Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — H1 FY2024 Earnings Presentation
57 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Feb 9, 2024
Slide 1: Mediobanca 6M/2Q Results as at 31 December 2023
MEDIOBANCA 6M/2Q RESULTS AS AT 31 DECEMBER 2023 Milan, 9 February 2024
Slide 2: Agenda
Agenda Section 1. Executive summary Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional results by quarter 3. Glossary
Slide 3: Effective 6M Actions & Results Consistent with One Brand-One Culture
EFFECTIVE 6M ACTIONS & RESULTS CONSISTENT WITH “ONE BRAND-ONE CULTURE” BP26 EXECUTION IMPLEMENTING THE NEW VISION OF THE GROUP Executive summary Section 1 Group target Deliver strong and capital efficient growth ➢ TFAs €5.5bn increased to €94bn, with ~€4bn NNM in 6M ➢ RWAs reduced by 5% HoH to €49bn
Slide 4: Positioning in All Businesses Improved
POSITIONING IN ALL BUSINESSES IMPROVED Executive summary Section 1 WM Mediobanca Premier as strong growth driver, PIB model to be leveraged further ➢ CheBanca! repositioning as Mediobanca Premier kicked off on 15 Jan., strong pipeline of senior recruitment ➢ Product offering enhancement underway, le
Slide 5: Clear Growth Opportunities Ahead in a Decreasing Interest Rate Environment
CLEAR GROWTH OPPORTUNITIES AHEAD IN A DECREASING INTEREST RATE ENVIRONMENT Executive summary Section 1 FY26 3Y CAGR FY23 FY24 FY25 BP26T 23/26 ➢ Revenues €3.3bn ~€3.5bn €3.8bn +5% Capital ➢ NII €1.8bn +10% efficient ➢ Fees €0.8bn growth ➢ RWAs €51bn €51bn flat ➢ TFAs €88bn >€98bn €115bn +9% Visible
Slide 6: 1H24/6M KPIs
1H24/6M KPIS REVENUES >€1.7BN, NET PROFIT > €0.6BN, ROTE @13.3% Executive summary Section 1 Financial results Highlights MEDIOBANCA GROUP – 6M as at Dec23 Growth in EPS: €0.72 up 10% YoY (up 30% HoH) EPS BVPS TBVPS No. shares/ow Growth in BVPS: €12.4, up 14% YoY treasury PER Growth in TBVPS: €11.1,
Slide 7: Strong 2Q Across the Board
STRONG 2Q ACROSS THE BOARD REVENUES €867M, NET PROFIT €260M Executive summary Section 1 Group: sound quarter Mediobanca Group – 2Q results as at Dec23 Revenues €867m, with growing NII (~€500m) and fees recovering Revenues Fees CoR Net profit (>€240m, up 35% QoQ) offsetting the lower insurance contri
Slide 8: Agenda
Agenda Section 1. Executive summary Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional results by quarter 3. Glossary
Slide 9: Selective and Value-Driven Asset Growth
SELECTIVE AND VALUE-DRIVEN ASSET GROWTH 1H/2Q - Group results Section 2 >€5bn growth in TFAs to ~€94bn… with ~€4bn in NNM in 1H24 AUM/AUA up 10% HoH to €66bn, deposits resilient at ~€28bn AUA (€3.7bn), AUM (€0.5bn), guided deposits conversion (Group TFAs, €bn) (NNM, €bn) +6% HoH, additional €5.5bn 3
Slide 10: Revenue Growth Boosted by Diversification
REVENUE GROWTH BOOSTED BY DIVERSIFICATION 1H/2Q - Group results Section 2 Group revenues by division (YoY, 6M, €m) WM revenues up 10% QoQ +4% YoY 240 60 (88) 199 209 206 207 218 25 24 51 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 +4%1 +13%1 -20%1 +12%1 CF revenues up 4% QoQ 1,731 1,659 276 284 281 280 286 298 1Q
