DA Capital resoconto intermedio al 31 03 2012 eng

Interim Management Report
to 31 March 2012 1
INTERIM MANAGEMENT
REPORT
TO 31 MARCH 2012
______________________
First Quarter 2012
Board of Directors of DeA Capital S.p.A.
Milan, 14 May 2012

to 31 March 2012 2
DeA Capital S.p.A.
(hereinafter the company or parent company)
Corporate information DeA Capital S.p.A. is subject to the management and
co-ordination of De Agostini S.p.A.
Registered office: Via Borgonuovo, 24, 20121 Milan,
Italy
Share capital: EUR 306,612,100 (fully paid up),
represented by shares with a nominal unit value of EUR
1, totalling 306,612,100 shares (27,606,590 of which
were in the portfolio at 31 March 2012).
Tax code, VAT code and recorded in the Milan Register
of Companies under no. 07918170015
Board of Directors (*)
Chairman Lorenzo Pellicioli
Chief Executive Officer Paolo Ceretti
Directors Lino Benassi (1)
Rosario Bifulco (1 / 4 / 5)
Marco Boroli
Daniel Buaron
Claudio Costamagna (3 / 5)
Marco Drago
Roberto Drago
Severino Salvemini (2 / 3 / 5) (#)
Board of Statutory Auditors (*)
Chairman Angelo Gaviani
Regular Auditors Gian Piero Balducci
Cesare Andrea Grifoni
Alternate Auditors Andrea Bonafè
Maurizio Ferrero
Giulio Gasloli
Secretariat of the Board
of Directors Diana Allegretti
Manager responsible for preparing Manolo Santilli
the company’s accounting statements
Independent KPMG S.p.A.
auditors
(*) In office until the approval of the financial statements to 31 December 2012
(#) Co-opted by the Board of Directors of DeA Capital S.p.A. on 14 May 2012
(1)
Member of the Internal Audit Committee
(2)
Member and Chairman of the Internal Audit Committee - Lead Independent Director
(3)
Member of the Remuneration Committee
(4)
Member and Co-ordinator of the Remuneration Committee
(5)
Independent director

to 31 March 2012 3
Contents
Interim Report on Operations
1. Profile of DeA Capital S.p.A.
2. Information for shareholders
3. The group’s key Balance Sheet and Income Statement figures
4. Significant events in the first quarter of 2012
5. Results of DeA Capital Group
6. Other information
Consolidated Financial Statements and
Notes to the Accounts
Statement of Responsibilities for the Interim
Management Report to 31 March 2012

to 31 March 2012 4
Interim Report on Operations

to 31 March 2012 5
1. Profile of DeA Capital S.p.A.
With an investment portfolio of around EUR 820 million and assets under management
of over EUR 11,000 million, DeA Capital S.p.A. is currently one of Italy’s largest
alternative investment operators.
The company, which operates in both the Private Equity Investment and Alternative
Asset Management businesses, is listed on the FTSE Italia STAR segment of the Milan
stock exchange, and heads the De Agostini Group in the area of financial investments.
DeA Capital has "permanent" capital, and therefore has the advantage – compared with
traditional private equity funds, which are normally restricted to a pre-set duration – of
greater flexibility in optimising the timing of entry to and exit from investments. In
terms of investment policy, this flexibility allows it to adopt an approach based on value
creation over the medium to long term.
PRIVATE EQUITY
INVESTMENT
ALTERNATIVE ASSET
MANAGEMENT
 Direct investments
In the services sector, in Europe and
Emerging Europe.
 Indirect investments
In private equity funds of funds, co-
investment funds and theme funds.
 IDeA Capital Funds SGR, which
manages private equity funds (funds
of funds, co-investment funds and
theme funds)
Assets under management: EUR 1.2 billion
 IDeA FIMIT SGR, which manages
real estate funds.
Assets under management: EUR 9.5 billion
 Soprarno SGR, which manages total
return funds and other services
companies (IDeA SIM, IdeA Servizi
Immobiliari and IdeA Agency)

to 31 March 2012 6
The corporate structure of the group headed by DeA Capital S.p.A. (DeA Capital Group, or the
Group) at the end of the first quarter of 2012 is summarised below:
DeA Capital
S.p.A.
100%
Shareholdings
and VC Funds
100%
DeA Capital
Investments
(Luxembourg)
Quota
IDeA
OF I
Quota
IDeA I
Fund of Funds
Shareholding
Kenan
Investments
Shareholding
Santé
Shareholding
Sigla
Luxembourg
Shareholding
Migros
Shareholding
Stepstone
FARE Holding
FARE SpA
FAI
70%
IDeA
Capital Funds
SGR
IDeA
Alternative
Investments
100%
100%
Soprarno
SGR
65%
Quota
IDeA
ICF II
100%
Other Minority
Stakes
65%
Shareholding
Sigla
Shareholding
GDS
IDeA
SIM
Quota
IDeA
EESS
IFIM
58,31 %
20,98% 40,32%
IDeA FIMIT
SGR
Quota
AVA
Direct Private Equity Investment Indirect Private Equity Investment
Private Equity Investment
Alternative Asset Management
Holding Companies
With regard to the corporate structure shown above, on 1 January 2012 the merger by
incorporation of the wholly-owned subsidiary IDeA Alternative Investments into DeA
Capital S.p.A., an operation decided by the Boards of Directors of these companies on 26 July
2011, became effective. The purpose of the merger, which entails the reorganisation of the
DeA Capital Group’s corporate structure, is to centralise within the parent company the cash
flows from the Alternative Asset Management business, and to determine the strategic
guidelines for this business.
On 28 March 2012, an agreement was signed with Deb Holding, a company controlled by the
director Daniel Buaron that holds 30% of the share capital of FARE Holding. The purpose of the
agreement was to bring forward, with effect from 24 April 2012, the exercise of the option to
sell the stake in FARE Holding held by Deb Holding to DeA Capital S.p.A. Under the
agreements stipulated, on 24 April 2012 DeA Capital S.p.A. acquired full control of FARE
Holding, and at the same time changed the company name of FARE Holding and its
subsidiaries FARE and FAI, to DeA Capital Real Estate, IDeA Servizi Immobiliari and
IDeA Agency respectively.
Lastly, on 11 April 2012 an agreement was signed with Massimo Caputi and the company he
controls, Feidos S.p.A., which together own a stake of 41.69% in I.F.IM. (“IFIM", which in turn
holds 20.98% in IDeA FIMIT SGR). The purpose of the agreement was to bring forward, to this
date, the exercise of the option to sell the stakes in IFIM held by Massimo Caputi and Feidos
S.p.A. to DeA Capital S.p.A. Following the transaction, DeA Capital S.p.A. acquired full control
of IFIM.

to 31 March 2012 7
At 31 March 2012, the DeA Capital Group reported group shareholders’ equity of EUR 700.9
million, corresponding to a net asset value (NAV) of EUR 2.51 per share, with an
investment portfolio of EUR 820.3 million.
More specifically, the investment portfolio, which consists of equity investments (Private Equity
Investment) of EUR 428.5 million, funds (Private Equity Investment) of EUR 160.2 million, and
net assets relating to Alternative Asset Management of EUR 231.6 million, is broken down
below.
 PRIVATE EQUITY INVESTMENT
o Equity investments
 strategic shareholding in Générale de Santé (GDS), France's leading
private healthcare provider, whose shares are listed on the Eurolist market in
Paris (with a free float of less than 5% and low trading volumes). The
investment is held through the Luxembourg-registered company Santé S.A.,
an associate of the DeA Capital Group (stake of 42.89%)
 minority shareholding in Migros, Turkey's biggest food retail chain, whose
shares are listed on the Istanbul Stock Exchange. The investment is held
through the Luxembourg-registered company Kenan Investments S.A., an
investment recorded in the AFS portfolio of the DeA Capital Group (stake of
17.03%)
 strategic shareholding in Sigla, which provides finance to all customer
segments (salary-backed loans and personal loans) and services non-
performing loans in Italy. The investment is held through the Luxembourg-
registered company Sigla Luxembourg S.A., an associate of the DeA Capital
Group (stake of 41.39%).
Investment portfolio
n. EUR/mln
Equity investments 8 428.5
Funds 12 160.2
Private Equity Investment 20 588.7
Alternative Asset Management (*)
6 231.6
Investment portfolio 26 820.3
(*) Equity investments in subsidiaries relating to Alternative Asset Management are
valued using the equity method in this table.
31.03.2012

to 31 March 2012 8
o Funds
 units in four funds managed by the subsidiary IDeA Capital Funds SGR i.e. in
the funds of funds IDeA I Fund of Funds (IDeA I FoF) and ICF II, in the
co-investment fund IDeA Opportunity Fund I (IDeA OF I, formerly IDeA
CoIF I) and in the theme fund IDeA Energy Efficiency and Sustainable
Growth (IDeA EESS)
 a unit in the real estate fund Atlantic Value Added (AVA) managed by
IDeA FIMIT SGR
 other units in seven venture capital funds.
 ALTERNATIVE ASSET MANAGEMENT
 controlling interest in IDeA Capital Funds SGR (100%), which manages
private equity funds (funds of funds, co-investment funds and theme funds)
with about EUR 1.2 billion in assets under management
 controlling interest in IDeA FIMIT SGR (61.30%), Italy's largest real
estate asset management company with about EUR 9.5 billion in assets
under management and 24 funds (including five listed funds)
 controlling interest in Soprarno SGR (65%), which manages total return
funds, in IdeA Servizi Immobiliari/IdeA Agency (100%), which
operates in project, property and facility management and real estate
brokerage, and in IDeA SIM (65%), which operates in the sector of
property brokerage companies.

