Prospectus - Notowania
Prospectus - Notowania Prospectus - Notowania
- 80 - RISK FACTORS 4.1.18 Risks associated with the activities of the UniCredit Group in Kazakhstan The current financial crisis had a considerable impact on the Kazakh economy and, in particular, on the real estate property sector which felt the effect of the sudden downturn in prices. Within this reference framework, the Kazakh banking system, structurally unbalanced in the direction of property loans, underwent a general deterioration in the loan portfolio as a consequence of which two of the leading banks in the country were nationalized following defaults in the payments of the debts, and all the four major banks in the country, with a mainly local shareholding structures, resorted to state aid. During 2009, UniCredit, in order to deal with a deterioration in the loan portfolio, which fell from €4,749 million as at December 31, 2008 to €3,744 million as at September 30, 2009, took steps during the second quarter of the year to re-capitalize the subsidiary ATF for a total of around KZT 18 billion (around €89 million) and during the third quarter of 2009 registered provisions for possible loans losses totalling €249 million. Given the persistence of the difficult situation being experienced by the Kazakhstan economy, it cannot be excluded that a further deterioration in the financial situation of the customers may lead the Group to evaluate further initiatives for supporting the loan portfolio and the balance sheet situation of the subsidiary under continuity of activities leading to possible negative effects on the balance sheet, income statement and/or financial situation of the UniCredit Group. 4.1.19 Risks connected to the implementation of the project relevant to the transformation of the organisational structure of the Group. On December 15, 2009 the Board of Directors’ Meeting of the Issuer decided to startup a project called “Insieme per i Clienti” (Together for the Clients), aimed at increasing client satisfaction and increase the closeness to the territories in which the Group operates. The realisation of the project cannot be supported by a corporate simplification through a merger with the Issuer of the primary Italian banks of the Group. This project aims to achieve, through the simplification of the organisational model, important synergies and efficiencies for the Group, amongst which, a greater specialisation of the skills, a greater simplicity and swiftness of the decisional processes and a great focus on clientele. Nevertheless, there is no certainty that the Issuer will decide to approve the project or whether the same, where approved, allows for the achievement of the mentioned benefits within the expected times. For further information, see Chapter 6, Paragraph 6.6 of the First Section. 4.1.20 Operating risks and those relating to the management of the IT systems
- 81 - RISK FACTORS The UniCredit Group is exposed to risks typically linked to operations which include, among others, the risks associated with the interruption and/or malfunctioning of the services (including the IT services, on which the UniCredit Group depends considerably), errors, omission and delays in the services offered, as well as the failure to observe the procedures relating to the handling of said risks. In detail, in Germany HVB is currently implementing a new IT platform known as EuroSIG which should replace the previous HVB IT platform as from the first few months of 2010. The introduction of this platform could lead to a higher operating risk, especially in the introductory stage. Despite the fact that the UniCredit Group has employed and continues to employ numerous resources for the purpose of mitigating the operating risks, it cannot be excluded that one or more of the same may occur in the future, also as a result of unforeseeable events, entirely or partly beyond the control of the UniCredit Group (including for example the default of suppliers with reference to their contractual obligations, computer virus attacks or the malfunctioning of the electricity and/or telecommunications services). In consideration of the dependence of the activities carried out on the IT systems, the possible occurrence of one or more of these risks could have detrimental effects on the balance sheet, income statement and/or financial situation of the UniCredit Group. For further information with regard to the handling of the risks, reference should be made to the First Section, Chapter 6. 