Prospectus - Notowania

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EVA was -€111 million (showing an increase on the previous year, when it was -€274 million), and RARORAC was -0.80% compared with -1.9% in 2008. The cost/income ratio improved by around 16 percentage points y/y, falling from 48.4% in 2008 to 31.8% in 2009 thanks to the effectiveness of operating cost containment measures and higher revenues. Key Ratios and Indicators CORPORATE & INVESTMENT BANKING CONSOLIDATED INTERIM REPORT AS AT SEPTEMBER 30, 2009 FIRST 9 MONTHS CHANGE 2009 2008 AMOUNT % EVA (€ million) -111 -274 163 n.s. Absorbed Capital (€ million) 18,454 19,183 -729 - 3.8% RARORAC -0.80% -1.90% 110bp Operating Income/RWA (avg) 3.80% 2.46% 134bp Cost/Income 31.8% 48.4% n.s. Cost of Risk 1.37% 0.46% 91bp CIB area’s Loans were down in comparison with December 2008 (-8%) as a result of de –risking and de-levaring actions. The focus on growth in areas with low capital absorption was reflected in the performance of Customer deposits (including securities in issue), which however post a decrease in comparison with the year end of 2008. Balance Sheet (€ million) CORPORATE & INVESTMENT BANKING AMOUNTS AS AT CHANGE ON DEC '08 09.30.2009 06.30.2009 12.31.2008 AMOUNT % Loans to customers 302,997 314,891 330,120 -27,123 - 8.2% Customer deposits (incl. Securities in issue) 184,334 187,573 189,260 -4,926 - 2.6% Total RWA 254,626 270,581 278,371 -23,745 - 8.5% RWA for Credit Risk 233,958 243,904 251,805 -17,847 - 7.1% Breakdown of loans by country and deposits (€ million) CORPORATE & INVESTMENT BANKING LOANS DEPOSITS FROM CUSTOMERS TO CUSTOMERS CHANGE AND DEBT SECURITIES IN ISSUE CHANGE 09.30.2009 12.31.2008 % 09.30.2009 12.31.2008 % Italy 111,320 121,339 - 8.3% 67,615 58,637 + 15.3% Germany 106,528 118,986 - 10.5% 70,308 76,717 - 8.4% Austria 49,905 53,719 - 7.1% 42,900 48,307 - 11.2% Leasing 35,244 36,076 - 2.3% 3,830 5,683 - 32.6% Intercompany cross country loans & deposits - - n.s. -319 -84 n.s Total 302,997 330,120 - 8.2% 184,334 189,260 - 2.6% At the end of September 2009 the number of FTEs (proportional) totaled 14,758, a decrease of about 300 employees from June 2009 and over 900 employees from December 2008 ( due mainly to the effective integration and restructuring actions already in place the previous year). Staff Numbers CORPORATE & INVESTMENT BANKING AS AT CHANGE ON DEC '08 09.30.2009 06.30.2009 12.31.2008 AMOUNT % Full Time Equivalent 100% 14,777 15,094 15,712 -935 - 5.9% Full Time Equivalent proportional 14,758 15,073 15,712 -954 - 6.1% 54
Strategies and Product Lines Financing & Advisory (F&A) 55 >> Group Results Corporate & Investment Banking In keeping with the new business model, the newly established F&A has two main objectives of serving as a specialized competence center at Group level in order to meet the needs of corporate customers in all lending products, and to become one of the best "financing powerhouses" in Europe. The broad, diversified operations of F&A range from the most sophisticated investment banking products targeting large and high-end multinational customers with significant needs and a high profit profile, to standard Corporate Banking products, which are instead aimed at customers with a profit profile largely dependent on pricing. In order to improve service, customer satisfaction and corporate profits, the F&A structure, which is being finalized, calls for the establishment of business areas with global responsibility at the Group level and a focus on specific products in addition to strong local units which are responsible for other lending products. The main units with global responsibility consist of: - Financial Sponsor Solution, with coverage responsibility for all Private Equity products and all lending activities of subsidiaries of Financial Sponsors; - Project and Commodity Finance, with global responsibility for the entire Group in this business; - Loan Syndication, which is the center responsible for managing all syndication activities; - Principal Investment, which is responsible for managing all activities related to Direct Investments, Fund Investments and Hedge Funds. Local units are in charge of other lending activities related to Mergers & Acquisitions, Real Estate, Shipping, more sophisticated structured transactions that are not covered by the Global units, and plain vanilla operations. In addition, F&A's mission calls for more active collaboration with the CRO in assuming and monitoring credit risk from the business standpoint. F&A