to 31 March 2012 9
2. Information for shareholders
 Shareholder structure - DeA Capital S.p.A. (#)
De Agostini
SpA
58.3%
Treasury
stock
9.0%
Mediobanca
4.8%
DEB
Holding*
3.8%
Free float
24.1%
(#) Figures to 31 March 2012.
(*) Company controlled by director Daniel Buaron.

to 31 March 2012 10
 Share performance (°)
From 11 January 2007, when DeA Capital S.p.A. began operations, to 31 March 2012
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
DeA Capital LPX 50 FTSE Star FTSE All
From 1 January 2012 to 31 March 2012
1.25
1.30
1.35
1.40
1.45
1.50
1.55
1.60
DeA Capital FTSE All FTSE Star LPX 50
(°) Source: Bloomberg

to 31 March 2012 11
 Investor relations
DeA Capital S.p.A. maintains stable and structured relationships with institutional and
individual investors.
In 2012, the company continued its communications campaign, participating in the Milan Star
Conference in March 2012 and holding meetings and conference calls with portfolio managers
and financial analysts from Italy and abroad.
Coverage of the DeA Capital stock is currently carried out by Equita SIM and Intermonte SIM,
the two main intermediaries on the Italian market, with Intermonte SIM acting as a specialist.
The research prepared by these intermediaries is available in the Investor Relations section of
the website www.deacapital.it.
In December 2008, the DeA Capital share joined the LPX50® and LPX Europe® indices. The
LPX® indices measure the performance of the major listed companies operating in private
equity (“Listed Private Equity” or LPE). Due to its high degree of diversification by region and
type of LPE investment, the LPX50® index has become one of the most popular benchmarks
for the LPE asset class. The method used to constitute the index is published in the LPX Equity
Index Guide. For further information, please visit: www.lpx.ch.
The website is the primary mode of contact for individual investors, who may choose to
subscribe to a mailing list and send questions or requests for information and documents to
the company's Investor Relations area, which is committed to answering queries promptly, as
stated in the Investor Relations Policy published on the site. A quarterly newsletter is also
published for individual investors with the aim of keeping them updated on key news, as well
as providing clear and simple analysis of quarterly results and share performance.
Performance of the DeA Capital share at 31 March 2012
The company’s shares declined in value by 51.8% between 11 January 2007, when DeA
Capital S.p.A. began operations, and 31 March 2012; in the same period of time, the FTSE All-
Share®, FTSE Star® and LPX50® registered respective performances of -59.8%, -36.0% and
-48.5%.
The DeA Capital share gained 2.8% in 2012, while the FTSE All-Share® advanced by 7.2%,
the FTSE Star® by 17.6% and the LPX50® by 14.2%.
The share’s liquidity was lower than in 2011, with average daily trading volumes of around
125,400 shares.
The share prices registered in the first three months of 2012 are shown below.
(in Euro)
1 Jan to 31 Mar
2012
Maximum price 1.49
Minimum price 1.26
Average price 1.36
Price at 31 March 2012 (EUR per share) 1.37
Market capitalisation at 31 March 2012
(EUR million) 419

to 31 March 2012 12
3. The group’s key Balance Sheet and Income Statement figures
Key Consolidated Income Statement and Balance Sheet figures at 31 March 2012, compared
with the corresponding figures at 31 March 2011 and 31 December 2011, are shown below.
NAV/share (EUR) 2.51 2.75 2.38
Group NAV 700.9 805.8 669.0
Group net profit/(loss) (0.9) (6.0) (43.6)
Comprehensive income (Group share) 34.0 44.0 (70.2)
(Statement of Performance – IAS 1)
Investment portfolio 820.3 854.9 775.9
Net financial position – Holding Companies (118.2) (52.9) (113.5)
Net financial position consolidated (104.7) (24.9) (102.5)
(EUR million)
March
31,2012
March
31,2011
December
31,2011
The table below shows the change in group NAV during the first quarter of 2012.
Group NAV at 31.12.11 669.0 280.7 2.38
Acquisti di Azioni Proprie (2.3) (1.7) 1.36
Risultato Complessivo - Statement of Performance – IAS 1 34.0
Altri movimenti di NAV 0.2
Group NAV at 31.03.12 700.9 279.0 2.51
(*) Average price of purchases in 2012
Change in Group NAV
Total value (EUR
m)
No. Shares
(millions)
Value per share
(€)
*

to 31 March 2012 13
4. Significant events in the first quarter of 2012
The significant events that occurred in the first quarter of 2012 are reported below.
 Private equity funds – paid calls and distributions
On 12 January 2012, DeA Capital increased its investments in the IDeA I FoF, IDeA ICF II,
IDeA OF I and IDeA EESS fund, with payments totalling EUR 3.0 million (EUR 0.7 million, EUR
1.9 million, EUR 0.3 million and EUR 0.1 million respectively).
 Agreements to acquire the residual shares of FARE Holding and IFIM
On 28 March 2012, an agreement was signed with Deb Holding, a company controlled by the
director Daniel Buaron that holds 30% of the share capital of FARE Holding. The purpose of the
agreement was to bring forward, with effect from 24 April 2012, the exercise of the put option
held by Deb Holding on its stake in FARE Holding.
The transaction, which transferred full control of FARE Holding to DeA Capital S.p.A., set the
price of the stake at EUR 31.8 million, in addition to the payment of amounts corresponding to
the NAV of units of the Atlantic 1 and Atlantic 2/Berenice funds (in line with the amount
booked under the consolidated net financial position at 31 December 2011), payable as of 12
December 2013.
The agreement also stipulates payment to Deb Holding of an amount equal to 30% of any
dividends to be distributed by FARE Holding for 2012.
As already provided for under the agreements in place, director Daniel Buaron also resigned
from his positions at IDeA FIMIT SGR and FARE Holding, with effect from 12 April 2012 (the
date of the approval of the 2011 financial statements of IDeA FIMIT SGR) and 24 April 2012
respectively.
Under the agreements stipulated, on 24 April 2012 DeA Capital S.p.A. changed the company
name of FARE Holding and its subsidiaries FARE and FAI, to DeA Capital Real Estate, IDeA
Servizi Immobiliari and IDeA Agency respectively.
On 11 April 2012 an agreement was signed with Massimo Caputi and the company he controls,
Feidos S.p.A., which together own a stake of 41.69% in I.F.IM. (“IFIM", which in turn holds
20.98% in IDeA FIMIT SGR), for the purpose of bringing forward, to this date, the exercise of
the option to sell the stakes in IFIM held by Massimo Caputi and Feidos to DeA Capital S.p.A.
The transaction, which gave DeA Capital S.p.A. full control of IFIM, was concluded for EUR
19.3 million.
The agreement also provides for the payment to the same sellers of a supplement to the price
(earn-out), connected to the finalisation, by IDeA FIMIT SGR - by 30 June 2013 - of a list of
potential new funds, negotiations for which were already under way when Massimo Caputi sold
his stake.
In accordance with agreements in force, Massimo Caputi resigned from his positions at IDeA
FIMIT SGR and IFIM, with effect from 12 April 2012.

to 31 March 2012 14
5. Results of the DeA Capital Group
The results reported by the DeA Capital group for the period relate to the businesses below:
 Private Equity Investment, which includes the reporting units that carry out private
equity investment, broken down into equity investments (Direct Investments) and
investments in funds (Indirect Investments)
 Alternative Asset Management, which includes reporting units involved in asset
management activities and related services, with a focus on the management of private
equity and real estate funds
 The DeA Capital Group’s investment portfolio
Changes in the DeA Capital Group's investment portfolio in the Private Equity Investment and
Alternative Asset Management business areas, as defined above, are summarised in the table
below.
Investment portfolio
n. EUR/mln
Equity investments 8 428.5
Funds 12 160.2
Private Equity Investment 20 588.7
Alternative Asset Management (*)
6 231.6
Investment portfolio 26 820.3
(*) Equity investments in subsidiaries relating to Alternative Asset Management are
valued using the equity method in this table.
31.03.2012
Details on portfolio asset movements in the first quarter of 2012 are provided in the sections
on the Private Equity Investment and Alternative Asset Management businesses below.

to 31 March 2012 15
 Private Equity Investment
In terms of equity investments, at 31 March 2012, the DeA Capital Group was a shareholder
of:
 Santé, indirect parent company of Générale de Santé (valued at EUR 237.6 million)
 Kenan Investments, indirect parent company of Migros (valued at EUR 167.6 million)
 Sigla Luxembourg, the parent company of Sigla (valued at EUR 22.0 million)
The DeA Capital Group is also a shareholder in five companies (Elixir Pharmaceuticals Inc.,
Kovio Inc., Stepstone, Harvip Investimenti and Alkimis SGR - whose value at 31 March 2012
was EUR 1.3 million.
With regard to funds, at 31 March 2012 the Private Equity Investment business of the DeA
Capital Group held units in:
 IDeA I FoF (valued at EUR 95.1 million)
 IDeA OF I (valued at EUR 40.4 million)
 ICF II (valued at EUR 10.8 million)
 AVA (valued at EUR 2.5 million)
 IDeA EESS and seven other venture capital funds (with a total value of approximately
EUR 11.4 million)
Valuations of equity investments and funds in the portfolio reflect estimates made using the
information available on the date this document was prepared. Please see the notes to the
financial statements below for further details on valuations and related estimates.

