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

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An updated list of the properties owned by the Group is provided below:Squ.mBook valueBook value persqu.m€’000 €’000Milan:– Piazzetta Enrico Cuccia, 1 ............ 6,874 17,690.8 2.6– Via Filodrammatici, 3, 5, 7 - PiazzettaBossi, 1 .............................. 11,093 62,805.0 5.7– Piazza Paolo Ferrari, 6 ................ 1,967 4,218.8 2.1– Foro Buonaparte, 10 .................. 3,918 7,833.8 2.0– Via Siusi, 1-7 ........................ 5,300 15,988.6 3.0Rome:– Piazza di Spagna, 15 .................. 8,228 27,421.9 3.3– Via Nomentana, 146 .................. 1,790 8,912.4 5.0Vicenza:– Via Btg. Framarin, 4, 14 .............. 4,239 5,833.6 1.4Principality of Monaco ................... 8,166 127,324.0 15.6Other, minor properties .................. 5,757 2,490.6 0.457,332 280,519.5Provisions— this comprises the provision for liabilities and charges,which stood at €156.5m (€156.3m) and the staff severance indemnityprovision, amounting to €26,1m (€27.3m), both largely unchanged duringthe period.Net equity — net equity rose by €214.2m, from €6,330.3m to €6,544.5m,due to the provision of undistributed 2010 earnings (€257.4m) and a€112m rise in the Group’s valuation reserves, which offset the negativecontribution from equity-consolidated investee companies totalling€160.6m. The AFS securities valuation reserve remained virtually stable atminus €22m (minus €22.6m), following net withdrawals totalling €12.4m inconnection with the impairment charges taken at the reporting date(€36.2m) and disposals during the course of the year (€23.8m). The bondreserve remained in negative territory at €105.7m, while the equities andother securities reserve was positive at €54.6m, with €29.1m in deferred taxassets. The cash flow hedge reserve returned to positive territory at €9.8m(compared with minus €99.5m last year), while the share of the valuationreserves attributable to the equity-accounted investments fell from €162.1mto €1.5m.28 –
PROFIT AND LOSS ACCOUNTNet interest income — the increase in this item, from €917m to€1,070.3m, chiefly reflects a positive performance in the retail segment,where net interest income climbed 25.6%, from €525.7m to €660.5m, dueto CheBanca!, which added €79.5m as a result of its cost of fundinggradually decreasing, and to consumer credit, which contributed €50.7mon the back of an upturn in volumes and a reduced cost of funding;corporate finance was stable, at €429.3m (compared with €428.9m). Itshould be noted that the trend in the cost of funding reversed in the latterpart of the year.Net trading income — this heading is made up of €170.5m (€138m) indealing profits, €22.2m (€199m) in gains on disposals of AFS securities,and dividends worth a total of €18.7m (€17m). The trading result isdivided between fixed-income (€75.4m) and equity (€95.1m) and wasboosted by good results in the first and third quarters (€72m and €72.6mrespectively), compared with a €7.5m loss in the fourth.Net t fee and commission income— this item fell 2.5%, from €533.5mto €520.3m, chiefly due to a reduction in the contribution from corporateand investment banking which was impacted by the slowdown in capitalmarket activities (down 22%, from €121.2m to €94m) and lending (down10%, from €132m to €119m); consumer credit fees were up slightly, from€154.2m to €158.7m, while the contribution from private bankingcontinues to be weak, at €38.2m (€41m).Operating costcosts — this item rose by 6.6%, from €772.9m to €823.9m,chiefly due to the Group’s operating and geographical expansion, with theheadcount increasing from 3,242 to 3,452. The various componentsperformed as follows:— labour costs totalled €418.8m (€387.9m), €8.1m (€10.5m) of which inemoluments paid to directors, and €13.5m (€5.2m) in implicitexpenses linked to stock option schemes;— other costs amounting to €405.1m (€385m), include €42m (€40.1m)in ordinary depreciation charges, plus administrative expensestotalling €362.1m (€343.5m), made up as follows:– 29
Page 1 and 2: DraftAnnual Accounts and Reportas a
Page 4 and 5: C O N T E N T SConsolidated Account
Page 6 and 7: Page no.* * *Extraordinary business
Page 8: CONSOLIDATED ACCOUNTS
Page 11 and 12: — Retail and private banking (RPB
Page 13 and 14: DEVELOPMENTS IN CAPITAL MARKETSIn t
Page 15 and 16: comparing total assets with tangibl
Page 17 and 18: The market capitalization of listed
Page 20 and 21: RESTATED BALANCE SHEET30/6/10 30/6/
Page 22 and 23: 30 June 2010Corporate &InvestmentBa
Page 24 and 25: Impaired assets (i.e. non-performin
Page 26 and 27: upward adjustments to reflect amort
Page 30 and 31: 12 mths to 30/6/10 12 mths to 30/6/
Page 32 and 33: Corporate and Investment Banking30
Page 34 and 35: This division reported a net profit
Page 36 and 37: Equity investments and AFS shares
Page 38 and 39: Mediobanca International (Luxembour
Page 40 and 41: Principal investing12 mths to 30/6/
Page 42 and 43: Retail and private bankingb12 mths
Page 44 and 45: A breakdown of this division’s re
Page 46 and 47: New loans for the twelve months tot
Page 48 and 49: Private banking30 June 2010CMB Banc
Page 50 and 51: transmission, investment advice and
Page 52 and 53: OTHER INFORMATIONRelated party disc
Page 54 and 55: Reconciliation of shareholders’ e
Page 56 and 57: AUDITORS’ REPORT
Page 58 and 59: CONSOLIDATED FINANCIAL STATEMENTS
Page 60 and 61: Liabilities and net equity30/6/11 3
Page 62 and 63: CONSOLIDATED COMPREHENSIVE PROFIT A
Page 64 and 65: STATEMENT OF CHANGES TO NET EQUITY
Page 66 and 67: RECONCILIATION OF MOVEMENTS IN CASH
Page 68 and 69: Page no.Part C -Notes to consolidat
Page 70 and 71: Sectction 3Area and methods of cons
Page 72 and 73: Section 4Significant accounting pol
Page 74 and 75: Assets are tested for impairment at
Page 76 and 77: HedgesThere are two types of hedge:
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and its related value of use, and a
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Staff severance indemnity provision
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Dividends and commissionsThese are
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A.3.2Fair value rankingA.3.2.1 Asse
