GENERAL MEETING DRAFT - Bankier.pl

This decrease was offset in part by lower operating expenses, reduced by € 53 million (10%) compared
to 2008, primarily due to lower personnel costs (-6% on an annual basis) and due to lower
administrative expenses (-14% on an annual basis). Amortisation and depreciation also decreased
(-22% on an annual basis) as a result of higher intangible asset write downs made in 2008.
The reduction in operating expenses was even more marked net of extraordinary components, which had
an impact in 2009 (reversal of the previous year’s bonus and legal expenses). Net of such components,
the decrease in operating expenses compared to 2008 was € 81 million (-15% on an annual basis).
On a quarter by quarter comparison, in the fourth quarter the profit before tax was € 107 million, growing
82% compared to the amount for the previous quarter.
This growth was due primarily to the increase in management fees (+16%, associated with the increase in
assets under management, which was 4% on average), higher performance fees, a decrease in
personnel costs (-21%) and in other administrative expenses (-3%). Lastly, there was a reduction in
amortisation compared to the previous quarter of € 6 million (-44%). The third quarter included
accelerated write down of defined life intangible in the US segment.
In terms of costs, the fourth quarter included a reduction of accrued 2009 bonuses of approximately € 10
million.
The cost income ratio for 2009 stood at 62.0%, worsening from the previous year due to the
deterioration in operating income.
The business line’s performance was reflected in the value indicators: EVA declined to € 180 million in
2009 from € 388 million in 2008 (-53.5% y/y) and RARORAC was 49.93%.
Key Ratios and Indicators
ASSET MANAGEMENT
2009 CONSOLIDATED REPORT AND ACCOUNTS
2009 2008 AMOUNT %
EVA (€ million) 180 388 -208 - 53.5%
Absorbed Capital (€ million) 361 417 -56 - 13.4%
RARORAC 49.93% 93.03% n.s.
ROA, bpb (*) 43bp 50bp -7bp
Cost/Income 62.0% 46.7% n.s.
Operating costs/Total Financial Assets, bp (**) 27bp 22bp 5bp
(*) Operating income on Total Financial Assets (average) net of extraordinary assets
(**) Total cost on total Financial Assets (average) net of extraordinary assets
YEAR CHANGE
In late December 2009, Asset Management had 1,962 full time equivalent employees, a reduction of
203 FTE if compared to the end of 2008.
Staff Numbers
AS AT
CHANGE ON DEC '08
12.31.2009 09.30.2009 12.31.2008 AMOUNT %
ASSET MANAGEMENT
Full Time Equivalent 1,962 1,967 2,165 -203 - 9.4%
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