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

Net fee and commission incomeThis heading includes €284.2m (€296.9m) in corporate andinvestment banking fees, in line with the ongoing weak market conditions.Other items include €4m (€4.3m) in renting income and €9.4m (€7.3m) insundry other income.Operating costsThe growth in operating costs, from €280.4m to €317.8m, is mostlydue to higher labour costs, which rose from €194.8m to €221.8m,including fees paid to directors down from €7.2m to €4.6m, stock optionscheme costs of €9.2m (€4.8m), and performance share scheme expensestotalling €4.3m. This growth reflects an increase in the employeeheadcount, with 683 staff on the books as opposed to 600 last year.Sundry costs and expenses increased, from €87.6m to €96m, andinclude €13.2m (€9.1m) in depreciation and amortization, and €82.8m inadministrative expenses net of amounts recovered (€76.5m), made up asfollows:12 mths to 30/6/10 12 mths to 30/6/11€m €mLegal, tax and professional services .................. 12.7 15.6Marketing and communications ...................... 3.8 4.4Rent and property maintenance ...................... 7.9 8.0EDP ............................................... 13.1 13.8Financial information subscriptions .................. 11.9 13.2Bank services, collection and payment commissions . . 4.0 3.8Operating expenses ................................ 4.5 4.6Other labour costs .................................. 6.5 6.3Other expenses ..................................... 10.8 11.2Direct and indirect taxes ............................ 1.3 1.9TOTAL ............................................. 76.5 82.8256 –