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A.3.2.3 Annual changes in financial
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Section 2Heading 20: Financial asse
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2.3 Financial assets held for tradi
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4.3 AFS securities: assets subject
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5.2 Assets held to maturity: by bor
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Section 7Heading 70: Due from custo
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Section 8Heading 80: Hedging deriva
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Section 10Heading 100: Equity inves
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The book value of the investment in
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Section 12Heading 120: Property, pl
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12.4 Tangible assets held for inves
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13.2 Intangible assets: movements d
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14.4 Changes in deferred tax during
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LiabilitiesSection 1Heading 10: Due
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Section 3Heading 30: Debt securitie
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Section 11Heading 110: Staff severa
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Section 13Heading 130: Technical re
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Section 16Heading 210: Net equity a
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PART C - NOTES TO CONSOLIDATEDPROFI
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Section 2Headings 40 and 50: Net fe
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Section 4Heading 80: Net trading in
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Section 6Heading 100: Gains (losses
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8.3 Adjustments for impairment to f
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Section 10Heading 160: Income less
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Section 11Heading 180: Administrati
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Section 12Heading 190: 1Net transfe
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Section 16Heading 240: Gains (losse
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20.2 Reconciliation between theoret
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PART D - CONSOLIDATED COMPREHENSIVE
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Corporate banking (Mediobanca)The G
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QUANTITATIVE INFORMATIONCREDIT QUAL
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A.1.2.a Exposures to sovereign debt
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A.1.5Cash exposures to banks: trend
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A.1.8Banking Group - cash exposures
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A.3 Secured exposures by type of se
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B. Loan distribution and concentrat
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B.3 Banking Group - cash and off-ba
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C. Securitizations and asset dispos
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Quantitative informationC.1.1Bankin
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C.1.4Banking Group - exposures to s
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C.1.7Banking Group - servicing: col
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Under the terms of the sale contrac
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C.2.2Banking Group - financial liab
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QUANTITATIVE INFORMATIONThis year h
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Table 2: Value at risk and expected
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QUANTITATIVE INFORMATION1. Regulato
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Currency of denomination: OTHERType
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1.2.2 INTEREST RATE RISK AND PRICE
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the Bank’s various bodies was app
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Currency of denomination: US DOLLAR
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2. Regulatory trading book: cash ex
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QUANTITATIVE INFORMATION1. Assets,
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A.2.A.2.1Banking book: average and
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A.3 OTC financial derivatives: posi
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A.5 OTC financial derivatives: trad
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A.7 OTC financial derivatives: bank
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A.9 OTC financial derivatives by ma
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B.2 OTC credit derivatives: gross p
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1.3 BANKING GROUP: LIQUIDITY RISKQU
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1.4 BANKING GROUP - OPERATING RISKQ
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PART F - INFORMATION ON CONSOLIDATE
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B.3 AFS valuation reserves: movemen
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2.2 Regulatory capital requirements
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B. Quantitative informainformationC
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credit as to €3.6m and credit car
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Situation at 30 June 2011Directors,
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Subsequent to the reporting date, o
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PART L - SEGMENT REPORTINGA. PRIMAR
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B. SECONDARY SEGMENT REPORTINGB.1 P
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ANNUALGENERALMEETING28 OCTOBER 2011
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Ordinary businessACCOUNTS OF THE BA
