Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — H1 2018 Earnings Presentation
64 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Feb 9, 2018
Slide 1: Mediobanca 6M results as at December 2017
Mediobanca 6M results as at 31 December 2017 Milan, 9 February 2018
Slide 2: Agenda
Agenda 1. Group results 2. Divisional results 3. Closing remarks Annexes 1. Last 3M takeaways 2. Quarterly segmental reporting tables 3. Glossary
Slide 3: Growth – quality – sustainability
Growth – quality – sustainability 6M results as at Dec 2017 - Group results Section 1 Best-ever half results by revenues, GOP and net profit Growth and profitability at the best level in EU Revenues up 9% to €1.2bn, with growing NII (up 6%) and fees (up 23%), Net profit up 14% to €476m ROTE up to 11
Slide 4: Highest-ever revenues and GOP
Highest-ever revenues and gop 6M results as at Dec 2017 - Group results Section 1 Total revenues (€m, 6m) Loan loss provisions (€m, 6m) GOP after LLPs (€m, 6m) CAGR : +8% CAGR : +27% 1,170 302 301 523 1,072 1,014 1,016 425 224 372 875 184 321 CAGR : +7% NII + Fee 113 203 NII 963 + Fee 727 Dec13 Dec1
Slide 5: Revenues growth driven by effective diversification
Revenues growth driven by effective diversification … 6M results as at Dec 2017 - MB Group Section 1 Group revenues (€m, 6M) Fees by quarter (€m, 3M) CAGR +8% +11% 165 153 131 138 121 +9% 1,170 1,072 121 875 136 85 Dec16 Mar17 June17 Sept17 Dec17 64 132 +23% 291 17 237 197 NII by quarter (€m, 3M) +3
Slide 6: A&L optimization
…A&L optimization… 6M results as at Dec 2017 - Group results Section 1 Loans by division (€bn) Group funding (€bn) Group treasury (€bn) CAGR +5% CAGR -5% CAGR -15% 37.6 +5% 39.6 33254.0 49.7 -5% 2.0 4.7 47.4 32.3 6.1 7.5 6.1 14.2 13.4 6.5 4.3 14.6 13.7 -22% 17.4 18.2 25.2 9.9 8.6 = 16.8 13.2 5.1 18.
Slide 7: Strong shift towards WM (organic and M&A)
… and strong shift towards WM (organic and M&A) 6M results as at Dec 2017 - Group results Section 1 Group AUM/AUA trend (€bn) %TFA 42% 50% Organic growth: 57% €1.5bn in 6M (+5%) ~35.5 0.7 0.3 31.5 ~4 0.5 30.0 ~28 23.9 ~13 22.9 17.4 13.5 7.1 7.6 7.6 3.9 June16 Barclays, June17 CheBanca! MPPB Cairn De
Slide 8: MB well positioned in EU for revenue growth
Mb well positioned in EU for revenue Growth 6M results as at Dec 2017 - Group results Section 1 In last 2Y MB top performer for revenue growth1 (up 12%) in European landscape, both in … Revenues 2Y growth (%) +12% MB Peer1 Peer2 Peer3 Peer4 Peer5 Peer6 Peer7 Peer8 Peer9 Peer10 Peer11 Peer12 Peer13 P
Slide 9: All businesses showing enhanced revenues
all businesses showing enhanced revenues… 6M results as at Dec 2017 - Group results Section 1 MB Group revenues by division (6M, €m) +9%, +3% adj¹ 3 27 (14) 17 65 1,170 1,072 +19% +4% +1% n.m. +1% adj.1 GOP Wealth Consumer Corporate & Holding Principal GOP 6M-Dec16 Management Banking Investment Bank
Slide 10: …and substantial GOP growth
…and substantial GOP growth 6M results as at Dec 2017 - Group results Section 1 MB Group operating profit after LLPs by division (6M, €m) +23%, +21% adj¹ 18 (14) 24 55 15 523 425 +38% +30% +13% n.m. +19% adj.1 GOP Wealth Consumer Corporate & Holding Principal GOP 6M - Dec16 Management Banking Invest
Slide 11: Fee-based and K-lighter model already in place
