UBI Banca Group

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een verified that the overall rate of loss on assets that occurred between the date of the PPA and 31.12.2011 was lower than or equal to the rate of amortisation; the total amount of the deposits as at 31.12.2011 consisting of the customers deposits of the network banks existing as at 31.12.2011 on the basis of the PPA perimeter; the forecasts for markdowns and commissions on current accounts are those implied in the 2012 budget assumptions and in the 2013 – 2016 forecasts for each network bank to which the intangible assets attaching to the core deposits were allocated. These forecasts are the same as those used to estimate the recoverable amount of the goodwill; operating expenses are consistent with forecasts of the cost:income ratio for the network bank to which the core deposits relate for the period 2012 – 2016; the opportunity cost of equity is the same as that used to test the goodwill of the network banks recognised in the consolidated financial statements for impairment. The value of the core deposit goodwill assets was less than the respective carrying amounts, which resulted in the need to recognise a total impairment loss of €241,679 thousand. For Banca Popolare di Bergamo and Banca Popolare Commercio & Industria, the core deposit goodwill allocated resulted from an operation to streamline the branch network geographically because contributions of operations had been made consisting of the branches of the former Banca Lombarda e Piemontese (Banco di Brescia and Banca Regionale Europea). Assets under management Intangible assets attaching to asset management business were tested for impairment because of reduced profits on this business triggered by general falls in prices on both equity and bond markets. The same procedure used for testing core deposit goodwill for impairment was employed for these intangible assets. The following was therefore performed: - the remaining useful life of the assets as at 31.12.2011 was verified; - the value of the intangible assets attaching to asset management business was estimated using: the remaining useful life estimated as at 31.12.2011 (equal to the weighted average life estimated for the PPA adjusted for the time elapsed); the total assets under management as at 31.12.2011 acquired at the time of the PPA (including insurance funding); income from those assets under managment consistent with 2012 budget assumptions and 2013 – 2016 forecasts; an opportunity cost of equity the same as that used to test the goodwill of the network banks recognised in the consolidated financial statements for impairment. The estimate of the total intangible assets in question was less than the respective carrying amount, which therefore resulted in the need to recognise a total impairment loss of €88,248 thousand. To complete the information a sensitivity analysis was performed to identify, for those CGUs not subject to impairment, the variation in key variables that would render the recoverable amount equal to the carrying amounts in the consolidated financial statements. The table below gives the maximum tolerable increase in the cost of equity and the cost of risk for each of the above CGUs in order for the recoverable amount to equal the carrying amount and therefore for an impairment loss to be recognised. 309
Cash Generating Unit Increase in the cost of equity Increase in the cost of risk Banca Popolare di Ancona 0.41% 0.055% Banca Popolare di Bergamo 16.0% 1.269% Prestitalia 3.4% 0.683% UBI Banca Private Investment 0.25% 0.061% IW Bank 0.477% 0.217% The analysis reported shows that in the case of the network bank CGUs, the lowest margin of tolerance regarded the CGU Banca Popolare of Ancona, for which an increase of 0.055% in the cost of risk would bring the recoverable amount into line with the carrying amount. As concerns the GCUs operating in non banking financial sectors, the table shows that for the UBI Banca Lombarda Private Investment, a rise in the cost of equity of 0.25% or in the cost of risk of 0.061% would make the recoverable amount equal to the carrying amount. The table below gives a summary of impairment losses on intangible assets as at 31/12/2011: (amounts in euro) Banco di Brescia B.R.E B. Valle Cam. B. S. Giorgio B.P.C.I. B.P.B UBI Pramerica Total Core Deposits 135,135,000.00 51,621,000.00 12,430,000.00 7,599,000.00 28,408,000.00 6,486,000.00 241,679,000.00 Taxes -44,034,631.64 -16,821,043.55 -4,050,397.54 -2,476,184.30 -9,256,934.29 -2,113,505.91 -78,752,697.23 Non-controlling interests -8,719,575.57 -1,427,926.22 -958,713.10 -4,773,044.66 -15,879,259.55 Net core deposits 91,100,368.36 26,080,380.88 6,951,676.25 4,164,102.59 14,378,021.05 4,372,494.09 147,047,043.22 AUM 14,030,000.00 10,808,000.00 602,000.00 5,465,000.00 61,000.00 57,282,000.00 88,248,000.00 Taxes -4,571,768.10 -3,521,858.13 -196,165.67 -1,780,806.32 -19,877.25 -18,665,717.76 -28,756,193.24 Non-controlling interests -1,825,636.33 -75,950.16 -918,216.31 -13,515,703.14 -16,335,505.94 Net AUM 9,458,231.90 5,460,505.54 329,884.16 2,765,977.37 41,122.75 25,100,579.10 43,156,300.82 Brand names 105,912,000.00 63,138,000.00 16,873,000.00 7,130,000.00 193,053,000.00 Taxes -35,109,828.00 -20,930,247.00 -5,593,399.50 -2,363,595.00 -63,997,069.50 Non-controlling interests -10,575,694.03 -1,922,100.40 -892,012.36 -13,389,806.80 Net brand names 70,802,172.00 31,632,058.97 9,357,500.10 3,874,392.64 115,666,123.70 Total Gross 255,077,000.00 125,567,000.00 29,303,000.00 15,331,000.00 33,873,000.00 6,547,000.00 57,282,000.00 522,980,000.00 Total Taxes -83,716,227.74 -41,273,148.68 -9,643,797.04 -5,035,944.98 -11,037,740.61 -2,133,383.16 -18,665,717.76 -171,505,959.97 Total non-controlling interests -21,120,905.93 -3,350,026.62 -1,926,675.63 -5,691,260.98 -13,515,703.14 -45,604,572.29 Net Total 171,360,772.26 63,172,945.39 16,309,176.34 8,368,379.40 17,143,998.41 4,413,616.84 25,100,579.10 305,869,467.74 310
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Joint stock co-operative company Re
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▪ Principal risks and uncertainti
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REPORT ON CORPORATE GOVERNANCE AND
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A low risk profile The Group has no
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UBI Banca: company officers Honorar
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UBI Banca Group: the main investmen
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The rating As the sovereign debt cr
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Notice of call 1 An Ordinary Genera
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The macroeconomic scenario In a gen
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Monetary policy action taken by the
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imports (+24.9%) than in exports (+
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permanently balance public accounts
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In the light of the very serious cr
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total of the variable component of
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The “hour glass” shaped distrib
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dynamic use of credit recovery serv
