Prospectus - Notowania

Net hedging income (loss)
(millions of €) % Change
Net hedging income (losses): breakdown 12.31.2008 12.31.2007 12.31.2006 2008/2007 2007/2006
A. Income related to:
A.1 Fair value hedging derivatives 4,535 771 552 488.1% 39.7%
A.2 Hedged financial assets (fair value) 1,839 102 452 1702.9% -77.4%
A.3 Hedged financial liabilities (fair
value) 501 820 753 -38.9% 8.9%
A.4 Cash flow hedge derivatives 3 1 - 200.0% n.a.
A.5 Foreign currency assets and
liabilities 1 - - n.a. n.a.
Total hedging income (A) 6,879 1,694 1,757 306.1% -3.5%
B. Expenses related to:
B 1. Fair value hedging derivatives (3,518) (1,213) (1,328) 190.0% -8.7%
B 2. Hedged financial assets (fair value) (538) (333) (359) 61.6% -7.2%
B 3. Hedged financial liabilities (fair
value) (2,799) (123) (39) 2175.6% 215.4%
B.4 Cash flow hedge derivatives (4) (3) (1) 33.3% 200.0%
B 5. Foreign currency assets and
liabilities (4) - - n.a. n.a.
Total hedging expenses (B) (6,863) (1,672) (1,727) 310.4% -3.2%
C. Net hedging income (losses)
(A - B) 16 22 30 -27.3% -26.7%
The hedging to which the entry refers, taking into account the reference volumes,
yielded differentials of marginal amounts in view of the overall effectiveness of the
activities conducted and in line with the Group’s policies for managing value-at-risk.
Income (losses) from sale/repurchase
(in millions of €) % Change
Income (losses) from sale/repurchase:
breakdown of the net income (losses) 12.31.2008 12.31.2007 12.31.2006 2008/2007 2007/2006
Financial assets
1. Loans to banks 2 - - n.a. n.a.
2. Loans to customers (9) 14 17 -164.3% -17.6%
3. Available-for-sale financial assets 170 1,275 479 -86.7% 166.2%
3.1 Debt securities (62) 29 50 -313.8% -42.0%
3.2 Equities 235 1,218 422 -80.7% 188.6%
3.3 Units in collective investment
undertakings (3) 12 6 -125.0% 100.0%
3.4 Loans - 16 1 -100.0% 1500.0%
4. Financial assets held to maturity - - 3 0% 100%
Total assets 163 1,289 499 -87.4% 158.3%
Financial liabilities
1. Deposits from banks - - - n.a. n.a.
2. Customer deposits 55 - - n.a. n.a.
3. Securities in issue (20) (3) (6) 566.7% -50.0%
Total liabilities 35 (3) (6) n.s. -50.0%
Net income (losses) from sale/repurchase 198 1,286 493 -84.6% 160.9%
During 2008, the net income from sale/repurchase on financial assets derived from the
opposite effect of income for €653 million and losses for €490 million, with net
income of €163 million. In particular in 2008 the income originates mainly from the
net result of the sale of equities with losses of €297 million and income of €532
million, of which €372 million deriving from the sale of equity investments. The
amount is mostly comprised of the profits from Atlantia (€156 million), Attijariwafa
Bank (€83 million), Mastercard (€42 million), Speed S.p.A. (€19 million), Visa (€20
million) and Euroclear (€19 million).
With reference to financial assets, as at December 31, 2007 the net results set out
above comprised income of €1,477 million versus losses for €188 million. For 2007,
income on the sale of available-for-sale assets includes net income of €931 million on
the sale of equity investments. This amount is mainly made up of the income on the
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