Prospectus - Notowania

The trends in operating income and operating costs led to a 23.8% fall in operating
profit in 2008, amounting to € 10,174 million, compared with € 13,347 million in
2007. The breakdown and development per business segment is shown below.
( in millions of Euros) % Change
Operating profit (Reclassified)
Retail
Corporate
Private Banking
Asset Management
Markets & Investment Banking
Poland's Markets
Central Eastern Europe (CEE)
Parent Company and other companies*
Total
* Includes netting and write-downs.
2008
3,606
4,293
522
580
(1,287)
1,123
2,503
(1,166)
10,174
2007
Reconstructed
3,594
4,019
614
925
1,618
1,184
1,638
(247)
13,346
2006
2,509
3,238
349
716
1,552
1,101
1,279
(538)
10,206
2008/2007
0.3%
6.8%
-15.0%
-37.4%
-179.5%
-5.2%
52.8%
372.0%
-23.8%
2007/2006
43.2%
24.1%
75.9%
29.3%
4.3%
7.5%
28.1%
-54.0%
30.8%
Consolidated operating profit felt the effects of the trends in its components shown
above. The group’s cost/income ratio (ratio between operating costs and operating
income) worsened (62% compared to 55% in 2007) mainly due to the negative
performance in revenues. The business segments which recorded the biggest decrease
in revenues were those with a more considerable impact on the reduction of operating
profit. Markets & Investment Banking, especially taking into account the small
operating income generated, and despite exhibiting a trend of cost control and
reduction, recorded an operating loss of more than € 1.2 billion. Asset Management,
whose cost/income ratio rose by 5.4% (from 41.3% in 2007 to 46.7% in 2008),
recorded a 37.4% decrease in terms of operating profit; it too, as already outlined
previously, suffered from a fall in trading revenues, in particular with reference to net
fees and commissions. Similar trends characterised the performance of the Private
Banking segment. By contrast, in 2008, the CEE segment made a positive contribution
to the operating profit, whose cost/income ratio improved in absolute terms, from
51.4% in 2007 to 47.1% (48.7% net of recent acquisitions whose contributions had a
favourable impact on the operating profit). This Issuer performs management and
coordination activities.
In 2007, the operating profit recorded growth of 11.9%, excluding the contribution
from Capitalia. The trend by business segment confirmed the positive performance of
all segments with the exception of Markets & Investment Banking, whose growth was
considerably lower than the average compared with the previous year. By contrast, the
other business segments, as illustrated in relation to the individual interim results,
recorded significant growth (particularly Retail, which in absolute terms, increased its
operating profit by more than € 1.0 billion).
( in millions of Euros) % Change
Profit before tax from current operations
(Reclassified)
Retail
Corporate
Private Banking
Asset Management
Markets & Investment Banking
Poland's Markets
Central Eastern Europe (CEE)
Parent Company and other companies*
Total
* Includes netting and write-downs.
2008
2,807
2,991
511
599
(2,186)
1,110
2,021
(2,395)
5,458
2007
Reconstructed
1,949
2,955
584
934
2,084
1,144
1,342
(482)
10,510
2006
1,343
2,367
330
667
1,535
999
1,051
(82)
8,210
2008/2007
44.0%
1.2%
-12.5%
-35.9%
-204.9%
-3.0%
50.6%
396.9%
-48.1%
2007/2006
45.1%
24.8%
76.9%
40.0%
35.8%
14.5%
27.7%
487.8%
28.0%
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