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The contribution of the outstanding
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4 th -7 th July 2011 (offer period
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Action undertaken on the branch net
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Disposal of UBI Pramerica SGR opera
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Finally, the UBI Banca Group increa
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• the “Italian Banking Associat
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- the global financial crisis, whic
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As a result of new loan disbursemen
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Again with regard to financial educ
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As concerns the Foreign-Commercial
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This dialogue with customers is not
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The distribution network and positi
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The Italian distribution network of
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Remote channels Market coverage by
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• private individual customers ca
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Human resources The composition of
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The percentage of part-time employe
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Personnel management policies and i
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• the implementation of the “Va
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editions were published in 2011). A
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15. Barberini Sa (100% controlled)
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Companies consolidated using the eq
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- 22 nd February 2011: UBI Banca de
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total price of €77 million. Conse
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Reclassified consolidated financial
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Reclassified consolidated income st
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Reclassified consolidated income st
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Notes to the reclassified consolida
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marked improvement compared to €8
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elation to higher volumes of busine
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equity investments (including PerMi
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(+0.9%). The changes summarise the
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Brescia and €116.3 million of imp
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- the partial non deductibility of
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The comments that follow are based
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Total funding Total group funding,
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On the other hand, while significan
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In detail, institutional funding wa
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The public tender offer to purchase
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As concerns mutual investment funds
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General banking business with custo
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The ratio of lending to funding in
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The change recorded was caused by a
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unsecured non-performing loans (€
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Loans to customers: changes in dete
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The interbank market and the liquid
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Loans to banks: composition Changes
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The collateral pool also benefited
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Financial assets The year 2011 was
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- the Centrobanca corporate bond po
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Financial instruments held for trad
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Financial liabilities held for trad
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As concerns, on the other hand, por
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Exposures to some types of products
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SPE underlying assets Figures in mi
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The table below summarises on- and
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OTC interest rate derivatives: deta
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OTC derivatives: first five counter
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Fair value reserves of available-fo
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illion) and on the other hand for t
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The system of internal control The
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from the scope of the regulations f
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Consolidated companies: the princip
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Direct funding from customers Figur
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The performance of the main consoli
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exposures secured by real estate pr
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million) and other services (+€5.
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BANCA POPOLARE COMMERCIO E INDUSTRI
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accounts and deposits and term depo
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- net interest income reached €16
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BANCA POPOLARE DI ANCONA SPA Figure
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under management, which fell overal
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million) and the repurchase of own
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CENTROBANCA SPA Figures in thousand
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principally to new classifications
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- the net result for financial acti
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IW BANK SPA Figures in thousands of
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overdrafts, while the remaining €
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y the “Company restructuring prog
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UBI PRAMERICA SGR SPA Figures in th
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UBI FACTOR SPA Figures in thousands
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impaired loans - attributable mainl
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managers of Banca Popolare Commerci
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Development Decree - Decree Law No.
