NET INCOME: 85 million euro
ASSETS UNDER ADMINISTRATION: 81 billion euro
TOTAL NET INFLOWS: 1,207 million euro
of which MUTUAL FUNDS: 1,154 million euro
COMMON EQUITY TIER 1 RATIO (CET1): 20.1%
The Board of Directors of Banca Mediolanum S.p.A. met today in Basiglio (MI) and approved the Consolidated Interim Financial Statements as at March 31, 2017. Consolidated Group Results in the first quarter are once again marked by the significant year-on-year increase in management fees, thanks to strong net inflows into mutual funds. On the other hand, as expected, net interest income suffered a significant decrease due to the decline of interest income from the banking book. The impact of the 13 million euro to support the banking system was significant, with a contribution more than double that of last year.
Therefore:
• Group Net income for the quarter was at 84.9 million euro, an increase of 16% with respect to the same period
as last year.
• Assets under Administration increased to 81,012 million euro, an increase of 14% with respect to March 31,
2016 and by 4% with respect to the end of 2016.
• The Common Equity Tier 1 Ratio (CET1) as at March 31, 2017 amounted to 20.1%, remaining among the
highest levels in the Italian Banking Groups.
In more detail, with reference to Banca Mediolanum:
• Total Net Inflows were positive at 1,034 million euro for the quarter. In particular, Net inflows into Mutual
Funds (including those underlying Unit-Linked policies) totalled 977 million euro.
• Mortgages and Loans totalled 6,908 million euro, increasing 8% with respect to March 31, 2016 and 1% with
respect to the end of 2016.
The percentage of Net Non-Performing Loans out of Total Loans was 0.8%.
• The number of Licensed Advisors as at March 31, 2017 came to 4,330.
• The number of Customers as at March 31, 2017 totalled 1,191,304, an increase of 4% with respect to the same
date last year.
With reference to the Foreign Markets:
• Net Income for the foreign markets was at 1.4 million euro.
• Assets under Administration of the foreign banking subsidiaries overall totalled 4.707 million euro, a growth
of 18% with respect to March 31, 2016 and a decrease of 5% since the beginning of the year.
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Please take note that the new legislative decree February 15, 2016 n. 25, which implements the most recent European Transparency Directive, has eliminated the obligation to publish quarterly results. The Quarterly Report as at March 31, 2017 should be considered voluntary reporting by Banca Mediolanum S.p.A. in line with those previously provided and will be made available at the company's Registered Office, at the Spafid Connect S.p.A. storage service at the address www.emarketstorage.com and on the website www.bancamediolanum.it in the section Investor Relations within five days of the Board's approval. The Officer responsible for preparing BancaMediolanum S.p.A accounting documents, Angelo Lietti, declares that, in compliance with the requirements of paragraph 2 of section 154 bis of the Consolidated Finance Act, the financial information contained herein reflects the accounting entries, records and books. Attachments:
• Balance Sheet as at March 31, 2017
• Reclassified Income Statement as at March 31, 2017
• Segment Report as at March 31, 2017
Basiglio - Milano 3 City, May 9, 2017
Contacts:
Media Relations Investor Relations
Roberto De Agostini Alessandra Lanzone
Tel +39 02 9049 2100 Tel +39 02 9049 2039
e-mail: roberto.deagostini@mediolanum.it e-mail: alessandra.lanzone@mediolanum.it
STATEMENT OF FINANCIAL POSITION
Assets
