03/28/2007
13:00 p.m
FY 2006 Results
Assets under administration: 33.5 billion euro, +10%
Gross inflows: 8,176 million euro, +30%
Net inflows: 2,469 million euro, +27%
Net income: 224 million euro, -4%
Embedded value: 3,122 million euro, +6%
New business value: 274 million euro, +22%
Dividend proposal: 20 cents per share
Dividend balance to be paid: 11.5 cents per share
The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements as at December 31, 2006.
The Board of Directors resolved to propose to the shareholders a distribution of a dividend of 20 cents per share relative to the net profit for 2006, in line with previous year.
Considering the interim dividend of 8.5 cents per share already distributed in November 2006, the Board of Directors will propose to the shareholders a distribution of the balance of 11.5 cents per share, payable as of May 24, 2007 (with an ex-dividend date of May 21, 2007).
The Board of Directors also approved the first Social Report of the Mediolanum Group. This document, that will accompany the Annual Report and Consolidated Acconts from now on, will expand on the intangible aspects of corporate activities and their effects on the ethical, social, environmental and safety levels with the aim of providing better, deeper insight into the work, commitment and values of the Group. The Social Report will also serve the purpose of highlighting Mediolanum’s contribution to sustainable development through concrete practices in the relationships with the main internal and external stakeholders.
The General Shareholders’ Meeting for approval will take place April 19, 2006 at 2:30 p.m. for the First Call, and, if needed, April 20, 2007 at the same time for the Second Call, in Basiglio Milano 3, Palazzo Meucci.
With reference to the
GROUP RESULTS, we would like to highlight in particular:
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Net Profit was at 223.7 million euro, a decrease of 4% compared to the results for previous year. Profit before Tax was at 285 million euro, a decrease of 2%. |
It should be noted that the 2005 results were characterised by very strong performance fees, which in 2006, due to a different trend in the stock and ForEx markets, were 46% lower than for 2005.
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Net of performance fees, Profit before Tax increased by 47% compared to the previous year.
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Assets under Administration, grew by 10% with respect to December 31, 2005 totalling 33,516 million euro. |
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Inflows registered a strong increase with respect to the same period last year. In particular, Gross Inflows came in at 8,176 million euro, increasing by 30%, while Net Inflows were positive at 2,468.5 million euro, a growth of 27%. |
With reference to the
DOMESTIC MARKET (Net Income and Assets include Banca Esperia for the 48.5% share pertaining to the Group), the following results were achieved:
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Net Profit was at 223 million euro, with a decrease of 11% with respect to the previous year, due to the same reasons that affected the results at the Group level. |
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Assets under Administration grew 10% with respect to December 31, 2005, totalling 30,378 million euro. |
Moreover, excluding
Banca Esperia:
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Gross Premiums Written in total came to 3,215 million euro, +31% with respect to the 2005.
Life New Business jumped 40% (2,069.5 million euro), with Recurring Premiums growing 20% to 218 million euro, and Single Premiums increasing by 43%, to 1,852 million euro. |
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Asset Management registered Gross Inflows of 2,569 million euro, with an increase of 33% compared to the previous year. |
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Net Inflows came in at 1,805 million euro, an increase of 17%. In particular, Managed Savings, grew by 12% to 1,234 million euro. |
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December 31, 2006, the Sales Network of Banca Mediolanum grew by 953 individuals compared to December 31, 2005, totalling 6,173 Family Bankers (of whom 4,011 licensed advisors). |
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December 31, 2006, there was a total of 1 million customers. |
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There were a total of 466,000 bank accounts at December 31, 2006, an increase of 73,600 accounts with respect to December 31, 2005, +19%. |
Highlights in particular with respect to
Banca Esperia:
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Net Profit was at 16.6 million euro (8 million euro for Mediolanum’s share), an increase of 12%. |
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Assets under Administration grew 24% with respect to December 31, 2005, reaching 7,080 million euro (3,434 million euro for Mediolanum’s share). |
With reference to the
FOREIGN MARKETS:
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The Net Economic Result was positive passing from -16.6 million for the previous year to 0.7 million euro.
The business in Spain through Fibanc Mediolanum doubled their contribution to the Consolidated Net Profit, passing from 3.4 million euro to 6.8 million euro. |
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Assets under Administration grew by 15% with respect to December 31, 2005, totalling 2,493 million euro. |
With reference to
Embedded Value, calculated by Tillinghast-Towers Perrin, and relating to all the Domestic Market businesses (excluding Banca Esperia) and the Spanish market excluding the banking business, an increase of
6% was registered, coming in at
3,122 million euro.
The
Value of New Business was positive at
274 million euro, an increase of
22% with respect to the previous year.
In an effort to provide more complete disclosure about the results as at December 31, 2006, we have attached the segment report for the year detailing the economic 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 finished the audit of the consolidated annual report as at December 31, 2006.
A presentation in English with the data contained in this document will be available at the Borsa Italiana S.p.A..
The Annual Report as at December 31, 2006, prepared in accordance with the requirements of article 2433 bis of the Italian Civil Code, will be available at the company’s Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website
http://www.mediolanum.it and at the Borsa Italiana S.p.A.
Attachments:
Balance Sheet as at December 31, 2006
Income Statement as at December 31, 2006
Segment Report
Basiglio - Milano 3 City, March 28, 2007
