79.2% of default risk.
NON-PERFORMING LOAN RATIO
AND INSOLVENCY PROVISIONS
23
31-Dec-1231-Dec-11
Non-performing loan ratio Insolvency provisions 4.9 79.2 4.1
81.2
In %
Solvency ratio
Percentage
30
Non-performing loan ratio
At-risk coverage
Percentage
Percentage
8
25
27.1
26.7
22.7
20
100
7
6
80
15
5
79.5
4.9
10
8
8
8
5
4
3
2010
Solvency ratio
2011
2012
Legal Minimum
81.2
79.2
4.1
3.8
2010
60
2011
2012
2010
2011
2012
ANNUAL REPORT 2012
CONSOLIDATED
BALANCE SHEET
ANALYSIS
Central Market.
Valencia
As at 31 December 2012 assets on the
During the year under review, the bank
consolidated balance sheet rose to EUR
continued to strengthen its strategic areas:
14,268.0 million, an increase of 8.1% over the
Private Banking, Wealth Management and
previous fiscal year. Loans to clients reached
Corporate Banking. There also continues
EUR 7,661.6 million, a drop of 3.4% compared
to be a special focus on entrepreneurs and
to a year earlier. As regards client deposits,
family-run businesses as well as on medium/
this figure increased by 5.1% to attain
high and high net worth individuals.
EUR 7,793.7. Shareholders’ equity as at 31
December 2012 stood at EUR 3,302.3 million.
24
Breakdown of assets
This past year saw the inauguration of a
Wealth Management office in Luxembourg.
Breakdown of liabilities
millions of euros
millions of euros
15,000
15,000
949
1,983
12,000
1,539
2,616
9,000
3,302
12,000
8,572
9,000
7,662
8,140
7,934
6,000
6,000
3,000
3,000
2007
940
0
2012
543
3,375
2,792
2011
Other assets
Participations and capital instruments
Customer loans
Interbank
1,445
0
2012
Other liabilities
Net equity
Customer deposits
Interbank
1,146
2011
1
Economic and Financial Report | CONSOLIDATED BALANCE SHEET ANALYSIS
Variation
CONSOLIDATED BALANCE SHEET
31/12/201231/12/2011Absolute
%
Cash and deposits in central banks
811.6
197.4
614.2
311.2
Investment portfolio
135.6
101.7
33.8
33.3
Other financial assets at fair value with profit or loss
3.3
0.0
3.3
Financial assets held for sale
1,113.0
846.8
266.2
31.4
Debt securities 818.0
564.9
253.0
44.8
Other capital instruments
295.1
281.9
13.2
4.7
Loans and discounts
8,857.4
8,675.9
181.5
2.1
Loans to credit institutions
1,195.8
742.1
453.8
61.2
Customer loans
7,661.6
7,933.8
-272.2
-3.4
Held to maturity investment portfolio
46.4
31.0
15.4
49.6
Hedging derivative
225.2
164.1
61.1
37.2
Non-current assets held for sale
188.1
153.5
34.7
22.6
Participations
2,321.22,508.3 -187.1 -7.5
Reinsurance assets
0.6
0.5
0.0
7.7
Tangible assets
310.7
308.8
1.9
0.6
Intangible assets
5.2
13.2
-8.0
-60.4
Tax assets
212.1
170.9
41.3
24.1
Other assets
37.4
32.0
5.4
17.0
TOTAL ASSETS
14,268.013,204.2 1,063.8
8.1
141.9
105.7
36.2
34.2
Financial liabilities at amortized cost
10,115.5
9,367.6
747.8
8.0
Central bank deposits
554.4
200.1
354.3
177.1
Bank deposits
890.3
946.1
-55.8
-5.9
Customer deposits
7,793.7
7,415.2
378.5
5.1
Debt represented by marketable securities
778.5
724.8
53.7
7.4
Other financial liabilities
98.6
81.5
17.1
21.0
Hedging derivatives
5.0
4.4
0.6
14.8
Insurance contract liabilities
562.7
195.6
367.1
187.7
Allowances
45.3 57.4 -12.1-21.1
Tax liabilities
62.3
63.4
-1.1
-1.7
Other liabilities
33.0
35.3
-2.4
-6.7
TOTAL LIABILITIES
10,965.79,829.5 1,136.2 11.6
Valuation adjustments
Shareholders’ equity
Minority interests
TOTAL NET EQUITY
TOTAL LIABILITIES AND NET EQUITY
-69.5
-170.8
101.4
1,618.2
1,772.5
-154.3
1,753.6
1,773.0
-19.4
3,302.33,374.7 -72.4
14,268.013,204.2 1,063.8
-59.3
-8.7
-1.1
-2.1
8.1
25
ANNUAL REPORT 2012
CLIENT
DEPOSITS
26
Malaga City Hall
As at 31 December 2012 client assets under
Customer
deposits
amounted
to
EUR
Group management increased by EUR 838.1
6,645.87 million, maintaining a 71.60%
million to EUR 10,899.0 million, showing a
proportion in respect of the total assets
rise of 8.3% as compared to the previous
under group management.
fiscal year. In absolute terms, these increases
In 2012 the bank issued its tenth commercial
correspond to customer bank payments
paper program, “X Programa de Pagarés de
which reached EUR 7,999.6 million, a growth
Empresa de Banca March”, for a nominal
of 5.5% over last year, as well as off-balance
value of EUR 1,000 million. Its effective
sheet customer funds which shot up to EUR
balance as at 31 December 2012 was EUR
2,120.9 million, an increase of 21.2%.
666.0 million, showing an increase of 35.3%
as compared to a year earlier.
Variation
CLIENT DEPOSITS
31/12/201231/12/2011Absolute
%
Client bank deposits
7,999.6
7,585.8
413.8
5.5
Account balances
7,729.0
7,383.1
346.0
4.7
Demand deposits
2,298.1
1,829.9
468.2
25.6
Time deposits
5,158.4
5,285.7
-127.4
-2.4
Temporary assignment of assets
66.6
96.8
-30.2
-31.2
Savings on insurance contracts
205.9
170.7
35.3
20.7
270.6
202.7
67.9
33.5
Marketable debt securities
778.5
724.9
53.6
7.4
Account balance
766.0
717.3
48.8
6.8
Promissory notes and notes
666.0
492.3
173.8
35.3
Mortgage securities
100.0
225.0
-125.0
-55.6
12.5
7.6
4.9
64.9
Off-balance sheet funds
2,120.9
1,750.1
370.8
21.2
Investment and capital risk funds
932.2
677.9
254.4
37.5
Investment and capital risk companies
903.6
808.5
95.0
11.8
Pension funds
285.1
263.7
21.4
8.1
Total client deposits under management 10,899.010,060.8 838.1
8.3
1
Economic and Financial Report
| CLIENT DEPOSITS
Palma Cathedral.
