GENERAL MEETING DRAFT - Bankier.pl

Non-CEE countries:
Rates
2009 2010 2011 2012
ECB refinancing operations rate (“Refi”) 1.00% 1.00% 2.50% 3.75%
3 month Euribor 0.83% 1.36% 2.77% 3.95%
Italy
Germany
Austria
2009 CONSOLIDATED REPORTS AND ACCOUNTS
Deposits 0.66% 1.19% 1.86% 2.33%
Short-term loans 4.26% 4.79% 5.67% 6.38%
Medium- to long-term loans 3.75% 4.28% 5.12% 5.76%
Deposits 1.43% 1.74% 2.35% 2.80%
Short-term loans 5.20% 5.63% 6.43% 7.03%
Medium- to long-term loans 4.81% 5.24% 5.65% 6.07%
Deposits 1.27% 1.63% 2.52% 3.26%
Short-term loans 3.51% 3.95% 4.91% 5.52%
Medium- to long-term loans 3.27% 3.65% 4.59% 5.13%
The calculation of the utility value for impairment testing purposes was conducted using a Discounted
Cash Flow model (DCF). The cash flows were determined by subtracting from net profit (net of minority
interests) the annual capital requirement generated by changes in risk-weighted assets. This capital
requirement is defined as the level of capitalization that the Group aspires to achieve in the long term.
The Discounted Cash Flow model used by the Group is based on three stages:
� for the first period (2010), the Group Budget figures approved by the Board of Directors were
used. These forecasts, though considering the difficult macro-economic scenario, take account
of the Group's capacity to generate income due to its strong franchise and well-diversified
revenue, strong local roots and traditional commercial banking activities.
For certain CGU, the comparison between the cash flow for 2010 (determined using budget data)
and that of 2011 may potentially show significant growth. Notwithstanding this, the development
of the principal determinants for calculating profitability of the CGU (mainly volumes, rates and
credit cycle) confirms that cash flow projections used for the years following 2011 are
reasonable, and in some cases are conservative.
For JSC ATF Bank, the first period runs from 2010 to 2013. Unlike the other CGU, a detailed plan
has been used for the referenced period, which was approved by the Board of Directors of the
subsidiary bank. With respect to previous valuations, the plan used for the 31 December 2009
valuation takes into account a transaction (the guarantee transaction scheme) which transferred
a portion of its own credit portfolio risk (and consequently of profitability) to Bank Austria AG.
� for the period from 2011 to 2019, the financial flow projections are based on a growth rate of
profits and decrease in risk-weighted assets, starting from the Compound Annual Growth Rate
(CAGR) of net profits estimated in the Strategic Plan and arriving at the Terminal Values. The
growth rates thus determined were corrected in some cases, where the result produced was not
consistent with the profitability prospects of the CGU.
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