is also responsible for pricing, both in terms of its direct involvement in structuring all the most complex loan products, and in a supervisory role by providing guidelines for setting prices for simpler products and for less sophisticated customers. Markets Within the Group, Markets acts as a skill center for all activities related to financial markets. Its current organizational structure reflects the repositioning process that was begun in 2008 on the basis of the following principles: focus on core customers and products and optimization/efficiency improvements in the remaining business activities. The underlying goal of the repositioning underway is to strengthen Markets as one of the main European regional specialists by leveraging the broad customer base in the countries where the Group operates. The main business areas of Markets are: � Rates, for the execution of transactions involving products tied to interest rates, such as bonds, derivatives and fixed-income structured solutions; this business area also includes money markets and treasury execution operations for Group entities; � Capital Markets, which is broken down into the following businesses: - Equity Capital Markets originates, structures and executes worldwide public and private equity, equity linked and derivative financings and solutions on behalf of Unicredit’s global client base; - Debt Capital Markets originates, structures, executes and syndicates global debt/debt related financing and solutions on behalf of Unicredit’’s global client base.
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Prospectus relating to the offer un
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4.3.3 Risks associated with the per
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20.4. Audit of annual financial inf
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6.5 Stabilisation..................
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Banca dell’Umbria Banca dell’Um
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Issuer or UniCredit or the Company
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Germany, and between January 14, 20
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UniCredit Family Financing Bank Uni
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CDO Acronym of Collateralized Debt
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well as the negative “prudential
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RWA (Risk-weighted asset) Value wei
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(h) Counterpart risk; (i) Risks ass
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Since its creation, the Group has c
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For greater information on the UniC
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OPERATING PROFIT (millions of €)
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The members of the Board of Directo
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Article 2441, first, second and thi
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− notification that the investor
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Selected financial information on t
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• statutory financial statements
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1. PARTIES RESPONSIBLE 1.1 Parties
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consolidated interim report as of t
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The reclassified income statement f
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Trading, hedging and fair value inc
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at 12.31.2008 Notional value 28,772
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4. RISK FACTORS - 51 - RISK FACTORS
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- 53 - RISK FACTORS Since the finan
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- 55 - RISK FACTORS 2009 did not em
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- 57 - RISK FACTORS liquidity facil
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- 59 - RISK FACTORS which €1,686
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- 61 - RISK FACTORS Increases in th
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- 63 - RISK FACTORS Some of the met
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- 65 - RISK FACTORS Regional Court
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- 67 - RISK FACTORS Dalmata S.r.l.
