Economic value generated and distributed

The economic value generated by the Intesa Sanpaolo1 Group in 2009 was 14.9 billion euro. As previously indicated, this amount expresses the value of the wealth produced during the year, most of which is distributed among the various counterparties (stakeholders) with which the Group interacts in various ways on a day-to-day basis. Specifically:

  • employees benefited from around 41% of the economic value generated, for a total of 6.1 billion euro. This item includes 111 million euro (before tax) relating to staff exit plans. In addition to staff pay, the total also includes payments to the network of financial advisors;
  • suppliers received approximately 21% of the economic value generated, for a total of 3.2 billion euro in payment for goods and services. This item includes merger and restructuring-related costs amounting to 150 million euro (before tax);
  • the State, organisations and institutions saw an inflow of resources amounting to 3 billion euro, around 20% of the economic value generated and for the most part referring to income taxes for the year. Group companies used 27 million euro to the benefit of the community, through the allocation of profits to charities and as donations and gifts;
  • approximately 8% of the economic value generated was allocated to shareholders, largely in terms of the proposed dividend, for a total of over 1 billion euro;
  • the remaining 1.4 billion euro was withheld by the corporate system. This refers to deferred tax assets and liabilities, amortisation and depreciation, provisions for risks and charges and retained earnings. Self-financing is considered an investment that other stakeholder categories make each year to maintain efficiency and allow development of the Bank as a whole.

Comparison with past years' figures, taken from the 2008 and 2007 consolidated financial statements, shows that the marked decrease in economic value generated, essentially due to the lower contribution in 2009 from extraordinary income regarding discontinued assets, had no significant impact on the overall total of value distributed to the various stakeholder categories, except for the amount distributed to shareholders which in 2008, and to a lesser extent in 2009, were affected by the decision to further strengthen the capital base in a context in which the market sees bank capitalisation levels as particularly important, in line with instructions received from international bodies and the Supervisory Authority.

Millions of euro
2009 2008 2007
Economic value added
14,907 16,340 20,582
Economic value distributed
-13,495 -13,511 -17,003
Employees -6,138 -6,763 -6,510
Suppliers -3,172 -3,511 -3,217
Government, Organisations/Institutions, Community
-3,019 -3,084 -2,303
Shareholders -1,166 -153 -4,973
Economic value retained 1,412 2,829 3,579

Economic value added

1 As mentioned previously, the economic value generated is calculated in accordance with new ABI instructions issued in March 2010, consistent with international reference standards. The calculation is made by reclassifying consolidated income statement items recorded in the financial statements, as required under Bank of Italy Regulation no. 262.