UBI Banca Group

SECTION 10 Equity investments – Item 100
10.1 Equity investments in companies subject to joint control (accounted for using the
equity method) and in companies subject to significant influence: information on
investments
Details of investment
Name Headquarters Type of ownership
% of votes
Investing company
% held
B. Companies
1. Arca SGR Spa Milan Significant influence
UBI Banca Scpa 23.124%
25.000%
Banca Popolare di Ancona Spa 3.584%
2. Aviva Assicurazioni Vita Spa Milan Significant influence UBI Banca Scpa 49.999% 49.999%
3. Aviva Vita Spa Milan Significant influence UBI Banca Scpa 50.000% 50.000%
4. Capital Money Spa Milan Significant influence UBI Banca Scpa 20.671% 20.671%
5. Polis Fondi SGR Milan Significant influence UBI Banca Scpa 19.600% 19.600%
6. Lombarda China Fund Management Co. Shenzen (China) Significant influence UBI Banca Scpa 49.000% 49.000%
7. Lombarda Vita Spa Brescia Significant influence UBI Banca Scpa 40.000% 40.000%
8. Prisma Srl Milan Significant influence UBI Banca Scpa 20.000% 20.000%
9. SF Consulting Srl Mantua Significant influence UBI Banca Scpa 35.000% 35.000%
10. Sider Factor Spa Milan Significant influence UBI Factor Spa 27.000% 27.000%
11. Sofipo Fiduciarie Sa Lugano (Svizzera) Significant influence Banque de Depots et de Gestion Sa 30.000% 30.000%
12. SPF Studio Progetti Finanziari Srl Rome Significant influence Banca Popolare di Ancona Spa 25.000% 25.000%
13. By You Spa Milan Significant influence UBI Banca Scpa 10.000% 20.000%
14. UBI Assicurazioni Spa Milan Significant influence UBI Banca Scpa 49.999% 49.999%
15. UFI Servizi Srl Rome Significant influence Prestitalia Spa 23.167% 23.167%
The balance sheet as at 31 st December 2011 includes equity-accounted investees only.
The larger equity investments were subjected to impairment testing, in some cases using the
average of the multiples of a sample of comparable companies, while in other cases the
dividend discount model method was employed.
Greater information is given here on the market values relating to the more significant equity
investments recognised in the consolidated financial statements of the UBI Banca Group.
Furthermore, the market value for the insurance companies Aviva Assicurazioni Vita Spa,
Aviva Vita Spa and Lombarda Vita Spa was calculated on the basis of a sample of companies
quoted on active European stock markets considering the multiple price/book value (P/BV)
adjusted for non controlling interests and for intangible assets. The source for the amounts
used was Bloomberg. The equity value was compared with the carrying amount of the equity
investments in the consolidated financial statements.
- Aviva Vita Assicurazioni Spa – the equity attributable to the Parent, amounting to €51.1
million, inclusive of 2011 profit for the year and also of a positive consolidation difference
amounting to €2.6 million, compared to an equity value (pro rata) of €86.1 million;
- Aviva Vita Assicurazioni Spa – the equity attributable to the Parent amounted to €102.3
million, inclusive of 2011 profit for the year, compared to an equity value (pro rata) of
€162.7 million;
- Lombarda Vita Spa – the equity attributable to the Parent, amounting to €121.7 million,
inclusive of 2011 profit for the year and a positive consolidation difference amounting to
€29.4 million, compared to an equity value (pro rata) of €160.0 million.
The equity attributable to the Parent for UBI Assicurazioni Spa amounted to €37.3 million,
inclusive of the profit for the year and a positive consolidation difference of €5.6 million,
compared to an equity value (pro rata) of €72.9 million, calculated on the base of a
development of the dividend discount model financial method, based on financial projections
for the company over the period 2012-2014 and applying a solvency ratio of 125% of the
required margin and a long-term growth rate of 2%.
The equity attributable to the Parent for Arca SGR Spa amounted to €28 million, inclusive of
profit for the year, compared to an equity value (pro rata) of €36.1 million, consistent with a
liquidation value determined by the Board of Directors of Arca SGR for the purposes of the
exercise of the right of withdrawal pursuant to Art. 2437 of Italian Civil Code, as described in
Section 4 Part A of the notes to the financial statements.
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