Bilancio Sociale 2005 Social Report 2005
Bilancio Sociale 2005 Social Report 2005
Bilancio Sociale 2005 Social Report 2005
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<strong>Social</strong> <strong>Report</strong> <strong>2005</strong><br />
tional and local income taxes and other taxes.<br />
Cost of capital. This the value received by our shareholders<br />
and lenders, who give us fi nancial resources and participate<br />
in our business activities.<br />
42<br />
DISTRIBUTION OF VALUE ADDED<br />
ITEMS 31/12/<strong>2005</strong> 31/12/2004<br />
A) PERSONNEL COMPENSATION € 159,681,231 € 160,801,707<br />
Contract workers € 11,516,574 € 11,563,290<br />
Employees € 148,164,657 € 149,238,416<br />
a) Direct compensation € 117,344,101 € 118,683,185<br />
b) Indirect compensation € 30,820,556 € 30,555,231<br />
B) GOVERNMENT TAXATION € 9,264,493 € 3,554,929<br />
Direct taxes € 4,672,425 -€ 1,067,940<br />
Indirect taxes € 4,790,576 € 4,927,001<br />
- Revenue grants € 198,508 € 304,132<br />
C) COST OF DEBT CAPITAL € 29,221,305 € 30,971,515<br />
Short-term loan interest € 29,221,305 € 30,971,515<br />
Long-term loan interest € 0 € 0<br />
D) COST OF EQUITY CAPITAL € 0 € 0<br />
Dividends (net income distributed to shareholders) € 0 € 0<br />
Charitable contributions. This is the value for the communities<br />
and the environment hosting our companies. The contributions<br />
consist of sponsorships and donations; they are not<br />
compensation but real distributions.<br />
E) RETAINED VALUE ADDED -€ 28,538,468 -€ 7,322,168<br />
+/- Change in reserves -€ 28,538,468 -€ 7,322,168<br />
F) CHARITABLE CONTRIBUTIONS € 411,882 € 409,246<br />
NET TOTAL VALUE ADDED € 170,040,443 € 188,415,229
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