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196
Introduction
Group Chart
Part A - Information on operations
Part B - Accounting policies
Part C - Information on the Consolidated Balance Sheet
Balance Sheet and
Part D - Information on the Consolidated Profit and Loss Account
Profit and Loss Account
Part E - Other information
Part F - Scope of Consolidation
Statement of Changes in
Annexes
Capital Stock and Reserves
to the Directors
Information on the Parent Company
Powers Delegated
Reports
Organisation by geographical area
Balance Sheet and
Profit and Loss Account
Restated Accounts
Accounts
197
198
INTERIM REPORT AS AT 30 JUNE 2002 INFORMATION ON THE PARENT COMPANY
BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
Accounts for UniCredito Italiano S.p.A.
When preparing the interim report as at 30 June 2002, the accounting and reporting policies
used for the 2001 accounts were followed.
CONSOB Letter No. DAC/28034 of 12 April 2000 was also followed. With respect to accounting policies,
this letter established the applicability of the so-called independence principle for the intra-year period.
Thus, the half year was considered a separate period in which extraordinary, seasonal or cyclical
expenses and revenues must be brought forward or deferred only if doing so is allowable in the annual
report for the fiscal year as a whole.
Thus, the balance sheet and profit and loss account as at 30 June 2002 do not include the portion
of profits allocated for dividends of directly owned subsidiaries and affiliates if, and to the extent, the
requirement of certainty as at 30 June has not been met (based on the proposal for dividend
distribution submitted for the approval of the Shareholders’ Meeting), and is instead satisfied at the
end of the period.
Consequently, the balance sheet and profit and loss account for the two half-year periods were restated
to allow for a comparable treatment of dividends as indicated above.
As a result, the following accounts are provided:
• Restated balance sheet and profit and loss account as at 30 June 2002 compared with those for the 199
prior half-year accounts and those as at 31 December 2001;
• The balance sheet and profit and loss account as at 30 June 2002.
Note: Policies used for the restatement of figures on a comparable basis
As compared to the regular accounts, the figures for the restated accounts were determined as follows:
• For accounts as at 30 June 2002 by considering dividends of directly owned subsidiaries accrued during the period including
related tax charges.
• For accounts as at 31 December 2001 restated and normal figures coincide.
• For accounts as at 30 June 2001 by considering dividends of directly owned subsidiaries accrued during the period including
related tax charges.
S.3 Project: Changes in corporate and accounting structure
Since the resolutions of the extraordinary shareholders’ meeting of 6 May 2002 have not been finalised, the figures for the half-
year accounts as at 30 June 2002 for UniCredito Italiano S.p.A. do not take into account the merger by absorption of Banca
Cassa di Risparmio di Torino S.p.A.; Cassa di Risparmio di Verona, Vicenza, Belluno e Ancona Banca S.p.A.; Cassamarca Cassa
di Risparmio di Trento e Rovereto S.p.A.; Cassa di Risparmio di Trieste Banca S.p.A.; Rolo Banca 1473 S.p.A.; and Credit
Carimonte S.p.A. even though the effective date of this merger for accounting and tax purposes is 1 January 2002. These
figures also do not incorporate the subsequent transfer by the Parent Company of the banking division to Credito Italiano, which
has taken on the name of UniCredit Banca.
As noted above (since the effective date for accounting purposes is 1 January 2002), the 2002 Accounts of UniCredit S.p.A.
will include the profit and loss account for the 1st half year for the companies absorbed.
