H1 2014 Results

Net income: 164.9 million euro
Assets under administration: 61.3 billion euro
Banca Mediolanum net inflows into mutual Funds: 2,309 million euro
Mediolanum S.p.A. new head of the Mediolanum Banking Group

The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Interim Financial Statements as at June 30, 2014. The Board also acknowledged that the Bank of Italy, in a letter dated July 29, communicated the inclusion – effective April 16 – of Mediolanum S.p.A. in the Mediolanum Banking Group as its parent company.

The CONSOLIDATED GROUP RESULTS for the first half-year confirm the steady increase in the most important of the recurring revenues, management fees, whose excellent result more than compensated for the expected decrease in net interest income. G&A expenses were significantly higher compared to the same period in 2013, following the already announced launch of a number of new development projects, especially in the IT area.

As proof of the aforementioned:

• Group Net Income for the first half-year was at 164.9 million euro, -17% with respect to the same period last year, which benefitted from an extraordinary level of realised capital gains, in addition to the lower G&A costs already mentioned.
• Total Assets under Administration went up to 61,284 million euro, an increase of 15% with respect to June 30, 2013, and 6% with respect to the beginning of the year.
• The Common Equity Tier 1 Ratio was 18.09% as at June 30, 2014.

In greater detail, with reference to Banca Mediolanum:

• Total Net Inflows were positive at 1,890 million euro. Net inflows into mutual funds (including those through Unit-linked policies) were particularly noteworthy, reaching 2,309 million euro;
• The number of Financial Advisors as at June 30, 2014 totalled 4,409;
• There was a total of 1,064,300 customers as at June 30, 2014;
• The number of Current accounts and Deposit accounts was approximately 754,400 as at June 30, 2014, with an increase of 6% with respect to the same date last year, and of 3% since the beginning of the year.

Highlights in particular with respect to Banca Esperia:

• Net Income was at 7.6 million euro (3.8 million euro for Mediolanum’s share), +6% with respect to the same period in 2013.
• Assets under Administration totalled 15,509 million euro (7,754 million euro for Mediolanum’s share), an increase of 8% with respect to June 30, 2013, +1% since the beginning of the year.

With reference to the Foreign Markets:

• Net Income came in at 7.2 million euro, posting a decrease of 37% with respect to the first half-year of 2013, when significant capital gains had been realised in Spain;
• Assets under Administration totalled 3,091 million euro, a growth of 24% with respect to June 30, 2013 and 10% since the beginning of the year.

 

Please remember that the Group Interim Financial Statements are currently under review on a limited basis by the independent auditors, who have not yet issued their report.
In an effort to provide more complete disclosure about the results as at June 30, 2014, 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 .

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 on the website of the Italian Stock Exchange and on the website www.mediolanum.com under Investor Relations > Financial Data > Presentations. The Group Interim Financial Statements as at June 30, 2013 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 www.mediolanum.com and on the website of The Italian Stock Exchange.
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, 2014
• Reclassified Income Statement as at June 30, 2014
• Segment Report by Division as at June 30, 2014

Basiglio - Milano 3 City, July 30, 2014

Contacts: Media Relations Rosamaria Salatino Tel +39 02 9049 2027 e-mail: rosamaria.salatino@mediolanum.it

Investor Relations Alessandra Lanzone Tel +39 02 9049 2039 e-mail: investor.relations@mediolanum.it

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