Prospectus - Notowania

CEE and Poland’s Markets
In the third quarter of 2009, the economies of the CEE countries continued to be impacted by the economic downturn which
started in 2008. However, many CEE countries have so far performed better than forecasted by several international
institutions some months ago, confirming the status of CEE as a region with high potential, even in a difficult economic
climate. Some positive indicators suggest that most countries will return to a satisfactory growth path in 2010 or 2011.
UniCredit’s CEE banks continued to generate positive results within this challenging economic environment and remained
one of the UniCredit Group’s main contributors of revenues and profits. The Group focused on credit risk management as well
as on strict cost management measures in order to ensure the profitability of the CEE network in this period. UniCredit Group
again confirmed its long-term commitment to the CEE region.
UniCredit Group’s presence in the CEE region is based on banking operations with almost 4,000 branches in 19 countries
and representative offices in three more. It is a clear market leader in a large region with almost 400 million inhabitants, based
on its unique combination of a strong local basis with the know-how concentrated in the Group’s product factories. UniCredit
Group upholds its commitment to keep customer satisfaction at high levels and to foster sustainability in customer
relationships and therefore in its business.
Central Eastern Europe (CEE)
Financial Performance
Following an excellent performance in 2008, the CEE area of UniCredit Group (in the following “CEE”) again successfully
managed to significantly contribute to the Group’s results in 2009 despite the world-wide market turmoil. While economic
conditions in the various countries differ widely, business volumes and operating results in CEE continued to develop steadily
over previous quarters. Cost efficiency remained one of the focal points in the current environment. The current level of credit
risk provisions, in Q3 influenced by significant allocations in Kazakhstan, reflects the impact of the financial crisis on customer
loans and is constantly monitored and strictly managed by appropriate actions taken by UniCredit Group’s risk management
experts.
Income Statement (€ million)
CENTRAL EASTERN EUROPE
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
2009 2008 ACTUAL NORMALIZED 1
Q3 Q2 ACTUAL NORMALIZED 1
Operating income 3,504 3,409 + 2.8% + 16.8% 1,103 1,205 - 8.5% - 7.9% 1,266
Operating costs -1,439 -1,613 - 10.8% - 0.8% -484 -478 + 1.3% + 1.1% -561
Operating profit 2,065 1,796 + 15.0% + 32.7% 618 727 - 15.0% - 13.6% 705
Net write-downs on loans -1,221 -323 + 278.0% n.s. -509 -381 + 33.6% + 31.9% -124
Profit before tax 828 1,538 - 46.2% - 39.2% 106 335 - 68.4% - 67.3% 609
Profit (Loss) for the period 679 1,232 - 44.9% - 38.0% 85 284 - 70.1% - 69.4% 487
1. At constant exchange rates
Key Ratios and Indicators
CENTRAL EASTERN EUROPE
CHANGE % ON FIRST 9 MONTHS '08 2009 CHANGE FIRST % ON9Q2 MONTHS '09
FIRST 9 MONTHS CHANGE
2009 2008 AMOUNT %
EVA (€ million) 142 584 -442 - 75.7%
Absorbed Capital (€ million) 6,647 6,600 47 + 0.7%
RARORAC 2.86% 11.80% n.s.
Operating Income/RWA (avg) 6.39% 6.13% 26bp
Cost/Income 41.1% 47.3% n.s.
Cost of Risk 2.70% 0.74% 196bp
Tax rate 18.0% 19.9% -190bp
2008
Q3
66