DOCSLIB.ORG

2009 Annual Report Annual 2009

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2009 Annual Report Annual 2009 2009 Annual Report Make it simple. It’s easy with Bank Pekao S.A. 2009 Annual Report WorldReginfo - 8726ad61-3812-49f9-b8b0-e4f54728e657 Bank Pekao S.A. Mission We, Bank Pekao and UniCredit employees, are committed to generating value for our customers. As a leading bank in Poland, we are dedicated to the development of the communities in which we live, and to being a great place to work. We aim for excellence and we consistently strive to be easy to deal with. These commitments allow us to create sustainable value for all shareholders. Graphic development and Composition: Mercurio S.r.l. Studi di promozione pubblicitaria – Milan Graphic Design: No Hau Studio, Cracow Translation: Corporate Services Sp. z o.o. Pictures in the Annual Report and in the insert: Sebastian Oleksik, Artur Oleszczuk, Bank Pekao S.A. Archives. Courtesy of: Foundation Opera, Foundation Theatrum Gedanense, National Museum in Warsaw, National Theater in Warsaw, Polish P.E.N. Club, Stary Theater in Cracow. Printed on wood-free paper, consistent with European Parliament and Council Directive 94/62/EC, produced with fiber from well-managed forests. WorldReginfo - 8726ad61-3812-49f9-b8b0-e4f54728e657 Times change, but our commitments do not. We emerged from 2009 with a renewed sense of purpose and direction. What was important to us before is even more important today. Namely, our customers. Accordingly, Bank Pekao together with UniCredit Group developed a new mission statement to reinforce those principles and practices that we believe to be drivers of greater customer centricity. Emphasized in this mission is the desire to make banking as easy as possible for our customers by offering the kind of simple, straightforward solutions that can assist them in achieving their financial goals reliably and efficiently. This is what we call “real-life banking”. It means providing our clients with more than just financial services by giving them the right support at the right time and in the right way. It is about looking our customers in the eye, working closely with them to assess their real-life needs, and then using our expertise to deliver effective solutions through smooth and easy interactions. We believe that our rigorous dedication to simplicity and transparency will continue to advance excellence in all that we do. It will also maintain and grow the trust of our customers – a trust that is exemplified in the following pages. This year’s report features photographs and personal stories from Bank Pekao’s and other UniCredit Group customers across Europe, highlighting the concrete role that our company has played in their lives. Each of these individuals, who represent the foundation upon which UniCredit Group is structuring our shared future, has told us about a time we made their life easier. 2009 Annual Report WorldReginfo - 8726ad61-3812-49f9-b8b0-e4f54728e657 Jerzy Owsiak, The Great Orchestra of Christmas Charity Foundation Corporate Banking Client – Poland «When the climax of the Great Orchestra of Christmas Charity gets under way, some 120,000 volunteers take to the streets of cities, towns and villages. Their donation boxes fill up in an absolutely magical way. Everybody knows we raise money to buy life-saving medical equipment. Sometimes people wonder if their spare change can really help. But of course that is exactly how millions of Poles join to make this happen. In the day of the Finale we collected almost EUR 11 million But before we can put that spare change to use, it all has to be counted and deposited to our accounts. Sorting, counting, balancing and managing