COMUNICATO UFFICIALE N. 0823/06
Data: 04/08/2006
Ora: 11.19
Mittente: UniCredit S.p.A.
Società oggetto del comunicato: UniCredit S.p.A.
Oggetto del comunicato: Risultati del secondo trimestre 2006 / Second quarter results
2006
Testo: da pagina seguente
TLX S.p.A.
Unità di Supervisione
TLX S.p.A.
Via Cavriana, 20
20134 Milano
COMUNICATO STAMPA
I RISULTATI
DEL SECONDO TRIMESTRE DEL 2006 RAPPRESENTANO UN
ULTERIORE PASSO VERSO IL RAGGIUNGIMENTO DEGLI OBIETTIVI DI GRUPPO
UTILE NETTO A 1.686 MILIONI, IN CRESCITA DELL’82,5% A/A (+47% CIRCA A/A
ESCLUSA LA PLUSVALENZA RELATIVA ALLA CESSIONE DI SPLITSKA BANKA)
RISULTATO OPERATIVO A 2.745 MILIONI, IN CRESCITA DEL 38,0% A/A
•
Utile netto a 1.686 milioni, in crescita dell’82,5% a/a (+47% circa a/a escluso
l’apporto derivante dalla cessione di Splitska Banka)
•
Risultato di gestione a 2.745 milioni, +38,0% a/a (+34,4% a/a a cambi e
perimetro costanti), grazie alla continua progressione delle commissioni nette
(+16,6% a/a)
•
Rapporto Costi/Ricavi in riduzione a 54,0% da 61,3% nel secondo trimestre del
2005, dovuta a:
9 Significativo aumento dei ricavi (margine d’intermediazione a 5.969
milioni, +13,0% a cambi e perimetro costanti)
9 Ottimo controllo dei costi (costi operativi a 3.224 milioni, -0,5% a/a a
cambi e perimetro costanti)
•
Buona qualità dell’attivo:
9 Totale crediti deteriorati netti in flessione del 5,0% nel trimestre e del
7,9% su dicembre 2005
9 Costo del rischio in riduzione a 56 pb (-4 pb sull’esercizio 2005)
•
Core Tier 1 Ratio in miglioramento (5,94% a giugno 2006 dal 5,53% di dicembre
2005), risultato della significativa generazione di capitale
•
Rafforzamento del posizionamento del Gruppo nel risparmio gestito con
aumenti delle quote di mercato dei fondi comuni1 su fine 2005 in Germania e in
Austria:
9 Italia: 15,17% (stabile); Germania: 5,82% (+38 pb); Austria: 17,36% (+20
pb)
Il Consiglio di Amministrazione di UniCredito Italiano ha approvato oggi i risultati consolidati
del secondo trimestre del 20062.
1
Il confronto in Italia si riferisce a giugno 2006 su gennaio 2006 in base alle nuove metodologie introdotte da Assogestioni;
quote di mercato in Germania: perimetro BVI; quote di mercato in Austria: perimetro VOIG
2
Nel secondo trimestre 2006 l’area di consolidamento del Gruppo HVB è stata ampliata includendo 20 società che
comprendono HVB Capital Partners AG e 19 società controllate da BA-CA, delle quali 17 costituiscono il sub-gruppo
immobiliare “Universale International Realitaten GmbH”. Tra marzo e giugno 2006, inoltre, Koçbank ha incrementato la propria
1
PRESS RELEASE
SECOND QUARTER RESULTS MARK GOOD PROGRESS TOWARDS UNICREDIT’S
GROUP TARGETS
NET PROFIT UP 82.5% YOY, GROWING TO €1,686 MILLION (APPROXIMATELY +47%
YOY NET OF GAIN FROM THE SALE OF SPLITSKA BANKA)
OPERATING RESULT OF €2,745 MILLION, UP 38.0% YOY
•
Net profit at €1,686 million, up 82.5% YoY (approximately +47% YoY excl. the
contribution resulting from the sale of Splitska Banka)
•
Operating profit equals €2,745 million, +38.0% YoY (+34.4% YoY on a like for
like foreign exchange and perimeter basis), thanks also to continued growth in
net commission income (+16.6% YoY)
•
Cost/Income ratio improved from 61.3% to 54.0% YoY due to:
! Significant increase in revenues (total revenues equal €5,969 million,
+13.0% on a like for like foreign exchange and perimeter basis)
! Good cost control (operating costs total €3,224 million, -0.5% YoY on a
like for like foreign exchange and perimeter basis)
•
Good asset quality:
! Total net deteriorated loans down by 5.0% in the quarter and by 7.9%
versus December 2005
! Cost of risk down to 56 bp (-4 bp versus FY 2005)
•
Core Tier 1 Ratio improved (5.94% at June 2006 versus 5.53% at December
2005), due to significant capital generation
•
Strengthening of the Group’s position in asset management with an increase
over the end of 2005 of the market share in mutual funds1 in Germany and
Austria:
! Italy: 15.17% (stable); Germany: 5.82% (+38 bp); Austria: 17.36% (+20 bp)
Today the Board of Directors of UniCredito Italiano approved consolidated results for second
quarter 20062.
1
The comparison in Italy refers to June 2006 vs. January 2006 as per new methodologies introduced by Assogestioni (Italian
Association of Asset Managers); German market share: BVI perimeter; Austrian market share: VOIG perimeter
2
In second quarter 2006 the HVB Group’s perimeter of consolidation was expanded to include 20 companies that include HVB
Capital Partners AG and 19 companies controlled by BA-CA, of which 17 are part of the sub-group real estate company
“Universale International Realitaten GmbH”. Additionally in the period between March and June 2006, Koçbank increased its
interest in Yapi ve Kredi Bankasi, the control of which was obtained in third quarter 2005, from 57.4% to 67.31%. As Yapi is
proportionally consolidated, the P&L accounts have been restated in order to grant omogeneous comparisons with the previous
1
The Group closed the second quarter of the year with a net profit of €1,686 million (mn), an
increase of 82.5% compared to the same period in the previous year. Growth appears most
significant (approximately +47% YoY) even net of the capital gain realised on the sale of
Splitska Banka. Operating profit (€2,745 mn) rose 38.0% over second quarter 2005
(+34.4% YoY on a like for like foreign exchange and perimeter basis).
The HVB Group’s net profit, equal to €1,055 mn (before consolidation adjustments), more
than quadrupled when compared to the previous year (€230 mn), and the operating profit of
€1,195 mn (+67.1% YoY on a like for like foreign exchange and perimeter basis), made a
very positive contribution to the Group’s results. This performance is primarily attributable to
strong growth in revenues (+16.3% YoY on a like for like foreign exchange and perimeter
basis) and a substantial reduction in operating costs (-4.8% YoY on a like for like foreign
exchange and perimeter basis).
The Group’s total revenues reached €5,969 mn, with an increase of 16.3% YoY (+13.0%
YoY on a like for like foreign exchange and perimeter basis), due to both a rise in net
interest income (€3,195 mn, +3.8% YoY and +1.9% YoY on a like for like foreign exchange
and perimeter basis) and in net non-interest income (€2,774 mn, +34.9% YoY and +29.7%
YoY on a like for like foreign exchange and perimeter basis).
The trend in net interest income shows growth for UniCredit excluding HVB (€1,599 mn,
+8.1% YoY) and a substantially stable situation for the HVB Group (€1,578 mn, -0.1% YoY).
The increase in net interest for UniCredit excluding HVB (€1,493 mn, +10.7% YoY) was
sustained by an increase in volumes and improvement in deposit spreads. On an annualised
basis, the largest contribution came from the Retail Division (+14.5% YoY) at approximately
half of the increase, but all the Divisions reported positive performances. The HVB Group
(€1,416 mn) reported a slight decrease (-0.6% YoY).
Customer loans, equal to €430.2 billion (bn), show an increase of 1.5% versus (vs.) June
2005 (+0.8% vs. December 2005). UniCredit excluding HVB shows significant growth YoY
(+11.0% YoY) with positive trends in the three most important divisions (Retail: +14.1% YoY,
Corporate: +7.4% YoY, New Europe: +25.1% YoY at constant exchange rates). In terms of
products, steady growth in household mortgages3 (+20.5% YoY) and consumer credit3
(+27.0% YoY) for Retail and in leasing for Corporate (+31.2% YoY) continued.
The HVB Group loans (€258.3 bn) show a decrease (-3.6% YoY, -1.5% vs. December
2005). This result reflects the HVB Group’s strategic reduction of real estate loans and the
introduction of a more risk correlated pricing policy in Germany.
Net deteriorated loans for the Group (that includes non-performing loans, watchlist,
restructured loans and past due loans) amounted to €16.7 bn, a decrease of 7.9% vs.
December 2005 and of 5.0% vs. March 2006. Non performing and watchlisted loans
totalled €14.2 bn (-10.1% vs. December 2005 and –8.1% vs. March 2006).
The total deteriorated loans/customer loans ratio fell from 4.26% at the end of 2005 to
3.87% at June 2006, with a coverage ratio of 48.6% (49.4% at December 2005). The
incidence of net non performing and watchlisted loans on total loans at June 2006 is
down from the 3.70% at December 2005 to 3.29%, with a coverage ratio that improved from
51.8% to 52.4% at June 2006.
quarters. In the balance sheet at 30 June 2006, Banque Monegasque de Gestion was classified among “Non current assets
and disposal groups for sale”, along with Uniriscossioni and 2S Banca, already so classified as at March 2006
3
Bank of Italy matrix data
2
Direct deposits amounted to €474.6 bn, an increase of 2.7% vs. December and of 3.9% vs.
June 2005. UniCredit excluding HVB came in at €187.0 bn (+5.0% vs. December 2005,
+9.5% YoY) and the HVB Group reached €284.9 bn (+1.4% vs. end of 2005, +1.0% YoY).
Net non-interest income (€2,774 mn) grew significantly (+34.9% YoY, +29.7% YoY on a
like for like foreign exchange and perimeter basis) due to a strong performance in all
segments.
Net commissions (€2,109 mn) grew by 16.6% YoY. UniCredit excluding HVB came in at
€1,193 mn (+13.2% YoY), with a particularly positive contribution from the Private Banking &
Asset Management Division (+23.8% YoY) and the New Europe Division (+21.7% YoY). The
HVB Group also reported significant improvement in commissions over second quarter
2005 (€917 mn, +21.6% YoY).
The Group’s net commissions include a significant increase in wealth management and
securities in custody fees that came in at €1,002 mn (+22.3% YoY).
All components of wealth management and securities in custody fees reported growth
over second quarter 2005; in particular, investment fund fees (€545 mn, +21.7% YoY), fees
on segregated accounts (€61 mn vs. €17 mn in second quarter 2005) and fees for the
placement of insurance products (€150 mn, +20.0% YoY).
Fees from trading, placement and other services related to securities administered
came in at €246 mn, +7.4% YoY. Commissions for other activities rose 11.8% YoY for a
total of €1,107 mn. More in detail, there was a marked increase in fees linked to payment
services (+28.4% YoY) and to currency trading (+20.1% YoY). Fees involving current
accounts, guarantees and loans rose +3.7% YoY.
Assets under management by the Group’s Asset Management companies amounted to
€236 bn, an increase of 5.6% vs. the end of 2005, thanks also to the acquisition of Vanderbilt
in the USA (more than €10 bn). More in detail, Pioneer reported growth of 7.4% in the first
half, with a more marked increase in the International Division (+34%) and in the US Division
(+29.6%), while the HVB Group reported an increase of 1%.
Net trading, hedging and fair value, equal to €564 mn in second quarter 2006, showed a
substantial increase YoY (+€334 mn), thanks to the HVB Group’s exceptional performance
(€317 mn YoY) and to the growth of 7.6% YoY reported by UniCredit excluding HVB (€254
mn in second quarter 2006). More in detail, the HVB Group’s result benefited from the
positive trend in business generated by derivatives and the Global Markets desk in HVB
excluding BA-CA and the strong contribution from BA-CA (€94 mn), more than doubled
compared to the second quarter 2005. The increase reported by UniCredit excluding HVB
in the second quarter is primarily due to the positive change in the fair value valuation of the
call option issued on Assicurazioni Generali stock of approximately €42 mn, following a
decrease in the stock’s price during the second quarter. At the end of June the total gain on
the Generali stock, classified among available-for-sale (AFS) assets, equalled €290 mn and
will be realised only at the time of sale.
Other income totalled €101 mn, an increase of €84 mn YoY, of which €31 mn is attributable
to the HVB Group.
Operating costs (€3,224 mn) dropped 0.5% YoY (on a like for like foreign exchange and
perimeter basis). This item includes €1,564 mn (+4.3% YoY4) attributable to UniCredit
excluding HVB while the HVB Group (€1,642 mn) reported a slight decrease (-4.8% YoY4).
Staff costs (€1,948 mn, +5.3%,YoY4) show an increase that is attributable to both
4
On a like for like foreign exchange and perimeter basis
3
UniCredit excluding HVB (€951 mn, +4.8% YoY4) and to the HVB Group5 (€997 mn,
+5.9% YoY4). The latter is due to the variable compensation tied to the excellent commercial
results that more than offset the staff reductions made in HVB excluding BA-CA (-600 heads
in the quarter). UniCredit excluding HVB’s increase is attributable to the national labour
contract (approximately +€18 mn YoY) and to the larger variable component of remuneration
(+€26 mn YoY). These increases were partially offset by staff reductions (-502 heads YoY,
primarily in the Retail Division).
