Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

valuation reserve was in negative territory, at minus €93.1m, followingdownward adjustments for the year totalling €87.5m. Some 57% of theportfolio consists of government securities (over 70% of which Italian), 29%banking, insurance and financial bonds (including €17.6m in asset-backedsecurities), and the remainder of corporate bonds; the portfolio includes€234.8m in Greek government bonds and €32.9m in Irish governmentbonds.Investments in equities increased from €1,509.9m to €1,631.2m,following purchases worth €209.7m, disposals amounting to €122.3m(yielding gains of €13.1m) and adjustments totalling €20.7m. Writedownsof €35.6m were made during the period, €32.9m of which in respect ofunlisted shares, and upward adjustments to reflect fair value at thereporting date totalling €49.5m.Accordingly, the AFS securities portfolio as at 30 June 2011 wasmade up as follows:Percentageshareholding *Book value at30/6/11Adjustmentsto fair valueImpairmentrecognized inP&LAggregateAFS reserveSintonia S.A. ........... 6.58 336.3 — — —UCI cashes ............. 251.6 (11.5) — (28.7)Delmi S.p.A., ordinary . . 6.00 94.2 — (15.8) —Santé S.A. ............. 9.99 82.4 — (0.7) —Italmobiliare ........... 9.5 – 5.47 53.1 6.1 — 18.5Other listed securities ... 505.1 50.6 (2.7) 3.5Other unlisted securities . 308.5 4.3 (16.4) 54.8TOTAL ................. 1,631.2 49.5 (35.6) 48.1* First figure refers to percentage of shares held in respective category; second figure refers to percentage of entireshare capital held.Fixed assetsThese consist of:— Properties, carried at €112.1m, including the value of land owned(€81.2m); depreciation charges for the year totalled €1.5m;– 253