DOCSLIB.ORG

Consolidated First Half Financial Report As at June 30, 2011 Unicredit S.P.A

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Consolidated First Half Financial Report As at June 30, 2011 Unicredit S.P.A Consolidated First Half Financial Report as at June 30, 2011 UniCredit S.p.A. A joint stock company Registered Office in Rome: Via Alessandro Specchi, 16 Head Office in Milan: Piazza Cordusio Share capital Euro €9,649,245,346.50 fully paid in, Fiscal Code, VAT number with the Company Register of Rome: 00348170101 Registered in the Register of Banking Groups and Parent Company of the Unicredit Banking Group, with cod. 02008.1; cod. ABI 02008.1 Member of the National Interbank Deposit Guarantee Fund and of the National Compensation Fund 2 Consolidated First Half Financial Report as at June 30, 2011 3 4 Contents Introduction 7 Board of Directors, Board of Statutory Auditors and External Auditors 9 Prefatory Note to the Consolidated First Half Financial Report 10 Interim Report on Operations 13 Highlights 14 Condensed Accounts 16 QuarterlyFigures 18 ComparisonofQ22011/Q22010 20 Segment Reporting (Summary) 21 HowtheUniCreditGrouphasgrown 22 UniCreditShare 23 GroupResults 24 Results by Business Segment 39 Other information 86 Subsequent Events and Outlook 96 Condensed Interim Consolidated Financial Statements 99 Consolidated Accounts 101 Explanatory Notes 111 Condensed Interim Consolidated Financial Statement Certification pursuant toArt.81-terofConsobRegulationno.11971ofMay14,1999,asamended 297 Report of External Auditors 301 Notes The following conventional symbols have been used in the tables: . a dash (-) indicates that the item/figure is inexistent; . two stops (..) or “n.s.” 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 disclosed in the Interim Report on Operations or between these data and the Condensed Interim Consolidated Financial Statements are solely due to the effect of rounding. 5 6 Introduction Board of Directors, Board of Statutory Auditors and External Auditors 9 Prefatory Note to the Consolidated First Half Financial Report 10 7 8 Board of Directors, Board of Statutory Auditors and External Auditors Board of Directors Dieter Rampl Chairman Luigi Castelletti Deputy Vice Chairman Farhat Omar Bengdara Vice Chairmen Vincenzo Calandra Buonaura Fabrizio Palenzona Federico Ghizzoni CEO Giovanni Belluzzi Directors Manfred Bischoff Enrico Tommaso Cucchiani Donato Fontanesi Francesco Giacomin Piero Gnudi Friedrich Kadrnoska Marianna Li Calzi Luigi Maramotti Antonio Maria Marocco Carlo Pesenti Lucrezia Reichlin Hans-Jürgen Schinzler Theodor Waigel Anthony Wyand Franz Zwickl Lorenzo Lampiano Company Secretary Board of Statutory Auditors Maurizio Lauri Chairman Cesare Bisoni Standing Auditors Vincenzo Nicastro Michele Rutigliano Marco Ventoruzzo Massimo Livatino Alternate Auditors Paolo Domenico Sfameni General Manager Roberto Nicastro Nominated Official in charge of drawing up Company Accounts Marina Natale External Auditors KPMG S.p.A. 9 Prefatory Note to the Consolidated First Half Financial Report General aspects This Consolidated First Half Financial Report was compiled under Article 154-ter, paragraph 2 of Legislative Decree No. 58 of February 24, 1998, in accordance with IAS/IFRS international accounting standards, as indicated by IAS 34 on Interim Financial Reporting, in the summary version provided for in paragraph 10, instead of the full reporting provided for annual accounts. This First-Half Financial Report was prepared in line with the first update to the Bank of Italy Circular No. 262/2005 of November 18, 2009. Press releases on significant events during the period, the market presentation on second