Total operating costs, equal to €1,276 mn, registered a significant decrease on a like for
like exchange and perimeter basis (-8.3% YoY), thanks to the decrease in costs reported by
the HVB Group (-17.9% YoY) attributable to a drop in other administrative expenses and in
amortisation and depreciation that more than compensated for the increase reported by
UniCredit excluding HVB (+3.6% YoY).
Cost/income ratio fell to 54.0% in second quarter 2006 from 61.3% in the same period of
the previous year.
The Group’s operating profit in second quarter 2006 reached €2,745 mn, which represents
a rise of more than 38.0% YoY (+34.4% on a like for like exchange rate and perimeter basis).
This positive evolution reflects the HVB Group’s excellent operating performance (€1,195
mn, +77.0% YoY, +67.1% on a like for like exchange rate and perimeter basis) and the
growth of UniCredit excluding HVB (€1,551 mn, +17.9%), to which the Divisions Private
Banking & Asset Management (+38.3% YoY), Retail (+22.7% YoY) and New Europe
(+12.7% YoY) contributed most significantly.
Total provisions and write-downs in the quarter amounted to €628 mn vs. €582 mn in
second quarter 2005. More in detail:
! Provisions for risks and charges equal to €79 mn vs. €4 mn in second quarter
2005
! Net write-downs of loans and provisions for guarantees and commitments
amount to €549 mn vs. €578 mn in second quarter 2005 (-5.0% YoY).
The increase in operating profit YoY was amplified by a rise in net income from investments,
that was only partially offset by increases in provisions and net write-downs on loans, along
with integration charges of €52 mn.
Net income from investments in the second quarter amounted to €449 mn (€66 mn in
second quarter 2005) and can be attributed to the HVB Group for some €420 mn. The
largest portion of this item is related to the sale of Splitska Banka to SocGen (finalised by
BA-CA on 30 June) that generated a profit in HVB’s consolidated income statement of €669
mn, that was also adjusted in Unicredit’s consolidated accounts for €302 mn, following
valuations completed at the time of first consolidation. The capital gain for the Group,
therefore, equals €367 mn (contributing for €332 mn to the net income).
Income tax for the period, equal to €613 mn, shows an increase of 37.8% vs. second
quarter 2005, with an incidence on profit before tax of 24.4%, down from the 30.6% for FY
2005, thanks to increased capital gains on equity investments (not taxed) and an increase in
the impact of HVB AG’s profit, the taxation of which benefits from losses recorded in previous
years. Profit before tax, therefore, amounted to €1,901 mn (+84.9% YoY).
Assets in the process of being sold contributed €16 mn to the net profit. Net profit for the
period, therefore, amounted to €1,917 mn (+85.6% YoY, +78.9% YoY on a like for like
exchange rate and perimeter basis).
5
The 2Q06 HVB staff costs include the costs of personnel holding temporary contracts that were previously classified under
other administrative expenses
4
Minority interests’ profit in the second quarter totalled €231 mn, compared to €109 mn in
second quarter 2005. The increase is primarily due to the minority interests of the HVB
Group, net of the directly held interest in BA-CA.
The net profit attributable to the Group equalled, therefore, €1,686 mn, with an increase of
€762 mn (+82.5%) vs. second quarter 2005.
The Group’s portion of shareholders’ equity amounted to €34,771 mn at 30 June 2006 (vs.
€35,203 mn at the end of 2005).
Estimated Core Tier 1 came in at 5.94% at the end of June 2006, an improvement over
December 2005 (5.53%). Estimated Total Capital Ratio reached 10.25%6.
As from the end of June the Group’s organisation consisted of a staff7 of 134,870
employees (+71 vs. December 2005, -502 vs. June 2005). The increase vs. December is
explained by the presence of temporary employees working in the tourism industry for the
Zagrebacka Group companies (approx. 800 individuals). The Group’s network is composed
of 7,336 branches8 (+152 vs. the end of 2005).
Attached are the Group’s key figures, the Group’s reclassified balance sheet and income
statement, the income statements for UniCredit Group excluding HVB, the HVB Group and
the BACA Group, and the Group’s half-yearly income statement, which are not subject to
certification by the Independent Auditors.
Milan, 4 August 2006
6
Based on the new BankIT calculation instructions
“Full time equivalent “. The Koc Group is proportionately consolidated in the figures indicated. The HVB Group figure at 31
December has been restated to reflect the changes in the perimeter of consolidation that took place during the first half
8
In the figures indicated the Koc Group is proportionately consolidated at 100%
7
5
UniCredit: Key figures
PROFIT AND LOSS AND PROFITABILITY RATIOS
(€ million)
H1
CHANGE
2006
2005 PRO-FORMA
Total revenues
11,939
10,321
Operating costs
6,529
6,249
+ 4.5%
Operating profit
5,410
4,072
+ 32.9%
+ 15.7%
Profit before tax
4,729
3,257
+ 45.2%
Net Profit attributable to the Group
3,043
2,052
+ 48.3%
ROE 1
17.3%
11.9%
+ 5.4
Cost/income ratio
54.7%
60.5%
- 5.8
BALANCE SHEET
(€ million)
AMOUNTS AS AT
30.06.2006
CHANGE
31.12.2005
Total assets
803,792
787,000
+ 2.1%
Loans and receivables with customers
430,148
426,553
+ 0.8%
Deposits from customers and debt securities in issue
474,564
462,248
+ 2.7%
34,771
35,203
- 1.2%
Shareholders' equity
CAPITAL RATIOS (%)
AS AT
30.06.2006
Tier 1/Total risk-weighted assets
Total regulatory capital/Total risk-weighted assets
2
CHANGE
31.12.2005
5.94%
5.53%
+ 0.41
10.25%
10.34%
- 0.09
STAFF AND BRANCHES
AS AT
Employees 3
Branches
CHANGE
30.06.2006
31.12.2005
134,870
134,799
+ 71
7,336
7,184
+ 152
4
RATINGS
SHORT-TERM
MEDIUM AND
DEBT
LONG-TERM
.
FITCH RATINGS
F1
A+
STABLE
Moody's Investor Service
P-1
A1
STABLE
Standard & Poor's
A-1
A+
NEGATIVE
OUTLOOK
1. Calculated on the basis of the average shareholders' equity for the period (excluding reserves in respect of AfS assets and dividends
to be distributed and including the profit for the period on an annual basis).
2. Estimated data.
3. "Full time equivalent". Koç Group is consolidated proportionally. HVB Group figures as at 31 December have been adjusted to reflect
H1 2006 changes in the scope of consolidation. The increase is attributable to the presence of approximately 800 seasonal employees in
the tourism industry. Excluding seasonal employees, there was a reduction of 714 resources.
4. Koç Group, which is consolidated proportionally, is considered at 100%.
UniCredit: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET
(€ million)
AMOUNTS AS AT
30.06.2006
31.03.2006
CHANGE OVER
31.12.2005
31.03.2006
31.12.2005
Assets
Cash and cash balances
Financial assets held for trading
Loans and receivables with banks
Loans and receivables with customers
3,264
2,981
3,459
+ 9.5%
- 5.6%
174,574
163,729
172,287
+ 6.6%
+ 1.3%
85,079
92,387
76,099
- 7.9%
+ 11.8%
430,148
424,310
426,553
+ 1.4%
+ 0.8%
Financial investments
66,447
67,582
65,796
- 1.7%
+ 1.0%
Hedging instruments
3,431
4,186
4,919
- 18.0%
- 30.3%
Property, plant and equipment
8,777
8,744
7,973
+ 0.4%
+ 10.1%
Goodwill
8,840
9,172
9,202
- 3.6%
- 3.9%
Other intangible assets
2,572
2,568
2,633
+ 0.2%
- 2.3%
Tax assets
Non-current assets and disposal groups classified as held
for sale
6,286
6,361
6,592
- 1.2%
- 4.6%
6,053
7,124
3,309
- 15.0%
+ 82.9%
Other assets
8,321
7,721
8,178
+ 7.8%
+ 1.7%
Total assets
803,792
796,865
787,000
+ 0.9%
+ 2.1%
Deposits from banks
135,802
143,054
141,682
- 5.1%
- 4.2%
Deposits from customers and debt securities in issue
474,564
467,743
462,248
+ 1.5%
+ 2.7%
Financial liabilities held for trading
115,941
104,922
107,094
+ 10.5%
+ 8.3%
Liabilities and shareholders' equity
Financial liabilities designated at fair value
1,401
1,358
1,129
+ 3.2%
+ 24.1%
Hedging instruments
3,556
3,325
4,498
+ 6.9%
- 20.9%
Provisions for risks and charges
7,286
7,315
6,607
- 0.4%
+ 10.3%
Tax liabilities
Liabilities included in disposal groups classified as held
for sale
5,125
6,055
5,925
- 15.4%
- 13.5%
4,346
5,511
1,887
- 21.1%
+ 130.3%
16,888
16,655
16,824
+ 1.4%
+ 0.4%
4,112
4,387
3,903
- 6.3%
+ 5.4%
Shareholders' equity
34,771
36,540
35,203
- 4.8%
- 1.2%
- Capital and reserves
30,625
33,301
31,106
- 8.0%
- 1.5%
1,103
1,882
1,627
- 41.4%
- 32.2%
3,043
1,357
2,470
+ 124.2%
+ 23.2%
803,792
796,865
787,000
+ 0.9%
+ 2.1%
Other liabilities
Minorities
- Available-for-sale assets fair value reserve and
cash-flow hedging reserve
- Net profit
Total liabilities and shareholders' equity
UniCredit: Consolidated Profit and Loss Account
PROFIT AND LOSS ACCOUNT1
(€ million)
QUARTERLY FIGURES
UNICREDIT GROUP
Net interest
Dividends and other income from equity investments
Net interest income
Net fees and commissions
Net trading, hedging and fair value income
Net other expenses/income
Net non-interest income
TOTAL REVENUES
Q2 2006
Q1 2006
2,927
CHANGE Q2 '06 OVER Q2 '05
Q2 2005
2,945
ACTUAL
2,791
ADJUSTED
+ 4.9%
2
+ 2.8%
268
107
286
- 6.3%
- 7.0%
3,195
3,052
3,077
+ 3.8%
+ 1.9%
2,109
2,133
1,809
+ 16.6%
+ 13.6%
564
693
230
+ 145.2%
+ 136.5%
+ 294.1%
101
92
17
+ 494.1%
2,774
2,918
2,056
+ 34.9%
+ 29.7%
5,969
5,970
5,133
+ 16.3%
+ 13.0%
Payroll costs
-1,948
-1,950
-1,804
+ 8.0%
+ 5.3%
Other administrative expenses
-1,057
-1,123
-1,093
- 3.3%
- 7.0%
66
55
62
+ 6.5%
+ 6.5%
-285
-287
-309
- 7.8%
- 10.0%
-3,224
-3,305
-3,144
+ 2.5%
- 0.5%
2,745
2,665
1,989
+ 38.0%
+ 34.4%
Provisions for risks and charges
-79
-64
-4
n.s.
n.s.
Integration costs
-52
-
-
-
-
-549
-563
-578
- 5.0%
- 5.0%
449
177
66
+ 580.3%
+ 578.8%
2,514
2,215
1,473
+ 70.7%
+ 65.6%
-613
-697
-445
+ 37.8%
+ 36.6%
NET PROFIT
Profit (Loss) from non-current assets held for sale, after
tax
1,901
1,518
1,028
+ 84.9%
+ 78.2%
16
23
5
+ 220.0%
+ 220.0%
PROFIT (LOSS) FOR THE PERIOD
1,917
1,541
1,033
+ 85.6%
+ 78.9%
-231
-184
-109
+ 111.9%
+ 95.4%
1,686
1,357
924
+ 82.5%
+ 76.9%
54.0%
55.4%
61.3%
Recovery of expenses
Amortisation, depreciation and impairment losses on
intangible and tangible assets
Operating costs
OPERATING PROFIT
Net write-downs of loans and provisions
for guarantees and commitments
Net income from investments
PROFIT BEFORE TAX
Income tax for the period
Minorities
NET PROFIT ATTRIBUTABLE TO THE GROUP
PROFITABILITY RATIO
Cost/Income
1. Dividends on Equity Instruments held for trading are included in Net trading, hedging and fair value income. Q1 2006 HVB Group temporary staff
costs (€14 million), formerly included in Other administrative expenses, have been reclassified into Payroll costs.
