The Global Added Value (GAV) expresses the wealth generated by Group operations for the various stakeholder
categories over the year. It is calculated as the difference between the value
of goods and services provided by the company and the value of goods and services
it acquires from third parties.
In 2011 the GAV amountto 12,737.2 million euros decreased by 6.6% compared with the previous year.
Distribution of GAV
The VAG decreased is a consequence of the reduction in the result of the period. It was
in fact affected by adverse trends in financial markets, thus causing lower allocations
to the Group, the State and shareholders. The share allocated to the latter adds
the result of the period attributable to minority interests to the dividends net
of own shares.
The shares distributed to employees, agents and financial advisors continued
to be dominant (75.6% of GAV) and slightly increased.
Despite a difficult international economic context, allocations to community-benefit
initiatives also showed good growth.