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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PART L - SEGMENT REPORTINGA. PRIMARY SEGMENT REPORTINGA.1 Profit-<strong>and</strong>-loss figures by business segment (net contributions)Corpor<strong>at</strong>e &InvestmentBankingPrincipalInvestingRetail &Priv<strong>at</strong>ebankingOthers Writeoffs ¹GroupProfit-<strong>and</strong>-loss figures €m €m €m €m €m €mNet interest income 429.3 (7.5) 660.5 (0.1) (11.9) 1,070.3Net trading income 169.4 — 49.6 — (10.3) 208.7Net fee <strong>and</strong> commission income 315.1 — 245.5 14.4 (54.7) 520.3Share in profits earned by equity-accountedcompanies(1.2) 203.6 — — 0.6 203.0Total income 912.6 196.1 955.6 14.3 (76.3) 2,002.3Personnel costs (234.4) (5.5) (192.0) (5.3) 18.4 (418.8)Administr<strong>at</strong>ive expenses (106.2) (2.5) (324.1) (8.8) 36.5 (405.1)Oper<strong>at</strong>ing costs (340.6) (8.0) (516.1) (14.1) 54.9 (823.9)Gain (loss) on disposal of AFS securities (25.3) — (323.5) — — (348.8)Gain (loss) on disposal of other securities (150.4) (124.6) (0.6) — 0.1 (275.5)Others — — — — 0.1 0.1Profit before tax 396.3 63.5 115.4 0.2 (21.2) 554.2Income tax for the period (149.1) 5.8 (37.6) (0.2) 0.5 (180.6)Minority interest (5.0) — — — — (5.0)Net profit 242.2 69.3 77.8 — (20.7) 368.6Cost/income r<strong>at</strong>io (%) 37.3 n.m. 54.0 n.m. n.m. 41.1Divisions comprise:– CIB (Corpor<strong>at</strong>e <strong>and</strong> investment banking): comprises corpor<strong>at</strong>e <strong>and</strong> investment banking, including le<strong>as</strong>ing, plus the Group’s trading investments. Thecompanies which form part of this division are <strong>Mediobanca</strong>, <strong>Mediobanca</strong> Intern<strong>at</strong>ional, MB Securities USA, Consortium, Prominvestment,SelmaBipiemme Le<strong>as</strong>ing, Palladio Le<strong>as</strong>ing <strong>and</strong> Telele<strong>as</strong>ing;– Principal investing: comprises the Group’s shareholdings in Assicurazioni Generali, RCS MediaGroup <strong>and</strong> Telco, plus stakes acquired <strong>as</strong> part ofmerchant banking activity <strong>and</strong> investments in priv<strong>at</strong>e equity funds;– Retail <strong>and</strong> priv<strong>at</strong>e banking: businesses targeting retail customers via consumer credit products, mortgages, deposit accounts, priv<strong>at</strong>e banking <strong>and</strong>fiduciary activities. The companies which make up this division are: Comp<strong>as</strong>s, CheBanca!, Cofactor, Futuro, Comp<strong>as</strong>s RE <strong>and</strong> Creditech (consumercredit); <strong>and</strong> Compagnie Monég<strong>as</strong>que de Banque, Spafid <strong>and</strong> Prudentia Fiduciaria, plus 50% of Banca Esperia pro-forma (priv<strong>at</strong>e banking).¹ The column headed “Writeoffs” includes the contribution of Banca Esperia, which for oper<strong>at</strong>ing re<strong>as</strong>ons is consolid<strong>at</strong>ed pro r<strong>at</strong>a, along with any otheritems recorded on consolid<strong>at</strong>ion (including intercompany elimin<strong>at</strong>ions) between the different business are<strong>as</strong>.232 –

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