our accounts – by doing these things, Bank Pekao S.A. helps us immensely and makes our job that much easier.» It’s easy with Bank Pekao S.A. WorldReginfo - 8726ad61-3812-49f9-b8b0-e4f54728e657 Contents Highlights 4 Supervisory Board and Management Board of Bank Pekao S.A. 5 Chairman’s Message to the Shareholders 6 CEO’s Letter 8 External Environment 11 Major Developments and Internal Factors 19 Information for Investors 27 Activity of the Bank Pekao S.A. Capital Group in 2009 33 Balance Sheet and Financial Results 57 Other Information 77 Corporate Governance 81 Corporate Social Responsibility 103 Representations of the Bank’s Management Board 117 Statement of Bank Polska Kasa Opieki Spółka Akcyjna on Application of Corporate Governance Standards in 2009 121 Consolidated Financial Statements of Bank Pekao S.A. Capital Group for the year ended on 31 December 2009 131 UniCredit Group Profile 265 Bank Pekao S.A. · Annual Report 2009 WorldReginfo - 8726ad61-3812-49f9-b8b0-e4f54728e657 Highlights 2007 ** 2009 2008 COMBINED DATA 2007 2006 2005 2004 * INCOME STATEMENT (PLN MIllION) Operating income *** 7,053 7,834 8,355 5,398 4,658 4,413 4,059 Operating costs *** (3,673) (3,787) (3,822) (2,754) (2,347) (2,346) (2,333) Operating profit *** 3,380 4,046 4,533 2,645 2,311 2,067 1,726 Profit before income tax *** 2,998 4,346 4,366 2,605 2,180 1,874 1,466 Net profit attributable to the Bank’s equity holders 2,412 3,528 3,547 2,156 1,788 1,538 1,253 PROFITABILITY RATIOS Return on average equity (ROE) 14.1% 23.5% 24.7% 23.7% 21.1% 19.2% 17.4% Net interest margin 3.5% 4.1% 3.9% 4.1% 4.2% 4.4% 3.8% Non-interest income 42.1% 39.3% 48.0% 49.3% 48.7% 46.9% 47.5% / operating income Cost / income ratio 52.1% 48.3% 45.7% 51.0% 50.4% 53.2% 57.5% BalaNCE SHEET (PLN MIllION) Total assets 130,616 131,941 124,096 124,096 67,704 61,972 59,536 Loans and receivables from customers **** 79,455 82,512 69,699 69,699 32,747 28,976 26,305 Amounts due to customers 97,250 90,889 89,944 89,944 51,794 46,848 45,845 Shareholders’ equity 18,371 16,036 14,747 14,747 8,893 8,423 7,831 BalaNCE SHEET STRUCTURE RATIOS Net loans / total assets 60.8% 62.5% 56.2% 56.2% 48.4% 46.8% 44.2% Securities / total assets 21.0% 17.1% 19.8% 19.8% 25.1% 30.3% 32.9% Deposits / total assets 74.5% 68.9% 72.5% 72.5% 76.5% 75.6% 77.0% Loans / deposits 81.7% 90.8% 77.5% 77.5% 63.2% 61.9% 57.4% Equity / total assets 14.1% 12.2% 11.9% 11.9% 13.1% 13.6% 13.2% Capital Adequacy Ratio 16.2% 12.2% 12.1% 12.1% 16.5% 19.5% 21.7% EMplOYEES AND NETWORK Total number of employees 20,874 21,992 22,926 22,926 15,647 15,942 16,408 Number of outlets (Bank Pekao S.A. 1,089 1,102 1,100 1,100 795 780 784 and OJSC UniCredit Bank) Number of ATMs (Bank Pekao S.A. 1,968 2,004 1,885 1,885 1,262 1,244 1,211 and OJSC UniCredit Bank) In order to assure better comparability, selected data for 2007 income statement are presented as combined data of the Bank Pekao S.A. Group and Pekao285, i.e. the part of Bank BPH SA merged with Bank Pekao S.A. as a result of the merger of the spun-off part of Bank BPH SA as registered on November 29, 2007. Income statement items for 2005 – 2007 are in line with those published for these periods respectively. The presentation of items in the income statement for 2008 and 2009 is in line with the presentation of short version of income statement used in UniCredit Group. * Data restated according to IFRS included in the Report on the activities for the year 2005. ** Data were not audited/reviewed by the independent auditor. *** 2008 and 2007 income statement include continuing and discontinued operations. **** Including debt securities eligible for rediscounting at the Central Bank and net investments in financial leases to