09/05/2013
1.32 p.m
Q1 2013 Results
Net income: 137 million euro
Assets under administration: 53.6 million euro
Banca Mediolanum net inflows: 717 million euro
Preview on Banca Mediolanum’s Net Inflows into Mutual Funds:
Mutual funds net inflows - april 2013: 538 million euro
YTD: 1,538 million euro
Other decisions/resolutions of the board of directors:
Stock Option resolutions
Updated procedures for transactions with related parties
Members added to the nomination and compensation committee
Independence requirements for new directors
The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Interim Financial Statements as at March 31, 2013.
The CONSOLIDATED GROUP RESULTS in the first quarter of the year show once again a steady increase in management fees, the most important of recurring revenues; higher than average performance fees gave a positive contribution too. Among treasury activities, it is worth noting the realising of capital gains on the AFS portfolio, which more than compensates for lower average yield on assets due to the drop in interest rates and also for investments made to finance business growth, which took the form of higher interest rates offered to customers and sales network incentives.
As proof of the aforementioned:
- Group Net Income for the quarter was at 136.7 million euro, the second best quarter ever, -23% with respect to the same period last year, which benefitted from a significant recuperation in investments at fair value (more than 63 million euro, net of tax);
- Net Income for the domestic market came to 125.3 million euro, -28% with respect to the same period last year, due to the same reason;
- Total Assets under Administration went up to 53,612 million euro, an increase of 9% with respect to March 31, 2012, and 4% with respect to the beginning of the year.
In greater detail, with reference to Banca Mediolanum:
- Total Net Inflows were positive at 717 million euro. Net inflows into mutual funds were particularly noteworthy, surpassing 1 billion euro;
- The number of Financial Advisors as at March 31, 2013 totalled 4,329;
- There was a total of 1,037,300 customers as at March 31, 2013;
- The number of Current accounts and Deposit accounts came to 711,700 as at March 31, 2013, with an increase of 9% with respect to the same date last year, and of 1% since the beginning of the year.
Highlights in particular with respect to Banca Esperia:
- Net Income was at 3.6 million euro (1.8 million euro for Mediolanum’s share), +32% with respect to the same period in 2012;
- Assets under Administration totalled 14,277 million euro (7,139 million euro for Mediolanum’s share), an increase of 5% with respect to March 31, 2012, and 3% since the beginning of the year.
With reference to the Mercati esteri:
- Net Income came in at 11.4 million euro, posting an increase of 109% with respect to the first quarter of 2012;
- Assets under Administration totalled 2,371 million euro, a growth of 16% with respect to March 31, 2012 and 6% since the beginning of the year.
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The usual press release outlining the monthly net inflows of Banca Mediolanum will be published tomorrow, Friday, May 10th. As a preview, please note that an all-time record was reached for net inflows into mutual funds for the month of April 2013, hitting 538 million euro (1,538 million euro year-to-date).
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Today, the Board of Directors also:
- After consulting the Nomination and Compensation Committee, exercising the authorities delegated to it by the shareholders at the Ordinary and Extraordinary meetings of April 27, 2010 as amended by the resolutions passed at the annual General Meeting of April 19, 2012, resolved to:
(i)approve some amendments to the Rules of the Stock Option Plans reserved to Directors and Executives of the Company and the Group (“Top Management Plan 2010”) and to the Sales Network Members of the Company and the Group (“Sales Network Plan 2010”). The amendments relate to the specific performance targets at company and/or individual level upon which the exercise of the Options is conditioned. The proposed amendments to the conditions for the exercise of the Options will apply also to the Options already allotted in the previous cycles;
(ii) increase share capital of the Company for a consideration by a maximum amount of Euro 136,155.00, by issuing up to 1,361,550 shares to service the Top Management Plan 2010;
(iii) increase share capital of the Company for a consideration by a maximum amount of Euro 95,100.00, by issuing up to 951,000 shares to service the Sales Network Plan 2010;
(iv)proceed to the allotment of part of the Options under the plans to the beneficiaries – in total 20 beneficiaries under the Top Management Plan 2010 and 135 beneficiaries under the Sales Network Plan Plan 2010.
The Board also verified the exercise conditions for the Options granted in the previous years and set the exercise conditions for future Options grants. For anything not expressly mentioned in this press release and for information about disclosure required under Annex 3A, Schedule 7, of the Issuer Regulation, readers are referred to the documents and related tables that will be updated to reflect today’s Board resolutions and made available within the deadline required by law on the website http://www.mediolanum.com/.
- Unanimously approved, after the unanimous favourable opinion of a committee made up of three independent directors, to update the procedures adopted pursuant to Consob Regulation n. 17221 of March 12, 2010, which governs transactions with related parties. The update was deemed appropriate to clarify some formal aspects of the procedure and also because of the acquisition of Mediolanum Assicurazioni S.p.A. by the Mediolanum Group. Said procedures will be published on the website http://www.mediolanum.com/.
- Appointed Prof. Francesco Barbaro as member of the nomination and compensation committee, which is now composed of the following members:
- Prof. Angelo Renoldi (independent pursuant to the Corporate Governance Code and Section 147 ter of Leg. Decree n. 58 of 1998) - Chairman;
- Prof. Francesco Barbaro (independent pursuant to Section 147 ter of Leg. Decree n. 58 of 1998)
- Prof. Mario Molteni (independent pursuant to the Corporate Governance Code and Section 147 ter of Leg. Decree n. 58 of 1998)
- Following the appointments made by the Shareholders' General Meeting of April 23, 2013, the Board also verified that Chairman Prof. Carlo Secchi and Director Prof. Francesco Barbaro meet the requirements as independent members of the Board. In connection therewith, the Board found that:
- Prof. Carlo Secchi is an independent member of the Board pursuant to the Corporate Governance Code and Section 147 ter of Leg. Decree n. 58 of 1998;
- Prof. Francesco Barbaro is an independent member of the Board independent pursuant to Section 147 ter of Leg. Decree n. 58 of 1998.
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In an effort to provide more complete disclosure about the economic results as at March 31, 2013, we have attached a report detailing economic data reclassified by business division 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 books.
A presentation in English of the information contained herein will be available on the Borsa Italiana website and on
www.mediolanum.com in the section Investor Relations > Financial Data > Presentations.The Interim Financial Statements as at March 31, 2013 will be made available by the deadlines set by law at the company’s Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website o
http://www.mediolanum.com and on the Borsa Italiana S.p.A website.
Attachments:
Basiglio - Milano 3 City, May 9, 2013
