DOCSLIB.ORG

Mb Group Credit Profile

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Mb Group Credit Profile MB GROUP CREDIT PROFILE Update as at 30 September 2020 AGENDA 1. MB Group today 2. 1Q/3M FY21 Results 3. Funding & Treasury 3.1 Funding: structure & evolution 3.2 Treasury: structure & evolution Annex 1. 12m figures as at June 20 MEDIOBANCA AT A GLANCE MB Group today Section 1 Revenues1 RWAs1 Key financial information1 Revenues: €2.5bn CETI : 16.1%, Tot. Cap: 18.8% Net profit: €600m Moody’s rating 3 Baa1 WM WM 10% ROTE adj: 10% S&P rating 3 : BBB 23% Consumer 3 CIB 25% C/I ratio: 47% Fitch rating : BBB- CIB Consumer 42% 4 23% 43% Total assets: €79bn DPS: €0 Other Loan book: €47bn Stated payout: 0% Other 23% 11% TFA: €64bn Loan/funding ratio: 85% No. of staff: 4.9k Market cap.3: €5.4bn Revenues (€m) Net profit (€m) ROTE adjusted2 2,525 2,513 2,419 Net profit 10% 10% 10% 2,196 adj.: 887 864 823 750 One-off 8% includ. Covid 600 June17 June 18 June19 June20 June17 June18 June 19 June 20 June17 June18 June19 June 20 1) Figures referred to FY20 period (June-end 2020 annual period) 3 2) Excluding items stemming from Covid emergency, systemic fund provisions, impairments on equity stakes and securities, and other positive/negative one-off items 3) As at 29 October 2020 4) In accordance with ECB guidance on Covid crisis AN INTEGRATED BUSINESS MODEL… MB Group today Section 1 HIGH SYNERGIC BUSINESS Capital light Wealth Corporate & Labour intensive Fee driver Fee driver Recurrent Management Inv.Banking Cyclical REALLOCATION OPPORTUNITY DIVERSIFICATION OPPORTUNITY EPS/DPS accretive Principal Capital intensive Revenue driver Consumer NII driver Source of capital Investing Banking Anti-cyclical HIGH RETURN BUSINESS 4 …BASED ON STRONG POSITIONING IN SPECIALIZED, HIGH MARGIN BUSINESS… MB Group today Section 1 WEALTH MANAGEMENT - ROAC 19% CONSUMER BANKING - ROAC 31% A reputable player in Affluent & Private “Compass: top Italian consumer credit operator” Affluent: CheBanca! on top of digital-technological frontier, sustainable and innovative offer Distribution and scoring built in 50 years Cost-efficient, strong credit risk assessment, Private: gathering UNHWI/HNWI, synergic with mid pricing margin driven corporate business, benchmark in private markets Countercyclical business Selected competences in alternative & traditional AM CIB - ROAC 13% PRINCIPAL INVESTING - ROAC 18% “The leading Italian IB, established role in Southern EU” “13% stake in Ass.Generali” Client driven, highly specialized, cyclical business Cost-efficient, strong credit risk assessment, Revenues, EPS, DPS stabilizer ~45% revenues from outside Italy Cost-tax free investment Leveraging MMA presence in France Potential source of capital Specialty Finance: from green field to sizable WHERE MEDIOBANCA IS NOT PRESENT CIB: large FICC business to be heavily restructured, problematic sectors such as ITA small business, shipping, real estate development RETAIL: large and oversized traditional retail branches network, legacy IT/CRM system 5 ROAC refers to 12M June 20 figures SUPPORTED BY A STRONG A&L STRUCTURE… MB Group today Section 1 Specialty Balance sheet as at 30 September 2020 Finance PB deposits 4% Mortgages Total: €81.9bn 15% 22% Retail Other Large deposits Leasing 12% corporate 28% 4% 35% €46.8bn Private €56.7bn Banking ECB 7% 11% Bonds to Loans/ institutional Consumer Loans Funding: 22% lending 57% Funding Bonds 28% 83% to retail 69% 12% CET11: 16.2% Total Capital: 18.8% Leverage Ratio1: 9.3% BB govies 36% Treasury Liquidity Net NSFR: 109%, LCR (end-of period): 164% 39% assets Treasury Treasury €15bn 34% €15bn liabilities 15% NPLs/loans: 4.2% gross, 1.9% net NPLs coverage: 57% Equity 