to 31 March 2012 16
Investments in associates
- Santé (parent company of GDS)
Headquarters: France
Sector: Healthcare
Website: www.generale-de-sante.fr
Investment details:
On 3 July 2007, DeA Capital S.p.A. finalised the purchase, through its wholly-owned
subsidiary DeA Capital Investments, of a 43.01% equity investment in Santé S.A., the parent
company of Générale de Santé S.A. both directly and through Santé Dévéloppement Europe
S.A.S.. At 31 March 2012, the DeA Capital Group's shareholding was 42.89% (or 42.99% in
income statement terms).
Brief description:
Founded in 1987 and listed on the Eurolist market in Paris since 2001, Générale de Santé is a
leading player in the private healthcare sector in France with revenues of about EUR 2 billion
at end-2011.
France is the second largest country in Europe in terms of annual healthcare expenditure after
Germany. Its healthcare system is one of the most advanced in the world, is still heavily
fragmented and is marked by the presence of numerous independent hospitals.
The company has approximately 19,400 employees and 106 clinics in total. In addition, it is
the main independent association of doctors in France (5,050 doctors).
Its activities include medicine, surgery, obstetrics, oncology and radiotherapy, mental health,
subacute pathologies and rehabilitation.
The company operates under the following names: Générale de Santé Cliniques (acute care),
Médipsy (psychiatry), Dynamis (rehabilitation) and Généridis (radiotherapy).
The equity investment in Santé, which is recognised under “Investments in associates”, is
valued at approximately EUR 237.6 million in the consolidated financial statements to 31
March 2012 (EUR 235.2 million at 31 December 2011); the change with regard to 31
December 2011 is due to profit on the income statement of EUR 2.2 million and other changes
for EUR 0.2 million.

to 31 March 2012 17
Générale de Santé (EUR million)
First
Quarter
2012
First
Quarter
2011 % chg.
Revenues 518 520 -0.5%
EBITDA 80 78 2.3%
EBIT 47 29 60.7%
Group net profit 19 8 157.3%
Net financial debt (862) (872) -1%
With regard to GDS’s operating performance, revenues in the first quarter of 2012 were
broadly in line with those of the previous year, but up by 3.7% on a same-structure basis (and
therefore excluding the impact on the 2011 figures of the clinics sold during that year), due to
growth in services volumes (particularly in medicine and surgery).
The average tariff increase forecast for medical, surgical and obstetric services for 2012 was
0.19%, and 0.29% for psychiatry (therefore well below the projected inflation rate).
The trend in revenues in the first half of 2012 resulted in growth in the EBITDA margin, mainly
due to the effects on personnel costs of the plan to streamline the central structures and
regional coordination which was completed during 2011 (the “Plan Social”).
Comparison with the 2011 EBIT and net result figures show that these were affected by one-
off costs of approximately EUR 17 million related to the Plan Social.
Net debt was largely unchanged (EUR 862 million at 31 March 2012 compared with EUR 854
million at 31 December 2011), due to the balancing between operating cash flow and financial
income.
From a strategic and organisational point of view, the overall regional reorganisation plan,
which includes the replanning of the central structures mentioned above in order to create
centres that will coordinate the operations of several clinics, provides for, as an intermediate
stage, the definition of the medical projects that these coordination centres will develop over
the current year. These projects are supported by medical service plans, with the aim of
creating a chain of clinics and identifying centres of excellence for medical specialisations,
enabling the offering to be optimised relative to the need in the region in question.
The aim of this reorganisation into coordination centres is to enhance GDS’ operating
efficiency, and, at the same time, to strengthen the group's profile as a symbol of excellence in
French healthcare.
The projects most recently launched by the company to rationalise operations include a plan to
cut procurement costs, the finalisation of the clinic grouping plan, which involves completion of
two more initiatives during the current year, and the opening, also in 2012, of three new
clinics for rehabilitation and two for psychiatry.

to 31 March 2012 18
- Sigla Luxembourg (parent company of Sigla)
Headquarters: Italy
Sector: Consumer credit
Website: www.siglacredit.it
Investment details:
On 5 October 2007, DeA Capital Investments finalised the acquisition of a stake (currently
41.39%) in Sigla Luxembourg, the holding company that controls Sigla, which operates in
Italy and provides finance to all customer segments.
Brief description:
Sigla, which is recorded in the special list pursuant to art. 107 of the T.U.B. (Italian
consolidated banking law) with effect from 31 March 2011, specialises in the consumer credit
sector in Italy by providing personal loans and "salary-backed loans". It is a benchmark
operator in the provision of financial services to households, and operates throughout Italy
chiefly through a network of agents.
The company’s product range of salary-backed loans and personal loans was expanded in
2010 to include the servicing of portfolios of unsecured non-performing loans (personal loans
and credit cards).
The investment in Sigla Luxembourg, which is reported under “Investments in associates”, is
valued at approximately EUR 22.0 million in the consolidated financial statements to 31 March
2010, unchanged from 31 December 2011.
Sigla (EUR million)
First
Quarter
2012
First
Quarter
2011 % chg.
Loans to customers* 61.7 89.9 -31.4%
Revenues from loans to customers 0.9 1.5 -36.3%
CQS granted 23.8 28.8 -17.3%
Revenues from CQS 1.4 1.7 -14.6%
Group net profit (0.1) 0.1 n.a.
* Net receivables exclude salary-backed loans (CQS)
In terms of Sigla's operating performance, the company’s results in the first quarter of 2012
should be seen in the context of the turbulent macroeconomic situation. This environment has
affected both demand for financing, which is still limited due to stagnant consumption, and
supply behaviour, influenced by the funding crunch.
The first quarter of 2012 therefore saw a contraction in salary-backed loans (CQS) of 17.3%.
With regard to margins, the decline in revenues from personal loans (due to the company's
progressive repositioning on the CQS product, typically less capital–intensive) and from CQS
was partially reabsorbed at bottom-line level due to measures to improve structural efficiency.

to 31 March 2012 19
Investments in other companies
- Kenan Investments (indirect parent company of Migros)
Headquarters: Turkey
Sector: Food retail
Website: www.migros.com.tr
Investment details:
In 2008, the DeA Capital Group acquired about 17% of the capital of Kenan Investments, the
company heading the structure to acquire the controlling interest in Migros.
Brief description:
Migros was established in 1954, and is the leading company in the food retail sector in Turkey
with a share of about 34% in the organised retail market.
Growth in the food retail sector in Turkey is a relatively recent phenomenon, brought about
by the transition from traditional systems such as bakkals (small stores typically run by
families) to an increasingly widespread organised distribution model driven by expansion and
the modernisation process under way in Turkey.
The company has a total of 731 outlets (at 31 December 2011) with a total net sales area of
approximately 782,000 square metres.
Migros is present in all seven regions of Turkey, and has a marginal presence abroad in
Kazakhstan and Macedonia.
The company operates under the following names: Migros, Tansas and Macrocenter
(supermarkets), 5M (hypermarkets), Ramstore (supermarkets abroad) and Kangurum (online
store).
On 17 February 2011 Migros finalised the sale to third parties of stores located in Azerbaijan
for a total of about TRY 22 million.
On 24 August 2011, Migros also completed the sale of Şok (the discount arm of the group) to
Yildiz Holding Group, a leading Turkish food producer, for approximately TRY 600 million. The
business sold consisted of some 1,200 supermarkets, with revenues in 2010 of TRY 1.2 billion
(or around 19% of Migros’s consolidated revenues).
The equity investment in Kenan Investments is recognised in the consolidated financial
statements to 31 March 2012 at EUR 167.6 million (compared with EUR 127.1 million at 31
December 2011); the change of EUR 40.5 million versus 31 December 2011 was due to the
increase in the market price of Migros shares (TRY 16.2 per share at 31 March 2012, compared
with approximately TRY 12.6 per share at 31 December 2011), as well as the appreciation of
the Turkish Lira against the Euro (TRY 2.38/EUR at 31 March 2012, versus TRY 2.44/EUR at 31
December 2011). The effect on the NAV of the DeA Capital Group of this change in fair value
was partially offset by the provisioning of EUR 7.2 million in estimated carried interest to be

