ANNUAL REPORT

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Mediaset S.p.A. 2008 Annual Report – Explanatory Notes 15.3 Income/expenses from equity investments Dividends from subsidiary companies This item includes the dividends paid out by subsidiary companies for EUR 308,154 thousand, as detailed in the table below: 2008 2007 R.T.I. - Reti Televisive Italiane S.p.A. 221,154 394,231 Publitalia '80 S.p.A. 87,000 90,000 Total dividends from subsidiaries 308,154 484,231 16. Income tax 2008 2007 Charges/(proceeds) for IRES from tax consolidation (17,633) (2,366) Fund provision for IRAP 647 2,013 Substitute tax 91 - Total current taxes (16,895) (353) Fund provision for deferred tax liabilities - 316 Utilization of the deferred tax liabilities fund (387) (385) Total deferred tax liabilities (387) (69) Utilization of credit from deferred tax assets 17,654 14,160 Deferred tax assets (793) (1,616) Total deferred tax assets 16,861 12,544 Total (421) 12,122 This item, equal to EUR - 421 thousand di euro (EUR + 12,122 thousand as at 31 December 2007), refers to IRAP (Regional tax) for EUR 647 thousand and includes recognition of a proceed amounting to EUR 17,633 thousand, in compliance with the provisions established in the relevant Agreement regarding the option to join the tax consolidation system regulating the relations of the parties involved. This item was adjusted through utilisation of advanced and deferred taxes for the year equal to EUR 17,267 thousand, partially offset by provisions for advanced and deferred taxes amounting to EUR 793 thousand. In compliance with Art. 1, par. 48, of the 2008 Budget Law, the Company has realigned the fiscal value of its assets to the relevant financial value, subject to higher fiscal amortisation, made in 2004, which were not entered in the income statement, through the payment of a substitute tax in three instalments. This operation generated a positive effect in the income statement equal to EUR 153 thousand resulting from the use of deferred taxes for EUR 244 thousand net of the allocation of withholdings for EUR 91 thousand. 336
Mediaset S.p.A. 2008 Annual Report – Explanatory Notes Below are the reconciliation tables between ordinary and actual rates: IRES 31/12/2008 31/12/2007 Ordinary applicable tax rate 27.50% 33.00% Effect of increase (decrease) differences against ordinary tax rate Free-tax income -5.00% 0.00% Dividends -23.54% -32.36% Permanent differences -0.03% 0.38% Adjustment of the tax rate on tax advances 0.00% 1.43% Actual tax rates -1.07% 2.45% IRAP 31/12/2008 31/12/2007 Theoretical tax burden 4.82% 5.25% Other permanent differences Other personnel expenses 0.11% -0.02% Free-tax income -0.19% 0.00% Not deducible amortisation 0.02% 0.05% Not deducible financial charges 0.59% 0.11% Other permanent variations 0.08% 0.17% Other non deductible charges for I.Re.S. 0.00% 0.13% Actual tax rates 5.43% 5.69% 337
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2008 ANNUAL REPORT
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Statement concerning the Group’s
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Shareholders will be asked to vote
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Dear Shareholders, Directors’ Rep
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2008 Group’s Consolidated Annual
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MEDIASET GROUP CONSOLIDATED BALANCE
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MEDIASET GROUP CONSOLIDATED CASH FL
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Introduction ANNUAL REPORT OF THE B
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MEDIASET S.p.A. Balance Sheet as at
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MEDIASET S.p.A. Statement of change
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ANNUAL REPORT

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