Mallorca
As at 31 December 2012, the raising of off-
forces with Consulnor, an independent
balance sheet capital by the Group resulted
company specialized in financial products
in an increase of EUR 370.8 million, rising
and services, to provide opportunities for
to EUR 2,120.9 at the end of the year under
its Private Banking and institutional clients.
review. The Group manages its off-balance
Thanks to this agreement, the Group has
sheet assets (investment and venture capital
consolidated its presence in the Spanish
funds,
geographic areas representing 80% of the
investment
and
venture
capital
companies, pension funds) through Artá
Capital, S.G.E.C.R., S.A., March Gestión de
Fondos, S.G.I.I.C., S.A. and March Gestión de
Pensiones E.G.F.P., S.A.
In June 2012 the Group launched its activities
in the Basque financial market by joining
country’s private banking business.
As at 31 December 2012, the number of
collective investment schemes (SICAVs)
numbered 113, putting the Group at the top
of this sector.
27
ANNUAL REPORT 2012
CLIENT
LOANS
As at 31 December 2012 the balance of loans
On the other hand, in 2012 term debt rose by
to clients managed by the Group stood EUR
EUR 155.0 million to reach as at 31 December
7,702.2 million.
2012 EUR 2,578.3 million, the fruit of activities
During the 2012 fiscal year the Group
experienced a decrease in its exposure to the
28
Facade Casa Colón.
Las Palmas de Gran Canaria
undertaken by the Private and Corporate
Banking areas.
development and construction sectors with
The percentage of non-performing loans
a total net decrease of EUR 365.2 million
(credit risk and off-balance sheet exposure)
lowering the weight of secured debt to 61.6%
at the end of 2012 came to 4.9%, considerably
of credit issued as compared to 63.9% in
lower than the system average. In turn,
the previous year. This figure stood at EUR
insolvency provisions amounted to 79.2% of
4,690.8 million as at 31 December 2012.
default risk.
Variation
CLIENT LOANS 31/12/201231/12/2011Absolute
%
INVESTMENTS
Credit by payment method
7,615.3
7,886.3
-271.0
-3.4
117.1
146.7
-29.7
-20.2
Secured loans
4,690.8
5,040.7
-349.9
-6.9
Other fixed term debt
2,578.3
2,423.3
155.0
6.4
On demand debt and misc
130.1
167.7
-37.6
-22.4
Financial agreements
84.0
90.8
-6.8
-7.5
Other financial assets
15.2
17.1
-2.0
-11.4
Impaired assets
396.9
347.1
49.9
14.4
Valuation adjustment
13.2
23.3
-10.2
-43.6
Minus: impairment losses
-323.2
-276.6
-46.5
16.8
Total managed credit
7,702.2
7,980.1
-277.8
-3.5
Of which: off-balance sheet secured asset
40.7
46.3
1
Economic and Financial Report | CLIENT LOANS
Tarragona Cathedral
As at 31 December 2012 financing aimed at
from financing destined for construction
the construction and real estate promotion
companies and real estate development had
sectors reached a net value of EUR
a net value of EUR 154.7 million, a coverage
556.0 million. This represents 7.3% of net
rate of 39.6%.
credit issued to clients, excluding public
administrative services. Buildings coming
Variation
DEVELOPMENT SECTOR 31/12/2012
31/12/2011Absolute
%
CREDIT ISSUED
556.0 921.3 -365.2-39.6
% s/ client credit
(excluding public sector)
7.3%11.8%
Property acquired
154.7
118.7
35.9
30.3
Troubled assets
111.2
114.5
-3.3
-2.9
Substandard assets
198.4
122.8
75.6
61.6
Total problematic assets
464.3 356.1 108.230.4
Managed credit investments
million of euros
8,000
423
2,423
346
2,578
7,000
6,000
5,000
4,691
4,691
4,000
3,000
2,000
1,000
0
2012
2011
Other loans
Other term debt
Debt with collateral guarantee
29
ANNUAL REPORT 2012
CAPITAL
MARKETS
30
Monastery of Sant Cugat.
Barcelona
Of particular note is the increase in the
amount available from the European Central
Group’s liquidity which grew by EUR 778.0
Bank, corresponding to the line of credit
million to reach as at 31 Dceember EUR
pledged for certain assets held by the Bank
1,573.2 million. Banca March’s available
of Spain.
liquidity included interbank sums plus the
Variation
AVAILABLE LIQUIDITY
31/12/201231/12/2011Absolute
%
Cash
Bank of Spain (assets)
Bank of Spain (liabilities)
Banks (assets)
Banks (liabilities)
Total net liquidity
Liquid assets
Available line of credit Bank of Spain
TOTAL AVAILABLE LIQUIDITY
97.5
71.1
-554.4
1,195.3
-890.3
562.2
59.9
197.3
-200.1
742.1
-946.1
-146.9
37.6
516.8
-354.3
453.2
55.8
709.1
-------------
284.0
223.0
61.0
--727.0
719.1
7.9
--1,573.2795.2 778.0 --in millions of euros
1
Economic and Financial Report | CAPITAL MARKETS / CAPITAL INSTRUMENTS
CAPITAL
INSTRUMENTS
Entrance to Dalt Vila.
Eivissa
Through Corporación Financiera Alba, the
in Consulnor, S.A., an independent company
Group maintains its strategy of holding stable
specialized in financial products and services
and long-term participations in leading, well-
for Private Banking and institutional clients.
managed and internationally well-positioned
companies which are leaders in their
respective sectors. During the year under
As at 31 December 2012 and 2011, the detailed
31
investment portfolio was as follows:
review, Banca March acquired a 47.2% stake
PARTICIPATIONS 2012 Holding 2011
cost
Holding cost
Consolidated expenses:
ACS, Actividades de construcción y servicios, S.A.
18.3%
954.3 18.3%
1,119.2
Acerinox, S.A.
24.2%
670.9 24.2%
708.0
Indra Sistemas, S.A.
11.3%
274.0 11.3%
287.6
Antevenio, S.A.
20.5%
3.9 20.5%
3.9
Prosegur, S.A.
10.0%
181.0 10.0%
172.6
Ebro Foods, S.A.
8.2%
184.9 8.1%
173.8
Clínica Baviera, S.A.
20.0%
36.5 20.0%
37.2
Consulnor, S.A.
47.2%
9.8 -
0.0
Carrefour Correduría de Seguros, S.A.
25.0%
5.9 25.0%
6.0
Total participations
2,321.2 2,508.3
ANNUAL REPORT 2012
The Group, through its venture capital
companies on offer to clients as part of
vehicle Deyá Capital, holds a number of
co-investment projects: Mecalux, S.A., Pepe
investments in its portfolio that are available
Jeans, S.A., Ros Roca Environment, S.L.,
for sale. These include important non-listed
Ocibar, S.A., Panasa and Flex, S.A.