Slide 11: NII: Solid Trend Driven by A&L Management
NII: SOLID TREND DRIVEN BY A&L MANAGEMENT… 1H/2Q - Group results Section 2 NII trend by division (€m, 3M) Loan yield and loan-funding spread1 +18% YoY +4% HoH 997 958 5.7% Loan yield 4.8% 843 502 501 3.7% 447 o/w 30 inflation 496 o/w 7 inflation 456 2.3% Funding cost2 o/w 25 inflation 1.8% 82 60 58
Slide 12: With Comfortable Funding Position
WITH COMFORTABLE FUNDING POSITION 1H/2Q - Group results Section 2 WM funding1 resilient and sound bond issuance driven by high investor appetite and diversified market access (€bn) (€bn) 60.5 60.2 60.6 SP to MB 1H24 bond 4.5 4.9 5.6 networks 5.6 4.6 3.4 issuances: €2.8bn 0.5 22.3 23.1 23.9 SP to thi
Slide 13: Fees: Rebound in 2Q Across All Businesses
FEES: REBOUND IN 2Q ACROSS ALL BUSINESSES 1H/2Q - Group results Section 2 Fee income trend by division (€m, 3M) CIB fees (€m, 3M) 117 -11% YoY +14% HoH 8 24 86 69 8 Specialty fin 473 422 24 15 7 53 51 Lending 48 7 25 8 8 1 370 9 9 8 CapMkt 263 +35% 242 61 14 10 11 6 56 Advisory QoQ 38 23 22 24 210 1
Slide 14: Investments in Talent, Distribution, Innovation
INVESTMENTS IN TALENT, DISTRIBUTION, INNOVATION 1H/2Q - Group results Section 2 MB Group cost by nature and division (€m) MB Group cost/income trend by division (%) 11 9 (4) 735 691 28 68% (Arma) 67% WM 66% 58% 382 360 CIB 50% 44% 42% Group 42% Headcount Headcount +240 FTE 5.129 5.369 38% CF 30% 29%
Slide 15: CoR Under Control at 51bps
COR UNDER CONTROL AT 51BPS 1H/2Q - Group results Section 2 CoR trend (bps) Overlay stock trend (€m) 1H23 2H23 1H24 Group 59bps Group 43bps Group 51bps CF 144bps CF 145bps CF 166bps CIB 34bps CIB -4bps CIB 0bps 168 282 165 269 146 142 141 148 21 20 243 CF 44 40 24 32 71 48 57 40 46 46 GROUP CIB 216 2
Slide 16: Prudent Staging
PRUDENT STAGING GROSS NPL RATIO AT 2.4% AND HIGH COVERAGE RATIOS 1H/2Q - Group results Section 2 Gross NPLs – Stage 31 Net NPLs – Stage 31 ➢ Stage 3 – Gross NPLs down 6% QoQ and (Net exposure/Loans) 3% vs June to 2.4% of gross loans, after 73.2% 72.1% the sale of two NPL positions in CIB and 69.1% s
Slide 17: Asset Quality by Divisions
ASSET QUALITY BY DIVISIONS 1H/2Q - Group results Section 2 Net NPLs (€m) of which bad loans (€m) NPL coverage NPLs as % of loans (“deteriorate”) (“sofferenze”) 73% 72% Gross +7% 69% 2.4% 2.5% 2.4% -20% Mediobanca 0.7% 0.7% 0.8% 350 374 401 Group 46 41 33 Net Dec22 June23 Dec23 Dec22 June23 Dec23 Dec
Slide 18: Capital Optimization and Reallocation Under Way
CAPITAL OPTIMIZATION AND REALLOCATION UNDER WAY CIB RWA DOWN 27% (OR €6BN) IN 12M 1H/2Q - Group results Section 2 RWAs trend by division (€bn, incidence %) Divisional RoRWA (annualized, %) -7% YoY -5% HoH 3.6% 52.6 100% 51.4 100% WM 3.6% 49.1 100% 3.1% 3.3 6% 3.1% 3.8 7% 3.0% INS 3.2% 4.3 9% 8.5 16%
Slide 19: High Capital Creation, Sound Shareholder Remuneration
