Prospectus - Notowania

5.2.1. Investments made
The following table illustrates the evolution of the investments of the UniCredit Group
during the period ended as at September 30, 2009 and the financial years ended as at
December 31, 2008, 2007, 2006.
Description of the main investments made by the Group
(millions of €)
BALANCE
% change
SHEET FIGURES 09.30.2009 12.31.2008 12.31.2007 1 Property, plant and
12.31.2006 2009/2008 2008/2007 2007/2006
equipment 11,805 11,935 11,871 8,615 -1.1% 0.5% 37.7%
Intangible assets 25,640 26,482 26,271 13,336 -3.2% 0.8% 97.0%
of which: goodwill 20,381 20,889 20,342 9,908 -2.4% 2.7% 105.3%
Equity investments 3,781 4,003 4,186 3,086 -5.5% -4.4% 35.6%
1
The balances as at December 31, 2007 differ from those published in the consolidated financial statements as at December 31, 2007
due to:
- completion of the PPA;
- representation of transactions concerning leasing under construction and assets awaiting lease;
- transfer of the equity investment in Mediobanca. This transfer took place with reference to Mediobanca shares deriving from
Capitalia, on a consistent basis with the recorded evolution of the governance set-ups of the investee company. The
reclassification was carried out, also for the balances as at December 31, 2007, on a consistent basis with the reference
accounting standards.
(millions of €)
PROPERTY,
PLANT AND
% change
EQUIPMENT 09.30.2009 12.31.2008 12.31.2007 1 Property, plant and
equipment for
12.31.2006 2009/2008 2008/2007 2007/2006
functional use
Property, plant and
equipment held for
9,031 9,260 9,014 7,592 -2.5% 2.7% 18.7%
investment purposes
of which: valued at
2,774 2,675 2,857 1,023 3.7% -6.4% 179.3%
cost
of which: valued at
1,514 1,368 1,399 1,023 10.7% -2.3% 36.8%
fair value 1,260 1,307 1,458 - -3.6% -10.4% n.s.
Total 11,805 11,935 11,871 8,615 -1.1% -0.5% 37.7%
1
The balances as at December 31, 2007 differ from those published in the consolidated financial statements as at December 31, 2007
due to:
- completion of the PPA;
- representation of transactions concerning leasing under construction and assets awaiting lease.
Property, plant and equipment includes functional assets and assets held for
investment purposes. The former are represented by assets held to be used for the
production and supply of goods and services or for administrative purposes and with
reference to September 30, 2009 mainly comprise land (€1,878 million representing
20.8% of the total) and buildings (€4,043 million as at September 30, 2008 or 44.8%
of the total). The item also included furniture, electronic installations and other
tangible assets. Overall, property, plant and equipment for functional used fell with
respect to December 31, 2008 by 2.5% mainly with reference to land and buildings
whose book balance dropped overall by 10%.
Assets used for investment purposes are represented by assets held for the purpose of
collecting lease payments and/or held for the appreciation of the invested capital. In
accordance with the matters envisaged by the accounting standards, as from 2007,
following the consolidation of Euro-Immoprofil, the Group used the value
recalculation model (fair value) for the valuation of real estate property investments
- 100 -