Prospectus - Notowania

eing completed on October 1, 2007. Lastly, it should be pointed out, for the purpose
of providing a more informative comparison relative to the performance in the last
two years (2007-2008), that the variations relating to 2006 and 2007 shown in the
following tables are less significant given that the first items are reconstructed data
including the effect on the whole year of the merger with Capitalia while the 2006
amounts refer to the UniCredit group in its original structure. As a result, in the
comments on the 2006-2007 changes, where significant and determinable, provision
has been made to give an indication of the changes that took place based on like-forlike
data, i.e. excluding the effect of Capitalia consolidation for 2007.
Lastly, it should be pointed out that, an examination of the performance per business
segment was carried out based on the organisational model adopted in financial years
2007-2008, which envisaged the identification of Retail, Corporate, Private Banking,
Asset Management, Markets & Investment Banking, Poland’s Markets and Central-
Eastern Europe. Data for business segments as at December 31, 2006 were obtained
from the Financial Statements for year ended December 31, 2007 which saw the
division of the results of the Private and Asset Management segments that were
previously combined. Therefore, said data per business segment as at December 31,
2006 was not subject to auditing. However, the methods for restating this data and the
information presented in the Notes to the Financial Statements, as regards the changes
made, were examined by the External Auditors for the purposes expressing their
opinion on the Consolidated Financial Statements as at December 31, 2007, and so as
shown in the report issued on April 9, 2008.
The presentation of the results is carried out on the basis of the reclassified income
statement for which the reconciliation with the accounts is shown at the end of this
Chapter.
( in millions of Euros) % Change
RECLASSIFIED
CONSOLIDATED INCOME
STATEMENT 2008
- 233 -
2007
Reconstruct
ed 2006 2008/2007 2007/2006
2007
historical
Net interest 18,373 16,199 12,155 13.4% 33.3% 13,965
Dividends and other income from
equity investments 1,012 920 705 10.0% 30.5% 878
Net interest income 19,385 17,119 12,860 13.2% 33.1% 14,843
Net fees and commissions 9,093 10,694 8,347 -15.0% 28.1% 9,430
Trading, hedging and fair value
income (1,980) 1,280 1,922 -254.7% -33.4% 1,057
Balance of other expenses/income 368 409 334 -10.0% 22.5% 563
Income from brokerage and other
income 7,481 12,383 10,604 -39.6% 16.8% 11,050
OPERATING INCOME 26,866 29,502 23,464 -8.9% 25.7% 25,893
Staff expenses (9,918) (9,670) (7,845) 2.6% 23.3% -8,210
Other administrative expenses (6,019) (5,790) (4,431) 4.0% 30.7% -4,938
Expense reimbursements 557 593 285 -6.1% 108.1% 360
Write-downs on property, plant and
equipment and intangible assets (1,312) (1,289) (1,267) 1.8% 1.7% -1,298
Operating costs (16,692) (16,155) (13,258) 3.3% 21.9% -14,086
OPERATING PROFIT 10,174 13,347 10,206 -23.8% 30.8% 11,807
Write-downs on goodwill (750) (1) (9) n.a. -88.9% -1
Provisions for risks and charges (344) (753) (473) -54.3% 59.2% -663
Integration costs (140) (1,308) (465) -89.3% 181.3% -1,174
Write-downs on loans and
provisions for guarantees and
commitments (3,700) (2,468) (2,233) 49.9% 10.5% -2,152
Net profit from investments 218 1,694 1,184 -87.1% 43.1% 1,533
PROFIT BEFORE TAX FROM
CURRENT OPERATIONS 5,458 10,510 8,209 -48.1% 28.0% 9,350
Income tax for the period (627) (3,221) (2,138) -80.5% 50.7% -2,732
NET PROFIT FROM CURRENT
OPERATIONS 4,831 7,289 6,072 -33.7% 20.0% 6,618
Profit (loss) of disposal groups
classified as held for sale after taxes - - 56 n.a. n.a. n.a.