quarter results, and the public disclosure under Pillar III of Basel 2 are also available on UniCredit’s website. Any discrepancies between data disclosed in the Consolidated First Half Financial Report or between the Interim Report on Operations and the Condensed Interim Consolidated Financial Statements are solely due to the effect of rounding. Preparation criteria The Consolidated First Half Financial Report includes: the Interim Report on Operations using reclassified financial statement formats, including not only comments on the results for the period and on other main events, but also the additional financial information required by the CONSOB; the Condensed Interim Consolidated Accounts, stated in comparison with those for 2010; specifically, as provided for by IAS 34, the balance sheet has been compared with the figures as at December 31, 2010, while the Income Statement, the Statement of Comprehensive Income, the Change in Shareholders’ Equity and the Cash Flow Statement are compared with the corresponding figures for the first half of the previous year; the Explanatory Notes, which include not only the detailed information required by IAS 34, stated according to the formats adopted in the financial statements, but also the additional information required by the CONSOB and the information deemed useful for providing a true picture of the consolidated corporate standing; the Certification of the Condensed Interim Consolidated Financial Statements pursuant to Article 81-ter of CONSOB Regulation No. 11971 of May 14, 1999 and subsequent amendments and addenda. the Auditor’s Report by KPMG S.p.A. as a limited review. CONSOLIDATED FIRST HALF FINANCIAL REPORT 10 AS AT JUNE 30, 2011 >> Introduction Scope of consolidation In the first six months of 2011 there were the following changes in the scope of consolidation. Fully consolidated subsidiaries increased from 735 as at December 2010 to 762 at June 2011, with a rise of 27 companies; Proportionately consolidated entities increased from 19 as at December 2010 to 30 at June 2011, with a rise of 11 companies; Companies consolidated at equity increased from 45 as at December 2010 to 49 at June 2011, with a rise of 4 companies. For further details see Explanatory Notes Part A – Accounting Policies- Section 3 – Consolidation Procedures and Scope. Non-current assets and disposal groups held for sale The main assets reclassified on the basis of IFRS 5 under non-current assets and disposal groups held for sale on the balance sheet as of June 30, 2011 are mainly those related to the investment in Banca Agricola Commerciale della Repubblica di San Marino S.p.A. and in IRFIS – Finanziaria per lo Sviluppo della Sicilia S.p.A.. For further details see: “Other information – Transactions for rationalizing Group operations and other corporate transactions” in Interim Report on Operations; “Part B – Consolidated Balance Sheet – Asset – Section 15” in Condensed Interim Consolidated Financial Statements – Explanatory Notes. Segment Reporting (Summary) As announced in the “2010 Consolidated Reports and Accounts”, starting from 2011 January the 1st , Segment reporting is presented and commented by new business division, in line with the current practice in management reporting of Group results, as follows: F&SME Network Italy; F&SME Network Germany; F&SME Network Austria; F&SME Network Poland; F&SME Factories; Corporate & Investment Banking (CIB); Private Banking; Asset Management; CEE; Group Corporate Center (the latter includes Global Banking Services, Corporate Centre, and consolidation adjustments not assigned to the single business segments). Profit and loss data are given in the items of the reclassified income statement down to operating profit, except for the CEE, for which a net profit figure is given. Prior-period profit and loss data have been restated to take the changes in scope into account. 