Variation
CAPITAL INSTRUMENTS
31/12/2012
31/12/2011Absolute
%
32
0.0
1.8
-1.8-100.00
Portfolio available for sale
295.1 281.9 13.24.69
Mecalux, S.A.
79.0
79.0
0.0
Pepe Jeans, S.A.
38.0
38.0
0.0
Ros Roca Environment, S.L.
31.0
31.0
0.0
Ocibar, S.A.
7.4
7.4
0.0
Grupo Empresarial Flex, S.A.
18.5
18.5
0.0
Grupo Empresarial Panasa, S.L.
32.6
32.6
0.0
Remaining portfolio
88.6
75.4
13.2
Participation in associated companies
2,321.22,508.3 -187.1 -7.46
Total capital instruments
2,616.32,792.0 -175.7 -6.29
1
Economic and Financial Report | CONSOLIDATED PROFIT AND LOSS STATEMENT
CONSOLIDATED
PROFIT AND
LOSS STATEMENT
Church of Sóller.
Mallorca
The consolidated result for 2012, as a result
In 2012 the Group registered strong growth
of the write-down of the participation held
in its purely banking activity with net interest
by ACS, Actividades de construcción y
income totaling EUR 167.6 million, a rise of
servicios, S.A. in Iberdrola, S.A., was EUR
27.2% over the previous year.
-334.3 million and the result attributed to the
Group amounted to EUR -141.8 million.
Variation
RESULTS ATTRIBUTED
31/12/201231/12/2011Absolute
%
TO BANCA MARCH GROUP
Net interest income
Return on capital instruments
Results of companies assessed
using equity method
Realized commissions (net)
Result on financial transactions (net)
Exchange rate difference (net)
Other operating results Other operating expenses
Gross income Administrative expenses
Amortization
Allowances for provisions and impairment
losses on financial assets (net)
Operating income results
Impairment losses on other assets (net)
Gains (losses) on assets not classified
as non-current assets held for sale
Gains (losses) on non-current assets on sale
not classified as discontinued operations
Results before taxes
Tax on profit
CONSOLIDATED RESULT FOR FISCAL YEAR
Results attributed to minority interests
Results attributed to majority company
167.6 5.9 131.7 1.8 35.9 4.1 27.2
227.8
-308.7 87.8 4.4 13.8 437.8 436.8 -28.2 165.7 18.1 247.2 82.5 -1.9 11.5 96.0 84.8 484.0 159.3 17.5 -555.9 5.3 6.3 2.3 341.8 352.0 -512.2 6.4 0.6 -224.9
6.4
-331.6
20.0
356.0
415.1
-105.8
4.0
3.4
90.9 -302.9 19.1 106.7 200.6 0.0 -15.7 -503.5 19.1 -14.7
-251.0
-
-0.4 193.5 -193.9 -
-35.9 -358.3 -23.9 -334.3 -192.5 -141.8 -23.1 371.0 28.7 342.3 269.9 72.4 -12.8 -729.3 -52.6 -676.7 -462.4 -214.3 55.6
-196.6
-183.5
-197.7
-171.3
-295.8
33
ANNUAL REPORT 2012
Cathedral. Palma de Mallorca
34
As at 31 December 2012 commissions
at EUR 165.7 million, an increase of 4% with
generated from investment funds, insurances
respect to last year.
and specialized financial products as well
as from collection and payment services
(essentially receivables, credit and debit cards,
payment orders) reached EUR 87.8 million,
showing a rise of 6.4% over the previous year.
Transformation costs (personnel costs and
other general administration costs) came in
As at 31 December 2012 the Group applied
EUR 90.9 million of the gross margin generated
to
provisions.
expenses,
Subtracting
amortizations
administrative
and
allowances,
the Group’s operating income came to
EUR -302.9 million.
1
Economic and Financial Report | CONSOLIDATED PROFIT AND LOSS STATEMENT
Net interest income
Fee and commission income
millions of euros
millions of euros
200
100
88
80
168
150
132
83
60
100
40
50
20
0
0
2012
2011
2012
35
2011
ANNUAL REPORT 2012
02
36
Fountain in the Cathedral.
Mallorca
1
Main Business
Areas
38
Wealth Management
40
Commercial and Private Banking
46
Corporate Banking
49
Subsidiaries:
March Gestión................................49
March JLT........................................ 52
March Vida......................................53
360 Corporate...............................54
Consulnor........................................55
37
ANNUAL REPORT 2012
WEALTH
MANAGEMENT
38
Arc de Bará.
Tarragona
Banca March has in place a specialized
The year under review once again proved
business area centering exclusively on high
to be a good one for Wealth Management.
net worth clients: Wealth Management. This
The good results were due, on the one hand,
specialized area focuses on meeting the
to the considerable growth in assets under
needs of high-income family entrepreneurs,
management, mainly funds and SICAVs,
families and professionals who require
which showed an increase of 35% over the
personalized attention to their savings as well
previous year, and, on the other hand, by
as to their short and long-term investments.
the growth in the number of clients in our
Our objective is to help our clients preserve,
“newest” regions: Levante, Aragon and
grow and pass on their wealth to future
Catalonia, which continue on the path to
generations.
consolidation and expansion.
The fact that we have been working
As at 31 December Wealth Management
according to the same model since 1926 and
exceeded EUR 3,900 million in assets under
have the unique selling proposition of being
management, a 20% increase over last year.
the only private family-owned bank in Spain
endows us with a considerable competitive
advantage: deep experience and know-how,
a high level of solvency stemming from sound
judgment and exceptional management,
and mutual confidence with our clients as
we invest with them as a sign of our strong
commitment.
Some
examples
If we analyze the development of the Wealth
Management division in terms of volume
by geographic region, we note that there
was a 60% growth in Catalonia, one of the
areas in which we put a great deal of hope,
and in Aragon, which saw a 50% increase in
business. For their part, Madrid and Levante
also made considerable progress.
of
our
co-investment
approach include our institutional SICAVs
Torrenova, Bellver and Lluc, which we have
As regards the number of clients, our base
total rose by 33%.
managed for more than 20 years to serve as
At the end of January 2012 we inaugurated a
investment vehicles not only for the March
Wealth Management office in Alicante in the
family but for the clients of Banca March
hope of providing better service to all of our
as well.
clients in the Alicante and Murcia regions. The
Yet another example of co-investment
is our venture capital arm Deyá Capital,
which invests in non-listed companies in the
so-called venture capital sector.
month of June saw the opening of our office
in Luxembourg, one of our great challenges
not only in 2012 but also in the coming years.
2
Main Business Areas | Wealth Management
It is from here where we will seek to expand
group of investors is made up of the March
the services we currently provide our clients.