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- 69 - RISK FACTORS • Vanderbilt
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- 71 - RISK FACTORS It is maintaine
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- 73 - RISK FACTORS With reference
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- 75 - RISK FACTORS related supplem
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- 77 - RISK FACTORS expressly adher
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4.1.17 Risks associated with activi
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- 81 - RISK FACTORS The UniCredit G
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- 83 - RISK FACTORS effects on the
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- 85 - RISK FACTORS 4.2.5 Risks ass
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- 87 - RISK FACTORS For further inf
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5 INFORMATION ON THE COMPANY 5.1. H
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What is more, in August 2004 Pionee
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(B) The merger transactions with th
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Register on September 25, 2007 and
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December 2007 UniCredit reached an
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Real Estate subsequently transferre
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associated with liabilities which a
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Total 3,781 4,003 4,186 3,086 -5.5%
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PIRELLI PEKAO REAL ESTATE SP. Z O.O
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a structure by sector of activities
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Total 2,680 5,616 5,458 10,510 8,21
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(ii) credit, debit and prepaid card
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The CIB business segment focuses on
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markets and corporate treasury sale
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econstructed INCOME STATEMENT FIGUR
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The table below discloses the main
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For the purposes of assessing the r
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(the available margin is provided b
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these shares, provided that the sha
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and up-dates on the basis of the pr
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(i) the granting of authorizations
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- 131 -
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Private Banking Business Unit (whic
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Piedmont 466 2,716 17 2 Puglia 173
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Europe (including Germany and Austr
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(b) PMI, for corporations with an a
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With regards to loans 19 , as at Ju
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and services, combining a unique ge
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• the guidelines, policies and st
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countries), with reference to the m
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• the introduction, within the ne
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Real estate risk consists of potent
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7. ORGANISATIONAL STRUCTURE 7.1. Gr
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- 155 -
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7.2. Issuer’s subsidiaries The fo
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NAME REGISTERED OFFICE COUNTRY ACTI
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NAME ASPRA FINANCE S.P.A. ITALY REG
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NAME REGISTERED OFFICE COUNTRY PEKA
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NAME REGISTERED OFFICE COUNTRY ACTI
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NAME REGISTERED OFFICE COUNTRY UNIC
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ARGENTAURUS IMMOBILIEN- VERM IETUNG
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• Tangible assets: breakdown of a
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The information regarding intangibl
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Vienna Donau-City Wed Donau - City
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9. REPORT ON THE OPERATIONAL AND FI
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slowdown in both German and, more s
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this Chapter refer to these changes
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• 2009 − Retail − Corporate &
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longer intended for trading due to
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illion, an increase of approximatel
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REGULATORY CAPITAL 09.30.2009 12.31
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capital requirements for market ris
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as per the accounting standards app
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At the end of 2008, available-for-s
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Non-financial companies 3,138 1,961
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and demand deposits 2.2 Time deposi
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derecognised Total (Carrying value)
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The coverage ratio (or the ratio be
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Situation as at 31.12.2007 Notional
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As at September 30, 2009, similar c
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In its role as sponsor, the Group s
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showed a great deal of volatility,
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The Group does not have any mortgag
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B.2 Financial assets designated at
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During Q3 2009, UniCredit Real Esta
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Total 8,175 8,049 9,105 6,872 1.6%
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Total interest income is, for the t
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(millions of €) % Change Fee and
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Net hedging income (loss) (millions
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Administrative expenses for personn
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consolidation were attributable sol
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The cost of credit risk (calculated
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eing completed on October 1, 2007.
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and Romania). Growth in the Poland
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( in millions of Euros) % Change Ne
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markets recorded in 2007 (Croatia,
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Gross profit therefore stands at
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amounting to € 1,222 million in a
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1. Deposits from banks 152,437 1,94
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usiness segments have posted result
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(in millions of €) % Change Opera
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(in millions of €) RECONCILIATION
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100. Income (Losses) from sale or r
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100. Income (Losses) from sale or r