11 12 >> Interim Report on Operations Interim Report on Operations Highlights 14 Condensed Accounts 16 Consolidated Balance Sheet 16 ConsolidatedIncomeStatement 17 Quarterly Figures 18 Consolidated Balance Sheet 18 ConsolidatedIncomeStatement 19 ComparisonofQ22011/Q22010 20 CondensedIncomeStatement 20 Segment Reporting (Summary) 21 HowtheUniCreditGrouphasgrown 22 UniCreditShare 23 GroupResults 24 Macroeconomicsituation,bankingandfinancialmarkets 24 Internationalsituation 24 BankingandFinancialMarkets 25 Main Results and Performance for the period 28 Net operating profit 29 Net profit attributable to the Group 34 CapitalandValueManagement 36 Principlesofvaluecreationandcapitalallocation 36 CapitalRatios 37 Shareholders’ Equity attributable to the Group 38 Results by Business Segment 39 Family & Small Medium Enterprise (F&SME) 40 Corporate & Investment Banking (CIB) 62 Private Banking 68 Asset Management 72 Central Eastern Europe (CEE) 76 Other information 86 RationalizationofGroupoperationsandothercorporatetransactions 86 Certificationsandothercommunications 91 Capital Strengthening 91 Reconciliation of CondensedAccountto MandatoryReporting Schedule 92 Subsequent Events and Outlook 96 Subsequent Events 96 Outlook 97 Unless otherwise indicated, all amounts are in millions of euros. 13 Highlights INCOME STATEMENT (€ million) H1 CHANGE 2011 2010 Operating income 13,383 13,179 + 1.6% of which: - net interest 7,787 7,846 - 0.7% - dividends and other income from equity investments 243 195 + 24.6% - net fees and commissions 4,264 4,307 - 1.0% Operating costs (7,783) (7,745) + 0.5% Operating profit 5,600 5,433 + 3.1% Profitbeforetax 2,573 1,769 +45.5% Net Profit attributable to the Group 1,321 669 + 97.5% Starting from Q1 2011 the PPA related to the acquisition of HVB, formerly classified within different P&L lines, is entirely allocated in the “Purchase Price Allocation effect” line of P&L (as already done for Capitalia’s acquisition). Previous periods has been reclassified. Following the merger in November 2010 – which
Load more

Recommended publications
  • Consolidated Interim Report As at September 30, 2011 Unicredit S.P.A
    Consolidated Interim Report as at September 30, 2011 UniCredit S.p.A. A joint stock company Registered Office in Rome: Via Alessandro Specchi, 16 Head Office in Milan: Piazza Cordusio Share capital Euro €9,649,245,346.50 fully paid in, Fiscal Code, VAT number with the Company Register of Rome: 00348170101 Registered in the Register of Banking Groups and Parent Company of the Unicredit Banking Group, with cod. 02008.1; cod. ABI 02008.1 Member of the National Interbank Deposit Guarantee Fund and of the National Compensation Fund 2 Consolidated Interim Report as at September 30, 2011 3 4 Contents Introduction 7 Board of Directors, Board of Statutory Auditors and External Auditors 9 Prefatory Note to the Consolidated Interim Report 10 Interim Report on Operations 13 Highlights 14 Condensed Accounts 16 QuarterlyFigures 18 ComparisonofQ32011/Q32010 20 Segment Reporting (Summary) 21 HowtheUniCreditGrouphasgrown 22 UniCreditShare 23 GroupResults 24 Results by Business Segment 39 Other information 84 Subsequent Events and Outlook 94 Condensed Interim Consolidated Financial Statements 97 Consolidated Accounts 99 Explanatory Notes 109 Condensed Interim Consolidated Financial Statement Certification pursuant toArt.81-terofConsobRegulationno.11971ofMay14,1999,asamended 303 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.”
