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Notes to the Parent Company financial statements
1) Activity of the companyIndustrial patents and intellectual property rights. The gross value of revaluations recorded under non-current tangible assets is reported below, listed according to the applicable
regulations:
As indicated in Schedule 1, they amount to 234,440 thousand euros, as follows:
- 233,697 thousand euros for the cost of television programmes available for use, and compared with the figure as at 31
December 2008, shows a net decrease of 41,007 thousand euros. The aforementioned decrease is represented by the
difference between new assets for 257,430 thousand euros (of which 93,528 thousand euros transferred from non-current
assets under development and payments on account for rights that became available during the year), a writedown against
the risk of non-transmission and/or repeatability of certain programmes, amounting to 25,375 thousand euros, and the
amortisation charge for the year of 273,062 thousand euros.
- 743 thousand euros refers to software licences, which amounted to zero as at 31 December 2008. This value is represented
by the difference between new assets for 1,114 thousand euros (of which 239 thousand euros transferred from
non-current assets under development and payments on account for products that became available during the year), and
the amortisation charge for the year of 371 thousand euros.
As regards television programmes available for use, the overall sum, gross of the writedown, is broken down between:
- rights to television programmes owned or held under unlimited-term licences amounting to 221,868 thousand euros (at
31 December 2008: 256,974 thousand euros);
- rights to television programmes owned or held under fixed-term licences amounting to 47,197 thousand euros (at 31
December 2008: 48,981 thousand euros).
Overall investments in television programmes made in 2009 amount to 299,394 thousand euros, including 135,492 thousand
euros in programmes which are not yet available at 31 December 2009, which are carried under intangible assets under
development and payments on account.
Analysing investments by type, at 31 December 2009, 257,863 thousand euros had been invested in fiction programmes
(series, miniseries, TV movies, soap operas etc), 11,811 thousand euros in documentaries, 13,100 thousand euros in
cartoons and comedy programmes, 15,500 thousand euros in football libraries and 1,120 thousand euros in other categories.
Concessions, licences, trademarks and similar rights. The item, which is stated net of accumulated amortisation, includes
costs incurred on the acquisition of licences for digital terrestrial frequencies, and own trademarks (for example, the Rai logo).
They total 21,328 thousand euros, of which 21,303 thousand euros relating to digital network frequencies.
Intangible assets under development and payments on account. These amount to 194,909 thousand euros, of which:
- 190,809 thousand euros for television programmes still not available and therefore not subject to amortisation, and compared
with the figure as at 31 December 2008, show a net increase of 41,964 thousand euros, as indicated in Schedule
1. Specifically, the aforementioned increase is equal to the balance between increases for new assets (135,492 thousand
euros) and decreases for items transferred to Industrial patents and intellectual property rights in that they relate to productions
and/or purchases which became usable during the year (93,528 thousand euros);
- 1,715 thousand euros refer to software licences and, compared with the figure as at 31 December 2008, show a net
increase of 1,476 thousand euros. The aforementioned increase is equal to the balance between increases for new assets
(1,715 thousand euros) and decreases for items transferred to Industrial patents and intellectual property rights in that they
relate to productions and/or purchases which became usable during the year (239 thousand euros);
- 1,200 thousand euros refer to the cost to purchase options on agreements for the commercial exploitation of products
held in football libraries;
- 1,185 thousand euros refer to alterations and improvements under way on property under leasehold or concession.
For television programmes that have not yet become available, the total of 190,809 thousand euros includes:
- 150,767 thousand euros for television programmes owned by the Company that were not ready at 31 December 2009
or for which usage rights began after 31 December 2009 (at 31 December 2008: 108,779 thousand euros);
- 40,042 thousand euros regarding third-party television programmes held on fixed-term licence beginning after 31
December 2009 (at 31 December 2008: 40,066 thousand euros).
Other intangible assets. The amount of 11,743 thousand euros includes:
- 10,544 thousand euros for costs incurred, net of accumulated amortisation, on alterations and improvements to property
under leasehold or concession (at 31 December 2008: 10,515 thousand euros);
- 1,099 thousand euros for costs incurred, net of accumulated amortisation, on stand-by loans with a duration of three
years, to be broken down throughout the loan period (zero at 31 December 2008);
- 100 thousand euros for the purchase of a right to the first negotiation and option on the broadcasting of football matches,
net of amortisation calculated over the concession period (as at 31 December 2008: 150 thousand euros).