2. Adjusted at constant exchange rates and to reflect equal scope of consolidation.
UniCredit excluding HVB : Consolidated Profit and Loss Account
PROFIT AND LOSS ACCOUNT1
(€ million)
QUARTERLY FIGURES
UNICREDIT EXCLUDING HVB
Net interest
Dividends and other income from equity investments
Net interest income
Net fees and commissions
Net trading, hedging and fair value income
Net other expenses/income
Net non-interest income
Q2 2006
Q1 2006
1,493
CHANGE Q2 '06 OVER Q2 '05
Q2 2005
1,464
ACTUAL
ADJUSTED
2
1,349
+ 10.7%
+ 10.6%
106
26
130
- 18.5%
- 17.7%
1,599
1,490
1,479
+ 8.1%
+ 8.1%
1,193
1,170
1,054
+ 13.2%
+ 12.8%
254
204
236
+ 7.6%
+ 6.4%
69
60
43
+ 60.5%
+ 65.9%
1,516
1,434
1,333
+ 13.7%
+ 13.3%
3,115
2,924
2,812
+ 10.8%
+ 10.5%
Payroll costs
-951
-960
-908
+ 4.7%
+ 4.8%
Other administrative expenses
-555
-558
-533
+ 4.1%
+ 4.0%
64
55
62
+ 3.2%
+ 3.2%
-122
-123
-118
+ 3.4%
+ 1.7%
-1,564
-1,586
-1,497
+ 4.5%
+ 4.3%
1,551
1,338
1,315
+ 17.9%
+ 17.6%
Provisions for risks and charges
-53
-40
-35
+ 51.4%
+ 54.3%
Integration costs
-46
-
-
-
-
-253
-241
-244
+ 3.7%
+ 4.5%
31
139
33
- 6.1%
- 6.3%
1,230
1,196
1,069
+ 15.1%
+ 14.4%
TOTAL REVENUES
Recovery of expenses
Amortisation, depreciation and impairment losses on
intangible and tangible assets
Operating costs
OPERATING PROFIT
Net write-downs of loans and provisions
for guarantees and commitments
Net income from investments
PROFIT BEFORE TAX
-390
-416
-339
+ 15.0%
+ 14.8%
NET PROFIT
Profit (Loss) from non-current assets held for sale, after
tax
Income tax for the period
840
780
730
+ 15.1%
+ 14.1%
16
23
5
+ 220.0%
+ 220.0%
PROFIT (LOSS) FOR THE PERIOD
856
803
735
+ 16.5%
+ 15.6%
Minorities
-58
-55
-70
- 17.1%
- 21.4%
NET PROFIT ATTRIBUTABLE TO THE GROUP
798
748
665
+ 20.0%
+ 19.5%
50.2%
54.2%
53.2%
PROFITABILITY RATIO
Cost/Income
1. Dividends on Equity Instruments held for trading are included in Net trading, hedging and fair value income.
2. Adjusted at constant exchange rates and to reflect equal scope of consolidation.
HVB: Consolidated Profit and Loss Account
PROFIT AND LOSS ACCOUNT1
(€ million)
QUARTERLY FIGURES
HVB GROUP
Net interest
Dividends and other income from equity investments
Net interest income
Q2 2006
Q1 2006
CHANGE Q2 '06 OVER Q2 '05
Q2 2005
ACTUAL
ADJUSTED
2
1,416
1,464
1,424
- 0.6%
- 4.4%
162
81
156
+ 3.8%
+ 1.9%
1,578
1,545
1,580
- 0.1%
- 3.8%
Net fees and commissions
917
963
754
+ 21.6%
+ 15.1%
Net trading, hedging and fair value income
311
488
-6
n.s.
n.s.
31
33
-25
n.s.
n.s.
Net other expenses/income
Net non-interest income
TOTAL REVENUES
1,259
1,484
723
+ 74.1%
+ 60.2%
2,837
3,029
2,303
+ 23.2%
+ 16.3%
Payroll costs
-997
-990
-896
+ 11.3%
+ 5.9%
Other administrative expenses
-502
-565
-560
- 10.4%
- 17.3%
2
-
-
-
-
Recovery of expenses
Amortisation, depreciation and impairment losses on
intangible and tangible assets
Operating costs
OPERATING PROFIT
Provisions for risks and charges
Integration costs
-145
-146
-172
- 15.7%
- 18.6%
-1,642
-1,701
-1,628
+ 0.9%
- 4.8%
1,195
1,328
675
+ 77.0%
+ 67.1%
-26
-24
31
n.s.
n.s.
-6
-
-
-
-
-296
-322
-334
- 11.4%
- 12.0%
Net write-downs of loans and provisions
for guarantees and commitments
Net income from investments
PROFIT BEFORE TAX
Income tax for the period
729
99
33
n.s.
n.s.
1,596
1,081
405
+ 294.1%
+ 277.8%
-224
-283
-106
+ 111.3%
+ 107.5%
NET PROFIT
Profit (Loss) from non-current assets held for sale, after
tax
1,372
798
299
+ 358.9%
+ 338.1%
-
-
-
-
-
PROFIT (LOSS) FOR THE PERIOD
1,372
798
299
+ 358.9%
+ 338.1%
Minorities
NET PROFIT ATTRIBUTABLE TO THE GROUP
-317
-147
-69
+ 359.4%
+ 337.7%
1,055
651
230
+ 358.7%
+ 338.3%
57.9%
56.2%
70.7%
PROFITABILITY RATIO
Cost/Income
1. Dividends on Equity Instruments held for trading are included in Net trading, hedging and fair value income. Q1 2006 temporary staff costs (€14
million), formerly included in Other administrative expenses, have been reclassified into Payroll costs.
2. Adjusted at constant exchange rates and to reflect equal scope of consolidation.
BA-CA 1: Consolidated Profit and Loss Account
PROFIT AND LOSS ACCOUNT2
(€ million)
QUARTERLY FIGURES
BA-CA GROUP
Net interest
Dividends and other income from equity investments
Net interest income
Net fees and commissions
Net trading, hedging and fair value income
Net other expenses/income
Net non-interest income
TOTAL REVENUES
Q2 2006
Q1 2006
603
CHANGE Q2 '06 OVER Q2 '05
Q2 2005
1,464
ACTUAL
ADJUSTED
3
576
+ 4.7%
- 0.5%
63
34
98
- 35.7%
- 34.7%
666
633
674
- 1.2%
- 5.5%
455
415
335
+ 35.8%
+ 23.0%
94
166
45
+ 108.9%
+ 95.5%
16
7
2
n.s.
n.s.
565
588
382
+ 47.9%
+ 34.7%
1,231
1,221
1,056
+ 16.6%
+ 9.0%
Payroll costs
-404
-401
-354
+ 14.1%
+ 4.1%
Other administrative expenses
-232
-230
-225
+ 3.1%
- 7.2%
-
-
-
-
-
-67
-68
-62
+ 8.1%
+ 1.1%
-703
-699
-641
+ 9.7%
- 0.2%
528
522
415
+ 27.2%
+ 23.2%
Provisions for risks and charges
-1
-2
30
n.s.
n.s.
Integration costs
-3
-
-
-
-
for guarantees and commitments
-87
-108
-127
- 31.5%
- 30.4%
Net income from investments
697
9
6
n.s.
n.s.
1,134
421
324
+ 250.0%
+ 242.7%
-84
-80
-63
+ 33.3%
+ 37.3%
NET PROFIT
Profit (Loss) from non-current assets held for sale, after
tax
1,050
341
261
+ 302.3%
+ 292.2%
-
-
-
-
-
PROFIT (LOSS) FOR THE PERIOD
1,050
341
261
+ 302.3%
+ 292.2%
-35
-34
-22
+ 59.1%
+ 43.0%
1,015
307
239
+ 324.7%
+ 315.2%
57.1%
54.2%
60.7%
Recovery of expenses
Amortisation, depreciation and impairment losses on
intangible and tangible assets
Operating costs
OPERATING PROFIT
Net write-downs of loans and provisions
PROFIT BEFORE TAX
Income tax for the period
Minorities
NET PROFIT ATTRIBUTABLE TO THE GROUP
PROFITABILITY RATIO
Cost/Income
1. As consolidated by HVB.
2. Dividends on Equity Instruments held for trading are included in Net trading, hedging and fair value income. Q1 2006 temporary staff costs (€6
million), formerly included in Other administrative expenses, have been reclassified into Payroll costs.
3. Adjusted at constant exchange rates and to reflect equal scope of consolidation.
UniCredit: H1 Consolidated Profit and Loss Account
PROFIT AND LOSS ACCOUNT
1
(€ million)
H1
UNICREDIT GROUP
Net interest
2006
CHANGE
2005
ACTUAL
ADJUSTED
2
5,872
5,528
+ 6.2%
375
371
+ 1.1%
- 0.5%
6,247
5,899
+ 5.9%
+ 3.2%
Net fees and commissions
4,242
3,568
+ 18.9%
+ 15.9%
Net trading, hedging and fair value income
1,257
834
+ 50.7%
+ 43.2%
Dividends and other income from equity investments
Net interest income
Net other expenses/income
+ 3.4%
193
20
n.s.
n.s.
5,692
4,422
+ 28.7%
+ 23.3%
TOTAL REVENUES
11,939
10,321
+ 15.7%
+ 11.8%
Payroll costs
-3,898
-3,608
+ 8.0%
+ 5.1%
Other administrative expenses
-2,180
-2,136
+ 2.1%
- 2.2%
121
116
+ 4.3%
+ 4.3%
-572
-621
- 7.9%
- 10.8%
-6,529
-6,249
+ 4.5%
+ 1.0%
5,410
4,072
+ 32.9%
+ 28.2%
-143
-75
+ 90.7%
+ 90.7%
-52
-
-
-
-1,112
-1,089
+ 2.1%
+ 0.6%
626
349
+ 79.4%
+ 81.4%
Net non-interest income
Recovery of expenses
Amortisation, depreciation and impairment losses on
intangible and tangible assets
Operating costs
OPERATING PROFIT
Provisions for risks and charges
Integration costs
Net write-downs of loans and provisions
for guarantees and commitments
Net income from investments
PROFIT BEFORE TAX
4,729
3,257
+ 45.2%
+ 40.1%
-1,310
-975
+ 34.4%
+ 32.7%
NET PROFIT
Profit (Loss) from non-current assets held for sale, after
tax
3,419
2,282
+ 49.8%
+ 43.3%
39
6
n.s.
n.s.
PROFIT (LOSS) FOR THE PERIOD
3,458
2,288
+ 51.1%
+ 44.6%
-415
-236
+ 75.8%
+ 53.4%
3,043
2,052
+ 48.3%
+ 43.6%
54.7%
60.5%
Income tax for the period
Minorities
NET PROFIT ATTRIBUTABLE TO THE GROUP
PROFITABILITY RATIO
Cost/Income
1. Dividends on Equity Instruments held for trading are included in Net trading, hedging and fair value income.
2. Adjusted at constant exchange rates and to reflect equal scope of consolidation.
Il secondo trimestre dell’anno si è chiuso per il Gruppo con un utile netto di 1.686 milioni,
con un incremento dell’82,5% rispetto al corrispondente periodo dell’anno precedente, una
crescita che si conferma molto significativa (+47% circa a/a) anche al netto della plusvalenza
sulla cessione di Splitska Banka. Il risultato di gestione (2.745 milioni) registra una crescita
del 38,0% sul secondo trimestre del 2005 (+34,4% a/a a cambi e perimetro costanti).
All’andamento dei risultati del Gruppo ha contribuito molto positivamente il Gruppo HVB con
un utile netto pari a 1.055 milioni (prima delle rettifiche di consolidamento), più che
quadruplicato rispetto all’anno precedente (230 milioni) e un risultato di gestione di 1.195
milioni (+67,1% a/a a cambi e perimetro costanti). Tale andamento è principalmente
riconducibile ad una forte crescita dei ricavi (+16,3% a/a a cambi e a perimetro costanti) e ad
una sostanziale riduzione dei costi operativi (-4,8% a/a a cambi e a perimetro costanti).
Il margine d’intermediazione del Gruppo ha raggiunto i 5.969 milioni, con un incremento
del 16,3% a/a (+13,0% a/a a cambi e a perimetro costanti), quale risultante di una crescita
sia del margine d’interesse (3.195 milioni, +3,8% a/a e +1,9% a/a a cambi e perimetro
costanti), sia dei proventi da intermediazione e diversi (2.774 milioni, +34,9% a/a e
+29,7% a/a a cambi e a perimetro costanti).
L’andamento del margine d’interesse evidenzia una forte crescita per UniCredit escluso
HVB (1.599 milioni, +8,1% a/a) ed una sostanziale stabilità per il Gruppo HVB (1.578
milioni, -0,1% a/a).
Analizzando la dinamica dei soli interessi netti, l’aumento in UniCredit escluso HVB (1.493
milioni, +10,7% a/a) è sostenuto dalla crescita dei volumi e da un miglioramento dello spread
sulla raccolta. Su base annua, contribuisce a tale risultato principalmente la Divisione Retail
(+14,5% a/a), che spiega più della metà dell’incremento, ma l’andamento è positivo in tutte le
Divisioni. Il Gruppo HVB (1.416 milioni) evidenzia una lieve flessione (-0,6% a/a).
I crediti verso clientela, pari a 430,1 miliardi, registrano un incremento dell’1,5% su giugno
2005 (+0,8% su dicembre 2005). UniCredit escluso HVB mostra un aumento notevole a/a
(+11,0% a/a) con trend positivi nelle tre Divisioni più significative (Retail: +14,1% a/a,
Corporate: +7,4% a/a, New Europe: +25,1% a/a a cambi costanti). Per quanto riguarda i
prodotti, mantengono un buon ritmo di crescita i mutui alle famiglie3 (+20,5% a/a) e il credito
al consumo3 (+27,0% a/a) nel Retail e il leasing nel Corporate (+31,2% a/a).
I crediti nel Gruppo HVB (258,3 miliardi) evidenziano una flessione (-3,6% a/a, -1,5% su
dicembre 2005). Tale andamento risente della riduzione strategica dei crediti operata dal
Gruppo HVB nel segmento real estate e della diminuzione conseguente all’ accelerazione in
Germania di una politica di pricing maggiormente correlata al rischio.
Il complesso dei crediti deteriorati netti del Gruppo (che comprendono sofferenze, incagli,
crediti ristrutturati e crediti scaduti) è pari a 16,7 miliardi, in flessione del 7,9% sul dicembre
2005 e del 5,0% su marzo 2006. Il totale delle sofferenze e degli incagli si attesta a 14,2
miliardi (-10,1% su dicembre 2005 e –8,1% su marzo 2006).
