Prospectus - Notowania

integration with HVB subsequent to the adjustments previously made, as at December
31, 2007 amounted to €7,282 million.
The goodwill recorded under the balance sheet assets, since it has an indefinite useful
life, is not subject to systematic amortisation, but is subject to periodic checking of the
adequacy of the book value. This checking process (impairment test) is carried out at
least once a year, or more frequently, in the presence of signs of deterioration in the
value. The activities for checking the value of the goodwill are based on a preparatory
allocation of the value of the goodwill to the various CGU units which they are
attributable to; the definition of the scope of the CGUs is achieved so as to reflect the
internal segment reporting criteria adopted by the management control of the Issuer.
Any reduction in the value is determined on the basis of the difference between the
book value of the goodwill and its recoverable value, if lower. The recoverable value
is equal to the greater between the fair value of the CGU, net of any sales costs, and
the related value in use, deriving from its disposal at the end of the useful life. Any
value adjustments are recorded in the income statement and any subsequent value
writeback are not permitted to be stated.
When drawing up the consolidated management report as at September 30, 2009 – in
which the Group presents goodwill recorded for a total of around €20.4 billion –
considering that the impairment test on the goodwill has been carried out with
reference to the interim financial report as at June 30, 2009 and that significant
changes have not been observed in the basis of assumptions with respect to June 30,
2009, the conditions for carrying out a new impairment test on the goodwill as at
September 30, 2009 do not exist. Therefore, no value adjustments have been recorded
in relation to the goodwill. This said, the impairment test on the goodwill will in any
event be re-performed as of the 2009 financial year-end date.
Other intangible assets with an unlimited duration recorded in the financial statements
mainly refer to the recording of trademarks relating to the groups acquired in 2005 and
2007.
Other intangible assets with a limited duration (mainly client relationships) relating to
the UniCredit Group, are valued at cost which is amortised on a straight-line basis
with reference to the related useful life.
Equity investments
The item Equity investments included the value of the equity investments in
subsidiary companies, jointly controlled or subject to significant influence, held by the
UniCredit Group directly or via its subsidiaries.
The following table shows the breakdown of the equity investments recorded under
item 100 in the balance sheet.
(millions of €) % change
EQUITY INVESTMENTS 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006
Equity investments subject to
significant influence (carried at
equity) 3,245 3,160 3,365 1,923 2.7% -6.1% 75.0%
Subsidiaries 1 1 4 13 0.0% -75.0% -69.2%
Other 535 842 832 1,150 -36.5% 1.2% -27.7%
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