    [Show full text]
  • Genius Card Multiservizi Unisun
    Genius Card Multiservizi UniSUN Quali sono le mie esigenze? Avere un prodotto semplice e conveniente, vista l’assenza di costi di emissione e canone mensile grazie allo status di studente, docente o dipendente della Seconda Università degli Studi di Napoli, per gestire in tutta sicurezza le principali esigenze di operatività bancaria, senza la necessità di avere un conto corrente. IL PRODOTTO IN SINTESI A chi è rivolto Agli Studenti e ai dipendenti – docenti e non – della Seconda Università degli Studi di Napoli che siano maggiorenni e residenti, anche a fini valutari, in Italia. Con un unico prodotto, semplice e conveniente Genius Card Multiservizi UniSUN consente di gestire comodamente e con sicurezza le principali operazioni bancarie, con in più la possibilità di accedere ai servizi resi dalla Seconda Università degli Studi di Napoli e al circuito di scontistica presso gli esercenti convenzionati dalla Banca. Come funziona Genius Card Multiservizi UniSUN è una carta prepagata nominativa ricaricabile che consente di prelevare e pagare nei negozi in Italia e all’estero grazie al circuito internazionale MasterCard. La carta è abilitata alla tecnologia contactless che consente di effettuare presso gli esercenti che espongono il marchio MasterCard PAYPASS operazioni di pagamento anche mediante semplice avvicinamento della Carta alle apparecchiature POS. Le operazioni effettuate in tale modalità: • se hanno importo pari o inferiore a 25 euro possono essere effettuate senza digitazione del PIN o firma della memoria di spesa • se hanno importo
    [Show full text]
  • Promozione Riservata Ai Dipendenti Della Provincia Di Firenze
    PROMOZIONE RISERVATA AI DIPENDENTI DELLA PROVINCIA DI FIRENZE Gentilissimo, UniCredit è lieta di riservarle, come dipendente della Provincia di Firenze: Conto Corrente di corrispondenza Tasso creditore: Euribor 365 a tre mesi, riferito alla media del mese precedente Tasso debitore: Euribor 365 a tre mesi, riferito alla media del mese precedente + 2,50 b.p. domiciliazione delle utenze (bollette) gratuita, su disposizione di addebito permanente canone annuo del servizio di Banca Multicanale (che comprende banca via Internet, banca via telefono, banca via cellulare) spese di scrittura incluse per tutte le operazioni spese di tenuta conto 7,50 €/trimestrali Inoltre, a tutti i Dipendenti della Provincia di Firenze, UniCredit riserva in esclusiva: Finanziamento CreditExpress CreditExpress *, il prestito personale al Tasso Fisso promozionale del 0%, che dà la possibilità di: richiedere da 1.000 euro fino a 2.000 euro rimborsare comodamente anche in 48 mesi (fatta salva la valutazione del merito creditizio da parte della Banca). Nelle Agenzie UniCredit potrà trovare anche i seguenti prodotti e servizi: Senzapensieri , l’apertura di credito in conto fino a 5.000 € per affrontare con serenità le spese impreviste di fine mese con canone mensile a partire da 2 € ** Trasloco Facile , per trasferire il conto corrente dalla sua vecchia banca a noi in modo semplice e veloce. Ci prendiamo cura di tutto: trasferire le bollette, l’affitto, i finanziamenti e anche i suoi investimenti . E non le costa niente! La promozione è valida dal 01 Gennaio 2011 fino al 31 Dicembre 2015. L’ASPETTIAMO OGGI STESSO NELL’AGENZIA UNICREDIT A LEI PIÙ VICINA. PER MAGGIORI INFORMAZIONI CHIAMI IL NUMERO VERDE 800.32.32.85 (per informazioni sulle caratteristiche dei prodotti a condizioni standard).
