Net income for the nine months was at 104 million euro, a decrease of 33% compared to the result for the same period last year. | |
Profit before Tax was at 134 million euro, with a decrease of 33%. | |
Assets under Administration totalled 30,782 million euro, down 12% compared to September 30, 2007. | |
Net Inflows, on the other hand, remained significantly positive at 1,076 million euro. |
Net Income was at 112.9 million euro, with a decrease of 26% with respect to the same period last year; | |
Assets under Administration declined 10% with respect to September 30, 2007, totalling 28,811 million euro. |
Net Inflows were positive at 1,683 million euro, an increase of 55% compared to the first nine months of last year. In contrast with the rest of the market, Net Inflows into Managed Savings were very positive at 814 million euro, up 39%. | |
Life Gross Premiums Written totalled 2,100 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 39% to 198 million euro, and in particular in the sales of the Individual Pension Plans, ‘Tax Benefit New’; on the other hand, to a reduction of 27% in Single Premiums, coming in at 1,020 million euro. | |
Growth in the number of Licensed advisors continued: 5,108 or +9% compared to September 30, 2007, with an additional 844 non-licensed advisors waiting to take the CONSOB licensing exam. | |
There was a total of 1,077,000 customers at September 30, 2008, an increase of 2%. | |
There was a total of 554,800 bank accounts at September 30, 2008, an increase of about 37,000 accounts with respect to September 30, 2007, +7%. |
Net Income was at 8.3 million euro (4.0 million euro for Mediolanum’s share), a decrease of 63%, substantially due to the absence of performance fees. | |
Assets under Administration fell 5% with respect to September 30, 2007, reaching 8,652 million euro (4,196 million euro for Mediolanum’s share). |
The Net Economic Result was a negative 9.4 million euro. The business in Spain, through Fibanc Mediolanum, closed the nine month period with a negative net result of -4.8 million, caused by the difficult situation in the markets. | |
Assets under Administration totalled 1,971.3 million euro, down 33% with respect to September 30, 2007. |
The Board has also resolved to start a program for Mediolanum S.p.A. for the issue of non-convertible bonds for a maximum of 400 million euro that will mainly be aimed at the retail customers of Banca Mediolanum S.p.A.
This bond issue plan has the goal of modifying the time horizon of the current financing of the holding company, diversifying the due dates toward the longer term. In fact, the bonds will be issued with durations of 3 to 6 years.
The plan mainly entails the issuing of variable-rate bonds, with coupons indexed to the 3-month EURIBOR, and a payback of the principal at maturity. Some of the bonds may entail early reimbursement. The plan also includes the possibility of the issue of fixed-rate bonds based on market rates.
The specifics of the bond issue plan will be described in detail in the Basic Prospectus, which will undergo the authorisation process by the relevant regulation authority (CONSOB).
Basiglio - Milano 3 City, November 12, 2008
Attachments:
Balance Sheet as at September 30, 2008
Income Statement as at September 30, 2008
Segment Report
Contacts: Media Relations Roberto Scippa Tel +39 02 9049 2902 Fax +39 02 9049 2345 e-mail: gmmedia@mediolanum.it |
Investor Relations Alessandra Lanzone Tel +39 02 9049 2039 e-mail: investor.relations@mediolanum.it |