Mondadori Group consolidated financial statements include:
- the financial statements of the Parent Company and the financial statements of Italian and foreign companies in which Arnoldo Mondadori Editore SpA has direct or indirect control pursuant to IAS 27. In these cases the financial statements are consolidated on a line-by-line basis in accordance with IAS 27;
- the financial statements of Italian and foreign companies in which Arnoldo Mondadori Editore SpA has joint control,either directly or indirectly, pursuant to IAS 31. In these cases investments are recognised in compliance with the equity method pursuant to IAS 31;
- the financial statements of Italian and foreign companies in which Arnoldo Mondadori Editore SpA has a direct or indirect investment in an associated company pursuant to IAS 28. In these cases investments are recognised in compliance with the equity method pursuant to IAS 28.
The application of the above mentioned consolidation policies has led to the following adjustments:
- the book value of investments in companies included in the consolidation area is discharged against the related net equity;
- any excess of the purchase cost of investments with respect to the Group’s share of net equity at the date of purchase is allocated to the specific assets and liabilities at fair value. Any positive difference is recognised under goodwill; any negative difference is recognised under income statement;
- consolidated equity amounts , reserves and the financial result attributable to third party minority interests are recognised under separate items in consolidated shareholders’ equity and income statement ;
- in preparing the consolidated financial statements, receivables and payables, revenues and expenses resulting from transactions between companies included in the consolidation area are discharged as are any unrealised gains or losses on intercompany operations.
The financial statements of companies included in the consolidation area are prepared at the same closing date of Arnoldo Mondadori Editore SpA, in accordance with IAS/IFRS
In cases where the closing date is different from the Parent Company’s closing date, adjustments are made in order to recognise the effects of any significant transactions or events that have occurred between that date and the Parent Company’s closing date.
In 2010, relevant transactions included the purchase of the remaining 50% of Mondolibri SpA, the purchase of 40% of Mach 2 Press Srl and a partial transfer of the interest held in Agenzia Lombarda Distribuzione Giornali e Riviste Srl. For more details refer to note 8.
Other transactions mainly included the transfer of minor companies.
| Name | Registered office | Business | Currency |
Share capital expressed in local currency |
% held as of 31/12/10 | % held as of 31/12/09 |
|---|---|---|---|---|---|---|
| Companies consolidated using line-by-line method |
|
|
|
|
|
|
| Arnoldo Mondadori Editore SpA | Milan | Publishing | Euro | 67,451,756,32 |
|
|
|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
| Italian subsidiaries |
|
|
|
|
|
|
| Cemit Interactive Media SpA | S.Mauro Torinese (TO) | Trade | Euro | 3,835,000,00 | 100.00 | 100.00 |
| Edizioni Piemme SpA | Milan | Publishing | Euro | 566,661,00 | 90.00 | 90.00 |
| Mondadori Education SpA | Milan | Publishing | Euro | 10,608,000,00 | 100.00 | 100.00 |
| Mondadori Electa SpA | Milan | Publishing | Euro | 1,593,735,00 | 100.00 | 100.00 |
| Electa RMN Srl | Milan | Services | Euro | 20,000,00 | 75.00 |
|
| Mondadori Retail SpA | Milan | Trade | Euro | 2,700,000,00 | 100.00 | 100.00 |
| Giulio Einaudi Editore SpA | Turin | Publishing | Euro | 23,920,000,00 | 100.00 | 100.00 |
| Mondadori International SpA | Milan | Finance | Euro | 350,736,076 | 100.00 | 100.00 |
| Mondadori Pubblicità SpA | Milan | Advertising agent | Euro | 3,120,000,00 | 100.00 | 100.00 |
| Mondadori Franchising SpA | Rimini | Trade | Euro | 1,954,000,00 | 100.00 | 100.00 |
| Mondadori Iniziative Editoriali SpA | Milan | Trade publishing | Euro | 500,000 | 100.00 | 100.00 |
| Mondolibri SpA | Milan | Trade publishing | Euro | 1,040,000,00 | 100.00 | 50.00 |
| Press-Di Distr. Stampa e Multimedia Srl | Milan | Services | Euro | 1,095,000,00 | 100.00 | 100.00 |
| Monradio Srl | Milan | Radio | Euro | 3,030,000,00 | 100.00 | 100.00 |
| Monradio Servizi Srl (liquidated) |
|
|
|
|
|
100.00 |
| Sperling & Kupfer Editori SpA | Milan | Publishing | Euro | 1,555,800,00 | 100.00 | 100.00 |