customers. Annual Report 2009 · Bank Pekao S.A. WorldReginfo - 8726ad61-3812-49f9-b8b0-e4f54728e657 Supervisory Board and Management Board of Bank Pekao S.A. Supervisory Board Jerzy Woźnicki Chairman Paolo Fiorentino Deputy Chairman and Secretary Federico Ghizzoni Deputy Chairman Members: Paweł Dangel Oliver Greene Enrico Pavoni Leszek Pawłowicz Krzysztof Pawłowski Management Board Jan Krzysztof Bielecki President CEO (until 11 January 2010) Alicja Kornasiewicz Acting President CEO (since 15 February 2010) Luigi Lovaglio First Vice President and GM Vice Presidents: Diego Biondo Marco Iannaccone Andrzej Kopyrski Grzegorz Piwowar Marian Ważyński Bank Pekao S.A. · Annual Report 2009 WorldReginfo - 8726ad61-3812-49f9-b8b0-e4f54728e657 Chairman’s Message to the Shareholders To the Shareholders of Bank Polska Kasa Opieki S.A. On behalf of the Supervisory Board of Bank Polska Kasa Opieki S.A. The Supervisory Board has a positive view of the risk management sys- (Bank Pekao S.A.), I would like to present to the Shareholders the results tem in place at the Bank, which is characterised by a comprehensive and of the evaluation of the Bank’s standing in 2009 made in compliance consolidated approach and covers all the Bank’s units and subsidiaries. with the requirements prescribed by the document entitled Best Practices The Bank’s Management Board is responsible for meeting the strategic for WSE Listed Companies, adopted by the Warsaw Stock Exchange and objectives of risk management, whereas the Supervisory Board oversees brought into effect as of January 1st 2008. the risk assumption policy in terms of its consistency with the Bank’s overall strategy and budget. Additionally, a number of committees set up In the Supervisory Board’s opinion, the economic and financial stand- within the Bank’s Head Office (the Credit Committee, the Assets, Liabili- ing of Bank Pekao S.A.
Load more

Recommended publications
  • Unicredit Pavilion Opens in Milan
    PRESS RELEASE UniCredit Pavilion opens in Milan Distinguished by multifunctional design and community focus First public event to be held on 28 July One year, one month and ten days: That is how long it took to build the UniCredit Pavilion and open it to the city of Milan. UniCredit’s new multifunctional structure is located in Piazza Gae Aulenti, adjacent to the Group's headquarters. It is not just an auditorium, not just a venue for events and conferences, not just an exhibition space, but all of these things at once. Its different roles have been seamlessly blended together, thanks to the ingenious modular configuration of the building’s spaces. The ceremony was attended by UniCredit Chairman Giuseppe Vita, Chief Executive Officer Federico Ghizzoni, President of the Lombardy Regional Authority Roberto Maroni, and architect Michele De Lucchi, the structure’s designer. The ribbon cutting inaugurated a building that is unique in all of Italy. At the press conference, artist Dorothée Selz provided a taste of her new work “Nutriamo la Fantasia” (“We Nourish the Imagination”), a collection of edible sculptures, specially created for the inauguration of the pavilion in collaboration with several leading Italian chefs, coordinated by the renowned Carlo Cracco. At the ceremony Mr. Vita said, “Today we present this pavilion, which will serve as a vital place for discussion, participation and experimentation, to Milan, the city with which we have been linked for more than one hundred years. It is our hope that the pavilion will facilitate interaction between the languages of economics, culture and art. We believe that bringing together diverse voices, stories and experiences is at the heart of what distinguishes us as an international group.” Mr.