Tangible assets
These comprise the costs and related revaluations of tangible fixed assets with a useful life of several years that are owned by
the Company and used in operations. They are carried net of standard depreciation and writedowns for lasting value impairments
if any.
The standard depreciation rates applied are listed below:
- Buildings and light structures
� Offices in industrial buildings 3%
� Other industrial buildings and roads 6%
� Light structures 10%
- Plant and machinery
� General and radio technical plant 12.5%
� Transmission and television plant 19%
� Recording plant and fitted vehicles 25%
- Industrial and sales equipment 19%
- Other assets:
� Standard equipment 19%
� Office furniture and equipment 12%
� Electronic office equipment 20%
� Transport vehicles 20%
� Motor cars, motor vehicles and the like 25%
Tangible assets at 31 December 2009 amount to 333,854 thousand euros, showing an overall net decrease of 11,114
thousand euros on 31 December 2008 comprising the balance between 59,661 thousand euros and decreases of 70,775
thousand euros, as detailed in Schedule 2.
It should be noted that new tangible assets recorded, which reflect investments made in the year, comprise 5,513 thousand
euros for the capitalisation of the cost of internal personnel engaged in the construction of buildings, plant and machinery.
As regards disclosure of financial lease transactions it should be noted that since 2004 only the building located in Aosta was
acquired under this type of contract, to serve as the regional headquarters for Valle d'Aosta. The statements required under article
2427 (22) of the Civil Code, referred to in Document 1 of the Organismo Italiano di Contabilità (Italian Accounting Board),
showing the effects on the balance sheet and the income statement of the so-called financial method, are presented hereunder.
- 57,566 thousand euros gross in implementation of Law 413 of 30 December 1991;
- 520,943 thousand euros gross in implementation of Decree Law 263 of 29 April 1994, the effects of which were ratified
by Law 650 of 23 December 1996.
Non-current financial assets
These represent the cost of durable financial investments and related revaluations, net of any writedowns described in the
comments on the individual items.
Equity investments: these amount to 306,435 thousand euros and include investments in shares or other forms of equity in
companies, including consortiums. They are reported in the balance sheet under separate headings arranged by decreasing
levels of ownership
The components of the value of equity investments, their distribution among the individual investee companies and transactions
during the period are detailed in Schedule 3. Schedule 4 shows the list of investments in subsidiaries and associated
companies pursuant to article 2427, item 5, of the Civil Code.
CURRENT ASSETS
Inventories
Inventories amount to 712 thousand euros net of the inventory provision (at 31 December 2007: 858 thousand euros). As shown in schedule 7, they comprise:
• Raw materials, supplies and consumables: these amount to 497 thousand euros net of the inventory provision for 15,385 thousand euros. They consist entirely of supplies and spare parts for maintenance and the operation of equipment, considered as consumables since they are not directly incorporated into products.
• Finished goods and merchandise: these consist entirely of inventories associated with the book and periodicals publishing business, amounting to 215 thousand euros net of a writedown of 644 thousand euros to bring them into line with their estimated realisable value.
Receivables
Receivables total 1,002,631 thousand euros, showing a decrease of 97,663 thousand euros on 31 December 2007, as can be seen in schedule 8, which gives a breakdown of receivables, and in schedules 9 and 11 which show their distribution by maturity, type and by currency. Their distribution by geographic area is shown in schedule 10.
Receivables from customers: these relate to trade receivables, excluding those from subsidiaries and associated companies,
which are carried under separate headings. They total 391,202 thousand euros, with a nominal value of 406,646 thousand
euros which has been written down by 15,444 thousand euros to bring them to their estimated realisable value and compared
with 31 December 2008 they show a decrease of 192,687 thousand euros.
Details of the caption are divided into:
- receivables for public broadcasting services to central government and other public entities: as shown in the following table,
these amount to a nominal 184,207 thousand euros, up 73,287 thousand euros on 31 December 2008, equivalent to
the balance between the increase in invoices issued and for amounts accrued for 2009 less collections.
