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

transmission, investment advice and custody and administration offinancial instruments.At 30 June 2011 the company’s headcount numbered 923 staff,distributed between headquarters and the 44 branch offices.— Cofactor S.p.A., Milan (non-recourse factoring; 100%-owned byCompass): this company recorded a net profit for the twelve monthsended 30 June 2011 of €511,000 (€699,000), after income tax for theperiod amounting to €548,000 (€264,000).At the reporting date Cofactor’s loan book was carried at €98.1m(compared with €93.5m at 30 June 2010).The company employs a total of 53 staff.— Creditech S.p.A., Milan (credit management; 100%-owned byCompass): Creditech delivered a net profit of €3.6m (€4m), after tax of€1.9m (€2m).The company employs a total of 61 staff.— Compass RE S.A., Luxembourg (reinsurance; 100%-owned by Compass):in its first full year of operations, this company, whose activities mainlyaddress other Group companies, reinsured a total of €48.4m premiums(compared with €14.8m in the six months ended 30 June 2010),corresponding to net premiums (taking into account movements in thetechnical reserves) of €9.4m (€959,000). The company recorded aneven balance, after transferring €4.7m to the reserves.— Compagnie Monégasque de Banque, Monaco (private banking; 100%-owned by Mediobanca): CMB’s consolidated accounts for the yearended 31 December 2010 show a net profit of €24.7m (€32.6m), onnet fee and commission income of €34.1m (€39.1m) and net interestincome of €25.6m (€34.1m). Lendings totalled €706.6m (€631.9m)and funding €1,211.7m (€1,504.3m). Assets under management on adiscretionary/non-discretionary basis totalled €5.7bn (€5.3bn), upapprox. 8%.In the six months ended 30 June 2011, CMB posted a net profit of€15.3m (€12m) on management and brokerage fees of €18m (€17.1m);assets under management/administration were up 2%, at €5.8bn.At 30 June 2011, the employee headcount comprised 197 staff.50 –