Restated Company Accounts
Balance Sheet
Assets
AMOUNTS AS AT
(amounts in thousands of e) 30.06.2002 31.12.2001 30.06.2001
Cash and deposits with central banks and post offices 43,345 74,581 34,846
Loans:
- Loans to customers 6,189,746 5,352,868 8,100,017
- Loans to banks 23,066,773 25,623,656 27,349,681
Trading securities 3,780,417 3,254,399 3,764,734
Fixed assets:
investment securities 10,078,002 9,909,495 9,926,136
Equity investments 11,889,948 11,606,333 10,979,928
Intangible and tangible fixed assets 179,042 184,314 187,697
Other asset items 4,005,448 4,919,396 5,100,357
Total assets 59,232,721 60,925,042 65,443,396
Liabilities and Shareholders’ Equity
Deposits:
- Due to customers 3,612,377 4,804,545 4,598,314
- Securities in issue 8,731,378 9,094,910 7,814,916
200 - Due to banks 24,586,855 25,686,203 33,707,722
Specific reserves 1,185,769 1,229,587 1,046,447
Other liabilities 3,427,528 2,727,255 2,749,026
Loan loss reserves 16,527 16,527 22,982
Subordinated debt 9,393,460 9,060,330 7,751,228
Shareholders' equity:
- Capital, reserves and retained earnings 7,808,067 7,216,804 7,216,804
- Current period net profit 470,760 1,088,881 535,957
Total liabilities and shareholders’ equity 59,232,721 60,925,042 65,443,396
Guarantees and commitments
ITEMS
Guarantees given 3,437,878 3,129,324 3,711,519
Commitments 4,388,149 6,442,416 7,886,517
INTERIM REPORT AS AT 30 JUNE 2002 INFORMATION ON THE PARENT COMPANY
BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
Profit and Loss Account
Profit and Loss Account Items
1st half
(amounts in thousands of e) 2002 2001 2001
Net interest -94,990 -172,422 -307,607
Dividends and other revenues 1,139,368 1,125,794 2,345,753
Net interest income 1,044,378 953,372 2,038,146
Net commissions 15,557 8,713 17,330
Trading profits (losses) -44,311 -20,932 -77,558
Other net operating income 54,182 67,007 96,092
Revenues from services and other sources 25,428 54,788 35,864
TOTAL REVENUES 1,069,806 1,008,160 2,074,010
Payroll costs -94,673 -118,246 -200,468
Other administrative costs -109,021 -76,807 -155,803
Write-downs of intangible and tangible fixed assets -10,973 -11,662 -26,126
Operating expenses -214,667 -206,715 -382,397
OPERATING PROFIT 855,139 801,445 1,691,613
Provisions for risks and charges -13,000 -40,575 -50,464
Net write-downs of loans and provisions
for guarantees and commitments -52,493 -35,565 -68,975
Provisions to loan loss reserves - -6,456 -
Net write-downs of financial investments -116,931 -19,253 -178,047
PROFIT (LOSS) BEFORE EXTRAORDINARY ITEMS AND INCOME TAXES 672,715 699,596 1,394,127
Extraordinary income (loss) – net 49,101 40,925 145,786 201
Earnings before taxes 721,816 740,521 1,539,913
Income tax for the period -251,056 -204,564 -451,032
NET PROFIT (LOSS) FOR THE PERIOD 470,760 535,957 1,088,881
Company Accounts
Balance Sheet as at 30 June 2002
Assets
(amounts in thousands of e)
10. Cash and deposits with central banks and post offices 43,345
20. Treasury notes and similar securities eligible for
Refinancing at central banks 699,946
30. Loans to banks: 23,066,773
a) On demand 12,851,736
b) Other loans 10,215,037
40. Loans to customers: 6,189,746
Of which:
- loans with deposits received in administration - -
50. Bonds and other debt securities: 12,851,069
a) Of government issuers 3,969,705
b) Of banks 8,220,979
Of which:
- own investment and trading securities 46 -
c) Of financial institutions 601,574
Of which:
- own investment and trading securities - -
d) Of other issuers 58,811
60. Shares, interests and other variable yield securities 307,403
70. Equity investments 1,724,526
202
80. Equity investments in Group companies 10,165,422
90. Intangible fixed assets 14,530
Of which:
- Start-up costs -
- Goodwill -
100. Tangible fixed assets 164,512
130. Other assets 2,211,607
140. Accrued income and prepaid expenses 1,017,851
a) Accrued income 769,262
b) Prepaid expenses 248,589
Of which:
- issue discount on securities 10,057
Total assets 58,456,730
INTERIM REPORT AS AT 30 JUNE 2002 INFORMATION ON THE PARENT COMPANY
BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
Liabilities and Shareholders’ Equity
(amounts in thousands of e)
10. Due to banks: 24,586,854
a) On demand 6,869,385
b) On term or with notice 17,717,469
20. Due to customers: 3,612,377
a) On demand 1,070,926
b) On term or with notice 2,541,451
30. Securities in issue: 8,731,378
a) Bonds 4,805,609
b) Certificates of deposit 3,925,326
c) Other securities 443
50. Other liabilities 2,630,700
60. Accrued liabilities and deferred income: 796,828
a) Accrued liabilities 684,845
b) Deferred income 111,983
70. Reserve for employee severance pay 42,592
80. Reserves for risks and charges: 888,101
a) Reserve for pensions and similar obligations 18,369
b) Taxation reserve 671,049
c) Other reserves 198,683
90. Loan loss reserves 16,527 203
110. Subordinated debt 9,393,460
120. Capital 2,565,550
130. Share premium reserve 3,308,639
140. Reserves: 1,933,780
a) Legal reserve 368,367
