05/13/2008
13.18 p.m
Q1 2008 Results
Net Income: 31 million euro, -49%
Assets under administration: 32.4 million euro, -5%
Net Inflows: positive at 196 million euro
The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Financial Statements for the first quarter 2008.
The
CONSOLIDATED GROUP RESULTS were influenced by terrible trends in the financial markets during the quarter, particularly impacting managed assets revenues (-27 million euro with respect to March 31, 2007), and the net margin on investments at fair value according to the IAS/IFRS accounting principles
(-10 million euro for Q1 2008 compared to +5 million euro at March 31, 2007).
Mediolanum confirms they do not have any write-downs that would come from sub-prime mortgages or mortgage-backed securities.
In light of the aforementioned:
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Net income was at 31 million euro, a decrease of 49% compared to the result for the same period last year. |
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Profit before Tax was at 40 million euro, a decrease of 50%. |
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Assets under Administration totalled 32,393 million euro, a decrease of 5% compared to March 31, 2007. |
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Net Inflows, on the other hand, remained positive at 196 million euro. |
The same considerations made for the Group can also be applied to the
DOMESTIC MARKET where the following results were achieved (Net Income and Assets include Banca Esperia for the 48.5% share pertaining to the Group):
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Net Income was at 33.2 million euro, with a decrease of 44% with respect to the same period last year. |
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Assets under Administration decreased 3% with respect to March 31, 2007, totalling 29,992 million euro. |
It should be highlighted that
Banca Mediolanum made progress in all strategic projects.
In particular,
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Net Inflows were positive at 507 million euro, an increase of 21% compared to the first quarter last year and in counter-trend to the rest of the market. |
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Life Gross Premiums Written totalled 760 million euro, 12% less with respect to the same period last year. This result is due, on one hand, to an extraordinary performance in new business of Recurring Premiums, which grew by 153% to 92 million euro, and in particular in the sales of the Individual Pension Plans, ‘Tax Benefit New’; on the other hand, to a reduction of 30% in Single Premiums to 386 million euro. |
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At March 31, 2008, the Sales Network of Banca Mediolanum totalled 6,356 Family Banker, substantially in line with last year. There was significant growth in the number of licensed advisors: 5,096 or +26% compared to March 31, 2007. |
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There was a total of 1,065,000 Customers at March 31, 2008, an increase of 6%. |
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There was a total of 539,600 bank accounts at March 31, 2008, an increase of nearly 60,000 accounts with respect to March 31, 2007, +12%. |
Highlights in particular with respect to
Banca Esperia:
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Net Income was at 2.5 million euro (1.2 million euro for Mediolanum’s share), a decrease of 65%, substantially due to the absence of performance fees. |
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Assets under Administration grew 18% with respect to March 31, 2007, reaching 8,896 million euro (4,315 million euro for Mediolanum’s share). |
With reference to the
FOREIGN MARKETS:
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The Net Economic Result was a negative 2.3 million euro, a decrease of 4.2 million euro with respect to the same period last year. |
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Assets under Administration totalled 2,401 million euro, down 23% with respect to March 31, 2007. |
In an effort to provide more complete disclosure about the results as at March 31, 2008, we have attached the segment report detailing income statement data, reclassified to reflect the criteria used by the Mediolanum Group.
A presentation in English of the financial information contained herein will be available at Borsa Italiana.
The Quarterly Report as at March 31, 2008 will be available at the company’s Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website www.mediolanum.it and at Borsa Italiana S.p.A..
The Board also resolved to approve the increases in share capital as per article 2443 of the Civil Code in relation to the stock option plan reserves for employees, sales network members and directors.
The documents prepared as per article 84-bis, paragraph 5 of the issuer's regulation will be promptly made available to the public.
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, May 13, 2008
Attachments:
Balance Sheet as at March 31, 2008 Income Statement as at March 31, 2008 Segment Report
