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Strategy and Results
Note to the Report on Operations
and Consolidated Accounts (CONTINUED)
Income Statement
Dividends and other income include gains (losses) on
equity investments valued at net equity and do not include
dividends on held-for-trading shares, which are included in
trading, hedging and fair value income.
The balance of other income/expense includes the insurance
business result and other operating expense/income not
including recovery of expenses which is classified under its
own item.
Payroll costs, other administrative expense, write-downs of
tangible and intangible assets and provisions for risks and
charges are presented net of integration costs relating to the
reorganization carried out to integrate the HVB and Capitalia
groups, which are shown in their own item. Write-downs of
tangible assets do not include impairment losses and writebacks
on investment property, which are recognized in net
income from investments.
Net income from investments includes gains (losses) and
write-downs and write-backs on available-for-sale financial
assets and held-to-maturity financial assets, as well as
gains (losses) on equity investments and on disposals of
investments.
22
2009 Consolidated Reports and Accounts · UniCredit Group
Changes Made to Increase
Comparability
In the condensed account tables - since the corporate
transactions undertaken in 2008 made it impossible to
compare the quarterly figures with those of 2007 on a likewith-like
basis and in order to make comparison between the
two periods significant - balance-sheet data for the 2008
quarters have been restated to take account of the following:
Completion of Purchase Price Allocation (PPA) following the
business combination, as disclosed in the 2008 accounts.
Reclassification of the equity interest in Mediobanca SpA
from AfS financial assets to Equity Investments in line with
changes recognized in the governance structure of this
associate.
Amounts shown at December 31, 2008 differ from those
published in the 2008 consolidated accounts also due to
reclassification (within Group shareholders’ equity) of the
“Available-for-sale asset fair value reserve ad cash-flow
hedging reserve” relating to equity investments recognized
using the equity method to “Capital and reserves”.
With the same aim of increasing consistency and
comparability, profit and loss figures for the quarters of
2008 have been restated following completion of PPA. Please
also note that the Quarterly Figures published in the 2008
accounts already included the effects of PPA.
Starting from September 2009, the condensed income
statement has been made consistent with accounting figures
by recognizing the results of the private equity business
as Net Income from Investments as opposed to Net trading,
hedging and fair value income. This entailed changes in
quarterly condensed profit and loss figures for Q1 and Q2
2009 and those of 2008.
In the statutory accounts tables under Shareholders’ Equity
starting from the opening balance as at January 1, 2008,
exchange differences arising from net foreign investments
in subsidiaries, associates and joint ventures have been
reclassified from Other reserves in item 170 Reserves, to
Exchange differences in item 140 Revaluation Reserves.