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This result should not be considere
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10.2. Information regarding the fin
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5.00% 02.01.2016 applicable not app
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HVB Lux Geldilux - TS - 2005 tradit
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10.3. Indication of the financial r
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12. INFORMATION ON EXPECTED TRENDS
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14. ADMINISTRATION, MANAGEMENT OR S
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Quadrante Europa (Platform for logi
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esearch on the strategies of multin
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Director; he is a Member of the Boa
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the Management Board of Bank Austri
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Alessandro Profumo Giovanni Belluzz
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Manfred Bischoff Enrico Tommaso Cuc
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Donato Fontanesi Francesco Giacomin
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Marianna Li Calzi Salvatore Ligrest
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Banca SANPAOLO IMI S.p.A. Member of
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Mischek Privatstiftung Member of th
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The members of the Board of Statuto
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Massimo Livatino. Degree in Economi
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CSP Società Consortile a r.l. Chai
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Giuseppe Verrascina Interpump Group
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Eastern Europe. In November 2001 he
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Group and merger with the Capitalia
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Reninvest SA Member of the Board of
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Fondazione Ugo Foscolo (UniCredit &
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- on the Warsaw Stock Exchange in r
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Person Position description Compens
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Person Position description Compens
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Other key management personnel, lis
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Friedrich Kadrnoska Director April
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External Auditors, as well as the s
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- put in place a set of regulations
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1 shares received in 2009 following
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(c) “Discount Share”: at the en
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subsidiaries - direct or indirect -
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For that which concerns the informa
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customers Other assets 45 - 16 - -
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The following table provides detail
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November 2008 December 2008 January
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20. FINANCIAL INFORMATION REGARDING
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Balance Sheet In the following tabl
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A. 1. OPERATING ACTIVITIES Operatio
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On April 30, 2009, the ordinary ses
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losses in the matter or, if this pe
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International Industrial Participat
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debited to the plaintiff’s accoun
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Accordingly, the plaintiff requeste
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Zagrebačka maintains that the plai
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In fact, the bank believes it has c
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In the meantime, HVB, which believe
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Madoff In December 2008, Bernard L.
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standards, no provisions were made
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Investigations by the Polish Tax Au
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In addition, BiFin conducted an ins
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21. ADDITIONAL INFORMATION 21.1. Eq
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The Board of Directors resolved: i)
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medium-term incentive system for Gr
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09.18.2008 September 16, 2008 6,683
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01.04.2008 December 31, 2007 6,682,
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10.02.2006 September 15, 2006 5,218
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Only shareholders that individually
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financial or insurance sectors, in
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Pursuant to Section 27 of the Artic
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Additionally, the Shareholders’ M
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If these provisions are violated, a
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the interest held by UniCredit in B
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22.7. Agreement for the sale by BA
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First Contribution, shares of the O
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23. INFORMATION ORIGINATING FROM TH
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25. INFORMATION ON EQUITY INVESTMEN
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S. NAME MEDIOBANCA BANCA DI CREDITO
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List of the Main Companies Subject
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SECOND SECTION - 401 -
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2. RISK FACTORS For a description o
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3.4 Reasons for the Offer and Use o
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With reference to the voting right,
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Some general information about the
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esolution following the one pertain
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shareholders, and the companies and
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Non Qualifying Holdings contribute
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Capital gains realised by resident
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4.11.2 Germany The following sectio
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and is an employee of the Company.
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Shares acquired before December 31,
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deducted to the extent to which the
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4.11.3 Poland The following summary
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In order to eliminate the double ta
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are subject to taxation on the disp
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donation or the acceptance of inher
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ending dates, by submitting a reque
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The Shares subscribed before the en
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and Australia, and in the other Exc
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€135,000,000, then extended to
