Cash flow Mediobanca S.p.A.

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MB

IT0000062957

Banks

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07:43am	Mediobanca's Nagel bets on final makeover act to fend off Italian rival	RE
06:55am	Italian prosecutors probe government sale of Monte dei Paschi stake, sources say	RE

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Published financial data: MEDIOBANCA S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2020	2021	2022	2023	2024
Interest Income On Loans	1.94B	1.82B	1.85B	2.83B	3.97B
Interest Income On Investments	87.42M	107M	118M	78.76M	138M
Interest Income, Total	2.03B	1.93B	1.97B	2.91B	4.11B
Interest On Deposits	502M	402M	354M	1.03B	2.03B
Interest Expense, Total	502M	402M	354M	1.03B	2.03B
Net Interest Income	1.53B	1.52B	1.61B	1.89B	2.09B
Income From Trading Activities	-18.02M	83.92M	-84.82M	99.41M	39.68M
Gain (Loss) on Sale of Loans	-2.67M	-10.02M	31.13M	4.43M	606K
Gain (Loss) on Sale of Assets	-	-	-5.1M	-	-
Gain (Loss) on Sale of Invest. & Securities - (Rev)	393M	398M	412M	443M	549M
Total Other Non Interest Income	523M	619M	697M	709M	834M
Non Interest Income, Total	896M	1.09B	1.05B	1.26B	1.42B
Revenues Before Provison For Loan Losses	2.42B	2.62B	2.66B	3.14B	3.51B
Provision For Loan Losses	398M	264M	204M	232M	246M
Total Revenues	2.03B	2.35B	2.46B	2.91B	3.26B
Salaries And Other Employee Benefits	591M	620M	656M	717M	788M
Amort. of Goodwill & Intang. Assets	30.22M	32.37M	29.53M	30.19M	80.47M
Occupancy Expense	52.57M	53.22M	57.06M	62.14M	71.11M
Selling General & Admin Expenses, Total	576M	591M	623M	664M	678M
(Income) Loss on Equity Invest.	-	-	-	-	-
Total Other Non Interest Expense	-136M	-51.74M	-74.84M	-48.32M	-68.85M
Non Interest Expense, Total	1.11B	1.25B	1.29B	1.43B	1.55B
EBT, Excl. Unusual Items	914M	1.11B	1.17B	1.48B	1.71B
Restructuring Charges	-1.6M	-1.84M	-2.38M	-3.01M	-2.95M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-96.9M	-62.47M	-3.73M	-49.54M	-
Asset Writedown	-980K	-200K	-	-1.25M	-1.61M
Legal Settlements	-	-	-	-	-
Other Unusual Items	646K	39.38M	-1.02M	-6.36M	1.05M
EBT, Incl. Unusual Items	815M	1.08B	1.16B	1.42B	1.71B
Income Tax Expense	214M	272M	252M	395M	434M
Earnings From Continuing Operations	601M	809M	910M	1.03B	1.28B
Net Income to Company	601M	809M	910M	1.03B	1.28B
Minority Interest	-1.05M	-1.62M	-2.68M	-3.03M	-3.14M
Net Income - (IS)	600M	808M	907M	1.03B	1.27B
Net Income to Common Incl Extra Items	600M	808M	907M	1.03B	1.27B
Net Income to Common Excl. Extra Items	600M	808M	907M	1.03B	1.27B
Per Share Items
Net EPS - Basic	0.7	0.94	1.08	1.22	1.54
Basic EPS - Continuing Operations	0.7	0.94	1.08	1.22	1.54
Basic Weighted Average Shares Outstanding	861M	862M	839M	841M	827M
Net EPS - Diluted	0.69	0.93	1.08	1.21	1.53
Diluted EPS - Continuing Operations	0.69	0.93	1.08	1.21	1.53
Diluted Weighted Average Shares Outstanding	866M	867M	843M	845M	833M