10. Cash and cash equivalents 87.088 86.875
20. Financial assets held for trading 660.643 368.268
30. Financial assets at fair value 17.859.185 17.363.617
40. Available-for-sale financial assets 13.217.199 11.547.266
50. Held-to-maturity investments 1.227.651 1.415.684
60. Loans to banks 936.168 721.090
70. Loans to customers 7.884.371 8.623.784
80. Hedging derivatives 532 532
100. Equity investments 357.094 357.094
110. Reinsurer's share of technical reserves 68.091 68.676
120. Tangible assets 219.155 219.487
130. Intangible assets 199.169 199.382
of which:
- goodwill 125.625 125.625
140. Tax assets 449.182 460.832
a) current 320.000 331.889
b) deferred 129.182 128.943
b1) of which convertible into tax credit (Law 214/2011) 7.033 7.033
150. Non-current assets and disposal groups 98.163 98.175
160. Other assets 360.200 440.598
TOTAL ASSETS 43.623.891 41.971.360
€/'000
March 31, 2017 December 31, 2016Liabilities and Shareholders' Equity10. Due to banks 513.890 462.182
20. Due to customers 19.732.073 18.494.400
30. Securities issued 174.736 187.425
40. Financial liabilities held for trading 360.837 371.597
50. Financial liabilities at fair value 4.644.879 4.340.307
60. Hedging derivatives 41.276 46.977
80. Tax liabilities 107.779 94.409
a) current 49.911 20.843
b) deferred 57.868 73.566
100. Other liabilities 515.031 667.707
110. Employee completion-of-service entitlements 11.158 11.510
120. Provisions for risks and charges: 219.379 222.502
a) severance benefits and similar obligations 644 644
b) other provisions 218.735 221.858
130. Technical Reserves 15.103.568 14.921.684
140. Valuation reserves 90.452 127.847
170. Reserves 1.564.402 1.169.825
175. Interim dividend (-) (117.705) (117.705)
180. Share premium account 1.006 902
190. Share capital 600.089 600.079
200. Treasury shares (-) (23.815) (23.815)
220. Net profit (loss) for the period (+/-) 84.856 393.527
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 43.623.891 41.971.360
€/'000
March 31, 2017 December 31, 2016Income StatementEntry fees 19.836 17.570
Management fees 233.621 200.547
Performance fees 66.832 50.445
Banking services fees 21.824 20.394
Other fees 9.236 8.108
Total commission income 351.349 297.064
Net interest income 44.959 61.574
Net income (loss) on investments at fair value 1.641 (10.568)
Net financial income 46.600 51.006
Net insurance revenues (excluding commissions) 9.360 7.443
Equity contribution - 613
Realized gains (losses) on other investments 2.626 2.091
Impairment on loans (3.971) (4.026)
Impairment on other investments (1.049) (1.411)
Net income (loss) on other investments (2.394) (3.346)
Other revenues 7.019 5.678
Acquisition costs and sales network commission expenses (128.506) (110.355)
Other commission expenses (15.808) (13.495)
CONTRIBUTION MARGIN 267.620 234.607
Administrative expenses (124.781) (117.335)
Contributions and Guarantee Funds (12.669) (4.267)
Amortisation & depreciation (8.514) (7.176)
Net provisions for risks (10.296) (12.489)
TOTAL COSTS (156.260) (141.267)
PROFIT BEFORE TAX 111.360 93.340
Income tax (26.504) (20.157)
NET PROFIT (LOSS) FOR THE PERIOD 84.856 73.183
€/'000March 31, 2017 March 31, 2016PROFIT & LOSS FIGURES DATA BY DIVISION AS AT MARCH 31, 2017
MEDIOLANUM GROUP
Euro thousands
BANKING ASSET
MANAGEMENT INSURANCE OTHER TOTAL SPAIN GERMANY
Entry fees 16.762 16.762 2.787 287 19.836
Management fees 128.261 91.104 219.365 12.030 2.226 233.621
Performance fees 42.537 20.168 62.705 3.287 840 66.832
Banking services fees 16.057 16.057 1.848 3.937 (18) 21.824
Other fees 98 8.226 443 8.767 357 112 9.236
Total commission income 16.155 195.786 111.715 323.656 20.309 7.402 (18) 351.349