12% Equity Inv. 5% Bad loans/loans: 1.0% gross, 0.2% net Corporate Bad loans coverage: 82% Client & bonds 14% other Assets Liabilities 8% Trading book 3% Loans : 43% corporate, 57% retail; ~80% Italy, ~20% non-domestic Funding: 55% from retail investors (12% bonds to retail, 28% retail deposits and 15% PB deposits) 1) CET1 FL: 14.6%; Leverage ratio FL: 7.4% 6 …WITH A LOW RISK PROFILE REAFFIRMED MB Group today Section 1 Loans under moratoria well below Italian average, Stage 2 high coverage, stage 3 aligned to EU averages Total granted moratoria Stage 2 loans Stage 3 loans % of loans¹ % of loans2 % of loans2 22.0% 25% 20.0% 3% 10.3% 15.0% 20% outstanding 3.8% 3.4% 10.0% 12.0% 10% 15% coverage 5.0% 53% 60.0% 0.0% 8% 45% 47% 50.0% 5.6% 10% -5.0%6% coverage 40.0% 11.3% -10.0%4% 5% 8.2% 6.4% -15.0%2% 4.3% 3.4% 6.5% 30.0% MB Listed ITA All ITA banks 0% -20.0%0% 20.0% banks MB EU avg. IT avg. MB EU avg. IT avg. MB: buffers well over SREP and MREL requirements MB: liquidity and funding ratios at strong levels 193% >800bps buffer 42.4% MREL liabilities 2x 4 >650bps fully loaded requirement 166% 165% 160% 164% LCR 109% 109% 16.2% 105% 103% 103% MREL req. NSFR 21.6% SREP req. 7.9%3 CET1 ratio (Sept20) MREL liabilities (% RWA, June20) Sept19 Dec19 Mar20 June20 Sept20 1) MB as at Sept.20. Source: Bank of Italy, as of 11 September 2020; ITA banks’ June20 results presentations, reports and pillar 3 2) Source: EBA Risk Dashboard – Data as of June 2020- %of loans (histogram) and coverage ratio (dots) 7 3) In March 2020 the ECB brought forward application of CRD V Article 105. This means that 75% of Mediobanca P2R (1.25%) is now met by CET1 instruments and the other 25% with Tier 2 instruments, bringing the SREP minimum CET1 requirement down from 8.25% to 7.94% 4) Sub stack at 20.2% vs 16.5% requirement BP19/23 STRATEGY, TARGETS CONFIRMED, NOW INCLUDING COVID IMPACT MB Group today Section 1 Shift to capital-light fee Revenue growth in a Enhanced return to business challenging environment shareholders Targeting industry-leading performance CET1 ratio progressively Revenues growth Earnings growth Profitability growth optimized at 13.5% throughout 2023 +4% CAGR1 +4% EPS CAGR1 ROTE23 @11% with a mix of cash dividend and share buyback CAPITAL MANAGEMENT POLICY DPS20 = 0, in accordance with ECB recommendation Dividend pay-out @70% in FY21, pending ECB guidance / authorization after end-Dec. 2020 Progressive optimization of CET1 to 13.5% confirmed by end-June 2023 as a mix of cash dividend and buybacks, the size and mix of which will be set annually depending on developments in the pandemic and Mediobanca stock price 8 1) 4YCAGR 19/23, including treasury shares cancellation (subject to ECB authorization) CSR/ESG PATH: DELIVERY COMMENCED, WELL ON TRACK MB Group today Section 1 FY20 non-financial performance Further ESG cornerstones set Several targets already reached, working to consolidate the remaining Employee competences enhanced with avg. training hours up 95% YoY (BPTarget23: 25%) in part to deal with Covid-19 emergency New Corporate Social Responsibility Committee at BoD level in addition Procedure adopted to reach targets for equal opportunities, including to the Group Sustainability specification in head-hunter mandates Management Committee AM: procedure started to include ESG criteria in investment evaluation (BPTarget23: 100% of new investments) CSR objectives included in the LTI €100m investments in outstanding Italian SMEs (BPtarget23: €700m) scheme as well as in BPlan23 ESG qualified products in clients’ portfolio up 20% (BPtarget23: up 30%) Group Sustainability Policy update €5.4m in FY20 for social/environmental proj. (BPtarget: €4m per year) MB