Il rapporto tra il totale dei crediti deteriorati ed i crediti verso clientela, scende dal
4,26% di fine 2005 al 3,87% di giugno 2006, con un rapporto di copertura al 48,6% (49,4% a
dicembre 2005). L’incidenza delle sofferenze nette e degli incagli sul totale crediti di
quota partecipativa in Yapi ve Kredi Bankasi, il cui controllo era stato acquisito dal terzo trimestre 2005, portandola dal 57,4%
al 67,31%. Essendo Yapi consolidata proporzionalmente, per omogeneità di confronti sono stati ricostruiti i conti economici dei
trimestri precedenti. Nella situazione patrimoniale al 30 giugno 2006, Banque Monegasque de Gestion è stata classificata tra le
“Attività non correnti e gruppi di attività in via di dismissione”, insieme a Uniriscossioni e 2S Banca, già classificate in tale voce
a marzo 2006
3
Dati matrice Banca d’Italia
2
giugno 2006 scende dal 3,70% di dicembre 2005 al 3,29%, con un rapporto di copertura in
miglioramento dal 51,8% al 52,4% di giugno 2006.
La raccolta diretta si attesta su un livello di 474,6 miliardi, in aumento del 2,7% su dicembre
e del 3,9% su giugno 2005. UniCredit escluso HVB si posiziona a 187,0 miliardi (+ 5,0% su
dicembre 2005, +9,5% a/a) ed il Gruppo HVB raggiunge i 284,9 miliardi (+1,4% su fine
2005, +1,0% a/a).
I proventi da intermediazione e diversi (2.774 milioni) crescono significativamente
(+34,9% a/a, +29,7% a/a a cambi e perimetro costanti) per il forte progresso in tutte le
componenti.
Le commissioni nette (2.109 milioni) salgono del 16,6% a/a. UniCredit escluso HVB si
attesta a 1.193 milioni (+13,2% a/a), con un contributo particolarmente positivo della
Divisione Private Banking & Asset Management (+23,8% a/a) e della Divisione New Europe
(+21,7% a/a). Il Gruppo HVB mostra anch’esso una forte progressione delle commissioni sul
secondo trimestre 2005 (917 milioni, +21,6% a/a).
All’interno delle commissioni nette di Gruppo, le commissioni sui servizi di gestione e
amministrazione del risparmio si attestano a 1.002 milioni, in significativo aumento a/a
(+22,3%).
Tutte le componenti delle commissioni sui servizi di gestione e amministrazione del
risparmio sono in crescita sul secondo trimestre del 2005, in particolare le commissioni sui
fondi di investimento (545 milioni, +21,7% a/a), le commissioni sulle gestioni
patrimoniali (61 milioni da 17 milioni nel secondo trimestre del 2005) e le commissioni sul
collocamento di prodotti assicurativi (150 milioni, +20,0% a/a).
Le commissioni sulla negoziazione, collocamento e altri servizi sui titoli amministrati
si attestano a 246 milioni, +7,4% a/a. In crescita dell’11,8% a/a anche le commissioni sugli
altri settori di attività, pari nel complesso a 1.107 milioni. In particolare, all’interno di questa
voce, evidenziano un marcato incremento le commissioni legate ai servizi di incasso e
pagamento (+28,4% a/a) e quelle relative a negoziazione di valute (+20,1% a/a).
L’incremento delle commissioni su conti correnti, crediti di firma e finanziamenti è del
3,7% a/a.
Il patrimonio gestito dalle società di Asset Management del Gruppo si colloca a 236
miliardi, in aumento del 5,6% su fine 2005, grazie anche all’acquisizione di Vanderbilt in USA
(oltre 10 miliardi di euro). Più in dettaglio, Pioneer ha registrato una crescita del 7,4% nel
semestre, con un aumento più marcato nelle Divisioni International (+34%) e USA (+29,6%),
mentre l’incremento per il Gruppo HVB si attesta all’1%.
Il risultato netto di negoziazione, coperture e fair value, pari a 564 milioni nel secondo
trimestre 2006, registra un sostanziale aumento a/a (+334 milioni), grazie all’eccezionale
risultato conseguito dal Gruppo HVB (+317 milioni a/a) e ad una crescita del 7,6% a/a
registrata da UniCredit escluso HVB (254 milioni nel secondo trimestre del 2006). Più in
dettaglio, il risultato del Gruppo HVB ha beneficiato del positivo andamento del business dei
derivati e del desk Global Markets in HVB esclusa BA-CA e del buon contributo di BA-CA (94
milioni), più che raddoppiato rispetto al secondo trimestre del 2005. L’aumento in UniCredit
escluso HVB nel secondo trimestre è invece sostanzialmente imputabile alla variazione
positiva nel fair value dell’opzione call emessa sul titolo delle Assicurazioni Generali di circa
42 milioni, determinata da una flessione nel corso del titolo nel secondo trimestre. A fine
giugno la plusvalenza maturata sul titolo Generali, classificato tra le attività disponibili per la
vendita, è pari a 290 milioni e verrà realizzata solo al momento della vendita.
3
Gli altri proventi sono pari a 101 milioni, in aumento di 84 milioni a/a, di cui 31 milioni relativi
al Gruppo HVB.
I costi operativi (3.224 milioni) sono in flessione dello 0,5% a/a (a cambi e a perimetro
costanti). All’interno di questa voce, UniCredit escluso HVB si attesta a 1.564 milioni
(+4,3% a/a4) mentre il Gruppo HVB (1.642 milioni) registra una sostanziale flessione (-4,8%
a/a4). Le spese per il personale (1.948 milioni, +5,3% a/a4) mostrano un incremento
riconducibile sia ad UniCredit escluso HVB (951 milioni, +4,8% a/a4) sia al Gruppo HVB5
(997 milioni, +5,9% a/a4), quest’ultimo dovuto al sistema premiante legato agli eccellenti
risultati commerciali, che più che compensa la riduzione avviata nell’organico di HVB esclusa
BA-CA (-600 unità nel trimestre). L’aumento in UniCredit escluso HVB è riconducibile al
contratto collettivo nazionale (+18 milioni circa a/a) e all’aumento della componente variabile
della remunerazione (+26 milioni a/a). Tali crescite sono solo parzialmente controbilanciate
dai benefici legati alla diminuzione dell’organico (-502 unità a/a, prevalentemente nella
Divisione Retail).
Il complesso degli altri costi operativi, pari a 1.276 milioni, registrano una forte diminuzione
a cambi e perimetro costanti (-8,3% a/a), grazie alla riduzione nel Gruppo HVB (-17,9% a/a),
risultante da una flessione delle altre spese amministrative e degli ammortamenti, che più
che controbilancia la crescita registrata in UniCredit escluso HVB (+3,6% a/a).
Il rapporto tra costi e ricavi scende nel secondo trimestre 2006 al 54,0% dal 61,3% del
corrispondente periodo dell’anno precedente.
Il risultato di gestione del Gruppo del secondo trimestre 2006 raggiunge i 2.745 milioni, un
livello superiore del 38,0% a/a (+34,4% a cambi e a perimetro costanti). La positiva
evoluzione di tale voce è il risultato dell’ottima performance operativa del Gruppo HVB
(1.195 milioni, +77,0% a/a, +67,1% a cambi e a perimetro costanti) e della crescita di
UniCredit escluso HVB (1.551 milioni, +17,9%), alla quale hanno contribuito in misura
particolarmente positiva le Divisioni Private Banking & Asset Management (+38,3% a/a),
Retail (+22,7% a/a) e New Europe (+12,7% a/a).
Il complesso di accantonamenti e rettifiche del trimestre ammonta a 628 milioni rispetto ai
582 milioni del secondo trimestre 2005. In particolare, si segnalano:
9 accantonamenti per rischi ed oneri per 79 milioni, contro i 4 milioni del secondo
trimestre 2005
9 rettifiche nette su crediti e accantonamenti per garanzie e impegni per 549
milioni contro i 578 milioni del secondo trimestre 2005 (-5,0% a/a).
L’incremento del risultato di gestione a/a è stato amplificato dai maggiori profitti netti da
investimenti, solo in parte compensati dagli aumenti degli accantonamenti e delle rettifiche
nette su crediti, oltre che da oneri di integrazione per 52 milioni.
I profitti netti da investimenti del secondo trimestre ammontano a 449 milioni (66 milioni
nel secondo trimestre 2005) e sono essenzialmente riferibili al Gruppo HVB con un apporto
di circa 420 milioni. L’importo più significativo compreso in tale voce è relativo alla cessione
di Splitska Banka a SocGen (perfezionata da BA-CA il 30 giugno) che genera profitti netti nel
conto economico consolidato di HVB per 669 milioni, peraltro rettificati per 302 milioni nel
consolidato di UniCredit, tenuto conto delle valutazioni effettuate al momento del primo
consolidamento. La plusvalenza per il Gruppo ammonta quindi a 367 milioni (con un apporto
all’utile netto pari a 332 milioni). Le imposte sul reddito del periodo, pari a 613 milioni,
registrano un aumento del 37,8% rispetto al secondo trimestre 2005, con un’incidenza
4
A cambi e a perimetro costanti
Le spese del personale del secondo trimestre del 2006 includono i costi relativi ai lavoratori temporanei precedentemente
computati nelle altre spese amministrative
5
4
sull’utile lordo del 24,4%, in riduzione rispetto al 30,6% dell’intero esercizio 2005, grazie a
maggiori plusvalenze su partecipazioni (non tassate) e ad una maggiore incidenza dell’utile
di HVB AG, la cui tassazione beneficia dell’utilizzo delle perdite registrate negli esercizi
precedenti. L’utile netto dell’operatività corrente risulta pertanto pari a 1.901 milioni
(+84,9% a/a).
Alla formazione dell’utile netto concorrono le attività in via di dismissione per complessivi 16
milioni. L’utile di periodo si attesta così a 1.917 milioni (+85,6% a/a, +78,9% a/a a perimetro
e cambi costanti).
L’utile di pertinenza di terzi del secondo trimestre è pari a 231 milioni, rispetto ai 109
milioni del secondo trimestre 2005. L’aumento è prevalentemente riconducibile alla quota di
terzi del Gruppo HVB, al netto della quota di BA-CA direttamente posseduta.
L’utile netto di pertinenza del Gruppo si attesta pertanto a 1.686 milioni, con una crescita
di 762 milioni (+82,5%) rispetto al secondo trimestre 2005.
Il patrimonio netto di pertinenza del Gruppo si attesta al 30 giugno 2006 a 34.771 milioni
(35.203 milioni a fine 2005).
Il Core Tier 1 stimato si attesta al 5,94% a fine giugno 2006, in miglioramento su dicembre
2005 (5,53%). Il Total Capital Ratio stimato raggiunge il 10,256%.
La struttura del Gruppo a fine giugno era composta da un organico7 di 134.870 dipendenti
(+71 unità su dicembre 2005, -502 su giugno 2005). L’aumento rispetto a dicembre è
spiegato dalla presenza di lavoratori stagionali operanti nel settore del turismo per le società
del Gruppo Zagrebacka (circa 800 unità). La rete distributiva del Gruppo è composta da
7.336 sportelli8 (+152 su fine 2005).
Si allegano i dati principali del Gruppo, i prospetti dello Stato Patrimoniale e del Conto
Economico riclassificati del Gruppo, i Conti Economici del Gruppo UniCredit escluso HVB,
del Gruppo HVB e del Gruppo BACA, il Conto Economico di Gruppo del semestre, per i quali
non è prevista la certificazione della Società di Revisione.
Milano, 4 agosto 2006
6
Calcolo effettuato sulla base delle nuove istruzioni di Banca d’Italia
“Full time equivalent “. Nei dati indicati il Gruppo Koc è consolidato proporzionalmente. Il dato del 31 dicembre del Gruppo
HVB è stato proformato per tener conto delle variazioni dell’area di consolidamento del primo semestre.
8
Nei dati indicati il Gruppo Koc, consolidato proporzionalmente, è considerato al 100%
7
5
UniCredit: Principali dati del Gruppo
DATI ECONOMICI E INDICI DI REDDITIVITA'
(milioni di €)
1° SEMESTRE
Margine d'intermediazione
VARIAZIONE
2006
2005 PROFORMA
11.939
10.321
Costi operativi
6.529
6.249
+ 15,7%
+ 4,5%
Risultato di Gestione
5.410
4.072
+ 32,9%
Utile lordo dell'operatività corrente
4.729
3.257
+ 45,2%
Utile netto di pertinenza del Gruppo
3.043
2.052
+ 48,3%
ROE 1
17,3%
11,9%
+ 5,4
Cost/income ratio
54,7%
60,5%
- 5,8
DATI PATRIMONIALI
(milioni di €)
CONSISTENZE AL
30.06.2006
VARIAZIONE
31.12.2005
Totale attivo
803.792
787.000
+ 2,1%
Crediti verso Clientela
430.148
426.553
+ 0,8%
Raccolta da clientela e titoli
474.564
462.248
+ 2,7%
34.771
35.203
- 1,2%
Patrimonio netto di pertinenza del Gruppo
COEFFICIENTI DI SOLVIBILITA'
DATI AL
30.06.2006
Core Tier 1 Ratio
Patrimonio totale Vigilanza/Totale attività ponderate
2
VARIAZIONE
31.12.2005
5,94%
5,53%
+ 0,41
10,25%
10,34%
- 0,09
DATI DI STRUTTURA
DATI AL
Dipendenti 3
Sportelli bancari
VARIAZIONE
30.06.2006
31.12.2005
134.870
134.799
+ 71
7.336
7.184
+ 152
4
RATINGS
DEBITO
DEBITO
A BREVE
A MEDIO LUNGO
FITCH RATINGS
F1
A+
STABILE
Moody's Investor Service
P-1
A1
STABILE
Standard & Poor's
A-1
A+
NEGATIVO
OUTLOOK
1. Il patrimonio utilizzato per il rapporto è quello medio del periodo (escluso riserve di valutazione su attività disponibili per la vendita e
dividendi da distribuire e compreso utile del periodo rapportato ad anno).
