Prospectus - Notowania

associated with liabilities which acknowledge a return linked to the fair value of said
investments.
The value of the land has been separated from that of the buildings which exist on the
same, since land, in contrast to buildings, is not subject to depreciation and, therefore
is not depreciated.
Property, plant and equipment, overall, acquired under financial lease are not
significant (amount equating to 1.5% of the total as at September 30, 2009 compared
with 1.3% as at December 31, 2008). As at September 30, 2009, these assets totalled
€161 million.
(millions of €) % change
INTANGIBLE
ASSETS 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006
Intangible assets
with unlimited
duration 21,444 21,967 21,392 10,734 -2.4% 2.7% 99.3%
Goodwill 20,381 20,889 20,342 9,908 -2.4% 2.7% 105.3%
Other intangible
assets 1,063 1,078 1,050 826 -1.4% 2.8% 27.1%
Intangible assets
with limited
duration 4,196 4,515 4,879 2,602 -7.1% -7.5% 87.5%
Intangible assets
generated internally 370 392 345 322 -5.6% 13.3% 7.1%
Other intangible
assets 3,826 4,123 4,534 2,280 -7.2% -9.1% 98.9%
Total 25,640 26,482 26,271 13,336 -3.2% 0.8% 97.0%
The decrease in intangible assets recorded in 2009 is essentially attributable – with
regard to goodwill –to the exchange effect of the various currencies and – with regard
to intangible assets with a limited duration- to the normal amortisation process.
The increase generated in 2008 is mainly attributable to the acquisition of
Ukrosotsbank (€1.2 billion), the squeeze-out of HVB (€0.4 billion) and BA (€0.4
billion) as well as other minor changes. The increases in question are matched by the
permanent impairment in value relating to the goodwill registered on ATF (€417
million) and JSC Ukrsotsbank (€333 million).
Goodwill recorded under the assets as at December 31, 2007 is mainly attributable to
the acquisition transactions finalized in previous years, relating to the HVB Group and
the Capitalia Group, as well as others of lesser impact.
In detail, the main changes in 2007 concerned the acquisition of the Capitalia Group
(€7,612 million on a provisional basis, since the PPA activities envisaged by the
reference accounting standards have not yet been completed at that time), the
acquisition of the ATF Group (€1,206 million), the acquisition of Aton (€238 million),
and the acquisition of additional holdings in the subsidiary IMB Bank (€115 million).
Again during 2007, following the changes in group and minority interests due to the
transfer of BA from HVB to UniCredit, an increase in the goodwill relating to the
HVB group (€192 million) also took place, partly offset by the value adjustment
consequent to the statement, by the HVB group, of tax benefits on prior losses existing
as at the date of acquisition (decrease of €143 million). The goodwill deriving from
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