    [Show full text]
  • The Economist May 28Th 2016 5
    INSIDE: A 14-PAGE SPECIAL REPORT ON MIGRATION Who’s in charge in Iran? Opioids in a world of pain America’s tangled voting laws Big-headed babies, big-brained parents MAY 28TH–JUNE 3RD 2016 Life in the fast lane: CEOs and F1 A nuclear nightmare Kim Jong Un’s growing arsenal Contents The Economist May 28th 2016 5 8 The world this week Asia 33 America and Vietnam Leaders Pull the other one 11 North Korea’s weapons 34 Afghanistan’s Taliban A nuclear nightmare Aiming for the head 12 Austria’s election 35 India’s deep south Disaster averted—for now Southern comfort 12 Online platforms Nostrums for rostrums China 13 American elections 36 Retirement America’s Voting wrongs China’s Florida Voting rules electoral laws are a recipe for 14 Opioids 37 Social media chaos in November: leader, The ecstasy and the agony The dark art of astroturfing page13. Today’s voting-rights On the cover 38 Banyan disputes are less clear-cut It is past time for the world Letters Disturbing the China dream than those of the civil-rights to get serious about North era, but they are inflammatory 16 On genomics, migrants, Korea’s nuclear ambitions: all the same, page 23. China, London, cronies, Middle East and Africa leader, page11. Kim Jong Un Compulsory voting is hardest country living is on the home straight to 39 Iranian politics to enact in the places where it making his country a serious Who’s in charge? would make most difference: nuclear power. Nobody knows Briefing 40 Fighting Islamic State Free exchange, page 68 how to stop him, pages19-22 19 Nuclear North Korea
    [Show full text]
  • Unicredit S.P.A
    UniCredit S.p.A. (incorporated with limited liability as a "Società per Azioni" under the laws of the Republic of Italy) €25,000,000,000 Obbligazioni Bancarie Garantite Programme Guaranteed by UniCredit OBG S.r.l. (incorporated with limited liability as a "Società a responsabilità limitata" under the laws of the Republic of Italy) Under the €25,000,000,000 Obbligazioni Bancarie Garantite Programme (the “Programme”) described in this prospectus (the “Prospectus”), UniCredit S.p.A. (in its capacity as issuer of the OBG, as defined below, the “Issuer”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue obbligazioni bancarie garantite (the “OBG”) guaranteed by UniCredit OBG S.r.l. (the “OBG Guarantor”) pursuant to Article 7 bis of Italian law No. 130 of 30 April 1999 (Disposizioni sulla cartolarizzazione dei crediti), as amended from time to time (the “Law 130”) and regulated by the Decree of the Ministry of Economy and Finance of 14 December 2006, No. 310, as amended from time to time (the “MEF Decree”) and the supervisory guidelines of the Bank of Italy set out in Title V, Chapter 3 of the “Nuove Disposizioni di Vigilanza Prudenziale per le Banche” (Circolare No. 263 of 27 December 2006), as amended and supplemented from time to time (the “BoI OBG Regulations”). The payment of all amounts due in respect of the OBG will be unconditionally and irrevocably guaranteed by the OBG Guarantor. Recourse against the OBG Guarantor is limited to the Available Funds (both as defined below). The maximum aggregate nominal amount of OBG from time to time outstanding under the Programme will not at any time exceed €25,000,000,000, subject to increase as provided for under the Dealer Agreement.
    [Show full text]
  • Unicredit Central & Eastern European Platform
    UniCredit Central & Eastern European Platform Federico Ghizzoni, Chief Executive Officer London, December 2nd 2010 Agenda UniCredit Positioning and Results The Value of the Network Opportunities Strategy 2 UniCredit Positioning and Results: Key Messages Î UniCredit is the leading player in CEE Î CEE is a key contributor to UniCredit profitability... Î … with positive results in all quarters: cost control, and strong Loss Absorption Capacity Î Encouraging signs on Asset Quality Î Excellent positioning and best in class risk/return profile 3 UniCredit is the Leading Player thanks to its Unique Franchise with a Full Coverage Overview Ranking, Employees and Branches by Country(1) % Deposits mkt share 12.5%13.7%Poland’s’, #2 Markets, #2 Baltics, #7-#10#7- #100.8%0.8% -1.5% -1.5% 1.7%1.4% 5.2%4.9% Czech Rep., #4 20,27019,863 employees 200204 employees Russia, #8#9 # 1 Franchise in CEE 1,6261,718 employees 1,0301,018 branches 7 branches 3,6343,632 employees 6968 branches 123115 branches 4.0%4.1% 5.7%5.9% Slovakia, #5 Ukraine,Ukraine(2) #5, #5 1,2861,252 employees 7,9647,540 employees ~76 bn deposits 8785 branches 506499 branches from customers 5.6%5.0% 6.9%6.8% Hungary, #7 Romania, #6 1,9821,951 employees 2,9673,030 employees 135 branches 253246 branches ~3,860 branches 3.2%2.5% Slovenia, #4#5 Bulgaria, #1 15.0%14.7% 505527 employees 3,8353,784 employees 25 branches 243225 branches ~72,000 employees 25.8%25.4% Croatia, #1 Turkey,Turkey(3) #6, #5 8.3%8.8% 4,7894,778 employees 16,50016,441 employees 146143 branches 915889 branches 7.1%7.8%
    [Show full text]
  • Unicredit Board Approves New Managerial Governance
