The statement of the economic value created and distributed to stakeholders constitutes the link between the Social Report and the Consolidated Financial Statements. Careful reclassification of the income statement brings out the magnitude of the total economic value created by the Group and its distribution.
Part of the economic value created is retained by the Group for self-finance and part is distributed to the various internal and external stakeholders.
The statement has been prepared in compliance with the model recommended by the Italian Banking Association in December 2010. This broadens the notion of value added to also include the costs incurred for the purchase of goods and services from suppliers within economic value created in accordance with international practice and consistent with GRI recommendations.
2010 results
Again in 2010 the operating results, discussed in depth in the consolidated management report in the 2010 Annual Report, were affected by the economic situation, depressed by a context of crisis not completely recovered from, by uncertainty inherited from the turmoil and imbalances of the last four years, and by sudden and unexpected pressures on financial markets, all factors which perpetuate the disorientation of market participants.
The year was characterised for the Group by a fall in ordinary revenues, which could not be offset by a more severe policy to contain costs, as they continued to be affected by the economic situation, the high loan losses, although now falling, and impairment losses on financial assets.
The year 2010 therefore ended with a fall of 5,0% in the total economic value created from 3.209 million euro to 3.048 million euro. The reduction affected the proportions distributed to the various stakeholders in differing amounts.
Deputy General Managers:
Rossella Leidi- Commercial Manager
Giovanni Lupinacci - Chief of Credit and Credit Recovery
Ettore Medda - Chief of General Affairs and Subsidiaries
Pierangelo Rigamonti - Operational Chairman of UBI Sistemi and Servizi
Elvio Sonnino - Chief Operating Officer