UBI Banca Group

10.3 Annual changes in equity investments
31/12/2011 31/12/2010
A Opening balances 368,894 413,943
B Increases 53,869 34,868
B.1 Purchases 36,000 13,988
B.2 Reversals of impairment losses - -
B.3 Revaluations - -
B.4 Other changes 17,869 20,880
C Decreases (69,780) (79,917)
C.1 Sales - (36,812)
C.2 Impairment losses - -
C.3 Other changes (69,780) (43,105)
D Final balances 352,983 368,894
E Total revaluations - -
F Total impairment losses - -
The amount recognised on line B.1 “Purchases” represents increases in the share capital
subscribed and paid up by the Parent for Lombarda Vita S.p.A. amounting to €16 million and
for Aviva Vita S.p.A. amounting to €20 million.
The amount recognised on line B.4 “Other changes” consists of the following:
‐ an amount of €3,726 thousand of which €132 thousand for positive exchange rate
differences and €2,649 thousand due to the change from proportionate consolidation to
equity method accounting for the companies Polis Fondi SGR S.p.A. and By You S.p.A.
and other changes in reserves amounting to €934 thousands of euro;
‐ total profit for the period of €14,143 thousand. In detail:
o Aviva Vita Spa €5,950 thousand
o Lombarda Vita Spa €4,507 thousand
o UBI Assicurazioni Spa €3,245 thousand
The amount recognised on line C.3 “Other changes” consists of the following:
‐ dividends of €1,335 thousand;
‐ total losses for the period of €4,196 thousand, of which €2,388 thousand relating to
Aviva Vita Assicurazioni SpA, €1,086 thousand to Arca SGR Spa and €721 thousand to
Lombarda China Fund Management Co.;
‐ other decreases of €64,248 thousand relating almost totally to changes in the fair value
reserves of Lombarda Vita Spa amounting to €58,068 thousand and to UBI
Assicurazioni Spa amounting to €4,674 thousand.
10.4 Commitments relating to equity investments in subsidiaries
Commitments relating to the possible exercise of options
Banca Popolare Commercio e Industria/Banca Carime/Banca Popolare di Ancona – banc
assurance agreement with the Aviva Group: this agreement between UBI Banca and Aviva
involves three call options granted to UBI on equity investments in banks (BPCI, Carime and
Popolare di Ancona) for which the trigger events are connected with the performance of the
joint-venture or the termination of the distribution agreement or the exclusive distribution
condition. If UBI fails to exercise the call options, Aviva will have the right from 30 th September
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