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

18.2 Reconciliation between theoretical and effective tax burden12 mths ended 30/6/11Amounts %Absolute valuesTotal profit or loss before tax from current operations 100.00% 254,376Theoretical tax rate 27.50% XTheoretical computed taxes on income 27.50% 69,953Dividends (–) -12.07% (30,709)Gains on disposals of equity investments (PEX) (–) -1.02% (2,587)Non-taxable income 10 % IRAP (–) -0.35% (881)Interest on exempt securities (–) -0.24% (614)Tax sparing credit -0.51% (1,301)Non-deductible interest expense 3 % (+) 6.29% 15,991Benefit from tax consolidation (–) -0.68% (1,718)Impairment (+/–) 21.00% 53,428Other differences 0.36% 916TOTAL IRES 40.29% 102,478IRAP 9.64% 24,522TOTAL FOR HEADING ¹ 49.93% 127,0001Compared with a tax rate of -37.58% in the previous financial year.Section 21Earnings per share21.1 Average number of ordinary shares on a diluted basis12 mths ended 30/6/11 12 mths ended 30/6/10Net profit 127,376 244,139Avg. no. of shares in issue 844,099,719 834,153,396Avg. no. of potentially diluted shares 42,896,940 149,140,954Avg. no. of diluted shares 886,996,659 983,294,350Earnings per share 0.15 0.29Earnings per share, diluted 0.14 0.25– 357