The following should be noted in connection with the above receivables:
� Prime Minister's Office: receivables for services deriving from the broadcasting of the television, radio and multimedia
offering for foreign markets relate to services rendered in 2007 for 30,000 thousand euros, in 2008 for 35,000 thousand
euros and in 2009 for 33,634 thousand euros. Receivables for broadcasting of programmes in Slovenian, French,
German and Ladin, on the other hand, relate to services rendered in 2008 for 24,044 thousand euros and in 2009 for
23,119 thousand euros;
� Ministry for the Economy and Finance: in relation to the management of television licence fee collection, the receivable
of 11,931 thousand euros refers to 2008, with 11,552 referring to 2009;
� Autonomous Region of Valle d'Aosta: the receivable of 8,090 thousand euros relates to the reimbursement of costs
incurred for the operation of equipment for the reception of French-language programmes for the years from 1994 to
2009.
- Receivables for licence fees: these amount to 23,825 thousand euros, up 3,762 thousand euros on 31 December 2008,
representing licence fees for preceding years already paid by subscribers but not yet transferred to Rai.
- Other receivables: these amount to nominal value 198,614 thousand euros, up 116,507 thousand euros on 31 December
2008. They relate to the sale of rights, technical assistance to third parties etc.
Receivables from subsidiaries: these amount to 637,329 thousand euros (at 31 December 2008: 602,086 thousand
euros). They represent the year-end balance of transactions with subsidiaries, as shown in Schedule 8. They include financial
receivables of 245,804 thousand euros (208,908 thousand euros at 31 December 2008) and non-financial receivables of
391,525 thousand euros (at 31 December 2008: 393,178 thousand euros).
Receivables from associated companies: these amount to 271 thousand euros (31 December 2008: 74 thousand euros).
They represent the balance of non-financial transactions with San Marino Rtv (105 thousand euros), Audiradio (90 thousand
euros), Tivù (72 thousand euros), Auditel (4 thousand euros).
Tax receivables: these are carried at nominal value of 53,251 thousand euros (36,175 thousand euros at 31 December
2008). They comprise 44,283 thousand euros for the balance of Group VAT credits, 6,313 thousand euros for tax refunds
requested (including credit for IRES following the introduction of the law that made the IRAP paid during previous tax years
partly deductible), credit for IRAP for the year of 2,598 thousand euros and the remainder relating to minor items.
Deferred tax assets: these amount to 30,013 thousand euros and represent the credit deriving from items deductible on a
deferred basis for tax purposes, as explained more fully in the section dealing with income taxes, for 29,974 thousand euros,
in addition to which there are items transferred from Group companies participating in the consolidated taxation arrangement.
Details of deferred tax assets, regarding the movements in 2009, are provided in the following table:
Other: these receivables from others amount to 112,115 thousand euros (at 31 December 2008: 155,078 thousand euros).
Net of writedowns of 1,209 thousand euros, they reflect the value of other types of receivable as described below:
- advances to suppliers on sports events filming rights, carried at nominal value of 87,607 thousand euros;
- advances to Social Security Departments on contributions payable for artistic activities and for advance payment of severance
pay, carried at nominal value of 8,909 thousand euros;
- receivables from personnel carried at nominal 6,500 thousand euros. They are entirely composed of advances of various
types, mainly for travel expenses (2,942 thousand euros) and production expenses (1,429 thousand euros);
- miscellaneous advances to suppliers carried at nominal value of 5,626 thousand euros;
- receivables from the European Union for subsidies and grants for nominal 76 thousand euros, consisting entirely of receivables
for research projects;
- receivables from others, carried at nominal value of 3,397 thousand euros.
Cash and cash equivalents
These are listed in Schedule 12, and comprise:
- Bank and post office deposits: these amount to 19,502 thousand euros (at 31 December 2008: 31,861 thousand euros).
They represent sight or short-term balances on deposit or current account with banks, financial institutions and the Post
Office.
- Cheques: these amount to 9 thousand euros (at 31 December 2008: 14 thousand euros).
- Cash and cash equivalents on hand: these amount to 381 thousand euros (31 December 2008: 327 thousand euros) and
include liquid funds in the form of cash and equivalent instruments (duty stamps, cashier's cheques or bank-guaranteed
cheques etc) held by the Company at 31 December 2009.
Schedule 11 gives a breakdown of the caption by euros and other currencies and Schedule 24 shows amounts at banks and
the Post Office held with Group Companies and restricted by attachments.