Group, Banca March clients, the European
In the first quarter of 2012 there were 12 new
employees added to bolster the technical and
commercial teams in Madrid and Catalonia.
Without a doubt, the biggest hit of 2012 was
the acquisition of an important shareholding
Investment Fund and important institutional
investors.
EnCampus is an investment in a company
dedicated to acquiring and developing
quality student residencies in Spain.
in Consulnor, an independent company of
Looking at 2013, our objective is to
Basque origin specialized in services and
continue increasing the number of clients
private banking. Hand in hand with our new
and to strengthen our brand, particularly
associate, we have expanded our geographic
in Catalonia where we still have enormous
area of influence to offer our banking services
growth potential. We will work hard to
in the Basque Country and La Rioja.
promote our new office in Luxembourg with
Following this joint venture, the number of
SICAVs under the management of Banca
March and Consulnor number 113 with the
volume of assets under management above
the aim of offering our clients regulatory
diversification, and, of course, facilitating
investment opportunities in Banca March
products for our institutional clients.
EUR 1,290 million. By volume, this puts us
Additionally, it will be an important year to
in fourth place in the INVERCO (Spanish
further integrate the Consulnor team and to
Association of Investment and Pension
expand Banca March in the north of Spain.
Funds) Ranking as of January 2013.
In the second half of 2012, we concentrated
on
commercializing
two
co-investment
products: Mezzanine and EnCampus.
We collaborated in the search for capital
for a Mezzanine debt fund managed by
Oquendo Capital, an expert in this type of
asset. The fund is dedicated to financing
Spanish companies with good credit who
aim for medium growth through selective
investments
in
Mezzanine
loans.
The
39
ANNUAL REPORT 2012
COMMERCIAL
AND PRIVATE
BANKING
Commercial Network
Corporate Image
As part of our continued focus on Private
In 2012 we continued to receive national and
Banking, we have further spurred the
international recognition for our business
transformation of our commercial network
model.
towards bigger offices and more specialized
financial managers.
During the year under review two new offices
40
Front of City Hall
in Valencia.
were opened in Catalonia and we opened
another international office.
• For the third year in a row Banca March
was selected Best Private Bank Spain at
the World Finance Banking Awards.
• While
rating’s
agency
Moody’s
downgraded the ratings of 28 Spanish
Commercial and Private Banking specialists
financial institutions in July, Banca March
are present in 217 of our offices.
remained one of seven Spanish institutions
with the best rating.
• If Banca March obtained first place in 2010
and 2011 on the stress tests conducted by
the European Banking Authority making it
the most solvent financial entity in Europe,
in 2012 Banca March was one of the few
entities which the consulting firm of Oliver
Wyman did not consider necessary to
analyze based on its low credit exposure
and its high capital ratio.
2
Main Business Areas | COMMERCIAL AND PRIVATE BANKING
Online presence
• At the close of the year Banca March
received
www.bancamarch.es:
image. It incorporates new functions and
publication New Europe.
addresses the needs of smartphone use,
our
Best
new
Management Bank Spain 2012 by the
reason,
for
of
The new design fits the new corporate
this
award
• Launch
Asset
For
the
communications
campaigns have been based on reinforcing
our position as one of the most solid brands
in the Spanish and European financial sector
while also including user friendly URLs for
better positioning on search engines and
obtaining maximum compatibility with
existing browsers.
41
and on projecting our values: family-owned
• Launch of new online banking: Deep
private bank specialized in Private Banking,
modifications were made to accessing this
Wealth Management and Corporate Banking,
function and presenting the information.
whose traditional pillars are based on sound
Improvements
and conservative management.
navigation and parameter settings at the
New graphic imagery was implemented
were
also
made
to
user level.
in 2012. The iconography is centered on
• Launch of a new mobile application for
the small details on historic buildings and
iOs and Android systems: The application
transmits
is free for smartphones and tablets. It was
the
idea
of
thoroughness and strength.
meticulousness,
developed exclusively for clients to offer
them greater comfort and flexibility.
• Launch of periodic newsletters: Our
clients can access digital information
bulletins via e-mail for reports prepared by
our experts as well as news on the sector
and the Group.
ANNUAL REPORT 2012
Maritime Terminal.
Barcelona
Events and public relations activities
Euro-residents
We continue to strengthen public relations
Thanks to its vast experience, Banca March
activities aimed at Private Banking clients
remains the bank of reference for foreign
and potential clientele who have shown
clients. We offer these clients a range of
notable interest in our institution.
specialized products and services as well as
In 2012 we held 44 events in the different
geographic zones where Banca March is
42
personalized customer service in their native
language.
active and counted with the participation of
Of the overall number of Banca March clients,
more than 2,200 people.
foreign customers make of 25%. If we focus
solely on euro-residents, they constitute 20%
of our business, a figure which highlights the
importance of this sector. The total number
of foreign clients as at 31 December 2012 was
70,902, of which 55,050 were euro-residents
(primary account holders). Of these, 41.4%
are of German nationality and 37.7% are of
English nationality.
2
Product development
and marketing
During 2012 we continued to work on
• March Pensiones Renta Fija, P.P: New
providing specialized management based
guaranteed pension plan that invests in
on the needs of each individual client,
issued public debt or guaranteed by EU
highlighting a broad range of products and
member states. Banca March guarantees
services designed specifically for the mid-to-
at maturity (8 years and 4 months) 100%
high income sectors (exclusive range).
of capital invested by the participant plus
a return of 38.6% (4.0% APR).
It is worth highlighting the launch of:
• The Family Businesses Fund: A global
investment fund with variable interest that
invests exclusively in a selection of the
best family-owned and listed businesses
throughout the world.
• March
Pensiones
Protección
During the year we also renewed the
guarantee in March Eurobolsa Garantizado,
FI, for 3 years and 4 months, and referenced
to the development of European stock
market indices: Eurostoxx 50 (euro zone),
DAX (Germany), CAC 40 (France), Ibex 35
P.P:
A
conservative pension plan that guarantees
invested capital and ensures yield to
maturity.
(Spain), SMI (Switzerland) and FTSE 100
(London).
We continue with our promissory note plans,
applying investment formulas in conjunction
• March Renta fija 2016 garantizado, FI:
with funds with fixed returns, variable returns
A new fund at 4 years and 3 months
or portfolio management or with structured
that invests in high quality underlying
deposits.
assets: liquidity and public debt issued or
guaranteed by EU member states ensuring
a minimum return of 16% (3.6% APR).
Commercializing products from different
entities provides independence and allows
the selection of the best products for each
type of asset.
43
ANNUAL REPORT 2012
ATMs
In 2012 automated teller machines numbered
495, 56.0% of which were stand-alone cash
machines. These ATMs are located in busy
public areas: shopping centers, department
stores, leisure areas, hospitals, hotels and
other such spaces.