    UNICREDIT BOARD APPROVES NEW MANAGERIAL GOVERNANCE Date: October 26, 2010 - h 18:35 Contact us [email protected] Today the Board of Directors of Unicredit SpA, at the request of the CEO Federico Ghizzoni, appointed Roberto Nicastro as General Manager. In this role, Nicastro will lead the Group’s commercial banking business, which is comprised of the Families, Small and Medium-Sized Enterprises and Private Banking segments as well as the Global Transaction Banking. The Board also appointed Paolo Fiorentino as Chief Operating Officer (COO) making him responsible for Operations, IT, Organization, HR and Identity&Communications. Sergio Ermotti has agreed, until his successor is appointed and in order to assure a smooth transition, to continue to head the Group’s Corporate and Investment Banking (CIB), composed by Markets, Financing&Advisory, Financial Institutions Group, Leasing and Factoring. The Board has underlined the strategic importance of the CIB-area for UniCredit. The General Manager, the COO, the Head of CIB, the Chief Financial Officer and the Chief Risk Officer will all report directly to the CEO. Ghizzoni will also oversee Strategic HR and manage the country chairmen for Germany and Austria. The country chairmen for Italy and Poland, along with the Head of CEE Banking Operations, will report to the General Manager. CEO Federico Ghizzoni stated: "This new managerial governance represents a major step in the advancement of UniCredit as a leading European Universal Bank. Because of the clearly defined responsibilities we are now in perfect shape to meet the challenges of the new economic and regulatory environment." Nicastro has served as Deputy CEO of UniCredit and, for the last three years, has led the strategic business area of Retail Banking.
    [Show full text]
  • A New Organizational and Managerial Set-Up for the Group Senior Management Date: August 05, 2015 - H 14:10
    A new organizational and managerial set-up for the Group senior management Date: August 05, 2015 - h 14:10 UniCredit's Board of Directors, upon the proposal of the CEO Federico Ghizzoni and after consultation with all relevant corporate bodies, has approved several managerial and organizational changes. Following a respectful divergence of opinions on the strategic and organizational direction of the Group and the willingness to simplify its business model, UniCredit and Roberto Nicastro mutually agreed to part ways from October 1. In more than 18 years as a senior executive of the Group, Mr. Nicastro has - among other achievements - helped create and manage the Division that served the basis for UniCredit's leadership in Central and Eastern Europe. In more recent years he has been at the helm of the Group's retail business in Italy and abroad and has served as UniCredit General Manager since 2011. As General Manager Mr. Nicastro has helped Mr. Ghizzoni to refocus the Group's business also holding key responsibilities for the development of the Group's digital banking and institutional and regulatory affairs. Mr. Nicastro will remain involved in UniCredit as Deputy Chairman of the Supervisory Board of Pekao S.A. and as a Member of the Supervisory Board of Bank Austria and of UniCredit Bank Russia. UniCredit has decided to divide the delegation of powers of the General Manager among Paolo Fiorentino, Marina Natale e Gianni Franco Papa. Ms Natale will be appointed Deputy General Manager on October 1, joining Mr. Fiorentino and Mr. Papa in this position. Mr. Fiorentino, in addition to the delegation of powers as Deputy General Manager and COO, will take on responsibility of all the activities concerning the digital transformation within the Group.
    [Show full text]
  • 2007 Annual Report the Art Experience
    2007 Annual Report The art experience 2007 was a key year for the bank’s international cultural activities. It was a year that saw intense involvement in all the countries in which we operate. We believe that culture, when viewed as a strategic resource, can bring tremendous value and foster new ideas. These new ideas are fundamental to innovation and sustainable social and economic growth. In this year’s annual report we have decided to focus on images of the international events which comprised our work with important partners in art and culture rather than on individual pieces from our collection. These included events organised together with the Education Department of the Castello di Rivoli Contemporary Art Museum. These initiatives involving the broader public in art experiences illustrate the importance UniCredit Group attaches to entertaining and promoting an active dialogue with the communities in which our group operates. The large gatherings pictured in this report were held in city squares and museums and involved thousands of people. What you see is a single, spontaneously generated expression of thousands of hands united together in a joyful and creative concert. Contact with international artists and leading facilitators of culture, through diverse languages, styles and techniques, shows how art stimulates the development of relational and cognitive skills and the potential of the individual. Art, above all, generates significant positive energy which can connect people, bridge differences and promote dialogue. It offers an extraordinary repertoire for learning, exploring, experimenting and interpreting the present to build the future. Art brings people together. Which is why we say: ART TALKS.