ACCRUED INCOME AND PREPAID EXPENSES
Accrued income and prepaid expenses total 24,100 thousand euros. They are detailed in Schedule 13.
Liabilities
Shareholders’ equity
Shareholders' equity totals 497,109 thousand euros.
The components of Shareholders' equity and the effects of operations carried out in 2009 and the previous year are shown
in Schedule 14.
Schedule 15 presents the classification of the Shareholders' equity items in compliance with their origin, possibility of use and
distribution, as well as their use during the previous three years.
The notes indicated hereunder provide further details on the contents of the individual items.
Share Capital
At 31 December 2009 share capital was represented by 242,518,100 ordinary shares of par value 1 euro each, owned by
the Ministry of the Economy and Finance (241,447,000 shares, equal to 99.5583% of the share capital) and SIAE, the Italian
Association of Authors and Publishers (1,071,100 shares, equal to 0.4417% of share capital).
Legal Reserve
The legal reserve amounts to 6,977 thousand euros.
Other reserves
Other reserves total 327,544 thousand euros, which refer entirely to merger surplus.
Provisions for risks and charges
These amount to 5,860 thousand euros representing the balance of unallocated profits.
Net loss for the year
This amounts to 79,929,950.22 euros.
Provisions for risks and charges
These amount to 397,583 thousand euros, down 25,409 thousand euros net on 31 December 2008. The composition of
these items and details of the decrease are shown in Schedule 16. The notes which follow provide additional information on
the individual provisions.
Provision for pension and similar liabilities: this amounts to 152,614 thousand euros and comprises the supplementary
• The provision for supplementary seniority benefits amounts to 1,907 thousand euros (at 31 December 2008: 2,229 thousand
euros). It represents the liability in respect of indemnities in lieu of notice towards employees hired before 1978 who
have reached the compulsory retirement age. The amount is revalued each year for consumer price inflation. In the event
of early termination of employment, or changes in category, the amounts accrued are released.
• The provision for retirement benefits amounts to 283 thousand euros (at 31 December 2008: 442 thousand euros), includes
amounts accrued until 31 December 1988 and supplementary amounts allocated in subsequent periods in order to
protect the real value of the provision for eligible employees in accordance with the terms of the national collective labour
agreement.
Since 1 January 1989 retirement benefits paid by Rai and withholdings from employees have been paid into CRAIPI (supplementary
retirement fund for Rai employees) and FIPDRAI (supplementary retirement fund for Rai managers), associations which
are responsible for managing retirement funds under the agreements entered into between Rai and the trade unions. Upon
retirement, the funds accumulated by Rai, CRAIPI and FIPDRAI are paid out unless employees opt, at the time they obtain the
pension rights, to obtain equivalent life annuities. In this case, Rai, FIPDRAI and CRAIPI funds remain with the associations to
finance the said life annuities.
• The provision for supplementary seniority benefits amounts to 150,424 thousand euros (at 31 December 2008: 151,307
thousand euros). It includes:
– 141,396 thousand euros for supplementary pension benefits currently being paid (at 31 December 2008: 140,836 thousand
euros) consisting of funds accrued for employees who have opted for the supplementary pension plan under the trade
union agreements which are kept at an adequate level to ensure said benefits, with respect to actuarial reserves.
– 9,028 thousand euros (at 31 December 2008: 10,471 thousand Euros) for supplementary pensions that will be paid to
eligible managerial staff still in service in the event that some of these opt for the supplementary pension plan. Benefits
are calculated on the basis of pay earned, seniority and financial and demographic parameters normally used in similar
cases.
The provision for current and deferred taxes: this amounts to 12,564 thousand euros (at 31 December 2008: 26,369
thousand euros). The following table shows a breakdown of the item and changes during 2009.
Other provisions: these amount to 232,405 thousand euros (at 31 December 2008: 242,645 thousand euros). They include
provisions for costs or losses the existence of which is certain but the amount of which cannot be exactly determined, or
which are probable and the amount of which can be reasonably estimated. The main items are detailed in Schedule 16. The
release of the fund for costs matured is due to the application of the renewal of the national labour contract for journalism.
As regards pending litigation with employees and third parties, the amount carried in the provisions for liabilities and risks is
the best estimate of the likely liability based on the most up-to-date information available.