These are spread out with 49.9% on the
Balearic Islands, 29.5% on the Canary Islands
and the remaining 20.6% on the mainland.
44
Church of St. Nicholas.
Bilbao
Growth in total number of atms by year and zone
600
500
495
531
499
105
102
103
146
146
247
250
400
535
527
127
155
105
151
128
300
200
272
271
279
100
0
2012
2011
Balearic Islands
2010
Canary Islands
2008
Mainland Spain
2009
2
Credit cards
method of payment. It differs from other
In 2012 we promoted our Exclusive pack of
products and launched the new MasterCard
Business Exclusive, a high-end Platinum
Black credit card aimed at Corporate, Wealth
Management and Private Banking clients. It is
Business cards because it provides a series
of preferential privileges and services such as
the use of Airport Angel VIP Rooms, credit
card protection as well as accident insurance
and travel assistance.
a business credit card ideal for organizations
In 2012 there was an increase in the number
that need to provide executives with a
of platinum and gold cards in circulation.
GROWTH BY TYPE OF CREDIT CARD
31/12/201231/12/2011
%
Platinum
Gold Classic Revolving
TOTAL
1,955 1,54424.7
33,667
24,644
39.0
130,013
131,142
-0.8
4,165
4,455
-6.7
169,800
161,264
5.3
Of note is the launch of an ample portfolio of
y Multidepósito (multi-fund and multi-
personal and collective products which have
deposit) and Unit-Linked life insurances are
been designed with the most prestigious
aimed at two alternative types of investment
companies on the market to cover the great
(funds or deposit).
majority of needs our clients may encounter.
For our Private Banking clients we have
expanded
the
Exclusive
product
line,
completing all possible insurance coverage.
We have also developed savings and
contingency products with high value added
and profitability: The Unit-Linked Multifondo
In 2012 more than 37,000 bank insurance
and pension plan contracts were formalized
in a portfolio of nearly 167,000 insurance and
pension plan contracts.
In terms of savings and pension plan products
we attained a volume of EUR 694 million in
managed premiums/volumes, doubling last
year’s results.
45
ANNUAL REPORT 2012
CORPORATE
BANKING
If 2011 was characterized by the establishment
of the Corporate Banking division to the
of a solid base and the implementation of a
Group’s overall results which amounted to
new structure, 2012 represented the take off
40% of the operating margin for the total of
with improved results over the previous year,
the business areas.
despite the current difficult environment in
which we find ourselves.
46
Castle of Los Mendoza.
Madrid
The division closed the year with a balance
sheet total of EUR 5,017.0 million and an
The area of Corporate Banking understands
operating margin of EUR 45.2 million. The
that providing good service is a fundamental
combined efforts made at all levels of the
necessity. Our value model pivots on this
project are what made this result possible.
idea and it is what we provide our clients
on a daily basis. It is an idea which is
strengthened and crystallized thanks to a
team of professionals with extensive training
and experience, a support platform which is
constantly improving and a capacity to offer
specialized services through 360 Corporate
or March JLT.
In spite of the crisis, there exists a market
full of excellent companies that are coming
out of the current situation stronger than
before. By focusing on improving our
relationship with these companies, we have
increased our client base by 20%, and seen
investment volume rise by 6.5% and capital
by 34.9%. All of this translated into a 33.8%
In 2012 all of our management divisions
higher operating margin with respect to the
achieved their set objectives. They efficiently
previous year. It is worth highlighting the
implemented Banca March’s strategic model
efforts made to raise capital. In concrete, the
in their respective markets with their main
Trading Division has exceeded the EUR 1,000
focus on increasing the client base. The result
million mark.
of these efforts is the positive contribution
2
Main Business Areas
| CORPORATE BANKING
In terms of commissions, we have grown
is presented, and to incorporate new
23.6% over 2011, while also improving our
functions of vital importance to the client.
commission income ratio with respect to
the ordinary revenue, resulting in a model
ratio of 27%. This is a very important figure
demonstrating our vision and management
model which focuses on providing service
rather than the classic banking objective of
providing loans.
We have maintained our model based on
prudence with regard to credit risk and
have integrated tools to help prevent and
anticipate future risk. Proof of this is the low
level of non-performing loans in Corporate
Banking which come in at less than 1%.
In a complex and changing environment
We continue to base our management
such as the one we are now in, managing
style on valuing our relationships rather
risk becomes a value in itself. It is worth
than transactions. Our activity is based on
emphasizing that our rigorous management
strengthening long-term bonds that create
of risk has not impeded a significant
confidence, closeness and flexibility.
growth in investment. We understand risk
Improvements in our internal processes and
the creation of new products are yet other
aspects we advanced in the course of last
year. All of this has translated into improved
management to be an essential component
of our activity as well as what we offer our
clients. Open communication allows us to
achieve shared solutions.
service and greater administrative efficiency.
With a view to 2013, we have bolstered
In this sense, we would like to highlight our
our management team in Madrid by taking
new distance banking aimed at companies.
on new highly qualified professionals with
The focus is to notably optimize access,
deep experience. In addition, with the
improve navigation and the way information
recent integration of Consulnor into Banca
47
ANNUAL REPORT 2012
La Cibeles statue.
Madrid
March we are developing a project aimed at
We foresee the year evolving in a continued
growing the business in the Basque Country,
complex environment and constrained by
Navarre and Logroño. Currently 11.9% of all
credit rationing. Despite this, however, we
investment payments made in the Madrid
at Banca March maintain our desire to keep
division belong to companies located in
growing with our clients in their needs and
this area.
projects, without diminishing the quality of
our credit.
48
2
Main Business Areas | SUBSIDIARIES
SUBSIDIARIES
Modernist facade.
Barcelona
March Gestión
For March Gestión de Fondos 2012 was a
oriented to value investing, few products
very good year for a number of reasons.
and human capital with deep experience, for
During the course of the year its investment
yet another year the management company
strategy once again began to pay off. Its
has complied with its commitment to “create
funds, SICAVs and pension plans registered
value and protect assets.”
positive returns and various accolades at
both the national and international levels.
It important to highlight the fact that March
Gestión forms part of the only private family
In terms of asset volume, total assets under
bank in Spain, one that is highly specialized
management
funds,
in the medium-to-high income segment. This
+14% SICAV, +9% pension plans and +146%
grew
29%
(+40%
creates important synergies both in terms of
our SICAV in Luxembourg). On the other
reputation (solvency, strength, confidence,
hand, data by INVERCO shows a decrease
etc.) and the focus on client needs. And all
of 4.2% in fund assets and a drop of 1.3%
of this during a period of time in which there
in SICAVs. If we take the last four years as
are many distractions in this segment due to
a reference, assets under management have
considerable asset losses, possible mergers
nearly doubled making it that much more
or acquisitions or the need to reduce costs.
significant when comparing it to the 23.4%
drop seen in this sector over that period.
