Attachment E - Significant details from the financial statements of subsidiaries prepared in accordance with IAS

(€ 000) Cemit Interactive Media Edizioni Piemme Mondadori Education Giulio Einaudi Editore Mondadori Electa Mondadori Franchising Mondadori Pubblicità Mondolibri Press- Distrib. Stampa Multimedia Mondadori Retail Prisco Spain Sperling & Kupfer Editori
Year ended 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010
Balance sheet











Assets











Intangible assets 0 565 23,805 87 350 78 0 2,131 395 21,537 0 74
Investment property 0 0 0 0 0 0 0 0 0 0 0 0
Property, plant and equipment 73 765 386 301 638 1,495 162 1,048 55 14,943 0 59
Investments 0 0 0 1,332 149 0 2,597 0 1,013 0 19 26
Non-current financial assets 0 0 0 0 0 0 0 0 0 0 0 0
Deferred tax assets 93 1,805 2,577 3,762 1,823 432 760 1,688 839 2,233 0 589
Other non-current assets 0 11 0 0 0 155 0 151 6 296 0 12
Total non-current assets 166 3,146 26,768 5,482 2,960 2,160 3,519 5,018 2,308 39,009 19 760
Tax receivables 0 1,849 251 131 109 0 1,709 3,903 103 1,983 0 46
Other current assets 45 6,775 546 9,055 1,811 356 563 564 7,448 597 0 5,707
Inventories 335 5,638 9,031 5,198 9,450 33,137 0 6,414 123 26,100 0 3,198
Trade receivables 8,807 14,990 7,183 26,544 15,699 20,559 109,845 8,706 36,728 3,118 0 5,116
Securities and other current financial assets 11,003 2,039 47,261 19,653 2,386 0 2,978 9,815 55,665 0 0 0
Cash and cash equivalents 33 8 37 20 21 15 73 520 969 1,006 19 4
Total current assets 20,223 31,299 64,309 60,601 29,476 54,067 115,168 29,922 101,036 32,804 19 14,071
Assets held for sale or disposed of












0 0 0 0 0 0 0 0 0 0 0 0
Total assets 20,389 34,445 91,077 66,083 32,436 56,227 118,687 34,940 103,344 71,813 38 14,831
Liabilities and shareholders' equity











Share capital 3,835 567 10,608 23,920 1,594 1,954 3,120 1,040 1,095 2,700 60 1,556
Reserves 3,700 11,552 28,391 8,451 4,868 3,922 6,131 7,343 910 4,593 -18 602
Profit (loss) for the year 1,746 5,344 10,337 7,035 -1,377 5,635 -4,567 -36 5,421 -6,408 -5 1,410
Total shareholders' equity 9,281 17,463 49,336 39,406 5,085 11,511 4,684 8,347 7,426 885 37 3,568
Provisions 0 262 3,410 2,351 3,733 57 704 72 100 2,321 0 0
Employees' leaving entitlement 1,522 789 5,101 3,109 949 638 2,933 3,449 2,196 2,574 0 713
Non-current financial liabilities 0 0 0 0 0 172 0 0 0 0 0 0
Deferred tax liabilities 226 452 4,540 48 40 109 55 214 57 324 0 41
Other non-current liabilities 0 0 0 0 0 0 0 0 0 0 0 0
Total non-current liabilities 1,748 1,503 13,051 5,508 4,722 976 3,692 3,735 2,353 5,219 0 754
Income tax payables 923 0 4,201 2,962 617 129 0 0 2,487 0 0 476
Other current liabilities 1,409 9,275 15,683 11,865 3,933 981 7,836 2,617 37,437 3,962 0 3,361
Trade payables 7,028 6,204 8,780 6,330 11,644 37,833 102,427 20,238 53,609 37,802 1 3,230
Debts due to banks and other











financial liabilities 0 0 26 12 6,435 4,797 48 3 32 23,945 0 3,442
Total current liabilities 9,360 15,479 28,690 21,169 22,629 43,740 110,311 22,858 93,565 65,709 1 10,509
Liabilities held for sale 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and shareholders' equity 20,389 34,445 91,077 66,083 32,436 56,227 118,687 34,940 103,344 71,813 38 14,831

Cemit Interactive Media Edizioni Piemme Mondadori Education Giulio Einaudi Editore Mondadori Electa Mondadori Franchising Mondadori Pubblicità Mondolibri Press-Di Distrib, Stampa Multimedia Mondadori Retail Prisco Spain Sperling & Kupfer Editori
Year ended 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010 31/12/2010
Income statement











Revenues from sales and services 23,751 45,963 80,172 48,990 38,645 83,822 233,917 79,032 66,831 121,771 0 23,683
Decrease (increase) in inventories (83) (359) 290 (175) 1,058 (3,854) 0 (97) 11 1,767 0 297
Purchase of raw materials and consumables 6,027 781 7,384 1,255 2,949 67,296 0 17,311 2,114 83,483 0 81
Purchase of services 10,465 32,758 47,063 30,044 23,624 7,954 225,158 44,775 55,244 10,236 5 18,059
Personnel costs 4,932 3,709 7,931 7,151 5,190 3,573 10,622 10,666 5,921 15,132 0 2,445
Other (income) expense (427) 824 1,580 589 6,096 (462) 3,116 4,965 (4,857) 13,641 0 379
Result of investments using the equity method 0 0 0 0 0 0 0   0 0 0 0
Gross operating profit 2,837 8,250 15,924 10,126 (272) 9,315 (4,979) 1,412 8,398 (2,488) (5) 2,422
Depreciation of property, plant and equipment 84 117 165 138 245 618 149 378 41 2,765 0 33
Amortisation of intangible assets 0 27 49 35 349 36 0 121 216 1,885 0 8
Operating result 2,753 8,106 15,710 9,953 (866) 8,661 (5,128) 913 8,141 (7,138) (5) 2,381
Financial income (expense) (26) 18 (18) 7 (299) (152) (746) (69) 151 (913) 0 (198)
Income (expense) from investments 0 0 2 713 (8) 0 0   0 0 0 53
Result before tax 2,727 8,124 15,694 10,673 (1,173) 8,509 (5,874) 844 8,292 (8,051) (5) 2,236
Income tax 981 2,780 5,357 3,638 204 2,874 (1,307) 880 2,871 (1,643) 0 826
Net result 1,746 5,344 10,337 7,035 (1,377) 5,635 (4,567) (36) 5,421 (6,408) (5) 1,410
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