Diseño de la intervención docente y plan de acción

Income

2012 2011

Gains on disposals 224,241 0

Other:

Income and recovery of expenses relating to previous years deriving from:

Total revenues 36 0

Operating costs 44 23

Taxes relating to previous years 7,737 21

Reversal of liabilities 108 1,786

Other extraordinary income 738 7

8,663 1,837

232,904 1,837

“Gains on disposals” consists of the gain of 224.2 million euros obtained by the Group through the sale (100%) of ADR Retail to Aelia S.A.S.. Against a value of the investment in the consolidated financial statements of about 4 million euros, the consideration for the transfer equaled 228.2 million euros, equal to the offered price of 229.4 million euros, net of the adjustment of 1.2 million euros carried out based on contractual agreements in relation to the company's financial position on the effective date of the transfer (September 30, 2012). It should be noted that “extraordinary expense” includes the costs incurred for the transfer.

“Taxes relating to previous years” include 7,721 thousand euros of the allocation of the amount which will be requested to repay the companies of the ADR Group for the tax periods 2007- 2011, with the methods and terms set by the Tax Office, in relation to the lower IRES due for the analytical deduction of IRAP paid on payroll costs. Art. 2 of Law Decree 201/2011 introduced, starting from 2012, deductibility for income tax purposes of IRAP relating to the taxable amount of the expenses for payroll costs. With the amendment made by Law Decree 16/2012, the same deduction is applied also in relation to the taxation periods prior to 2012.

In 2012 the item “Other extraordinary income” consists of the insurance claim received for the theft that took place at the central warehouse in 2010.

Expense

2012 2011

Taxes relating to previous years 76 4

Other:

Extraordinary expense deriving from:

Total revenues 0 23

Operating costs 13 85

Payroll costs 96 0

Exceptional asset write-downs 1,591 1,224

1,700 1,332

Other extraordinary expense:

Payments due for lost cargo 431 39

Fines 201 77

Damages and compensation paid to third parties 0 8

Costs relating to extraordinary operations 13,524 249

Other extraordinary expense 392 0

14,548 373

16,248 1,705

16,324 1,709

In 2012 “Exceptional asset write-downs” includes, for 1.1 million euros, the allocation in the income statement of the costs incurred in previous years, and suspended in the fixed assets, in relation to the project of the new Viterbo airport, which will no longer be created as stated in the new Planning Agreement.

“Costs relating to extraordinary operations”, equal to 13.5 million euros, includes 10.9 million euros for the costs incurred for the transfer of ADR Retail and 2.6 million euros for the costs incurred for the corporate transactions and the procedures for the sale of ADR Mobility, subsequently withdrawn.

Income taxes

2012 2011

Current taxes

IRES 4,662 369

Income from tax consolidation (302) (382)

Expenses from tax consolidation 32,513 36,131

IRAP 15,991 16,508

52,864 52,626 Deferred tax (assets) liabilities

Deferred tax assets (5,524) (8,691)

Deferred tax liabilities 81 (5)

(5,443) (8,696) 47,421 43,930

“Current taxes – IRES” refers to the subsidiary undertakings ADR Advertising, ADR Retail, ADR Mobility and ADR Security, which do not take part in the consolidated tax regime of the Gemina Group.

It should be remembered that, having met the related prerequisites, ADR and the other Group companies (ADR Engineering, ADR Tel, ADR Assistance and ADR Sviluppo), along with the consolidating company, Gemina, have opted to participate in the tax consolidation regime introduced by the Tremonti Reform for the three-year period 2010-2012. As regards deferred taxation, current agreements stipulate continuation of the posting of the assets and allowances that generated temporary differences in the individual companies’ financial statements.

Pursuant to the above tax legislation, against the taxable income transferred by ADR SpA to the consolidating company, Gemina, “expenses from tax consolidation” of 32,513 thousand euros were recorded. Income from tax consolidation of 302 thousand euros was recorded as a result of the application – in the form of remuneration - of the IRES rate to 50% of the positive difference between taxable operating income and interest expense, in accordance with contractual agreements.

The calculation of IRES, included in the expenses from tax consolidation, benefited from the introduction of ACE (economic growth assistance) pursuant to Law Decree 201/2011, which led to the exclusion from the taxable base of an amount corresponding to the notional return (equal to 3% for 2011), referable to the profits reinvested in the company.

In particular, IRES, accounting for 12.0%6 of pre-tax income, is higher than the statutory rate of 27.5%. Reconciliation of the statutory and effective rates is provided in the table below.

2012 2011

Pre-tax income (loss) 310,524 85,846

Statutory rate (IRES) 27.5% 27.5%

Taxation at statutory rate 85,394 23,608

Effect of increases (decreases) in the ordinary rate:

non-deductible costs 9,808 6,209

other income (gains on disposals) (58,535) 0

other permanent differences (4,822) (668)

temporary differences (increases) 11,333 12,625

temporary differences (decreases) (6,003) (5,265)

Expenses from tax consolidation + IRES 37,175 36,509

Effective rate 12.0% 42.5%

For further information on the calculation of deferred tax assets see the item “Deferred tax assets” in the section on “Receivables”.

Finally, it should be noted that, given the absence of clear indications on the availability of tax provisions, non-operating income of 1,610 thousand euros (including 1,565 thousand euros regarding ADR, 22 thousand euros regarding ADR Tel SpA and 23 thousand euros regarding ADR Engineering SpA) has been prudently omitted from income statement data. This sum relates to an IRES rebate deriving from the 10% deduction of IRAP regarding the years from 2004 to 2007. Rebate applications were submitted by the consolidating company, ADR, for the years from 2004 to 2006, and by the consolidating company, Gemina SpA, for 2007, on February 1, 2010 and February 24, 2010, respectively.