HIGH CAPITAL CREATION, SOUND SHAREHOLDER REMUNERATION CET1 PHASE-IN AND FULLY LOADED @15.3% 1H/2Q - Group results Section 2 CET1¹ ratio 1H24 trend +150bps capital creation -125bps upfront +35bps (50)bps +45bps (85)bps 15.9%1 +120bps (45)bps (25)bps 15.3%1 (55)bps 8.15%2 CET1 SREP – 10.4% MDA June23
Slide 20: Sound 6M Performance
SOUND 6M PERFORMANCE 1H/2Q - Group results Section 2 Financial results Highlights 6m D D 2Q24 1Q24 2Q23 Sound 1H24 results featuring GOP at €862m, up 6% YoY and 7% €m Dec23 HoH1 YoY1 Dec23 Sept23 Dec22 HoH, driven by revenue growth; C/I ratio and CoR under Total income 1,731 +5% +4% 867 864 902 cont
Slide 21: Further Upgrade of ESG Profile
FURTHER UPGRADE OF ESG PROFILE 1H/2Q - Group results Section 2 GOVERNANCE ENVIRONMENT Shareholders at the 2023 AGM approved all items proposed by CDP score upgraded by two notches from “C” to “B”. The the BoD, including: level achieved confirms that Mediobanca has been addressing the environmental i
Slide 22: Agenda
Agenda Section 1. Executive summary Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional results by quarter 3. Glossary
Slide 23: Group RoRWA Up to 2.5% Driven by K-Light Businesses
GROUP RORWA UP TO 2.5% DRIVEN BY K-LIGHT BUSINESSES Revenues (€m, 6M) GOP risk adj. (€m, 6M) Net profit (€m, 6M) RoRWA & ROTE (%) ROTE 5.0% 17.0% +5% +7% 13.8% 13.2% 13.3% 4.5% 15.0% 4.0% 13.0% +30% 3.5% Mediobanca 11.0% 3.0% 1,659 1,644 1,731 808 862 2.5% 9.0% 812 2.5% Group 556 471 611 2.4% RoRWA
Slide 24: Wealth Management: One Brand – One Culture Strategic Path in 1H
WEALTH MANAGEMENT “ONE BRAND – ONE CULTURE” STRATEGIC PATH IN 1H 1H/2Q - Divisional results - WM Section 3 MBWM appealing to clients and bankers, leveraging Private Investment Banking Model ➢ Distinctive and effective PIB model: €0.5bn liquidity events on 15 mid cap deals (50% in co-originated with
Slide 25: WM: Double-Digit Growth
WM: DOUBLE-DIGIT GROWTH 6M REVENUES ~€460m (up 12%) – 6M NET PROFIT €100m (up 22%) 1H/2Q - Divisional results - WM Section 3 Financial results Highlights 6m D D 2Q24 1Q24 2Q23 In a still volatile but improving scenario for the WM industry, €m MBWM delivered double-digit growth in both revenues and D
Slide 26: MBWM Confirms Its Capability to Grow at 2x System Speed
MBWM CONFIRMS ITS CAPABILITY TO GROW AT 2X SYSTEM SPEED 1H/2Q Divisional results - WM Section 3 Italian asset gatherers and MBWM Net New Money (€bn, % of stock) Rate of growth (NNM from AUM/AUA as % stock) MBWM +2.5% +4.0% +4.3% +3.6% +3.0% +3.9% Market +1.1% +2.9% +2.9% +2.1% +1.5% +1.6% Mkt perfor
Slide 27: Net New Money: €3.7bn in 6M, TFAs Up to €94bn
NET NEW MONEY: €3.7BN IN 6M, TFAS UP TO €94BN 1H/2Q Divisional results - WM Section 3 Group TFAs trend (€bn) MBWM: NNM by quarter (€bn) 93.6 88.0 1.9 3.7 3.7 25.1 3.9 20.6 3.4 2.9 NNM breakdown 2.5 2.3 1.0 AUM/AUA +4.2 0.8 1.2 0.1 - Private +2.8 0.1 1.1 39.3 - Premier +1.1 40.8 2.4 2.4 >50% qualifie
Slide 28: Key 1H24 Initiatives
KEY 1H24 INITIATIVES 1H/2Q Divisional results - WM Section 3 TFAs: €42bn (+16% YoY, +8% HoH), €31bn AUM/AUA (+28% YoY, +13% HoH), €11bn deposits (- 8% YoY, -4% HoH) Key initiatives in 1H: - Solid collaboration with CIB, with €0.5bn liquidity events gathered overall Private Banking - Further developm