Social Impact Fund: AUM up 29% (BPtarget23: up 20%) New Group Policy on Responsible Lending and Investing ESG bond issue: green and sustainable framework approved (BPtarget23: €500m) 36% of procurement exp. assessed with CSR criteria (BPtarget23: 40%) Customer satisfaction: CheBanca! CSI¹ in core segment² @74, NPS¹ @28 Materiality Matrix update (BPtarget23: 73 and 25) Energy: 93% from renewables (BPTarget23: lifted to 94%), CO2 down 6% (BPTarget23: revised to down 27%); hybrid cars: 13% (BPTarget23 : @90% of MB fleet) RAM Stable Climate Global Equities issued 1) CSI: Customer Satisfaction Index; NPS: Net Promoter Score 9 2) Core: Premier: clients with wealth between €100k and €5m AGENDA 1. MB Group today 2. 1Q/3M FY21 Results 3. Funding & Treasury 3.1 Funding: structure & evolution 3.2 Treasury: structure & evolution Annex 1. 12m figures as at June 20 1Q21: A POSITIVE START TO THE NEW FINANCIAL YEAR ALL BUSINESS SEGMENTS REACTING FAST 1Q/3M FY21 Results Section 2 Sound business recovery after lockdown, ahead of expectations and despite seasonality IB revenues picking up, pipeline rebuilding New loans in Consumer Banking back to 75% of pre-Covid levels, sufficient to offset loans expiring in 1Q WM: solid trend continuing in Affluent & Private segment Positive exit from moratoria in all business segments Consumer Banking: 90% of loans under moratoria have expired, ~90% of which have resumed regular payments Mortgages: 16% of loans under moratoria have expired, 85% of which have resumed regular payments Moratoria outstanding at MB Group halved to just 3% of loan book (€1.4bn), already provisioned Strong 1Q21 results Net profit up 4x QoQ to €200m, ROTE adjusted 9% CET1 at 16.2%1 (up 10bps QoQ), with 70% dividend payout2 accrued Revenues up 3% QoQ to €626m, driven by core revenues (NII+Fees up 9% QoQ) CIB rebounding (up 31%), solid trend in WM (up 4%), Consumer Banking holding up better than expected (down 2%) Cost of risk halved to 61 bps (141 bps in 4Q), Gross NPLs stable ~ 4% CSR/ESG strategy: delivery ongoing, with green bond issuance ahead of schedule 1) CET1 Phase-in. Managerial calculation that differs from the one used in the COREP Common Reporting exercise due to the 11 retained earnings generated in the period (not subject to authorization under Article 26 of the CRR) and based on a dividend payout of 70% subject to the ECB ban currently in place until 31 December 2020 being removed.
Load more

Recommended publications
  • Download Pdf 707.34 KB
    NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS) OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT. EXOR N.V. ANNOUNCES FINAL RESULTS OF ITS TENDER OFFERS Amsterdam, 20 January 2021. EXOR N.V. (the Company) hereby announces the final results of its invitations to eligible Noteholders of its €750,000,000 2.125 per cent. Notes due 2 December 2022, ISIN XS1329671132 (of which €750,000,000 is currently outstanding) (the 2022 Notes) and its €650,000,000 2.50 per cent. Notes due 8 October 2024, ISIN XS1119021357 (of which €650,000,000 is currently outstanding) (the 2024 Notes, and together with the 2022 Notes, the Notes and each a Series) to tender their Notes for purchase by the Company for cash up to an aggregate maximum acceptance amount of €400,000,000 in aggregate nominal amount (the Maximum Acceptance Amount) (such invitations, the Offers and each an Offer). The Offers were announced on 12 January 2021 and were made on the terms and subject to the conditions set out in the tender offer memorandum dated 12 January 2021 (the Tender Offer Memorandum) prepared in connection with the Offers, and subject to the offer and distribution restrictions set out in the Tender Offer Memorandum.