to 31 March 2012 20
paid to the lead investor, BC Partners, which was partly recognised in the income statement
(EUR 3.0 million) and partly recognised in the fair value reserve (EUR 4.2 million).
Migros (mln YTL) 2011* 2010* % chg.
Revenues 5,753 5,160 11.5%
EBITDA 386 348 11.1%
EBIT 232 218 6.4%
Group net profit (163) 43 n.s.
Net financial debt (1,611) (1,583) -2%
* Awaiting publication of the data of the first quarter 2012 - the data for year 2011 are provided
The sale of the discount division (“Şok”) was motivated by the aim of focussing on the sector
in which Migros is leader, with a reduction in financial leverage and the deconsolidation of
operating losses associated with the development of the discount network. The focus on the
Migros brand was further strengthened with the decision to convert about 100 sales outlets
previously under the Tansas brand to the main brand. This strategy also helped the company
to improve efficiency in the supply chain.
With regard to the macroeconomic situation, the Turkish economy continued to register strong
growth in 2011 (+8.2%). The food retail sector in Turkey performed particularly well.
Revenues in the sector rose by over 17% due in part to continued growth of 13.5% in
commercial space (source: Migros). The retail food market continued to show the highest
growth rate in the discount sector (> 20%). However, the supermarket business continues to
dominate representing 62% of the food retail sector. Migros solidified its leading position in
this sector in terms of both market share and profitability.
With regard to Migros’ operating performance (with reference to a structure that does not
include the sold discount division), revenues increased by 11.5% in 2011 compared with 2010,
while profitability also improved (with the launch of 70 new sales outlets). The net result was
down, due to the loss related to the revaluation of the debt component in Euro owing to the
depreciation of the Turkish Lira (from 2.05 TRY/EUR at 31 December 2010 to 2.44 TRY/EUR at
31 December 2011).
For 2012 and the medium term, Migros has announced its plans to expand the network by
opening about 100 new points of sale per year. The new openings will mainly be in the form of
small supermarkets of between 150 and 2,500 square metres. Specifically, the 150-350 square
metre size will be used in high-traffic residential areas with a special emphasis on fresh
products and a much broader choice than in discount stores.

to 31 March 2012 21
- Other investments
Other investments totalled approximately EUR 1.3 million in the consolidated financial
statements to 31 March 2012.
Company
Registered
office
Business sector % holding
Alkimis SGR Italy Asset management company 10.00
Elixir Pharmaceuticals Inc. USA Biotech 1.30
Harvip Investimenti S.p.A. Italy Distressed real estate and other investments 25.00
Kovio Inc. USA Printed circuitry 0.42
Stepstone Acquisition Sàrl Luxembourg Special Opportunities 36.72
Funds
At 31 March 2012, the DeA Capital Group’s Private Equity Investment business included
investments (other than the investment in the IDeA OF I fund and in the AVA real estate
fund, which are classified under “Investments in associates”, based on the units held) in two
funds of funds (IDeA I FoF and ICF II), one theme fund (IDeA EESS) and a further seven
venture capital funds for a total of approximately EUR 160.2 million (corresponding to the
estimated fair value calculated using the information available on the date this document was
prepared).
Residual commitments associated with all the funds in the portfolio were approximately EUR
166.5 million (in their respective original currencies of denomination: EUR 164.0 million and
GBP 2.0 million).

to 31 March 2012 22
- IDeA OF I
IDeA Opportunity Fund I
Headquarters: Italy
Sector: Private equity
Website: www.ideasgr.it
Investment details:
At its meeting on 20 July 2011, the Board of Directors of IDeA Capital Funds SGR approved
a number of regulatory changes. These included changing the name of the IDeA Co-
Investment Fund I to IDeA Opportunity Fund I (IDeA OF I) and extending investment
opportunities to qualified minority interests, independently or via syndicates.
IDeA OF I is a closed-end fund under Italian law for qualified investors, which began activity
on 9 May 2008 and is managed by IDeA Capital Funds SGR.
DeA Capital Investments and DeA Capital S.p.A. have a total commitment of up to EUR
101.8 million in the fund.
Brief description:
IDeA OF I has total assets of approximately EUR 217 million. Its objective is to invest – via
syndicates with a lead investor, independently, or by purchasing qualified minority interests
– in medium-sized and large transactions.
At 31 March 2012, IDeA OF I had called up approximately 52.4% of the total commitment
after making five investments:
- on 8 October 2008, it acquired a 5% stake in Giochi Preziosi S.p.A., a company active
in the production, marketing and sale of children’s games with a product line
covering childhood to early adolescence
- on 22 December 2008, it acquired a 4% stake in Manutencoop Facility Management
S.p.A. through subscription to a reserved capital increase. This company is Italy’s
leading integrated facility management company, providing and managing a wide
range of property management services and other services for individuals and
government agencies
- on 31 March 2009, it acquired a 17.43% stake in Grandi Navi Veloci S.p.A., an Italian
shipping company that transports passengers and goods on various routes around
the Mediterranean Sea. On 2 May 2011, with the finalisation of Marinvest's entry into
the shareholder structure of Grandi Navi Veloci S.p.A. through the subscription of a
reserved capital increase, the stake held by IDeA OF I was diluted to 9.21%
- on 10 February 2011, it invested EUR 10 million in bonds convertible into shares of
Euticals S.p.A., the Italian leader in the production of active ingredients for
pharmaceutical companies that operate in the generics sector on 3 April 2012, these
bonds were transferred to the “Lauro 57” vehicle, which currently holds 100% of the
capital of Euticals after acquiring a 7.77% stake in the company. The equity
investment was valued at EUR 16.9 million, with a capital gain of EUR 6.9 million

to 31 March 2012 23
- on 25 February 2011, it purchased a 9.29% stake in Telit Communications PLC, the
third-largest producer of machine-to-machine communications systems in the world.
The stake held by OF I was subsequently diluted to 9.13% due to the exercise by the
company's management of stock options.
The units held in IDeA OF I have been recognised in the consolidated financial statements to
31 March 2012 at EUR 40.4 million, an increase versus 31 December 2011 as a result of an
increase of net investments of EUR 0.3 million, an increase in fair value delta of EUR 0.4
million, and a pro-rata net profit for the period of EUR 2.9 million.
The table below shows the key figures for IDeA OF I at 31 March 2012.
IDeA OF I
Registered
office
Year of
commitment
Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
IDeA Opportunity Fund I Italia 2008 216,550,000 101,750,000 46.99
Residual Commitments
Total residual commitment in: Euro 48,403,196

to 31 March 2012 24
- IDeA I FoF
IDeA I Fund of Funds
Headquarters: Italy
Investment details:
IDeA I FoF is a closed-end fund under Italian law for qualified investors, which began activity on 30
January 2007 and is managed by IDeA Capital Funds SGR.
DeA Capital Investments and DeA Capital S.p.A. have a total commitment of up to EUR 173.5
million in the fund.
Brief description:
IDeA I FoF, which has total assets of approximately EUR 681 million, invests its assets in units of
unlisted closed-end funds that are mainly active in the local private equity sector of various
countries. It optimises the risk-return profile through careful diversification of assets among
managers with a proven track record of returns and solidity, different investment approaches,
geographical areas and maturities.
At the date of the latest report available, the IDeA I FOF portfolio was invested in 42 funds with
different investment strategies; these funds in turn hold around 434 positions in companies with
various degrees of maturity that are active in geographical regions with different growth rates.
The funds are diversified in the buy-out (control) and expansion (minorities) categories, with
overweighting towards medium- and small-scale transactions and special situations (distressed
debt/equity and turnaround).
At 31 March 2012, IDeA I FoF had called up 65.6% of its total commitment and had made
distributions totalling approximately 15.2% of that commitment.

to 31 March 2012 25
Other important information:
Below is an analysis of the portfolio, updated to the date of the latest report available, broken
down by year of investment, geographical area, type and sector.
Notes
1. % of the FMV of the investment at 31 March 2012
2. % of fund size. Based on paid-in exposure (capital invested + residual commitments) at 31 March 2012
The IDeA FoF units have a value of approximately EUR 95.1 thousand in the consolidated
financial statements to 31 March 2012, with a change during the period that includes an
increase in contributions made in the form of capital calls of EUR 0.7 million and a decrease in
fair value delta of approximately EUR 1.8 million.
The table below shows the key figures for IDeA I FoF at 31 March 2012.
IDeA I FoF
Registered
office
Year of
commitment
Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
IDeA I Fund of Funds Italia 2007 681,050,000 173,500,000 25.48
Breakdown by industry (1)Breakdown by type of fund (2)
Breakdown by vintage (1) Breakdown by geographical area (2)
20%
Not committed
2%Global
RoW
13%
US
20%
Europe44%
9%
6%
Not committed
2%Special Situations
18%
Expansion
VC
5%
Asset Based PE
Small Buyout
14%
Mid Buyout
31%
Large Buyout
15%
10%
5%
14%
Pharmaceutical1%
Healthcare6%
Consumer staples
5%
Consumer discretionary
12%
Distressed Assets
9%
Raw Materials
Energy 14%
Transport
Industrial
9%
RE
3%
Luxury
3% IT
Media
3%
Financial
4%
23%
2011
11%
2010
2009
19%
2008
19%
2007
15%
2006
7%
2005
4%
2000-2004
3%

to 31 March 2012 26
- ICF II
ICF II
Headquarters: Italy
Investment details:
ICF II is a closed-end fund under Italian law for qualified investors, which began activity on 24
February 2009 and is managed by IDeA Capital Funds SGR.
DeA Capital Investments and DeA Capital S.p.A. have a total commitment of up to EUR 51 million in
the fund.
Brief description:
ICF II, which had total assets of EUR 281 million, invests its assets in units of unlisted closed-end
funds that are mainly active in the local private equity sector of various countries. It optimises the
risk-return profile through careful diversification of assets among managers with proven historical
returns and solidity, different investment approaches, geographical areas and maturities.
The fund started building its portfolio by focusing on funds in the area of mid-market buy-outs,
distressed and special situations, loans, turnarounds and funds with a specific sector slant,
targeting in particular opportunities offered in the secondary market.
At the date of the latest report available, the ICF II portfolio was invested in 21 funds with different
investment strategies; these funds in turn hold around 121 positions in companies with various
degrees of maturity that are active in geographical regions with different growth rates.
At 31 March 2012, IDeA ICF II had called up about 19.8% of the total commitment.
Other important information:
Below is an analysis of the portfolio, updated to the date of the latest report available, broken down
by year of investment, geographical area, type and sector.

