(in euro)

Notes

%(**)

2010

%(**)

2009

SUNDRY REVENUES AND INCOME

(9)

7.115.840

7.139.502

    of which from related parties (*)

(9)

6.135.885

86,2

6.047.127

84,7

COSTS FOR SERVICES

(10)

(11.747.397)

(14.771.383)

    of which from related parties (*)

(10)

(1.563.000)

13,3

(1.805.000)

12,2

PERSONNEL COSTS

(11)

(9.312.839)

(9.202.151)

OTHER OPERATING COSTS

(12)

(5.692.888)

(2.138.073)

AMORTIZATION, DEPRECIATION & WRITEDOWNS

(862.179)

(865.553)

OPERATING RESULT

(20.499.463)

(19.837.658)

FINANCIAL INCOME

(13)

12.136.221

10.207.930

    of which from related parties (*)

2.915.301

24,0

3.302.156

32,3

FINANCIAL EXPENSE

(14)

(19.977.508)

(17.533.720)

    of which with related parties (*)

 --

DIVIDENDS

(15)

5.870.438

11.392.025

    of which from related parties (*)

5.849.122

99,6

11.361.610

99,7

GAINS FROM TRADING SECURITIES

(16)

6.801.249

6.910.176

LOSSES FROM TRADING SECURITIES

(17)

(684.176)

(942.498)

ADJUSTMENT TO VALUE OF FINANCIAL ASSETS

(18)

(1.517.902)

2.527.965

INCOME / (LOSS) BEFORE TAXES

(17.871.141)

(7.275.780)

INCOME TAXES

(19)

3.155.393

5.286.000

NET RESULT FOR THE YEAR

(14.715.748)

(1.989.780)

BASIC EARNINGS PER SHARE (in euro)

(20)

(0,0196)

(0,0027)

DILUTED EARNINGS PER SHARE (in euro)

(20)

(0,0196)

(0,0027)