07/27/2011
13.30 p.m.
H1 2011 Results
Net income: 97 million euro, +14%
Assets under administration: 46.7 billion euro, +9%
The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Group Interim Financial Statements as at June 30, 2011.
In line with the European Union plan to save Greece from default, Mediolanum has decided to proceed with an impairment of the Greek government bonds with maturities up to 2020, which are in the securities portfolio of Banca Mediolanum, and to a very small degree, of Mediolanum Vita. This impairment, determined using a recovery rate of 79%, produced a negative impact of 14.2 million on the income statement, without which, group net income would have been
111 million euro (+31%).
Notwithstanding the impairment, the
CONSOLIDATED GROUP RESULTS in the first half of the year registered solid progress. In fact, even though there was a sharp 69% drop in performance fees (-48 million), the contribution from recurring revenues was substantial, with a 19% increase in management fees (+33 million) and a 48% increase in interest spread (+32 million).
As proof of the aforementioned:
- Net Income for the period was at 96.8 million euro, +14% compared to the same period last year.
- Assets under Administration registered a record 46,723 million euro, an increase of 9% compared to June 30, 2010, and 2% since the beginning of the year.
- Total Net Inflows were positive at 1,481 million euro.
With reference to the DOMESTIC MARKET the following results were achieved:
- Net Income was at 97.2 million euro, +12% with respect to the same period last year;
- Assets under Administration grew 9% with respect to June 30, 2010, and 2% since the beginning of the year, totalling 44,700 million euro.
In greater detail, with reference to Banca Mediolanum:
- Total Net Inflows were positive at 928 million euro.
- The number of Financial Advisors as at June 30, 2011 totalled 4,700.
- There was a total of 1,065,800 customers as at June 30, 2011.
- The number of Bank accounts came to 579,000 as at June 30, 2011.
Highlights in particular with respect to Banca Esperia:
- Assets under Administration increased 14% with respect to June 30, 2010, and +8% since the beginning of the year, reaching 13,748 million euro (6,874 million euro for Mediolanum’s share);
- Profit before Tax came to 2.1 million euro, +181% with respect to the first half of 2010;
- Net Income was at 1.2 million euro (0.6 million euro for Mediolanum’s share), unchanged with respect to the same period last year.
With reference to the FOREIGN MARKETS:
- Net Income came in at 0.4 million euro, a clear improvement compared to a loss of 2.4 million euro registered in the first half of 2010;
- Assets under Administration totalled 2,022 million euro, a growth of 9% with respect to June 30, 2010 (+3% with respect to December 31, 2010).
In an effort to provide more complete disclosure about the results as at June 30, 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 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 Group Interim Financial Statements as at June 30, 2011 will be available according to the terms set by law 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.
Attachments:
Basiglio - Milano 3 City, July 27, 2011