Fee-based and K-lighter model already in place 6M results as at Dec 2017 - Group results Section 1 Group revenues by division Group GOP by division Group RWA by division €0.9bn €1.2bn €0.4bn €0.5bn €59bn €47bn 6% 10% 7% 12% 15% 25% 30% 25% 24% 18% 37% 55% 47% 25% 37% 7% 40% 65% 19% 8% 40% 33% 13% 18
Slide 12: Asset quality improved further for the group
asset quality improved further for the group… 6M results as at Dec 2017 - Group results Section 1 Cost of risk by division (bps) NPLs (“deteriorate”, €m) and coverage (%) 55% 55% 55% 204 55% 1,000 50% 196 800 45% Net NPLs 937 941 892 40% 600 NPLs coverage 35% 400 30% 58 Dec16 June17 Dec17 60 (29) Ba
Slide 13: …and at divisional level
… and at divisional level 6M results as at Dec 2017 - Group results Section 1 NPLs Bad loans Coverage As % of loans (“deteriorate”) (“sofferenze”) 69% 72% 2.5% 2.3% -5% Mediobanca -15% 937 55% 55% Group 892 168 143 0.4% 0.4% Dec16 Dec17 Dec16 Dec17 Dec16 Dec17 Dec16 Dec17 56% 60% Wealth +1% 2.1% 1.8
Slide 14: MB outstanding risk profile confirmed at EU level
MB outstanding risk profile confirmed at EU level 6M results as at Dec 2017 - Group results Section 1 ECB SREP minimum requirements (phase-in) Sovereign bond exposure (EBA transparency exercise 2017) 300% Italian 267% SREP SREP 236% 251% banks CET1 TC 227% 213% 214% SREP disclosed 182% 170% 92% 136%
Slide 15: CET1 ratio up to 14.3%
CET1 ratio up to 14.3% … 6M results as at Dec 2017 - Group results Section 1 RWA trend (€bn) CET1¹ phase-in trend (bps) -1% -11% +100bps 53.8 52.8 -40bps ~14.3% 52.1 ~47 (1.4) 0.7 (~5) 13.3% +20bps +140bps 12.3% 12.9% -40bps -20bps Dec16 Sept17 PI Business Dec17 CIB AIRB Dec17 Dec16 Sept17 Retained
Slide 16: Confirming strong MB positioning in EU industry
…confirming strong MB positioning in EU industry 6M results as at Dec 2017 - MB results Section 1 CET1 ratio Dividend yield 14% 4% Peer5 Peer2 Peer3 Peer4 Peer1 Peer9 Peer7 Peer8 Peer6 MB Peer12 Peer13 Peer10 Peer14 Peer15 Peer16 Peer18 Peer17 Peer20 Peer19 Peer2 Peer1 Peer5 Peer3 Peer4 Peer6 Peer9
Slide 17: Strong capital generation fostering M&A and remuneration
Strong capital generation fostering M&A and remuneration 6M results as at Dec 2017 - MB results Section 1 CET1 trend Payout 38% 43% 43% 40-50% 40-50% 14.3% ~14% ~14% 13.3% 12.1% After FY19 June16 June17 Dec17 June18E June19E Main AG EBA Cairn B.Esperia RAM IFRS9 Basel IV extraordinary conc.20% guide
Slide 18: Agenda
Agenda 1. Group results 2. Divisional results 2A. Wealth Management 2B. Consumer Banking 2C. Corporate & Investment Banking 2D. Principal Investing 2E. Holding Functions 3. Closing remarks
Slide 19: 1H18 results at a glance
IH18 results at a glance 6M results as at Dec 2017 - Divisional results Section 2 Revenues GOP Net profit ROAC +9% +23% +14% ROTE 11% 10% 10% Mediobanca 1,170 523 476 Group 1,072 425 418 8% ROTE adj. Dec16 Dec17 Dec16 Dec17 Dec16 Dec17 Dec16 Dec17 +82% adj. 12% +19% +38% Wealth 10% Management 214 25
Slide 20: Wealth Management
Wealth Management Wealth Management (WM) Affluent & Premier CheBanca! Private & HNWI MB Private Banking CMB Spafid Mediobanca AM MB SGR, CMG Cairn, RAM 20
Slide 21: WM – Prioritize development
WM – Prioritize development 6M results as at Dec 2017 - Divisional results Section 2 WEALTH MANAGEMENT Gaining traction and visibility ROAC up to 12% Development fuelled by organic growth and M&A Gaining scale: now 25% of Group revenues (on annual basis ~€550m revenues, ~€110m PBT) CheBanca!: alread
