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

The number of treasury shares held by Mediobanca was 17.01 million,equal to 1.98% of the company’s share capital, carried in the accounts at€213.4m.It should be noted that the warrants issued in September 2009 expiredin March 2011. Only a few of these were exercised, with 70,764 newshares issued which increased the Company’s share capital by €35,382.Regulatory capital stood at €6,362m (€5,511.7m), including the newplacement of a subordinated, lower tier 2 issue in an amount of €750m; thesolvency margin increased from 14.59% to 16.46%.* * *Assets subject to revaluation included in the financial statementssubmitted to your approval are listed in table A.Net interest income12 mths to 30/6/10 12 mths to 30/6/11€m €mInterest income ................................ 1,768.9 1,759.7(Interest expense) ............................. (1,474.3) (1,450.6)Net interest income ........................... 294.6 309.1Growth of 4.9% in net interest income reflects the lower cost offunding, in particular deposits from CheBanca!Net trading incomeThis heading, which totals €180.2m, includes €152.9m (€121.2m) indealing profits, plus €11.3m (€138.8m) in gains on disposals of AFSsecurities and €18.7m (€17m) in dividends. The trading result reflects thepositive performance recorded in the first and third quarters, while theminus €10.1m reported in the fourth was attributable to the market crisis.The fixed-income side contributed €57.8m (€67.6m), and the equity side€95.1m (€51.1m).– 255