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The World Is Changing. Let's Change Together

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The World Is Changing. Let's Change Together The world is changing. Let’s change together. UniCredit S.p.A. 2014 Reports and Accounts The emissions related to the printing and distribution of the 2014 UniCredit S.p.A Report and Accounts, 2014 Consolidated Report and Accounts and the 2014 Integrated Report have been compensated with the support of Of cinæ 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 year’s report depicts how innovative UniCredit products and ideas T help our customers and businesses respond to the challenges of this changing world. By spotlighting sophisticated, new multichannel products and services we have developed to meet the modern needs of our customers, we show how our bank is adapting to rapid changes – and how our solutions are helping our customers adapt at the same time. At UniCredit, we make it easy for the people who bank with us to take full advantage of the technologies and customized services now available to them – so that they can achieve their goals and live their lives on their own terms. As their partner, we have a clear responsibility to provide them the fl exibility, the foresight and the tools they need to overcome obstacles and seize new opportunities. The world is changing. Let’s change together. UniCredit S.p.A. 2014 Consolidated2014 Reports Reports and and Accounts Accounts Hospitality But the welcome is important. is crucial. The real star is the customer. Going to the branch becomes a unique experience. A revolutionary branch format, combining technological innovation and design to guide the customer in an easy, enjoyable and interactive world. A branch tailored to the customer where opening hours are no longer a constraint, with multiple access channels and ways to use the services. A multifunctional space where Customers and consultants sit side by side to experience the bank service in total comfort. Because reliability is part of our way of doing things. Contents Introduction 5 Board of Directors, Board of Statutory Auditors and External Auditors 7 Chairman’s message to the Shareholders 8 CEO’s message to the Shareholders 10 Note on the Report and Financial Statements 12 Directors’ Report on operations 15 Highlights 16 Condensed Financial Accounts 18 Condensed Financial Accounts - Quarterly figures 20 UniCredit Share 22 Results of the period 23 Organizational model 37 Company activities 38 Other information 41 Subsequent Events and Outlook 49 Proposals to the Shareholders’ Meeting 53 Company Accounts and Annexes 57 Company Accounts 59 Notes to the Accounts 67 Annexes 307 Certification of Annual Financial Statements pursuant to Article 81-ter of Consob Regulation no. 11971 of May 14, 1999 and subsequent amendments 323 Reports and resolutions Report of the Board of Auditors 329 Report of the External Auditors pursuant to Article 14 and 16 of Legislative Decree no, 39 of January 27, 2010 353 Resolutions assumed by the ordinary Shareholders’ Meeting 357 Notes The following conventional symbols have been used in the tables: • a dash (-) indicates that the item/figure is inexistent or that the figures do not reach the minimum considered significant; • “n.s.” when are not in any case considered significant; Any discrepancies between data are solely due to the effect of rounding. UniCredit S.p.A. · 2014 Reports and Accounts 3 Time Give it more value. is precious. Advice when you want it. Everyone needs advice. And no one wants to waste time. That is why we created Video Advice@home. This convenient service delivers expert advice online, allowing you to connect with our consultants from the comfort of home. Easy-to-install software enables us to respond quickly to questions about your current account, car loan or mortgage. We can create value for you, whenever and wherever you need us. Introduction Board of Directors, Board of Statutory Auditors and External Auditors 7 Chairman’s message to the Shareholders 8 CEO’s message to the Shareholders 10 Note on the Report and Financial Statements 12 UniCredit S.p.A. · 2014 Reports and Accounts 5 There is Better a whole world discover it now. to discover. At home when you’re abroad. Together, we can go far. UniCredit has more than 8,500 branches and over 147,000 employees in roughly 50 markets across the world. That means we have the tools, the knowledge and the manpower to help your business go international. Our UniCredit International Centers gather our most experienced cross-border experts into a single, powerful network that can provide your business with the information and services it needs to succeed abroad. From evaluating investments, to identifying optimal financial solutions and, of course, providing basic banking services, UniCredit is always with you, anywhere you choose to be. Board of Directors, Board of Statutory Auditors and External