    [Show full text]
  • Consolidated Financial Statements And
    Cover bil ifil ING 2004 23-05-2005 13:01 Pagina 1 IFIL GROUP IN 2004 IFIL GROUP IN 2004 CONSOLIDATED FINANCIAL STATEMENTS AND STATUTORY FINANCIAL STATEMENTS AT DECEMBER 31, 2004 CONSOLIDATED FINANCIALCONSOLIDATED AND STATUTORY FINANCIAL STATEMENTS DECEMBER 31, AT 2004 STATEMENTS Cover bil ifil ING 2004 23-05-2005 13:01 Pagina 2 Società per Azioni Capital stock € 1,075,995,737, fully paid-in Registered office in Turin - Corso Matteotti 26 - Turin Company Register No. 00914230016 IFIL GROUP IN 2004 CONSOLIDATED FINANCIAL STATEMENTS AND STATUTORY FINANCIAL STATEMENTS AT DECEMBER 31, 2004 TABLE OF CONTENTS CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2004 2 Consolidated balance sheet 6 Consolidated statement of operations 8 Notes to the consolidated financial statements STATUTORY FINANCIAL STATEMENTS AT DECEMBER 31, 2004 76 Balance sheet 78 Statement of operations 79 Notes to the statutory financial statements 97 Annexes 112 REPORTS OF THE BOARD OF STATUTORY AUDITORS 115 REPORTS OF THE INDEPENDENT AUDITORS 117 IFIL GROUP’S COMPANIES This is an English translation of the Italian original document “Bilancio consolidato e Bilancio di esercizio al 31 dicembre 2004” approved by the IFIL Board of Directors on March 30, 2005, which has been prepared solely for the convenience of the reader. The version in Italian takes precedence and for complete information about IFIL S.p.A. and the Group, reference should be made to the full original report in Italian “Il Gruppo IFIL nel 2004” containing the Directors’ Report on Operations and the Consolidated and Statutory Financial Statements also available on the corporate website: http://www.ifil.it.
    [Show full text]
  • Investor Description
    Investor description Altor Fund V The family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in roughly 60 companies. The investments have been made in medium sized, predominantly Nordic, companies with the aim to create value through growth initiatives and operational improvements. Investments in Altor Fund V will generally be made in private companies with revenues typically in the range of EUR 50 to 500 million. More than 50% of investments have been made in partnerships with founders or corporates. The new fund has, as with its predecessors, a flexible investment mandate, which allows for minority investments in publicly traded companies and distressed debt. www.altor.com BILSTEIN GROUP The BILSTEIN GROUP is a family-run group of companies in its seventh generation, with headquarters in the heart of North Rhine-Westphalia. The internationally renowned product brands febi, SWAG and Blue Print are united under its strong umbrella. As a supplier and manufacturer, the BILSTEIN GROUP is a worldwide leading specialist in the Independent Aftermarket, offering repair solutions for all common vehicle types in the car and commercial vehicle sector. The BILSTEIN GROUP combines a high-quality standard with a strong customer focus. www.bilstein-gruppe.de EIT InnoEnergy EIT InnoEnergy is the leading engine for innovation and entrepreneurship in sustainable energy across Europe and beyond. EIT InnoEnergy has provided investments and added value services to some 380 sustainable energy innovators; of those 20+ are across the hydrogen value chain; and some 40+ in renewable generation, a key component to green hydrogen.
