Financial Statements 2009 - Manutencoop

in order to obtain information about the potential net realisable value (fair value less costs tosell) of the assets allocated to the individual operating units, the valuations deriving from theapplication of stockmarket multiples or similar transactions carried out by listed companies in thesector were considered as potentially indicative of value in use.the results of the testing performed indicate that the value in use of the goodwill analysed as of31 December 2009 is higher than the corresponding book values recorded by the cGUs at thatdate.the valuation deriving from the application of stockmarket multiples, following a period ofprolonged market volatility, was lower than the value in use determined above but higher thanthe total carrying amounts recorded by the Facility management cGU at the above date.this calculation was performed using the cash flow projection contained in the latest financialplan, which covers a time period of four years. the discounting rate applied to the forecast cashflows was 8.1% (2008: 7.4%) and the cash flows after the first four years were extrapolatedusing a constant growth rate of 1% (2008: 2%).this growth rate is deemed to be prudent, considering the much higher growth rates expected byexternal observers and the average growth in the revenues from facility management (about 20%p.a.) recorded over the last 5 years by manutencoop Facility management s.p.a.subsIdIary CompanIesCompany name loCatIon dIreCt Interest In sC IndIreCt Interest In sCservizi brindisi soc.cons. a r.l. Zola predosa (bologna) 52%Gestlotto 6 soc.cons. a r.l. Zola predosa (bologna) 55%simagest 2 soc.cons. a r.l. Zola predosa (bologna) 60% 30%consorzio imolese pulizie soc.cons. a r.l. imola (bologna) 60%consorzio servizi toscana soc.cons. a r.l. Zola predosa (bologna) 60%servizi marche soc.cons. a r.l. Zola predosa (bologna) 60%palmanova servizi energetici soc.cons. a r.l. Zola predosa (bologna) 60%servizi l’aquila soc.cons. a r.l. Zola predosa (bologna) 60%consorzio igiene ospedaliera soc.cons. a r.l. Zola predosa (bologna) 66.66%Gymnasium soc.cons. a r.l. Zola predosa (bologna) 68%m.c.b. s.p.a. bologna 100%co.Ge.F. soc.cons. a r.l. Zola predosa (bologna) 80%simagest 3 soc.cons. a r.l. Zola predosa (bologna) 89.99%alisei s.r.l. Zola predosa (bologna) 100%servizi ospedalieri s.p.a. Ferrara 100%teckal s.p.a. reggio emilia 100%manutenzione installazione ascensori s.p.a. Zola predosa (bologna) 100%7. Investments In subsIdIarIes, JoInt ventures and assoCIatesthe company holds certain direct investments in subsidiaries, joint ventures and associates thatare measured at cost in the financial statements.the following table relating to subsidiaries, associates and joint ventures provides summaryinformation about the names, locations, the company's direct and indirect interests in their sharecapital and, if different, the percentage of voting rights exercisable at shareholders' meetings.società manutenzione illuminazione s.p.a. Zola predosa (bologna) 100%manutencoop costruzioni s.p.a. Zola predosa (bologna) 100%Gruppo sicura s.r.l. Vicenza 80%integra Fm b.V. amsterdam (netherlands) 100%protec s.r.l. Vicenza 100%sicura s.r.l. Vicenza 100%securveneta s.r.l. Vicenza 80%sedda s.r.l. Vicenza 80%mako engineering s.r.l. Vicenza 70%sicurama s.r.l. casalecchio di reno (bologna) 70%Firing s.r.l. lainate (milan) 65%leonardo s.r.l. Vicenza 100%antincendio piave s.r.l. Vicenza 70%altair iFm s.p.a. milan 100%Gestin Facility s.p.a. turin 100%altair iFm France s.a.s. trappes (France) 100%integra energy s.r.l. milan 100%p.i.t. promozione imprese e territorio soc.cons. a r.l. pozzuoli (naples) 100%s.an.Ge soc.cons. a r.l. milan 64%Delivery s.r.l. milan 60%envolta s.r.l. milan 55%Gestin polska sp.zo.o. bielsko biala (poland) 100%consorzio sermagest servizi manutentivi Gestionali soc.cons. a r.l. turin 60%consorzio polo di sterilizzazione integrata in service soc.cons. a r.l. padua 60%cofam s.r.l. modena 60%coplift s.r.l. milan 100%m.p.e. s.r.l., milan 100%Fleur bruzia s.r.l. cosenza 100%mp Facility s.p.a. milan 50% 50%70 - Financial statements as oF 31 December 2009 - principles anD explanatory notes Financial statements as oF 31 December 2009 - principles anD explanatory notes - 71