Prospectus - Notowania

Part F – Information on Shareholders’ Equity
Section 1 - Consolidated shareholders’ equity
The UniCredit Group has made a priority of capital management and allocation (for both regulatory and economic capital) on
the basis of the risk assumed in order to expand the Group’s operations and create value. These activities are part of the
Group planning and monitoring process and comprise:
� planning and budgeting processes:
- proposals as to risk propensity and capitalisation objectives;
- analysis of risk associated with value drivers and allocation of capital to business areas and units;
- assignment of risk-adjusted performance objectives;
- analysis of the impact on the Group’s value and the creation of value for shareholders;
- preparation and proposal of the financial plan and dividend policy;
� monitoring processes
- analysis of performance achieved at Group and business unit level and preparation of management reports for
internal and external use;
- analysis and monitoring of limits;
- analysis and performance monitoring of the capital ratios of the Group and individual companies.
The Group has set itself the goal of generating income in excess of that necessary to remunerate risk (cost of equity), and
thus of creating value, so as to maximise the return for its shareholders in terms of dividends and capital gains (total
shareholder return). This is achieved by allocating capital to various business areas and business units on the basis of
specific risk profiles and by adopting a methodology based on risk-adjusted performance measurement (RAPM), which will
provide, in support of planning and monitoring processes, a number of indicators that will combine and summarise the
operating, financial and risk variables to be considered.
Capital and its allocation are therefore extremely important for strategy, since capital is the object of the return expected by
investors on their investment in the Group, and also because it is a resource on which there are external limitations imposed
by regulatory provisions.
The definitions of capital used in the allocation process are as follows:
� Risk or employed capital: This is the equity component provided by shareholders (employed capital) for which a return
that is greater than or equal to expectations (cost of equity) must be provided;
� Capital at risk: This is the portion of capital and reserves that is used (the budgeted amount or allocated capital) or was
used to cover (at period-end - absorbed capital) risks assumed to pursue the objective of creating value.
Capital at risk is dependant on the propensity for risk and is based on the target capitalisation level which is also determined
in accordance with the Group’s credit rating.
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
222