    [Show full text]
  • Credit Market Opportunities Date and Time of Production
    Credit Strategy 3 September 2020: 19:14 CET Credit Market Opportunities Date and time of production Tactical View on Credit Markets Italy/Bi-Weekly Report After the negative performance recorded in 1H20, we believe that a moderate Index price performance spread tightening trend could occur in 2H20 for Italian IG Non-Financial corporate % Value -1W -1M bonds, as they are supported by the ECB’s heightened monetary stimulus amid IG ASW 89 -2.2 -11.9 HY OAS 398 -1.5 -8.1 resilient fundamentals, on average. Amid dovish monetary policies, investors’ hunt for Crossover 5Y 305 -5.5 -18.7 yield could also support the highest-rated HY names. However, careful credit selection Europe 5Y 50 -7.1 -17.0 will remain key in the HY segment, due to the more pronounced vulnerability of their % Value -1W -1M fundamentals to a deteriorating economic outlook. In the Italian bank bond sector, Euro Stoxx 50 3,338 -0.6 5.1 FTSE MIB 19,858 -1.4 4.0 we see as supportive factors the ECB’s comprehensive package of monetary stimulus * IG = Corporate IG. Source: Bloomberg and the large number of measures that have been adopted by regulators as well as Report priced at market close on day prior to the Italian fiscal packages and the forthcoming EU stimulus package of grants and issue (except where otherwise indicated). loans. However, the Italian macroeconomic scenario remains challenging, and we expect volatility to persist. ML IG Eur Corp. vs Itraxx Main (bps) Corporate (ASW) Investment Recommendations 220 170 In the corporate Investment Grade segment, we recommend the following switches: 120 1) buying IGIM 1 5/8 2027 bond and selling IGIM 1 2031 bond, expecting a widening of the ASW spread gap (currently 9bps); 2) buying EXOIM 2 1/4 04/30 bond and selling 70 EXOIM 1 3/4 10/34 bond, expecting an inversion of the current ASW gap; 3) buying 20 EXOIM 2 1/4 04/30 bond and selling EXOIM 1 3/4 01/28 bond, expecting a reduction of 01.10 07.13 01.17 07.20 the current ASW gap (60.7bps).
    [Show full text]
  • Introduction of “Split Payment” Regulations for RCC Service Invoices
    Market Notice 11 August 2017 MN_61/2017 Introduction of “Split Payment” regulations for RCC service invoices For the attention of: Intermediaries Priority: High Re: Invoicing of RCC charges Dear Client, Please note that following the publication of the Ministry of Economy and Finance Decree of 13 July 2017 in Official Gazette No. 171 of 24 July 2017, which amends the implementing regulations for the splitting of payments for VAT purposes (Article 17-ter, Presidential Decree No. 633/1972) in invoices payable as of 1 July 2017, the RCC fees invoicing application for issuer companies included in the list of listed companies in the FTSE MIB Index published by the Ministry of Economy and Finance (link) must be adapted to the new provisions. The Monte Titoli application is currently in the process of modification and therefore data indicated in the invoicing documentation issued by intermediaries to the issuers concerned (see the list below) in the period 1 July - 10 August is not consistent with the instructions in the Decree. Pending the adaption of the application, and in order to avoid issuing incorrect documents, the invoice request function has been temporarily suspended exclusively for sums due from Issuers to which the aforementioned Decree applies. It should be recalled that the RCC application allows the recovery of sums in suspension without time limits. Monte Titoli shall promptly inform clients by means of Market Notice when the application has been adapted. 1 Market Notice 11 August 2017 MN_61/2017 We apologise for this temporary inconvenience. Our operating offices are available for any clarifications or operating requirements.