to 31 March 2012 27
Notes
1. % of the FMV of the investment at 31 March 2012
2. % of the commitment. Based on paid-in exposure (capital invested + residual commitments) at 31 March 2012
The ICF II units have a value of approximately EUR 10.8 million in the consolidated financial
statements to 31 March 2012, with a change in the period that includes an increase in
contributions in the form of capital calls of EUR 2.0 million and the remainder in fair value
delta.
The table below shows the key figures for ICF II at 31 March 2012.
ICF II
Registered
office
Year of
commitment
Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
ICF II Italia 2009 281,000,000 51,000,000 18.15
Breakdown by industry (1)Breakdown by type of fund (2)
Breakdown by geographical area (2)
14%
Global
RoW 25%
US
27%
Europe
33%
15%Expansion
VC
8%
Small/Mid Buyout
43%
Large Buyout
15%
Special Situations
19%
2011
34%
2010
28%
200932%
2008
2%
2007
4%
2004-2006
1%
8%
Energy
1%
Raw materials
3%
Industrial
9%
Luxury
2%
IT
19% Media
3%
Financial
Healthcare2%
Cons.umer Staple
12%
Cons. Discretionary
13%
27%
Distressed
Portfolio
Breakdown by vintage (1)

to 31 March 2012 28
- IDeA EESS
IDeA Efficienza Energetica e Sviluppo Sostenibile (Energy Efficiency and Sustainable
Development)
Headquarters: Italy
Investment details:
IDeA EESS is a closed-end fund under Italian law for qualified investors, which began
operating on 1 August 2011 and is managed by IDeA Capital Funds SGR.
DeA Capital Investments and DeA Capital S.p.A. have a total commitment of up to EUR 12.8
million in the fund.
Brief description:
IDeA EESS is a closed-end mutual fund under Italian law for qualified investors, managed by
IDeA Capital Funds SGR, which seeks to acquire minority and controlling holdings in unlisted
companies in Italy and abroad (particularly Germany, Switzerland and Israel), by investing
jointly with local partners.
The fund is dedicated to investing in small and medium-sized manufacturing and service
companies operating in the field of energy savings and the efficient use of natural resources.
It focuses on the development of faster and cheaper solutions in the use of renewable
energy sources without compromising effectiveness in reducing CO2 emissions, against a
backdrop of sustained growth in global energy demand.
In accordance with the objective of an overall size of EUR 100 million for the fund, IDeA
Capital Funds SGR is continuing its fund raising activities in both Italy and other countries,
where contacts with a number of leading institutional investors have already been made.
At 31 March 2012, IDeA EESS had called up about 2.2% of the total commitment.
On 18 April 2012, the fund signed an investment agreement to acquire 48% of Domotecnica
Italiana S.r.l. (independent Italian franchising of thermo-hydraulic installers) for
approximately EUR 2.6 million, as well as a commitment to subscribe, within the next 18
months, to a capital increase totalling EUR 2.0 million (IDeA EESS pro-rata share:
approximately EUR 0.96 million).
The IDeA EESS units have a value of approximately EUR 16 thousand in the consolidated
financial statements to 31 March 2012, with a change in the period that includes an increase in
contributions in the form of capital calls of EUR 64 thousand and a decrease in fair value delta
of approximately EUR 67 thousand.

to 31 March 2012 29
The table below shows the key figures for IDeA EESS at 31 March 2012.
IDeA EESS
Registered
office
Year of
commitment
Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
IDeA Efficienza Energetica e Sviluppo Sostenibile Italia 2011 53,450,000 12,800,000 23.95

to 31 March 2012 30
- AVA
Atlantic Value Added
Headquarters: Italy
Sector: Private Equity – Real Estate
Website: www.ideafimit.it
Investment details:
The "Atlantic Value Added Closed-End Speculative Real Estate Mutual Fund" is a mixed-
contribution fund for qualified investors that began its operations on 23 December 2011.
DeA Capital Investments subscribed to a total commitment in the fund of up to EUR 5
million (corresponding to 9.1% of the overall commitment), and at 31 December 2011 had
made the first payment of EUR 2.5 million (five class A units).
Brief description:
The "Atlantic Value Added Fund" began operations with a primary focus on real estate
investments in the office and residential markets with a potential for growth in value. The
duration of the fund is eight years.
The fund, which is managed by the subsidiary IDeA FIMIT SGR, completed the first closing
with a commitment of around EUR 55 million (with a final target commitment of EUR 150
million).
On 29 December 2011, the fund made its first investment totalling EUR 41.5 million through
the purchase/subscription of 83 units in the Venere Fund, a closed-end speculative reserved
real estate fund managed by IDeA FIMIT SGR. The Venere Fund's real estate portfolio
consists of 15 properties primarily for residential purposes located in northern Italy.
The table below shows the key figures for AVA at 31 March 2012.
AVA
Registered
office
Year of
commitment
Fund Size
Subscribed
commitment
% DeA
Capital in
fund
Euro (€)
Atlantic Value Added Italia 2011 55,000,000 5,000,000 9.09

to 31 March 2012 31
- Units in venture capital funds
Units in venture capital funds are all concentrated in the parent company DeA Capital S.p.A.,
and are valued at approximately EUR 11.4 million in the financial statements to 31 March 2012
(EUR 12.2 million at end-2011).
The table below shows the key figures for venture capital funds in the portfolio at 31 March
2012.
Venture Capital Funds
Registered
office
Year of
commit
ment
Fund Size
Subscribed
commitme
nt
% DeA Capital in
fund
Dollars (USD)
Doughty Hanson & Co Technology UK EU 2004 271,534,000 1,925,000 0.71
GIZA GE Venture Fund III Delaware U.S.A. 2003 211,680,000 10,000,000 4.72
Israel Seed IV Cayman Islands 2003 200,000,000 5,000,000 2.50
Pitango Venture Capital II Delaware U.S.A. 2003 125,000,000 5,000,000 4.00
Pitango Venture Capital III Delaware U.S.A. 2003 387,172,000 5,000,000 1.29
Totale Dollari 26,925,000
Euro (€)
Nexit Infocom 2000 Guernsey 2000 66,325,790 3,819,167 5.76
Sterlings (GBP)
Amadeus Capital II UK EU 2000 235,000,000 13,500,000 5.74

to 31 March 2012 32
 Alternative Asset Management
At 31 March 2012, DeA Capital S.p.A. was the owner of:
 100% of IDeA Capital Funds SGR
 61.30% of IDeA FIMIT SGR (including 40.32% held through FARE Holding, now DeA
Capital Real Estate, and 20.98% through IFIM)
 100% of IDeA Servizi Immobiliari/IDeA Agency (which operates in project,
property and facility management and real estate brokerage), 65% of Soprarno SGR
(which operates in asset management through the management of total return funds)
and 65% of IDeA SIM (which operates in the business of property brokerage
companies with no temporary or permanent holdings of liquid assets or clients’ financial
instruments, and with no assumption of risk)
- IDeA Capital Funds SGR
Headquarters: Italy
Sector: Alternative Asset Management - Private Equity
Investment details:
IDeA Capital Funds SGR is one of the leading independent Italian asset management companies
operating in the management of direct funds and funds of domestic and global private equity
funds. The asset management company manages four closed-end private equity funds, including
two funds of funds (IDeA I FoF and ICF II), a "direct" co-investment fund (IDeA OF I) and a sector
fund dedicated to energy efficiency (IDeA EESS).
The investment programmes of IDeA Capital Funds SGR, which are regulated by the Bank of Italy
and Consob, leverage the management team's and sponsors' wealth of experience in the sector.
The investment strategies of funds of funds focus on building a diversified portfolio in private
equity funds in the top quartile or that are next-generation leaders with balanced asset allocation
through diversification by:
 Industry
 Investment strategy and stage (buy-outs, venture capital, special situations, etc.)
 Geographical region (Europe, US and the rest of the world)
 Year (commitments with diluted investment periods over time)
The investment strategies of the "direct" co-investment fund focus on minority interests in
medium to large-sized LBOs together with leading qualified investors with businesses that
primarily concentrate on Europe, and diversification as a function of the appeal of individual
sectors by limiting investments during the early stage and excluding purely real estate
investments.
The investment philosophy of sector funds such as EESS is focused on growth capital and buyout
private equity to support the growth of small and medium-sized enterprises with excellent
products or services in the energy efficiency and sustainable growth arena. Investments in
infrastructure for the generation of energy from renewable sources or early stage investments can

