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

Significant data 1Total assetsTotal incomeNet profit(loss)Net equity Book value Fair valueB. COMPANIES SUBJECT TO JOINTCONTROL (IAS 31)1. Banca Esperia S.p.A. 715,194 68,578 106 109,448 29,129 —C. COMPANIES SUBJECT TO SIGNIFICANTINFLUENCE (IAS 28)1. Burgo Group S.p.A. 2,320,071 2,354,052 2,152 355,177 54,628 —2. Assicurazioni Generali S.p.A. 422,439,425 90,779,211 1,701,900 15,787,900 836,151 2,772,0183. RCS MediaGroup S.p.A. 3,380,600 2,255,300 7,200 984,000 191,772 125,2994. Fidia SGR S.p.A. 6,914 604 (266) 4,935 1,045 —5. Athena Private Equity S.A. 115,948 3,672 (2,926) 103,340 23,705 —6. Gemina S.p.A. 4,005,218 597,543 (37,267) 1,609,291 196,391 130,2797. Pirelli & C. S.p.A. 5,618,800 5,330,207 21,752 1,969,079 115,749 163,3208. Telco S.p.A. 5,474,941 178,699 (1,149,981) 3,335,512 252,576 —Total 1,701,1461From most recent approved consolidated financial statements.During the year the Bank’s investments in Telco (€125.7m), RCSMediaGroup (€16.7m) and Gemina (€14.9m) were written down to bringthem into line with the Bank’s pro rata share in the investee companies’ netequity (taking into account the initial goodwill, if any), as follows:— the cost at which the Gemina investment is recognized fell from €211.3m to€196.4m – higher than its market value (€130.3m based on stock marketprices as at 30 June 2011). However, this is still lower than its value in useas determined via a discounted cash flow model, which takes account of thegrowth potential reflected in the airport system headed up by Aeroporti DiRoma, which is the main asset owned by Gemina. In this connection, itshould be noted that the Italian civil aviation authority in July approved thegeneral outline of the framework agreement for operating the Rome airport,which involves an update to the tariff scheme.— The book value of the investment in Telco fell from €378.2m to €252.6m, inline with the company’s financial statements as at 30 April 2011, in whichthe value of the Telecom Italia investment was written down from €2.2 to€1.8 per share. This book value is not considered to be higher than its valuein use as defined in paragraph 33 of IAS 28, for the following reasons:— with a share of 22.4% in Telecom Italia, Telco is the main shareholder inthe Telecom Italia group;320 –