4.1.21 Risks associated with forecast and pre-eminence declarations The Prospectus contains certain information and declarations of a forecast nature with regard to the objectives established by the UniCredit Group and to certain hypotheses inherent to the balance sheet, income statement and financial evolution of the Issuer and its subsidiaries. The forecast information and declarations on the activities and the expected results of the Issuer and its subsidiaries are based on company estimates and assumptions concerning future, uncertain events whose occurrence could lead to deviations – significant or otherwise – with respect to the forecasts made. It is not possible to guarantee that the matters envisaged and expected will effectively take place. The final results of the UniCredit Group could in fact be different to those hypothesised due to known and unknown risks, uncertainties and other factors. Investors are therefore invited not to rely unduly on the forecast information and declarations when making their investment decisions. The Prospectus also contains a number of pre-eminence declarations regarding the activities of the UniCredit Group and its position on the reference market. It is not possible to guarantee that these declarations may also be confirmed in the future. For further information with regard to the positioning of the UniCredit Group, reference should be made to the First Section, Chapter 6, Paragraph 6.7. 4.1.22 Inclusion of the financial information by means of reference
- Page 29 and 30: OPERATING PROFIT (millions of €)
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- Page 97 and 98: December 2007 UniCredit reached an
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- Page 103 and 104: Total 3,781 4,003 4,186 3,086 -5.5%
- Page 105 and 106: PIRELLI PEKAO REAL ESTATE SP. Z O.O
- Page 107 and 108: a structure by sector of activities
- Page 109 and 110: Total 2,680 5,616 5,458 10,510 8,21
- Page 111 and 112: (ii) credit, debit and prepaid card
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- Page 115 and 116: markets and corporate treasury sale
- Page 117 and 118: econstructed INCOME STATEMENT FIGUR
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- 81 -<br />
RISK FACTORS<br />
The UniCredit Group is exposed to risks typically linked to operations which include,<br />
among others, the risks associated with the interruption and/or malfunctioning of the<br />
services (including the IT services, on which the UniCredit Group depends<br />
considerably), errors, omission and delays in the services offered, as well as the failure<br />
to observe the procedures relating to the handling of said risks.<br />
In detail, in Germany HVB is currently implementing a new IT platform known as<br />
EuroSIG which should replace the previous HVB IT platform as from the first few<br />
months of 2010. The introduction of this platform could lead to a higher operating<br />
risk, especially in the introductory stage.<br />
Despite the fact that the UniCredit Group has employed and continues to employ<br />
numerous resources for the purpose of mitigating the operating risks, it cannot be<br />
excluded that one or more of the same may occur in the future, also as a result of<br />
unforeseeable events, entirely or partly beyond the control of the UniCredit Group<br />
(including for example the default of suppliers with reference to their contractual<br />
obligations, computer virus attacks or the malfunctioning of the electricity and/or<br />
telecommunications services). In consideration of the dependence of the activities<br />
carried out on the IT systems, the possible occurrence of one or more of these risks<br />
could have detrimental effects on the balance sheet, income statement and/or financial<br />
situation of the UniCredit Group.<br />
For further information with regard to the handling of the risks, reference should be<br />
made to the First Section, Chapter 6.<br />
4.1.21 Risks associated with forecast and pre-eminence declarations<br />
The <strong>Prospectus</strong> contains certain information and declarations of a forecast nature with<br />
regard to the objectives established by the UniCredit Group and to certain hypotheses<br />
inherent to the balance sheet, income statement and financial evolution of the Issuer<br />
and its subsidiaries. The forecast information and declarations on the activities and the<br />
expected results of the Issuer and its subsidiaries are based on company estimates and<br />
assumptions concerning future, uncertain events whose occurrence could lead to<br />
deviations – significant or otherwise – with respect to the forecasts made. It is not<br />
possible to guarantee that the matters envisaged and expected will effectively take<br />
place. The final results of the UniCredit Group could in fact be different to those<br />
hypothesised due to known and unknown risks, uncertainties and other factors.<br />
Investors are therefore invited not to rely unduly on the forecast information and<br />
declarations when making their investment decisions.<br />
The <strong>Prospectus</strong> also contains a number of pre-eminence declarations regarding the<br />
activities of the UniCredit Group and its position on the reference market. It is not<br />
possible to guarantee that these declarations may also be confirmed in the future.<br />
For further information with regard to the positioning of the UniCredit Group,<br />
reference should be made to the First Section, Chapter 6, Paragraph 6.7.<br />
4.1.22 Inclusion of the financial information by means of reference
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