    [Show full text]
  • Stellantis N.V. (Name of Issuer)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1) Stellantis N.V. (Name of Issuer) Common Shares, nominal value of €0.01 each (Title of Class of Securities) N82405106 (CUSIP Number) Thierry Mabille de Poncheville Deputy Chief Executive Officer Établissements Peugeot Frères S.A. 66, avenue Charles de Gaulle 92200 Neuilly-sur-Seine, France +33 6 07 48 38 77 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) Copy to: Adam O. Emmerich John L. Robinson Wachtell, Lipton, Rosen & Katz 51 West 52nd Street New York, New York 10019 (212) 403-1000 April 14, 2021 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ☐ Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are sent. * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
    [Show full text]
  • IMPORTANT DISCLAIMER Disclaimer for SG Sales and Trade Ideas
    IMPORTANT DISCLAIMER Disclaimer for SG Sales and Trade Ideas English Version French Version Belgian Flemish Version Dutch Version Italian Version Spanish Version IMPORTANT DISCLOSURES ( View Historic ) As of July 15th 2021 SG G and/or its affiliates act as market maker or liquidity provider in the equities securities of undefined. ((Pre02) 3i III.L A.P. Moller-Maersk B MAERSKb.CO A2A Spa A2.MI ABB ABBN.S Abbott Laboratories ABT.N AbbVie ABBV.N ABN Amro ABNd.AS Accenture ACN.N Acciona ANA.MC Accor ACCP.PA Acerinox ACX.MC Ackermans & van Haaren ACKB.BR ACS ACS.MC Adecco ADEN.S Adevinta ADEV.OL Adidas ADSGn.DE ADT Inc ADT.N Adyen ADYEN.AS Aedifica AOO.BR Aegon AEGN.AS Aena AENA.MC Aéroports de Paris ADP.PA AES Corporation AES.N AG Barr plc BAG.L Ageas AGES.BR Agfa-Gevaert Group AGFB.BR Agora SA AGOP.WA Ahold Delhaize AD.AS AIG AIG.N Air France-KLM AIRF.PA Air Lease Corporation AL.N Air Liquide AIRP.PA Air Products APD.N Airbus Group AIR.PA Aixtron AIXGn.DE Aker BP AKERBP.OL AKTIA BANK AKTIA.HE AkzoNobel AKZO.AS Albioma ABIO.PA Alcoa HWM.N Alcon ALCC.S ALD Automotive ALDA.PA Alexion Pharmaceuticals Inc ALXN.OQ Alior Bank ALRR.WA Allianz SE ALVG.DE Allied Irish Banks AIBG.I Ally Financial ALLY.N ALMIRALL ALM.MC Alphabet GOOGL.OQ Alstom ALSO.PA Alstria Office REIT-AG AOXG.DE Altarea Cogedim IMAF.PA Alten LTEN.PA Altice USA ATUS.N Altria MO.N Amadeus IT Holding AMA.MC Amazon AMZN.OQ AMC ENTERTAINMENT HOLDINGS INC AMC.N American Express AXP.N American Tower Corporation AMT.N Amlin AML.L Amundi AMUN.PA Andritz AG ANDR.VI Anglo American AAL.L Anheuser-Busch InBev ABI.BR Anima Holding SpA ANIM.MI Antofagasta ANTO.L Apache Corp APA.OQ Aperam APAM.AS Apollo Global Management LLC APO.N Apple AAPL.OQ Applus Services APPS.MC AptarGroup Inc ATR.N Aptiv PLC APTV.N ArcelorMittal MT.AS Archer Daniels Midland ADM.N Arkema AKE.PA Aroundtown S.A.
    [Show full text]
  • EXOR S.P.A. (Incorporated in the Republic of Italy As a Joint Stock Company) €150,000,000 2.50 Per Cent
    EXOR S.p.A. (incorporated in the Republic of Italy as a joint stock company) €150,000,000 2.50 per cent. Notes due 8 October 2024 (to be consolidated and form a single series with the €500,000,000 2.50 per cent. Notes due 8 October 2024 issued on 8 October 2014) Issue price: 102.613 per cent. plus 76 days' accrued interest (in respect of the period from (and including) 8 October 2014 to (but excluding) 23 December 2014 The €150,000,000 2.50 per cent. Notes due 8 October 2024 (the New Notes, to be consolidated and form a single series with the €500,000,000 2.50 per cent. Notes due 8 October 2024 issued on 8 October 2014 (the Existing Notes and, together with the New Notes where the context so requires, the Notes)) are issued by EXOR S.p.A. (the Issuer or EXOR) and are intended to be consolidated and form a single series with the Existing Notes. The New Notes will bear interest from, and including, 8 October 2014 at the rate of 2.50 per cent. per annum, as described in Condition 4, and interest will be payable annually in arrear on 8 October in each year. The first payment of interest in respect of the Notes will be made on 8 October 2015. Unless previously redeemed or purchased and cancelled, the Issuer will redeem the Notes at their principal amount on 8 October 2024. The Notes are subject to redemption in whole, but not in part, at their principal amount, together with accrued interest, at the option of the Issuer at any time in the event of certain changes affecting taxes of the Republic of Italy (Italy).