In 2012 March Gestión focused its activities
on improving client confidence by further
In this complex environment marked by the
perfecting its analysis methods, the coverage
state of the financial markets, the economic
of the companies being analyzed and the
crisis and the restructuring of the Spanish
recurrent follow-up and risk reports. One
financial sector, the figures posted by March
area that has received special emphasis is
Gestión de Fondos serve to confirm the
the company’s close contact with its clients.
model of specialization used in the asset
A number of meetings took place in different
management sector to focus on variable
cities to share our vision of the financial
global returns, fixed returns in the euro
markets and the opportunities and risks at
zone and the allocation of assets. Thanks
the moment of investing.
to an investment philosophy very much
49
ANNUAL REPORT 2012
Zaragoza Cathedral
At the international level we expanded
As regards SICAVs, growth has been
the distribution capacity of our SICAV
consistent due in large part to the factors
in Luxembourg (March International) by
mentioned above. At the end of the year
signing a number of agreements in Italy
March Gestión was listed as one of the
and in anticipation of new markets in 2013.
best managers for this type of collective
Moreover, the development of our flagship
investment
products Torrenova (mixed defensive) with
50
+6.5%, Vini Catena (global equity mutual
fund) with +12% and The Family Businesses
Fund (global equity mutual fund) with +10%
in 2012 has been outstanding in its respective
categories and allows us to be optimistic for
the new fiscal year. In Spain, the difficulties
encountered as a result of the sovereign debt
crisis have allowed us to offer guaranteed
products with high levels of return while our
Lastly, it is important to highlight the award
for best conservative portfolio awarded by
the newspapers Expansión and AllFunds
Bank (the aggressive portfolio came in third
place out of twenty) and the award given to
March Vini Catena for the past three years
by Lipper, one of the leaders for ratings and
fund information at the international level, for
Top Performer.
monetary funds have been among the best in
All of this serves to highlight the consistency
terms of results.
of the results obtained during such a
convulsive period on the financial markets.
2
Assets under management
Number of shareholders
Source: INVERCO and MGF. 2008=100.
Figures as at December 2012
Source: INVERCO and MGF. 2008=100.
Figures as at December 2012
220
150
200
140
180
130
160
120
140
110
120
100
100
90
80
80
60
51
70
2008
2009
2010
MGF
2011
2008
2012
2009
MGF
Sector
2010
2011
2012
Sector
2012 2011201020092008
MGF 2,223 1,7231,6281,5041,137
MGF
46,199 44,837 37,56334,78832,194
147,344 151,720164,179188,538192,301
Sector 4,553,961 4,951,780 5,320,6535,617,0146,065,414
Sector Source: INVERCO and MGF. Millions of euros.
Sector includes funds and SICAVs.
2012 2011 201020092008
Source: INVERCO and MGF. Shareholders in funds, SICAVs, institutional and Luxembourg
ANNUAL REPORT 2012
March JLT
During 2012 there were important changes in
Among
Banca March’s insurance brokerage business
transactions in 2012, the following stand out:
that strengthened its position as the fourth
the construction of a high velocity train in
top broker for corporate insurance in the
the Middle East, a solar plant in South Africa,
Spanish market and the number one in terms
a thermoelectric plant in Venezuela and an
of national capital. In February 2012, 25%
extension of a section of the London metro.
of the brokerage was sold to the British
We also gained an important hotel chain as a
Group Jardine Lloyd Thompson (JLT), the
client, placing us at the top of this sector as
fourth biggest insurance broker in the world.
well as making us one of the main distribution
Subsequently, March JLT was merged by
chains in this country thereby boosting our
acquisition with the subsidiary owned by the
leadership position in this area.
British group in Spain.
52
the
most
important
insurance
As regards geographic expansion on a
This agreement has signified an important
national level, in 2012 we opened an office in
step forward in the international expansion
Valencia with the aim of servicing companies
of the brokerage by bringing in more than
in the area with an industrial focus and a
30% growth in the business realized outside
clear view to exporting. On the international
of our borders. This significant increase in
scene, our membership in the global JLT
international activity resulted in a rise of total
network gives us a presence in more than
earnings by more than 15%, compensating
130 countries allowing us to provide services
for the lethargy on the domestic market
to nearly all of the Spanish multinationals
which has fallen over 5% for this sector
throughout the globe.
mainly as a result of the decrease in invoicing
by our clients as well as the excessive
local competition and consequent drop in
insurance prices.
In conclusion, the changes carried out by our
brokerage in 2012 are in definite recognition
of the March Group’s strategy which consists
in offering Spanish companies top notch
In 2012 we also bolstered our specialization
service on a global scale in the management
strategy in this sector with the objective
of risk – something indispensable in this day
of becoming the broker of reference in
and age.
certain sectors where the broker brings
greater added value. In this regard, 2012 saw
important advances in the areas of pension
funds, financial products, tourism, energy
and construction. This last sector, in which
March JLT is regarded as a reference point for
large international projects, we are working
on some of the biggest projects awarded to
Spanish contractors.
Key figures:
Total premiums Revenue *
Bª ordinary *
2012
2011
%
217,644
192,549
13
19,673
17,010
16
9,346
7,420
26
*in thousand euros
2
Gothic Quarter facade.
Barcelona
March Vida
At the close of 2012 March Vida’s portfolio
In terms of life-risk insurance we continued
included 65,000 policies with technical
to
provisions under management amounting
linked to financial transactions as well as
to EUR 550 million. The boost from the new
unencumbered products. Among the latter,
Unit-Linked products as well as good sales
March Vida Protección Exclusive stands
in life annuities and life savings insurance
out. These are products aimed at Private
translated into a premium volume of EUR
Banking clients.
400 million.
actively
promote
both
products
The results for the year under review were
The main products as regards premium
highly satisfying and provided a cumulative
volumes were Unit-Linked with more than
growth of 90% over the past two years.
EUR 300 million, life annuities (March Vida
Pensión Plus) with EUR 35 million and
pension savings products with EUR 20
million in March Vida PPA and EUR 5 million
in March Vida PIAS.
In 2013 we will be expanding the range
of products in Unit-Linked and push the
life-risk business. In addition, the company
will continue its preparations for the
European Solvency II insurance directive
as well as the development of regulations
aimed at providing greater protection for
insurance clients.
53
ANNUAL REPORT 2012
360 Corporate
360 CORPORATE is a subsidiary of Banca
Since its foundation, 360 CORPORATE
March
financial
has completed 40 successful transactions
assessment. Its incorporation into the Banca
which
making it one of the best financial advisory
March Group took place in 2011 when the
firms in Spain for family-owned businesses,
bank acquired 50% of its capital.
listed companies and private equity funds.