Slide 29: One of the Most Visible & Dynamic Projects in the Premier Segment in Italy
ONE OF THE MOST VISIBILE & DYNAMIC PROJECTS IN THE PREMIER SEGMENT IN ITALY 1H/2Q Divisional results - WM Section 3 Italian Premier segment: high potential Mediobanca Premier – what differentiates us High potential (>€500K1): over €1tr assets, growing, 55% un- Brand, culture and product expertise of
Slide 30: Launched
LAUNCHED 1H/2Q Divisional results - WM Section 3 Mediobanca Premier was officially launched on 15 January, with the aim of becoming a market leader in the €500K- €5m customer segment, by leveraging on the advisory, asset management, capital markets and Corporate & Investment Banking capabilities of
Slide 31: CIB: One Brand – One Culture Strategic Path in 1H
CIB “ONE BRAND – ONE CULTURE” STRATEGIC PATH IN 1H 1H/2Q Divisional results - CIB Section 3 MBCIB: leading international fee-driven and client led investment bank; One Franchise approach in Italy ✓ with WM ➢ M&A MB deal flow in 1H: 60 transactions announced / completed ➢ 57% internationally, 32% inv
Slide 32: CIB: Rebound in Last Q
CIB: REBOUND IN LAST Q RECOVERY IN IB AND AP CONSOLIDATION 1H/2Q - Divisional results - CIB Section 3 Financial results Highlights 6m D D 2Q23 1Q23 2Q22 €m Dec23 HoH1 YoY1 Dec23 Sept23 Dec22 After three quarters of subdued results affected by the general slowdown in the IB industry, revenues rebound
Slide 33: In a Challenging Environment…
IN A CHALLENGING ENVIRONMENT… 1H/2Q Divisional results - CIB Section 3 European Volumes of Completed Deals ($bn) Italian Volumes of Completed Deals ($bn) 819 805 814 -15% 80 758 -57% 685 698 67 18 651 606 603 619 598 577 569 2 553 457 414 328 432 519 533 52 499 514 28 48 460 407 338 431 43 476 271 3
Slide 34: …Leadership Confirmed in Investment Banking in Italy…
…LEADERSHIP CONFIRMED IN INVESTMENT BANKING IN ITALY… 1H/2Q Divisional results - CIB Section 3 M&A Italy 1H FY23/24 by Deal Value ($bn)1 M&A Italy 1H FY23/24 by # of Deals ($bn)1 DCM Italy 1H FY23/24 ($bn – Bookrunner)2 #deals 1 CACIB 2.4 12 1 GS 31.7 1 MB 27 2 ISP 2.1 17 2 JPM 30.8 2 JPM 18 3 1.6 1
Slide 35: …Demonstrating Ability to Navigate the Market, with Resilient M&A Performance…
…DEMONSTRATING ABILITY TO NAVIGATE THE MARKET, WITH A RESILIENT PERFORMANCE IN M&A… 1H/2Q Divisional results - CIB Section 3 Selected M&A Italian Large-Cap Transactions Despite slow M&A activity due to buyer/seller valuation gap and Pending Pending Pending January 2024 macroeconomic challenges, M&A
Slide 36: …as Well as in Capital Markets and Lending
…AS WELL AS IN CAPITAL MARKETS AND LENDING 1H/2Q Divisional results - CIB Section 3 During the last 6M, Mediobanca acted as Sole Global Coordinator for the €200m rights issue of Carel, further solidifying its position as a Selected ECM Transactions leader in underwriting capital increases in Italy.
