Cleaning of accounts also for Intesa Sanpaolo which closed 2013 with a deficit of 4,55 billion following the provisioning and prudential policy of 6,8 billion. In the fourth quarter alone, the loss amounted to 5,19 billion, following value adjustments to goodwill and other intangible assets for 5,79 billion euro.
The impairment, the group specifies in a note, has effects "only on accounting entries and no impact on cash-flow, liquidity, capital solidity and capital ratios and no influence on prospective profitability". However, the institute confirmed the dividend of 5 cents per share.
Yesterday the Board of Directors also approved the 2014-2017 industrial plan together with the accounts, which will be presented to the financial community in the morning.
At the end of the period in 2017, the business plan foresees a net profit of 4,5 billion and a total dividend payout of 10 billion euros for the entire period of the plan (1 billion for 2014, 2 billion for 2015, 3 billion for 2016, 4 billion for 2017).
The Bank then estimates the sale by 2017 of the entire portfolio of non-core equity investments, for a book value of around 1,9 billion at the end of 2013 (including Alitalia, Telecom, Rcs, Risanamento and Ntv).
The disposal policy has already been launched in recent months with the sale of Generali, Pirelli, Sia and Union Life for a total book value of approximately 620 million and a total capital gain of approximately 320 million.
Intesa's stock flies at the opening of Piazza Affari, achieving an increase of more than two percentage points. “The overall plan is reasonable and in line with expectations except for the Rote. The dividend envisaged over the horizon of the plan is generous”, explains an analyst.