2. Dati stimati.
3. "Full time equivalent". Nei dati indicati il Gruppo Koç è consolidato proporzionalmente. Il dato del 31 dicembre del Gruppo HVB è stato
proformato per tener conto delle variazioni dell'area di consolidamento del 1° semestre. L'aumento è spiegato dalla presenza di circa 800
operatori stagionali in più nel settore del turismo: al netto degli stagionali si registra una riduzione di 714 unità.
4. Nei dati indicati il Gruppo Koç, consolidato proporzionalmente, è considerato al 100%.
Gruppo UniCredit: Stato Patrimoniale Riclassificato
STATO PATRIMONIALE CONSOLIDATO
(milioni di €)
CONSISTENZE AL
30.06.2006
31.03.2006
VARIAZIONE SU
31.12.2005
31.03.2006
31.12.2005
Attivo
Cassa e disponibilità liquide
3.264
2.981
3.459
+ 9,5%
- 5,6%
174.574
163.729
172.287
+ 6,6%
+ 1,3%
Crediti verso banche
85.079
92.387
76.099
- 7,9%
+ 11,8%
Crediti verso clientela
430.148
424.310
426.553
+ 1,4%
+ 0,8%
Investimenti finanziari
66.447
67.582
65.796
- 1,7%
+ 1,0%
Coperture
3.431
4.186
4.919
- 18,0%
- 30,3%
Attività materiali
8.777
8.744
7.973
+ 0,4%
+ 10,1%
Avviamenti
8.840
9.172
9.202
- 3,6%
- 3,9%
Altre attività immateriali
2.572
2.568
2.633
+ 0,2%
- 2,3%
Attività fiscali
Attività non correnti e gruppi di attività in via di
dismissione
6.286
6.361
6.592
- 1,2%
- 4,6%
6.053
7.124
3.309
- 15,0%
+ 82,9%
Altre attività
8.321
7.721
8.178
+ 7,8%
+ 1,7%
803.792
796.865
787.000
+ 0,9%
+ 2,1%
Debiti verso banche
135.802
143.054
141.682
- 5,1%
- 4,2%
Raccolta da clientela e titoli
474.564
467.743
462.248
+ 1,5%
+ 2,7%
Passività finanziarie di negoziazione
115.941
104.922
107.094
+ 10,5%
+ 8,3%
Passività finanziarie valutate al fair value
1.401
1.358
1.129
+ 3,2%
+ 24,1%
Coperture
3.556
3.325
4.498
+ 6,9%
- 20,9%
Attività finanziarie di negoziazione
Totale dell'attivo
Passivo e patrimonio netto
Fondi per rischi ed oneri
7.286
7.315
6.607
- 0,4%
+ 10,3%
Passività fiscali
Passività associate a gruppi di attività in via di
dismissione
5.125
6.055
5.925
- 15,4%
- 13,5%
4.346
5.511
1.887
- 21,1%
+ 130,3%
16.888
16.655
16.824
+ 1,4%
+ 0,4%
4.112
4.387
3.903
- 6,3%
+ 5,4%
Patrimonio di pertinenza del Gruppo:
34.771
36.540
35.203
- 4,8%
- 1,2%
- capitale e riserve
30.625
33.301
31.106
- 8,0%
- 1,5%
1.103
1.882
1.627
- 41,4%
- 32,2%
3.043
1.357
2.470
+ 124,2%
+ 23,2%
803.792
796.865
787.000
+ 0,9%
+ 2,1%
Altre passività
Patrimonio di pertinenza di terzi
- riserve di valutazione attività disponibili
per la vendita e di Cash-flow hedge
- utile netto
Totale del passivo e del patrimonio netto
Gruppo UniCredit: Conto Economico riclassificato
CONTO ECONOMICO 1
(milioni di €)
EVOLUZIONE TRIMESTRALE
GRUPPO UNICREDIT
Interessi netti
Dividendi e altri proventi su partecipazioni
Margine d'interesse
Commissioni nette
Risultato negoziazione, coperture e fair value
Saldo altri proventi/oneri
Proventi di intermediazione e diversi
MARGINE DI INTERMEDIAZIONE
2° TRIM. '06
2.927
1° TRIM. '06
VARIAZIONE 2° TRIM. '06 SU 2° '05
2° TRIM. '05
2.945
EFFETTIVA
2.791
NORMALIZZATA
+ 4,9%
2
+ 2,8%
268
107
286
- 6,3%
- 7,0%
3.195
3.052
3.077
+ 3,8%
+ 1,9%
2.109
2.133
1.809
+ 16,6%
+ 13,6%
564
693
230
+ 145,2%
+ 136,5%
+ 294,1%
101
92
17
+ 494,1%
2.774
2.918
2.056
+ 34,9%
+ 29,7%
5.969
5.970
5.133
+ 16,3%
+ 13,0%
Spese per il personale
-1.948
-1.950
-1.804
+ 8,0%
+ 5,3%
Altre spese amministrative
-1.057
-1.123
-1.093
- 3,3%
- 7,0%
66
55
62
+ 6,5%
+ 6,5%
-285
-287
-309
- 7,8%
- 10,0%
-3.224
-3.305
-3.144
+ 2,5%
- 0,5%
2.745
2.665
1.989
+ 38,0%
+ 34,4%
Accantonamenti per rischi ed oneri
-79
-64
-4
n.s.
n.s.
Oneri di integrazione
-52
-
-
-
-
-549
-563
-578
- 5,0%
- 5,0%
449
177
66
+ 580,3%
+ 578,8%
2.514
2.215
1.473
+ 70,7%
+ 65,6%
-613
-697
-445
+ 37,8%
+ 36,6%
UTILE NETTO DELL'OPERATIVITA' CORRENTE
Utile (Perdita) delle attività in via di dismissione al netto
delle imposte
1.901
1.518
1.028
+ 84,9%
+ 78,2%
16
23
5
+ 220,0%
+ 220,0%
UTILE (PERDITA) DEL PERIODO
1.917
1.541
1.033
+ 85,6%
+ 78,9%
-231
-184
-109
+ 111,9%
+ 95,4%
1.686
1.357
924
+ 82,5%
+ 76,9%
54,0%
55,4%
61,3%
Recuperi di spesa
Rettifiche di valore su immobilizzazioni materiali e
immateriali
Costi operativi
RISULTATO DI GESTIONE
Rettifiche nette su crediti
e su accantonamenti per garanzie e impegni
Profitti netti da investimenti
UTILE LORDO DELL'OPERATIVITA' CORRENTE
Imposte sul reddito del periodo
Utile di pertinenza di terzi
UTILE NETTO DI PERTINENZA DEL GRUPPO
INDICE DI REDDITIVITA'
Cost/Income
1. I dividendi su titoli rappresentativi di capitale detenuti per negoziazione sono classificati nel Risultato negoziazione, coperture e fair value. Le spese
del primo trimestre 2006 per il personale temporaneo del Gruppo HVB (14 milioni) sono state riclassificate da altre spese amministrative a spese per il
personale.
2. Variazione a cambi costanti e perimetro omogeneo.
UniCredit escluso HVB: Conto Economico riclassificato
CONTO ECONOMICO 1
(milioni di €)
EVOLUZIONE TRIMESTRALE
UNICREDIT ESCLUSO HVB
Interessi netti
Dividendi e altri proventi su partecipazioni
Margine d'interesse
Commissioni nette
Risultato negoziazione, coperture e fair value
Saldo altri proventi/oneri
Proventi di intermediazione e diversi
MARGINE DI INTERMEDIAZIONE
2° TRIM. '06
1° TRIM. '06
VARIAZIONE 2° TRIM. '06 SU 2° '05
2° TRIM. '05
NORMALIZZATA 2
EFFETTIVA
1.493
1.464
1.349
+ 10,7%
+ 10,6%
106
26
130
- 18,5%
- 17,7%
1.599
1.490
1.479
+ 8,1%
+ 8,1%
1.193
1.170
1.054
+ 13,2%
+ 12,8%
254
204
236
+ 7,6%
+ 6,4%
69
60
43
+ 60,5%
+ 65,9%
1.516
1.434
1.333
+ 13,7%
+ 13,3%
3.115
2.924
2.812
+ 10,8%
+ 10,5%
Spese per il personale
-951
-960
-908
+ 4,7%
+ 4,8%
Altre spese amministrative
-555
-558
-533
+ 4,1%
+ 4,0%
64
55
62
+ 3,2%
+ 3,2%
+ 1,7%
Recuperi di spesa
Rettifiche di valore su immobilizzazioni materiali e
immateriali
-122
-123
-118
+ 3,4%
-1.564
-1.586
-1.497
+ 4,5%
+ 4,3%
1.551
1.338
1.315
+ 17,9%
+ 17,6%
Accantonamenti per rischi ed oneri
-53
-40
-35
+ 51,4%
+ 54,3%
Oneri di integrazione
-46
-
-
-
-
-253
-241
-244
+ 3,7%
+ 4,5%
31
139
33
- 6,1%
- 6,3%
1.230
1.196
1.069
+ 15,1%
+ 14,4%
-390
-416
-339
+ 15,0%
+ 14,8%
UTILE NETTO DELL'OPERATIVITA' CORRENTE
Utile (Perdita) delle attività in via di dismissione al netto
delle imposte
840
780
730
+ 15,1%
+ 14,1%
16
23
5
+ 220,0%
+ 220,0%
UTILE (PERDITA) DEL PERIODO
856
803
735
+ 16,5%
+ 15,6%
Utile di pertinenza di terzi
-58
-55
-70
- 17,1%
- 21,4%
UTILE NETTO DI PERTINENZA DEL GRUPPO
798
748
665
+ 20,0%
+ 19,5%
50,2%
54,2%
53,2%
Costi operativi
RISULTATO DI GESTIONE
Rettifiche nette su crediti
e su accantonamenti per garanzie e impegni
Profitti netti da investimenti
UTILE LORDO DELL'OPERATIVITA' CORRENTE
Imposte sul reddito del periodo
INDICE DI REDDITIVITA'
Cost/Income
1. I dividendi su titoli rappresentativi di capitale detenuti per negoziazione sono classificati nel Risultato negoziazione, coperture e fair value.
2. Variazione a cambi costanti e perimetro omogeneo.
Gruppo HVB: Conto Economico riclassificato
CONTO ECONOMICO 1
(milioni di €)
EVOLUZIONE TRIMESTRALE
GRUPPO HVB
Interessi netti
Dividendi e altri proventi su partecipazioni
Margine d'interesse
2° TRIM. '06
1° TRIM. '06
1.416
VARIAZIONE 2° TRIM. '06 SU 2° '05
2° TRIM. '05
1.464
EFFETTIVA
NORMALIZZATA
2
1.424
- 0,6%
- 4,4%
162
81
156
+ 3,8%
+ 1,9%
1.578
1.545
1.580
- 0,1%
- 3,8%
Commissioni nette
917
963
754
+ 21,6%
+ 15,1%
Risultato negoziazione, coperture e fair value
311
488
-6
n.s.
n.s.
Saldo altri proventi/oneri
Proventi di intermediazione e diversi
MARGINE DI INTERMEDIAZIONE
31
33
-25
n.s.
n.s.
1.259
1.484
723
+ 74,1%
+ 60,2%
2.837
3.029
2.303
+ 23,2%
+ 16,3%
Spese per il personale
-997
-990
-896
+ 11,3%
+ 5,9%
Altre spese amministrative
-502
-565
-560
- 10,4%
- 17,3%
2
-
-
-
-
-145
-146
-172
- 15,7%
- 18,6%
-1.642
-1.701
-1.628
+ 0,9%
- 4,8%
1.195
1.328
675
+ 77,0%
+ 67,1%
-26
-24
31
n.s.
n.s.
-6
-
-
-
-
-296
-322
-334
- 11,4%
- 12,0%
729
99
33
n.s.
n.s.
1.596
1.081
405
+ 294,1%
+ 277,8%
-224
-283
-106
+ 111,3%
+ 107,5%
UTILE NETTO DELL'OPERATIVITA' CORRENTE
Utile (Perdita) delle attività in via di dismissione al netto
delle imposte
1.372
798
299
+ 358,9%
+ 338,1%
-
-
-
-
-
UTILE (PERDITA) DEL PERIODO
1.372
798
299
+ 358,9%
+ 338,1%
-317
-147
-69
+ 359,4%
+ 337,7%
1.055
651
230
+ 358,7%
+ 338,3%
57,9%
56,2%
70,7%
Recuperi di spesa
Rettifiche di valore su immobilizzazioni materiali e
immateriali
Costi operativi
RISULTATO DI GESTIONE
Accantonamenti per rischi ed oneri
Oneri di integrazione
Rettifiche nette su crediti
e su accantonamenti per garanzie e impegni
Profitti netti da investimenti
UTILE LORDO DELL'OPERATIVITA' CORRENTE
Imposte sul reddito del periodo
Utile di pertinenza di terzi
UTILE NETTO DI PERTINENZA DEL GRUPPO
INDICE DI REDDITIVITA'
Cost/Income
1. I dividendi su titoli rappresentativi di capitale detenuti per negoziazione sono classificati nel Risultato negoziazione, coperture e fair value. Le spese
del primo trimestre 2006 per il personale temporaneo (14 milioni) sono state riclassificate da altre spese amministrative a spese per il personale.
