Operating result

(€ million) 31.12.2011 31.12.2010 Fourth quarter
2011
Fourth quarter
2010
Operating result - financial segment 341.7 353.6 62.8 76.5
Net operating result from financial activities 1,295.5 1,281.5 309.5 329.1
Acquisition and administration costs -915.3 -900.0 -224.3 -240.4
Net other operating expenses -38.5 -28.0 -22.4 -12.3
Operating result – financial segment
€ million) 31.12.2010 31.12.2010 Fourth quarter
2011
Fourth quarter
2010
Operating result - financial segment 341.7 353.6 62.8 76.5
Net operating result from financial activities 1,295.5 1,281.5 309.5 329.1
Intermediation margin 1,302.7 1,316.6 309.0 340.7
Net interest income 335.0 303.0 87.5 71.8
Dividends and other income 107.7 92.4 14.6 21.5
activities 859.3 894.0 202.1 243.1
Other net income from financial instruments at fair value through profit or loss -2.9 8.5 2.7 -0.5
Net operating gains on other financial instruments 3.6 18.7 2.1 4.8
Net operating impairment losses on other financial instruments -7.2 -35.1 0.5 -11.6
Acquisition and administration costs -915.3 -900.0 -224.3 -240.4
Net other operating ex penses -38.5 -28.0 -22.4 -12.3
Non-operating result - financial segment 15.7 -59.0 -19.0 -11.1
Non-operating income from inv estments 80.7 -2.6 4.4 -1.7
Net non-operating realized gains on other financial instruments and land and buildings (investment properties) 79.2 -2.3 -1.7 -1.7
Net non-operating impairment losses on other financial instruments and land and buildings (investment properties) 1.4 -0.3 6.1 0.0
Net other non-operating ex penses -64.9 -56.5 -23.4 -9.5
Earnings before taxes - financial segment 357.5 294.5 43.8 65.3

Asset management accounts for most of the Group’s activities in the financial segment and focuses mainly on the management of the Group companies’ financial instruments. 

The operating result of the financial segment went from € 353.6 million at 31 December 2010 to         € 341.7 million, influenced in particular by lower net commissions due to the financial market performance. 

 

Non-operating result

The non-operating result of the financial segment went from € -59.0 million at 31 December 2010 to € 15.7 million. This improvement was essentially attributable to the realized gain on the sale by BSI group of its controlling interest in the service provider B-Source SA, a Swiss company specialized in back-office and IT services to the banking sector.

AttachmentSize
Financial segment60.39 KB