THE MEDIOLANUM GROUP. Q Results

Transcription

1 PRESS RELEASE THE MEDIOLANUM GROUP Q Results PROFIT BEFORE TAX: 80 million euro, +7% NET INCOME: 61 million euro, +4% ASSETS UNDER ADMINISTRATION: 34 billion euro, +9% GROSS INFLOWS: 2,574 million euro, +30% NET INFLOWS: 645 million euro, +23% SURPASSED 1 MILLION CUSTOMERS The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements for the first quarter of With reference to the GROUP RESULTS, we would like to highlight in particular: Net Income was at 61 million euro, a growth of 4% compared to the same period last year. Profit before tax was at 80 million euro, an increase of 7%. It should be noted that results for the first quarter of 2006 were characterised by very strong performance fees, which during the first quarter of 2007, due to the trend in the stock and ForEx markets, were 41% lower. Net of performance fees, Profit before Tax thus increased by 30% compared to the same period last year. Assets under Administration, grew by 9% with respect to March 31, 2006 totalling 34,193 million euro. Inflows registered a strong increase with respect to the same period last year. In particular, Gross Inflows came in at 2,574 million euro, increasing by 30%, while Net Inflows were positive at 645 million euro, a growth of 23%. 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: Net Income was at 59 million euro, flat with respect to the same period last year. Assets under Administration grew 9% with respect to March 31, 2006, totalling 30,847 million euro. Moreover, excluding Banca Esperia: Gross Premiums Written in total came to 864 million euro, +34% with respect to the same period last year. Life New Business jumped 49% to 584 million euro, with Recurring Premiums dropping 42% to 36 million euro, and Single Premiums increasing by 66%, to 547 million euro. The drop in

2 Recurring Premiums is a result of the preclusion to distribute the new individual pension products not yet authorized by COVIP. Asset Management registered Gross Inflows of 749 million euro, with an decrease of 24% compared to the previous year. Net Inflows were positive at 420 million euro, an increase of 43%. In particular, Life Net Inflows, grew by 41% to 377 million euro. As at March 31, 2007, there were 1,010 individuals in the Sales Network of Banca Mediolanum, up 18%, totalling 6,475 Family Bankers, of whom 4,036 are licensed advisors. As at March 31, 2007, there was a total of 1,006,500 customers. There were a total of 480,000 bank accounts at March 31, 2007, an increase of 71,000 accounts with respect to March 31, 2006, +17%. Highlights in particular with respect to Banca Esperia: Net Income was at 7.2 million euro (3.5 million euro for Mediolanum s share), an increase of 79%. Assets under Administration grew 25% compared to March 31, 2006, reaching 7,571 million euro (3,672 million euro for Mediolanum s share). With reference to the FOREIGN MARKETS: The net economic result was positive passing from breakeven at the first quarter last year to a Net Income of 1.9 million euro. The business in Spain, through Fibanc-Mediolanum, registered a growth in Consolidated Net Profit, passing from 1.5 million euro to 2.3 million euro. Assets under Administration grew by 9% with respect to March 31, 2006, totalling 3,346 million euro. The Board of Directors have also appointed Luigi Del Fabbro, currently General Manager and CFO of the Mediolanum Group, as the officer in charge of preparing the corporate financial statements and reports of Mediolanum S.p.A.. In an effort to provide more complete disclosure about the results as at March 31, 2007, we have attached the Segment Report for the quarter detailing the economic data, reclassified to reflect the criteria used by the Mediolanum Group. A presentation in English with the data contained in this document will be available at the Borsa Italiana S.p.A.. The Quarterly Report as at March 31, 2007, will be available at the company s Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website and at the Borsa Italiana S.p.A..

3 Attachments: Consolidated Balance Sheet as at March 31, 2007 Consolidated Income Statement as at March 31, 2007 Consolidated Segment Report Basiglio, Milano 3 City, May 10, 2007 Contacts: Media Relations Investor Relations Roberto Scippa Alessandra Lanzone Tel: Tel: Fax: investor.relations@mediolanum.it gmmedia@mediolanum.it

4 Balance sheet ASSETS in thousands of euro 31/03/ /12/ INTANGIBLE ASSETS 1.1 GOODWILL OTHER INTANGIBLE ASSETS TOTAL INTANGIBLE ASSETS TANGIBLE ASSETS 2.1 PROPERTY OTHER TANGIBLE ASSETS TOTAL TANGIBLE ASSETS REINSURERS' SHARE OF TECHNICAL RESERVES INVESTMENTS 4.1 INVESTMENT PROPERTY INVESTMENTS IN SUDSIDIARIES, ASSOCIATES AND JVs HELD TO MATURITY INVESTMENTS LOANS AND RECEIVABLES AVAILABLE FOR SALE FINANCIAL ASSETS FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS TOTAL INVESTMENTS RECEIVABLES 5.1 ARISING OUT OF DIRECT INSURANCE BUSINESS ARISING OUT OF REINSURANCE BUSINESS OTHER RECEIVABLES TOTAL RECEIVABLES OTHER ASSETS 6.1 NON CURRENT ASSETS OR ASSETS OF DISPOSAL GROUPS, HELD FOR SALE DEFERRED ACQUISITION COSTS 6.3 DEFERRED TAX ASSETS CURRENT TAX ASSETS OTHER ASSETS TOTAL OTHER ASSETS CASH AND CASH EQUIVALENTS TOTAL ASSETS