2. Variazione a cambi costanti e perimetro omogeneo.
Gruppo BA-CA 1: Conto Economico riclassificato
CONTO ECONOMICO 2
(milioni di €)
EVOLUZIONE TRIMESTRALE
GRUPPO BA-CA
Interessi netti
Dividendi e altri proventi su partecipazioni
2° TRIM. '06
1° TRIM. '06
603
VARIAZIONE 2° TRIM. '06 SU 2° '05
2° TRIM. '05
599
NORMALIZZATA 3
EFFETTIVA
576
+ 4,7%
- 0,5%
- 34,7%
63
34
98
- 35,7%
666
633
674
- 1,2%
- 5,5%
455
415
335
+ 35,8%
+ 23,0%
Risultato negoziazione, coperture e fair value
94
166
45
+ 108,9%
+ 95,5%
Saldo altri proventi/oneri
16
7
2
n.s.
n.s.
Margine d'interesse
Commissioni nette
Proventi di intermediazione e diversi
MARGINE DI INTERMEDIAZIONE
565
588
382
+ 47,9%
+ 34,7%
1.231
1.221
1.056
+ 16,6%
+ 9,0%
Spese per il personale
-404
-401
-354
+ 14,1%
+ 4,1%
Altre spese amministrative
-232
-230
-225
+ 3,1%
- 7,2%
-
-
-
-
-
-67
-68
-62
+ 8,1%
+ 1,1%
-703
-699
-641
+ 9,7%
- 0,2%
528
522
415
+ 27,2%
+ 23,2%
Accantonamenti per rischi ed oneri
-1
-2
30
n.s.
n.s.
Oneri di integrazione
-3
-
-
-
-
e su accantonamenti per garanzie e impegni
-87
-108
-127
- 31,5%
- 30,4%
Profitti netti da investimenti
697
9
6
n.s.
n.s.
1.134
421
324
+ 250,0%
+ 242,7%
Recuperi di spesa
Rettifiche di valore su immobilizzazioni materiali e
immateriali
Costi operativi
RISULTATO DI GESTIONE
Rettifiche nette su crediti
UTILE LORDO DELL'OPERATIVITA' CORRENTE
-84
-80
-63
+ 33,3%
+ 37,3%
UTILE NETTO DELL'OPERATIVITA' CORRENTE
Utile (Perdita) delle attività in via di dismissione al netto
delle imposte
Imposte sul reddito del periodo
1.050
341
261
+ 302,3%
+ 292,2%
-
-
-
-
-
UTILE (PERDITA) DEL PERIODO
1.050
341
261
+ 302,3%
+ 292,2%
Utile di pertinenza di terzi
UTILE NETTO DI PERTINENZA DEL GRUPPO
-35
-34
-22
+ 59,1%
+ 43,0%
1.015
307
239
+ 324,7%
+ 315,2%
57,1%
57,2%
60,7%
INDICE DI REDDITIVITA'
Cost/Income
1. Come consolidato da HVB.
2. I dividendi su titoli rappresentativi di capitale detenuti per negoziazione sono classificati nel Risultato negoziazione, coperture e fair value. Le spese
del primo trimestre 2006 per il personale temporaneo (6 milioni) sono state riclassificate da altre spese amministrative a spese per il personale.
3. Variazione a cambi costanti e perimetro omogeneo.
Gruppo UniCredit: Conto Economico del primo semestre riclassificato
CONTO ECONOMICO 1
(milioni di €)
1° SEMESTRE
UNICREDIT NUOVO PERIMETRO
Interessi netti
Dividendi e altri proventi su partecipazioni
2006
VARIAZIONE
2005
5.872
EFFETTIVA
NORMALIZZATA
5.528
+ 6,2%
2
+ 3,4%
375
371
+ 1,1%
- 0,5%
6.247
5.899
+ 5,9%
+ 3,2%
Commissioni nette
4.242
3.568
+ 18,9%
+ 15,9%
Risultato negoziazione, coperture e fair value
1.257
834
+ 50,7%
+ 43,2%
Margine d'interesse
Saldo altri proventi/oneri
Proventi di intermediazione e diversi
MARGINE DI INTERMEDIAZIONE
193
20
n.s.
n.s.
5.692
4.422
+ 28,7%
+ 23,3%
11.939
10.321
+ 15,7%
+ 11,8%
Spese per il personale
-3.898
-3.608
+ 8,0%
+ 5,1%
Altre spese amministrative
-2.180
-2.136
+ 2,1%
- 2,2%
121
116
+ 4,3%
+ 4,3%
-572
-621
- 7,9%
- 10,8%
-6.529
-6.249
+ 4,5%
+ 1,0%
5.410
4.072
+ 32,9%
+ 28,2%
-143
-75
+ 90,7%
+ 90,7%
-52
-
-
-
-1.112
-1.089
+ 2,1%
+ 0,6%
626
349
+ 79,4%
+ 81,4%
Recuperi di spesa
Rettifiche di valore su immobilizzazioni materiali e
immateriali
Costi operativi
RISULTATO DI GESTIONE
Accantonamenti per rischi ed oneri
Oneri di integrazione
Rettifiche nette su crediti
e su accantonamenti per garanzie e impegni
Profitti netti da investimenti
UTILE LORDO DELL'OPERATIVITA' CORRENTE
4.729
3.257
+ 45,2%
+ 40,1%
-1.310
-975
+ 34,4%
+ 32,7%
UTILE NETTO DELL'OPERATIVITA' CORRENTE
Utile (Perdita) delle attività in via di dismissione al netto
delle imposte
3.419
2.282
+ 49,8%
+ 43,3%
39
6
n.s.
n.s.
UTILE (PERDITA) DEL PERIODO
3.458
2.288
+ 51,1%
+ 44,6%
-415
-236
+ 75,8%
+ 53,4%
3.043
2.052
+ 48,3%
+ 43,6%
54,7%
60,5%
Imposte sul reddito del periodo
Utile di pertinenza di terzi
UTILE NETTO DI PERTINENZA DEL GRUPPO
INDICE DI REDDITIVITA'
Cost/Income
1. I dividendi su titoli rappresentativi di capitale detenuti per negoziazione sono classificati nel Risultato negoziazione, coperture e fair
value.
2. Variazione a cambi costanti e perimetro omogeneo.
PRESS RELEASE
SECOND QUARTER RESULTS MARK GOOD PROGRESS TOWARDS UNICREDIT’S
GROUP TARGETS
NET PROFIT UP 82.5% YOY, GROWING TO €1,686 MILLION (APPROXIMATELY +47%
YOY NET OF GAIN FROM THE SALE OF SPLITSKA BANKA)
OPERATING RESULT OF €2,745 MILLION, UP 38.0% YOY
•
Net profit at €1,686 million, up 82.5% YoY (approximately +47% YoY excl. the
contribution resulting from the sale of Splitska Banka)
•
Operating profit equals €2,745 million, +38.0% YoY (+34.4% YoY on a like for
like foreign exchange and perimeter basis), thanks also to continued growth in
net commission income (+16.6% YoY)
•
Cost/Income ratio improved from 61.3% to 54.0% YoY due to:
! Significant increase in revenues (total revenues equal €5,969 million,
+13.0% on a like for like foreign exchange and perimeter basis)
! Good cost control (operating costs total €3,224 million, -0.5% YoY on a
like for like foreign exchange and perimeter basis)
•
Good asset quality:
! Total net deteriorated loans down by 5.0% in the quarter and by 7.9%
versus December 2005
! Cost of risk down to 56 bp (-4 bp versus FY 2005)
•
Core Tier 1 Ratio improved (5.94% at June 2006 versus 5.53% at December
2005), due to significant capital generation
•
Strengthening of the Group’s position in asset management with an increase
over the end of 2005 of the market share in mutual funds1 in Germany and
Austria:
! Italy: 15.17% (stable); Germany: 5.82% (+38 bp); Austria: 17.36% (+20 bp)
Today the Board of Directors of UniCredito Italiano approved consolidated results for second
quarter 20062.
1
The comparison in Italy refers to June 2006 vs. January 2006 as per new methodologies introduced by Assogestioni (Italian
Association of Asset Managers); German market share: BVI perimeter; Austrian market share: VOIG perimeter
2
In second quarter 2006 the HVB Group’s perimeter of consolidation was expanded to include 20 companies that include HVB
Capital Partners AG and 19 companies controlled by BA-CA, of which 17 are part of the sub-group real estate company
“Universale International Realitaten GmbH”. Additionally in the period between March and June 2006, Koçbank increased its
interest in Yapi ve Kredi Bankasi, the control of which was obtained in third quarter 2005, from 57.4% to 67.31%. As Yapi is
proportionally consolidated, the P&L accounts have been restated in order to grant omogeneous comparisons with the previous
1
The Group closed the second quarter of the year with a net profit of €1,686 million (mn), an
increase of 82.5% compared to the same period in the previous year. Growth appears most
significant (approximately +47% YoY) even net of the capital gain realised on the sale of
Splitska Banka. Operating profit (€2,745 mn) rose 38.0% over second quarter 2005
(+34.4% YoY on a like for like foreign exchange and perimeter basis).
The HVB Group’s net profit, equal to €1,055 mn (before consolidation adjustments), more
than quadrupled when compared to the previous year (€230 mn), and the operating profit of
€1,195 mn (+67.1% YoY on a like for like foreign exchange and perimeter basis), made a
very positive contribution to the Group’s results. This performance is primarily attributable to
strong growth in revenues (+16.3% YoY on a like for like foreign exchange and perimeter
basis) and a substantial reduction in operating costs (-4.8% YoY on a like for like foreign
exchange and perimeter basis).
The Group’s total revenues reached €5,969 mn, with an increase of 16.3% YoY (+13.0%
YoY on a like for like foreign exchange and perimeter basis), due to both a rise in net
interest income (€3,195 mn, +3.8% YoY and +1.9% YoY on a like for like foreign exchange
and perimeter basis) and in net non-interest income (€2,774 mn, +34.9% YoY and +29.7%
YoY on a like for like foreign exchange and perimeter basis).
The trend in net interest income shows growth for UniCredit excluding HVB (€1,599 mn,
+8.1% YoY) and a substantially stable situation for the HVB Group (€1,578 mn, -0.1% YoY).
The increase in net interest for UniCredit excluding HVB (€1,493 mn, +10.7% YoY) was
sustained by an increase in volumes and improvement in deposit spreads. On an annualised
basis, the largest contribution came from the Retail Division (+14.5% YoY) at approximately
half of the increase, but all the Divisions reported positive performances. The HVB Group
(€1,416 mn) reported a slight decrease (-0.6% YoY).
Customer loans, equal to €430.2 billion (bn), show an increase of 1.5% versus (vs.) June
2005 (+0.8% vs. December 2005). UniCredit excluding HVB shows significant growth YoY
(+11.0% YoY) with positive trends in the three most important divisions (Retail: +14.1% YoY,
Corporate: +7.4% YoY, New Europe: +25.1% YoY at constant exchange rates). In terms of
products, steady growth in household mortgages3 (+20.5% YoY) and consumer credit3
(+27.0% YoY) for Retail and in leasing for Corporate (+31.2% YoY) continued.
The HVB Group loans (€258.3 bn) show a decrease (-3.6% YoY, -1.5% vs. December
2005). This result reflects the HVB Group’s strategic reduction of real estate loans and the
introduction of a more risk correlated pricing policy in Germany.
Net deteriorated loans for the Group (that includes non-performing loans, watchlist,
restructured loans and past due loans) amounted to €16.7 bn, a decrease of 7.9% vs.
December 2005 and of 5.0% vs. March 2006. Non performing and watchlisted loans
totalled €14.2 bn (-10.1% vs. December 2005 and –8.1% vs. March 2006).
The total deteriorated loans/customer loans ratio fell from 4.26% at the end of 2005 to
3.87% at June 2006, with a coverage ratio of 48.6% (49.4% at December 2005). The
incidence of net non performing and watchlisted loans on total loans at June 2006 is
down from the 3.70% at December 2005 to 3.29%, with a coverage ratio that improved from
51.8% to 52.4% at June 2006.
quarters. In the balance sheet at 30 June 2006, Banque Monegasque de Gestion was classified among “Non current assets
and disposal groups for sale”, along with Uniriscossioni and 2S Banca, already so classified as at March 2006
3
Bank of Italy matrix data
2
Direct deposits amounted to €474.6 bn, an increase of 2.7% vs. December and of 3.9% vs.
June 2005. UniCredit excluding HVB came in at €187.0 bn (+5.0% vs. December 2005,
+9.5% YoY) and the HVB Group reached €284.9 bn (+1.4% vs. end of 2005, +1.0% YoY).
Net non-interest income (€2,774 mn) grew significantly (+34.9% YoY, +29.7% YoY on a
like for like foreign exchange and perimeter basis) due to a strong performance in all
segments.
