FY 2011 Results
Assets Under Administration: 46.2 billion euro, +1%
Net income: 67 million euro, -70% (with respect to pro forma 2010*)
Net income on continuing operations: 193 million euro, -16%
Dividend proposed: 11 eurocents per share
Dividend balance to be paid: 4 eurocents per share
The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements of the Mediolanum Group as at December 31, 2011.
The Board of Directors resolved to propose to the Shareholders the payment of a dividend of 11 eurocents per share relative to the net income for 2011. Considering the interim dividend of 7 eurocents per share already paid out in November 2011, the Board of Directors will propose the distribution of a dividend balance of 4 eurocents per share, gross of any applicable taxes, at the General Shareholders' Meeting, payable on May 24, 2012 (ex-dividend date May 21, 2012; coupon No. 24).
The General Shareholders' Meeting for the approval of the financial statements will take place on April 19, 2012 at 2:30 p.m. first call, and if needed, at the same time on April 20, 2012 in a second call. It is reasonable to assume that the shareholders' meeting with take place on the first call..CONSOLIDATED GROUP RESULTS
for 2011 were penalised by the impairments of 85 million euro of the Greek government bonds in the company's portfolio and of 41 million euro in the shareholding in Mediobanca, net of tax. Excluding these non-recurring items, net income totals 193 million euro,
a decrease of 16% with respect to 2010.
The result, moreover, felt the impact of 44 million euro (net of tax) of unrealised losses on investments at fair value, which have already been recuperated in the first months of 2012. Without this temporary loss in value, net income in 2011 would have been greater than in the previous year.
In light of the aforementioned:Net income
was at 67 million
to the pro forma* result of 2010;
* Net income in 2011 is compared to a pro forma income in 2010 of 224 million euro, which does not include the effect of the Lehman Bros operation.
- Assets under Administration have again surpassed their historic record, totalling 46,207 million euro, an increase of 1% with respect to December 31, 2010;
- Net Inflows were positive at 2,728 million euro.
With specific reference to the DOMESTIC MARKET
(Net Income and Assets include Banca Esperia for the 50% share pertaining to the Group) the following results were registered:
- Net Income was at 75 million euro, -68% with respect to the previous year;
- Assets under Administration grew by 1% with respect to December 31, 2010, totalling44,276 million euro.
In more detail, with reference to Banca Mediolanum:
- Net Inflows were positive at 2,280 million euro;
- The number of Licensed Advisors came to a total of 4,507;
- There was a total of over 1,066,000 customers as at December 31, 2011;
- There was a total of about 627,400 bank accounts as at December 31, 2011, an increase of 59,000 accounts (+10%) compared to the previous year.
Highlights in particular with respect to Banca Esperia:
- Assets under Administration grew by 1% with respect to December 31, 2010 reaching 12,817 million euro (6,408 million euro for Mediolanum's share);
- Profit before tax was at 4.9 million euro, almost doubling compared to year-end 2010.
With reference to the MERCATI ESTERI:
- The business in Spain closed the year with a profit of 3.9 million euro compared to 0.6 million euro registered in 2010;
- The business in Germany closed the year with a net loss of 11.5 million euro compared to a loss of 11.4 million euro in 2010;
- Assets under Administration of the foreign banking subsidiaries totalled 1,931 million euro, down 2% with respect to December 31, 2010.
In an effort to provide more complete disclosure about the results as at December 31, 2011, we have attached the segment report detailing income statement data, reclassified to reflect the criteria
used by the Mediolanum Group. This reclassified segment report is not subject to audit by the independent auditors, who moreover, haven't yet completed the audit of the consolidated and separate financial statements as at December 31, 2011.
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 Financial Statements for Mediolanum S.p.A. as at 31/12/2011 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. within the deadlines specified in the Shareholders' Meeting convocation notice.
The Board of Directors also approved the sixth edition of the Social Report of the Mediolanum Group. For the past years, this document has been published alongside the Annual Report. The
Social Report expands upon the intangible aspects of corporate activities and their ethical, social, environmental and safety impacts with the aim of providing better, deeper insight into the work,
commitment and values of the Group. The Social Report also serves the purpose of highlighting Mediolanum's contribution to sustainable development through concrete practices in the
relationships with the main internal and external stakeholders.
Basiglio - Milano 3 City, March 22, 2012