5 LIABILITIES in thousands of euro 31/03/ /12/ SHAREHOLDERS' EQUITY 1.1 GROUP SHAREHOLDERS' EQUITY SHARE CAPITAL OTHER EQUITY INSTRUMENTS CAPITAL RESERVES RETAINED EARNINGS AND OTHER EQUITY RESERVES (TREASURY SHARES) (2.045) (2.045) EXCHANGE DIFFERENCE RESERVES GAINS OR LOSSES ON AVAILABLE FOR SALE FINANCIAL ASSETS OTHER GAINS OR LOSSES RECOGNISED DIRECTLY IN EQUITY PROFIT (LOSS) FOR THE YEAR ATTRIBUTABLE TO THE GROUP TOTAL CAPITAL AND RESERVES ATTRIBUTABLE TO THE GROUP ATTRIBUTABLE TO MINORITY INTEREST CAPITAL AND RESERVES ATTRIBUTABLE TO MINORITY INTERESTS GAINS (LOSSES) RECOGNISED DIRECTLY IN EQUITY NET PROFIT (LOSS) FOR THE YEAR ATTRIBUTABLE TO MINORITY INTERESTS TOTAL CAPITAL AND RESERVES ATTRIBUTABLE TO MINORITY INTEREST TOTAL SHAREHOLDERS' EQUITY PROVISIONS TECHNICAL RESERVES FINANCIAL LIABILITIES 4,1 FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS OTHER FINANCIAL LIABILITIES TOTAL FINANCIAL LIABILITIES PAYABLES 5.1 ARISING OUT OF DIRECT INSURANCE BUSINESS ARISING OUT OF REINSURANCE BUSINESS OTHER PAYABLES TOTAL PAYABLES OTHER LIABILITIES 6.1 LIABILITIES OF DISPOSAL GROUPS HELD FOR SALE 6.2 DEFERRED TAX LIABILITIES CURRENT TAX LIABILITIES OTHER LIABILITIES TOTAL OTHER LIABILITIES TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

6 Income statement in thousands of euro 31/03/ /03/ REVENUES 1.1 NET PREMIUMS WRITTEN GROSS PREMIUM WRITTEN REINSURANCE PREMIUMS (1.152) (1.633) NET PREMIUMS WRITTEN COMMISSION INCOME NET INCOME ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT AND LOSS INCOME ON INVESTMENTS IN SUDSIDIARIES, ASSOCIATES AND JVs INCOME ON OTHER FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTY INTEREST INCOME OTHER INCOME REALISED GAINS UNREALISED GAINS TOTAL INCOME ON OTHER FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTY OTHER REVENUES TOTAL REVENUES COSTS 2.1 NET CLAIMS AND BENEFITS AMOUNTS PAID AND CHANGE IN TECHNICAL RESERVES ( ) ( ) REINSURERS' SHARE/RECOVERIES FROM REINSURERS NET CLAIMS AND BENEFITS ( ) ( ) 2.2 COMMISSION EXPENSE (51.573) (54.296) 2.3 LOSS ON OTHER INVESTMENTS IN SUBSIDIARIES, ASSOCIATS AND JVs 2.4 LOSS ON OTHER FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTY INTEREST EXPENSE (30.553) (18.585) OTHER EXPENSES (94) (177) REALISED LOSSES (118) (17) UNREALISED LOSSES (1.857) (1.818) LOSS ON OTHER FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTY (32.622) (20.597) 2.5 OPERATING EXPENSES AGENTS' COMMISSIONS AND OTHER ACQUISITION COSTS (29.616) (32.911) INVESTMENT MANAGEMENT COSTS/EXPENSES (93) (187) OTHER ADMINISTRATIVE EXPENSE (70.159) (55.702) TOTAL OPERATING EXPENSES (99.868) (88.800) 2.6 OTHER COSTS (16.252) (12.450) TOTAL COSTS ( ) ( ) PROFIT (LOSS) BEFORE TAX FOR THE PERIOD INCOME TAX (19.365) (16.465) PROFIT(LOSS) FOR THE PERIOD PROFIT (LOSS) FROM DISCOUNTINUED OPERATIONS (204) (481) GROUP NET PROFIT (LOSS) FOR THE PERIOD