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‐ the tax treatment of provisions
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a different criterion is used to ca
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Further details of tax inspections
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In 2011, UBI Banca obtained visibil
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meetings with representatives of bo
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Legislation on the protection of pe
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• risks defined as measurable, fo
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uncertainty surrounding the outcome
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Compliance of corporate health and
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STATEMENT OF THE CHIEF EXECUTIVE OF
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Certification of the consolidated f
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Independent auditors’ report 226
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228
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Consolidated Balance Sheet
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Consolidated Income Statement figur
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Statement of changes in consolidate
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Consolidated Statement of Cash Flow
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PART A - Accounting policies A.1 -
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Accounting policies The accounting
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The income statement of the investo
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39. UBI Finance Srl Milan euro 10,0
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▪ ▪ ▪ 14 th March 2012: the U
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consequent absence of taxable incom
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List of the main IFRS standards end
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Reg. 1126/2008, SIC 7 Introduction
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1.2. Definition of financial assets
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performance by stock markets rather
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Page 261 and 262: original loan contract, or in the p
Page 263 and 264: The methods used for measurement of
Page 265 and 266: 6.3 Measurement criteria Investment
Page 267 and 268: individual renewals, or if the asse
Page 269 and 270: An intangible asset is recognised i
Page 271 and 272: (a) within asset item 120 of the ba
Page 273 and 274: 10.1. Current tax assets and liabil
Page 275 and 276: might affect the amount required to
Page 277 and 278: 14.3.2 Post-employment benefits and
Page 279 and 280: Interest is recognised on an accrua
Page 281 and 282: Level 2 Where no prices are availab
Page 283 and 284: A.3.2.1 Accounting portfolios: dist
Page 285 and 286: 2.2 Financial assets held for tradi
Page 287 and 288: 3.3. Financial assets at fair value
Page 289 and 290: 4.4 Available-for-sale financial as
Page 291 and 292: 6.2 Loans to banks: assets subject
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Page 295 and 296: SECTION 10 Equity investments - Ite
Page 297 and 298: 10.3 Annual changes in equity inves
Page 299 and 300: SECTION 11 Technical reserves of re
Page 301 and 302: These valuation methods were perfor
Page 303 and 304: Details of the item “Goodwill”
Page 305 and 306: 13.2 Annual changes in intangible a
Page 307 and 308: comparable transactions for corpora
Page 309: Second level impairment test Becaus
Page 313 and 314: No deferred tax assets were recogni
Page 315 and 316: 14.7 Other information The tables a
Page 317 and 318: 15.2 Other information Nothing to r
Page 319 and 320: SECTION 2 Due to customers - Item 2
Page 321 and 322: Details of item A.1 “Subordinated
Page 323 and 324: SECTION 4 Financial liabilities hel
Page 325 and 326: 6.2 Hedging derivatives: compositio
Page 327 and 328: 11.2 Other information The demograp
Page 329 and 330: demographic tables; the characteri
Page 331 and 332: Changes in liabilities in 2011 for
Page 333 and 334: The economic and financial assumpti
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Page 337 and 338: year, for 2004 the tax authorities
Page 339 and 340: Banca Carime (2003 and 2004) increa
Page 341 and 342: 15.2 Share capital - Number of shar
Page 343 and 344: Also, with regard to the conversion
Page 345 and 346: UBI Leasing SpA + €353 thousand R
Page 347 and 348: 5. Management and intermediation on
Page 349 and 350: 1.4 Interest expense and similar: c
Page 351 and 352: 2.2 Commission expense: composition
Page 353 and 354: SECTION 6 Income (loss) from dispos
Page 355 and 356: 8.2 Net impairment losses on availa
Page 357 and 358: SECTION 9 Net premiums - Item 150 9
Page 359 and 360: SECTION 12 Net provisions for risks
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SECTION 16 Profits (losses) of equi
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SECTION 19 Profits (losses) on disp
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SECTION 21 Post-tax profit after ta
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(v) (vi) (vii) (viii) (ix) (x) on 5
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368
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- AMA) - in combined use with the t
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1.2 Policies for the management of
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- it works with the Rating Desk and
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Credit processes within the network
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Credit risk management policy A pro
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Policy for the distribution of mort
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- pledge. In the case of mortgage c
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Quantitative information A. Credit
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A.1.3 Banking Group - On- and off-b
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A.1.7 Banking Group - On-balance sh
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A.3.1 Banking Group - Guaranteed/se
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B. Distribution and concentration o
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B.3 Banking group - Geographical di
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of a loan portfolio was signed, whi
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• performing loans resulting from
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Orio Finance 3 Originator UBI Banca
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Tabella 7: 190090O|1 - NOTA C.1.6 I
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C.2 Transfers C.2.1 Financial asset
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C.3 Banking Group - Covered bond op
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transferred. Each of these swaps ha
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3. management of the operations. Th
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Subsequently, in November 2011, aft
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D. Banking group - Models for the m
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one day VaR limit for the UBI Group
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Backtesting analysis Backtesting an
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The analysis shows a very heightene
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different hypotheses for the elasti
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2.3 Currency risk Qualitative infor
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2.4 Derivative financial instrument
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A.3 Financial derivatives: gross po
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A.7 OTC financial derivatives: bank
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B. Credit derivatives B.1 Credit de
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The system for the management of li
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Quantitative information 1.1 Distri
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1.3 Distribution over time by resid
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1.5 Distribution over time by resid
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4 BANKING GROUP - OPERATIONAL RISKS
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- Local Operational Risk Support Of
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16031). It must also be underlined
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Quantitative information The graphs
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Operational losses detected in 2011
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B. Quantitative information Informa
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Section 2 - Capital and banking sup
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deductions and negative filters, to
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PART G - Business combination trans
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the consolidated income tax act) co
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Transactions with related parties -
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Principal income statement items wi
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it is calculated on the basis of th
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Distribution by business segment: b
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Assistance activities (risk assessm
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UBI Banca Group

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