Slide 22: WM P&L Gaining scale
WM P&L Gaining scale: approx. €550m revenues, €110m GOP (annual basis) 6M results as at Dec 2017 – Divisional results Section 2 WM¹ revenues by segment (6M, €m) WM¹ GOP by segment (6M, €m) ~280 256 ~25 ~55 214 163 46 ~10 112 112 34 83 27 25 25 67 23 18 132 144 144 96 21 21 9 11 Dec15 Dec16 Dec17 Dec
Slide 23: CheBanca!: moving from an excellent set up
CheBanca!: moving from an excellent set up… 6M results as at Dec 2017 – Divisional results Section 2 Revenues trend and breakdown Fee breakdown Mortgages - Stock and new loans (6M, €m) (6M, €m) (€bn) 144 132 Others +4% 37 96 32 Mortgages Management 27% Fees 63% 20 7.4 7.7 +30% 100 107 76 0.7 0.5 Dec
Slide 24: Expanding WM-light distribution network
…and expanding WM-light distribution network… 6M results as at Dec 2017 – Divisional results Section 2 AUM growth resumed in last Q (up €0,5bn in last 6M)… …even split between prop channels and FAs network AUM trend (€bn) +€0,4bn in 3M Quarterly AUM growth by channel (€bn) Restructuring process 0.4
Slide 25: To become a leading 2.0 Italian asset gatherer
…to be become a leading 2.0 italian asset gatherer 6M results as at Dec 2017 – Divisional results Section 2 Asset breakdown¹ TFA breakdown¹ Revenue breakdown¹ 9% 15% 26% 28% 81% 69% 74% 63% 40% 16% 16% 19% CheBanca! ITA asset gatheres CheBanca! ITA asset gatheres CheBanca! ITA asset gatherers Mortga
Slide 26: PB/AM: organic growth coupled with M&A
PB/AM: organic growth coupled with M&A 6M results as at Dec 2017 – Divisional results Section 2 MB Private Banking Compagnie Monégasque de Banque MAAM AUM(€bn) AUM/AUA trend (€bn) AUM/AUA trend (€bn) B.Esperia +€0.7bn in 6M acquisition +€0.8bn ~7 completed 14.4 RAM* 14.0 4.0 announced 6.8 +€0,8bn 13
Slide 27: Significant step ahead towards MAAM development
Significant step ahead towards MAAM development 6M results as at Dec 2017 – Divisional result Section 2 On 23 November 2017 Mediobanca signed a strategic partnership agreement with RAM AI KEY FACTS Founded in 2007 by Thomas de Saint-Seine, Maxime Botti and Emmanuel Hauptmann AuM: CHF4.9bn (or €4,3bn
Slide 28: An excellent partnership to grow in the AAM business
An excellent partnership to grow in the AAM business 6M results as at Dec 2017 – Divisional result Section 2 HIGH ALPHA GENERATING SPECIALIST.. ..WITH IMPRESSIVE AUM GROWTH SINCE INCEPTION RAM Active Investments is one of Europe’s leading systematic investment managers, offering a range of actively
Slide 29: Strong track record recognized in the industry
Strong track record recognized in the industry 6M results as at Dec 2017 – Divisional result Section 2 INDUSTRY RECOGNITION 2017 2016 RAM AI awarded RAM Global RAM AI received the RAM L/S European RAM L/S EU Equity RAM L/S EU the "Best Fund Bond Total "Best Fund Group Equities fund fund awarded the
Slide 30: Consumer Banking
Consumer Banking Consumer Banking (CB) Consumer Banking Compass 30
Slide 31: Consumer Banking – Continue growing
Consumer Banking – Continue growing 6M results as at Dec 2017 - Divisional results Section 2 CONSUMER BANKING The biggest contributor ROAC up to 30% Record results (again) with €160m net profit in 6M stable revenue growth (up 4% YoY now close to €500m per H) reduction in CoR, now at the lowest level
Slide 32: Compass confirms its disciplined trajectory