7 PROFIT & LOSS AS AT MARCH 31, 2007 SEGMENT REPORTING BY BUSINESS SECTOR LIFE INSURANCE ASSET MANAGEMENT BANKING OTHER CONSOLIDATION ADJUSTMENTS TOTAL Euro/000 Net premiums written Entry fees Management fees Performance fees Banking service fees Other fees Total commission income Interest income and similar income Interest expense and similar charges Net income on investments at fair value Net financial income Net income on other investments Other revenues Total revenues delta delta delta delta delta delta (8.066) (8.066) (1.379) (3.091) (7.102) (10.193) (286) (359) (14) (18) (114) (143) (15.657) (18) (400) (502) (10.644) (7.744) (4.315) (3.429) (1.162) (988) (174) (45) (100) 55 (33.992) (19.610) (14.382) (3.129) (2.247) (882) (30.585) (18.629) (11.956) 99 (5.174) (3) 54 (57) (45) (4.422) (1.853) (2.727) (2.017) (710) 0 (44) (169) (410) (1.412) (152) (64) (285) (402) (13.957) (1.817) (685) (948) Amounts paid and change in technical reserves ( ) ( ) ( ) ( ) ( ) ( ) Acquisition costs & other commission expenses (42.979) (40.338) (2.641) (23.244) (32.611) (12.883) (11.332) (1.551) (778) (752) (26) (32) (79.771) (84.888) RNet impairment of financial investments (40) (349) (1) 45 (46) (41) (304) 263 G&A expenses (27.986) (20.474) (7.512) (18.728) (18.260) (468) (31.298) (22.700) (8.598) (510) (599) (187) (77.951) (61.275) (16.676) Amortisation and depreciation (2.083) (1.326) (757) (1.186) (1.088) (98) (2.970) (2.635) (335) (32) (37) (6.269) (5.086) (1.183) Provisions for risks and charges (2.037) (2.134) 97 (944) (2.009) (341) (575) 234 (37) (28) (9) (0) 0 (0) (3.359) (4.746) Profit before tax (4.091) (1.758) (0) 0 (0) Income tax NET PROFIT (19.365) (16.465) (2.900)

8 PROFIT & LOSS AS AT MARCH 31, 2007 SEGMENT REPORTING BY BUSINESS SECTOR / DOMESTIC MARKET LIFE INSURANCE ASSET MANAGEMENT BANKING OTHER CONSOLIDATION ADJUSTMENTS TOTAL Euro/000 Net premiums written Entry fees Management fees Performance fees Banking service fees Other fees Total commission income Interest income and similar income Interest expense and similar charges Net income on investments at fair value Net financial income Net income on other investments Other revenues Total revenues Amounts paid and change in technical reserves Acquisition costs & other commission expenses Net impairment of financial investments G&A expenses Amortisation and depreciation Provisions for risks and charges Profit before tax Income tax NET PROFIT delta delta delta delta delta delta (8.034) (8.034) (1.414) (3.091) (7.241) (10.332) (286) (360) (1.455) (5) (18) (802) (16.013) (18) (286) (360) (12.966) (4.796) (2.685) (2.111) (1.162) (988) (174) (39) (28) (11) (31.081) (17.601) (13.480) (3.129) (2.247) (882) (30.615) (18.179) (12.436) 99 (5.174) (4.615) (1.875) (2.727) (2.017) (710) (169) (1.412) (152) (37) (15.706) (1.817) (286) (360) ( ) ( ) ( ) ( ) ( ) ( ) (38.429) (37.597) (832) (20.008) (29.428) (6.123) (5.325) (798) (778) (752) (26) (65.338) (73.102) (275) (110) (165) (275) (110) (165) (25.465) (18.205) (7.260) (16.865) (16.352) (513) (24.224) (17.002) (7.222) (510) (599) (74) (66.778) (51.798) (14.980) (1.517) (1.156) (361) (1.089) (1.024) (65) (2.465) (2.141) (324) (32) (37) (5.103) (4.358) (745) (2.037) (2.134) 97 (944) (1.969) (333) (537) 204 (37) (28) (9) (3.351) (4.668) (5.839) (1.758) (18.029) (16.022) (2.007)

9 PROFIT & LOSS AS AT MARCH 31, 2007 SEGMENT REPORTING BY BUSINESS SECTOR / DOMESTIC MARKET LIFE INSURANCE ASSET MANAGEMENT BANKING OTHER CONSOLIDATION ADJUSTMENTS TOTAL Euro/ delta delta delta delta delta delta Net premiums written Entry fees Management fees Performance fees Banking service fees Other fees Total commission income Interest income and similar income Interest expense and similar charges Net income on investments at fair value Net financial income Net income on other investments Other revenues Total revenues (32) (32) (10) 2 11 (9) (6) (72) 66 (2.911) (2.009) (902) (2.917) (2.081) (836) (3) 54 (57) (9) (66) (481) (75) (377) (27) (49) (95) (95) Amounts paid and change in technical reserves (44.793) (32.858) (11.935) (44.793) (32.858) (11.935) Acquisition costs & other commission expenses (4.550) (2.745) (1.805) (3.236) (3.183) (53) (6.759) (6.007) (752) (14.545) (11.935) (2.610) RNet impairment of financial investments (239) (239) 474 G&A expenses (2.519) (2.266) (253) (1.862) (1.908) 46 (7.076) (5.698) (1.378) (95) (11.457) (9.777) (1.680) Amortisation and depreciation (566) (170) (396) (97) (64) (33) (504) (494) (10) (1.167) (728) (439) Provisions for risks and charges (40) 40 (8) (38) (8) (78) 70 Profit before tax (2.126) (1.364) (762) Income tax NET PROFIT/(LOSS) (1.336) (443) (893)