2011 Annual Report
Dear shareholders,
| € milions | 31/12/2010 | 12/31/2011 | Change | % |
|---|---|---|---|---|
| Listed Investments | 7,435 | 5,655 | (1,780) | -23.9% |
| Private Investments | 1,096 | 1,201 | 105 | +9.6% |
| Investment Value |
8,531 | 6,856 | (1,675) | -19.6% |
| Financial Liabilities |
(1,266) | (1,142) | 124 | -9.8% |
| Financial Assets |
1,309 | 816 | (493) | -37.7% |
| Net Financial Positions | 43 | (326) | (369) | n.a. |
| Ordinary holding costs capitalized over 10 years |
(210) | (210) | - | - |
| Net Asset Value | 8,364 | 6,320 | (2,044) | -24.4% |