Normalized Basic EPS	0.66	0.8	0.87	1.1	1.29
Normalized Diluted EPS	0.66	0.8	0.86	1.09	1.28
Dividend Per Share	-	0.66	0.75	0.85	1.07
Payout Ratio	67.76	0.46	63.91	61.74	90.55
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
Effective Tax Rate - (Ratio)	26.2	25.14	21.69	27.71	25.37
Current Domestic Taxes	207M	-	255M	350M	441M
Total Current Taxes	207M	217M	255M	350M	441M
Deferred Domestic Taxes	6.93M	-	-3.23M	44.83M	-6.63M
Total Deferred Taxes	6.93M	54.46M	-3.23M	44.83M	-6.63M
Normalized Net Income	570M	690M	728M	925M	1.07B
Non-Cash Pension Expense	33.9M	34.51M	35.63M	40.66M	43.66M
Supplemental Operating Expense Items
Stock-Based Comp., SG&A Exp. (Total)	12.55M	14.39M	13.27M	11.18M	15.83M
Total Stock-Based Compensation	12.55M	14.39M	13.27M	11.18M	15.83M

Fiscal Period: June	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	3.22B	1.97B	8.58B	4.24B	3.36B
Investment Securities, Total	11.53B	12.91B	10.99B	13.86B	17.17B
Trading Asset Securities, Total	9.33B	12.22B	10.92B	11.41B	16.83B
Total investments	20.86B	25.13B	21.92B	25.27B	34B
Gross Loans	51.44B	52.47B	56.79B	58.42B	58.27B
Net Loans	51.44B	52.47B	56.79B	58.42B	58.27B
Gross Property Plant And Equipment	645M	723M	783M	846M	885M
Accumulated Depreciation	-222M	-283M	-337M	-371M	-393M
Net Property Plant And Equipment	424M	439M	447M	475M	493M
Goodwill	667M	602M	617M	575M	827M
Other Intangibles, Total	149M	142M	222M	222M	218M
Investment in Real Estate	64.35M	62.85M	59.64M	50.49M	48M
Accrued Interest Receivable	44.63M	53.95M	63.28M	71.13M	70.01M
Other Receivables	746M	767M	869M	928M	1.12B
Restricted Cash	589M	278M	315M	521M	318M
Other Current Assets, Total	3.21M	7.62M	3.57M	255M	407M
Deferred Tax Assets Long-Term (Collected)	658M	584M	597M	524M	-
Other Real Estate Owned And Foreclosed	-	-	-	-	8.86M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	86.67M	89.88M	94.64M	93.22M	85.15M
Total Assets	78.95B	82.6B	90.57B	91.64B	99.23B
Liabilities
Accrued Expenses, Total	280M	320M	316M	407M	490M
Interest Bearing Deposits	25.31B	26.5B	30.65B	29.95B	29.12B
Non-Interest Bearing Deposits	596M	406M	461M	269M	279M
Total Deposits	25.91B	26.91B	31.11B	30.22B	29.39B
Short-Term Borrowings	8.17B	8.38B	11.78B	11.46B	16.08B
Long-Term Debt	30.12B	30.17B	31.09B	31.96B	34.86B
Long-Term Leases	217M	227M	209M	217M	213M
Current Income Taxes Payable	192M	211M	257M	417M	360M
Other Current Liabilities - (Bank / Utility Template)	3.45B	4.41B	4.13B	4.51B	5.4B
Unearned Revenue Non Current	147M	120M	108M	102M	-
Pension & Other Post Retirement Benefits	30.44M	28.3M	21.97M	20.58M	20.44M
Deferred Tax Liability Non-Current	325M	339M	403M	450M	390M
Other Non Current Liabilities	371M	388M	391M	448M	774M
Total Liabilities	69.21B	71.5B	79.82B	80.21B	87.98B
Common Stock, Total	444M	444M	444M	444M	445M
Additional Paid In Capital	2.2B	2.2B	2.2B	2.2B	2.2B