In a normalizing market, Compass confirms its disciplined trajectory… Market: new business double-digit growth… … finally reflecting on loan stock as well (growth YoY, %) (growth YoY, %) 9% 7% 19% 6% 6% 6% 16% 16% 14% 5% 3% 8% 10% 10% 8% 1% 4% 7% 8% -6% 5% 1% 0% 0% 3% -2% -3% -3% -5% -5% -6% -12% 20
Slide 33: Delivering impressive growth & results over the whole cycle
… delivering impressive growth & results over the whole cycle 6M results as at Dec 2017 – Divisional results Section 2 In the last 10Y Compass loan book tripled … … as well as revenues … €bn €m +3x +3x 11.8 12.1 936 11.0 11.2 873 10.4 800 9.3 9.6 713 713 8.8 9.1 687 8.4 8.1 8.3 592 605 638 Linea acq
Slide 34: ROAC up to 30%
ROAC UP TO 30% 6M results as at Dec 2017 – Divisional results Section 2 New loans growth reverted into high single-digit … fostering revenues growth … stock growth... New loans - €bn Stock - €bn €m +4% +13% +8% +6% 12.1 550 476 493 11.2 500 450 423 10.6 400 +7% 350 +6% 3.3 300 3.1 250 2.9 200 150 10
Slide 35: Corporate & Investment Banking
Corporate & Investment Corporate & Banking (CIB) Investment Banking Corporate & Investment Banking Specialty Finance 35
Slide 36: CIB – Increase profitability
CIB – Increase profitability 6M results as at Dec 2017 - Divisional results Section 2 CORPORATE & INVESTING BANKING More K-light, fee based ROAC up to 13% (15%¹) Wholesale banking: net profit up 15% to €131m driven by fees (up 4%) and better asset quality Leading positioning in Italy and Southern EU
Slide 37: Consolidated leading position achieved in Italian M&A
Consolidated Leading Position achieved in Italian M&A 6M results as at Dec 2017 – Divisional results Section 2 Advised on all industry-shaping deals involving the Italian Most Relevant MB M&A Transactions of 2017 market in 2017, including the Luxottica-Essilor combination, Atlantia’s tender offer fo
Slide 38: Equity capital markets and cash equity
Equity capital markets and cash equity 6M results as at Dec 2017 – Divisional results Section 2 Nov. 2017 Oct. 2017 Oct. 2017 Oct. 2017 Mediobanca boasts an unrivalled track record in Italian ECM transactions, having managed virtually all the largest deals (14 €45m €500m €2,385m €424m deals managed
Slide 39: Debt Capital Markets
Debt Capital Markets Involved in the main deals by Italian issuers in 2017, both for Italian FIG deals - Euro 2H17 Mkt share Transactions corporates (including Esselunga debut issue, Wind Tre (%) (#) refinancing and Iren Green Bond) and financials (including UniCredit €1,025m 12.2% 7 Crédit Agricole
Slide 40: Specialty Finance: intense activity supporting growth
Specialty Finance: intense activity supporting growth … 6M results as at Dec 2017 - Divisional results Section 2 MBFacta market positioning MBCredit Solution loan book trend (€m) (turnover as at Sept17, €bn, Assifact) +2x 45.6 GBV: €1.3bn +2x 267 GBV: €0.8bn 135 27.2 77 Dec15 Dec16 21° 12° 21.2 Dec1
Slide 41: Increasing contribution to CIB
… and increasing contribution to CIB 6M results as at Dec 2017 - Divisional results Section 2 Specialty Finance revenues by segment (6M, €m) Specialty Finance GOP risk adj by segment (6M, €bn) +2x 56 42 +2.5x 22 37 16 27 23 13 9 11 9 2 16 19 20 7 7 10 Dec15 Dec16 Dec17 Dec15 Dec16 Dec17 MBFacta MBCr
Slide 42: Principal Investing
Principal Investing (PI) Principal Investing Principal Investing Ass. Generali AFS stake ptf 42