    [Show full text]
  • Comunicazione Alla Clientela in Possesso Di Certificati Di Deposito
    Comunicazione alla Clientela in possesso di Certificati di Deposito Ai sensi dell’Art. 1 Comma 345 della Legge 23 dicembre 2005 n. 266 in materia di depositi dormienti nonché dell’Articolo 4 Comma 2 del relativo Decreto di Attuazione d.p.r. 22 giugno 2007 n. 116 1 June 2009 Elenco del 1 giugno 2009 Premesso che l’art. 1, comma 345, della Legge 23 dicembre 2005 n. 266 nonché il relativo decreto di attuazione, D.P.R. 22 giugno 2007, n. 116, dispongono che le somme relative ai depositi di denaro e ai depositi di strumenti finanziari in custodia ed amministrazione cosi detti “dormienti” (ossia sui quali non sia stata effettuata alcuna operazione o movimentazione ad iniziativa del titolare del rapporto, o di terzi da questo delegati, per un periodo di almeno 10 anni) siano devoluti in un apposito Fondo istituito presso il Ministero dell’Economia e delle Finanze, si riporta di seguito l’elenco dei certificati di deposito Mediobanca al portatore e nominativi. I predetti certificati saranno estinti ed il loro valore sarà devoluto al citato Fondo, allorché i legittimi possessori dei certificati, di cui all’elenco sotto riportato, non facciano pervenire loro disposizioni, a valere sugli stessi, entro 180 giorni dalla data del presente avviso Banca di Roma S.p.A. Elenco numero 4, del 1 giugno 2009 Certificati rilasciati, per procura del nostro istituto, da: ROLO Banca 1473 ora Unicredit Banca Codice Denominazione Dipendenza Rapporto Tipo Rapporto Dipendenza 13102 RAVENNA 2 3341442 CDV – TASSO FISSO 64950 POIRCIA 6113615 CTF – TAGLIO FISSO Certificati
    [Show full text]
  • For Whatever Life Brings
    For whatever life brings Consolidated First Half Financial Report as at June 30, 2011 WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 Everyone knows that life can be surprising. Many of these surprises are good things. Some are not so good. That is why people need their bank to be a reliable partner, helping them to deal with whatever life brings. Because this year’s report is inspired by real life, its graphics portray some of life’s more pleasant aspects, as well as a few of its less enjoyable features. Thus, the images present a range of contrasts, and our cover offers up a kaleidoscope of moments drawn from daily life. That is simply how life works. From the exciting to the ordinary, from the expected to the unanticipated, life is always changing and makes demands on all of us. And UniCredit is here to lend a hand. Our job is about more than offering products and managing transactions. It is about understanding the needs of our customers as individuals, families and enterprises. Our goal is to deliver solutions for the everyday issues that people face. This means providing them with concrete answers - day by day, customer by customer, need by need. Consolidated First Half Financial Report as at June 30, 2011 WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 For whatever life brings WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 Contents Introduction 5 Board of Directors, Board of Statutory Auditors and External Auditors 7 Prefatory Note to the Consolidated First Half Financial Report 8 Interim Report on Operations 11 Highlights 12 Condensed Accounts 14 Quarterly Figures 16 Comparison of Q2 2011 / Q2 2010 18 Segment Reporting (Summary) 19 How the UniCredit Group has grown 20 UniCredit Share 21 Group Results 22 Results by Business Segment 34 Other information 69 Subsequent Events and Outlook 76 Condensed Interim Consolidated Financial Statements 78 Consolidated Accounts 80 Explanatory Notes 91 Condensed Interim Consolidated Financial Statement Certification pursuant to Art.
    [Show full text]
  • Information Document (Documento Informativo) Relating to the Merger Pursuant to Art
    A Joint Stock Company - Registered Office in Genoa - Via Dante, 1 - Head Office in Milan – Piazza Cordusio; Registered with CAPITALIA - Registered Office in Via Marco the Genoa Courts in the Companies Minghetti, 17, Rome – Share Capital € Register, fiscal code and VAT number 3,123,792,732 – Rome Register of Companies, Tax 00348170101; Registered in the Register of Registration Number 00644990582 – Member of the Banking Groups and Parent Company of Interbank Guarantee Fund – The Company is a the UniCredito Italiano Banking Group Registered Bank and is the Parent Company of the registered with code 3135.1 - Member of CAPITALIA Group, a Registered Banking Group the Interbank Fund for Deposit Protection Capital: € 5,222,465,096.50 fully paid up. IINNFFOORRMMAATTIIOONN DDOOCCUUMMEENNTT MERGER INTO UNICREDIT S.P.A. OF CAPITALIA S.P.A. DRAWN UP PURSUANT TO SECTION 70, PARAGRAPH 4, OF THE REGULATIONS CONCERNING ISSUERS - CONSOB REGULATION NO. 11971/99, AS AMENDED This is an English translation of the original Italian document. This translation has been prepared solely for the convenience of the reader. The original version in Italian takes precedence. - 2 - NOTICE OF CALL OF A SHAREHOLDERS’ MEETING PUBBLISHED ON GAZZETTA UFFICIALE – II part - n. 64 DATED JUNE 5, 2007 UNICREDITO ITALIANO A Joint Stock Company Registered in the Register of Banking Groups and Parent Company of the UniCredito Italiano Banking Group registered with code 3135.1 Member of the Interbank for Deposit Protection Fund Registered Office in Genoa - Via Dante, 1 Head Office in Milan – Piazza Cordusio Capital: € 5,222,465,096.50 fully paid up Registered with the Genoa Courts in the Companies Register fiscal code and VAT number 00348170101 NOTICE OF CALL The Shareholders of UniCredito Italiano are hereby convened to an Ordinary and Extraordinary Shareholders’ Meeting to be held in Genoa, Via Dante 1, on 28th July 2007 at 9:00 am, and, if necessary, with regard to the extraordinary session, in second call, on 29th July 2007 at 18:30 pm in the same location.
