Prospectus - Notowania

The model used by UniCredit for the calculation of value in use is made up of three stages:
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CONSOLIDATED FIRST HALF FINANCIAL REPORT
AS AT JUNE 30, 2009
AS AT JUNE 30, 2009
>> Condensed Consolidated Financial Statements
Part B) – Consolidated Balance Sheet – Assets
� For the period 2009-2010 the Three-Year Plan data was supplemented by the Group Budget approved by the Board of
Directors and the most recent forecasts for the 2009 year-end. For 2010 the figures have been prudentially adjusted by
Management on the basis inter alia of the forecasts for the 2009 year-end to take the changed economic situation into
account. In respect of USB and ATF this period is 2009-2013, the 2009 figures being as per forecast, those for 2010-
2011 taken from Management’s business plan and those for 2012-2013 taken from Management estimates made on the
basis of USB’s and ATF’s main performance indicators.
� For 2011-2018, expected cash flow was extrapolated from the Strategic Plan data supplemented as above where
necessary and by applying decreasing growth rates up to those of the terminal value.
� Terminal value was calculated using nominal growth rates of 2%. For USB and ATF terminal value was calculated
starting in 2014, using the 2% nominal growth rate.
Corporate assets, i.e. those used in ancillary and shared businesses were allocated to the CGUs to which they related, where
applicable. The recoverability of the value of the non-allocatable portion of these assets was determined at Group level.
A.2 Other intangible assets with an indefinite life
Impairment tests of the other intangible assets with an indefinite life – consisting mainly of brands – are carried out as part of
goodwill imparment testing by allocating their carrying value among the CGUs.
As noted in respect of goodwill, no value adjustments were found to be necessary at September 30, 2009.
This conclusion was borne out by a prime consultancy’s valuation, which confirmed the correctness of the carrying value of
the brands recognized in assets as at September 30, 2009. 1
The relief from royalty method was used for the above purpose.
The valuation of intangible assets with indefinite life - consisting of brands, as mentioned above - was made on the
assumption that these assets would be used in accordance with approved company plans in existence at the date of this
interim report as at September 30, 2009.
1 The valuation covered 93.6% of intangible assets with indefinite life recognized in assets at 30 September 2009, i.e. those
relating to HVB, Bank Austria, Banca di Roma, Banco di Sicilia and Fineco Bank.