Net commissions (€2,109 mn) grew by 16.6% YoY. UniCredit excluding HVB came in at
€1,193 mn (+13.2% YoY), with a particularly positive contribution from the Private Banking &
Asset Management Division (+23.8% YoY) and the New Europe Division (+21.7% YoY). The
HVB Group also reported significant improvement in commissions over second quarter
2005 (€917 mn, +21.6% YoY).
The Group’s net commissions include a significant increase in wealth management and
securities in custody fees that came in at €1,002 mn (+22.3% YoY).
All components of wealth management and securities in custody fees reported growth
over second quarter 2005; in particular, investment fund fees (€545 mn, +21.7% YoY), fees
on segregated accounts (€61 mn vs. €17 mn in second quarter 2005) and fees for the
placement of insurance products (€150 mn, +20.0% YoY).
Fees from trading, placement and other services related to securities administered
came in at €246 mn, +7.4% YoY. Commissions for other activities rose 11.8% YoY for a
total of €1,107 mn. More in detail, there was a marked increase in fees linked to payment
services (+28.4% YoY) and to currency trading (+20.1% YoY). Fees involving current
accounts, guarantees and loans rose +3.7% YoY.
Assets under management by the Group’s Asset Management companies amounted to
€236 bn, an increase of 5.6% vs. the end of 2005, thanks also to the acquisition of Vanderbilt
in the USA (more than €10 bn). More in detail, Pioneer reported growth of 7.4% in the first
half, with a more marked increase in the International Division (+34%) and in the US Division
(+29.6%), while the HVB Group reported an increase of 1%.
Net trading, hedging and fair value, equal to €564 mn in second quarter 2006, showed a
substantial increase YoY (+€334 mn), thanks to the HVB Group’s exceptional performance
(€317 mn YoY) and to the growth of 7.6% YoY reported by UniCredit excluding HVB (€254
mn in second quarter 2006). More in detail, the HVB Group’s result benefited from the
positive trend in business generated by derivatives and the Global Markets desk in HVB
excluding BA-CA and the strong contribution from BA-CA (€94 mn), more than doubled
compared to the second quarter 2005. The increase reported by UniCredit excluding HVB
in the second quarter is primarily due to the positive change in the fair value valuation of the
call option issued on Assicurazioni Generali stock of approximately €42 mn, following a
decrease in the stock’s price during the second quarter. At the end of June the total gain on
the Generali stock, classified among available-for-sale (AFS) assets, equalled €290 mn and
will be realised only at the time of sale.
Other income totalled €101 mn, an increase of €84 mn YoY, of which €31 mn is attributable
to the HVB Group.
Operating costs (€3,224 mn) dropped 0.5% YoY (on a like for like foreign exchange and
perimeter basis). This item includes €1,564 mn (+4.3% YoY4) attributable to UniCredit
excluding HVB while the HVB Group (€1,642 mn) reported a slight decrease (-4.8% YoY4).
Staff costs (€1,948 mn, +5.3%,YoY4) show an increase that is attributable to both
4
On a like for like foreign exchange and perimeter basis
3
UniCredit excluding HVB (€951 mn, +4.8% YoY4) and to the HVB Group5 (€997 mn,
+5.9% YoY4). The latter is due to the variable compensation tied to the excellent commercial
results that more than offset the staff reductions made in HVB excluding BA-CA (-600 heads
in the quarter). UniCredit excluding HVB’s increase is attributable to the national labour
contract (approximately +€18 mn YoY) and to the larger variable component of remuneration
(+€26 mn YoY). These increases were partially offset by staff reductions (-502 heads YoY,
primarily in the Retail Division).
Total operating costs, equal to €1,276 mn, registered a significant decrease on a like for
like exchange and perimeter basis (-8.3% YoY), thanks to the decrease in costs reported by
the HVB Group (-17.9% YoY) attributable to a drop in other administrative expenses and in
amortisation and depreciation that more than compensated for the increase reported by
UniCredit excluding HVB (+3.6% YoY).
Cost/income ratio fell to 54.0% in second quarter 2006 from 61.3% in the same period of
the previous year.
The Group’s operating profit in second quarter 2006 reached €2,745 mn, which represents
a rise of more than 38.0% YoY (+34.4% on a like for like exchange rate and perimeter basis).
This positive evolution reflects the HVB Group’s excellent operating performance (€1,195
mn, +77.0% YoY, +67.1% on a like for like exchange rate and perimeter basis) and the
growth of UniCredit excluding HVB (€1,551 mn, +17.9%), to which the Divisions Private
Banking & Asset Management (+38.3% YoY), Retail (+22.7% YoY) and New Europe
(+12.7% YoY) contributed most significantly.
Total provisions and write-downs in the quarter amounted to €628 mn vs. €582 mn in
second quarter 2005. More in detail:
! Provisions for risks and charges equal to €79 mn vs. €4 mn in second quarter
2005
! Net write-downs of loans and provisions for guarantees and commitments
amount to €549 mn vs. €578 mn in second quarter 2005 (-5.0% YoY).
The increase in operating profit YoY was amplified by a rise in net income from investments,
that was only partially offset by increases in provisions and net write-downs on loans, along
with integration charges of €52 mn.
Net income from investments in the second quarter amounted to €449 mn (€66 mn in
second quarter 2005) and can be attributed to the HVB Group for some €420 mn. The
largest portion of this item is related to the sale of Splitska Banka to SocGen (finalised by
BA-CA on 30 June) that generated a profit in HVB’s consolidated income statement of €669
mn, that was also adjusted in Unicredit’s consolidated accounts for €302 mn, following
valuations completed at the time of first consolidation. The capital gain for the Group,
therefore, equals €367 mn (contributing for €332 mn to the net income).
Income tax for the period, equal to €613 mn, shows an increase of 37.8% vs. second
quarter 2005, with an incidence on profit before tax of 24.4%, down from the 30.6% for FY
2005, thanks to increased capital gains on equity investments (not taxed) and an increase in
the impact of HVB AG’s profit, the taxation of which benefits from losses recorded in previous
years. Profit before tax, therefore, amounted to €1,901 mn (+84.9% YoY).
Assets in the process of being sold contributed €16 mn to the net profit. Net profit for the
period, therefore, amounted to €1,917 mn (+85.6% YoY, +78.9% YoY on a like for like
exchange rate and perimeter basis).
5
The 2Q06 HVB staff costs include the costs of personnel holding temporary contracts that were previously classified under
other administrative expenses
4
Minority interests’ profit in the second quarter totalled €231 mn, compared to €109 mn in
second quarter 2005. The increase is primarily due to the minority interests of the HVB
Group, net of the directly held interest in BA-CA.
The net profit attributable to the Group equalled, therefore, €1,686 mn, with an increase of
€762 mn (+82.5%) vs. second quarter 2005.
The Group’s portion of shareholders’ equity amounted to €34,771 mn at 30 June 2006 (vs.
€35,203 mn at the end of 2005).
Estimated Core Tier 1 came in at 5.94% at the end of June 2006, an improvement over
December 2005 (5.53%). Estimated Total Capital Ratio reached 10.25%6.
As from the end of June the Group’s organisation consisted of a staff7 of 134,870
employees (+71 vs. December 2005, -502 vs. June 2005). The increase vs. December is
explained by the presence of temporary employees working in the tourism industry for the
Zagrebacka Group companies (approx. 800 individuals). The Group’s network is composed
of 7,336 branches8 (+152 vs. the end of 2005).
Attached are the Group’s key figures, the Group’s reclassified balance sheet and income
statement, the income statements for UniCredit Group excluding HVB, the HVB Group and
the BACA Group, and the Group’s half-yearly income statement, which are not subject to
certification by the Independent Auditors.
Milan, 4 August 2006
6
Based on the new BankIT calculation instructions
“Full time equivalent “. The Koc Group is proportionately consolidated in the figures indicated. The HVB Group figure at 31
December has been restated to reflect the changes in the perimeter of consolidation that took place during the first half
8
In the figures indicated the Koc Group is proportionately consolidated at 100%
7
5
UniCredit: Key figures
PROFIT AND LOSS AND PROFITABILITY RATIOS
(€ million)
H1
CHANGE
2006
2005 PRO-FORMA
Total revenues
11,939
10,321
Operating costs
6,529
6,249
+ 4.5%
Operating profit
5,410
4,072
+ 32.9%
+ 15.7%
Profit before tax
4,729
3,257
+ 45.2%
Net Profit attributable to the Group
3,043
2,052
+ 48.3%
ROE 1
17.3%
11.9%
+ 5.4
Cost/income ratio
54.7%
60.5%
- 5.8
BALANCE SHEET
(€ million)
AMOUNTS AS AT
30.06.2006
CHANGE
31.12.2005
Total assets
803,792
787,000
+ 2.1%
Loans and receivables with customers
430,148
426,553
+ 0.8%
Deposits from customers and debt securities in issue
474,564
462,248
+ 2.7%
34,771
35,203
- 1.2%
Shareholders' equity
CAPITAL RATIOS (%)
AS AT
30.06.2006
Tier 1/Total risk-weighted assets
Total regulatory capital/Total risk-weighted assets
2
CHANGE
31.12.2005
5.94%
5.53%
+ 0.41
10.25%
10.34%
- 0.09
STAFF AND BRANCHES
AS AT
Employees 3
Branches
CHANGE
30.06.2006
31.12.2005
134,870
134,799
+ 71
7,336
7,184
+ 152
4
RATINGS
SHORT-TERM
MEDIUM AND
DEBT
LONG-TERM
.
FITCH RATINGS
F1
A+
STABLE
Moody's Investor Service
P-1
A1
STABLE
Standard & Poor's
A-1
A+
NEGATIVE
OUTLOOK
1. Calculated on the basis of the average shareholders' equity for the period (excluding reserves in respect of AfS assets and dividends
to be distributed and including the profit for the period on an annual basis).
2. Estimated data.
3. "Full time equivalent". Koç Group is consolidated proportionally. HVB Group figures as at 31 December have been adjusted to reflect
H1 2006 changes in the scope of consolidation. The increase is attributable to the presence of approximately 800 seasonal employees in
the tourism industry. Excluding seasonal employees, there was a reduction of 714 resources.
4. Koç Group, which is consolidated proportionally, is considered at 100%.
UniCredit: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET
(€ million)
AMOUNTS AS AT
30.06.2006
31.03.2006
CHANGE OVER
31.12.2005
31.03.2006
31.12.2005
Assets
Cash and cash balances
Financial assets held for trading
Loans and receivables with banks
Loans and receivables with customers
3,264
2,981
3,459
+ 9.5%
- 5.6%
174,574
163,729
172,287
+ 6.6%
+ 1.3%
85,079
92,387
76,099
- 7.9%
+ 11.8%
430,148
424,310
426,553
+ 1.4%
+ 0.8%
Financial investments
66,447
67,582
65,796
- 1.7%
+ 1.0%
Hedging instruments
3,431
4,186
4,919
- 18.0%
- 30.3%
Property, plant and equipment
8,777
8,744
7,973
+ 0.4%
+ 10.1%
Goodwill
8,840
9,172
9,202
- 3.6%
- 3.9%
Other intangible assets
2,572
2,568
2,633
+ 0.2%
- 2.3%
Tax assets
Non-current assets and disposal groups classified as held
for sale
6,286
6,361
6,592
- 1.2%
- 4.6%
6,053
7,124
3,309
- 15.0%
+ 82.9%
Other assets
8,321
7,721
8,178
+ 7.8%
+ 1.7%
Total assets
803,792
796,865
787,000
+ 0.9%
+ 2.1%
Deposits from banks
135,802
143,054
141,682
- 5.1%
- 4.2%
Deposits from customers and debt securities in issue
474,564
467,743
462,248
+ 1.5%
+ 2.7%
Financial liabilities held for trading
115,941
104,922
107,094
+ 10.5%
+ 8.3%
Liabilities and shareholders' equity
Financial liabilities designated at fair value
1,401
1,358
1,129
+ 3.2%
+ 24.1%
Hedging instruments
3,556
3,325
4,498
+ 6.9%
- 20.9%
Provisions for risks and charges
7,286
7,315
6,607
- 0.4%
+ 10.3%
Tax liabilities
Liabilities included in disposal groups classified as held
for sale
5,125
6,055
5,925
- 15.4%
- 13.5%
4,346
5,511
1,887
- 21.1%
+ 130.3%
16,888
16,655
16,824
+ 1.4%
+ 0.4%
4,112
4,387
3,903
- 6.3%
+ 5.4%
Shareholders' equity
34,771
36,540
35,203
- 4.8%
- 1.2%
- Capital and reserves
30,625
33,301
31,106
- 8.0%
- 1.5%
1,103
1,882
1,627
- 41.4%
- 32.2%
3,043
1,357
2,470
+ 124.2%
+ 23.2%
803,792
796,865
787,000
+ 0.9%
+ 2.1%
Other liabilities
Minorities
- Available-for-sale assets fair value reserve and
cash-flow hedging reserve
- Net profit
Total liabilities and shareholders' equity
UniCredit: Consolidated Profit and Loss Account
PROFIT AND LOSS ACCOUNT1
(€ million)
QUARTERLY FIGURES
UNICREDIT GROUP
Net interest
Dividends and other income from equity investments
Net interest income
Net fees and commissions
Net trading, hedging and fair value income
Net other expenses/income
Net non-interest income
TOTAL REVENUES
Q2 2006
Q1 2006
2,927
CHANGE Q2 '06 OVER Q2 '05
Q2 2005
2,945
ACTUAL
2,791
ADJUSTED
+ 4.9%
2
+ 2.8%
268
107
286
- 6.3%
- 7.0%
3,195
3,052
3,077
+ 3.8%
+ 1.9%
2,109
2,133
1,809
+ 16.6%
+ 13.6%
564
693
230
+ 145.2%
+ 136.5%
+ 294.1%
101
92
17
+ 494.1%
2,774
2,918
2,056
+ 34.9%
+ 29.7%
5,969
5,970
5,133
+ 16.3%
+ 13.0%
Payroll costs
-1,948
-1,950
-1,804
+ 8.0%
+ 5.3%
Other administrative expenses
-1,057
-1,123
-1,093
- 3.3%
- 7.0%
66
55
62
+ 6.5%
+ 6.5%
-285
-287
-309
- 7.8%
- 10.0%
-3,224
-3,305
-3,144
+ 2.5%
- 0.5%
2,745
2,665
1,989
+ 38.0%
+ 34.4%
Provisions for risks and charges
-79
-64
-4
n.s.
n.s.
