Prospectus - Notowania

illion, an increase of approximately 7% on the previous year, with significant growth
in the CEE area and Italy, also in this case.
9.2.2. Analysis of the Group’s Equity and Financial Performance
(in millions of €)
Shareholders equity attributable to
the Group
09.30.2009 12.31.2008* 12.31.2007* 12.31.2006
Group: capital
Share premium
Reserves
Valuation reserves
Treasury shares
Profit for the period
8,390
36,582
14,335
(1,331)
(7)
1,331
6,684
34,070
11,979
(1,740)
(6)
4,012
6,683
33,708
10,316
1,445
(363)
5,901
5,219
17,628
8,091
2,444
(362)
5,448
Shareholders equity attributable to
59,300 54,999 57,690 38,468
the Group
Minorities: Capital 372 498 934 841
Share premium and Reserves 2,636 2,352 3,015 2,697
Valuation reserves (169) (125) 78 57
Treasury shares (0,3) (0,3) (0,2) (0,5)
Profit for the period 269 517 717 680
Minority interests 3,108 3,242 4,744 4,275
* The amounts as at December 31, 2008 and 2007 differ from those published in the Financial Statements as at December 31, 2008 due
to the reclassification of the exchange differences relating to net foreign investments (subsidiaries, associates or joint ventures)
Shareholders’ equity attributable to the Group as at September 30, 2009 was €59,300
million, an increase of €4,301 million compared to December 31, 2008, mainly due to
the capital strengthening assets amounting to a total of €2,839 million, which are
added to the profit for the period. The valuation reserves increased by €409 million, as
a result of the increases in available-for-sale reserves (€859 million) and the cash flow
hedge reserve (€225 million), partially offset by the decrease in other reserves linked
to changes in exchange rates.
The valuation reserves refer mainly to:
− available-for-sale reserves or reserves determined based on changes in the
fair value of financial instruments recorded under available-for-sale assets;
− cash flow hedge reserves, or an expression of the changes in fair value of
the effective portion of cash flow hedging instruments;
− exchange rate fluctuation reserve, substantially deriving from the
conversion into Euro, upon consolidation, of financial statements of foreign
subsidiaries with functional currencies other than the Euro; and
− other reserves mainly linked to revaluation recorded as a result of specific
laws.
The total negative amount of €1,331 million includes the negative effect of the
valuation of available-for-sale instruments for €107 million and exchange rate
fluctuation reserve for €2,013 million, as well as the positive effect of the hedging of
future cash flows for €512 million and revaluation reserves for €277 million.
The abovementioned strengthening of capital originated from the operations resolved
by the UniCredit Board of Directors on October 5, 2008, specifically regarding:
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