The specialized services offered by 360
Despite the lasting effects of the economic
CORPORATE fully complement and create
crisis and the decreases registered in
synergy with the rest of the activities carried
the volume of merger and acquisition
out by Banca March including the following:
transactions, 360 CORPORATE managed to
• Mergers
specializes
and
in
acquisitions:
This
encompasses assessing companies in
acquisitions, sales, mergers, spin offs,
54
LBOs, MBOs, OPAs, etc., both on national
and international markets.
• Debt:
Including
restructuring
over EUR 500 million. Some of its most
important transactions were:
• The financial evaluation of the Bridgepoint
fund for the acquisition of eight wind
and
refinancing.
• Capital markets: Includes assessment of
initial public offerings, presentations to
investors and analyses of capital structure.
• Other services: Includes the valuation of
businesses or companies, the preparation
of business plans, defining executive
incentive plans and analyses of strategic
options for businesses.
pull through 2012 with transactions totaling
farms from ACS Group, making it one
of the biggest transactions of the year
undertaken by a private equity firm in
Spain and in the renewable energy sector.
• The financial assessment of the banking
trade union in the debt restructuring for
La Sirena, a leading chain of frozen foods
stores in Spain.
• The issuance of a “Fairness Opinion” to
Cartera REA for the sale of 40% of the MD
Anderson Cancer Center (Spain) to the
Hospitén Group.
The company’s team of professionals was
bolstered in 2012 both in Madrid as well as
in Bilbao. There are currently 15 specialists
working for the company.
2
Denia Castle
Consulnor
In June 2012 Banca March entered the financial
The agreement allows Consulnor’s clients
market in the Basque Country hand in hand
access to a wider array of services, backed up
with Consulnor, an independent company
by the solvency of Banca March, and creates
founded in 1972 and specialized in financial
one of the leading companies in the private
services for private banking clients. Banca
banking market place. It brings together one
March has become the majority shareholder
of the strongest teams in wealth management,
in the company by means of an acquisition
a good market strategy and the generation of
agreement granting the bank 47.2 % of the
innovative products.
consultancy’s capital which ensures the
continuity of the brand and the Basque team
already in place, all the while respecting the
hallmarks of the company which have allowed
it to become a model of wealth management
in the Basque Country.
Consulnor’s
shareholders
At the time the companies were integrated,
Consulnor managed assets worth EUR 900
million, more than a third of which was
invested in 43 SICAVs. In 1985 Consulnor
formed the first Spanish SICAV called
Consulbic which has gone on to generate an
were
mainly
composed of the owners and to a lesser
extent by the company’s own employees.
The company’s strong points can be summed
up in its deep experience and specialization
as well as the strong commitment of its
shareholders who remain some of Consulnor’s
principle clients.
APR of +11.4% since then.
Following this transaction, Banca March
has gone on to become one of the Spanish
leaders in private banking (more than EUR
8,000 million under management) with the
greatest number of SICAVs (113 SICAVs under
management). Moreover, the agreement
brings with it an important increase in the
Consulnor is primarily located in the Basque
balances of other assets under management
Country, but also has offices in La Rioja,
as well as a broadening of the client base
Madrid and Catalonia.
in an area where there is an ample number
of family-owned businesses and a high
generation of wealth.
55
ANNUAL REPORT 2012
56
03
Sundiall.
Tarragona
1
Investment Activity by
Corporación Financiera Alba
58
Holdings
59
Listed
ACS..............................................59
Acerinox.................................... 60
Prosegur................................... 60
Indra.............................................61
Ebro Foods................................61
Clínica Baviera.........................62
Antevenio..................................62
63
Non-Listed
Mecalux......................................63
Pepe Jeans................................63
Panasa........................................64
Ros Roca....................................64
Flex..............................................65
Ocibar.........................................65
57
ANNUAL REPORT 2012
INVESTMENT
ACTIVITY
Structure of the main participations held by
Alba in its portfolio as at 31 December 2012:
EBRO
FOODS
8.2%
BANCA MARCH, S.A.*
ANTEVENIO
20.5%
CLÍNICA
BAVIERA
20.0%
CORPORACIÓN
FINANCIERA
ALBA
PROSEGUR
10.0%
INDRA
SISTEMAS
33.9%
ACS
18.3%
58
ACERINOX
24.2%
IBERDROLA
11.3%
DEYÁ
CAPITAL S.C.R.
100%
MECALUX
5.7%
14.2%
FLEX
HOCHTIEF
19.7%
49.9%
PANASA
26.4%
ROS ROCA
19.0%
Global integration
Equity method
Available for sale
*As at 31 December 2012
PEPE JEANS
12.1%
OCIBAR
21.7%
ENCAMPUS
35.9%
3
HOLDINGS | LISTED COMPANIES
HOLDINGS
LISTED COMPANIES
ACS
59
ACS is one of the world’s biggest groups
The group posted sales of EUR 38,396.0
in
and
million in 2012, an increase of 34.9% over the
infrastructure concessions with a notable
previous fiscal year, whereas its ordinary net
presence in Europe, North America, Australia,
profit fell 9.9% to 705.0 million. In terms of
Asia and the Middle East. In addition, it has
the net result, ACS saw losses of EUR 1,926.0
a significant presence in urban services and
million as a consequence of extraordinary
waste management mostly in Spain while
losses related to its holding in Iberdrola.
construction,
turnkey
projects
gaining business in other European countries.
ACS
also
works
in
the
development,
construction and operation of renewable
energy projects and infrastructure for energy
transportation.
As at 31 December 2012, the share price
in ACS stood at EUR 19.0 with a market
capitalization of EUR 5,991.0 million.
Alba was the majority shareholder in ACS at
the end of 2012 with an 18.3% stake.
www.grupoacs.com
ANNUAL REPORT 2012
60
Acerinox
Prosegur
Acerinox is a leading global company in
Prosegur is the leading provider of private
the manufacturing of stainless steel. It has
security services in Spain and has an
factories in Spain, the United States, South
important presence in Latin America as well
Africa and Malaysia.
as other in European countries.
During the year under review, Acerinox
Sales stood at EUR 3,669.0 million, an
attained sales of EUR 4,555.0 million, a
increase of 30.6% year on year, due in large
decrease of 2.5% with respect to 2011, and
part to its acquisition of the Nordeste Group
a net loss of EUR 18.0 million compared
in Brazil in March 2012. Net profit rose by
to the net gain of EUR 74.0 million in the
2.7% to reach EUR 172.0 million.
previous year.
As at 31 December 2012 Prosegur had a
Market capitalization in Acerinox stood at
market capitalization of EUR 2,740.0 million
EUR 2,081.0 million at the close of the fiscal
and closed the year with a share price of
year with a share price of EUR 8.35.
EUR 4.4.