Auditors (as at December 31, 2014) Board of Directors Giuseppe Vita Chairman Candido Fois Deputy Vice Chairman Vincenzo Calandra Buonaura Vice Chairmen Luca Cordero di Montezemolo Fabrizio Palenzona Federico Ghizzoni CEO Mohamed Ali Al Fahim Directors Manfred Bischoff Henryka Bochniarz Alessandro Caltagirone Francesco Giacomin Helga Jung Marianna Li Calzi Luigi Maramotti Giovanni Quaglia Lucrezia Reichlin Lorenzo Sassoli de Bianchi Alexander Wolfgring Anthony Wyand Gianpaolo Alessandro Company Secretary Board of Statutory Auditors Maurizio Lauri Chairman Giovanni Battista Alberti Standing Auditors Cesare Bisoni Enrico Laghi Maria Enrica Spinardi Federica Bonato Alternate Auditors Paolo Domenico Sfameni Beatrice Lombardini Pierpaolo Singer Roberto Nicastro General Manager Marina Natale Manager charged with preparing the financial reports Deloitte & Touche S.p.A. External Auditors UniCredit S.p.A. Registered office: Via Alessandro Specchi 16 - 00186 Rome Head Office: Piazza Gae Aulenti, 3 - Tower A - 20154 Milan Share capital: €19,960,518,108.04 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 S.p.A. · 2014 Reports and Accounts 7 Chairman's message to the Shareholders Dear Shareholders, Our bold choices over the past three years have enabled UniCredit to become one of Europe’s most solid banks, working hard to serve the real economy. I am especially proud that the excellent health of our Group was certified by the European authorities in 2014. Your confidence in our management and the strong contributions of the entire UniCredit staff enabled us to achieve these results. I am genuinely grateful to our colleagues in Italy and abroad for their impressive efforts over the past year, particularly in connection with the stress tests and Asset Quality Review. GIUSEPPE VITA The work of the comprehensive assessment Chairman restored some measure of trust in Europe’s financial institutions. Trust is a vital commodity We have people as we seek to reenergize our markets, especially “ in an uncertain and fast-changing environment. who are capable and The commitment and credibility of the banking industry are essential to completely reestablishing energetic. Their skills, this trust. commitment and sense At UniCredit, the next four years will be guided by of responsibility are the industrial plan presented last March, which set certainties on which we a course enabling us to achieve sustainable results. The plan recognizes that our relationships with can stake our prospects customers will be increasingly important over this and future success. period. The key challenge we face is to develop our ” digital banking services further while maintaining close and lasting client relationships. We carried out a number of improvements in our governance in 2014. In light of the rapidly changing regulatory environment, we took steps to further simplify the work of the Board of Directors, with the object of sharpening its focus on strategy and supervision. Because a clear and effective governance structure increasingly distinguishes us from our competitors, over the past year we improved the planning and processes that 8 2014 Reports and Accounts · UniCredit S.p.A. underlie the Board’s activities. The strength of our economic growth, social welfare or institutional governance system today is particularly evident in reform. the effective oversight of our risk appetite and our efficient internal controls system. As we look to the future, we must keep in mind that innovation is a key driver of growth. By This year we celebrated our 15th anniversary. making the best use of rapid and far-reaching This milestone offered us an occasion to look back developments in technology, culture and society, over the history of our Group and to reflect on we can shape the future according to our UniCredit’s successful integration of a number of designs. Thanks to an abundantly dynamic and distinct corporate cultures. Some of our entities open culture at UniCredit, our bank consistently marked other significant anniversaries in 2014. stands out for its flexibility. We have regularly Yet all of our entities share a strong commitment demonstrated that we have the right mindset to to promoting economic growth and supporting innovate. recovery in employment. These two priorities for Europe require significant investment, and Solidity, credibility and a vision for the future – UniCredit is now in a position to provide financing these are the strengths that enable UniCredit to for that purpose. contribute to the development of the territories in which it operates and to set an example in the In my previous letter to you, I wrote that last year’s international banking sector. The next few years European elections could send new representatives will certainly present challenges, but we have built to Brussels who might oppose the European Union a solid foundation to face whatever comes next.
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