Prospectus - Notowania

• 2009
− Retail
− Corporate & Investment Banking
− Private Banking
− Asset Management
− Poland’s Markets
− Central Eastern Europe
As illustrated in the previous Section, the current business sectors were determined
based on the current operating dynamics of the Group, different from the divisional
approach adopted until December 31, 2008. Specifically, during 2009, also as a result
of the changed international economic and financial environment, the UniCredit
Group had to rethink its business model, and in particular the model targeting
companies. The main result of this change was the combination and consequent
reorganisation of the previous Corporate and Markets & Investment Banking business
segments into the new CIB business segment, with the strategic goal of streamlining
the governance structure of the various businesses in this area and centralising the
related skills.
In the rest of this Chapter, the illustration of performance by business segment until
December 31, 2008 will refer to the divisional structure adopted until that date. With
reference to the subsequent period, meaning until September 30, 2009, and the
information as at September 30, 2008 restated for such purpose (in compliance with
the accounting standards adopted), comments will be provided on the business
segments based on their current configuration.
The following provides comments on the main operating events of the UniCredit
Group for the period 2006-2009. These comments are based on the reclassified
balance sheets and income statements of the UniCredit Group. The reconciliation of
these accounts is shown at the end of this Chapter.
The Group closed the first nine months of 2009 with a net profit €1,331 million, down
by 62.0% compared to the same period of 2008.
Analysing the operating profit in detail, in the net profit attributable to the Group for
the first nine months of 2009 amounted to €9,608 million, up by 16.3% on the figure
as at September 30, 2008. This was offset by an increase of €3,873 million in net
write-downs on loans and provisions for guarantees and commitments, as a result of
the deterioration of the macroeconomic scenario which continued to produce effects
on asset quality. The income statement of the CIB segment (which became operational
during 2009) for the first nine months of 2009 shows a contribution to revenues of
€7,790 million, an increase of 44.9% compared to the €5,376 million in the same
period of the previous year, on a like-for-like basis for the business segment. Taking
into account the performance of operating costs, which amounted to €2,477 million, a
decrease of 4.8%, the business segment achieved operating profit of €5,313 million,
compared to operating profit €2,774 million in the first nine months of 2008. In
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