As at 31 December 2012 Alba held a 24.2%
Alba was the second largest shareholder in
stake in Acerinox making it the company’s
Prosegur at the end of 2012 with a 10.0%
majority shareholder.
stake.
www.acerinox.com
www.prosegur.com
3
HOLDINGS | LISTED COMPANIES
Indra
Ebro Foods
Indra is a leading company in Spain for
Ebro Foods is the number one food
information technology and security and
processing company in Spain in terms of
defense as well as one of the most important
sales, profits, market capitalization and
companies in this sector in Europe and Latin
international presence. It is the global leader
America. It is a provider of high value-added
in the rice sector and the world’s second
solutions and services for sectors including
largest pasta manufacturer.
security and defense, transportation and
traffic,
energy
and
industry,
financial
services, health and public administration,
telecommunications and media.
Sales reached EUR 2,941.0 million in 2012, an
increase of 9.1% over the previous year due
to acquisitions made in Brazil and Italy. Net
profit dropped by 26.7% to EUR 133.0 million,
a decrease due in large part to non-recurring
restructuring costs incurred during the year
under review.
Sales rose 13.1% in 2012 to EUR 2,041.0 million
mainly driven by the integration of rice
businesses acquired by the company at the
end of 2011. Net profit increased to EUR 158.0
million, a rise of 4.5% year on year.
As at 31 December 2012 the share price of
Ebro Foods and its market capitalization
were EUR 15.0 and EUR 2,308.0 million
respectively.
At the end of December 2012 Alba slightly
The share price in Indra rose to EUR 10.0 as at
31 December 2012 for a market capitalization
increased its equity holding in Ebro Foods
to 8.2%.
of EUR 1,645.0 million.
In 2012 Alba maintained its equity stake
in Indra at 11.3% thereby making it the
company’s second largest shareholder.
www.indracompany.com
www.ebrofoods.es
61
ANNUAL REPORT 2012
Clínica Baviera
Clínica Baviera is the leading Spanish company in ophthalmology services and has a growing
presence in other European countries including Germany, Austria, Holland and Italy. It also offers
medical services and cosmetic surgery in Spain through its Clínica Londres.
In 2012 consolidated sales fell by 4% to EUR 90.0 million while net profit went into slight negative
numbers as a result of some deterioration in goodwill associated with its cosmetic business.
Clínica Baviera’s share price was EUR 3.81 at the close of the year under review and market
capitalization stood at EUR 62.0 million.
As at 31 December 2012 Alba held a 20.0% stake in Clínica Baviera making it one of the clinic’s
main shareholders.
www.clinicabaviera.com
62
Antevenio
Antevenio is a Spanish online marketing company with a presence in other European countries,
most notably in Italy and France, and is also active in Latin America.
In 2012 company sales rose by 5.2% to EUR 26.0 million while its net result fell by 77.9% to reach
EUR 0.3 million.
As at 31 December 2012, Antevenio’s share price on Alternext stood at EUR 4.98 for a market
capitalization of EUR 21.0 million as at that date.
At the end of 2012 Alba was the second largest shareholder in Antevenio with a 20.5% equity stake
in the company.
www.antevenio.com
3
HOLDINGS | NON-LISTED COMPANIES
NON-LISTED COMPANIES
Mecalux
Pepe Jeans
Mecalux is one of the world’s leading firms
Pepe Jeans is dedicated to designing and
in the storage systems market. With its
distributing
cutting edge technology in the sector, this
fashion accessories through the group’s
company’s activities include the design,
flagship brands Pepe Jeans London and
manufacturing as well as sales and services
Hackett. In addition to other agreements,
of metal racking, automated storage and
Pepe Jeans is the exclusive distributor and
other storage solutions.
master franchisee for Tommy Hilfiger on the
As at 31 December 2012, Alba held both
denim
clothing
and
other
Iberian Peninsula.
directly and indirectly through Deyá Capital
At the end of 2012, through Deyá Capital,
a 14.2% stake in Mecalux.
Alba’s participation in Pepe Jeans amounted
to 12.1%.
www.mecalux.es
www.pepejeans.com
63
ANNUAL REPORT 2012
Panasa
Panaderías Navarras (Panasa) is one of
Spain’s leading manufacturers of fresh and
frozen breads, baked goods and pastries.
64
Ros Roca
Environment
Ros Roca is the leading company in Europe
for the manufacturing of waste collection
Through its main Berlys brand the company
equipment and is active in the development
offers products to thousands of customers
of treatment and anaerobic digestion plants.
including
restaurants,
The company’s headquarters and central
supermarkets and other grocery stores
plant are located in Tárrega (Lleida, Spain).
thanks to its ample distribution network
It also has subsidiaries and manufacturing
across the entire Iberian Peninsula. Panasa
plants in the UK, France, Germany, among
also has a network of company-owned stores
other countries.
bakeries,
hotels,
located in Navarre and the Basque Country
where it distributes its fresh and frozen
products.
Through Deyá Capital Alba’s participation in
Ros Roca Environment was 19.0% at the end
of 2012.
As at 31 December 2012 Alba’s stake in
Panasa, acquired through Deyá Capital in
February 2011, was 26.4%.
www.berlys.es
www.rosrocaenvironment.com
3
HOLDINGS | NON-LISTED COMPANIES
Flex
Ocibar
Flex is one of the top bedding manufacturing
OCIBAR is specialized in the development
companies in Europe and has a strong
and management of nautical sport facilities
presence in Latin America.
on the basis of concession agreements.
Founded in 1912, it manufactures and markets
mattresses, pillows, adjustable beds and
other accessories. Thanks to its strong brand
It currently holds four concessions on the
Balearic Islands, the most important of which
is Port Adriano (Calvia, Mallorca).
portfolio it is the market leader for bedding
Through Deyá Capital Alba held a 21.7% stake
products in Spain and Portugal as well as in
in OCIBAR as at 31 December 2012.
the high-end market in the UK and it is also
well positioned in Chile, Brazil and Cuba. In
addition Flex owns a network of corporate
stores and franchises handling the direct sale
of its products.
As at 31 December 2012, Alba’s stake in Flex,
which was acquired in July 2011 by Deyá
Capital, remained at 19.8%.
www.flex.es
www.ocibar.com
65
Publisher:
Banca March
Communications and Institutional Relations Department
Avda. Alexandre Rosselló 8, 07002 Palma de Mallorca
Tel: +34 971 779 221
E-mail: relaciones.institucionales@bancamarch.es
Design & Layout:
Illa de Publicitat i Marqueting, s.l.
www.illapublicitat.com
Photography:
Toni Málaga
Banca March Archive
Image Bank
Av. Alexandre Rosselló, 8
07002 Palma de Mallorca
Tel. 900 111 000
+34 971 779 111
www.bancamarch.es

annual report 2012

Transcription

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