    [Show full text]
  • Transition Effects from the Initial Adoption of IFRS 9 by Italian and German Blue Chip Companies
    Journal of Modern Accounting and Auditing, November 2020, Vol. 16, No.11, 467-483 doi: 10.17265/1548-6583/2020.11.001 D DAVID PUBLISHING Transition Effects from the Initial Adoption of IFRS 9 by Italian and German Blue Chip Companies Knut Henkel University of Applied Sciences, Emden/Leer, Emden, Germany Marvin Bürger NORD/LB Norddeutsche Landesbank - Girozentrale -, Hanover, Germany For the financial years from 2018, the new standard for accounting of financial instruments, IFRS 9, was applicable for the first time. Various questions arose in connection with the transition. For example, how high would the resulting transition effect be on equity? Another aspect related to the question of the extent to which the fair value measurement (through profit or loss) would increase. It is also of interest whether the previously presented IFRS 9 changes are classifiable as being material. Through the analysis of the financial statements of FTSE MIB and DAX 30 companies that were prepared for the first time in accordance with IFRS 9 in the year 2018, answers are given in this article to the aforementioned questions and a comparison is made regarding the extent to which national differences or commonalities existed. In the overall view of the absolute change in equity, for the FTSE MIB companies, a mean value of € - 3.03 million was calculated and for the DAX 30 companies, € - 34.29 million. The equity ratio (median), however, only declined marginally in percentage points with the FTSE MIB companies (-0.07), as well as with the DAX 30 companies (-0.02). With regard to the migration of financial assets, it has been shown that the accounting and measurement of more than 90% of financial assets of the FTSE MIB and DAX 30 companies have not changed.
    [Show full text]
  • Longleaf Partners Global Fund Commentary
    Longleaf Partners September 30, 2017 3Q17 Global Fund Commentary Longleaf Partners Global Fund gained 3.01% in the third of any competitive advantages is generally difficult to assess, quarter. This return exceeded our annual absolute goal of constitute one-third of the index and were two of its main inflation plus 10% in spite of the Fund’s high cash level, return drivers in the quarter. Because of our higher hurdle for which accounted for a meaningful amount of the performance companies in these sectors and their elevated valuations, the shortfall versus the 4.84% rise of the MSCI World Index. The Fund has about half as much exposure to IT and Financials Fund’s substantial year-to-date (YTD) performance of 23.08% (most of which is through 2 P&C insurers/reinsurers). The and 1 year return of 25.05% surpassed both our absolute goal Fund’s flexibility to own companies outside of the index and the index’s 16.01% and 18.17% for the same respective (currently almost half of holdings) provides opportunity periods. Most of the businesses we own had positive returns distinct from the benchmark. The Fund’s cash is also an in the quarter with five stocks posting double-digit gains. advantage, providing liquidity when we find new qualifiers, Contributors were located in different parts of the world but also acting as a buffer in the event that the 9+ year bull and had company-specific drivers. A common thread was market reverses course. management partners who are pursuing transactions aimed at building value per share.
