Prospectus - Notowania

− a capital increase against payment for a total amount of €3 billion, through the
issuance of new ordinary shares offered as an option to shareholders. Taking into
account the market scenario, in order to ensure a good outcome for the capital
increase, it was linked to the placement of equity-linked instruments convertible
into UniCredit shares (known as CASHES).
− the proposal to the Shareholders’ Meeting called to approve the 2008 Financial
Statements to pay a dividend in the form of allocation of new UniCredit shares
(scrip dividend).
As a result of the abovementioned operations, the share capital of UniCredit as at
September 30, 2009 has increased by €1,705 million, and the share premium reserve
by €2,511 million, for a total increase of €4,216 million, including €1,219 million
deriving from the use of non-distributable profits from 2009.
At the end of 2008 total shareholders equity’ attributable to the Group stood at
€54,999 million, a decrease of €2,691 million compared to the previous period. This
decrease was the result of the difference in net profit, as well as the distribution of
dividends to shareholders of €3,443 million and the decrease in reserves of €3,608
million. The decrease in reserves, in turn, was due to the decrease of €3,185 in
valuation reserves. This resulted from the lower value of available-for-sale assets,
down by €2,536 million, from the negative effects of exchange rate differences and net
foreign investments of €1,649 million, partially offset by €1,000 million due to the
effect of cash flow hedges. Furthermore, as at December 31, 2008 there was a
significant reduction in treasury shares held, which decreased from €363 million as at
December 31, 2007 to €6 million as a result of the sale, through several transactions in
December 2008, of 170,357,899 treasury shares, for a total amount of €288 million.
Total shareholders’ equity attributable to the Group as at December 31, 2007
amounted to €57,690 million, an increase of €19,222 million on the previous period,
including €17,541 million primarily linked to the share capital increase as a result of
the integration with the Capitalia Group. Valuation reserves decreased from €2,444
million as at December 31, 2006 to €1,445 million at the end of 2007, mainly due to
the disposals carried out during the period.
As at December 31, 2007 the valuation reserves included the effect of the valuation of
available-for-sale instruments for €1,570 million, the negative effect of hedging of
future cash flows for €-713 million, and other reserves for €587 million, of which
€310 million relate to exchange rate differences on net foreign investments.
During 2006 the Group’s shareholders’ equity increased by €3,269 million, mainly as
a result of the profit for the period, net of dividends distributed. The valuation reserves
included the balance of the valuation of available-for-sale instruments for €2,655
million, the negative effect of hedging of future cash flows for €490 million and other
positive reserves for €279 million.
The trend in Regulatory Capital of the UniCredit Group from December 2006 to
September 2009 is shown below.
(in millions of €) % Change
- 188 -