The following is a reconciliation of the Group’s net result and equity at the end of the year with the equivalent figures for the Holding Company.
Net result for the year
| (in millions of Euro) | 2011 | 2010 |
|---|---|---|
| Net result per Sogefi S.p.A. financial statements | 10.5 | 12.4 |
| Group share of results of subsidiary companies included in the consolidated financial statements | 35.1 | 25.5 |
| Writedowns/Gains of equity investments in Sogefi S.p.A. | 5.5 | (6.5) |
| Elimination of Sogefi S.p.A. dividends | (26.7) | (12.1) |
| Elimination of unrealized gains deriving from intercompany transactions and other consolidation adjustments, net of the related deferred taxation | 0.3 | (0.5) |
| NET RESULT PER CONSOLIDATED FINANCIAL STATEMENTS | 24.7 | 18.8 |
Shareholders' equity
| (in millions of Euro) | 12.31.2011 | 12.31.2010 |
|---|---|---|
| Shareholders' equity per Sogefi S.p.A. financial statements | 166.6 | 177.5 |
| Group share of excess equity value of investments in consolidated companies over carrying value in Sogefi S.p.A. financial statements | 25.9 | 18.9 |
| Elimination of unrealized gains deriving from intercompany transactions and other consolidation adjustments, net of the related deferred taxation | 3.4 | 0.8 |
| SHAREHOLDERS' EQUITY PER CONSOLIDATED FINANCIAL STATEMENTS | 195.9 | 197.2 |