Prospectus - Notowania

sale of Mediobanca (€603 million), Borsa Italiana (€188 million), Fiat (€127 million)
and Commercial Union Poland (€47 million).
Lastly, with reference to financial assets, as at December 31, 2006 income amounted
to was €747 million and losses to €248 million. In 2006, income from sales of
available-for-sale assets included net income of €355 million on the sale of equity
investments; this amount was mainly comprised of the income on the sale of Munich
RE (€172 million), Euroclear (€51 million), Lufthansa (€35 million) and Immobiliare
Lombarda (€19 million).
Net change in value of financial assets/liabilities designated at fair value
(in millions of €) % Change
Net change in value of financial
assets/liabilities designated at fair value 12.31.2008 12.31.2007 12.31.2006 2008/2007 2007/2006
Debt securities, loans and correlated
derivative instruments (317) (116) 93 -173.3% -225.8%
Equities, units of collective investment
undertakings and correlated derivatives (41) 94 (146) -143.6% 164.4%
Other traded financial instruments and
correlated derivatives 8 18 94 -55.5% -80.9%
Total (350) (4) 41 n.s. -109.8%
In 2007 and 2008, the net income and loss effect of the financial assets/liabilities
designated at fair value was negative (€ 350 million in 2008 and € 4 million in 2007),
compared to income of € 41 million in 2006. The 2008 result is consequent to the
income from the components “Financial assets” and “Financial liabilities”
respectively for € 331 million and € 175 million, while an overall loss of € 861
million was recorded on derivative products from a management viewpoint connected
to the mentioned financial instruments. Sales proceeds were positive for € 549 million
while the valuation result (gain/loss) recorded a loss of € 904 million. In this context,
exchange differences led to a profit of € 5 million.
The net loss recorded in 2007 was mainly the result of the negative contribution of the
debt instruments and loans segment, which during the previous period had recorded
income instead. The positive result for 2006, with income of € 41 million, was
characterised by profit related to the debt securities segment, mainly resulting from
the derivative contracts component.
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