TOTO SPA COSTRUZIONI GENERALIConstruction in progress and advance paymentsDescriptionAmountTransferred historical cost 304,360Balance as of 01/11/2011 304,360Acquisitions during the year 76,500Balance as of 31/12/2011 380,860Total revaluations of tangible fixed assets at year-endA list is provided below of the tangible fixed assets recorded in the accounts as of31/12/2010 which have undergone monetary revaluations and departures from statutoryvaluation criteria.Tangible fixed assets were revalued in accordance with special, general or sector laws.No discretionary or voluntary revaluations were carried out and the revaluations carriedout are within the objectively determined usage value of the assets.DescriptionRevaluationLaw 72/83RevaluationLaw 185/08TotalRevaluationsLand and buildings 7,858 5,792,325 5,800,183Plant and machinery 53,014 53,014Industrial and commercial equipment 3,899 3,899Other assets 21,284 21,28486,055 5,792,325 5,878,380III. Financial fixed assetsBalance as ofBalance as ofChange31/12/201131/12/201074,074,151 110,000 73,964,151InvestmentsDescription 31/12/2010 Transfer Increase Decrease 31/12/201101/11/2011Subsidiarycompanies 43,015,066 43,015,066Affiliated companies 4,048,812 4,048,812Other companies 7,313,540 174,706 7,488,24654,377,418 174,706 54,552,124The following information on the investments directly or indirectly held are provided for the subsidiary andaffiliated companies.Notes to the financial statements as of 31/12/2011 Page 38
TOTO SPA COSTRUZIONI GENERALISubsidiary companiesName City or foreigncountrySharecapitalShareholders’equityProfit/Loss% held CarryingamountEquitymethod valueALITEC SPA CHIETI 45,000,000 43,687,290 (325,501) 100 42,993,820 41,767,933I.M.C. SRL CHIETI 12,000 132,715 26,733 51 6,120 829,500PARCHI SCARL CHIETI 10,000 10,000 19,36 1,936 (274,872)INTERPORTO SCARL CHIETI 10,000 10,000 79,25 7,925 8,117ICS TOTO TADD. SRL REP.322 (1,303,595) (338,220) 51 164 (1,432,786)TOTO SPA ASSOC.WITH TADDEI SCARLMOLDAVIACHIETI 10,000 10,000 51 5,100 567,054Information is provided below on the subsidiary and affiliated companies and their business activities during2011. As stated in point 3 of art. 2426 C.C., reasons are given for the difference in the carrying amount of theinvestments and the value determined using the equity method (with cancellation of intragroup entries),particularly if there is a loss for the year.1) ALITEC SPAThe business purpose of the company is the construction and management of properties.Alitec S.p.A. is the owner of an industrial complex totalling 165,000 m 2 , where it is involved in a project toconstruct a multifunctional complex for management, commercial, residential, cultural, entertainment andwell-being uses.For the part of the project regarding commercial activities, in 2008 the company began obtaining thenecessary trade licences (with notary deeds or undertakings to purchase/sell) in order to apply for theregional permits needed for the project.The carrying amount of the company Alitec Spa is primarily justified by the asset value of the industrialcomplex which it owns. The improvement of the area, as indicated above, will allow for the amounts recordedin the accounts to be fully recovered.Shareholders’ equity and the result for the year are taken from the financial statements for the year ended 31December 2011, which are undergoing approval.2) I.M.C. SRLInvestment acquired in 2005 for a share of 51% in the share capital. I.M.C. Srl operates in the road barrierproduction and installation sector. The company, in a joint venture with <strong>Toto</strong> S.p.A., is the contractor for thereplacement of the road traffic safety barriers of the A/24 – A/25 Motorways. Contracting body: Strada deiParchi S.p.A.The carrying amount of the investment is equal to its purchase cost.Shareholders’ equity and the result for the year are taken from the financial statements for the year ended 31December 2011, which are undergoing approval.3) PARCHI SCARLConsortium company set up by shareholders IMC Srl (80.64%) and <strong>Toto</strong> Spa (19.36%) after the solemanagement of the “works necessary for replacing the traffic safety barriers of Motorways A/24 – A/25” wasawarded to the joint venture. Contracting body Strada dei Parchi Spa.The carrying amount of the investment is equal to its purchase cost.The value of the investment calculated using the equity method, indicated in the table, shows a negativebalance: this is due to the fact that the calculation does not take into account profit and loss items to andfrom the parent <strong>Toto</strong> Holding S.p.A.. At group level the value of the investment calculated using the equityNotes to the financial statements as of 31/12/2011 Page 39
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