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Provisions for financial assets inc
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RESTATED BALANCE SHEET 30/6/10 30/6
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Loans and advances to Group compani
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Cash and bank balances include €1
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current prices). Further explanatio
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— Furniture and intangible assets
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Net fee and commission incomeThis h
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— the court of appeals in Milan h
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esearch project on medium-sized Eur
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Declaration in respect of individua
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STATUTORY AUDIT COMMITTEE’S REPOR
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vii)Finance Act, in the course of w
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Type of serviceRecontaErnst & Young
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The Statutory Audit Committee ascer
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AUDITORS’ REPORT
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INDIVIDUAL FINANCIAL STATEMENTS *(*
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Liabilities and net equity30/6/11 3
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COMPREHENSIVE PROFIT AND LOSS ACCOU
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STATEMENT OF CHANGES TO MEDIOBANCA
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RECONCILIATION OF MOVEMENTS IN CASH
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Page no.Part C - Notes to profit an
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Section 3Significant accounting pol
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Assets are tested for impairment at
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- cash flow hedges, which are inten
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Goodwill may be recognized where th
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All actuarial profits and/or losses
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Related parties (IAS 24)In accordan
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A.3.2A.3.2.1Fair value rankingAsset
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A.3.2.3 Annual changes in financial
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Section 2Heading 20: Financial asse
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2.3 Financial assets held for tradi
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4.4 AFS securities: movements durin
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Section 6Heading 60 - Due from bank
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7.2 Due from customers: by borrower
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Section 10Heading 100: Equity inves
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Significant data 1Total assetsTotal
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Section 11Heading 110: Property pla
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11.4 Tangible assets held for inves
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12.2 Core intangible assets: moveme
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Section 15Heading 150: Other assets
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Section 3Heading 30: Debt securitie
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Section 11Heading 110: Staff severa
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14.2 Share capital: changes in no.
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Other information1. Guarantees and
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PART C - NOTES TO PROFIT AND LOSS A
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Section 2Headings 40 and 50: Net fe
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Section 3Heading 70: Dividends and
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Section 5Heading 90: Net hedging in
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Section 8Heading 130: Adjustments f
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Section 9Heading 150: Administrativ
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Section 11Heading 170: Net adjustme
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Section 17Heading 240: Net gain (lo
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PART D - COMPREHENSIVE PROFIT AND L
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1. General aspectsThe Bank’s inte
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A.1.2 Financial assets by portfolio
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A.1.2. b Exposures to sovereign deb
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A.1.6 Cash and off-balance-sheet ex
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A.3 Secured exposures by type of se
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B. Loan distribution and concentrat
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B.3 Cash and off-balance-sheet expo
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C. Securitizations and asset dispos
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Quantitative informationC.1.1Exposu
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C.1.4 Exposures to securitizations
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C.2 Asset disposalsC.2.1 Financial
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Section 2Market risk2.1 INTEREST RA
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Table 1 - Value at risk and expecte
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Trend in VaR constituents The
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2.1 Regulatory trading book: cash e
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HedgingFair value hedgesFair value
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2. Banking book: cash exposures of
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2.4 FINANCIAL DERIVATIVE PRODUCTSA.
