Euronext - 2020 Universal Registration Document

GLOSSARY, CONCORDANCE TABLES & ANNEX G

On 24 th February 2021 both companies received a positive response from the Tax Authority, which confirmed that, following the recent (2018) changes to article 162-bis TUIR, such entities should be considered “among ordinary industrial and commercial companies withwhat follows in terms of application of the related tax provisions”, as they did in filing 2018 (supplementary) and 2019 tax return. The impact of the abovementioned reclassification on the current year income statement is reported in the table above in the line Corporation tax – PY adjustments.

Following an analysis conducted by an external consultant (Studio Tremonti) which resulted in a different interpretation of the tax regulation (in particular of the art. 162-bis of the Italian income tax code, TUIR), the classification for fiscal purposes of Borsa Italiana S.p.A. and MTS S.p.A. changed from industrial/commercial companies to industrial holdings, while the classification of Cassa di Compensazione e Garanzia S.p.A. and Monte Titoli S.p.A. (1) changed from financial institutions to industrial/commercial companies. As a consequence, in November 2020 such companies presented to the Italian Tax Authority supplementary tax returns for the fiscal years 2018. At the same time Cassa di Compensazione e Garanzia S.p.A. and Monte Titoli S.p.A. filed an advance tax ruling (pursuant to art. 11, paragraph 1, lett. to the. 27 th July 2000, n. 212 ) to the Tax Authority in order to confirm this new interpretation.

NOTE 11 DIVIDEND

The following table shows the breakdown of dividends.

December 2020

December 2019

In thousands of euros

Dividends non-controlling interests

(10,356)

(9,108)

Dividends paid to controlling company

(126,000) (136,356)

(63,000) (72,108)

DIVIDENDS PAID

NOTE 12 PROPERTY, PLANT AND EQUIPMENT

The following table shows the movements in Property, plant and equipment.

Land and Buildings

Fixed plant, other plant and equipment

Right-of-use asset property

Right-of-use other

Total

Freehold Leasehold

In thousands of euros

Property, plant and equipment – cost Opening balance

- - - - - - - - -

4,688

31,522

67,882

1,972

106,064

Additions

270

- - - - - -

8,268

-

8,537 6,707

Additions – finance leases

-

-

6,707

Asset transfer

(1)

(3)

(4,571)

(4,575)

Disposal

-

(60)

- -

(60)

InterCo Business Transfers

(4) (3)

4

-

Write Off

-

(687)

(690) (116)

FX Calculated

-

(94)

(22)

-

DECEMBER 2020

4,950

31,428

76,069

3,420

115,867

(1) Please note that the classification of MTS S.p.A. as an industrial holding was applicable only for the fiscal year 2018. In 2019, accordingly to art. 162-bis TUIR, the Company was correctly classified as industrial/commercial. Therefore the supplementary tax return has been presented only for the fiscal year 2018.

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2020 UNIVERSAL REGISTRATION DOCUMENT