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

CONSOLIDATED PROFIT AND LOSS ACCOUNTS (IAS/IFRS-compliant)*Profit and loss account12 mths to 30/6/10 12 mths to 30/6/11€m10. Interest and similar income 2.820,2 2.787,520. Interest expense and similar charges (1.764,9) (1.655,9)30. Net interest income 1.055,3 1.131,640. Fee and commission income 499,1 485,650. Fee and commission expense (37,7) (48,6)60. Net fee and commission income 461,4 437,070. Dividends and similar income 68,4 116,080. Net trading income (59,7) (32,8)90. Net hedging income (expense) (15,7) 0,1100. Gain (loss) on disposal of: 222,6 64,1a) loans and receivables — 1b) AFS securities 198,9 22,2c) financial assets held to maturity — (3,3)d) other financial liabilities 23,7 44,6120. Total income 1.732,3 1.716,0130. Adjustments for impairment to: (666,9) (504,7)a) loans and receivables (461,3) (343,1)b) AFS securities (150,0) (145,1)c) financial assets held to maturity (1,0) (10,5)d) other financial liabilities (54,6) (6,0)140. Net income from financial operations 1.065,4 1.211,3150. Net premium income 1,0 9,5160. Income less expense from insurance operations (0,4) (4,7)170. Net income from financial and insurance operations 1.066,0 1.216,1180. Administrative expenses: (779,3) (833,2)a) personnel costs (379,6) (418,8)b) other administrative expenses (399,7) (414,4)190. Net transfers to provisions for liabilities and charges (1,5) (1,0)200. Net adjustments to property, plant and equipment (17,7) (17,4)210. Net adjustments to intangible assets (22,4) (24,5)of which: goodwill — —220. Other operating income (expenses) 124,7 130,8230. Operating costs (696,2) (745,3)240. Profit (loss) from equity-accounted companies 213,5 83,4270. Gain (loss) on disposal of investments — —280. Profit (loss) before tax on ordinary activities 583,3 554,2290. Income tax on ordinary activities for the year (181,2) (180,6)300. Profit (loss) after tax on ordinary activities 402,1 373,6310. Net gain (loss) on non-current assets being sold — —320. Profit (loss) for the year 402,1 373,6330. Profit (loss) for the year attributable to minorities (1,3) (5,0)340. Net profit (loss) for the year attributable to Mediobanca 400,8 368,6* Figures in €mThe profit and loss account reported on p. 19 reflects the following restatements:— Net interest income includes the result of funding and lending hedging activity (€3.1m and €1.5m), plus the margins on swaps reported under Heading 80(amounting to minus €135.6m and minus €60.4m respectively) net of interest expense on securities lending totalling €0.6m (in both periods) which isaccounted for as Net trading income;— amounts under Heading 220 have been restated as Net fee and commission income, save for amounts refunded/recovered totalling €47.9m and €52.3mrespectively which net operating costs; the amounts stated under Headings 150 and 160 have also been accounted for as Net fee and commissionincome;— in addition to the items already stated, Net trading income also includes dividends and gains (losses) on financial liabilities reported under Heading 100;— Provisions for financial assets include the AFS and HTM securities shown under Heading 130, along with the net adjustments in respect of the Telcoinvestment (€119.6m) reported under Heading 240.– 437