165 (in thousands of Euro) 31 December 2008 (100%) 31 December 2007 (50%) Non-current assets 7,234 3,736 Current assets 71,330 31,310 78,564 35,046 Non-current liabilities 5,666 4,953 Current liabilities 63,416 26,440 69,082 31,393 2008 2007 Revenues 74,777 65,339 Operating costs (69,961) (60,996) OPERATING PROFIT 4,816 4,343 Results of financial management 61 (21) PROFIT (LOSS) BEFORE TAXATION 4,878 4,322 Tax charge (2,122) (2,040) NET RESULTS FOR THE YEAR 2,755 2,282
166 Accounting policies and explanatory notes 9. Investments in associates measured using the equity method The following tables, covering the years ended 31 December 2008 and 31 December 2007, summarise the Group's interest in the assets, liabilities, revenues and net results of the associates (and the subsidiaries and joint ventures in liquidation) measured using the equity method. (in thousands of Euro) As of 31 December 2008 % Revenues Net Assets Liabilities Net Value Provi- Net value interest results assets invest. sions in cons. financial statements Global Provincia di Rimini Soc. Cons. a r.l. 42.40% 1,533 0 765 (761) 4 4 0 4 Bologna Più Soc. Cons. a r.l. 25.68% 6,720 1 2,130 (2,053) 77 77 0 77 Como Energia Soc. Cons. a r.l.* 20.00% 584 (9) 757 (726) 31 31 0 31 Global Riviera Soc. Cons. a r.l. 23.11% 2,325 0 3,361 (3,352) 9 9 0 9 P.B.S. Soc. Cons. a r.l. 25.00% 2,692 0 2,455 (2,430) 25 25 0 25 Consorzio Energia Servizi BO 24.25% 133 (6) 19 (16) 3 3 0 3 Bologna Multiservizi Soc. Cons. a r.l. 39.00% 5,068 0 3,970 (3,966) 4 4 0 4 MCB Emirates LLC 49.00% 0 (31) 0 0 0 0 0 0 Tower Soc. Cons. a r.l. 20.17% 1,110 0 766 (746) 20 20 0 20 Ser.San. Servizi Sanitari S.p.A. 20.00% 2 (2) 86 (26) 60 60 0 60 San Martino 2000 Soc. Cons. a r.l. 40.00% 2,944 0 1,402 (1,398) 4 4 0 4 Co.S.I.S. Soc. Cons. a r.l. 26.33% 0 (17) 24 (28) (4) 0 4 (4) GICO Systems S.r.l. 20.00% 429 17 307 (277) 30 30 0 30 Newco DUC Bologna S.p.A. 24.90% 8,715 (246) 24,694 (23,147) 1,547 1,547 0 1,547 SE.SA.MO. S.p.A.* 20.91% 3,299 0 8,265 (7,514) 751 751 0 751 F.lli Bernard S.r.l. 20.00% 790 43 2,111 (1,657) 454 454 0 454 Terzatorre S.p.A. 32.00% 3,081 0 5,110 (3,641) 1,469 1,469 0 1,469 ROMA Multiservizi S.p.A. 45.47% 39,549 3,229 32,052 (22,401) 9,651 9,651 0 9,651 Servizi Napoli 5 Soc. Cons. a r.l. 45.00% 1,114 0 1,119 (1,114) 5 5 0 5 Steril Piemonte Soc. Cons. a r.l. 25.00% 68 (7) 1,006 (13) 993 993 0 993 Edex 45.00% 171 (110) 630 (340) 290 290 0 290 IPP 25.00% 116 (17) 405 (298) 107 107 0 107 Global Vicenza 41.25% 1,287 0 1,577 (1,573) 4 4 0 4 Alisei S.r.l. in liquidation 100.00% 0 (12) 20 (30) (10) 0 10 (10) Fleur Bruzia S.r.l. in liquidation* 100.00% 0 (3) 0 0 0 0 0 0 Consorzio Polo Sterilizzazione Integ. 60.00% 44 (9) 739 (716) 23 23 0 23 Gymnasium Soc. Cons. a r.l. in liq. 68.00% 5 0 28 (21) 7 7 0 7 Geslotto 6 Soc. Cons. a r.l. 55.00% 5 0 94 (44) 50 50 0 50 Legnago 2001 Soc. Cons. a r.l. 50.00% 1,213 0 1,212 (1,207) 5 5 0 5 Servizi Sanitari Treviso* 40.00% n/a n/a 8 0 8 8 0 8 Bologna Gestione Patrimonio * 27.58% n/a n/a 6 0 6 6 0 6 Promoz. Impr. e Territ. Soc. Cons. a r.l. 100.00% 0 0 14,186 (14,044) 142 142 0 142 Progetto Nuovo Sant’Anna 49.50% 924 0 57,437 (57,445) (8) 0 8 (8) Sanco Soc. Cons. a r.l. 37.50% 42,159 0 24,042 (24,042) 0 0 0 0 Headmost division service 25.00% 1,449 0 1,276 (756) 520 520 0 520 Telepost 20.00% 0 0 0 (24) 24 24 0 24 Costruzione Manutenzione Immobili 40.00% 100 135 3,054 (112) 2,942 2,942 0 2,942 127,629 2,956 195,113 (175,870) 19,243 19,265 22 19,243
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