CONSOLIDATED BALANCE SHEET: ASSETS (€m)

31/12/2007

31/12/2006

31/12/2005

         Goodwill

6,913.2

5,705.0

4,752.3

         Intangible assets linked to concessions

2,989.2

2,345.6

2,091.8

         Other intangible assets

1,706.4

1,379.8

1,281.4

         Tangible assets

9,203.2

7,918.7

6,885.7

         Investments accounted for using the equity method

292.1

241.0

201.5

         Non-consolidated investments

256.1

181.7

209.5

         Long-term operating financial assets

5,272.4

5,133.4

5,337.4

         Derivative instruments - Assets

123.7

201.6

249.0

  A     Of which revaluation of treasury instruments

-

28.8

161.1

         Other long-term financial assets

746.0

637.5

691.6

         Deferred tax – Asset

1,468.1

1,355.7

1,134.7

         Non-current assets

28,970.4

25,100.0

22,834.9

         Inventories and work-in-progress

839.4

731.8

635.2

         Accounts receivable

12,459.4

10,968.7

10,083.3

         Short-term operating financial assets

355.2

326.2

208.0

         Other short-term financial receivables

330.0

205.3

221.2

         Marketable securities

-

66.4

60.7

         Short-term derivative instruments - Assets

114.4

-

-

  B      Cash and cash equivalents

3,115.6

2,658.0

2,336.1

         Current assets

17,214.0

14,956.4

13,544.5

         Assets held for sale

122.5

67.3

1.6

         TOTAL ASSETS

46,306.9

40,123.7

36,381.0

CONSOLIDATED BALANCE SHEET: LIABILITIES (€ m)

31/12/2007

31/12/2006

31/12/2005

         Share capital

2,358.8

2,063.1

2,039.4

         Additional paid-in capital

9,179.5

6,641.2

6,499.1

         Retained earnings and net income

-3,925.4

-4,343.5

-4,748.3

         Minority interests

2,577.8

2,192.6

1,888.0

         Shareholders' equity

10,190.7

6,553.4

5,678.2

         Non-current provisions

2,138.9

2,196.6

1,648.0

         Other long-term debt

-

207.3

203.7

  C      Long-term financial debt

13,948.0

14,001.6

13,722.8

         Derivative instruments – Liability

163.8

145.9

154.5

          Deferred tax – Liability

1,794.7

1,504.9

1,205.0

         Non-current liabilities

18,045.4

18,056.3

16,934.0

         Accounts payable

12,944.8

11,268.6

10,369.8

         Current provisions

825.7

825.9

754.0

  D      Short-term financial debt

3,805.0

2,904.1

2,138.2

         Short-term derivative instruments – Liability

34.0

-

-

  E      Of which revaluation of treasury instruments

27.7

-

-

  F       Bank overdrafts

459.4

456.0

506.8

         Current liabilities

18,068.9

15,454.6

13,768.8

         Liabilities held for sale

1.9

59.4

-

         Total liabilities

46,306.9

40,123.7

36,381.0