THE MEDIOLANUM GROUP H Results

Transcription

1 PRESS RELEASE THE MEDIOLANUM GROUP H Results NET INCOME: 97 million euro, +14% ASSETS UNDER ADMINISTRATION: 46.7 million 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, 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, The number of Bank accounts came to 579,000 as at June 30, 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.

2 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 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, 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 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: Consolidated Balance Sheet as at June 30, 2011 Consolidated Income Statement as at June 30, 2011 Segment Report by Division as at June 30, 2011 Basiglio - Milano 3 City, July 27, 2011 Contacts: Media Relations Investor Relations Roberto Scippa Alessandra Lanzone Tel Tel Fax investor.relations@mediolanum.it gmmedia@mediolanum.it

3 CONSOLIDATED BALANCE SHEET ASSETS Euro thousands 30/06/ /12/ INTANGIBLE ASSETS 1.1 GOODWILL OTHER INTANGIBLE ASSETS INTANGIBLE ASSETS TANGIBLE ASSETS 2.1 PROPERTY OTHER TANGIBLE ASSETS 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 INVESTMENTS RECEIVABLES 5.1 ARISING OUT OF DIRECT INSURANCE BUSINESS ARISING OUT OF REINSURANCE BUSINESS OTHER RECEIVABLES RECEIVABLES OTHER ASSETS 6.1 NON CURRENT ASSETS OR ASSETS OF DISCONTINUED OPERATIONS, HELD FOR SALE DEFERRED ACQUISITION COSTS DEFERRED TAX ASSETS CURRENT TAX ASSETS OTHER ASSETS OTHER ASSETS CASH AND CASH EQUIVALENTS ASSETS

4 LIABILITIES 30/06/ /12/ CAPITAL AND RESERVES 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 (59.751) (69.833) OTHER GAINS OR LOSSES RECOGNISED DIRECTLY IN EQUITY PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE TO THE GROUP 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 PERIOD ATTRIBUTABLE TO MINORITY INTERESTS - - CAPITAL AND RESERVES ATTRIBUTABLE TO MINORITY INTEREST - - CAPITAL AND RESERVES PROVISIONS TECHNICAL RESERVES FINANCIAL LIABILITIES 4.1 FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS OTHER FINANCIAL LIABILITIES FINANCIAL LIABILITIES PAYABLES 5.1 ARISING OUT OF DIRECT INSURANCE BUSINESS ARISING OUT OF REINSURANCE BUSINESS OTHER PAYABLES PAYABLES OTHER LIABILITIES 6.1 LIABILITIES OF DISPOSAL GROUPS HELD FOR SALE DEFERRED TAX LIABILITIES CURRENT TAX LIABILITIES OTHER LIABILITIES OTHER LIABILITIES LIABILITIES AND SHAREHOLDERS' EQUITY

5 CONSOLIDATED INCOME STATEMENT Euro thousands 30/06/ /06/ REVENUES 1.1 NET PREMIUMS WRITTEN GROSS PREMIUM WRITTEN REINSURANCE PREMIUMS (1.856) (2.033) 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 INCOME ON OTHER FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTY OTHER REVENUES 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 ( ) ( ) 2.3 LOSS ON OTHER INVESTMENTS IN SUBSIDIARIES, ASSOCIATS AND JVs 2.4 LOSS ON OTHER FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTY INTEREST EXPENSE (55.828) (32.503) OTHER EXPENSES (163) (168) REALISED LOSSES (17.364) (4.455) UNREALISED LOSSES (28.322) (13.978) LOSS ON OTHER FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTY ( ) (51.104) 2.5 OPERATING EXPENSES AGENTS' COMMISSIONS AND OTHER ACQUISITION COSTS (39.571) (40.321) INVESTMENT MANAGEMENT COSTS/EXPENSES (250) (69) OTHER ADMINISTRATIVE EXPENSE ( ) ( ) OPERATING EXPENSES ( ) ( ) 2.6 OTHER COSTS (33.218) (36.537) COSTS ( ) ( ) PROFIT (LOSS) BEFORE TAX FOR THE PERIOD INCOME TAX (32.563) (23.329) PROFIT(LOSS) FOR THE PERIOD PROFIT (LOSS) FROM DISCOUNTINUED OPERATIONS (43) (50) GROUP NET PROFIT (LOSS) FOR THE PERIOD OF WHICH PERTAINING TO THE GROUP EARNING PER SHARE (IN EURO) 0,132 0,116 1

