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>> Consolidated Financial Statements
Part B – Consolidated Balance Sheet - Assets
10.3 Equity investments: annual changes (� '000)
Changes in
2009 2008
A. Opening balance 4,003,082 4,185,602
B. Increases 538,985 1,188,441
B.1 Purchases 184,356 573,035
B.2 Write-backs 85 -
B.3 Revaluation - -
B.4 Other changes 354,544 615,406
C. Decreases 675,630 1,370,961
C.1 Sales 71,313 706,048
C.2 Write-downs 44,421 29,122
C.3 Other changes 559,896 635,791
D. Closing balance 3,866,437 4,003,082
E. Total revaluation - -
F. Total write-downs 51,262 58,290
10.4 and 10.5 and 10.6 Commitments relating to equity investments in subsidiaries / joint ventures / companies
under significant influence
The following commitments were outstanding as at December 31, 2009:
� Undertakings to pay: (i) �1.5 million to our subsidiary UniManagement S.r.l. to cover losses
foreseen for 2010 and (ii) fresh capital of �0.9 million to our subsidiary Sicilia Convention Bureau
S.r.l. to cover start-up costs.
� An undertaking to take a minority stake in Grameen Italia S.p.A. (a company newly formed in
partnership with the Grameen Trust; it will offer microcredit to small businesses with the aim of
promoting social development in the less privileged sections of the population) for some �0.5
million plus a further financial contribution of �4.5 million to cover start-up costs.
� An undertaking to set up a subsidiary in Brazil in support of the activity of UniCredit’s São Paulo
representative office within the overall restructuring of the Group’s foreign network. The new
company will have capital of some �0.2 million.