Statement of reconciliation between shareholders' equity and earnings for the period of the Parent Company and consolidated companies

Earnings as of 31/12/2011 Shareholders' equity as of 31/12/2011 Earnings as of 31/12/2010 Shareholders' equity as of 31/12/2010
In thousands of Euro
PIAGGIO & C. S.P.A. 47,029 347,998 18,848 338,306
Earnings and shareholders' equity of subsidiaries 71,199 195,652 82,124 225,053
Elimination of the book value of investments (68,118) (79,732)
Elimination of dividends from subsidiaries (70,458) (61,328)
Sale/disposal of intangible assets/property, plant and equipment to subsidiaries (22,502) (31,636)
Elimination of the effects of other intergroup transactions and other records (717) (6,812) 3,197 (9,101)
Piaggio & C. Group 47,053 446,218 42,841 442,890