    [Show full text]
  • Da BEI E Unicredit 580 Milioni Di Euro Per Le Imprese Italiane
    PRESS RELEASE BEI/13/75 Milan, 3 June 2013 EIB and UniCredit sign €580 million loan agreement in support of Italian businesses €400 million for SMEs, €50 million for midcaps, €100 million for the environment and €30 million for Industria 2015 projects Milan, 3 June 2013 – The European Investment Bank (EIB) and the UniCredit Group have signed four new agreements in Milan to provide medium and long-term finance totalling €580 million to Italian businesses in a variety of sectors. This initiative reinforces the fruitful relationship between the EIB and UniCredit and is designed to strengthen the support offered to Italy’s productive sector in order to mitigate the effects of the financial crisis and help kick-start the recovery. Within the ceiling of €580 million made available by the EIB, four different sectors have been singled out for support. In addition to the finance for small and medium-sized enterprises (€400 million) and midcaps (€50 million), part of the credit line is destined for companies implementing environmental and renewable energy programmes (€100 million). A fourth tranche of €30 million will finance research and development projects selected by the Economic Development Ministry in specific areas under the Industria 2015 initiative. “Small and medium-sized companies have been hit hardest by the long crisis afflicting Europe and Italy: over the last few months, providing access to credit has therefore become the number-one priority to enable them to keep their businesses afloat with adequate funding. Through these operations the EIB, in cooperation with UniCredit, one of our main Europe-wide partners, is making long-term loans available to Italy’s productive sector at favourable interest rates”, commented Dario Scannapieco, EIB Vice-President with responsibility for operations in Italy, Malta and the Western Balkans.
    [Show full text]
  • Deutsche Boerse/NYSE Deal Far from Done
    Monday, February 14, 2011 Deutsche Boerse/NYSE deal far from done by Davidmailto:[email protected] Brierley The proposed merger between Deutsche Boerse AG and NYSE Euronext may hit a regulatory wall. Although the deal has been widely celebrated by analysts and mar- kets, there is a very real problem in merging two of the world’s larg- est derivatives and equities trading businesses, not least in Europe. In many areas, the combined market shares are very high indeed. A particular problem is European exchange-traded derivatives, widely perceived to form the heart of the deal. In Europe, Eurex, owned by Deutsche Boerse, and Liffe, owned by NYSE Euronext, operate an effective duopoly. This is where cost reduction could make a real difference: Derivatives are growing for NYSE Euronext, while its cash equities business is suffering from the climate of investor uncertainty. “There will be a competition review by the European authorities. Already in derivatives trading, there is not a level playing field. However, there is an opportunity for disposals to get the merger through,” Raul Sinha, a bank analyst at Nomura, told SNL Financial. In a note, Richard Repetto of Sandler O’Neill wrote: “We note that this transaction provides significant scale/overlap in European futures, European cash equities, and U.S. equity options. Therefore, we’d expect a significant antitrust review in each of these areas.” The merged entity would have 43% of U.S. equity options and 30% of pan-European cash equities, aside from near total dominance of European exchange-traded derivatives. Although weak volume growth and rising competition from new exchanges threaten the equities business, the options business is better protected from bank-sponsored competition.