Integration costs
-52
-
-
-
-
-549
-563
-578
- 5.0%
- 5.0%
449
177
66
+ 580.3%
+ 578.8%
2,514
2,215
1,473
+ 70.7%
+ 65.6%
-613
-697
-445
+ 37.8%
+ 36.6%
NET PROFIT
Profit (Loss) from non-current assets held for sale, after
tax
1,901
1,518
1,028
+ 84.9%
+ 78.2%
16
23
5
+ 220.0%
+ 220.0%
PROFIT (LOSS) FOR THE PERIOD
1,917
1,541
1,033
+ 85.6%
+ 78.9%
-231
-184
-109
+ 111.9%
+ 95.4%
1,686
1,357
924
+ 82.5%
+ 76.9%
54.0%
55.4%
61.3%
Recovery of expenses
Amortisation, depreciation and impairment losses on
intangible and tangible assets
Operating costs
OPERATING PROFIT
Net write-downs of loans and provisions
for guarantees and commitments
Net income from investments
PROFIT BEFORE TAX
Income tax for the period
Minorities
NET PROFIT ATTRIBUTABLE TO THE GROUP
PROFITABILITY RATIO
Cost/Income
1. Dividends on Equity Instruments held for trading are included in Net trading, hedging and fair value income. Q1 2006 HVB Group temporary staff
costs (€14 million), formerly included in Other administrative expenses, have been reclassified into Payroll costs.
2. Adjusted at constant exchange rates and to reflect equal scope of consolidation.
UniCredit excluding HVB : Consolidated Profit and Loss Account
PROFIT AND LOSS ACCOUNT1
(€ million)
QUARTERLY FIGURES
UNICREDIT EXCLUDING HVB
Net interest
Dividends and other income from equity investments
Net interest income
Net fees and commissions
Net trading, hedging and fair value income
Net other expenses/income
Net non-interest income
Q2 2006
Q1 2006
1,493
CHANGE Q2 '06 OVER Q2 '05
Q2 2005
1,464
ACTUAL
ADJUSTED
2
1,349
+ 10.7%
+ 10.6%
106
26
130
- 18.5%
- 17.7%
1,599
1,490
1,479
+ 8.1%
+ 8.1%
1,193
1,170
1,054
+ 13.2%
+ 12.8%
254
204
236
+ 7.6%
+ 6.4%
69
60
43
+ 60.5%
+ 65.9%
1,516
1,434
1,333
+ 13.7%
+ 13.3%
3,115
2,924
2,812
+ 10.8%
+ 10.5%
Payroll costs
-951
-960
-908
+ 4.7%
+ 4.8%
Other administrative expenses
-555
-558
-533
+ 4.1%
+ 4.0%
64
55
62
+ 3.2%
+ 3.2%
-122
-123
-118
+ 3.4%
+ 1.7%
-1,564
-1,586
-1,497
+ 4.5%
+ 4.3%
1,551
1,338
1,315
+ 17.9%
+ 17.6%
Provisions for risks and charges
-53
-40
-35
+ 51.4%
+ 54.3%
Integration costs
-46
-
-
-
-
-253
-241
-244
+ 3.7%
+ 4.5%
31
139
33
- 6.1%
- 6.3%
1,230
1,196
1,069
+ 15.1%
+ 14.4%
TOTAL REVENUES
Recovery of expenses
Amortisation, depreciation and impairment losses on
intangible and tangible assets
Operating costs
OPERATING PROFIT
Net write-downs of loans and provisions
for guarantees and commitments
Net income from investments
PROFIT BEFORE TAX
-390
-416
-339
+ 15.0%
+ 14.8%
NET PROFIT
Profit (Loss) from non-current assets held for sale, after
tax
Income tax for the period
840
780
730
+ 15.1%
+ 14.1%
16
23
5
+ 220.0%
+ 220.0%
PROFIT (LOSS) FOR THE PERIOD
856
803
735
+ 16.5%
+ 15.6%
Minorities
-58
-55
-70
- 17.1%
- 21.4%
NET PROFIT ATTRIBUTABLE TO THE GROUP
798
748
665
+ 20.0%
+ 19.5%
50.2%
54.2%
53.2%
PROFITABILITY RATIO
Cost/Income
1. Dividends on Equity Instruments held for trading are included in Net trading, hedging and fair value income.
2. Adjusted at constant exchange rates and to reflect equal scope of consolidation.
HVB: Consolidated Profit and Loss Account
PROFIT AND LOSS ACCOUNT1
(€ million)
QUARTERLY FIGURES
HVB GROUP
Net interest
Dividends and other income from equity investments
Net interest income
Q2 2006
Q1 2006
CHANGE Q2 '06 OVER Q2 '05
Q2 2005
ACTUAL
ADJUSTED
2
1,416
1,464
1,424
- 0.6%
- 4.4%
162
81
156
+ 3.8%
+ 1.9%
1,578
1,545
1,580
- 0.1%
- 3.8%
Net fees and commissions
917
963
754
+ 21.6%
+ 15.1%
Net trading, hedging and fair value income
311
488
-6
n.s.
n.s.
31
33
-25
n.s.
n.s.
Net other expenses/income
Net non-interest income
TOTAL REVENUES
1,259
1,484
723
+ 74.1%
+ 60.2%
2,837
3,029
2,303
+ 23.2%
+ 16.3%
Payroll costs
-997
-990
-896
+ 11.3%
+ 5.9%
Other administrative expenses
-502
-565
-560
- 10.4%
- 17.3%
2
-
-
-
-
Recovery of expenses
Amortisation, depreciation and impairment losses on
intangible and tangible assets
Operating costs
OPERATING PROFIT
Provisions for risks and charges
Integration costs
-145
-146
-172
- 15.7%
- 18.6%
-1,642
-1,701
-1,628
+ 0.9%
- 4.8%
1,195
1,328
675
+ 77.0%
+ 67.1%
-26
-24
31
n.s.
n.s.
-6
-
-
-
-
-296
-322
-334
- 11.4%
- 12.0%
Net write-downs of loans and provisions
for guarantees and commitments
Net income from investments
PROFIT BEFORE TAX
Income tax for the period
729
99
33
n.s.
n.s.
1,596
1,081
405
+ 294.1%
+ 277.8%
-224
-283
-106
+ 111.3%
+ 107.5%
NET PROFIT
Profit (Loss) from non-current assets held for sale, after
tax
1,372
798
299
+ 358.9%
+ 338.1%
-
-
-
-
-
PROFIT (LOSS) FOR THE PERIOD
1,372
798
299
+ 358.9%
+ 338.1%
Minorities
NET PROFIT ATTRIBUTABLE TO THE GROUP
-317
-147
-69
+ 359.4%
+ 337.7%
1,055
651
230
+ 358.7%
+ 338.3%
57.9%
56.2%
70.7%
PROFITABILITY RATIO
Cost/Income
1. Dividends on Equity Instruments held for trading are included in Net trading, hedging and fair value income. Q1 2006 temporary staff costs (€14
million), formerly included in Other administrative expenses, have been reclassified into Payroll costs.
2. Adjusted at constant exchange rates and to reflect equal scope of consolidation.
BA-CA 1: Consolidated Profit and Loss Account
PROFIT AND LOSS ACCOUNT2
(€ million)
QUARTERLY FIGURES
BA-CA GROUP
Net interest
Dividends and other income from equity investments
Net interest income
Net fees and commissions
Net trading, hedging and fair value income
Net other expenses/income
Net non-interest income
TOTAL REVENUES
Q2 2006
Q1 2006
603
CHANGE Q2 '06 OVER Q2 '05
Q2 2005
1,464
ACTUAL
ADJUSTED
3
576
+ 4.7%
- 0.5%
63
34
98
- 35.7%
- 34.7%
666
633
674
- 1.2%
- 5.5%
455
415
335
+ 35.8%
+ 23.0%
94
166
45
+ 108.9%
+ 95.5%
16
7
2
n.s.
n.s.
565
588
382
+ 47.9%
+ 34.7%
1,231
1,221
1,056
+ 16.6%
+ 9.0%
Payroll costs
-404
-401
-354
+ 14.1%
+ 4.1%
Other administrative expenses
-232
-230
-225
+ 3.1%
- 7.2%
-
-
-
-
-
-67
-68
-62
+ 8.1%
+ 1.1%
-703
-699
-641
+ 9.7%
- 0.2%
528
522
415
+ 27.2%
+ 23.2%
Provisions for risks and charges
-1
-2
30
n.s.
n.s.
Integration costs
-3
-
-
-
-
for guarantees and commitments
-87
-108
-127
- 31.5%
- 30.4%
Net income from investments
697
9
6
n.s.
n.s.
1,134
421
324
+ 250.0%
+ 242.7%
-84
-80
-63
+ 33.3%
+ 37.3%
NET PROFIT
Profit (Loss) from non-current assets held for sale, after
tax
1,050
341
261
+ 302.3%
+ 292.2%
-
-
-
-
-
PROFIT (LOSS) FOR THE PERIOD
1,050
341
261
+ 302.3%
+ 292.2%
-35
-34
-22
+ 59.1%
+ 43.0%
1,015
307
239
+ 324.7%
+ 315.2%
57.1%
54.2%
60.7%
Recovery of expenses
Amortisation, depreciation and impairment losses on
intangible and tangible assets
Operating costs
OPERATING PROFIT
Net write-downs of loans and provisions
PROFIT BEFORE TAX
Income tax for the period
Minorities
NET PROFIT ATTRIBUTABLE TO THE GROUP
PROFITABILITY RATIO
Cost/Income
1. As consolidated by HVB.
2. Dividends on Equity Instruments held for trading are included in Net trading, hedging and fair value income. Q1 2006 temporary staff costs (€6
million), formerly included in Other administrative expenses, have been reclassified into Payroll costs.
3. Adjusted at constant exchange rates and to reflect equal scope of consolidation.
UniCredit: H1 Consolidated Profit and Loss Account
PROFIT AND LOSS ACCOUNT
1
(€ million)
H1
UNICREDIT GROUP
Net interest
2006
CHANGE
2005
ACTUAL
ADJUSTED
2
5,872
5,528
+ 6.2%
375
371
+ 1.1%
- 0.5%
6,247
5,899
+ 5.9%
+ 3.2%
Net fees and commissions
4,242
3,568
+ 18.9%
+ 15.9%
Net trading, hedging and fair value income
1,257
834
+ 50.7%
+ 43.2%
Dividends and other income from equity investments
Net interest income
Net other expenses/income
+ 3.4%
193
20
n.s.
n.s.
5,692
4,422
+ 28.7%
+ 23.3%
TOTAL REVENUES
11,939
10,321
+ 15.7%
+ 11.8%
Payroll costs
-3,898
-3,608
+ 8.0%
+ 5.1%
Other administrative expenses
-2,180
-2,136
+ 2.1%
- 2.2%
121
116
+ 4.3%
+ 4.3%
-572
-621
- 7.9%
- 10.8%
-6,529
-6,249
+ 4.5%
+ 1.0%
5,410
4,072
+ 32.9%
+ 28.2%
-143
-75
+ 90.7%
+ 90.7%
-52
-
-
-
-1,112
-1,089
+ 2.1%
+ 0.6%
626
349
+ 79.4%
+ 81.4%
Net non-interest income
Recovery of expenses
Amortisation, depreciation and impairment losses on
intangible and tangible assets
Operating costs
OPERATING PROFIT
Provisions for risks and charges
Integration costs
Net write-downs of loans and provisions
for guarantees and commitments
Net income from investments
PROFIT BEFORE TAX
4,729
3,257
+ 45.2%
+ 40.1%
-1,310
-975
+ 34.4%
+ 32.7%
NET PROFIT
Profit (Loss) from non-current assets held for sale, after
tax
3,419
2,282
+ 49.8%
+ 43.3%
39
6
n.s.
n.s.
PROFIT (LOSS) FOR THE PERIOD
3,458
2,288
+ 51.1%
+ 44.6%
-415
-236
+ 75.8%
+ 53.4%
3,043
2,052
+ 48.3%
+ 43.6%
54.7%
60.5%
Income tax for the period
Minorities
NET PROFIT ATTRIBUTABLE TO THE GROUP
PROFITABILITY RATIO
Cost/Income
1. Dividends on Equity Instruments held for trading are included in Net trading, hedging and fair value income.
2. Adjusted at constant exchange rates and to reflect equal scope of consolidation.