Retained Earnings	6.87B	7.66B	7.82B	8.7B	1.27B
Treasury Stock	-232M	-217M	-241M	-78.88M	-68.83M
Comprehensive Income and Other	375M	931M	434M	62.13M	7.31B
Total Common Equity	9.65B	11.01B	10.65B	11.33B	11.16B
Minority Interest	91.49M	88.31M	102M	104M	86.11M
Total Equity	9.74B	11.1B	10.75B	11.43B	11.24B
Total Liabilities And Equity	78.95B	82.6B	90.57B	91.64B	99.23B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	861M	862M	839M	841M	827M
ECS Total Common Shares Outstanding	861M	862M	839M	841M	827M
Book Value / Share	11.21	12.77	12.69	13.47	13.5
Tangible Book Value	8.83B	10.27B	9.81B	10.53B	10.11B
Tangible Book Value Per Share	10.26	11.91	11.69	12.52	12.23
Total Debt	38.51B	38.77B	43.08B	43.64B	51.15B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.57M	1.41M	-782K	-617K	-118K
Net Debt	22.46B	21.05B	20.85B	24.5B	25.27B
Equity Method Investments, Total	3.2B	3.7B	3.16B	3.56B	3.79B
Full Time Employees	4.92K	4.92K	5.02K	5.23K	5.44K

Fiscal Period: June	2020	2021	2022	2023	2024
Net Income	600M	808M	907M	1.03B	1.27B
Depreciation, Depletion & Amortization	52.57M	53.22M	57.06M	62.14M	71.11M
Amortization of Goodwill and Intangible Assets - (CF)	18.91M	9.48M	29.53M	30.19M	38.57M
Total Depreciation, Depletion & Amortization	71.48M	62.7M	86.58M	92.34M	110M
Amortization of Deferred Charges, Total	11.32M	22.89M	22.68M	17.02M	31.73M
Total Asset Writedown	980K	200K	-	-	-
Change in Trading Asset Securities	456M	-678M	1.66B	-1.51B	-5.59B
Change in Other Net Operating Assets (Collected)	2.23B	-1.06B	3.66B	-2.38B	4.11B
Other Operating Activities	-432M	-558M	-480M	-406M	500M
Cash from Operations	2.94B	-1.4B	5.86B	-3.16B	440M
Capital Expenditure	-21.65M	-26.34M	-26.46M	-39.75M	-51.16M
Sale of Property, Plant, and Equipment	6K	546K	2.08M	9.7M	128K
Cash Acquisitions	-	-	-	-	55K
Divestitures	-	-	-	246K	-
Purchase / Sale of Intangible Assets	-27.13M	-28.54M	-25.9M	-36.35M	-36.5M
Investment in Marketable and Equity Securities, Total	101M	207M	314M	236M	107M
Cash from Investing	52.59M	153M	264M	170M	19.05M
Issuance of Common Stock	-	-	-	-	6.25M
Repurchase of Common Stock	-106M	-	-241M	-	-188M
Common Dividends Paid	-407M	-3.69M	-580M	-634M	-1.15B
Common & Preferred Stock Dividends Paid	-407M	-3.69M	-580M	-634M	-1.15B
Net Increase (Decrease) in Deposit Accounts - (CF)	-	-	-	-	-
Cash from Financing	-512M	-3.69M	-821M	-634M	-1.33B
Foreign Exchange Rate Adjustments	-	-	-	-	-
Net Change in Cash	2.48B	-1.25B	5.31B	-3.62B	-876M
Supplemental Items
Cash Interest Paid	681M	441M	294M	1.36B	3.37B
Cash Income Tax Paid (Refund)	388M	279M	288M	257M	499M

Fiscal Period: June	2020	2021	2022	2023	2024
Profitability
Return on Assets	0.77	1	1.05	1.13	1.34
Return On Equity %	6.12	7.77	8.33	9.29	11.26
Return on Common Equity	6.17	7.82	8.37	9.35	11.33
Shareholders Value Added	-547M	-421M	-362M	-259M	-35.16M
Margin Analysis
SG&A Margin	60.16	53.78	54.31	49.6	47.11
