Prospectus - Notowania

Main Results and Performance for the period
The first nine months of 2009 bore out the scope and intensity of the crisis. After severely impacting the financial markets in 2008, it
spread to the real economy, which however has since the summer shown the first weak signs of an improvement, for the time being
limited to a recovery in industry’s order books and slower shrinking of inventories. Nevertheless UniCredit Group’s diversified
business model which combines traditional banking with the provision of banking and investment services in all Central and Eastern
European (CEE) countries enabled it to cope well with the difficult economic environment, especially in its Corporate & Investment
Banking business area (CIB) which had been adversely affected in 2008 by the problems in the financial markets but this year
recorded results that offset the greater difficulties experienced by our commercial banking business lines which were still grappling
with the consequences of the crisis.
Against this background the Group returned a Net profit attributable to the Group for the first nine months (M9) of 2009 of €1.3
billion, €2.2 billion less than for M9 2008, but with an increased operating result. Operating profit was €1.3 billion higher than that
of M9 2008 and thus offset, if only in part, the almost €3.9 billion increase in net write-downs on loans, to which increased
integration costs and higher provisions for risks and changes were added.
Operating profit was €9.6 billion, an increase of 16.3% (or 25.1% at constant exchange rates and businesses) over M9 2008. As
mentioned this was driven by the excellent results achieved by the CIB area (which was up by €2.5 billion, or 91%, over M9 2008).
Commercial banking business on the other hand continued to be affected by the difficult economic environment, especially Retail
with €2.3 billion, down by 27%, Private Banking €187 million, down by 36% and Poland’s Markets €573 million, down by 20% at
constant exchange rates. By contrast CEE continued to achieve excellent operating results: its operating profit reached €2,1 billion,
an increase of 32% at constant exchange rates.
Profit before tax fell however by 52.3% (or 43.9% at constant exchange rates and businesses), mainly due to the notable rise in
net write-downs on loans (up by €3.9 billion over 2008). In addition there were higher provisions of €200 million and
restructuring costs totaling €321 million, up by €212 million over 2008.
Net profit attributable to the Group for M9 2009 €1.3 billion, down by 62% from September 30, 2008 (down by 51.6% at constant
exchange rates and businesses). Annualized EPS were 11 euro cents at September 30, 2009 (as against 30 euro cents at
September 30, 2008) and ROE 1 was 4% as against 11% for M9 2008.
10.00
8.00
6.00
4.00
2.00
0.00
8.26
9.61
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
Group Results (€ billion)
5.62
2.68
3.51
1.33
Operating profit Profit before tax Net Profit attributable to
the Group
First Nine Months 2008
First Nine Months 2009
1 Annualized data. Shareholder’s equity is the average for the period excluding dividend to be paid out and held-for sale and cash-flow hedge valuation
reserves, net of goodwill on the acquisitions of HVB and Capitalia, which were made by means of a share swap and recognized in accordance with
IFRS 3.
28