Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca
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Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

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In the twelve months ended 1 April <strong>2011</strong>, the incre<strong>as</strong>e in share pricesw<strong>as</strong> accompanied by a recovery in the dividend yield <strong>and</strong> price/earningsindex. The d<strong>at</strong>a for the leading western stock markets w<strong>as</strong> <strong>as</strong> follows:Price/dividend (%) Price/earnings (%)2010 <strong>2011</strong> 2010 <strong>2011</strong>Benelux **................................... 3.0 3.1 6.4 7.0France * .................................... 2.8 2.7 5.2 5.9Germany * .................................. 1.9 2.0 4.9 5.9Italy * ....................................... 3.6 2.9 6.9 6.5United Kingdom *............................ 3.1 3.2 5.9 7.7United St<strong>at</strong>es * .............................. 2.2 2.2 5.7 6.0Switzerl<strong>and</strong> **................................ 2.1 2.5 5.4 5.7* Top 50 profitable, dividend-paying companies by market capitaliz<strong>at</strong>ion.** Top 20 profitable, dividend-paying companies by market capitaliz<strong>at</strong>ion.NB: Median indic<strong>at</strong>ors b<strong>as</strong>ed on share prices <strong>at</strong> 1 April <strong>2011</strong>. The changes in prices on the principal stock marketsbetween 1 April 2010 <strong>and</strong> 1 April <strong>2011</strong> were <strong>as</strong> follows (indexes used are in brackets): Italy down 3.9%(<strong>Mediobanca</strong> MTA), Switzerl<strong>and</strong> down 6.5% (SMI), Netherl<strong>and</strong>s up 5.1% (AEX), Germany up 13.4% (CDAX),United St<strong>at</strong>es up 13.1% (S&P 500), Belgium up 2.6% (BAS), France up 2.8% (SBF 250), United Kingdom 5.9%(FTSE All-Share).Assets managed by mutual funds incorpor<strong>at</strong>ed under Italian law(including funds of funds, closed <strong>and</strong> hedge funds) again shrankconsiderably compared to the previous year, from €178.4bn <strong>at</strong> <strong>30</strong> <strong>June</strong>2010 to €204.4bn <strong>at</strong> <strong>30</strong> <strong>June</strong> <strong>2011</strong>. Oper<strong>at</strong>ing profits of €3bn offset onlythe huge net redemptions of €29bn only in part. With regard to portfoliocomposition, the situ<strong>at</strong>ion <strong>as</strong> <strong>at</strong> the reporting d<strong>at</strong>e showed a reduction inthe share accounted for by Italian government securities (amounting to 3percentage points) <strong>and</strong> c<strong>as</strong>h <strong>and</strong> c<strong>as</strong>h equivalents (4 points), withincre<strong>as</strong>es predominantly in non-Italian securities (shares up 2 points,government bonds up 1 point), Italian bonds (up 1 point) <strong>and</strong> the balanceof other financial <strong>as</strong>sets <strong>and</strong> liabilities (up 3 points). Roundtrip funds,meanwhile, incre<strong>as</strong>ed once again, boosted both by net subscriptions of€7bn <strong>and</strong> oper<strong>at</strong>ing profits (totalling approx. €3bn); <strong>as</strong>sets managed bysuch funds rose from €165.7bn <strong>at</strong> <strong>30</strong> <strong>June</strong> 2010 to €175.4bn <strong>as</strong> <strong>at</strong> thereporting d<strong>at</strong>e.16 –

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