Net Interest Income / Total Revenues %	75.43	64.84	65.56	64.83	63.92
EBT Excl. Non-Recurring Items Margin %	45.07	47.05	47.53	51.02	52.53
Income From Continuing Operations Margin %	29.67	34.42	36.99	35.39	39.12
Net Income Margin %	29.62	34.35	36.88	35.29	39.03
Net Avail. For Common Margin %	29.62	34.35	36.88	35.29	39.03
Normalized Net Income Margin	28.12	29.33	29.6	31.79	32.73
Asset quality
Nonperforming Loans / Total Loans %	4.36	3.76	2.95	2.27	2.07
Nonperforming Loans / Total Assets %	2.84	2.39	1.85	1.45	1.22
Nonperforming Assets / Total Assets %	2.85	2.4	1.86	1.46	1.23
NPAs / Loans and OREO	4.37	3.78	2.96	2.28	2.09
NPAs / Equity	23.08	17.86	15.65	11.67	10.83
Capital And Funding
Total Average Common Equity / Total Average Assets %	12.38	12.79	12.51	12.06	11.78
Total Average Equity / Total Average Assets %	12.49	12.9	12.62	12.17	11.88
Total Equity + Allowance for Loan Losses / Total Loans %	18.76	20.99	18.75	19.39	19.15
Gross Loans / Total Deposits %	198.52	194.99	182.52	193.3	198.22
Net Loans / Total Deposits %	198.52	194.99	182.52	193.3	198.22
Tier 1 Capital Ratio %	16.13	16.31	15.67	15.9	15.17
Total Capital Ratio %	18.82	18.91	17.62	17.92	17.72
Core Tier 1 Capital Ratio	16.13	16.31	15.67	15.9	15.17
Tier 2 Capital Ratio	2.7	2.61	1.95	2.02	2.55
Interbank Ratio	74.75	94.42	41.54	70.25	-
Fixed Charges Coverage
EBT + Interest Expense / Interest Expense	2.62	3.69	4.28	2.39	1.84
Growth Over Prior Year
Net Interest Income, 1 Yr. Growth %	1.27	-0.3	5.75	17.01	10.56
Non Interest Income, 1 Yr. Growth %	1.08	21.8	-3.69	18.92	13.48
Provision For Loan Losses, 1 Yr. Growth %	89.75	-33.51	-22.87	13.84	6.11
Total Revenues, 1 Yr. Growth %	-7.29	15.98	4.58	18.09	12.18
Earnings From Cont. Operations, 1 Yr. Growth %	-27.21	34.55	12.41	13.21	24.05
Net Income, 1 Yr. Growth %	-27.05	34.51	12.31	13.21	24.11
Normalized Net Income, 1 Yr. Growth %	-15.12	21.12	1.76	27.08	16.63
Diluted EPS Before Extra, 1 Yr. Growth %	-26.6	34.78	16.13	12.04	26.45
Dividend Per Share, 1 Yr. Growth %	-	-	13.64	13.33	25.88
Gross Loans, 1 Yr. Growth %	5.12	2.01	10.98	1.59	-0.26
Net Loans, 1 Yr. Growth %	5.12	2.01	10.98	1.59	-0.26
Non Performing Loans, 1 Yr. Growth %	-	-	-	-	-
Non Performing Assets, 1 Yr. Growth %	-	-	-	-	-
Total Assets, 1 Yr. Growth %	0.9	4.62	9.65	1.18	8.3
Total Deposits, 1 Yr Growth %	7.95	3.86	15.61	-2.86	-2.74
Tangible Book Value, 1 Yr. Growth %	-0.84	16.26	-4.48	7.34	-3.96
Common Equity, 1 Yr. Growth %	-1.64	14.14	-3.32	6.37	-1.49
Total Equity, 1 Yr. Growth %	-1.6	13.97	-3.17	6.33	-1.63
Compound Annual Growth Rate Over Two Years
Net Interest Income, 2 Yr. CAGR %	2.68	0.48	2.68	11.24	13.74
Non Interest Income, 2 Yr. CAGR %	-2.25	10.96	8.31	7.28	16.12
Provision For Loan Losses, 2 Yr. CAGR %	37.84	12.32	-28.39	-6.3	9.91
Total Revenues, 2 Yr. CAGR %	-3.53	3.69	10.13	11.25	15.07
Earnings From Cont. Operations, 2 Yr. CAGR %	-16.75	-1.03	22.98	12.81	18.46