    [Show full text]
  • 2010 ANNUAL REPORT 2010 Annual Report 2010 Annual BIL EXOR IMPAGINATO ING 2010 BIL Ifil IMPAGINATO IT PROVA 06 06/05/11 09:44 Pagina 1
    Cover bil EXOR ING 2010_Cover bil ifil IT 2005 06/05/11 09:50 Pagina 1 2010 Annual Report 2010 ANNUAL 2010 ANNUAL REPORT BIL EXOR IMPAGINATO ING 2010_BIL ifil IMPAGINATO IT PROVA 06 06/05/11 09:44 Pagina 1 Società per Azioni Capital Stock Euro 246,229,850, fully paid-in Registered office in Turin - Corso Matteotti 26 - Turin Company Register No. 00470400011 2010 ANNUAL REPORT Letter to Shareholders Report on Operations 1 Board of Directors, Committees, Board of Statutory Auditors and Independent Auditors 2 EXOR Group Profile 8 Corporate Governance 8 Main risks and Uncertainties to which EXOR S.p.A. and its Principal Investment Holdings are Exposed 19 Significant Events in 2010 22 Significant Events in the First Quarter of 2011 24 Business Outlook 26 Review of the Results of the Separate Financial Statements 31 Review of the Consolidated Results of the EXOR Group – Shortened 43 Other Information 44 Review of Performance by the Main Operating Subsidiaries and Associates and Relevant Subsidiaries in the Holdings System 61 Motion for the Approval of the Separate Financial Statements and the Payment of Dividends 63 EXOR S.p.A. Separate Financial Statements at December 31, 2010 107 Attestation According to Art. 154-bis, Paragraph 5, of Legislative Decree 58/98 108 Independent Auditors' Report on the Separate Financial Statements pursuant to articles 14 and 16 of Legislative Decree 39 dated January 27, 2010 111 EXOR Group Consolidated Financial Statements at December 31, 2010 264 Attestation According to Art. 154-bis, Paragraph 5, of Legislative Decree 58/98 265 Independent Auditors' Report on the Consolidated Financial Statements pursuant to articles 14 and 16 of Legislative Decree 39 dated January 27, 2010 267 Board of Statutory Auditors' Report 271 List of EXOR Group Companies at December 31, 2010 The 2010 Annual Report is available on the website at: http://www.exor.com This is an English translation of the Italian original document “Relazione Finanziaria 2010” approved by the EXOR S.p.A.
    [Show full text]
  • Ifil Relazione Semestrale 2003
    Finanziaria di Partecipazioni SpA IFIL - REPORTFIRST-HALF AT JUNE 30, 2003 FIRST-HALF REPORT AT JUNE 30, 2003 Finanziaria di Partecipazioni SpA Capital stock € 1,075,195,737, fully paid-in Registered office in Turin - Corso Matteotti 26 – Turin Companies Register No. 00914230016 FIRST-HALF REPORT AT JUNE 30, 2003 Contents COMMENTS ON OPERATIONS Board of Directors, Committees, Board of Statutory Auditors and Independent Auditors 3 IFIL Group profile 4 Major events in the first half of 2003 6 Analysis of IFIL Group condensed first-half consolidated results 9 Analysis of IFIL Group first-half consolidated results 16 Analysis of IFIL S.p.A. first-half statutory results 19 Other information 23 Significant subsequent events 25 Future outlook 26 Operating performance of the major Group companies 27 IFIL GROUP – CONSOLIDATED FINANCIAL STATEMENTS AT JUNE 30, 2003 First-half consolidated financial statements 38 Notes to the first-half consolidated financial statements 41 IFIL S.p.A. – FINANCIAL STATEMENTS AT JUNE 30, 2003 65 LIST OF MAJOR COMPANIES HELD BY THE IFIL GROUP AT JUNE 30, 2003 69 INDEPENDENT AUDITORS’ REPORT 71 This is an English translation of the Italian original “Relazione semestrale 2003” approved by the IFIL Board of Directors on September 12, 2003 and has been prepared solely for the convenience of the reader. The version in Italian takes precedence and for complete information about IFIL S.p.A. and the Group reference should be made to the full original report in Italian “Relazione semestrale 2003”. This report is available on
    [Show full text]