b) Reserve for own shares or interests -
c) Statutory reserves 771,601
d) Other reserves 793,812
150. Revaluation reserves -
160. Retained earnings (losses) 98
170. Current period net profit (loss) -50,154
Total liabilities and shareholders’ equity 58,456,730
Guarantees and commitments
(amounts in thousands of e)
ITEMS
10. Guarantees given 3,437,878
of which:
- Acceptances 1,081
- Other guarantees 3,436,797
20. Commitments 4,388,149
of which:
- For sales with repurchase obligation -
MANAGING DIRECTOR/CEO CHIEF ACCOUNTANT
PROFUMO LECCACORVI
204
INTERIM REPORT AS AT 30 JUNE 2002 INFORMATION ON THE PARENT COMPANY
BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
Profit and Loss Account for 1st Half of 2002
Profit and Loss Account
(amounts in thousands of e)
10. Interest income and similar revenues 766,934
of which:
- On loans to customers 94,331
- On debt securities 284,638
20. Interest expense and similar charges 861,924
of which:
- On amounts due to customers 71,986
- On securities in issue 127,335
30. Dividends and other revenues: 363,378
a) On shares, interests and other variable yield securities 3,263
b) On equity investments 13,739
c) On equity investments in Group companies 346,376
40. Commission income 28,519
50. Commission expense 12,962
60. Trading profits (losses) -44,311
70. Other operating income 66,677
80. Administrative costs: 203,694
a) Payroll costs 94,673
of which:
- Wages and salaries 66,826 205
- Social security contributions 22,219
- Severance pay 4,416
- Pensions and similar benefits -
b) Other administrative costs 109,021
90. Write-downs of intangible and tangible fixed assets 10,973
100. Provisions for risks and charges 13,000
110. Other operating expenses 12,495
120. Write-downs of loans and provisions for guarantees and commitments 61,855
130. Write-backs of loans and provisions for guarantees and commitments 9,362
140. Provisions to loan loss reserves -
150. Write-downs of financial investments 126,395
160. Write-backs of financial investments 9,464
170. Profit (loss) before extraordinary items and income tax -103,275
180. Extraordinary income 62,313
190. Extraordinary charges 13,212
200. Extraordinary income (loss) – net 49,101
220. Income tax for the period -4,020
230. Current period net profit (loss) -50,154
MANAGING DIRECTOR/CEO CHIEF ACCOUNTANT
PROFUMO LECCACORVI
206
Introduction
Group Chart
Part A - Information on operations
Part B - Accounting policies
Part C - Information on the Consolidated Balance Sheet and Loss Account
Part D - Information on the Consolidated Profit and Loss Account
and Reserves
Balance Sheet and Profit
Part E - Other information
Part F - Scope of Consolidation
to Directors
Annexes
Information on the Parent Company
Powers Delegated
Reports
Statement of Changes in Capital Stock
Organisation by geographical area
Statement of Changes
in Capital Stock
and Reserves
207
208
INTERIM REPORT AS AT 30 JUNE 2002 INFORMATION ON THE PARENT COMPANY
Statement of Changes in Capital Stock and Reserves
for the First Half of 2002
Capital
made up Total capital,
of shares RESERVES Reserves
with a Share Revalu- and
par value of premium Legal Statutory Other ation Retained retained
(amounts in millions of e) E 0.50 each reserve reserve reserves reserves reserve earnings earnings
Balances as at 31.12.2001 2,523.2 3,117.3 259.5 531.8 784.8 - 0.2 7,216.8
Changes during 1st half of 2001
Capital increase pursuant to
Article 2443 of the Civil Code through
the issuance of 84,670,661 common
shares with a par value of e 0.50 each
in exchange for the stock of Zagrebacka
Bank d.d., Zagreb 42.4 191.3 233.7
Distribution of income approved by
the ordinary shareholders’ meeting
of 6 May 2002:
- allocation to reserve 108.9 239.8 9.0 357.7
- to shareholders:
28.2% of par value of
e 2,554.7 million in common
shares (equal to e 0.141), - 209
31.2% (i.e., the 28.2% stipulated for
common shares plus a further
3% allocation on the par value
of e 10.9 million in savings shares
(equal to e 0.156) -
- Allocation of 1% of current period
profit to the reserve for donations -
- from retained earnings - 0.1 - 0.1
Balances as at 30 June 2002 2,565.6 3,308.6 368.4 771.6 793.8 - 0.1 7,808.1
210
Introduction
Group Chart
Part A - Information on operations
Part B - Accounting policies
Part C - Information on the Consolidated Balance Sheet and Loss Account
Part D - Information on the Consolidated Profit and Loss Account
Balance Sheet and Profit
Part E - Other information
Part F - Scope of Consolidation
Statement of Changes in
Annexes
Capital Stock and Reserves
Information on the Parent Company
Reports
Organisation by geographical area
Powers Delegated to the Directors
Powers Delegated
to the Directors
211
Powers Delegated to the Directors
Below is a description of the powers delegated to Directors by the Board of Directors by resolution of 18
January 1999 and by the Executive Committee by resolutions of 13 May 2002 and as subsequently
amended and revised with resolutions on 20 June 2002 and 25 July 2002.
