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

An updated list of the properties owned by the Group is provided below:Squ.mBook valueBook value persqu.m€’000 €’000Milan:– Piazzetta Enrico Cuccia, 1 ............ 6,874 17,690.8 2.6– Via Filodrammatici, 3, 5, 7 - PiazzettaBossi, 1 .............................. 11,093 62,805.0 5.7– Piazza Paolo Ferrari, 6 ................ 1,967 4,218.8 2.1– Foro Buonaparte, 10 .................. 3,918 7,833.8 2.0– Via Siusi, 1-7 ........................ 5,300 15,988.6 3.0Rome:– Piazza di Spagna, 15 .................. 8,228 27,421.9 3.3– Via Nomentana, 146 .................. 1,790 8,912.4 5.0Vicenza:– Via Btg. Framarin, 4, 14 .............. 4,239 5,833.6 1.4Principality of Monaco ................... 8,166 127,324.0 15.6Other, minor properties .................. 5,757 2,490.6 0.457,332 280,519.5Provisions— this comprises the provision for liabilities and charges,which stood at €156.5m (€156.3m) and the staff severance indemnityprovision, amounting to €26,1m (€27.3m), both largely unchanged duringthe period.Net equity — net equity rose by €214.2m, from €6,330.3m to €6,544.5m,due to the provision of undistributed 2010 earnings (€257.4m) and a€112m rise in the Group’s valuation reserves, which offset the negativecontribution from equity-consolidated investee companies totalling€160.6m. The AFS securities valuation reserve remained virtually stable atminus €22m (minus €22.6m), following net withdrawals totalling €12.4m inconnection with the impairment charges taken at the reporting date(€36.2m) and disposals during the course of the year (€23.8m). The bondreserve remained in negative territory at €105.7m, while the equities andother securities reserve was positive at €54.6m, with €29.1m in deferred taxassets. The cash flow hedge reserve returned to positive territory at €9.8m(compared with minus €99.5m last year), while the share of the valuationreserves attributable to the equity-accounted investments fell from €162.1mto €1.5m.28 –