(in thousands of euros)
Company name Headquarters Share capital Investee Shareholder’s Equity Profit (loss) Portion held % Portion correspon- ding to investee Shareholder’s Equity Book value Subsidiaries
Rai Cinema SpA Rome 200,000 267,848 37,161 100.00% 267,848 267,848
Rai Corporation in liquidation New York (USA) 363 (1) 2,891 (2) 1,081 (3) 100.00% 2,891 2,891
RaiNet SpA Rome 5,160 13,040 984 100.00% 13,040 13,040
Rai Pubblicità SpA Turin 10,000 39,994 8,014 100.00% 39,994 31,082 (4)
Rai Way SpA Rome 70,176 136,996 11,821 100.00% 136,996 136,996
Rai World SpA Rome 1,300 7,609 1,918 100.00% 7,609 7,609
459,466 Associated companies
Audiradio Srl in liquitadion Milan 258 (128) (5) (2) (5) 27.00% (35) - (6)
Auditel Srl Milan 300 1,556 449 33.00% 513 513
Euronews Ecully (F) 4,033 24,222 1,129 20.56% 4,980 4,980
San Marino Rtv SpA San Marino (RSM) 516 4,429 (298) 50.00% 2,214 2,214
Tivù Srl Rome 1,002 5,146 1,326 48.16% 2,479 2,479
10,186 (1) USD 500,000 at the exchange rate as at 12.31.2013 of 1.3791 euros/USD
(2) USD 3,986,381 at the exchange rate as at 12.31.2013 of 1.3791 euros/USD (3) USD 1,490,879 at the exchange rate as at 12.31.2013 of 1.3791 euros/USD
(4) The difference between book value and equity of the company, amounting to 8,912 thousand euros, refers to adjustments to intercompany operations required by the standards applied to the drawing up of the consolidated financial statements for valuation at equity.
(5) Resulting from the financial statements as at 12.31.2013
to 8,014 thousand euros, increased by further adjustments to intercompany operations required by the standards applied to the drawing up of the consolidated financial statements.
• Rai Way SpA (100% Rai): the share capital of 70,176 thousand euros is represented by 13,600,000
shares with a par value of 5.16 euros each. The investment was revalued for an amount of 11,821 thou- sand euros, corresponding to the profits made by the company in 2013.
• Rai World SpA (100% Rai): the share capital of 1,300 thousand euros is represented by 1,300,000 shares
with a par value of 1 euro each. The investment was revalued for an amount of 1,918 thousand euros, corresponding to the profits made by the company in 2013.
Equity investments in associated companies
• Audiradio Srl in liquidation (27% Rai): the share capital of 258 thousand euros is represented by 258,000
shares with a par value of 1 euro each. The gross value of the investment equating to 1,428 thousand euros was fully written down on the basis of the results of the financial statements at 31 December 2012, which highlight a negative shareholders’ equity of 128 thousand euros. The portion of the capital deficit amounting to 35 thousand euros was allocated to a special provision for charges.
• Auditel Srl (33% Rai): the share capital of 300 thousand euros is represented by 300,000 shares with a
par value of 1 euro each. In view of the profits of 449 thousand euros made by the company in 2013, the investment was revalued by the amount assigned to Rai, equal to 148 thousand euros.
• Euronews - Société Anonyme (20.56% Rai): the share capital of 4,033 thousand euros is represented by
268,856 shares with a par value of 15 euros each. During 2013, the distribution of a dividend of 806 thousand euros against the 2012 result was resolved. The amount of 166 thousand euros assigned to Rai was booked to Equity investments in associated companies, reducing the revaluation of the investment. In relation to profits amounting to 1,129 thousand euros made by the company in 2013, the investment was revalued by the amount assigned to Rai, equal to 141 thousand euros.
• San Marino Rtv SpA (50% Rai): this company was established in 1991 by Rai and E.RA.S. - Ente di
Radiodiffusione Sammarinese - with an equal holding in the company. It was set up pursuant to Law 99 of 9 April 1990 ratifying the collaboration treaty between the Republic of Italy and the Republic of San Marino concerning radio and television. It has a share capital of 516 thousand euros consisting of 1,000 shares with a par value of 516,46 euros each. In relation to the negative result achieved by the company in 2013, equating to 298 thousand euros, the revaluation of 2,105 thousand euros referred to the previous years was reduced by the portion attributable to Rai, equal to 149 thousand euros.
