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The distribution of value added

in

The Value Added generated has been allocated between the economic value distributed to the main categories of stakeholder and the economic value retained by the Group in the form of depreciation and amortisation and reserves.
This allocation has been made using an accounting procedure applied in the following way:

DISTRIBUTION OF VALUE ADDED (millions of euro)200920102011
A
GROSS GLOBAL VALUE ADDED 1,367 1,644 511
  STAFF COMPENSATION 363 430 421
  Wages and salaries 313 368 366
  Severance indemnity (TFR) 21 21 22
  Other costs 29 41 33
  REMUNERATION OF RISK CAPITAL 301 217 298
  Distributed profits 301 217 298
  REMUNERATION OF LENDING CAPITAL 182 190 178
    
  TRANSFERS TO THE PUBLIC ADMINISTRATION 250 286 298
  Direct State taxes 123 154 152
  Other State taxes and duties 9 8 9
  Social charges 118 124 137
  TRANSFERS TO THE LOCAL COMMUNITY 104 115 115
  Direct local authority taxes 46 46 47
  Local taxes and duties 49 60 60
  Sponsorships
4 4 2
  Contributions to Foundations and donations 5 6 6
B
ECONOMIC VALUE DISTRIBUTED BY THE GROUP 1,200 1,238 1,310
A-B
ECONOMIC VALUE RETAINED BY THE GROUP 167 406 -799
  Depreciation and amortisation
361 427 415
  Reserves
-194 -21 -1,214

In relative terms, the Global Value Added generated in 2011 was as follows:

  • 421 million euro for employee compensation in the form of wages and salaries, charges for the employees’ severance indemnity (TFR) and other costs;

  • 298 million euro for the remuneration of risk capital through the distribution of dividends;

  • 178 million euro for the payment of interest on lending capital used to support production and investments;

  • 298 million euro in the form of transfers to the central public administration for corporate income tax (IRES) and other taxes and duties and for the employer’s portion of social security contributions;

  • 115 million euro for transfers to local communities in the form of local taxes and as support for social, cultural and artistic initiatives, including by means of special-purpose foundations.