Prospectus - Notowania

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Profit before taxes was €175 million, a decline of 43.7% compared with the figure to 30 September 2008, which benefited, however, from around €21 million of investment income from the disposal of assets; net of this extraordinary income, the decline was approximately 40%. The business unit’s EVA as at September 30, 2009 was €101 million, a decrease of 39.2%. Key Ratios and Indicators PRIVATE BANKING CONSOLIDATED INTERIM REPORT AS AT SEPTEMBER 30, 2009 2009 2008 AMOUNT % EVA (€ million) 101 166 -65 - 39.2% Absorbed Capital (€ million) 335 380 -45 - 11.8% RARORAC 40.07% 58.27% n.s. ROA, pb (*) 78bp 85bp -7bp Cost/Income 68.1% 58.7% n.s. Operating costs/Total Financial Assets (**) 53bp 50bp 3bp (*) Operating income on Total Financial Assets (average) net of extraordinary assets. (**) Total cost on total Financial Assets (average) net of extraordinary assets. Staff Numbers PRIVATE BANKING FIRST 9 MONTHS CHANGE 09.30.2009 06.30.2009 12.31.2008 AMOUNT % Full Time Equivalent 2,984 3,019 3,077 -93 - 3.0% Business areas AS AT VARIAZIONE SU DIC '08 The business unit has four business areas: PB Italy (which includes San Marino), PB Germany, PB Austria and PB International, which includes the units operating in Switzerland and Luxembourg. Below are key figures for each of these: Percentage contribution by country as at September 30, 2009 INTERNATIONAL AUSTRIA GERMANY ITALY 9,4% 13,3% September 2009 7,7% 14,5% 27,1% 28,9% 23,3% 50,2% 48,9% 13,0% 11,0% 52,7% Operating income Operating costs Operating profit 60
61 >> Group Results Private Banking Financial assets at Private Banking Italy totalled about €78 billion. Ordinary financial assets of €62 billion were up by 5.4% since the start of the year, thanks to ordinary net inflows of around €1 billion and a positive performance effect on assets of approximately €2 billion; compared with the previous quarter, the increase was 3.4%. Ordinary net inflows in the first nine months were led by an increase in deposits (+€0.8 billion) and the administered component (+€0.2 billion); the asset management component was down slightly (-€0.1 billion), with a sharp trend reversal in the third quarter (+€0.6 billion) almost completely offsetting the outflows of the first six months. Operating profit was approximately €103 million, a decrease of around 32% compared with the same period in the previous year. Year-on-year revenue fell by around 16%, with reductions in the net interest income component (-8% approximately) and, in particular, in net commissions (-23% approximately), which were affected by the significant drop in recurring margins on managed assets. Despite operating costs falling by around 4% thanks to the effect of specific containment actions, the cost/income ratio rose from 56.9% on September 30, 2008 to 65.1%. UniCredit Private Banking ended the first nine months with a net profit of around €60 million. Private Banking Germany totalled around €26 billion in financial assets at September 30, 2009, of which ordinary assets were largely stable (€24 billion) compared with the end of 2008 and up by 3.2% compared with the previous quarter. There were ordinary net outflows of €0.8 billion in the first nine months, strongly influenced by large outflows from deposits (-€0.4 billion) and administered component (-€0.4 billion); however, there was a change in the third quarter in managed asset flows (+€0.1 billion). From an operating perspective, total revenue fell by 19% compared with the nine months to 30 September 2008, with a reduction in commissions (-22% approximately) and net interest income (-19% approximately). Operating costs were down by about 6%, with reductions in payroll costs (-4% approximately) and other administrative expenses (-8% approximately). Operating profit therefore came to about €45 million, a decrease of about 40% compared with the same period in 2008. Private Banking Austria totalled ordinary financial assets of around €14 billion at September 30, 2009, up by 2.9% since the start of the year (+2.5% compared with the previous quarter) thanks to a positive performance effect of about €0.6 billion. Ordinary net flows in the first nine months were -€0.3 billion because of outflows from deposits. Operating profit was around €21 million, down by about 25% compared with the same period in the previous year as a result of smaller revenues (-7% approximately) in the net interest income (-16%) and commission (-7% approximately) components. In order to align the service model offered to Austrian customers with the one used by the Group’s other Private Banking divisions, a business line restructuring project began during the year, providing for: � the sale of some Asset Management GmbH assets to Pioneer Investments Austria, a company indirectly owned by UniCredit Group through Pioneer Global Asset Management; � the subsequent merger by incorporation of Bank Privat and the remaining assets of Asset Management GmbH into Bank Austria. The restructuring should be completed by the end of 2009. As at September 30, 2009, Private Banking International had total financial assets of about €19 billion, including about €6 billion in ordinary assets. These ordinary assets grew (+5.5% since the start of the year and +1.1% compared with the previous quarter) thanks to a recovery in ordinary net flows for the period, which were €0.2 billion owing to a notable contribution from deposits and administered component. Operating profit for the first nine months came to about €25 million compared with around €38 million in 2008 (-34% approximately), a reduction caused by pressure on revenues (- 22% approximately) in all components, only partially offset by sharp reductions in operating costs (-9% approximately) deriving from targeted containment policies and the integration of the Luxembourg companies. The project to rationalise the Private Banking divisions operating in Luxembourg was completed on August 1, 2009 via the sale of some UniCredit International Luxembourg assets to UniCredit Luxembourg SA (formerly HVB Luxembourg), with the aim of generating synergies by integrating business and operating platforms. The approval of the latest capital repatriation measure in Italy (the so-called “scudo fiscale”, or “tax amnesty”), as for similar measures taken in previous years, should not have a particularly significant impact on the PB International business unit, in view of the notable benefit in terms of increased assets and therefore future revenues generated by the Italian onshore component.
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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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3 Consolidated Interim Report as at
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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 and 502: 53 >> Group Results Corporate & Inv
Page 503 and 504: Strategies and Product Lines Financ
Page 505 and 506: 57 >> Group Results Corporate & Inv
Page 507: 59 >> 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
Page 552 and 553: Section 3 - Consolidation Scope and
Page 554 and 555: 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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Prospectus - Notowania

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