Prospectus - Notowania

PROFIT (LOSS) FOR THE
PERIOD 4,831 7,289 6,128 -33.7% 18.9% 6,618
Minority interests (518) (718 (680) -27.9% 5.6% (717)
NET PROFIT ATTRIBUTABLE
TO THE GROUP BEFORE PPA 4,313 6,571 5,448 -34.4% 20.6% 5,901
Economic effects of Capitalia PPA (301) (65) - 363.1% n.a. -
NET PROFIT ATTRIBUTABLE
TO THE GROUP 4,012 6,506 5,448 -38.3% 19.4% 5,901
An examination of the main profit components shows that, in 2008, the UniCredit
Group, similar to the leading financial institutions at global level, felt the effects of the
structural crisis in the global financial market, especially in the business segments
that, owing to their characteristics, were more exposed to volatility in the financial
markets, in particular Markets & Investment Banking and Asset Management.
As already shown, a comparison with the results in 2006 and 2007 was affected by the
merger with Capitalia which, for the purposes of the statement above was included for
the entire 2007 financial year. Growth in operating profit in 2007 compared with the
previous year would have amounted to 11.9% based on a constant perimeter (without
the contribution of Capitalia). Said growth was the result of a positive performance in
terms of revenues (net interest income up by 9.3%, net fees and commissions up by
8% net of Capitalia) against essentially stable operating costs, which remained almost
unchanged in 2007 if evaluated on the basis of a constant perimeter. Sustained
development in the 2006 and 2007 period impacted the overall operating trends of the
Group and organisation of the business segments (whose performance will be
commented on later), and so as illustrated in Section 9.2.1.
Net interest income, including dividends and other income from equity investments,
recorded a 13.2% increase in 2008 compared with the previous year, as a result of
positive developments in all business segments.
( in millions of Euros) % Change
Net interest income
(Reclassified)
Retail
Corporate
Private Banking
Asset Management
Markets & Investment
2008
7,247
4,758
574
53
2007
Reconstructed
6,829
4,297
480
56
2006
4,722
3,447
292
31
2008/2007
6.1%
10.7%
19.8%
-5.4%
2007/2006
44.6%
24.7%
64.4%
80.6%
Banking
Poland's Markets
Central Eastern Europe
2,398
1,317
1,725
1,211
1,137
1,206
39.0%
8.8%
51.7%
0.4%
(CEE)
Parent Company and other
3,068 2,151 1,756 42.6% 22.5%
companies* (30) 370 269 -108.1% 37.5%
Total
* Includes netting and writedowns.
19,385 17,119 12,860 13.2% 33.1%
Positive development was recorded in net interest income for all business segments
thanks, in particular, to the trends registered in 2008 in terms of volumes and interest
rates. The CEE business segment recorded a marked increase in particular (+42.6%),
due to both the entry of the ATF and Ukrosotsbank Groups, and to widespread growth
in all countries in which it operates, particularly in Russia and in the other four
European countries in which growth was especially high (Croatia, Turkey, Bulgaria
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