Slide 43: Principal investing: keep disposing
Principal investing: keep disposing 6M results as at Dec 2017 - Divisional results Section 2 PRINCIPAL INVESTING Continue disposing ROAC at 13% Disposal ongoing: €250m equity disposed in last 6M with €94m of capital gains Increasing NAV: up 2% to €3.6bn, up 7% at the Portfolio breakdown Book AFS end
Slide 44: Holding Functions
Holding Functions Holding Functions Group ALM & Treasury Leasing 44
Slide 45: Holding functions – Continue optimizing
holding functions – Continue Optimizing 6M results as at Dec 2017 - Divisional results Section 2 HOLDING FUNCTIONS Optimization ongoing Losses reduced by 43% Treasury NII strongly improved due to Liquidity optimization (treasury down 22% to €13bn) LCR ratio down from 256% to 190%, liquidity reductio
Slide 46: NII recovering on LCR & CoF optimization
NII recovering on LCR & CoF optimization 6M results as of Dec17 – Divisional results Section 2 LCR optimization… … and gradual average cost of funding reduction... (bps vs Eur3M) 372% 155 155 145 259% 245% 256% 105 100 190% 90 85 80 60 Dec16 Mar17 June17 Sept17 Dec17 FY16 FY17 1H18 LCR ratio MB bond
Slide 47: Agenda
Agenda 1. Group results 2. Divisional results 3. Closing Remarks Annexes 1. Last 3M takeaways 2. Quarterly segmental reporting tables 3. Glossary
Slide 48: Closing remarks
CLOSING REMARKS 6M results as of Dec17 – Closing remarks Section 3 MEDIOBANCA Different DNA and growth capability Reshaping continuing, paving the way to different valuation metric 6M as at Dec17: best-ever half results by revenues (up 9% to €1.2bn), GOP (up 23% to €523m), and net profit (up 14% to
Slide 49: Mediobanca 6M results as at December 2017
Mediobanca 6M results as at 31 December 2017 Milan, 9 February 2018
Slide 50: Last 3M key takeaways
Last 3M key takeaways 6M results as at Dec 2017 Annex1 NII up 3% to €340m Fees up 11% to €153m driven by Consumer and HF driven by CIB and WM Consumer up 2% to €218m CIB up 19% to €63m HF up 43% to -€9m WM up 18% to €66m, AUM up €1bn to €31.5bn CIB down 2% to €67m Consumer down 11% to €29m WM down 2
Slide 51: Mediobanca Group P&L
Mediobanca Group P&L 6M results as at Dec 2017 Annex 2 2H 1H 2H 4Q 3Q 2Q 1Q €m D YoY1 Dec17 June17 Dec16 Dec17 Sept17 June17 Mar17 Total income 1,170 1,123 1,072 9% 572 598 539 584 Net interest income 672 652 636 6% 340 332 333 320 Fee income 291 286 237 23% 153 138 121 165 Net treasury income 85 58
Slide 52: Mediobanca Group A&L
Mediobanca Group A&L 6M results as at Dec 2017 Annex 2 D D €bn Dec17 Sept17 June17 Dec16 HoH1 YoY1 Funding 47.4 48.5 49.1 49.7 -4% -5% Bonds 18.8 20.2 19.3 19.7 -3% -4% Direct deposits (Retail&PB) 18.2 17.8 17.8 17.4 +2% +4% ECB 4.3 4.3 5.9 6.5 -26% -33% Others 6.1 6.2 6.1 6.1 -1% -0% Loans to custo
Slide 53: CIB results
CIB results 6M results as at Dec 2017 Annex 2 2H 1H 2H 4Q 3Q 2Q 1Q €m D YoY1 Dec17 June17 Dec16 Dec17 Sept17 June17 Mar17 Total income 317 322 314 +1% 164 153 129 193 Net interest income 136 139 153 -11% 67 69 70 69 Net treasury income 65 39 54 +19% 34 31 7 32 Fee income 117 143 107 +9% 63 53 51 92
Slide 54: WB results
WB results 6M results as at Dec 2017 Annex 2 2H 1H 2H 4Q 3Q 2Q 1Q €m D YoY1 Dec17 June17 Dec16 Dec17 Sept17 June17 Mar17 Total income 261 277 273 -4% 133 127 107 170 Net interest income 106 117 132 -20% 52 54 59 57 Net treasury income 65 40 54 20% 34 31 7 32 Fee income 90 121 87 4% 48 42 40 81 Total
