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4-Traders Homepage  >  Equities  >  Italian Stock Exchange  >  Banca Monte dei Paschi di Siena SpA    BMPS   IT0001334587

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Banca Monte dei Paschi di Siena SpA : Ordinary shareholders' meeting of BMps approves 2012 results

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05/07/2013 | 10:46am CEST

The Parent Company's Annual Report as at 31 December 2012 was approved today by the ordinary Shareholders' Meeting of Banca Monte dei Paschi di Siena Spa. A net loss of EUR 3,122,307,528 was posted for the year, with consolidated net losses amounting to EUR 3,170,334,574. The correction of errors, described in the section "Restatement of prior period accounts in compliance with IAS 8 (Accounting policies, changes in accounting estimates and errors)", additionally resulted in negative effects being posted to equity for an amount of EUR 817,673,924.

Shareholders have resolved to cover the loss for the year amounting to EUR 3,122,307,528 and losses for prior years from restatement under IAS 8 amounting to EUR 817,673,924, by drawing:

- EUR 667,175 from the Merger Surplus Reserve (unrestricted portion);
- EUR 1,298,466,138 from the Statutory Reserve;
- EUR 163,793,855 from the Special Reserve under Law no. 218/90;
- EUR 112,315,775 from the Reserve under Legislative Decree no. 185/2008, art. 15, para. 16 et seq.;
- EUR 45,379,016 from the Reserve under Law no. 266/2005;
- EUR 575,027,160 from the Reserve pursuant to art. 19 of Leg. Decree no. 87/92;
- EUR 669,747,765 from the Merger Surplus Reserve (portion restricted under legal reserve requirements);
- EUR 572,054,346 from the Legal Reserve;
- EUR 255,099,524 from the Share Premium Reserve (portion restricted under legal reserve requirements);
- EUR 159,194,641 from the Reserve under art. 6, letter a) of Legislative Decree no. 38/2005 (subject to reconstitution).

Subsequent to the use of the afore-mentioned reserves, the loss carried over amounts to - EUR 88,236,057. As at 31.12.2012, negative reserves under art. 6, para. 1, letter b) of Legislative Decree no. 38/2005 are recognised for an amount of EUR 2,256,616,296.  

The meeting saw the election of Mr. Pietro Giovanni Corsa as Deputy Chairman of the Board of Directors and approval of the Sharehoders' Meeting regulations and Remuneration Report, pursuant to art. 123-ter of the Consolidated Law on Finance.

Shareholders further resolved to take liability action, as proposed by the BoD and brought before the Court of Florence, against former Chairman of the Board of Directors, Mr. Giuseppe Mussari, and former General Manager, Mr. Antonio Vigni, for all damages sustained and to be sustained by the Bank in relation to the transaction entered into with Nomura Int. Plc and against former General Manager, Mr. Antonio Vigni, for all damages sustained and to be sustained by the Bank in relation to the transaction entered into with Deutsche Bank AG.

For further information contact:

Media Relation:
Tel: +39 0577.296634
ufficio.stampa@banca.mps.it

Investor Relations
Tel: +39 0577.293038
investor.relations@banca.mps.it
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Financials (€)
Sales 2016 4 353 M
EBIT 2016 1 728 M
Net income 2016 12,9 M
Debt 2016 -
Yield 2016 4,45%
P/E ratio 2016 78,30
P/E ratio 2017 5,19
Capi. / Sales 2016 0,20x
Capi. / Sales 2017 0,20x
Capitalization 849 M
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Consensus 
Mean consensus HOLD
Number of Analysts 18
Average target price 0,75 €
Spread / Average Target 158%
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EPS Revisions
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Managers
NameTitle
Fabrizio Viola Chief Executive Officer, Executive Director & GM
Massimo Tononi Non-Executive Chairman
Arturo Betunio CFO, Head-Administration & Accounting
Béatrice Derouvroy-Bernard Non-Independent Non-Executive Director
Christian Whamond Non-Independent Non-Executive Director
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