Net interest income 40.209 (108) 2.362 42.463 2.795 (299) 44.959
Net income (loss) on investments at fair value 1.828 (279) 1.549 91 1 1.641
Net financial income 42.037 (108) 2.083 44.012 2.886 (298) 46.600
Net insurance revenues (excluding commissions) 6.119 6.119 2.982 259 9.360
Equity contribution
Realized gains (losses) on other investments 2.250 98 273 2.621 5 2.626
Impairment on loans (3.866) (3.866) (87) (18) (3.971)
Impairment on other investments (471) (579) (1.050) 1 (1.049)
Net income (loss) on other investments (2.087) 98 (306) (2.295) (86) (13) (2.394)
Other revenues 3.046 130 3.208 6.384 593 88 (46) 7.019
Acquisition costs and sales network commission
expenses (12.719) (69.541) (35.803) (118.062) (9.514) (930) (128.506)
Other commission expenses (4.838) (3.764) (2.279) (10.881) (1.674) (3.271) 18 (15.808)
CONTRIBUTION MARGIN 41.594 122.603 84.737 248.934 15.496 3.237 (46) 267.620
Administrative expenses (57.650) (26.559) (26.072) (110.281) (9.373) (5.173) 46 (124.781)
Contributions and Guarantee Funds (12.173) (12.173) (380) (116) (12.669)
Amortisation & depreciation (5.450) (442) (1.862) (7.754) (544) (216) (8.514)
Net provisions for risks (2.219) (5.120) (2.769) (10.108) (188) (10.296)
TOTAL COSTS (77.492) (32.121) (30.703) (140.316) (10.485) (5.505) 46 (156.260)
PROFIT BEFORE TAX (35.899) 90.482 54.034 108.617 5.011 (2.268) 111.360
Income tax
(25.159) (1.168) (177) (26.504)
NET PROFIT (LOSS) 83.458 3.843 (2.445) 84.856ITALY FOREIGN CONSOLIDATIONADJUSTMENTS TOTAL
GRUPPO MEDIOLANUMPROFIT & LOSS FIGURES DATA BY DIVISION AS AT MARCH 31, 2016MEDIOLANUM GROUP
Euro thousands
BANKING ASSET
MANAGEMENT INSURANCE OTHER TOTAL SPAIN GERMANY
Entry fees 14.256 14.256 3.151 163 17.570
Management fees 111.710 77.749 189.459 9.243 1.846 (1) 200.547
Performance fees 30.226 17.382 47.608 2.463 374 50.445
Banking services fees 15.664 15.664 1.205 3.539 (14) 20.394
Other fees 118 7.155 422 7.695 297 116 8.108
Total commission income 15.782 163.347 95.554 274.682 16.359 6.038 (15) 297.064
Net interest income 53.815 (13) 3.069 56.871 4.814 (111) 61.574
Net income (loss) on investments at fair value (11.458) 855 (10.603) 38 (3) (10.568)
Net financial income 42.357 (13) 3.924 46.268 4.852 (114) 51.006
Net insurance revenues (excluding commissions) 5.436 5.346
1.962 135
7.443
Equity contribution 613 613 613
Realized gains (losses) on other investments 1.493 111 477 2.081 10 2.091
Impairment on loans (3.826) (3.826) (201) 1 (4.026)
Impairment on other investments (152) (1.261) (1.413) 2 (1.411)
Net income (loss) on other investments (2.485) 111 (784) (3.158) (189) 1 (3.346)
Other revenues 1.948 162 2.953 5.064 581 76 (43) 5.678
Acquisition costs and sales network commission
expenses (15.245) (56.191) (30.330) (101.766) (7.639) (951) (110.355)
Other commission expenses (4.662) (2.965) (1.751) (9.378) (1.211) (2.920) 14 (13.495)
CONTRIBUTION MARGIN 37.694 104.451 74.913 613 217.670 14.715 2.265 (44) 234.607
Administrative expenses (62.446) (18.305) (23.754) (104.505) (7.518) (5.356) 44 (117.335)
Contributions and Guarantee Funds (3.931) (3.931) (336) (4.267)
Amortisation & depreciation (4.572) (335) (1.755) (6.662) (399) (115) (7.176)
Net provisions for risks (2.690) (6.160) (3.352) (12.203) (286) (12.489)
TOTAL COSTS (73.640) (24.801) (28.861) (127.302) (8.539) (5.471) 44 (141.267)
PROFIT BEFORE TAX (35.945) 79.650 46.051 613 90.370 6.176 (3.206) 93.340
Income tax
(19.242) (787) (128) (20.157)
NET PROFIT (LOSS) FOR THE PERIOD 71.128 5.389 (3.334) 73.183
CONSOLIDATION
ADJUSTMENTS TOTAL
ITALY FOREIGN
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