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Contents
Strategy and Results 7
Letter from the Supervisory Board Chairman 8
Letter from the Management Board Spokesman 10
Summary of Results 14
Global Banking Services 16
Human Resources 19
Corporate Sustainability 23
Financial Statements (1):
Management’s Discussion and Analysis 29
Financial Review 30
Underlying conditions and
general comments on the business situation 30
Operating performance of HVB Group 32
Financial situation 34
Corporate structure 36
Events after 31 December 2011 39
Outlook
Risk Report 44
HVB Group as a risk-taking entity 44
Management and monitoring of risks in HVB Group
Divisions and committees
Essential characteristics of the internal control
and risk management systems with regard to
the financial reporting process 48
Risk types and risk measurement 55
Overall bank management 56
Risk types in detail 60
Financial Statements (2):
Consolidated Financial Statements 103
Consolidated Income Statement 106
Earnings per Share
Consolidated statement of total comprehensive income 107
Consolidated Balance Sheet 108
Statement of Changes in Consolidated Shareholders’ Equity 110
Consolidated Cash Flow Statement 112
Notes to the Consolidated Financial Statements 114
Declaration by the Management Board 226
Auditors’ Report 227
Corporate Governance 229
List of Executives and Outside Directorships 230
Women’s Council 233
Report of the Supervisory Board 234
Corporate Governance and Compensation Report 242
Additional Information 255
Financial Calendar 256
Summary of Quarterly Financial Data 257
Summary of Annual Financial Data 258
Annex: UniCredit Profile 261
Highlights 262
Focus 264
Business Model 266
The UniCredit Strategic Plan 267
HypoVereinsbank · 2011 Annual Report 5