THE MEDIOLANUM GROUP. 9M 2007 Results

Transcription

1 PRESS RELEASE THE MEDIOLANUM GROUP 9M 2007 Results ASSETS UNDER ADMINISTRATION: 35 billion euro, +10% GROSS INFLOWS: 7,293 million euro, +29% NET INFLOWS: 1,910 million euro, +11% NET INCOME: 155 million euro, -7% 2007 INTERIM DIVIDEND: 8.5 eurocents per share The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements as at September 30, 2007, and resolved to distribute an interim dividend of 8.5 eurocents per share before any withholding tax. The dividend will become payable on November 22, 2007 (ex-dividend date November 19, 2007; coupon No. 15). With reference to the GROUP RESULTS: Net Income was at million euro, a decrease of 7% compared to the results for the same period last year. Profit before Tax was at 201 million euro, with a 7% decrease, which was mainly due to the change in the structure of the new pension products that penalises the firstyear economic result, shifting profitability to the following years. Assets under Administration grew by 10% with respect to September 30, 2006 totalling 35,036 million euro. Inflows registered a notable increase with respect to the same period last year. In particular, Gross Inflows came in at 7,293 million euro, increasing by 29%, while Net Inflows were positive at 1,910 million euro, a growth of 11%. 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 Profit was at million euro, a decrease of 8% with respect to the same period last year. Assets under Administration grew 10% with respect to September 30, 2006, totalling 32,097 million euro.

2 In particular, excluding Banca Esperia: Gross Premiums Written in total came to 2,383 million euro, +9% with respect to the same period last year. Life New Business increased by 10% (1,532 million euro), with Recurring Premiums growing 1% to 143 million euro, and Single Premiums growing by 11%, to 1,389 million euro. Asset Management registered Gross Inflows of 2,492 million euro, with an increase of 24% compared to the same period last year. Total Net Inflows came in at 1,085 million euro, a decrease of 19% with respect to the same period last year. As at September 30, 2007, the Network of Family Bankers of Banca Mediolanum reached 6,257 individuals. The growth was especially significant in the number of Licensed Advisors: 4,677 (+17% compared to September 30, 2006) As at September 30, 2007, there was a total of 1,051,000 Account Holders, of which 885,000 were Primary Account Holders, 60,300 more than for the same period last year. There were a total of 517,830 bank accounts at September 30, 2007, an increase of 77,448 accounts with respect to September 30, 2006, +18%. Highlights in particular with respect to Banca Esperia: A Net Income of 22.2 million euro (10.8 million euro for Mediolanum s share), an increase of 125%. Assets under Administration grew 41% with respect to September 30, 2006, reaching 9,103 million euro (4,415 million euro for Mediolanum s share). With reference to the FOREIGN MARKETS: The Net Economic Result was positive, passing from a loss of 0.4 million registered for the first nine month of 2006, to a Net Income of 4.5 million euro. The business in Spain through Fibanc Mediolanum contributed 5.6 million euro to the Consolidated Net Income, compared to 4.5 million euro for the same period last year. Its Assets under Administration grew by 9% with respect to September 30, 2006, totalling 2,588.5 million euro. In an effort to provide more complete information about the results for first nine months, we have attached the segment report for the period 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 (Italian Stock Exchange). The quarterly report at September 30, 2007, including the Directors Report, prepared in accordance with the requirements of article 2433 bis of the Italian Civil Code will be available at the company s

3 Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website and at the Borsa Italiana S.p.A. Attachments: Balance Sheet as at September 30, 2007 Income Statement as at September 30, 2007 Segment Report The Officer responsible for preparing Mediolanum S.p.A accounting documents, Luigi Del Fabbro, certifies 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 the books. Basiglio, Milano 3 City, November 8, 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 30/09/ /06/ /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 30/09/ /06/ /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) (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 III TRIM 2007 III TRIM /09/ /09/ REVENUES 1.1 NET PREMIUMS WRITTEN GROSS PREMIUM WRITTEN REINSURANCE PREMIUMS (1.264) (1.216) (3.731) (3.847) 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 (47.613) (46.631) ( ) ( ) 2.3 LOSS ON OTHER INVESTMENTS IN SUBSIDIARIES, ASSOCIATS AND JVs 2.4 LOSS ON OTHER FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTY INTEREST EXPENSE (36.823) (24.489) ( ) (62.725) OTHER EXPENSES (136) (162) (391) (775) REALISED LOSSES (144) (27) (303) (118) UNREALISED LOSSES (1.534) (6.691) (6.215) (9.869) LOSS ON OTHER FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTY (38.637) (31.369) ( ) (73.487) 2.5 OPERATING EXPENSES AGENTS' COMMISSIONS AND OTHER ACQUISITION COSTS (25.184) (23.900) (90.224) (86.266) INVESTMENT MANAGEMENT COSTS/EXPENSES (33) (130) (142) (349) OTHER ADMINISTRATIVE EXPENSE (70.423) (56.570) ( ) ( ) TOTAL OPERATING EXPENSES (95.640) (80.600) ( ) ( ) 2.6 OTHER COSTS (12.580) (18.019) (48.528) (44.174) TOTAL COSTS ( ) ( ) ( ) ( ) PROFIT (LOSS) BEFORE TAX FOR THE PERIOD INCOME TAX (15.757) (15.658) (45.764) (49.092) PROFIT(LOSS) FOR THE PERIOD PROFIT (LOSS) FROM DISCOUNTINUED OPERATIONS (314) 101 (1.291) GROUP NET PROFIT (LOSS) FOR THE PERIOD EARNINGS PER SHARE (IN EURO) 0,058 0,083 0,213 0,228