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A.2.2Other derivativesType of trans
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A.4 Financial derivatives: negative
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A.6 OTC financial derivatives: trad
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A.8 OTC financial derivatives: bank
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B. CREDIT DERIVATIVESB.1 Credit der
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C. CREDIT AND FINANCIAL DERIVATIVES
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indicator generated for the Bank of
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Section 4Operating riskDefinitionOp
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B.2 AFS valuation reserves: composi
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A. QUALITATIVE INFORMATIONTier 1 ca
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PART H - RELATED PARTY DISCLOSURE1.
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BENEFICIAL INTEREST OF BOARD MEMBER
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Situation at 30 June 2011Groupcompa
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Subsequent to the reporting date, o
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ANNEXES
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Liabilities and net equityIAS-compl
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MEDIOBANCA S.p.A. BALANCE SHEET *As
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MEDIOBANCA S.p.A. PROFIT AND LOSS A
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BANKS AND FINANCIAL COMPANIES (IAS/
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BANKSTABLE B (cont.)BALANCE SHEETSC
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OTHER GROUP COMPANIESTABLE B (cont.
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OTHER FINANCIAL COMPANIES (IAS/IFRS
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OTHER FINANCIAL COMPANIES (IAS/IFRS
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OTHER NON-FINANCIAL UNDERTAKINGS (I
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OTHER NON-FINANCIAL UNDERTAKINGS (I
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OTHERS (IAS/IFRS)TABLE B (cont.)462
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ASSOCIATE COMPANIESTABLE CBALANCE S
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ASSOCIATE COMPANIES TABLE C (cont.
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OTHER ASSOCIATED UNDERTAKINGSTABLE
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TABLE DSIGNIFICANT EQUITY INVESTMEN
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TABLE D (cont.)Sharecapital€mPar
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APPOINTMENT OF MEMBERS OF BOARD OF
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APPOINTMENT OF MEMBERS AND CHAIRMAN
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REPORT ON STAFF REMUNERATION POLICI
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. Criteria for calculation of bonus
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Restrictions have also been introdu
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ANNEXThe tables below shows the str
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II. Organizational governanceThe pr
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The typical components of remunerat
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- appraisal of the Mediobanca share
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the Bank, valuation criteria linked
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At a Board meeting held on 24 June
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l. Other informationCaps on variabl
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- in the area of related parties, t
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compliance with the terms and proce
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SECTION IIIGeneral MeetingsArticle
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general meeting or otherwise requir
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specified in the notice of general
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eing replaced had been elected from
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3) decisions concerning the acquisi
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transaction concerned, either thems
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Article 17, paragraph 2, points 3 a
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for its operations and the size of
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specifically designated by the Boar
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The proposals for appointments are
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Article 29The Statutory Audit Commi
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AUTHORIZATION TO THE BOARD OF DIREC
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The share capital may also be incre
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The Board of Directors is also auth
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ANNUAL STATEMENT SON CORPORATE GOVE
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At a general meeting held on 28 Oct
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Persons authorized to take part and
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All the Directors have made stateme
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DIRECTORSIRECTORS’ AND STRATEGIC
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With reference to risk management,
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Appointments committeeAppointments
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The Executive Committee is currentl
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HEAD OF COMPANY FINANCIAL REPORTING
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- expresses its opinion on the appo
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INTERNAL DEALINGThe Directors of Me
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In performing his duties, the head
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RISK MANAGEMENT AND INTERNAL ICONTR
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Table 1: BOARD OFMember ****OARD OF
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Table 3:3: OTHER REQUIREMENTS UNDER
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NamePosition held inMediobancaPosts
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NamePosition held inMediobancaPosts
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Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

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