    [Show full text]
  • Prospetto Informativo
    Emittente BANCA CARIGE S.p.A. Cassa di Risparmio di Genova e Imperia _______________________________ PROSPETTO INFORMATIVO relativo all’Offerta in opzione agli azionisti e ai possessori delle obbligazioni convertibili costituenti il prestito “Banca Carige 1,50% 2003-2013 subordinato ibrido con premio al rimborso convertibile in azioni ordinarie” e all’ammissione a quotazione sul mercato telematico azionario gestito da Borsa Italiana S.p.A. di massime n. 163.165.368 Obbligazioni Convertibili del Prestito Obbligazionario “Banca Carige 4,75% 2010 – 2015 convertibile con facoltà di rimborso in azioni” Prospetto Informativo depositato presso la Consob in data 12 febbraio 2010 a seguito di approvazione comunicata con nota n. 10011639 dell’11 febbraio 2010. L’adempimento di pubblicazione del Prospetto Informativo non comporta alcun giudizio della Consob sull’opportunità dell’investimento proposto e sul merito dei dati e delle notizie ad esso relativi. Il Prospetto Informativo è a disposizione del pubblico presso la sede legale di Banca Carige S.p.A., in Genova, via Cassa di Risparmio 15, sul sito internet dell'Emittente www.gruppocarige.it, nonché sul sito internet di Borsa Italiana S.p.A., www.borsaitaliana.it. Avvertenza AVVERTENZA I termini contraddistinti da lettera maiuscola sono definiti nel successivo Paragrafo “Definizioni”. Al fine di effettuare un corretto apprezzamento dell’investimento, gli investitori sono invitati a valutare gli specifici fattori di rischio relativi all’Emittente e alle società del Gruppo, al settore di attività
    [Show full text]
  • Accordo Carige
    VERBALE DI ACCORDO In data 17 novembre 2008 tra UniCredit, nelle persone dei Sigg. Angelo Carletta, Gianluigi Robaldo, Fabrizio Ferretti, Fabrizio Rinella, Giancarla Zemiti, Paolo Giannoccoli, Silvio Lops, Valeria Ruggiero, Massimo Giovannelli, Miriam Travaglia, Francesco Trapanese, Anna Lisa Rizza UniCredit Banca, nelle persone dei Sigg. Enrico Pozzi, Massimiliano Fara, Lucia Landi UniCredit Banca di Roma, nelle persone dei Sigg. Cinzia Fichera, Sergio D’Ercole Banco di Sicilia, nelle persone dei Sigg. Paolo Ruggi, Giuseppe Giordano, Antonio Saetta e Banca Carige, nelle persone dei Sigg. Giacomo Ottonello, Sergio Donegà, Luciano Salvati e le OO.SS. DIRCREDITO-FD, Giancarlo Mirandola, Giuliano Arosio, Donato Forte, Pietro Santagata, FABI, Angelo Di Cristo, Franco Ottobre, Carmelo Raffa, Cetty Di Benedetto, Stefano Cefaloni, Giovanni Galli, Carola Tessadri, Maria Furfaro, Stefano Seghezza, Massimo Giavarini, FIBA/Cisl, Ezio Massoglio, Ester Balconi, Gabriele Urzì, Daniele Bedogni, Giuseppe Matta, Monica Sebastiani, Costanzo Cavalli FISAC/Cgil, Andrea Bonansea, Fausto Ricci, Marco Salvi, Francesco Re, Franco Ospazi, Vito La Francesca, Sergio Bui, Sergio Lorenzo Bonanini, Maria Elena Di Betta, Maria Pazzini SINFUB, Antonio Raccuglia, Antonio Barbato, Francesco Cuccovillo, Filippo Pretolani, Eraldo Montali SILCEA, Vincenzo Fusciardi, Nicola Cavadi, Luigi Canadelli, Corrado Medetti, Maurizio Licandro, Sergio Russo, Alberto Di Gennaro UGL Credito Pietro Agrillo, Davide Zecca, Andrea Cavagna, Sergio Isella, Flavio Varesano, Angelo Garaventa,
    [Show full text]
  • Banca Di Credito Finanziario Spa MEDIOBANCA INTERNATIONAL
