11/10/2010
13.25 p.m.
9M 2010 Results
Assets under administration: 44.2 billion euro, +20%
Net income: 153 million euro, -20%
2010 Interim dividend: 8.5 euro cents per share
The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Interim Financial Statements as at September 30, 2010, as well as the Separate Financial Statements for Mediolanum S.p.A. as at October 31, 2010, and based on the latter, resolved to distribute an interim dividend of 8.5 eurocents per share before any withholding tax. The dividend will become payable on November 25, 2009 (ex-dividend date November 22, 2009; coupon No. 21).
CONSOLIDATED GROUP RESULTS in the first 9 months of the year surpassed market expectations, thanks to a very strong
third quarter, one of the best in Mediolanum’s history. Net income for the quarter in fact was
68.8 million euro, positively impacted by a consistent increase in recurring fees in managed assets due to solid net inflows and the consequent growth in assets.
In light of the aforementioned:
- Net income for the first nine months was at 153.5 million euro, -20% compared to the same period last year;
- Assets under Administration registered a historic record totalling 44,224 million euro, an increase of 9% since the beginning of the year, and 20% compared to September 30, 2009.
With specific reference to the DOMESTIC MARKET the following results were registered:
- Net Income was at 156.4 million euro, -21% with respect to the same period last year;
- Assets under Administration grew by 10% since the beginning of the year and by 21% with respect to September 30, 2009, totalling 42,316 million euro.
In more detail, with reference to Banca Mediolanum:
- Net Inflows were positive at 2,749 million euro in total, our second best result ever;
- The number of Licensed Advisors remained largely stable, totalling 4,833 advisors;
- There was a total of 1,086,700 customers as at September 30, 2010, substantially flat compared to September 30, 2009;
- There was a total of 574,000 bank accounts as at September 30, 2010, in line with the figure as at September 30, 2009.
Highlights in particular with respect to Banca Esperia:
- Assets under Administration grew by 25% with respect to September 30, 2009 reaching 12,431 million euro (6,215 million euro for Mediolanum’s share);
- Operating income was at 4.2 million euro, an increase of 52% compared to the first nine months of last year;
- Net Income was at 1.0 million euro (0.5 million euro for Mediolanum’s share), -35% with respect to the same period last year, due to the impact of extraordinary expenses.
With reference to the FOREIGN MARKETS:
- The Net Economic Result registered a 46% improvement of 2.4 million euro, coming in at -2.9 million euro;
- Assets under Administration totalled 1,908 million euro, up 5% with respect to September 30, 2009 (+2% compared to December 31, 2009).
In an effort to provide more complete disclosure about the results as at September 30, 2010, we have attached the segment report detailing income statement data, reclassified to reflect the criteria used by the Mediolanum Group.
The Officer responsible for preparing Mediolanum S.p.A accounting documents, Luigi Del Fabbro, declares that, in compliance with the requirements of the second paragraph of section 154 bis of the Consolidated Finance Act, the financial information contained herein reflects the accounting entries, records and the books.
A presentation in English of the financial information contained herein will be available at the Italian Stock Exchange.
The Interim Financial Statements as at September 30, 2010 and the Separate Financial Statements for Mediolanum S.p.A. as at October 31, 2010 will be available at the company’s Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website http://www.mediolanum.com and at Borsa Italiana S.p.A..
The board, following the favourable opinion of the committee composed of the three independent directors, also approved the procedures to be adopted pursuant to the CONSOB Deliberation n. 17221 of March 12, 2010, which will discipline transactions with related parties; said procedures will be made available on the website http://www.mediolanum.com by December 1, 2010.
Lastly, the board also approved some amendments to the By Laws pursuant, inter alia, to the modifications of the Finance Law Act (“Testo Unico Finanza”) following the implementation of the EU Directive 2007/36/CE relating to shareholders’ rights.
Basiglio - Milano 3 City, November 10, 2010
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