UBI Banca Group

• decreases in the fair value of the share A2A Spa, down from €11.6 million to €8.3 million,
and in the share Intesa Sanpaolo in particular, for which the market value at consolidated
level fell to €240.4 million, after recognition of total impairment losses of €112.5 million.
As already reported, in June 2011 the UBI Banca Group participated in the increase in the share capital
by subscribing 41,435,116 ordinary shares at a price of 1.369 euro per share, for an amount of €56.7
million. As a result of that subscription, the Group holds 186,458,028 shares, accounting for 1.20% of
the share capital with voting rights.
On the other hand, unlisted equity investments with a level two and three fair value decreased
overall by €8.6 million, partly in relation to the disposal of investments by the Parent (PerMicro
and Banca Valsabbina Scpa with book values in December 2010 of €0.4 million and €1.7
million, respectively) and by Banco di Brescia (Hopa Spa for €2.7 million), while a new
investment was made by UBI Pramerica SGR in Tages Capital Sgr 6 (+€0.5 million). The
decrease was also caused net decreases in fair value of approximately €4.5 million, due in
detail to the following impairment losses recognised: S.A.C.B.O. (-€4.4 million), Aedes Spa –
ordinary shares category C (-€1.1 million), Immobiliare Fiera di Brescia Spa (-€1 million), Siteba
Spa (-€0.8 million) and Risparmio e Previdenza Spa (-€0.4 million). These were partially offset
by increases in the fair value of the companies SIA Spa (formerly S.I.A.-S.S.B. Spa, +€1.5
million), Società per i mercati di Varese Spa (+€0.6 million) and Autostrade Lombarde Spa
(+€0.5 million).
Units in O.I.C.R. (collective investment instruments) – held almost entirely by UBI Banca –
amounted to €101.3 million, down by €23.6 million over twelve months, the aggregate result of
opposing trends for fair value levels one and two.
Level two in particular fell by €44.3 million, as a result of the combined effect of net falls in the
fair value of investments, redemptions (although new subscriptions of units in funds were
made) and disposals (€18.5 million) performed by UBI Pramerica SGR as part of the
management of its proprietary portfolio 7 .
This category included an investment in the closed-end fund Centrobanca Sviluppo Impresa
with a fair value of €26.6 million, partially redeemed during the year for €12.8 million (of
which €3.8 million represented profit).
Fair value level one investments on the other hand increased by €20.7 million, primarily due
to a more accurate reclassification of the instrument ETF Track on the EuroStoxx 50, with a
book value of €17.1 million (previously classified within equity instruments) and of the Azimut
Dividend Premium Class A fund (with a book value of €9.5 million, previously recognised
within fair value level two), but also to an impairment loss recognised on the Polis property
fund (€12.4 million as at 31 st December 2011 and €18.3 million twelve months before).
Units in O.I.C.R.s include a total of €20 million (€26.6 million the year before) invested in
property funds.
6 With effect from 1 st October 2011, UBI Pramerica SGR contributed its Capitalgest Alternative Investments Fund management
operations to Tages SGR – comprising the assets and liabilities, the service and outsourcing contracts and the specialist personnel.
On conclusion of that transaction, the Group’s asset management company held a 10% investment in Tages SGR, which had fallen
as at 31 st December 2011 to 7.74%, as a result of capital operations performed by Tages SGR after the capital contribution
mentioned above.
7 With a view to improving its liquidity management, in the first half of 2011 UBI Pramerica SGR completed the disposal of the units it
held in its proprietary mutual funds resulting from the contribution of the Capitalgest SGR Spa operations in January 2008. This
had commenced in the last quarter of 2010 and was designed to further reduce the risk attaching to proprietary investments. A
profit of €2.2 million was realised on the disposals.
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