to 31 March 2012 33
be made in compliance with regulatory restrictions. The main geographical focus of these funds is
Italy.
The table below summarises the value of assets under management and management fees for
IDeA Capital Funds SGR at 31 March 2012.
(EUR million)
Asset Under
Management
at 31.03.2012
Management
fees at
31.03.2012
Breakdown of funds
IDeA Capital Funds SGR
ICF II 281 0.7
IDeA EESS 53 0.3
IDeA I FoF 681 1.5
IDeA OF I 217 0.5
Total 1,232 3.0
With regard to operating performance, the company registered results for the first quarter of
2012 that were largely in line with the same period last year, with an increase in assets under
management of EUR 53 million, due to the launch of the IDeA Energy Efficiency and
Sustainable Development Fund (first and second closing in second half of 2011).
IDeA Capital Funds SGR (mln €)
First
Quarter
2012
First
Quarter
2011
AUM 1,232 1,179
Management fees 3.0 2.9
EBT 1.7 1.8
Net profit 1.1 1.2

to 31 March 2012 34
- IDeA FIMIT SGR
Headquarters: Italy
Sector: Alternative Asset Management - Real Estate
Website: www.firstatlantic.it
Investment details:
IDeA FIMIT SGR is the largest real estate asset management company in Italy, with around
EUR 9.5 billion in assets under management and 24 managed funds (including five listed
funds). This puts it among the major partners of Italian and international institutional
investors in promoting, creating and managing mutual investment real estate funds.
IDeA FIMIT SGR undertakes three main lines of business:
 the development of real estate mutual investment funds dedicated to institutional
clients and private investors
 the promotion of innovative real estate financial instruments to satisfy investors’
increasing demands
 the professional management (technical, administrative and financial) of real estate
funds with the assistance of in-house experts as well as the best independent
technical, legal and tax advisors on the market
The company has concentrated its investment in transactions with low risk, a stable return,
low volatility, simple financial structure and, most importantly, an emphasis on real estate
value. In particular, the asset management company specialises in "core" and "core plus"
properties, but its major investments also include important "value added" transactions.
Due in part to successful transactions concluded in recent years, the asset management
company is able to rely on a panel of prominent unit-holders consisting of Italian and
international investors with a high standing such as pension funds, bank and insurance
groups, capital companies and sovereign funds.
The table below summarises the value of assets under management and management fees for
IDeA FIMIT SGR.

to 31 March 2012 35
(EUR million)
Asset Under
Management
at 31.03.2012
Management
fees at
31.03.2012
Breakdown of funds
Atlantic 1 680 1.4
Atlantic 2 536 0.6
Alpha 493 1.1
Beta 210 0.6
Delta 359 0.7
Listed funds 2,278 4.4
Reserved funds 7,198 11.8
Total 9,476 16.2
Some of the key financials of the listed funds (Atlantic 1, Atlantic 2, Alpha, Beta and Delta –
figures in Euro) in the asset management portfolio are provided below, with an analysis of the
real estate portfolio at the date of the latest report available, broken down by geographical
area and by intended use.
Atlantic 1: Diversification by geographical area Atlantic 1: Diversification by intended use
Atlantic 2 - Berenice 31/12/2011
Market value of property 518.370.000
Historical cost and capitalised charges 482.652.918
Financing 281.797.742
Net Asset Value ("NAV") 242.369.608
NAV/unit (EUR) 403,947
Market price/unit (EUR) 299,00
Dividend yield of placement* 11,82%
Ratio between income per unit and average annual nominal value per unit
Atlantic 1 31/12/2011
Loan 359.662.249
Market price/unit (EUR) 316,90
Lombardia
66%
Lazio
15%
Campania
13%
Piemonte
6%
Offices
82%
Commerc.
18%

to 31 March 2012 36
Atlantic 2: Diversification by geographical area Atlantic 2: Diversification by intended use
Alpha: Diversification by geographical area Alpha: Diversification by intended use
Beta 31/12/2011
Loan 32.657.518
Market price/unit (EUR) 474
Alpha 31/12/2011
Financing 84.484.777
NAV / Quota (Euro) 3.798,321
NAV/unit (EUR) 1.515
Lombardia
44%
Lazio
40%
Piemonte
14%
Altri
2%
Offices
69%
Industrial
31%
Lombardia
12% Lazio
83%
Emilia 5% Offices
60%
Other
40%

to 31 March 2012 37
Beta: Diversification by geographical area Beta: Diversification by intended use
Delta 31/12/2011
Valore di mercato degli immobili 342.443.333
Costo storico e oneri capitalizzati 373.440.569
Finanziamento 145.721.800
NAV / Quota (Euro) 99,624
Prezzo di Mercato / Quota (Euro) 44,730
Dividend Yield dal collocamento* n.a.
* Nessuna distribuzione dal collocamento
Delta: Diversification by geographical area Delta: Diversification by intended use
With regard to IDeA FIMIT SGR’s operating performance, the comparison between the income
statement for the first quarter of 2012 and for the same period of the previous year (see the
table below) is of limited significance, in view of the changes in business structure that took
place on 3 October 2011 (integration between FARE SGR and FIMIT SGR, with the creation of
IDeA FIMIT SGR).
Umbria
26%
Sardegna
39%
Lazio 35%
Offices
41%
Hotels
39%
Specific use
19%
Commercial
1%
Hotels
62%
Other
34%
Offices
4%
Lombardia
4%
Sardegna
41%
Veneto
14%
Calabria
11%
Emilia 10%
Abruzzo
10%
Campania
4%
Piemonte
3%
Toscana
3%

to 31 March 2012 38
IDeA FIMIT SGR (mln €)
First
Quarter
2012
First
Quarter
2011 *
AUM 9,476 3,316
Management fees 16.2 4.8
EBT 5.6 2.2
Net profit-before PPA 5.4 1.4
Net profit 3.5 1.4
(*) FARE SGR

to 31 March 2012 39
 Financial Review - Income statement
The group registered a net loss of approximately EUR 0.9 million for the first quarter of 2012,
compared with a net loss of EUR 6.0 million in the first quarter of 2011.
Revenues and other income break down as follows:
- alternative asset management fees totalling EUR 20.1 million
- a contribution from investments valued at equity of EUR 5.0 million (EUR -2.2 million in
2011), due to the investment in Santé (around EUR 2.2 million) and the investment in
IDeA OF I (approximately EUR 2.9 million)
- other investment income, net of charges, totalling EUR 0.3 million (EUR -0.1 million in
2011)
- other revenues and income totalling EUR 2.3 million due largely to the alternative asset
management business (EUR 1.8 million in 2011)
Operating costs totalled EUR 21.1 million (EUR 10.3 million in 2011), of which EUR 14.7 million
was attributable to Alternative Asset Management, EUR 3.7 million to the Private Equity
Investment business and EUR 2.7 million to holding company activities.
Financial income and charges, which totalled EUR -2.2 million at 31 March 2012 (EUR +0.1
million in 2011), mainly related to the cost for the period of the put option on the minority
shareholdings of subsidiaries, income generated from cash and cash equivalents, financial
charges and income/charges on derivative contracts used to hedge the interest rate risk
connected with variable-rate lines of credit utilised and the exchange rate risk connected with
investments denominated in currencies other than the Euro.
The tax effect in the first quarter of 2012, negative at EUR 3.6 million (negative at EUR 3.9
million in the first quarter of 2011), derives from taxes relating to Alternative Asset
Management for EUR -3.0 million and taxes relating to Private Equity Investment for EUR -0.6
million.
Of the total consolidated net profit of EUR 1.0 million, approximately EUR +0.6 million was
attributable to the Private Equity Investment business, around EUR +5.0 million to Alternative
Asset Management and approximately EUR -4.6 million to holding company
operations/eliminations.
The consolidated net profit of EUR 5.0 million generated during the period by the
Alternative Asset Management business includes the after-tax impact of amortising
intangible assets recorded during PPA of Alternative Asset Management investments,
for EUR -2.3 million; excluding this effect, the net profit of the Alternative Asset
Management business would have been EUR 7.3 million, and the consolidated net
profit would have been EUR 3.3 million (rather than EUR +1.0 million).