Provision for staff severance pay
The provision totals 322,351 thousand euros (at 31 December 2008: 334,526 thousand euros). The provision for staff severance
pay is calculated on a case-by-case basis in accordance with the provisions of Article 2120 of the Civil Code, integrated
by Financial Act 2007 (Law 296 of 27 December 2006), which set the date of 1 January 2007 for the entry into force of the
new legislation on pension funds (Legislative decree 252, 2005).
By effect of this legislation, provisions for staff severance pay converge into pension funds other than those inside the company,
unless employees ask to maintain the severance pay within the company. In this case, the provisions are paid into a fund managed
by the INPS which transfers to the company all the benefits disbursed in the event of payment of advances or termination
of the employment contract, as envisaged by Article 2120 of the Civil Code.
The composition of the provision and changes during the year are shown in Schedule 17.
Payables
Payables amount to 1,122,887 thousand euros, up 318,430 thousand euros on 31 December 2008.
More specifically, financial debt to banks and totals 163,734 thousand euros, with a net increase of 161,357 thousand euros
on the figure disclosed in the 2008 financial statements. No payables covered by collateral in the form of company assets
are recorded.
A breakdown of the caption and the contribution deriving from the merger with Rai Click are given in Schedule 18, while
Schedules 19 and 20 show the composition of payables by maturity, type and currency.
With regard to geographic distribution, about 88% relates to Italian residents, with about 11% relating to residents of non-EU
countries.
The notes indicated hereunder provide further details on the contents of the individual items.
Due to banks: these amount to 163,734 thousand euros (at 31 December 2008: 2,377 thousand euros) representing current
account overdrafts with certain banks.
Advances: these amount to 990 thousand euros (at 31 December 2008: 287 thousand euros) referring totally to other advance
payments.
Suppliers: these amount to 537,616 thousand euros (at 31 December 2008: 456,591 thousand euros) and show an increase
of 81,025 thousand euros with respect to the figure disclosed for the previous year. They include financial debt for 123
thousand euros (unchanged since 31 December 2008) and non-financial payables of 537,493 thousand euros (456,468
thousand euros at 31 December 2008).
Accounts payable to subsidiaries: these amount to 203,307 thousand euros (at 31 December 2008: 155,669 thousand
euros), as detailed in Schedule 18. They include financial debt for 49,184 thousand euros (41,737 euros at 31 December
2008) and non-financial payables of 154,123 thousand euros (113,932 thousand euros at 31 December 2008).
Accounts payable to associated companies: these amount to 5,500 thousand euros (at 31 December 2008: 3,261 thousand
euros), as detailed in Schedule 18. They include financial debt for 146 thousand euros (90 thousand euros at 31 December
2008) and non-financial payables of 5,354 thousand euros (3,171 thousand euros at 31 December 2008).
thousand euros) and non-financial payables of 3,171 thousand euros (at 31 December 2007: 2,571 thousand euros).
Tax payables: these amount to 60,291 thousand euros (31 December 2008: 54,938 thousand euros) and show an increase
of 5,353 thousand euros with respect to the figure disclosed for the previous year. They consist of:
As regards debt in relation to IRES, as reported in the accounting policies, the company has opted for group taxation, transferring
to itself, as the consolidating entity, the activities inherent in liquidation and payment of the tax with regard to the following
companies: 01 Distribution, NewCo Rai International, Rai Cinema, Rai Click, Rai Way, RaiNet, RaiSat, Sipra and Rai Trade,
within the consolidated taxation arrangement. All companies are entitled to make use of the consolidation tax arrangement
until financial year 2009, apart from Sipra and Rai Trade, for which the last financial year available for use of this arrangement
is 2010.
Welfare and social security institutions: these payables amount to 49,624 thousand euros (at 31 December 2008: 42,661 thousand euros). They reflect contributions due on remuneration paid to employees and consultants, to be paid over to the institutions at the scheduled dates. They consist of:
Other payables: these amount to 101,825 thousand euros (at 31 December 2008: 88,673 thousand euros), and show a
net increase of 13,152 thousand euros on the previous year, as follows:
Accrued expenses and deferred income
This caption totals 53,588 thousand euros. Details and a comparison with the previous year are provided in Schedule 21.