    [Show full text]
  • 2008 Annual Report
    2008 Annual Report Our commitment is our strength 2008 was a year of significant challenges for the global economy, for the financial services industry and for our business. To date, our business model remains sound, and the outlook for our future operations is positive. We remain positive because we know that we can count on our greatest strength. It is our firm commitment – to our customers, to our people, to our investors, to the communities we serve, to our core values, to culture, to quality in everything we do, and to the sustainable suc- cess of our enterprise. Every day we renew that commitment through the efforts and expertise of more than 174,000 people in 22 countries. That is why this year’s Annual Report features the photo- graphs and words of UniCredit Group employees. No one can express our commitment more eloquently than the men and women who live it every day. They speak to you from our branches and offices across Europe. Each message is different. Each expresses what commitment means to them, to their customers, and to their colleagues every single working day. We feel that their words, their ideas truly capture the spirit of UniCredit Group – the spirit of commitment, our greatest strength. 2008 Annual Report Bank Austria at a Glance Income statement figures (€ m) 2008 2007 +/– Net interest income 5,367 3,936 36.3% Net fees and commissions 2,076 2,124 –2.2% Net trading, hedging and fair value loss/income –414 141 – Operating income 7,231 6,414 12.7% Operating expenses –3,935 –3,351 17.4% Operating profit 3,296 3,063 7.6% Profit before tax 1,505 2,740 –45.1% Consolidated profit 1,144 2,254 –49.2% Volume figures (€ m) 31 DEC.
    [Show full text]
  • Unicredit S.P.A. 2013 Reports and Accounts
    UniCredit S.p.A. 2013 Reports and Accounts 2013 Reports and UniCredit S.p.A. Listen, understand, respond. UniCredit S.p.A. 2013 Reports and Accounts www.unicreditgroup.eu The emissions related to the printing and distribution of the 2013 UniCredit S.p.A. Report and Accounts, 2013 Consolidated Report and Accounts, and 2013 Sustainability Report, have been compensated with the support of Of cinae Verdi, which uses Gold Standard credits gained through the development of a land ll gas capture project in China. The Gold Standard is supported by WWF as it is the most rigorous global certi cation standard for carbon offset projects. his report expresses UniCredit’s approach to banking by telling everyday Tstories about our interactions with Customers, innovations in products and adaptability in services. These brief but meaningful stories come directly from our colleagues. They are examples of the tangible benefi ts and concrete solutions offered by UniCredit, demonstrating how we make a difference in people’s lives. Our clear goal to improve everyday circumstances is rooted in our complete commitment to outcomes that ensure Customer satisfaction. At UniCredit, listening to our Clients and engaging with them to offer simple, direct results lies at the heart of our commercial banking operations. It is part of our determined effort to contribute to the economic and social well-being of our Customers as well as the communities where we work. We will continue with this commitment to all of you, every day. UniCredit S.p.A. 2013 Consolidated2013 Reports Reports andand Accounts Accelerate Response times and problem solving.
    [Show full text]
  • Italy's Innovation Renaissance
    Bellezza. PALAZZO ITALIA Cover – see page 15 for Italian leaders featured – see page 15 for Italian leaders Cover Italy’s InnovatIon RenaIssance Economic reforms restore confidence and lead to rising investment and exports fter three years of recession, economy,” Carlo Calenda, the coun- more competition into key sectors, industrialize, we have a fantastic op- the Italian economy is try’s Deputy Minister of Economic and improving the efficiency of portunity to export our industrial aenjoying a sweet spot Development, says. “We are on track the public administration and know-how and expertise.” in which the combination of a for a record performance in exports judicial systems. These reforms At Expo 2015 and across the young and reformist Government, this year. Because of the Government are encouraging businesses of all world, Italian multinationals are depreciation of the euro, falling reforms, Italy’s economic growth is sizes to invest in modernization bringing to new markets the coun- interest rates, cheaper energy increasingly geared to innovation and expansion. By getting rid of try’s legendary flair for design and prices, and rising demand from and internationalization, and Expo long entrenched obstacles, Renzi’s workmanship in sectors as diverse international markets is powering 2015 is playing an important part in Government is unleashing the as aerospace, fashion, food and rail a return to growth. Economic and making that happen.” potential of Italian businesses to engineering. Italy’s share of glob- legal reforms have encouraged Italian It is a strategic priority for the make the most of the country’s al exports has increased for the companies of all sizes to increase Government of Prime Minister vast resources of manufacturing first time since 2007, a trend that their investments in innovation and Matteo Renzi, which came to power expertise, creativity, talent and looks set to transform the country’s Each creation is the result of a mediation between the freedom of an idea and the constraint of matter.
    [Show full text]