GENERAL MEETING DRAFT - Bankier.pl

The list of subsidiaries also includes any special purpose entities as required by SIC 12.
SIC 12 requires UniCredit to consolidate special purpose entities, provided that, in substance, the majority
of the risks and rewards incident to the activities of these special purpose entities is attributable to the
Bank or, in substance, the Bank controls the special purpose entities. An interest in the equity capital of
the special purpose entities is immaterial in this regard.
Thus the consolidation of special purpose entities in accordance with SIC 12 has the same effect as full
consolidation. Equity interests held by third parties in a special purpose entity consolidated by the Bank in
accordance with SIC 12 are recognized under minority interest.
The carrying amount of an investment in a fully or proportionately consolidated entity held by the Parent
or another Group company is eliminated against the recognition of the subsidiary’s assets and liabilities
as well as the Group’s portion of equity of the subsidiary.
Intragroup balances, off-balance sheet transactions, income and expenses and gain/losses between
consolidated companies are eliminated in full or proportionately, in accordance with the consolidation
procedures adopted.
A subsidiary’s income and expenses are included in consolidation from the date the Parent acquires
control. On disposal of a subsidiary, its income and expenses are consolidated up to the date of disposal,
i.e., when the Parent ceases to control the subsidiary. The difference between the proceeds from the
disposal of the subsidiary and the carrying amount of its net assets is recognised in item 270 “Gains
(Losses) on disposal of investments” in profit and loss.
Minority interests are recognised in the consolidated balance sheet item 210 “Minorities” separately from
liabilities and Parent shareholders’ equity. Minority interests in the profit or loss of the Group are
separately disclosed under item 330 of the consolidated profit and loss account.
On first-time consolidation, subsidiaries are measured at fair value as at the acquisition date, i.e. at the
cost of obtaining control of the subsidiary inclusive of ancillary costs.
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These are entities over which an investor has significant influence, and which is neither a subsidiary nor
an interest in a joint venture. It is presumed that the investor has significant influence if the investor holds,
directly or indirectly, at least 20 per cent of the voting power of an investee.
Investments in associates are recognised using the equity method. The carrying amount includes goodwill
(less any impairment loss). The investor’s share of the profit and loss of the investee after the date of
acquisition is recognised in item 240 “Profit (Loss) of associates” in profit or loss. Distributions received
from an investee reduce the carrying amount of the investment.
If the investor’s share of an associate’s losses is equal to or more than its carrying amount, no further
losses are recognised, unless the investor has incurred legal or constructive obligations or made
payments on behalf of the associate.
Unrealised profits on transactions with associates are eliminated to the extent of the Group’s interest.
Unrealised losses are likewise eliminated, unless the transactions show evidence of impairment of the
assets exchanged.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
166