Prospectus - Notowania

At the end of 2008, available-for-sale financial assets totalled €28.7 billion, a decline
of €2.3 billion compared to December 2007, as the increase in debt securities was
more than offset by the reduction in equities, primarily related to the decline in fair
value during the period. The change during 2007 is also explained by the increase in
debt securities, the effect of which was partially offset by the reduction in equities,
principally due to the sales during the period (specifically, the equity investments in
Mediobanca and Fiat). During 2008, available-for-sale financial assets were written
down for €904 million, more than 83% of which were write-downs on equities (€751
million) and the remainder on debt securities (€125 million) and units in Collective
Investment Undertakings (€28 million). In 2007, these write-downs were €113
million, 57.8% attributable to equities and Collective Investment Undertakings and the
remainder mainly for debt securities.
In 2008, the equity investment in Mediobanca was reclassified from “Available-forsale
financial assets” to “Equity investments”, consistent with the change in the
governance structure of the investee company. The reclassification was also made for
the balances as at December 31, 2007, in accordance with the accounting standards
applied.
The ratio of listed securities was 74.8% at September 30, 2009, an increase in respect
to December 2008 (69.8%). This ratio was 62.2% as at December 31, 2007 and 67.5%
at December 31, 2006.
The classification by debtor/issuer shows an increase between 2006 and 2008 of stakes
in Governments, Central Banks and public entities, that in 2008 was 46% against
36.6% in 2006. The other aggregates showed modest growth in exposure to banks,
from 16.6% to 19.5%, and a reduction of exposure to other issuers from 38.5% to
29.4%.
(millions of €) % Change
Financial assets held to
maturity: product
breakdown 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006
1. Debt securities 12,572 15,041 11,000 10,752 -16.4% 36.7% 2.3%
2. Loans - - - - n.a. n.a. n.a
3. Impaired assets - - 17 - n.a. -100% n.a.
4. Assets sold but not
derecognised 1,485 1,842 715 - -19.3% 157.5% n.a.
Total 14,057 16,883 11,732 10,752 -16.7% 43.9% 9.11%
As at September 30, 2009 the mix of financial assets held to maturity did not show
substantial changes, however, these assets declined 16.7% as a result of the
reimbursement at loan maturity of some of the debt securities held by UniCredit.
The increase in 2008 in financial assets held to maturity is partly due to the purchase
of 2.5 billion treasury bonds that were used in funding repurchase agreement
transactions and partly for the reclassification of other portfolios following the change
in the accounting standards applied (€148 million reclassified from “Held for trading
financial assets”),
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