|
(in thousands of euro) |
Starting position |
Changes in the year |
Closing position |
|||||||||||
|
Writedowns/ Revals. Recovery amount |
||||||||||||||
|
31.12.2009 |
Reclassified |
Increases |
Decreases |
31.12.2010 |
||||||||||
|
|
no. shares |
amount |
no. shares |
|
amount |
|
no. shares |
amount |
no. shares |
amount |
|
no. shares |
amount |
|
|
Subsidiaries |
||||||||||||||
|
SORGENIA HOLDING S.p.A. |
88.555.309 |
189.527 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
88.555.309 |
189.527 |
|||
|
GRUPPO EDITORIALE |
||||||||||||||
|
L’ESPRESSO S.p.A. |
220.775.235 |
341.680 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
220.775.235 |
341.680 |
|||
|
SOGEFI S.p.A. |
65.739.962 |
106.784 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
65.739.962 |
106.784 |
|||
|
KOS S.p.A. |
4.239.139 |
93.543 |
38.152.251 |
(**) |
-- |
1.510.000 |
5.662 |
-- |
-- |
-- |
43.901.390 |
99.205 |
||
|
DRY PRODUCTS S.p.A. |
5.000.000 |
109.380 |
-- |
-- |
1.375.000 |
55.000 |
-- |
-- |
-- |
6.375.000 |
164.380 |
|||
|
CIR INTERNATIONAL S.A. |
1.000.000 |
11.112 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
1.000.000 |
11.112 |
|||
|
INTERGEFI S.r.l. |
500.000 |
212 |
-- |
-- |
-- |
-- |
(500.000) |
(212) |
-- |
-- |
-- |
|||
|
CIRINVEST S.p.A. |
121.750 |
108 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
121.750 |
108 |
|||
|
JUPITER FINANCE S.p.A. |
2.074.800 |
2.982 |
-- |
(1.763) |
(*) |
592.800 |
1.482 |
-- |
-- |
-- |
2.667.600 |
2.701 |
||
|
CIGA LUXEMBOURG S.A.R.L. |
1.000 |
1.174 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
1.000 |
1.174 |
|||
|
NEXENTI S.r.l. |
50.000 |
47 |
-- |
1.763 |
(*) |
-- |
20 |
(600) |
(1) |
-- |
49.400 |
1.829 |
||
|
Total subsidiaries |
|
856.549 |
|
|
-- |
|
|
62.164 |
|
(213) |
-- |
|
|
918.500 |
|
Other companies |
||||||||||||||
|
C IDC S.p.A. |
||||||||||||||
|
(in liquidation and settlement |
||||||||||||||
|
with creditors) |
1.231.319 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
1.231.319 |
-- |
|||
|
EMITTENTI TITOLI S.p.A. |
232.000 |
132 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
232.000 |
132 |
|||
|
FILIPPO FOCHI S.p.A. |
||||||||||||||
|
(in administration) |
409.520 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
409.520 |
-- |
|||
|
IST. EDIL. ECONOM. |
||||||||||||||
|
POPOLARE S.r.l. |
1.350 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
1.350 |
-- |
|||
|
Total other companies |
|
132 |
|
|
-- |
|
|
-- |
|
-- |
-- |
|
|
132 |
|
TOTAL EQUITY INVESTMENTS |
856.681 |
|
|
-- |
|
|
62.164 |
|
(213) |
-- |
|
|
918.632 |
|
IFRS7 - Additional information: it should be noted that this information is given only for the investments in other companies.
(*) The change was due to a partial proportional de-merger between the de-merging company Jupiter Finance S.p.A. and the beneficiary Nexenti S.r.l.
(**) As a result of the stock split approved by the Shareholders on March 17 2010 which gave 10 new shares for each share owned.
The increase in the item refers essentially to the capital increase with a share premium in the subsidiary Dry Products S.p.A. which took place in III Quarter 2010
LIST OF INVESTMENTS IN SUBSIDIARIES AS OF DECEMBER 31 2010
(ART. 2427 no. 5 Civil Code)
|
(in thousands of euro) |
Head |
Share |
Total |
Result for |
Percentage |
|
Carrying |
|
|
Office |
Capital |
Equity |
the year |
owned |
|
value |
|
Name |
|
|
|
|
|
|
|
|
GRUPPO EDITORIALE L’ESPRESSO S.p.A. |
|
61,463 |
442,203 |
58,266 |
53.88 |
(*) |
341,680 |
|
SORGENIA HOLDING S.p.A. |
|
136,177 |
620,727 |
7,971 |
65.03 |
|
189,527 |
|
SOGEFI S.p.A. |
|
60,546 |
177,592 |
12,445 |
56.46 |
(**) |
106,784 |
|
DRY PRODUCTS S.p.A. |
|
6,375 |
168,625 |
3,990 |
100.00 |
|
164,380 |
|
CIR INTERNATIONAL S.A. |
|
10,000 |
6,595 |
7,022 |
100.00 |
|
11,112 |
|
|
|
7,747 |
163,116 |
(5,026) |
56.67 |
|
99,205 |
|
JUPITER FINANCE S.p.A. |
|
2,700 |
2,694 |
(98) |
98.80 |
|
2,701 |
|
CIRINVEST S.p.A. |
|
120 |
104 |
(4) |
100.00 |
|
108 |
|
CIGA |
|
1,000 |
6,020 |
(109) |
100.00 |
|
1,174 |
|
NEXENTI S.r.l. |
|
50 |
1,788 |
(52) |
98.80 |
|
1,829 |
(*) 54.96% of voting rights
(**)57.43% of voting rights
As required by IFRS the investments were subjected to an impairment test to see whether there was objective evidence that their carrying value could not be fully recovered.
For the purposes of carrying out the impairment test for the separate financial statements, the individual investments held by CIR were divided into those which have the role of holding company for their sector, which given the nature of the sub-group are not significant individually but are part of the impairment test of CGUs carried out at consolidated level, and the other investments.
Regarding the controlling investments in the holdings of the sectors, the impairment tests carried out at consolidated level did not result in the need to make any adjustments to the value of the assets.
Moreover, it should be noted the impairment test conducted on the sub-holdings was further backed up by the prices on the stock Exchange at December 31 2010, for the listed companies heading the groups, or in the values at which recent transactions were carried out on minority interests, for the non-listed companies, all of which were well above the carrying values expressed in the financial statements.
As for the other investments, the impairment tests did show that there was the need to make adjustments to the value of some of the investee companies.