7 PROFIT & LOSS AS AT SEPTEMBER 30, 2007 SEGMENT REPORTING BY BUSINESS SECTOR LIFE INSURANCE ASSET MANAGEMENT BANKING ALTRO scritture di consolidamento TOTALE GENERALE 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 (3.689) (3.689) (5.179) (5.495) (1) (1.406) (668) (1.033) (7.212) (79) (356) (517) (3.913) (11.060) (79) (1.024) (1.551) (21.942) (14.882) (7.060) (3.459) (3.544) 85 (110) (340) 230 ( ) (66.330) (47.107) (10.222) (7.471) (2.751) ( ) (62.859) (42.426) (2.984) (6.302) (57) (2.358) (8.401) (6.436) (1.965) (8.310) (1.077) (4.265) (5.229) (311) (692) (648) (44) (7.357) (5.680) (1.715) (2.198) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (75.691) (79.768) (40.097) (35.402) (4.695) (2.314) (2.071) (243) (161) ( ) ( ) (2.483) (946) (1.537) (2.483) (946) (1.537) (79.191) (62.846) (16.345) (58.956) (52.476) (6.480) (96.004) (77.044) (18.960) (1.469) (2.801) (321) ( ) ( ) (40.774) (6.043) (5.105) (938) (3.471) (3.928) 457 (8.263) (8.152) (111) (110) (117) (1) (17.887) (17.301) (586) (5.512) (5.808) 296 (2.939) (2.959) 20 (1.485) (1.489) 4 (111) (93) (18) (10.047) (10.349) (7.922) (9.283) (3.262) (4.602) 0 (0) (14.495) (45.764) (49.092) (11.167)

8 PROFIT & LOSS AS AT SEPTEMBER 30, 2007 SEGMENT REPORTING BY BUSINESS SECTOR / DOMESTIC MARKET LIFE INSURANCE ASSET MANAGEMENT BANKING ALTRO scritture di consolidamento TOTALE GENERALE 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 (5.020) (5.020) (5.471) (6.470) (2.382) (663) (1.028) (5.500) (79) (2.933) (14.335) (79) (663) (1.028) (15.549) (9.360) (6.189) (3.438) (3.544) 106 (97) (91) (6) ( ) (59.669) (43.834) (10.222) (7.471) (2.751) ( ) (61.415) (40.296) (2.984) (6.302) (1) (2.413) (8.401) (6.436) (1.965) (8.310) (4.265) (7.773) (94) (13.166) (5.680) (663) (1.028) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (65.893) (70.809) (20.899) (18.491) (2.408) (2.314) (2.071) (243) ( ) ( ) (2.742) (270) (2.472) (2.742) (270) (2.472) (75.417) (59.941) (15.476) (52.023) (46.108) (5.915) (73.888) (56.449) (17.439) (1.469) (2.801) (365) ( ) ( ) (37.863) (4.721) (4.577) (144) (2.933) (3.393) 460 (7.071) (7.056) (15) (110) (117) (14.835) (15.143) 308 (5.512) (5.808) 296 (2.919) (2.919) 0 (735) (972) 237 (111) (93) (18) (9.277) (9.792) (8.280) (13.705) (4.602) (17.713) (44.385) (48.037) (14.061)

9 PROFIT & LOSS AS AT SEPTEMBER 30, 2007 SEGMENT REPORTING BY BUSINESS SECTOR / FOREIGN MARKET LIFE INSURANCE ASSET MANAGEMENT BANKING ALTRO scritture di consolidamento TOTALE GENERALE 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 / (LOSS) delta delta delta delta delta delta (1.631) (1.631) (391) (203) (1.712) (1.141) (1.712) (309) (21) 0 (21) (13) (249) 236 (9.934) (6.661) (3.273) (9.968) (6.910) (3.058) (325) (66) (259) (252) (2) (250) (1.291) (1.115) (217) (81) (115) (200) (213) (2.983) (115) (200) (98.138) ( ) (98.138) ( ) (8.353) (9.892) (9.798) (8.959) (839) (19.198) (16.911) (2.287) (37.349) (35.762) (1.587) (676) (676) 935 (3.774) (2.905) (869) (6.933) (6.368) (565) (22.116) (20.595) (1.521) (85) (32.708) (29.668) (3.040) (1.322) (528) (794) (538) (535) (3) (1.192) (1.096) (96) (3.052) (2.159) (893) (20) (40) 20 (750) (517) (233) (770) (557) (213) (9.776) (8.214) (1.562) (1.379) (1.055) (324) (408) 2.894