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Inside Real Life a 360 View

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Inside Real Life a 360 View Inside real life. A 360° view. Consolidated First Half Financial Report as at June 30, 2016 UniCredit firmly believes that to truly understand real life, we must directly experience it. That way we are more prepared to find sustainable solutions while the world’s needs and values constantly change. For us, helping customers fulfil the basic necessities of modern life is just as important as offering the very best financial and banking products. This means providing a complete range of services to support families and businesses, fully aware that responding to their needs builds a sustainable future for everyone. Our products begin with real human insights that help us accompany customers throughout their lives. Because life is full of ups and downs, but it is also full of many other things, like buying a home, getting married, having children and sending them to university, etc. It’s a 360-degree approach that we call Real Life Banking. Over the following pages, our aim is not just to present data and numbers about our Group’s performance. We also want to share stories that show how we have helped people realize their dreams and supported the communities that host our branches. Because the drive to build a better future is what keeps people going. And supporting people keeps us going too. Dude, you should really consider a house with a garden. Let’s talk about the spaces where we live. There’s nothing like staying at home for real comfort. But Yes, our consultants know very well that this can make a sometimes you really need to get out -- especially if you’re a dog. difference. And with products like Voucher Mutuo, there’s no risk of choosing a house that you cannot afford. Take Osvaldo: His owner is being a bit lazy, preferring to stay in a small apartment rather than dealing with the stress and What about the rest? Well, we are a convenient, trusted partner paperwork of the real estate jungle. Poor Osvaldo. whether you sell or buy a house. In Italy, our Subito Casa program can establish the value of the house or handle all the But we have a complete solution to help. First of all, dear paperwork – helping you get engineers, lawyers, you name it. Osvaldo’s owner, wouldn’t it make you more confident to know what amount you can get from the bank before start house So, dear Osvaldo’s owner, feel free to start looking for your cosy hunting? new home, and leave the boring part up to us. Contents Introduction 5 Board of Directors, Board of Statutory Auditors and External Auditors as at June 30, 2016 7 Note to the Consolidated First Half Financial Report 8 Consolidated Interim Report on Operations 11 Highlights 12 Condensed Accounts 14 Condensed Accounts - Quarterly Figures 16 Condensed Income Statement - Comparison of Q2 2016/Q2 2015 18 Segment Reporting (Summary) 19 Group historical data 20 UniCredit Share 22 Group Results 23 Results by Business Segment 33 Other information 38 Subsequent Events and Outlook 40 Condensed Interim Consolidated Financial Statements 43 Consolidated Account 45 Explanatory Notes 57 Annexes 261 Certification 279 Report of the External Auditors 283 Notes The following conventional symbols have been used in the tables: • a dash (-) indicates that the item/figure is inexistent; • two stops (..), “n.s.” or “n.m.” when the figures do not reach the minimum considered significant or are not in any case considered significant; • “n.a.” indicates that the figure is not available. Any discrepancies between data are solely due to the effect of rounding. UniCredit · Consolidated First Half Financial Report as at June 30, 2016 3 My ideas are so big, they make me feel small. Let’s talk about realizing your projects. Stefan runs his family’s company in Bucharest. He has designed Hey Stefan, why not ask us? We often give advice to customers and built kitchens since he was a boy, and still loves it. But since who want to get grants and other funding. In Romania, for he also loves to cook, he thinks it would be perfect to combine instance, we provide 360° support, from the stage when a client his passions by opening a special show room that hosts cooking gets an investment idea, to when the client secures funding, until classes and workshops with famous chefs. even after that, while the client’s use of funding is monitored. A place like that would have some cultural value and give Thanks to our preliminary advice, including guidance on where his whole neighborhood a boost, so he thinks he could apply to apply for funds, and our full range of banking products and to receive public funds. But he doesn’t know where to start. attentive monitoring service, Stefan can make his idea a reality. He needs a partner, someone who helps prove the feasibility And, who