UBI Banca Group

• net hedging income – which represents the change in the fair value of hedging derivatives
and the relative items hedged – was €8.9 million (+€67.2 million in 2010). Both results
should be interpreted in combination with the information reported on trading activity
concerning the unwinding of hedges;
Net trading income (loss)
Gains
Profits from
trading
Losses
Losses from
trading
Net income
(loss) 2011
Figures in thousands of euro (A) (B) (C) (D) [(A+B)-(C+D)]
2010
1. Financial assets held for trading 25,564 168,696 (126,008) (135,644) (67,392) (204,553)
1.1 Debt instruments 21,020 56,096 (16,287) (30,497) 30,332 (20,392)
1.2 Equity instruments 4,486 3,586 (16,429) (2,131) (10,488) (4,374)
1.3 Units in O.I.C.R. (collective investment instruments) 19 26 (158) (152) (265) 387
1.4 Financing - - - - - -
1.5 Other 39 108,988 (93,134) (102,864) (86,971) (180,174)
2. Financial liabilities held for trading 2,520 7 (4,027) (2) (1,502) 10,479
2.1 Debt instruments 1,662 - (4,027) (2) (2,367) 10,410
2.2 Payables - - - - - (8)
2.3 Other 858 7 - - 865 77
3. Financial assets and liabilities: exchange rate differences X X X X (5,011) 2,204
4. Derivative instruments 541,790 2,174,634 (597,976) (2,139,555) 84,616 134,979
4.1 Financial derivatives 541,790 2,174,634 (597,976) (2,139,555) 84,616 135,768
- on debt instruments and interest rates 525,882 2,143,116 (573,906) (2,115,024) (19,932) (60,417)
- on equity instruments and share indices 199 6,346 (130) (11,802) (5,387) 1,635
- on currencies and gold X X X X 105,723 192,668
- other 15,709 25,172 (23,940) (12,729) 4,212 1,882
4.2 Credit derivatives - - - - - (789)
Total 569,874 2,343,337 (728,011) (2,275,201) 10,711 (56,891)
Net hedging income
Figures in thousands of euro 2011 2010
Net hedging income 8,938 67,209
Profit from disposal or repurchase
Figures in thousands of euro
Profits Losses Net profit 2011 2010
Financial assets
1. Loans to banks - - - 1,463
2. Loans to customers 7,848 (5,384) 2,464 (5,313)
3. Available-for-sale financial assets 12,372 (443) 11,929 31,245
3.1 Debt instruments 1,407 (380) 1,027 19,089
3.2 Equity instruments 8,467 (63) 8,404 10,120
3.3 Units in O.I.C.R (collective investment instruments). 2,498 - 2,498 2,036
3.4 Financing - - - -
4. Held-to-maturity investments - - - -
Total assets 20,220 (5,827) 14,393 27,395
Financial liabilities
1. Due to banks - - - -
2. Due to customers - - - -
3. Securities issued 21,198 (9,062) 12,136 (10,338)
Total liabilities 21,198 (9,062) 12,136 (10,338)
Total 41,418 (14,889) 26,529 17,057
Net profit (loss) on financial assets and liabilities at fair value
Figures in thousands of euro 2011 2010
Net profit (loss) on financial assets and liabilities at fair value (38,849) 6,669
Net income from trading, hedging and disposal/repurchase activities and from
assets/liabilities at fair value
7,329 34,044
• net income from the disposal/repurchase of financial assets and liabilities totalled €26.5
million and included €12.1 million from the repurchase of securities issued – by the Parent
(€14.1 million), mainly consisting of securities in the EMTN programme, and by
Centrobanca (€4 million), as part of ordinary business with customers – while €14.4 million
was from the disposal of financial assets.
The latter consisted of €6.8 million from the total disposal of the investment in the London
Stock Exchange (formerly Borsa Italiana), €1.6 million from the disposal of other minor
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