Net Income, 2 Yr. CAGR %	-16.64	-0.94	22.91	12.76	18.49
Normalized Net Income, 2 Yr. CAGR %	-9.08	1.34	13.05	13.72	21.14
Diluted EPS Before Extra, 2 Yr. CAGR %	-16.09	-0.53	25.11	14.06	19.02
Dividend Per Share, 2 Yr. CAGR %	-	18.5	-	13.48	19.44
Gross Loans, 2 Yr. CAGR %	9.24	3.56	5.07	6.85	0.66
Net Loans, 2 Yr. CAGR %	9.24	3.56	5.07	6.85	0.66
Non Performing Loans, 2 Yr. CAGR %	-	-	-	-	-
Non Performing Assets, 2 Yr. CAGR %	-	-	-	-	-
Total Assets, 2 Yr. CAGR %	4.5	2.74	7.11	5.33	4.67
Total Deposits, 2 Yr CAGR %	13.34	5.89	9.58	5.98	-2.8
Tangible Book Value, 2 Yr. CAGR %	-0.4	7.37	5.38	1.26	1.53
Common Equity, 2 Yr. CAGR %	0.02	5.96	5.05	1.41	2.37
Total Equity, 2 Yr. CAGR %	0.04	5.9	5.05	1.47	2.27
Compound Annual Growth Rate Over Three Years
Net Interest Income, 3 Yr. CAGR %	4.01	1.68	2.2	7.25	11.01
Non Interest Income, 3 Yr. CAGR %	12.38	5.19	5.85	11.92	9.28
Provision For Loan Losses, 3 Yr. CAGR %	11.63	8.1	-0.9	-16.42	-2.33
Total Revenues, 3 Yr. CAGR %	5.96	2.57	3.99	12.8	11.54
Earnings From Cont. Operations, 3 Yr. CAGR %	-6.77	-2.3	3.26	19.64	16.41
Net Income, 3 Yr. CAGR %	-7.16	-2.22	3.29	19.59	16.39
Normalized Net Income, 3 Yr. CAGR %	8.64	0.01	2.72	17.55	14.3
Diluted EPS Before Extra, 3 Yr. CAGR %	-7.44	-1.73	4.74	20.59	18.05
Dividend Per Share, 3 Yr. CAGR %	-	11.98	16.86	-	17.48
Gross Loans, 3 Yr. CAGR %	8.3	6.77	5.09	4.33	4.43
Net Loans, 3 Yr. CAGR %	8.3	6.77	5.09	4.33	4.43
Non Performing Loans, 3 Yr. CAGR %	0.5	-	-	-	-
Non Performing Assets, 3 Yr. CAGR %	0.61	-	-	-	-
Total Assets, 3 Yr. CAGR %	3.87	4.54	5	5.09	6.3
Total Deposits, 3 Yr CAGR %	1.06	10.09	9.03	5.26	2.99
Tangible Book Value, 3 Yr. CAGR %	1.06	4.87	3.27	6.03	-0.51
Common Equity, 3 Yr. CAGR %	1.94	4.52	2.77	5.49	0.43
Total Equity, 3 Yr. CAGR %	1.95	4.48	2.78	5.48	0.42
Compound Annual Growth Rate Over Five Years
Net Interest Income, 5 Yr. CAGR %	5.14	3.54	3.48	5.4	6.67
Non Interest Income, 5 Yr. CAGR %	8.13	17.72	10.74	6.02	9.95
Provision For Loan Losses, 5 Yr. CAGR %	-3.27	-7.89	-6.53	2.1	3.29
Total Revenues, 5 Yr. CAGR %	8.85	11.49	7.61	5.96	8.33
Earnings From Cont. Operations, 5 Yr. CAGR %	0.29	5.9	4.15	3.48	9.09
Net Income, 5 Yr. CAGR %	0.36	5.96	3.87	3.51	9.12
Normalized Net Income, 5 Yr. CAGR %	3.41	8.25	10.36	6.05	9.72
Diluted EPS Before Extra, 5 Yr. CAGR %	0.59	5.85	4.42	4.31	10.23
Dividend Per Share, 5 Yr. CAGR %	-	19.57	15.18	12.58	17.88
Gross Loans, 5 Yr. CAGR %	7.76	7.31	6.99	6.27	3.55
Net Loans, 5 Yr. CAGR %	7.76	7.31	6.99	6.27	3.55
Non Performing Loans, 5 Yr. CAGR %	-1.25	-1.63	-5.34	-	-
Non Performing Assets, 5 Yr. CAGR %	-1.18	-1.55	-5.28	-	-
Total Assets, 5 Yr. CAGR %	2.23	3.42	5.15	4.85	4.87
Total Deposits, 5 Yr CAGR %	4.27	5.11	4.39	8.42	4.14
Tangible Book Value, 5 Yr. CAGR %	1.13	4.15	2.77	3.41	2.57
Common Equity, 5 Yr. CAGR %	1.95	4.51	3.17	3.27	2.61
Total Equity, 5 Yr. CAGR %	1.9	4.47	3.18	3.27	2.58