GENERAL MEETING DRAFT - Bankier.pl

Supplementing the sensitivity analysis, the table below indicates the variation of the total utility value of
the Group resulting from a variation of one percentage point of the main parameters used in the DCF
model.
Change of Group
utility value
1% increase of the
discount rate after
taxes (Ke)
2009 CONSOLIDATED REPORTS AND ACCOUNTS
1% increase of
core tier 1 ratio
target
1% decrease of
the nominal
growth rate for the
calculation of
Terminal Value
1% decrease of
annual earnings
-12.1% -6.1% -3.7% -1.2%
It must also be emphasized that the parameters and information used to verify the recoverability of
goodwill (in particular the expected cash flows for the various CGU, and the discount rates used) are
significantly influenced by the macroeconomic and market situation, which may be subject, to currently
unpredictable changes. The effect that these changes may have on the estimated cash flows of the
different CGU, as well as on the main assumptions made, could therefore lead to different results in the
coming financial years with respect to those reported in these consolidated financial statements.
The results of the impairment test
The impairment test has confirmed the book value of goodwill in the financial statements at 31 December
2009. Consequently no value adjustments were recorded under that item.
For intangibles other than goodwill, the impairment test confirmed that their recoverable value exceeded
the amount written in the consolidated financial statements, less amortization already recorded. It was
therefore not necessary to record any impairment on the income statement.
268