5/2000
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1999 Balance. profits and dividends: behind the appearances a farce “Richer dividends at Piazza Affari !” Reading the comments on the results archived in 1999 by the sizeable companies listed at the Stock Exchange, it could be concluded that the financial year, ended on December 31st, had a especially favourable trend allowing high benefits and dividends. In fact if is true that the Profit and Loss Account of many companies shows meaningful positive variations in comparison with the year before, but it is sure the same that in the sizeable cases it is not due to a better “Operating Result “, but to the contribution of capital gains and fiscal recovery. It must be added that often achieving a dividend greater than the year's before is a consequence of a different benefits apportionment, while the amounts distributed with the “Extraordinary Dividends” are drawn from Reserves (for example the Immobiliare Metanopoli). The companies that this year have 'yelled' in their releases the increase recorded by benefits and the increase of dividends (they apportioned or are to apportion) will be, very likely, the same companies that by presenting the 2000 consumptive will highlight that the same is no comparable with the 1999 one, since the last one benefited from the Extraordinary Incomes and Dividends drawn from reserves. It's draft a known to all and sundry. A comedy repeating with melancholic punctuality. Behind the appearances “maybe” only a mockery that does not make either smile anymore.

Comit into Intesa: some like it hot Not many years have passed since a beating advertising invited Comit's shareholders to adhere the Banca Intesa' s TOB by ensuring that the Comit would find renewed sap in this allocation, safeguarding its integrity and personality. It was on August 17th 1999 that the Intesa shareholders' meeting discussed and passed the TOB over Comit. This chance many shareholders required the Board of Directors to state in clear and univocal terms which would be the role of the Comit inside the Gruppo Intesa. To these shareholders the President Giovanni Bazoli and the General Director Carlo Salvatori answered by reasserting that the image and the operativeness of Comit would have been safeguarded. President Bazoli, indeed, as it can be read in the minutes of the meeting, stated: “In brief, the model will be the federative one of Intesa.” And he added: “Contextually it will be strengthened the bank national vocation role of the Comit, that will increase its territoriality presence in the most active areas of the country “. So it is undoubted that the master-plan stated without mincing words that the Comit would have kept on the whole bank activity within a federative frame that would safeguard its image and operativeness. So it happened that the Intesa' greatest shareholders changed their minds; that the French partner did not like this project anymore (Credit Agricole); that the Intesa's General director discovered that the federative scheme did not fit anymore the changes occurred on market and therefore it must be replaced by skilled components; that Comit must convert into a business bank following the Mediobanca model. Mainly it happened that who accepted to sell one's own Comit shares to Intesa, standing the warranties stated in the master-plan, found himself in a reality contradicting at all what the company has ensured him and the sale depended on. Mainly it happened that the minority shareholders of Intesa that voted in favour of the Comit operation saw the motivation of their behaviour contradicted at all. Can a majority upset a program that it clearly stated to want to put in act and in name of which it obtained adhesion and consent? The Comit's odyssey with the contradictions featuring it: - does not benefit the reliability of the Gruppo Intesa and its Directors; - makes it surfaces the precariousness of the management's projects that defined in August are “ obsolete” in April; - offends the good faith of who believed in the assurances that were given and later contradicted. “Il Sole 24 Ore” publishes that “Piazza Affari promotes Intesa” since the title increase by 9,5% in two days. Indeed, often the quotations are supported or depressed by “friendly hands””. Maybe, theses days some likes the Intesa stock ...hot!

Credito Bergamasco: promoveatur ut amoveatur The 1999 Reclassified Profit And Loss Account in comparison with the 1998 one shows the following data: - Brokering margin: a 2,9% drop - Operative surplus: a 6,8% drop - Ordinary activities profit: a 11,8% drop - Gross profit: a 6,4% drop This consumptive, other than exalting, has not prevented that the Board of directors rejoiced for the results with a manifestation “narcissism” that frankly could avoid. In the 1999 Balance report, the Board of directors indeed wrote: “the 1999 fiscal years surplus confirms the remarkable role and the incisive presence of the Credito Bergamasco in the corresponding markets, relying on an action featured by increasing dynamism and a steady attention to the customer's exigencies “. Maybe, instead, it is not a case that the operative top has been replaced by constituting a General Direction to which it has been assigned - starting from 01.01.2000 - Franco Menini sided by a substitute General Vice Director (Giovanni Capitanio). Of the “seniors” it remains the General Vice director Giuseppe Decio; while the General Co-Directors Alessandro Iori and Giancarlo Castelli “have early left the bank to assume important charges in other group's companies”. Promoveatur ut amoveatur ? The Creberg is present only in 66 out of 249 municipalities of the province of Bergamo. In the Brescia province - limiting Bergamo - the Creberg counts in 31 counters out of 216 municipalities. So the bank wastes time, money and energies in “far lands” contradicting not only the statute “vocation “, but also the logic itself of its settlement and development policy. Going on this way, without specific and autonomous connotations, it will be logic the incorporation of the Pop. Of Verona, of course, for... anorexia.

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