In the second quarter of 2013, the Corporate Center’s earnings were very much in line with the figures reported for the first three months of 2013:
- Once again, a high contribution from NTI, due basically to the structural management of exchange-rate risk. €106m in NTI was generated in the quarter, making a total of €214m for the first half of the year and compared with €111m in the first six months of 2012.
- Operating expenses of €275m between April and June 2013, €547m in the first six months of the year, and a year-on-year increase of 9.5%. The Group’s investments in technology and infrastructure have had a significant impact on this heading.
- Net profit from discontinued operations includes the earnings from the pension business in Latin America, including the capital gains from the sale of the businesses in Mexico (first quarter), Colombia and Peru (both closed in April 2013). In total, these transactions have contributed €1,201m, after tax, to the income statement.
- As a result, net attributable profit for the quarter stands at €187m, which added to the €502m reported for the first quarter results in cumulative earnings of €690m for the first half of the year, compared with a loss of €108m in the first half of 2012.