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

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RECONCILIATION OF MOVEMENTS IN CASH FLOWDURING PERIODAmounts30/6/11 30/6/10Cash and cash equivalents: balance at start of period 26,802 20,653Total cash flow (ouflow) during period 4,690 6,133Cash and cash equivalents: exchange rate effect — 16Cash and cash equivalents: balance at end of period 31,492 26,802– 69
NOTES TO THE ACCOUNTSPage no.Part A - Accounting policies 73Section 1 - Statement of conformity with IAS/IFRS 73Section 2 - General principles 73Section 3 - Areas and methods of consolidation 74Section 4 - Significant accounting policies 76Part A.3 A - Information n on fair valuev87Part B - Notes to the consolidated balance sheet 91Assets 91Section 1 - Heading 10: Cash and cash equivalents 91Section 2 - Heading 20: Financial assets held for trading 92Section 4 - Heading 40: Available for sale (AFS) securities 94Section 5 - Heading 50: Financial assets held to maturity 97Section 6 - Heading 60: Due from banks 99Section 7 - Heading 70: Due from customers 100Section 8 - Heading 80: Hedging derivatives 102Section 10 - Heading 100: Equity investments 104Section 12 - Heading 120: Property, plant and equipment 108Section 13 - Heading 130: Intangible assets 111Section 14 - Asset heading 140 and liability heading 80: Tax assets andliabilities 113Section 16 - Heading 160: Other assets 117Liabilities 118Section 1 - Heading 10: Due to banks 118Section 2 - Heading 20: Due to customers 119Section 3 - Heading 30: Debt securities in issue 120Section 4 - Heading 40: Trading liabilities 121Section 6 - Heading 60: Hedging derivatives 122Section 8 - Heading 80: Tax liabilities 123Section 10 - Heading 100: Other liabilities 123Section 11 - Heading 110: Staff severance indemnity provision 124Section 12 - Heading 120: Provisions 124Section 13 - Heading 130: Technical reserves 126Section 15 - Headings 140, 160, 170, 180, 190, 200 and 220: Net equity 126Section 16 - Heading 210: Net equity attributable to minorities 128Other information 128– 71
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DraftAnnual Accounts and Reportas a
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C O N T E N T SConsolidated Account
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Page no.* * *Extraordinary business
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CONSOLIDATED ACCOUNTS
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— Retail and private banking (RPB
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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 28 and 29: An updated list of the properties o
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 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:
Page 78 and 79: and its related value of use, and a
Page 80 and 81: Staff severance indemnity provision
Page 82 and 83: Dividends and commissionsThese are
Page 84 and 85: A.3.2Fair value rankingA.3.2.1 Asse
Page 86 and 87: A.3.2.3 Annual changes in financial
Page 88 and 89: Section 2Heading 20: Financial asse
Page 90 and 91: 2.3 Financial assets held for tradi
Page 92 and 93: 4.3 AFS securities: assets subject
Page 94 and 95: 5.2 Assets held to maturity: by bor
Page 96 and 97: Section 7Heading 70: Due from custo
Page 98 and 99: Section 8Heading 80: Hedging deriva
Page 100 and 101: Section 10Heading 100: Equity inves
Page 102 and 103: The book value of the investment in
Page 104 and 105: Section 12Heading 120: Property, pl
Page 106 and 107: 12.4 Tangible assets held for inves
Page 108 and 109: 13.2 Intangible assets: movements d
Page 110 and 111: 14.4 Changes in deferred tax during
Page 112 and 113: 14.6 Changes in deferred tax during
Page 114 and 115: LiabilitiesSection 1Heading 10: Due
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Section 3Heading 30: Debt securitie
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Section 6Heading 60: Hedging deriva
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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
Page 304 and 305:
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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13.4 Changes in deferred tax during
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Section 15Heading 150: Other assets
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Section 3Heading 30: Debt securitie
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Section 6Heading 60: Hedging deriva
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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
Page 338 and 339:
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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Page 398 and 399:
C. CREDIT AND FINANCIAL DERIVATIVES
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indicator generated for the Bank of
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Page 404 and 405:
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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Page 430 and 431:
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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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Page 456 and 457:
Page 458 and 459:
Page 460 and 461:
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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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