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 2009 the GAV amount to 12,631,100 Euros increased by 5.2% compared with the previous year.
Distribution of GAV
In 2009, the distribution of GAV underscored the allocation of increasing sums to all stakeholders, with
the sole exception of financiers.
The GAV shares allocated to the business system and to shareholders recovered,
thanks to considerable increases of funds attributed to them: +16.2% for the sums
allocated to the business system and +146.5% for the dividend attributed to shareholders,
which regain in terms of share. Both increases benefit from the considerable increase
in net result of the period compared to 2008, which last year had resulted in
a sharp decrease in the amount allocated to these stakeholders. The GAV share
allocated to the shareholders includes both the result of the period to the minority
interests and the dividends distributed to the Group’s shareholders.
The majority of funds continue to be allocated to agents, financial advisers
and employees, despite having fallen slightly.
However, the community shows a good increase in received resources (+8.4%).