| Sporting Club Verona Srl | Milan | Sports club | Euro | 100,000,00 | 100.00 |
|
Foreign subsidiaries
| ABS Finance Fund Sicav | Luxembourg | Finance | Euro | 1,556,705,63 | 70.57 | 71.17 |
|---|---|---|---|---|---|---|
| Ame France SAS. (incorporated) |
|
|
|
|
|
100.00 |
| Arnoldo Mondadori Deutschland GmbH (liquidated) |
|
|
|
|
|
100.00 |
| Gruppo Mondadori France | Paris | Publishing | Euro | 50,000,000,00 | 100.00 | 100.00 |
| Ame Publishing Ltd (in liquidation) | New York | Services | Usd | 50,000,00 | 100.00 | 100.00 |
| Arnoweb SA (incorporated) |
|
|
|
|
|
100.00 |
| Prisco Spain SA | Barcelona | Finance | Euro | 60,101,30 | 100.00 | 100.00 |
| Name | Registered office | Business | Currency | Share capital expressed in local currency | % held as of 31/12/10 | % held as of 31/12/09 |
|---|---|---|---|---|---|---|
| Companies valued using the net equity method |
|
|
|
|
|
|
| ACI-Mondadori SpA | Milan | Publishing | Euro | 590,290,00 | 50.00 | 50,00 |
|---|---|---|---|---|---|---|
| MDM Milano Distribuzione Media Srl | Milan | Trade | Euro | 520,000,00 | 20.00 | 50,00 |
| Gruppo Attica Publications | Athens | Publishing | Euro | 4,590,000,00 | 41.98 | 41,98 |
| Campania Arte Scarl | Rome | Services | Euro | 100,000,00 | 22.00 | 22,00 |
| Consorzio Covar (in liquidation) | Rome | Services | Euro | 15,493,70 | 25.00 | 25,00 |
| Consorzio Forma | Pisa | Services | Euro | 3,615,00 | 25.00 | 25,00 |
| Consorzio Editoriale Fridericiana | Naples | Services | Euro | 12,396,51 | 33.33 | 33,33 |
| Edizioni Electa Bruno Mondadori Srl (liquidated) |
|
|
|
|
|
50,00 |
| Edizioni EL Srl | Trieste | Publishing | Euro | 620,000,00 | 50.00 | 50,00 |
| Gruppo Random House Mondadori | Barcelona | Publishing | Euro | 6,824,600,63 | 50.00 | 50,00 |
| Grüner + Jahr/Mondadori SpA | Milan | Publishing | Euro | 2,600,000,00 | 50.00 | 50,00 |
| Harlequin Mondadori SpA | Milan | Publishing | Euro | 258,250,00 | 50.00 | 50,00 |
| Hearst Mondadori Editoriale Srl | Milan | Publishing | Euro | 99,600,00 | 50.00 | 50,00 |
| Mach 2 Libri SpA | Peschiera Borromeo | Trade | Euro | 646,250,00 | 34.91 | 34,91 |
| Mach 2 Press Srl | Peschiera Borromeo | Trade | Euro | 200,000,00 | 46.98 |
|
| Mediamond SpA | Milan | Advertising agent | Euro | 1,500,000,00 | 50.00 | 50,00 |
| Mondadori Independent Media LLC | Moscow | Publishing | Rur | 2,400,000 | 50.00 | 50,00 |
| Mondadori Seec Advertising Co. Ltd | Pecking | Publishing | Cny | 40,000,000,00 | 50.00 | 50,00 |
| Mondadori Printing SpA | Cisano Berg. | Printing | Euro | 45,396,000,00 | 20.00 | 20,00 |
| Mondadori Rodale Srl | Milan | Publishing | Euro | 90,000,00 | 50.00 | 50,00 |
| Novamusa Gelmar Biblioteca Nazionale Scarl (dismissed) |
|
|
|
|
|
20,00 |
| Novamusa Val di Noto Scarl | Messina | Services | Euro | 90,000,00 | 20.00 | 20,00 |
| Novamusa Valdemone Scarl | Messina | Services | Euro | 90,000,00 | 20.00 | 20,00 |
| Novamusa Val di Mazara Scarl | Messina | Services | Euro | 90,000,00 | 20.00 | 20,00 |
| Roccella Scarl (in liquidation) | Naples | Services | Euro | 100,000,00 | 49.50 | 49,50 |
| Società Europea di Edizioni SpA | Milan | Publishing | Euro | 10,297,628,69 | 36.89 | 36,89 |
| Venezia Musei per i servizi museali Scarl | Venice | Services | Euro | 10,000,00 | 34.00 | 34,00 |
| Venezia Accademia per i servizi museali Scarl | Venice | Services | Euro | 10,000,00 | 25.00 | 25,00 |
| Companies valued at cost |
| Aranova Freedom Scarl | Bologna | Radio | Euro | 19,200,00 | 16.66 | 16.66 |
|---|---|---|---|---|---|---|
| Audiradio Srl | Milan | Services | Euro | 258,000,00 | 2.32 | 2.32 |
| Consuledit Srl | Milan | Services | Euro | 20,000,00 | 9.56 | 9.54 |
| Consorzio Forte Montagnolo | Civitanova Marche | Radio | Euro | 26,000,00 | 3.85 |
|
| Cons. Sistemi Informativi Editoriali Distributivi | Milan | Services | Euro | 103,291,38 | 10.00 | 10.00 |
| Editrice Portoria SpA | Milan | Publishing | Euro | 364,000,00 | 16.78 | 16.78 |
| Editrice Storia Illustrata Srl (in liquidation) | Milan | Publishing | Itl | 20,000,000 | 8.39 | 8.39 |
| Giulio Einaudi Editore SpA (under Chapter 11) | Turin |
|
Itl | 3,000,000,000 | 7.35 | 7.35 |
| Immobiliare Editori Giornali Srl | Rome | Real estate | Euro | 830,462,00 | 7.88 | 7.88 |
| SCABEC SpA | Naples | Services | Euro | 1,000,000,00 | 10.78 | 10.78 |
| Selcon Srl | Milan | Services | Euro | 20,800,00 | 25.60 | 25.60 |
| Società Editrice Il Mulino SpA | Bologna | Publishing | Euro | 1,175,000,00 | 7.05 | 7.05 |