Slide 37: Consumer Finance: One Brand – One Culture Strategic Path in 1H
CONSUMER FINANCE “ONE BRAND – ONE CULTURE” STRATEGIC PATH IN 1H 1H/2Q Divisional results - CF Section 3 Leadership in term of new business, risk profile and sustainable high profitability ➢ Sound new business (€3.9bn in 6M) with: ➢ Repricing: new business yield fully recovering CoF increase, 18M aft
Slide 38: Consumer Finance: Sound Growing Path
CONSUMER FINANCE: SOUND GROWING PATH STRONG COMMERCIAL ACTIVITY AND NORMALIZING ASSET QUALITY 1H/2Q - Divisional results - CF Section 3 Financial results Highlights 6m D D 2Q24 1Q24 2Q23 Solid commercial activity in 1H24, with results confirming the €m Dec23 HoH1 YoY1 Dec23 Sept23 Dec22 value of pro
Slide 39: Strategic Distribution Independence Enhanced by Proprietary and Digital Platforms
STRATEGIC DISTRIBUTION INDEPENDENCE ENHANCED BY PROPRIETARY AND DIGITAL PLATFORMS 1H/2Q Divisional results - CF Section 3 New personal loans by channel (6M, €bn) BNPL new business (3M, €m) 0.6 35% +9% YoY 0.5 30% 29% 1.7 1.8 25% 1.7 0.4 23% 20% 0.3 17% 15% 15% 80% 0.3 0.4 78% 0.2 12% +11% 11% 0.4 10
Slide 40: Asset Quality Confirmed as Healthy
ASSET QUALITY CONFIRMED AS HEALTHY 1H/2Q Divisional results - CF Section 3 Early risk indicators stabilizing after a modest increase… …reflected in a CoR normalization… Early deterioration index (3 months average) LLPs (€m) and cost of risk (bps) 80.0 120 200 70.0 165 168 60.0 100 148 146 142 141 50
Slide 41: Insurance: Solid Contribution
INSURANCE: SOLID CONTRIBUTION 1H/2Q - Divisional results – Insurance Section 3 Financial results Highlights 6m D D 2Q24 1Q24 2Q23 1H24 net profit at €223m, up 22% YoY reflecting: €m Dec23 HoH1 YoY1 Dec23 Sept23 Dec22 Higher revenues (up 13% YoY) fostered by solid AG Total income 223 -16% +13% 80 143
Slide 42: Holding Functions: Improved Results
HOLDING FUNCTIONS: IMPROVED RESULTS 1H/2Q - Divisional results – HF Section 3 Financial results Highlights 6m D D 2Q24 1Q24 2Q23 1H24 net loss at €13m, >70% lower YoY and HoH, reflecting: €m Dec23 HoH1 YoY1 Dec23 Sept23 Dec22 Revenues up 65% YoY (down 3% HoH), with NII up 3x YoY, Total income 134 -3
Slide 43: Agenda
Agenda Section 1. Executive summary Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional results by quarter 3. Glossary
Slide 44: Closing Remarks
CLOSING REMARKS Closing remarks Section 4 On track to deliver our vision of Mediobanca Centred on Wealth Management… WM: 6M record revenues (~€460m) and net profit (€100m), NNM strong (at ~€4bn) with Mediobanca Premier as a new growth engine with CIB capital-lighter and synergic with WM… CIB RWAs do
Slide 45: Q&A Session
MEDIOBANCA 6M/2Q RESULTS AS AT 31 DECEMBER 2023 Q&A SESSION
Slide 46: Agenda
Agenda Section 1. Executive summary Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional results by quarter 3. Glossary
Slide 47: Macro Scenario
MACRO SCENARIO PEAK RATE HIGHER THAN FORECASTED BUT DOWNWARD CURVE AS EXPECTED Macro scenario Annex 1 Scenario BP23-26 Scenario Jan24 20231 2024 2025 2026 20231 2024 2025 2026 IT GDP (y/y) 0.7% 1.3% 1.2% 1.3% 0.7% 0.6% 1.1% 0.8% EA GDP (y/y) 0.5% 1.8% 2.3% 2.2% 0.5% 0.5% 1.8% 2.0% IT Inflation (y/y)
Slide 48: Mediobanca Group P&L
