Relations with shareholders and the financial community

The Investor Relations and Rating Agencies Services assure continuous, fair and transparent financial disclosures to shareholders and the market.
During the extremely difficult economic scenario of 2009, relations with the financial community – analysts, institutional investors and rating agencies – continued to concentrate on sustainable profitability. This concept summarises the Bank’s capacity to generate constant growth in profitability, determined not only from revenues and costs, but also from high-level liquidity, low leverage, the sound capital base and low risk profile.
In particular, based on the aforementioned indicators the Intesa Sanpaolo Group proved that it represents a solid reference for its investors and a reliable partner for businesses, among the sector leaders at international level.
In 2009, to guarantee equal access to information for all shareholders and all stakeholders, information was made available and useable promptly, easily and simply through a range of channels: Internet, conference calls via a toll-free number, brochures and free distribution of financial statements on request via the Bank’s website. The Investor Relations of the website was integrated with new, well-defined content to ensure that stakeholder access to information is more extensive and systematic.

Communication with the financial community

In order to contribute to the creation of long-term sustainable value, regular and frequent meetings were held with the financial community that consolidated lasting relationships based on mutual trust. In more detail, communications figures for 2009 are illustrated in the following table:

Communications 2009
Institutional presentations 58
Financial disclosures published 130
Number of roadshows 26
– Europe 24
– United States 2
Meetings with investors and analysts 314
Requests received and resolved by the shareholders’ help desk 12,000

Credit Rating

In 2009 all ratings assigned to Intesa Sanpaolo were confirmed, reflecting good profitability, adequate asset quality, a sound capital ratio and good liquidity profile.

Moody’s
Medium to long-term debt Aa2
Short-term debt P-1
Financial strength B-
Outlook
 Stable1

 

Fitch  
Medium to long-term debt AA-
Short-term debt F1+
Individual B
Support 1
Outlook
 Stable

 

Standard & Poor’s  
Medium to long-term debt AA-
Short-term debt A-1+
Outlook
 Negative

1Stable outlook on debt, negative outlook on financial strength

Recommendations by analysts

In 2009 the stock was monitored and covered by 38 analysts, up from 36 in 2008. Their opinions were clearly influenced by the severe financial crisis, which reduced prospective outlook for the banking industry. In this context the resulting caution is reflected in the recommendations, which recorded a slight downgrade, nevertheless confirming the prevalence of positive opinions.

Recommendations January 2009 December 2009
Buy 72% 55%
Hold 20% 32%
Sell 8% 13%

Inclusion in ethical indexes

Report of activities worthy of note

Ethical indexes are characterised by the criteria applied in selecting the stocks they include. In addition to financial performance, companies’ social responsibility performance (environmental sustainability, rights of company, supplier chain and distributor employees, respect for human rights, relations with stakeholders and anti-corruption policies) is also assessed.
Intesa Sanpaolo has been listed in the FTSE4Good and ASPI Eurozone indexes and in the Ethibel Investment Register since 2007. In 2009, Oekom Research awarded Intesa Sanpaolo a “Prime” company status for its commitment to social and environmental aspects higher than the industry average.