to 31 March 2012 40
Summary Group Income Statement
(Euro thousands)
First
Quarter
2012
First
Quarter
2011
Alternative Asset Management fees 20,132 8,757
Income (loss) from equity investments 4,963 (2,229)
Other investment income/expense 342 (124)
Income from services 2,266 1,764
Other income 157 32
Other expenses (21,092) (10,310)
Financial income and expenses (2,169) 95
PROFIT/(LOSS) BEFORE TAXES 4,599 (2,015)
Income tax (3,591) (3,898)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 1,008 (5,913)
Profit (Loss) from discontinued operations/held-for-sale assets 0 0
PROFIT/(LOSS) FOR THE PERIOD 1,008 (5,913)
- Group share (947) (6,007)
- Non controlling interests 1,955 94
Earnings per share, basic (€) (0.003) (0.020)
Earnings per share, diluted (€) (0.003) (0.020)
Summary Group Income Statement - performance by business
in the first quarter of 2012
(Euro thousands)
Private Equity
Investment
Alternative
Asset
Management
Holdings/
Eliminations Consolidated
Alternative Asset Management fees 0 20,132 0 20,132
Income (loss) from equity investments 4,963 0 0 4,963
Other investment income/expense 0 324 18 342
Other income 9 2,279 135 2,423
Other expenses (3,662) (14,727) (2,703) (21,092)
Financial income and expenses (37) (95) (2,037) (2,169)
PROFIT/(LOSS) BEFORE TAXES 1,273 7,913 (4,587) 4,599
Income tax (627) (2,960) (4) (3,591)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 646 4,953 (4,591) 1,008
Profit (Loss) from discontinued operations/held-for-sale assets 0 0 0 0
PROFIT/(LOSS) FOR THE PERIOD 646 4,953 (4,591) 1,008
- Group share 646 2,655 (4,248) (947)
- Non controlling interests 0 2,298 (343) 1,955
Summary Group Income Statement - performance by business
in the first quarter of 2011
(Euro thousand)
Private Equity
Investment
Alternative
Asset
Management
DeA Capital SpA
(*)
and
eliminations Consolidated
Alternative Asset Management fees 0 8,757 0 8,757
Income (loss) from equity investments (2,229) 0 0 (2,229)
Other investment income/expense (121) (3) 0 (124)
Income from services 0 1,740 24 1,764
Other income 10 (54) 76 32
Other expenses (784) (7,770) (1,756) (10,310)
Financial income and expenses (53) 79 69 95
PROFIT/(LOSS) BEFORE TAX (3,177) 2,749 (1,587) (2,015)
Income tax (2,463) (1,433) (2) (3,898)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS (5,640) 1,316 (1,589) (5,913)
Profit (Loss) from discontinued operations/held-for-sale assets 0 0 0 0
PROFIT/(LOSS) FOR THE PERIOD (5,640) 1,316 (1,589) (5,913)
- Group share (5,640) 1,222 (1,589) (6,007)
- Minority interests 0 94 0 94
(*) The column includes data relating to holding companies and not directly attributable to business segments

to 31 March 2012 41
 Financial Review - Statement of Performance - IAS 1
Comprehensive Income or the Statement of Performance (IAS 1), in which performance for the
period attributable to the group is reported including results posted directly to shareholders'
equity, reflects a net positive balance of approximately EUR 34.0 million (compared with a net
positive balance of approximately EUR 44.0 million in the same period of 2011).
Results posted directly to shareholders' equity were mainly due to the changes in fair value of
Kenan Investments/Migros.
(Euro thousands)
First
Quarter
2012
First
Quarter
2011
Profit/(loss) for the period (A) 1,008 (5,913)
Gains/(Losses) on fair value of available-for-sale
financial assets 34,354 45,856
Share of other comprehensive income of associates 583 4,109
Other comprehensive income, net of tax (B) 34,937 49,965
Total comprehensive income for the period
(A)+(B) 35,945 44,052
Total comprehensive income attributable to:
- Group Share 33,990 43,958
- Non Controlling Interests 1,955 94

to 31 March 2012 42
 Financial Review – Balance Sheet
The balance sheet for the group at 31 March 2012 compared with 31 December 2011 is shown
below.
(Euro thousand)
March
31,2012
December
31,2011
ASSETS
Non-current assets
Intangible and tangible assets
Goodwill 210,113 210,134
Intangible assets 116,015 119,648
Property, plant and equipment 1,277 1,269
Total intangible and tangible assets 327,405 331,051
Investments
Investments valued at equity 308,683 302,141
Other available-for-sale companies 167,973 127,380
Available-for-sale funds 157,775 159,673
Other avalaible-for-sale financial assets 304 936
Total Investments 634,735 590,130
Other non-current assets
Deferred tax assets 3,585 4,077
Loans and receivables 1,839 1,632
Other non-current assets 25,728 25,729
Total other non-current assets 31,152 31,438
Total non-current assets 993,292 952,619
Current assets
Trade receivables 5,336 6,070
Available-for-sale financial assets 8,168 13,075
Financial receivables - 1
Tax receivables from Parent companies 5,929 5,929
Other tax receivables 3,086 2,677
Other receivables 6,279 6,128
Cash and cash equivalents 51,158 46,764
Total current assets 79,956 80,644
Assets relating to joint ventures - -
Held-for-sale assets - -
TOTAL ASSETS 1,073,248 1,033,263
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Net equity Group 700,861 669,045
Minority interests 135,247 134,324
Shareholders' equity 836,108 803,369
LIABILITIES
Non-current liabilities
Deferred tax liabilities 39,285 40,506
Provisions for employee termination benefits 2,343 2,127
Long term financial loans 161,846 160,020
Total non-current liabilities 203,474 202,653
Current liabilities
Trade payables 11,976 10,322
Payables to staff and social security organisations 8,277 7,497
Current tax 4,746 903
Other tax payables 3,691 3,585
Other payables 924 1,023
Short term financial loans 4,052 3,911
Total current liabilities 33,666 27,241
Liabilities relating to joint ventures - -
Held-for-sale liabilities - -
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 1,073,248 1,033,263

to 31 March 2012 43
At 31 March 2012, group shareholders’ equity was approximately EUR 700.9 million, compared
with EUR 669.0 million at 31 December 2011. The increase (of about EUR 31.9 million) in
group shareholders' equity in the first quarter of 2012 was chiefly due to the reasons already
discussed in the Statement of Performance - IAS 1 (EUR 34.0 million in total) and to the
effects of the share buy-back plan (EUR -2.3 million).
For details concerning individual items, please see the comments in the notes to the accounts
below.
 Financial Review – Net debt
At 31 March 2012, consolidated net debt was approximately EUR 104.7 million, as shown in
the table below, which provides a breakdown of assets and liabilities and a comparison with
the corresponding items at 31 December 2011.
Net financial position Change
(EUR million)
Cash and cash equivalents 51.2 46.8 4.4
Available-for-sale financial assets 8.2 13.0 (4.8)
Financial receivables 1.8 1.6 0.2
Non-current financial liabilities (161.8) (160.0) (1.8)
Current financial liabilities (4.1) (3.9) (0.2)
TOTAL (104.7) (102.5) (2.2)
March
31,2012
December
31,2011
The change in consolidated net debt at 31 March 2012 compared to 31 December 2011 was
due to the combined effect of the following factors:
 a change of EUR +2.5 million in the net financial position of the companies operating in
Alternative Asset Management (after paying EUR 3.0 million in dividends to the holding
companies
 a change of EUR -4.7 million in the net financial position of the companies operating in
other sectors, including EUR -2.3 million relating to disbursement for the share buy-
back plan
The company believes that the cash and cash equivalents and the other financial resources
available are sufficient to meet the requirement relating to payment commitments already
subscribed in funds, also taking into account the amounts expected to be called up/distributed
by these funds.
With regard to these residual commitments, totalling EUR 166.5 million at 31 March 2012, the
company believes that the funds and credit lines currently available, as well as those that will
be generated by its operational and financing activities, will enable the DeA Capital Group to
meet the financing required for its investment activity and to manage working capital and
repay debts when they become due.

to 31 March 2012 44
6. Other information
At 31 March 2012, the group had 170 employees, of which 152 were in Alternative Asset
Management and 18 in Private Equity Investment/the holding company. These staff numbers
do not include personnel on secondment from the parent company De Agostini S.p.A..
In this regard, the company signed a service agreement De Agostini S.p.A. for the latter to
provide operating services in the administration, finance, control, investor relations and
communication, legal, corporate and tax areas. The service agreement, which is renewable
annually, is priced at market rates, and is intended to allow the company to maintain a
streamlined organisational structure in keeping with its development policy, and at the same
time to obtain adequate operational support.
DeA Capital S.p.A. has adopted the national tax consolidation scheme of the B&D Holding
Group (the group headed by B&D Holding di Marco Drago e C. S.a.p.a.). Adhesion to the
parent company B&D Holding di Marco Drago e C. S.a.p.a. was exercised jointly by signing the
"Regulation for participation in the national tax consolidation scheme for companies in the De
Agostini Group" and providing notification of this option to the tax authorities pursuant to the
procedures and terms and conditions set out by law. Adhesion to the scheme, which was
renewed in 2011, is irrevocable for the three-year period of 2011-2013 unless the
requirements for applying the scheme are not met.
With regard to the regulatory requirements set out in art. 36 of the Market Regulation on
conditions for the listing of parent companies of companies formed or regulated by laws of
non-EU countries and of significant importance in the consolidated financial statements, it is
hereby noted that no group company falls within the scope of the above-mentioned provision.
Furthermore, conditions prohibiting listing pursuant to art. 37 of the Market Regulation relating
to companies subject to the management and coordination of other parties do not apply.