MEDIOBANCA GROUP P&L 6M results as at December 2023 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec23 June23 Dec22 Dec23 Sept23 June23 Mar23 Dec22 Total income 1,731 1,644 1,659 4% 867 864 885 760 902 Net interest income 997 958 843 18% 501 496 502 456 447 Fee income 422 370 473 -11% 242 180 185 185 2
Slide 49: Mediobanca Group A&L
MEDIOBANCA GROUP A&L 6M results as at December 2023 Annex 2 D D D €bn Dec23 Sept23 June23 Dec22 QoQ1 HoH1 YoY1 Funding 60.6 60.2 60.5 62.0 +1% +0% -2% Bonds 23.9 23.1 22.3 20.6 +3% +7% +16% Direct deposits (retail&PB) 27.7 27.6 28.2 28.8 +0% -2% -4% ECB 3.4 4.6 5.6 8.0 -27% -40% -58% Others 5.6 4.9
Slide 50: Wealth Management Results
WEALTH MANAGEMENT RESULTS 6M results as at December 2023 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec23 June23 Dec22 Dec23 Sept23 June23 Mar23 Dec22 Total income 458 413 407 +12% 240 218 207 206 209 Net interest income 213 189 172 +24% 106 107 96 93 88 Fee income 240 220 230 +5% 132 108 108 111 118
Slide 51: CIB Results
CIB RESULTS 6M results as at December 2023 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec23 June23 Dec22 Dec23 Sept23 June23 Mar23 Dec22 Total income 342 282 430 -20% 201 142 148 135 248 Net interest income 153 153 135 +13% 78 75 79 74 68 Net treasury income 56 26 110 -49% 37 19 18 8 63 Fee income 13
Slide 52: Consumer Finance Results
CONSUMER FINANCE RESULTS 6M results as at December 2023 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec23 June23 Dec22 Dec23 Sept23 June23 Mar23 Dec22 Total income 584 561 560 +4% 298 286 280 281 284 Net interest income 513 493 492 +4% 259 254 245 247 249 Fee income 71 69 68 +4% 38 33 35 34 35 Total c
Slide 53: Insurance Results
INSURANCE RESULTS 6M results as at December 2023 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec23 June23 Dec22 Dec23 Sept23 June23 Mar23 Dec22 Total income 223 266 198 13% 80 143 170 95 111 Impairments 9 14 (12) 10 (1) 5 9 (1) Net result 223 257 183 22% 86 137 157 100 105 Book value (€bn) 4.4 4.2 3.0
Slide 54: Holding Function Results
HOLDING FUNCTION RESULTS 6M results as at December 2023 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec23 June23 Dec22 Dec23 Sept23 June23 Mar23 Dec22 Total income 134 139 82 +65% 55 80 90 49 62 Net interest income 103 113 32 n.m. 51 53 77 36 35 Net treasury income 23 16 26 -13% 2 21 5 11 14 Fee incom
Slide 55: Glossary
GLOSSARY MEDIOBANCA BUSINESS SEGMENT PROFIT & LOSS (P&L) and BALANCE SHEET CIB Corporate and investment banking ESG Environmental, Social, Governance WB Wholesale banking FAs Financial Advisors FVOCI Fair Value to Other Comprehensive Income SF Specialty finance GOP Gross operating profit CF Consumer
Slide 56: Disclaimer & Declaration of Head of Financial Reporting
DISCLAIMER & DECLARATION OF HEAD OF FINANCIAL REPORTING Disclaimer This document includes certain projections, estimates, forecasts and consequent targets which reflect the current views of Mediobanca – Banca di Credito Finanziario S.p.A. (the “Company”) with regard to future events (“forward-lookin
Slide 57: 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 Marcella Malpangotto Tel. no. (0039) 02-8829.428 Email: investor.relations@medio