The caption contains the entire amount contributed, disbursed by the Ministry for Communications during 2007, 2008 and
2009, of 49,319 thousand euros, in support of initiatives to accelerate the switch-over to the digital terrestrial platform, consisting
of operations on systems and adaptation of the site infrastructures to extend areas covered by the digital signal and
improve reception and the quality of service perceived by the user.
The task of making the necessary investments is entrusted to the subsidiary Rai Way SpA, which is also responsible for the
design, installation, construction, maintenance, implementation, development and operation of the telecommunications networks.
The contribution is disclosed in the income statement of each year in relation to amortisation booked by the subsidiary,
considering the relationship between the amount of the contributions collected and the total investments envisaged for the
accomplishment of related projects.
5) Memorandum accounts
Memorandum accounts amount to 616,414 thousand euros. A breakdown by type is provided in the table attached to the
Parent Company balance sheet and they are analysed in detail in Schedules 22, 23 and 24.
The terms of the hedge contracts covering the specific company commitments or those taken on for the subsidiaries Rai Cinema
SpA and RaiSat SpA relating to fair value are summarised in Schedule 25.
On the whole, hedging contracts entered into are, in observance of the Group policy, of a reasonable amount in relation to
the overall entity of the commitments subject to such risks.
Purchasing commitments also include the value of the DEAR property complex, of 49,431 thousand euros, deriving from the
exercise of the option envisaged in the rental agreements.
The final transfer agreement, set for 5 June 2008, was not signed, due to the failure of the counterparty to turn up for the
meeting with the notary, denying Rai the right to become owner of the complex and activating legal proceedings with which
the declaration of non-existence of the obligation to transfer ownership of the property was requested.
Rai, in reiterating the validity of the exercise of the pre-emption right, placed the purchase price at the disposal of the counterparty
and took legal action of its own to obtain acknowledgement of its rights.
At 31 December 2009 there were no commitments of particular significance for the purchase or sale of goods and services
in addition to those taken on in the normal course of business that would require specific information to be given for a better
understanding of the Company's financial position.
6) Income Statement
Production value
Revenues from sales and services: these amount to 2,895,617 thousand euros (at 31 December 2008: 2,878,438 thousand
euros). They basically include revenues pertaining to the year from licence fees and advertising. A breakdown into major components
is given in Schedule 26. As can be seen from the distribution of revenues by geographic area, they almost all originate in Italy.
Changes in inventories of work in progress, semi-finished and finished goods: these amount to 6 thousand euros (at
31 December 2008: 11 thousand euros). They are entirely attributable to the increase in the value of inventories associated
Internal cost capitalisations: the amount of 15,418 thousand euros (at 31 December 2008: 14,728 thousand euros) represents
internal costs associated with non-current assets, which were capitalised under the specific asset captions. Details are
shown in Schedule 27.
Other production-related income: this amounts to 124,642 thousand euros (at 31 December 2008: 164,562 thousand
euros), as detailed in Schedule 28.
Production costs
This caption comprises costs and capital losses related to ordinary activities, excluding financial operations. The costs shown
here do not include those relating to non-current tangible and intangible assets, which are recorded under the respective
balance sheet accounts.
Raw materials, supplies, consumables and merchandise: these total 23,054 thousand euros (at 31 December 2008:
25,942 thousand euros), which include purchases of technical materials for inventory � excluding items used in the construction
of plant, which are allocated directly to fixed assets � production materials (sets, costumes etc) and miscellaneous
operating materials (fuel, office supplies, printed documents etc), net of discounts and allowances, as shown in Schedule 29.
Services: these amount to 838,302 thousand euros (at 31 December 2008: 831,026 thousand euros) and comprise costs for freelance workers and other external services, net of discounts and allowances, as shown in Schedule 30. Among other things, they include emoluments, remuneration for special functions, attendance fees and reimbursement of expenses paid to Directors for 2,350 thousand euros and to Statutory Auditors for 192 thousand euros. To provide a complete picture of the situation, following the merger by incorporation of Rai Click Spa into Rai Spa, the caption discloses costs of 38 thousand euros for the statutory auditors of the merged company
Use of third-party assets: these amount to 910,058 thousand euros (at 31 December 2008: 857,690 thousand euros), and
expresses costs for rents, leases, usage rights and filming rights, as detailed in Schedule 31.