6 MEDIOLANUM GROUP PROFIT AND LOSS FIGURES BY DIVISION AS AT 30/06/2011 LIFE BANKING ASSET MNG. ITALY OTHER SPAIN GERMANY Net premiums written Amounts paid & change in technical reserves Life revenues ex-commission Entry fees Management fees Performance fees Banking service fees Other fees Total commission income Interest income and similar income Net income on investments at fair value Net financial income Equity method Net realised gains on other investments Net impairment of loans Net impairment of other investments Income from other investments Other revenues REVENUES Sales network commission expenses Other commission expenses G&A expenses Amortisation and depreciation Provision for risks and charges COSTS PROFIT/ (LOSS) BY SEGMENT BEFORE TAX Income Tax NET PROFIT / (LOSS) ( ) ( ) (46.865) (11.762) ( ) (854) (2) (854) (2) (2.705) (2.704) (924) (90) (1.014) 284 (730) (2.410) (20.501) (1.024) (23.935) 158 (23.777) (2.303) (16.475) 156 (812) (19.434) 763 (18.671) (87) (854) (89) (46.988) (22.456) (74.817) ( ) (8.712) (2.052) 2 ( ) (3.474) (5.708) (4.643) (13.825) (1.503) (9.903) (25.231) (49.093) (73.091) (41.496) (1.289) 854 ( ) (12.717) (6.462) 87 ( ) (1.844) (3.146) (1.360) (46) (6.396) (823) (471) (7.690) (2.175) (962) (3.230) (6.367) 29 (6.338) ( ) ( ) ( ) (1.335) 854 ( ) (23.726) (18.888) 89 ( ) (2.061) (32.938) 526 (151) (32.563) (2.212)

7 MEDIOLANUM GROUP PROFIT AND LOSS FIGURES BY DIVISION AS AT 30/06/2010 LIFE BANKING ASSET MNG. ITALY OTHER SPAIN GERMANY Net premiums written Amounts paid & change in technical reserves Life revenues ex-commission Entry fees Management fees Performance fees Banking service fees Other fees Total commission income Interest income and similar income Net income on investments at fair value Net financial income Equity method Net realised gains on other investments Net impairment of loans Net impairment of other investments Income from other investments Other revenues REVENUES Sales network commission expenses Other commission expenses G&A expenses Amortisation and depreciation Provision for risks and charges COSTS PROFIT/ (LOSS) BY SEGMENT BEFORE TAX Income Tax NET PROFIT / (LOSS) ( ) ( ) (42.246) (10.100) ( ) (27) (346) (2) (346) (29) (8) (15) (313) (273) (8) (61) (104) (831) (1) (3.550) (142) (3.692) 119 (3.573) (979) (2.748) (3.727) (3.727) (3.325) (104) (3.721) (2.976) 567 (1) (2.410) (413) (346) (442) (49.964) (22.253) (82.023) ( ) (7.763) (1.958) 29 ( ) (3.102) (6.017) (3.756) (12.875) (1.068) (13.730) (27.673) (51.317) (67.853) (40.740) (901) 346 ( ) (13.281) (6.135) 413 ( ) (2.144) (4.368) (1.714) (28) (8.254) (793) (479) (9.526) (2.168) (986) (3.500) (6.654) 113 (6.541) ( ) ( ) ( ) (929) 346 ( ) (22.792) (22.302) 442 ( ) (911) (1.467) (1.847) (24.246) (151) (23.329) (399) (1.998)