07/27/2010
13.26 p.m.
H1 2010 Results
Net Income: 85 million euro, -21%
Assets under administration: 43 billion euro, +30%
Net Inflows: 2,617 million euro, +24%
The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI), and approved the Consolidated Financial Statements as at June 30, 2010.
CONSOLIDATED GROUP RESULTS for the first half felt the impact of lower Euribor rates and the confidence crisis that impacted the treasury bills of the peripheral European governments, Italy included, and European bank bonds indirectly. All of this negatively influenced net financial income. The impact was partially compensated by a significant increase in business (expressed by an increase in assets due to the equity market performance, but even more so by strong net inflows), and as a consequence, operating income.
Please note that due to the reduction in the amount of positive variation on compulsory technical Life reserves deductible from corporate income envisaged by bill proposal 2228 (the State Budget Law), the tax provision was increased by about 4 million euro.
In light of the aforementioned:
- H1 Net income was 85 million euro, a decrease of 21% compared to the result for the same period in 2009.
- Assets under Administration totalled 43,042 million euro, a growth of 7% since the beginning of the year, and 30% compared to June 30, 2009.
- Total Net Inflows were a positive 2,617 million euro in the first half, a growth of 24% with respect to the first half of 2009.
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 87 million euro, an decrease of 22% with respect to the same period last year;
- Assets under Administration grew by 7% since the beginning of the year and 31% with respect to June 30, 2009, totalling 41,180 million euro.
A few details that relate to Banca Mediolanum:
- Net Inflows, coming in at 2,184 million euro in total, increased 9% with respect to the already strong first half last year.
- The number of Licensed advisors decreased slightly compared to both June 30, 2009 (-2%) and December 31, 2009 (-2%), counting 4,849 advisors.
- There was a total of 1,094,800 customers as at June 30, 2010, +1% with respect to June 30, 2009.
- There was a total of 580,100 bank accounts as at June 30, 2009, an increase of 7,300 accounts with respect to June 30, 2009, +1%.
Banca Esperia highlights:
- Net Income was at 1.2 million euro (0.6 million euro for Mediolanum’s share), a decrease of 22% compared to the first half 2009..
- Assets under Administration grew by 8% with respect to December 31, 2009 and 40% compared to June 30, 2009) reaching 12,032 million euro (6,016 million euro for Mediolanum’s share).
With reference to the FOREIGN MARKETS:
- The Net Economic Result was a negative 2.4 million euro, but an improvement of 41% with respect to the first half the previous year..
- Assets under Administration totalled 1,862 million euro (+12% with respect to the end of the year June 30, 2009).
In an effort to provide more complete disclosure about the results as at June 30, 2010, 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 finished the audit on a limited basis of the consolidated financial statements as at June 30, 2010.
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 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 June 30, 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 Independent Auditors’ report will be published, in the same manner, as soon as it becomes available pursuant to current applicable regulations.
Basiglio - Milano 3 City, July 27, 2010
Attachments:
