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

The company employs a total of 1,166 staff at its head office and 146branches.— Futuro S.p.A., Milan (salary-backed finance; 100%-owned byCompass): this company posted a net profit for the twelve months of€4.7m (€2.6m), after value adjustments totalling €1.6m (€3.6m) andtax of €2.8m (€1.9m).During the period under review, the company granted 13,495 loansworth a total of €231.2m (versus 11,350 worth €211m during theprevious year). Loans and advances to customers outstanding at thereporting date were up 18% on the total recorded one year previously,from €609.8m to €720.8m.The company employs a total of 63 staff.— CheBanca! S.p.A., Milan (retail banking; 100%-owned by Compass):the company’s accounts for the twelve months ended 30 June 2011show a net loss of €39.2m, more than 50% lower than the €79.2m lossrecorded a year ago, after advance tax of €8.4m (€25.8m). Theimproved performance at the operating level, with the loss reducingfrom €105m to €47.6m, was driven by higher total income (up from€98m to €157.4m), in particular net interest income, which rose from€32m to €112.1m, and to a lesser extent by lower loan loss provisions(down from €23m to €20.8m), against a modest rise in operating costs(from €179.8m to €184m).In a real estate market that was largely stable (residential sales grewby 0.4% year-on-year in 2010), during the period under review 6,515loans were executed for a total of €1,019.8m, up 18.7% in terms ofnumber and 26.7% in terms of value on the previous year (5,488loans worth €805.1m).Retail deposits totalled €9,966.4m at the reporting date, up 4.2% onthe €9,561.1m recorded twelve months previously.The different technical forms of funding, which to date have targetedexclusively individuals, have now been expanded with the addition ofa new business deposit account for companies and entrepreneurs; andin May, new operations were launched in investment services, whichinclude subscription and/or placement, order receipt and– 49