By the Board of Directors:
• To the Executive Committee, the power and authority to execute all the transactions that the Bank can
perform pursuant to Article 4, paragraph 1 of the Articles of Association, with a number of specifications
and restrictions concerning loans, expenses for building, purchasing and restructuring of property and
for fitting out company buildings, the sale of property, the stipulation of property and goods leasing
contracts and rental contracts, the appointment and administration of Personnel, the granting of
contributions for recreational, sporting and cultural activities, bonuses for organisational schemes and
provisions for Personnel in service and retirees, the provision of donations to bodies with social ends or
in the public interest;
• To the Chairman
- The right to authorise a credit facility for the Managing Director/CEO, upon request by such officer,
within a pre-established limit throughout the Bank’s network, for the cash payment of bank cheques
drawn on other credit organisations.
- Jointly with the Managing Director/CEO, the right to express the Bank’s approval, as Parent Company
212
of the UniCredito Italiano Banking Group, of the acquisitions/disposals of equity investments by
subsidiaries and of share issues by such subsidiaries, in both cases for amounts in excess of the
spending power vested in the Managing Director/CEO and, at any rate, within pre-established limits;
• To the Managing Director/CEO, in addition to the authority indicated above, to be exercised jointly with
the Chairman regarding the transaction amounts, the following powers:
- To authorise, at the express request of Company Representatives, a credit facility within a pre-
established limit throughout the Bank’s network, for the cash payment of bank cheques drawn on
other credit organisations;
- To express the Bank’s approval, as Parent Company of the UniCredito Italiano Banking Group,
regarding obligations upon the representatives of Banks and companies belong to banking groups, in
relation to transactions pursuant to Article 136 of Legislative Decree No. 385 dated 1/9/1993 and for
amounts not in excess of the pre-established limits;
- To grant employees sole signature powers for transactions of a specified nature;
- To represent the Bank as the holder of voting rights in the ordinary or extraordinary meetings,
including abroad, or as a proxy for other interest holders or shareholders of those foreign companies.
By the Executive Committee:
• To the Chairman, the right to express his approval – in cases of urgency – of transactions in an amount
in excess of the pre-established limits for the General Management Department/Areas, provided these
are under predetermined limits related to loans, dealings in securities and other money market
INTERIM REPORT AS AT 30 JUNE 2002 INFORMATION ON THE PARENT COMPANY
POWERS DELEGATED TO THE DIRECTORS
instruments, spending powers, contributions and donations, non-performing loans, watchlist items,
restructured loans and loans subject to restructuring, accidents and disputes;
• To the Managing Director/CEO, the authority within pre-established limits and with the right to sub-
delegate, in all sectors of the Bank’s activity, namely: loans, dealings in securities and other money
market instruments, treasury activity, foreign exchange, activities relating to the determination of
conditions, sale of property, spending powers, rights regarding contributions and donations, personnel
administration rights, non-performing loans, watchlist items, restructured loans and loans being
restructured, accidents and disputes.
At its meeting of 6 May 2002, the Board of Directors also assigned to the Managing Committee (made
up of the Chairman of the Board of Directors and the Deputy Chairmen appointed, or if there is no Deputy
Chairman in office, made up of designated members of the Board of Directors) the duty of determining,
in agreement with the Managing Director/CEO, the development policies and guidelines for strategic and
operational plans to be submitted to the Board of Directors.
213
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