GENERAL MEETING DRAFT - Bankier.pl

89
>> Reports on Operations
Central Eastern Europe (CEE)
Letters have been requested and signed for Serbia, Romania, Bosnia and Herzegovina and for Hungary.
UniCredit, as well as the other strategic banks active in those countries, committed to keep adequate
capitalization of their subsidiaries, even in stress scenario and to keep exposure (in terms of cross-border
lending and funding) to those countries stable in nominal term through the crisis.
Following an upward trend that lasted many years, the CEE area ( “CEE”) faced a number of new
challenges in 2009, but again contributed positively to the Group’s results. While economic conditions in
the various countries differed widely, operating results in CEE continued to develop steadily over 2009.
The business mix and UniCredit Group’s extensive network in CEE proved a sound basis for further
growth in revenues despite the difficult economic situation in 2009. Cost efficiency remained one of the
focal points in the current environment. The current level of credit risk provisions, influenced by
significant allocations particularly in Kazakhstan, reflects the impact of the financial crisis on customer
loans and is constantly monitored and strictly managed by appropriate action taken by UniCredit Group’s
risk management experts.
����������������������
In 2009, the CEE area of UniCredit Group achieved an operating profit of €2,664 million, outpacing the
respective 2008 results by 6.2% (or 22.4% at constant exchange rates). Total operating income
reached €4,613 million in this period outperforming the same period in 2008 by 10.5% at constant rates.
Net interest income increased by 8.5% at constant rates, to €3,003 million, despite the increase in
refinancing costs characterizing the current financial environment. Net fee & commission income grew
only moderately at constant rates, by 1.8% to €1.055 million. Trends in the various countries differed
according to the relative importance of the generally weak securities and new issue business; commercial
services such as cash management and loan fees developed favorably.
There was a particularly strong rise in Turkey, where Yap� Kredi Bank is the undisputed and innovative
market leader in commercial services including credit card business, foreign trade financing, leasing and
factoring. Given the current market situation with its high volatility in FX and interest rates, the trading
result showed particularly strong growth in 2009 to €496 million, increasing by 72.7% at current rates and
almost doubling the result of 2008 at constant rates.
Income Statement (€ million)
2008
2009 2008 ACTUAL NORMALIZED 1
Q4 Q3 ACTUAL NORMALIZED 1
YEAR
CHAANGE % 2009 CHANGE % ON Q3 '09
Q4
CENTRAL EASTERN EUROPE
Operating income 4,613 4,732 - 2.5% + 10.5% 1,109 1,103 + 0.6% + 1.4% 1,323
Operating costs -1,949 -2,223 - 12.3% - 2.9% -510 -484 + 5.4% + 6.5% -609
Operating profit 2,664 2,509 + 6.2% + 22.4% 599 618 - 3.2% - 2.5% 714
Net write-downs on loans -1,718 -537 + 219.6% + 274.0% -496 -509 - 2.4% - 0.3% -215
Profit before tax 908 2,026 - 55.2% - 50.0% 80 106 - 24.6% - 31.6% 488
Profit (Loss) for the period
1. At constant exchange rates
740 1,602 - 53.8% - 48.5% 61 85 - 28.0% - 33.7% 370
Balance Sheet (€ million)
AMOUNTS AS AT CHANGE ON DEC '08
12.31.2009 09.30.2009 12.31.2008 AMOUNT %
CENTRAL EASTERN EUROPE
Total Loans 70,116 71,413 74,872 -4,756 - 6.4%
o.w. with customers 58,083 58,201 62,145 -4,061 - 6.5%
Customer deposits (incl. Securities in issue) 50,575 50,608 50,100 475 + 0.9%
Total RWA 69,598 68,391 76,073 -6,475 - 8.5%
RWA for Credit Risk 61,053 60,337 66,953 -5,900 - 8.8%