knows, maybe it will also help him become the world’s of the project to the government. next great artisan-cook. Introduction Board of Directors, Board of Statutory Auditors and External Auditors as at June 30, 2016 7 Note to the Consolidated First Half Financial Report 8 Introduction UniCredit · Consolidated First Half Financial Report as at June 30, 2016 5 I Board of Directors, Board of Statutory Auditors and External Auditors as at June 30, 2016 Board of Directors, Board of Statutory Auditors and External Auditors asat June 30, 2016 Board of Directors Giuseppe Vita Chairman Vincenzo Calandra Buonaura Deputy Vice Chairman Luca Cordero di Montezemolo Vice Chairman Fabrizio Palenzona Federico Ghizzoni (*) CEO Mohamed Hamad Al Mehairi Directors Sergio Balbinot (**) Cesare Bisoni Henryka Bochniarz Alessandro Caltagirone Jean Pierre Mustier Lucrezia Reichlin Clara-Christina Streit Paola Vezzani Alexander Wolfgring Anthony Wyand Elena Zambon Gianpaolo Alessandro Company Secretary Board of Statutory Auditors Pierpaolo Singer Chairman Angelo Rocco Bonissoni Standing Auditors Enrico Laghi Benedetta Navarra Maria Enrica Spinardi Marina Natale Manager in charge with preparing the financial reports Deloitte & Touche S.p.A. External Auditors (*) The CEO Federico Ghizzoni will resign his position since July 12, 2016 and will be replaced by Director Jean Pierre Mustier (**) On May 30 Director Helga Jung has resigned and therefore the Board meeting of June 9 coopted Mr. Sergio Balbinot. (***) On May 30 Director Manfred Bischoff has resigned effective as of June 1, 2016; the Board meeting of June 30 coopted Mr. Jean Pierre Mustier, which, with effect from July 12, 2016 will assume the position of CEO. UniCredit S.p.A. A joint stock company Registered Office in Rome: Via Alessandro Specchi, 16 Head Office in Milan: Piazza Gae Aulenti, 3 – Tower A – 20154 Milan Share capital € 20,846,893,436.94 fully paid in Registered in the Register of Banking Groups and Parent Company of the UniCredit Banking Group, with cod. 02008.1 Cod. ABI 02008.1 Fiscal Code, VAT number and Registration number with the Company Register of Rome: 00348170101 Member of the National Interbank Deposit Guarantee Fund and of the National Compensation Fund UniCredit · Consolidated First Half Financial Report as at June 30, 2016 7 Introduction Note to the Consolidated First Half Financial Report Note to the Consolidated First Half Financial Report Performing loans to customers/Loans to customers, Absorbed General Aspects Capital, ROAC, Cost of risk). This Consolidated First Half Financial Report was prepared pursuant Although some of this information – including certain alternative to Article 154-ter, paragraph 2 of Legislative Decree No. 58 of performance indicators - are not extracted nor directly reconciled with February 24, 1998, according to IAS/IFRS international accounting Condensed Interim Consolidated Financial Statements, in the standards, in compliance with the requirements of IAS 34 Interim Consolidated Interim Report on Operations and in Annexes are Financial Reporting, in the condensed version provided for in inserted explanatory descriptions of the contents and, in case, of the paragraph 10, instead of the full reporting provided for annual calculation methods used, in accordance with European Securities accounts. and Markets Authority Guidelines (ESMA/2015/1415) of October 5, 2015. In particular in Annexes are included the reconciliations of the Press releases on significant events occurred during the period, the Condensed Accounts to Mandatory Reporting schedule. market presentation on second quarter results, and the Disclosure by Institutions according to Regulation (EU) No. 575/213 are also available on UniCredit’s website. Scope of consolidation During the first half of 2016 the following overall changes have been Any discrepancies between data disclosed are solely due to the effect recorded in the consolidation perimeter: of rounding. • the number of fully consolidated companies changed from 713 at the end of 2015 to 692 at June 2016 (9 incoming and 30 exited), Preparation criteria presenting a decrease of 21; The Consolidated First Half Financial Report includes: • the number of companies consolidated using the equity method • the Interim Report on Operations using reclassified financial changed from 67 at the end of 2015 to 68 at June 2016 (1 statement formats, including not only comments on the results for incoming), presenting an increase of 1. the period and on other main events, but also the additional financial information required by the CONSOB provisions; For further details see Explanatory Notes - Part A - Accounting Policies; A.1 General, Section 3 - Consolidation Procedures and • the Condensed Interim Consolidated Accounts, stated in Scope. comparison with those for 2015; specifically,
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