Slide 55: Specialty finance results
Specialty finance results 6M results as at Dec 2017 Annex 2 2H 1H 2H 4Q 3Q 2Q 1Q €m D YoY1 Dec17 June17 Dec16 Dec17 Sept17 June17 Mar17 Total income 56 45 42 35% 31 26 22 23 Net interest income 30 23 22 38% 15 15 11 12 Fee income and other income 27 22 20 31% 15 11 11 11 Total costs (20) (20) (15) 2
Slide 56: Consumer banking: Compass results
Consumer banking: Compass results 6M results as at Dec 2017 Annex 2 2H 1H 2H 4Q 3Q 2Q 1Q €m D YoY1 Dec17 June17 Dec16 Dec17 Sept17 June17 Mar17 Total income 493 461 476 +4% 247 246 222 239 Net interest income 432 410 408 +6% 218 214 205 205 Fee income 61 51 67 -10% 29 32 17 34 Total costs (137) (143
Slide 57: Wealth Management results
Wealth Management results 6M results as at Dec 2017 Annex 2 2H 1H 2H 4Q 3Q 2Q 1Q €m D YoY1 Dec17 June17 Dec16 Dec17 Sept17 June17 Mar17 Total income 256 245 214 +19% 133 122 128 117 Net interest income 127 127 117 +8% 63 64 66 61 Fee income 122 113 90 +35% 66 56 60 53 Net treasury income 7 6 7 +9% 5
Slide 58: CheBanca! Results (Affluent & Premiere)
CheBanca! Results (Affluent & Premiere) 6M results as at Dec 2017 Annex 2 2H 1H 2H 4Q 3Q 2Q 1Q €m D YoY1 Dec17 June17 Dec16 Dec17 Sept17 June17 Mar17 Total income 144 143 132 +9% 74 70 73 70 Net interest income 107 105 100 +7% 53 54 55 51 Fee income 37 37 32 +17% 21 16 19 19 Total costs (115) (126)
Slide 59: Private Banking results
Private Banking results 6M results as at Dec 2017 Annex 2 2H 1H 2H 4Q 3Q 2Q 1Q €m D YoY1 Dec17 June17 Dec16 Dec17 Sept17 June17 Mar17 Total income 112 102 83 +35% 59 53 55 48 Net interest income 20 21 18 +15% 10 10 11 10 Fee income 85 76 59 +45% 45 40 41 35 Net treasury income 7 6 6 +6% 4 2 3 3 Tota
Slide 60: Principal Investing results
Principal Investing results 6M results as at Dec 2017 Annex 2 2H 1H 2H 4Q 3Q 2Q 1Q €m D YoY1 Dec17 June17 Dec16 Dec17 Sept17 June17 Mar17 Total income 124 135 138 -10% 33 91 77 58 Gains from disposals 94 43 119 -21% 5 89 23 20 Impairments (1) 0 (1) (0) (0) 0 0 Net result 205 180 242 -15% 35 171 102
Slide 61: Holding Functions results
Holding Functions results 6M results as at Dec 2017 Annex 2 2H 1H 2H 4Q 3Q 2Q 1Q €m D YoY1 Dec17 June17 Dec16 Dec17 Sept17 June17 Mar17 Total income (11) (18) (38) (3) (8) (10) (8) Net interest income (25) (29) (47) (9) (16) (11) (18) Net treasury income 5 4 (0) 3 2 (3) 7 Fee income 9 7 9 3 6 4 4 To
Slide 62: Glossary
GLOSSARY MEDIOBANCA BUSINESS SEGMENT PROFIT & LOSS (P&L) and BALANCE SHEET CIB Corporate and investment banking GOP Gross operating profit WB Wholesale banking Ls Loans SF Specialty finance LLPs Loan loss provisions CB Consumer banking M&A Merger and acquisitions WM Wealth management NAV Net asset v
Slide 63: Disclaimer
Disclaimer This presentation contains certain forward-looking statements, estimates and targets with respect to the operating results, financial condition and business of the Mediobanca Banking Group. Such statements and information, although based upon Mediobanca’s best knowledge at present, are ce
Slide 64: Investor contacts
Investor contacts Mediobanca Group Investor Relations Piazzetta Cuccia 1, 20121 Milan, Italy Jessica Spina Tel. no. (0039) 02-8829.860 Luisa Demaria Tel. no. (0039) 02-8829.647 Matteo Carotta Tel. no. (0039) 02-8829.290 Email: investor.relations@mediobanca.com http://www.mediobanca.com 64