UniCredit Bank AG

Financial Statements (2) | Consolidated Financial Statements
Accounting and Valuation (CONTINUED)
3 Application of new reclassification rules
We applied the revised IAS 1, “Presentation of Financial Statements” for the first time in the 2009 financial year. The revised standard requires a separate
statement of other comprehensive income to be included in the consolidated financial statements in addition to the traditional income statement.
In March 2009, the IASB issued amendments to IFRS 7 entitled “Improving Disclosures about Financial Instruments” which were already applicable in
2009. The amendments call for expanded disclosures regarding financial instruments measured at fair value in accordance with a three-level fair value
hierarchy, showing the quality of the prices and parameters used in these valuation methods. Expanded qualitative and quantitative disclosures regarding
liquidity risk are also required. We have met these requirements by providing further disclosures in the notes.
The new IFRS 8 “Operating Segments”, which is the subject of mandatory adoption in 2009, replaces the old IAS 14 regarding segment reporting. In
accordance with the new standards, the segment report is based on what is known as the Management Approach. More detailed information regarding
the method of segment reporting is provided in Note 27. The application of IFRS 8 had no significant impact on our existing segment reporting.
The amendments to IFRIC 9 cover the accounting treatment of embedded derivatives in connection with the reclassification of financial instruments. In
line with the amendments, a reclassification of synthetic ABSs from the held-for-trading portfolio is not possible where they contain embedded derivatives
that are not measured separately and carried at fair value. This did not have any impact on HVB Group, as we had already taken account of this clarifying
interpretation when reclassifying financial instruments.
The other new interpretations (IFRIC 12, 13, 15, 16, 18) applicable in the 2009 financial year and minor amendments to IFRS standards did not give rise
to any significant effects on the consolidated financial statements.
4 Published IFRSs that are not yet the subject of mandatory adoption and that have not been the subject of early adoption
The standards and interpretations newly published or revised by the IASB, which only become the subject of mandatory adoption for financial years
beginning on or after 1 January 2010, have not been the subject of early adoption.
5 Companies included in consolidation
The group of companies included in consolidation by HVB Group encompasses 96 (2008: 87) subsidaries. The group of consolidated companies also
includes 41 (2008: 33) companies and fund assets which SIC 12 requires to be consolidated as special purpose entities.
The group of companies included in consolidation has been defined taking into account materiality criteria. The fully consolidated subsidiaries prepared
their annual financial statements for the period ended 31 December 2009. The group of consolidated companies does not include any companies that
are not fully consolidated. With effect from 1 May 2009, HVB transferred the limited partner’s interests it held in HVB Information Services GmbH & Co.
KG (HVB IS) to UniCredit Global Information Services Società Consortile per Azioni (UGIS) against the issue of new UGIS shares and now holds an interest
of 24.7% in UGIS. HVB IS left the group of companies included in consolidation with effect from 1 May 2009 whereas UGIS was added to the group of
companies included in consolidation with effect from 1 May 2009, being accounted for using the equity method. UGIS is currently the only company
accounted for using the equity method that is consolidated.
In 2009 the following companies and fund assets, among others, were added to the group of companies included in consolidation at HVB Group:
– NXP Co-Investment Partners VIII, L.P., London
– UniCredit London Investments Limited, London (formerly UniCredit Finance & Investments Limited, London)
– Merkurhof Grundstücksgesellschaft mit beschränkter Haftung, Hamburg
– HVB Finance London Limited, London
– UniCredit Capital Markets, Inc., New York (formerly HVB Capital Markets Inc., New York)
– GELDILUX-TS-2009 S.A., Luxembourg
– UniCredit Global Information Services Società Consortile per Azioni, Milan
– Blue Capital Europa Immobilien GmbH & Co. Achte Objekte Großbritannien KG, Hamburg
– HVB Funding Trust, Wilmington
– HVB Funding Trust III, Wilmington
– Redstone Mortgages Limited, London
F-11
98 2009 Annual Report · HypoVereinsbank