    BASE PROSPECTUS Dated: 30 December 2005 MEDIOBANCA - Banca di Credito Finanziario S.p.A. (incorporated with limited liability in the Republic of Italy) MEDIOBANCA INTERNATIONAL (Luxembourg) S.A. (incorporated with limited liability in Luxembourg) Euro 7,500,000,000 Euro Medium Term Note Programme guaranteed in the case of Notes issued by Mediobanca International (Luxembourg) S.A. by MEDIOBANCA - Banca di Credito Finanziario S.p.A. Under the Euro Medium Term Note Programme described in this Base Prospectus (the “Programme”), each of Mediobanca - Banca di Credito Finanziario S.p.A. (“Mediobanca”) and Mediobanca International (Luxembourg) S.A. (“Mediobanca International”) (each an “Issuer” and together the “Issuers”) may from time to time issue notes (“Notes”) subject in each case to compliance with all relevant laws, regulations and directives. The payment of all amounts due in respect of any Notes issued by Mediobanca International will be unconditionally and irrevocably guaranteed by Mediobanca - Banca di Credito Finanziario S.p.A. (in such capacity, the “Guarantor”). Notes issued under the Programme will have denominations in integral multiples of Euro 1,000 and a minimum denomination of Euro 1,000. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks see “Risk Factors”. Application has been made to the Commission de Surveillance du Secteur Financier (the “CSSF”) in its capacity as competent authority under the Luxembourg Act dated 10 July, 2005 on prospectuses for securities to approve this document as a base prospectus for each Issuer. Application has also been made for Notes issued under the Programme during the period of 12 months from the date of this Base Prospectus to be listed and admitted to trading on the regulated market of the Luxembourg Stock Exchange.
    [Show full text]
  • Notes to the Consolidated Financial Statements Capitalia
    NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CAPITALIA DESCRIPTION OF CONSOLIDATION METHODS SCOPE OF CONSOLIDATION The consolidation does not include subsidiaries and companies subject to significant influence that are in The scope of consolidation includes Capitalia S.p.A. liquidation, inactive or for which the necessary (the parent bank) and the companies controlled directly information was not obtained in time. The exclusion of or indirectly by the parent bank that operate in the the latter had no material effect on the presentation of a banking or financial sectors or whose sole or main activity true and fair view of the assets and liabilities, financial is instrumental to the activities of the banking group. The position and results of the Group. Significant equity subsidiaries are consolidated using the full consolidation investments acquired as part of the Group’s merchant method. Companies controlled jointly with other banking activities were also excluded from the companies are consolidated on a proportional basis, consolidation. These holdings are valued at cost, written pursuant to Article 35 of Legislative Decree 87 of 27 down for permanent impairments of value. January 1992. The list of significant equity investments with Equity investments in subsidiaries under joint control information on the related consolidation method is given other than banks, financial companies, instrumental in table 3.1 of the notes to the financial statements. companies and investments in associated companies referred to in Article 36, paragraph 1, of Legislative The following table shows the changes that have Decree 87/1992, are accounted for using the equity occurred in the companies included in the scope of method.
