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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12 mths to <strong>30</strong>/6/10 12 mths to <strong>30</strong>/6/11€m €mLegal, tax <strong>and</strong> other professional services ............ 37.4 48.6Bad debt recovery .................................. 26.0 27.3Marketing <strong>and</strong> communic<strong>at</strong>ions ..................... 69.0 76.3Rent <strong>and</strong> property maintenance charges .............. 45.2 39.6EDP .............................................. 31.4 33.3Financial inform<strong>at</strong>ion subscriptions ................. 21.2 24.4Banking services, collection <strong>and</strong> payment charges .... 20.6 20.9Oper<strong>at</strong>ing expenses ................................ 53.5 51.6Other labour costs ................................. 19.1 19.7Other costs ........................................ 10.8 11.2Direct <strong>and</strong> indirect taxes (net of amounts withheld) . . 9.3 9.2TOTAL ............................................ 343.5 362.1The incre<strong>as</strong>e in the cost of professional services reflects growth in theproduct c<strong>at</strong>alogue, in corpor<strong>at</strong>e banking <strong>and</strong> the retail segment inparticular.Loan loss provisions— this item fell from €516.8m to €348.8m, due tothe gradual improvement in all business are<strong>as</strong>: consumer credit (from€336.5m to €<strong>30</strong>2.3m), retail banking (from €23m to €20.8m), le<strong>as</strong>ing (from€40.6m to €26.1m), <strong>and</strong> wholesale banking (from €115.4m to a net reversalof €0.8m, helped by a €75m writeback in respect of a single exposure).Provisions for financial <strong>as</strong>sets — this item covers equity investments(€119.6m in respect of Telco), the AFS portfolio (€145.1m) <strong>and</strong> securitiesheld to m<strong>at</strong>urity (€10.8m). The provisions for AFS <strong>as</strong>sets refer to Greekgovernment bonds (€108.9m) <strong>and</strong> investments in equities (€35.6m,€32.9m of which due to long-term reductions in the value of unlistedshares <strong>and</strong> priv<strong>at</strong>e equity <strong>and</strong> venture capital funds).Income tax for the period — this item totalled €180.6m, <strong>as</strong> against€181.2m l<strong>as</strong>t year. <strong>Mediobanca</strong> (<strong>as</strong> consolid<strong>at</strong>ing entity) h<strong>as</strong> adopted taxconsolid<strong>at</strong>ion, which includes Comp<strong>as</strong>s, SelmaBipiemme Le<strong>as</strong>ing, PalladioLe<strong>as</strong>ing, CheBanca!, Cofactor <strong>and</strong> Futuro. Rel<strong>at</strong>ions between theconsolid<strong>at</strong>ing <strong>and</strong> consolid<strong>at</strong>ed entities are governed by bil<strong>at</strong>eralagreements regul<strong>at</strong>ing c<strong>as</strong>h flows, exchanges of inform<strong>at</strong>ion <strong>and</strong> theindividual companies’ responsibilities versus the revenue authorities.<strong>30</strong> –

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