• Tivù Srl (48.16% Rai): the share capital of 1,002 thousand euros was subscribed by Rai and by R.T.I.
– Reti Televisive Italiane SpA – with equal holdings of 48.16%, by TI Media – Telecom Italia Media S.p.A. – with a share of 3.5% and by two associations - FRT and Aeranti Corallo – each with a 0.09% share. During 2013, the distribution of a dividend of 300 thousand euros valid against the 2012 result was resolved. The amount of 144 thousand euros assigned to Rai was booked to Equity investments in associated companies, reducing the revaluation of the investment. In view of the profits of 1,326 thou- sand euros made by the company in 2013, the investment was revalued by the amount assigned to Rai, equal to 638 thousand euros.
Equity investments in other companies
• Almaviva – The Italian Innovation Company SpA (0.831% Rai): the value of the holding is unchanged
from 2012 and amounts to 324 thousand euros, The share capital is represented by 107,567,301 ordi- nary shares with a par value of 1.00 euro each.
• Banca di Credito Cooperativo di Roma Scpa (variable capital company; insignificant percentage held
by Rai): carried at a value of 1 thousand euros, equivalent to the amount paid on 16 January 2009 for the purchase of 100 shares. The company distributed a dividend to Rai during 2013 for an insignificant amount in thousands of euros, which was booked to Revenues from equity investments in other compa- nies.
• C.F.I – International Consortium for International Education in liquidation: carried at a value of 1 thousand
euros, equivalent to the amount paid on 16 January 2009 for the purchase of 100 shares. The company distributed a dividend to Rai during 2013 for an insignificant amount in thousands of euros, which was booked to Revenues from equity investments in other companies.
• Consorzio Nettuno – Consorzio per la realizzazione di università a distanza (consortium for the distance learning university): the investment of 21 thousand euros, has been fully written off since, under the bylaws
• Consorzio Valle d’Aosta Digitale in liquidation – Consortium for the switchover from analogue to DTT in
the Valle d’Aosta region. The investment of 7 thousand euros has been fully written off since, under the bylaws of the consortium, withdrawal does not entitle members to reimbursement of their contribution.
• International Multimedia University Umbria Srl (1.533% Rai): the investment has been fully written off since
there is no longer any certainty that the amounts paid in can be recovered.
• Immobiliare Editori Giornali Srl (1.75% Rai): the investment consists of 23,815 pay shares and of 4,306
free shares for a total of 28,121 shares with a par value of 0.51 euro each, out of a total of 1,608,000 shares making up the Share Capital of 1,75%. The value of the investment, 12 thousand euros, is un- changed from 2012.
• Istituto Enciclopedia Treccani SpA (0.87% Rai): the investment is carried at a gross value of 513 thousand
euros, written down initially by 26 thousand euros, it was further written down by 72 thousand euros following the negative result attained by the company in 2012. The share capital is represented by 41,245,128 shares with a par value of 1.00 euro each.
Receivables
Receivables total 12,941 thousand euros, showing an increase of 3,287 thousand euros on 31 December 2012, net of a provision for bad debts amounting to 11,926 thousand euros, as can be seen in Schedule 5. In relation to this provision for bad debts, 10,897 thousand euros are allocated against the risk of failure to achieve commercial recovery of the advance payments made as the guaranteed minimum. Schedule 9 details their distribution by maturity and Schedule 10 by geographic area.
Receivables from subsidiaries: these consist of 46 thousand euros in guaranteed minimum towards Rai Cinema SpA relating to mandates for the sale of rights.
Receivables from others: disclosed for 12,895 thousand euros, they consist of 10,961 thousand euros of guaranteed minimums relating to mandates for the sale of rights and other commercial initiatives, 1,595 thousand euros of guarantee deposits and 339 thousand euros of loans disbursed to employees.