    [Show full text]
  • Why Do Banks Securitize? the Case of Italy
    WHY DO BANKS SECURITIZE? THE CASE OF ITALY MARIAROSARIA AGOSTINO Research Fellow, Dipartimento di Economia e Statistica, Università della Calabria [email protected], +39 0984 492469 MARIA MAZZUCA Assistant Professor, Dipartimento di Scienze Aziendali, Università della Calabria [email protected], +39 0984492276, fax +39 0984 492277 Abstract This paper explores the motivations underlying the securitization activities of Italian banks from 1999 to 2006. The hypotheses under investigation are those of funding, specialization and regulatory capital arbitrage. To test which of the incentives suggested by these hypotheses are statistically significant securitization’s determinants, we estimate a probit model, in which the probability of carrying out securitizations is linked to a set of balance sheet indicators and a vector of further control variables. Consistently with the funding hypothesis, the main conclusion of the research is that Italian banks seem to securitize in order to diversify/optimize the available funding channels. Besides, the status of the bank on the stock exchange positively affects the decision of securitizing, presumably because of the “market knowledge effect”. By contrast, the motivations related to the other two hypotheses do not appear to be relevant. Finally, also bank’s size tends to increase the propensity to securitize, supporting the argument that bigger banks are better able to bear the high structuring costs associated to securitization. 1. Introduction Securitization involves the legal or economic transfer of assets or obligations by an originating institution to a third party, typically referred to as a “special purpose vehicle” (SPV); the SPV then issues asset-backed securities (ABS), or other structured finance securities (MBS, CMBS, RMBS, CDO, WBS and so on), representing claims against specific pools of assets (Basel Committee on Banking Supervision, 2001).
    [Show full text]
  • Merger of Unicredit and Capitalia to Consolidate Italian Footprint and Create the No
    UniCredit Group - Media Center - Press releases http://www.unicreditgroup.eu/DOC/jsp/navigation/news_content.jsp... Merger of UniCredit and Capitalia May 20, 2007- h 17:45 E-mail redazione Scarica file Ad-hoc-Meldung / Ad hoc Release nach § 15 WpHG / pursuant to § 15 of the German Securities Trading Act JOINT PRESS RELEASE Merger of UniCredit and Capitalia to consolidate Italian footprint and create the No. 1 Eurozone bank by market capitalization Merger with an exchange ratio of 1.12 new ordinary shares of UniCredit for each ordinary share of Capitalia Key Transaction features: Consolidates and strengthens position in the Italian market, one of the most attractive in Europe Significantly enhances main banking segments and distribution channels Unites complementary branch networks to reach more than 5,000 branches in Italy Achieves well-balanced geographic and business mix with more than 50% of revenues outside of Italy, confirming the European orientation Approx. €1.2 billion estimated pre-tax synergies in 2010, of which approx. 68% deriving from lower costs Pre-tax one-off integration costs estimated at approx. €1.1 billion Positive financial proposition for all shareholders: - Combined EPS CAGR 2007-2009 around 17% (1) - Accretive deal for UniCredit shareholders from 2009 onwards and for Capitalia shareholders from the outset (1) - DPS to grow progressively over the next years - Core Tier I ratio confirmed at 6.8% by 2008 Capitalia’s activities to be integrated within UniCredit divisional model Creation of three retail banks in Italy with specific regional responsibilities The UniCredit and Capitalia Board of Directors, which met today in Milan and Rome respectively, approved the merger project by incorporation of Capitalia S.p.A.
    [Show full text]