03/24/2010
2.11 p.m.
FY 2009 Results
Assets Under Administration: 40,394 million euro, +37%
Net Inflows: positive at 6,928 million euro, 177%
Net Income: 217 million euro, +66% (*)
Dividend Proposal: 15 eurocents per share
Dividend Balance to be paid: 6.5 eurocents per share
The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated and the Separate Financial Statements as at December 31, 2009.
The Board of Directors resolved to propose to the shareholders a payment of a dividend of 15 eurocents per share relative to the net income for 2009. Considering the interim dividend of 8.5 eurocents per share already paid out in November 2009, the Board of Directors will propose the distribution of a final dividend of 6.5 eurocents per share, gross of any applicable taxes, at the General Shareholders’ Meeting, payable as of May 27, 2010 (coupon #20, ex-dividend date May 24, 2010).
The General Shareholders’ Meeting for the approval of the financial statements will take place on April 27, 2010 at 2:30 p.m., first call, and, if needed, on April 28, 2009 at the same time on second call, in Basiglio Milano 3, Palazzo Meucci.
The
CONSOLIDATED GROUP RESULTS show a markedly positive trend thanks to the exceptional performance of both net inflows and the strong financial markets, which favourably influenced the Performance Fees and investments at Fair Value.
As proof the aforementioned:
- Net Income for the year was at 217 million euro, an increase of 66% compared to the pro-forma result for 2008 (*). Profit before Tax was at 258 million euro, an increase of 56%.
- Assets under Administration totalled 40,394 million euro, an increase of 37% compared to December 31, 2008.
- Net Inflows came in at a positive 6,928 million euro, increasing 177% with respect to 2008 and represent an all-time record for the Group confirming the considerable strengthening of the business.
The same considerations made for the Group apply to the DOMESTIC MARKET as well, where the following results were achieved (Net Income and Assets include Banca Esperia for the 50% share pertaining to the Group):
- Net Income was at 224 million euro, with an increase of 55% with respect to the previous year;
- Assets under Administration grew 38% with respect to December 31, 2008, totalling 38,530 million euro.
In greater detail, with reference to Banca Mediolanum:
- Net Inflows were positive at 5,795 million euro, an increase of 122% compared to the previous year. Net Inflows into Managed Assets were very positive and doubled (+101%), coming in at 1,993 million euro.
- The success of the Freedom Account launched in March 2009 deserves special mention, registering total inflows of 5,824 million euro in just over 9 months.
- The number of Financial Advisors remained substantially in line at 4,945 despite the crisis in the sector; there were an additional 358 non-licensed advisors waiting to take the licensing exam.
- As at December 31, 2009, there was a total of 1,098,000 customers, of which 921,000 Primary Account Holders, 6,000 more than at the end of 2008.
- There was a total of 582,000 bank accounts as at December 31, 2009, an increase of about 16,500 accounts with respect to December 31, 2008, +3%.
Highlights in particular with respect to Banca Esperia:
- Net Income was at 0.2 million euro (0.1 million euro for Mediolanum’s share), with respect to 4.1 million euro in 2008.
- Assets under Administration increased 38% with respect to December 31, 2008, reaching 11,183 million euro (5,592 million euro for Mediolanum’s share).
With reference to the FOREIGN MARKETS:
- The business in Spain practically reached breakeven (-0.1 million euro), after a loss of 6.3 million euro in 2008. It should be noted that Fibanc Mediolanum’s separate financial statements showed a profit of 0.5 million euro.
- In Germany, the business closed the year with a loss of 6.8 million euro, in line with the previous year. Please note that the business connected to Bankhaus August Lenz closed the year with a loss of 7.6 million euro, an improvement with respect to the previous year.
- Total Assets under Administration for the Foreign banking subsidiaries totalled 1,864 million euro, a growth of 13% with respect to December 31, 2008.
With reference to
Embedded Value, you are reminded that it includes all the Domestic Market businesses, excluding Banca Esperia, and the business in Spain, excluding the banking business. Please note that as of 2009, the calculation is made according to the MCEV principles from the CFO Forum for the covered business (Life insurance) and according to EEV principles for the Asset Management and Bank segments. Embedded Value registered
3,072 million euro at December 31, 2009 (+28% with respect to restated 2008 Embedded Value that is recalculated according to the new methodology).
Embedded Value Earnings came in at
780 million euro, the highest ever in the history of the Group. In particular, the
Value added by New Business was
205 million euro
.In an effort to provide more complete disclosure about the economic results as at December 31, 2009, we have attached the segment report detailing economic 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 of the consolidated and separate financial statements as at December 31, 2009.
* The statutory 2008 Net Income, including the effects from the ‘Lehman Brothers’ operation, came to 24 million euro. Given the nature of the capital injection by the two major shareholders, which brought the shareholders’ equity to the exact same value that it would have been if the ‘Lehman Brothers’ operation had not taken place, 2008 results are reported in a pro-forma version excluding the effects of the ‘Lehman Brothers’ operation, allowing for a more meaningful data comparison.
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 information contained herein will be available at Borsa Italiana
The Financial Statements as at December 31, 2009 will be made available within the deadlines set by law at the company’s Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website
http://www.mediolanum.com and at Borsa Italiana S.p.A.
Attachments:
The Board of Directors also approved the fourth edition of the Social Report of the Mediolanum Group. For the past three years, this document has been published alongside the Annual Report. The Social Report expands on the intangible aspects of corporate activities and their ethical, social, environmental and safety impacts with the aim of providing better, deeper insight into the work, commitment and values of the Group. The Social Report also serves the purpose of highlighting Mediolanum’s contribution to sustainable development through concrete practices in the relationships with the main internal and external stakeholders.
Basiglio - Milano 3 City, March 24, 2010