Personnel costs: employee-related costs amount to 903,548 thousand euros (at 31 December 2008: 902,714 thousand euros), broken down as indicated in the income statement. The average number of employees on the payroll in 2009 was 11,829, including employees on fixed-term contracts (at 31 December 2008: 11,698 units), as detailed in Schedule 32.
Amortisation, depreciation and writedowns: these amount to 378,459 thousand euros (at 31 December 2008: 381,195
thousand euros). The breakdown is shown directly in the income statement. In detail, amortisation in relation to intangible assets
refers basically to industrial patents and intellectual property rights for 273,433 thousand euros (at 31 December 2008:
266,965 thousand euros), while Schedules 33 and 34 provide details of amortisation of fixed assets and writedowns in relation
to non-current assets. They include a writedown of capitalised programmes amounting to 25,375 thousand euros, which
was made to take account of the risk that certain programmes may not be transmitted or re-broadcast.
Changes in inventories of raw materials, supplies, consumables and merchandise: the amount of 93 thousand euros
(at 31 December 2008: 156 thousand euros) represents the decrease in net inventories carried under current assets at 31
Provisions for risks: these amount to 27,569 thousand euros (at 31 December 2008: 13,009 thousand euros) and indicate
allocations to provisions for risks. The most significant items are detailed in Schedule 16.
Other provisions: these amount to 1,740 thousand euros (at 31 December 2008: 1,619 thousand euros). The main items
Miscellaneous operating costs: these amount to 97,046 thousand euros (at 31 December 2008: 98,612 thousand euros).
Their composition is shown directly in the income statement and further information is provided in Schedule 35.
Financial income and charges
Income from equity investments: these amount to 49,763 thousand euros (31 December 2008: 26,519 thousand euros),
representing dividends distributed in 2009 by investee companies, as shown in Schedule 36.
Other financial income: this amounts to 5,412 thousand euros (at 31 December 2008: 14,910 thousand euros) broken
down as follows:
• from non-current receivables: booked for 22 thousand euros, they are articulated as shown in Schedule 37.
• From non-current securities other than equity investments: this amounts to 84 thousand euros and relates to interest
• Financial income other than the above: this amounts to 5,306 thousand euros and mainly relates to interest on current
receivables as shown directly in the income statement and detailed even further in Schedule 38.
Interest and other financial charges: these amount to 4,914 thousand euros (at 31 December 2008: 7,767 thousand euros). They relate to interest expense, commission expense for financial services received and other charges for financial operations, as shown directly in the income statement and in further detail in Schedule 39.
Foreign exchange gains and losses: these show a gain of total 806 thousand euros (at 31 December 2008: a loss of 4,067 thousand euros), representing the balance of foreign exchange charges and premiums on foreign currency hedge transactions as well as the effect of translating the value of payables and receivables in foreign currencies at year-end exchange rates or the rate in force at the time of the hedge in the case of exchange risk hedges, as detailed further in Schedule 40.
Value adjustments to financial assets
Revaluations: these amount to 199 thousand euros (at 31 December 2008: 2,140 thousand euros). They reflect the recovery
of losses incurred by subsidiaries in previous years for 121 thousand euros, and by other investee companies for 78 thousand
euros.
thousand euros.
Writedowns: these total 2,133 thousand euros (at 31 December 2008: 559 thousand euros). They comprise writedowns of
non-current financial assets following losses incurred for the year.
Exceptional income and charges
The caption is comprised of charges of 6,664 thousand euros and income of 4,960 thousand euros and is analysed in
Schedule 41.
Current income taxes for the year, and deferred tax charges and credits
These amount to 16,828 thousand euros. They are made up as follows:
The following table shows the origin and effects of deferred tax items during the year.
The following table presents the estimated reconciliation between the statutory result for the year and the taxable amount for IRES and IRAP purposes.
On the taxable amount for IRAP, current taxes of 26,700 thousand euros have been calculated.
7) Result for the year
The year closed with a loss of 79,929,950.22 euros.
8) Other information
As regards related parties disclosures, no significant transactions outside the normal market conditions took place. For details
on relations with Group companies, envisaged by art. 2428 point 3 of the Civil Code, see the Report on Operations.
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