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6. ADMISSION TO TRADING AND TRADING
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8. EXPENSES LINKED TO THE OFFER 8.1
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10. ADDITIONAL INFORMATION 10.1 Con
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Consolidated Interim Report as at S
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Page 455 and 456: Contents 7 Consolidated Interim Rep
Page 457 and 458: Changes made to enable proper compa
Page 459 and 460: 11 >> Consolidated Interim Report T
Page 461 and 462: Notes 13 Interim Report on Operatio
Page 463 and 464: Highlights 15 >> Interim Report on
Page 465 and 466: 17 >> Interim Report on Operations
Page 469 and 470: Results by Business Segment 21 >> I
Page 471 and 472: UniCredit Share SHARE INFORMATION S
Page 473 and 474: 25 >> Interim Reports on Operations
Page 475 and 476: 27 >> Interim Reports on Operations
Page 477 and 478: Operating Profit Breakdown 29 >> In
Page 479 and 480: Non-Interest Income 31 >> Interim R
Page 481 and 482: Net Profit attributable to the Grou
Page 483 and 484: Profit before Taxes 35 >> Interim R
Page 485 and 486: Capital Ratios 37 >> Interim Report
Page 489 and 490: Risks connected with raising funds
Page 491 and 492: Retail Introduction 43 >> Group Res
Page 493 and 494: 45 >> Group Results Retail Retail p
Page 495 and 496: 47 >> Group Results Retail The SRT
Page 497 and 498: Retail Network Austria 49 >> Group
Page 499 and 500: Asset Gathering 51 >> Group Results
Page 501: 53 >> Group Results Corporate & Inv
Page 505 and 506: 57 >> Group Results Corporate & Inv
Page 507 and 508: 59 >> Group Results Private Banking
Page 509 and 510: 61 >> Group Results Private Banking
Page 511 and 512: It is not currently possible to est
Page 513 and 514: 65 >> Group Results Asset Managemen
Page 515 and 516: 67 >> Group Results Central Eastern
Page 521 and 522: 73 >> Group Results Poland’s Mark
Page 523 and 524: Further Information 75 >> Group Res
Page 525 and 526: 77 >> Group Results The combination
Page 527 and 528: New Group external growth initiativ
Page 529 and 530: Transactions to dispose of equity i
Page 531 and 532: Steps to Strengthen Capital 83 >> G
Page 533: Outlook 85 >> Group Results Despite
Page 537 and 538: 89 RELASEMESTRALE CONSOLIDATA >> Co
Page 539 and 540: Liabilities and shareholders' equit
Page 545: CONSOLIDATED CASH FLOW STATEMENT (i
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Page 550 and 551: Part A) Accounting Policies A1) Gen
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Section 3 - Consolidation Scope and
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Investments in subsidiaries, compan
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NAME MAIN OFFICE CONSOLIDATED INTER
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NAME MAIN OFFICE DELPHA IMMOBILIEN-
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NAME MAIN OFFICE GRUNDSTUCKSAKTIENG
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Section 4 - Subsequent Events No ev
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136
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Part B) Consolidated Balance Sheet
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Section 5 - Held-to-maturity invest
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Section 12 - Property, plant and eq
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The CGU is the lowest level at whic
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Section 15 - Non-current assets and
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Section 3 - Debt securities in issu
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Section 15 - Shareholders’ Equity
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152
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Part C) - Consolidated Income State
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Section 3 - Dividend income and sim
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Section 8 - Impairment losses - Ite
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Section 12 - Provisions for risks a
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162
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Part D - Segment Reporting (amounts
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A - Primary Segment Segment Reporti
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168
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Part E - Risks ad related risk mana
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Quantitative Information A. Credit
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A.1.3 Balance sheet exposure to ban
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Information on Structured Credit Pr
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Retention by the Group of the first
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Securitized assets broken down by a
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The following table shows exposure
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The residual life of sponsored cond
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Structured credit product exposures
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The Group’s portfolio includes th
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A financial instrument is regarded
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The following table gives the amoun
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Here follows the breakdown of balan
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The following graphs analyze the ba
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Currently, clockwise and counter-cl
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Sensitivity to the volatility of in
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Section 3 - Liquidity risk Managing
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Organizational structure Senior Man
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B. Legal Risks There are a number o
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Cirio In April 2004 the Extraordina
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Divania S.r.l In the first half of
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Mario Malavolta On July 2009 Mr. Ma
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Hypo Real Estate AG and Hypo Real E
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Squeeze-out of minority shareholder
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In addition, several proceedings ha
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220
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Part F - Information on Shareholder
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Section 2 - Shareholders’ equity
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B. Quantitative information Regulat
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228
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Part H - Related-party transactions
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232
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Part I) Share-Based Payments A. Qua
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236
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Annex 1 - Reconciliation of Condens
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CONSOLIDATED INCOME STATEMENT (€
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Annex 2 - Definition of Terms and A
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- Pillar 1: while the objective of
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Cost of risk The ratio between loan
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Hedge Fund Speculative mutual inves
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Liquidity risk The risk of the comp
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Purchase Companies Vehicle used by
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UCITS - Undertaking for Collective
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