to 31 March 2012 45
Consolidated Financial Statements and
Notes to the Accounts

to 31 March 2012 46
1. Consolidated Statement of Financial Position
(Euro thousand)
March
31,2012
December
31,2011
ASSETS
Non-current assets
Goodwill 210,113 210,134
Intangible assets 116,015 119,648
Property, plant and equipment 1,277 1,269
Total intangible and tangible assets 327,405 331,051
Investments
Investments valued at equity 308,683 302,141
Other available-for-sale companies 167,973 127,380
Available-for-sale funds 157,775 159,673
Other avalaible-for-sale financial assets 304 936
Total Investments 634,735 590,130
Deferred tax assets 3,585 4,077
Loans and receivables 1,839 1,632
Other non-current assets 25,728 25,729
Total other non-current assets 31,152 31,438
Total non-current assets 993,292 952,619
Current assets
Trade receivables 5,336 6,070
Available-for-sale financial assets 8,168 13,075
Financial receivables - 1
Tax receivables from Parent companies 5,929 5,929
Other tax receivables 3,086 2,677
Other receivables 6,279 6,128
Cash and cash equivalents 51,158 46,764
Assets relating to joint ventures - -
Held-for-sale assets - -
TOTAL ASSETS 1,073,248 1,033,263
SHAREHOLDERS' EQUITY AND LIABILITIES
Net equity Group 700,861 669,045
Minority interests 135,247 134,324
Shareholders' equity 836,108 803,369
LIABILITIES
Non-current liabilities
Deferred tax liabilities 39,285 40,506
Provisions for employee termination benefits 2,343 2,127
Long term financial loans 161,846 160,020
Total non-current liabilities 203,474 202,653
Current liabilities
Trade payables 11,976 10,322
Payables to staff and social security organisations 8,277 7,497
Current tax 4,746 903
Other tax payables 3,691 3,585
Other payables 924 1,023
Short term financial loans 4,052 3,911
Total current liabilities 33,666 27,241
Liabilities relating to joint ventures - -
Held-for-sale liabilities - -
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 1,073,248 1,033,263

to 31 March 2012 47
2. Consolidated Income Statement
(Euro thousands)
First
Quarter
2012
First
Quarter
2011
Alternative Asset Management fees 20,132 8,757
Profit/(loss) from equity investments valued at equity 4,963 (2,229)
Other investment income/expenses 342 (124)
Service revenue 2,266 1,764
Other revenues and income 157 32
Personnel costs (7,727) (4,778)
Service costs (8,408) (4,200)
Depreciation, amortization and impairment (3,870) (607)
Other charges (1,087) (725)
Financial income 316 1,257
Financial expenses (2,485) (1,162)
PROFIT/(LOSS) BEFORE TAXES 4,599 (2,015)
Income tax (3,591) (3,898)
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS 1,008 (5,913)
Profit (Loss) from discontinued operations/held-for-sale assets 0 0
PROFIT/(LOSS) FOR THE PERIOD 1,008 (5,913)
- Group share (947) (6,007)
- Non controlling interests 1,955 94
Earnings per share, basic (€) (0.003) (0.020)
Earnings per share, diluted (€) (0.003) (0.020)

to 31 March 2012 48
3. Statement of Comprehensive Income (Statement of Performance - IAS 1)
Comprehensive Income or the Statement of Performance (IAS 1), in which performance for the
period attributable to the group is reported including results posted directly to shareholders'
equity, reflects a net positive balance of approximately EUR 34.0 million (net positive balance
of approximately EUR 44.0 million in the same period of 2011).
Results posted directly to shareholders' equity were mainly due to the changes in fair value of
Kenan Investments/Migros.
(Euro thousands)
First
Quarter
2012
First
Quarter
2011
Profit/(loss) for the period (A) 1,008 (5,913)
Gains/(Losses) on fair value of available-for-sale
financial assets 34,354 45,856
Share of other comprehensive income of associates 583 4,109
Other comprehensive income, net of tax (B) 34,937 49,965
Total comprehensive income for the period
(A)+(B) 35,945 44,052
Total comprehensive income attributable to:
- Group Share 33,990 43,958
- Non Controlling Interests 1,955 94

to 31 March 2012 49
4. Consolidated Cash Flow Statement (direct method)
(Euro thousands)
First
Quarter
2012
First
Quarter
2011
CASH FLOW from operating activities
Investments in companies and funds (3,016) (12,475)
Acquistions of subsidiaries net of cash acquired (52) 0
Capital reimbursements from funds 1,255 246
Proceeds from the sale of investments 0 2,350
Interest received 281 168
Interest paid (886) (602)
Cash distribution from investments 1,040 610
Realised gains (losses) on exchange rate derivatives (149) (202)
Taxes paid (447) (132)
Taxes refunded 0 0
Dividends received 0 270
Management and performance fees received 20,678 7,239
Revenues for services 2,476 3,104
Operating expenses (18,545) (11,288)
Net cash flow from operating activities 2,635 (10,712)
CASH FLOW from investment activities
Acquisition of property, plant and equipment (82) (142)
Sale of property, plant and equipment 0 0
Purchase of licenses (50) (37)
Net cash flow from investing activities (132) (179)
CASH FLOW from investing activities
Acquisition of financial assets (1,019) (6,064)
Sale of financial assets 5,204 213
Share capital issued 0 0
Share capital issued:stock option plan 0 0
Own shares acquired (2,294) (8,221)
Own shares sold 0 0
Interest from financial activities 0 0
Dividends paid 0 (2,700)
Warrant 0 0
Managers Loan 0 1,683
Bank loan 0 0
Net cash flow from financing activities 1,891 (15,089)
CHANGE IN CASH AND CASH EQUIVALENTS 4,394 (25,980)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 46,764 86,517
Cash and cash equivalents relating to held-for-sale assets 0 0
Cash and cash equivalents at beginning of period 46,764 86,517
0 7,092
CASH AND CASH EQUIVALENTS AT END OF PERIOD 51,158 67,629
Held-for-sale assets and minority interests 0 0
CASH AND CASH EQUIVALENTS AT END OF PERIOD 51,158 67,629
EFFECT OF CHANGE IN BASIS OF CONSOLIDATION: CASH AND CASH
EQUIVALENTS

to 31 March 2012 50
5. Statement of Changes in Consolidated Shareholders’ Equity
(Euro thousands)
Share
Capital
Treasury
share
reserve,
capital
reserve,
retained
earnings
Fair Value
Reserve
Total
Group
Non
controlling
interests
Total
Consolidated
Shareholders'
equity
AT 31 DECEMBER 2010 294,013 440,219 29,723 763,955 552 764,507
Cost of Stock Options 0 91 0 91 0 91
Own shares transferred for IDeA AI acquisition 4,807 1,036 0 5,843 0 5,843
Purchase of own shares (5,865) (2,355) (8,220) 0 (8,220)
Other changes 0 0 0 0 374 374
Put optionon 30% of FARE Holding 30% FARE
Holding 0 0 0 0 (185) (185)
Total comprehensive income for the year 0 (6,007) 49,965 43,958 94 44,052
AT 31 MARCH 2011 292,955 432,984 79,688 805,627 835 806,462
(Euro thousands)
Share
Capital
Treasury
share
reserve,
capital
reserve,
retained
earnings
Fair Value
Reserve
Total
Group
Non
controlling
interests
Total
Consolidated
Shareholders'
equity
AT 31 DECEMBER 2011 280,697 385,216 3,132 669,045 134,324 803,369
Cost of Stock Options 0 206 0 206 0 206
Purchase of own shares (1,691) (603) (2,294) 0 (2,294)
Other changes 0 (86) 0 (86) 0 (86)
Total comprehensive income for the year 0 (947) 34,937 33,990 923 34,913
AT 31 MARCH 2012 279,006 383,786 38,069 700,861 135,247 836,108

to 31 March 2012 51
Introduction to the Notes to the Accounts
Structure and contents of the Interim Management Report to 31 March 2012
The Interim Management Report to 31 March 2012 (the Report) constitutes the document set
out by art. 154-ter of the Testo Unico della Finanza law (TUF). Information regarding the
company’s operating performance and financial position is prepared in accordance with the
valuation criteria and with the measurement criteria set out by the International Financial
Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB)
and adopted by the European Commission pursuant to the procedures contained in Regulation
(EC) no. 1606/2002 of the European Parliament and Council of 19 July 2002. The accounting
principles used in the report do not differ from those used at 31 December 2011 or 31 March
2011.
The Report comprises the following consolidated financial statements – the Balance Sheet, the
Income Statement, the Statement of Comprehensive Income (Statement of Performance – IAS
1), the Cash Flow Statement, the Statement of Changes in Shareholders' Equity – and these
Notes to the Accounts; it is also accompanied by the Interim Report on Operations and the
Statement of Responsibilities for the Interim Management Report.
The consolidated financial statements in the Report have not been audited by the independent
auditors.
Information regarding the company’s operating performance refers to the first quarter of 2012
and the first quarterof 2011; information relating to the balance sheet refers to 31 March 2012
and 31 December 2011. The consolidated financial statements have the same format as those
presented in the financial statements to 31 December 2011.
As allowed by IAS/IFRS, the preparation of the Report required the use of significant estimates
by the company's management, especially with regard to fair value assessments of the
investment portfolio (equity investments and funds). These fair value assessments were
determined by directors based on their best judgement and estimation using the knowledge
and evidence available at the time the Report was prepared. However, due to objective
difficulties in making assessments and the absence of a liquid market, the values assigned to
such assets could differ, perhaps significantly, from those that could be obtained by selling the
assets.
In accordance with the provisions of IAS/IFRS and current laws, the company authorised the
publication of the Report by the legal deadline.

to 31 March 2012 52
Basis of consolidation
The basis of consolidation at 31 March 2012 had changed compared to that of 31 December
2011, due to the merger of IDeA Alternative Investments into DeA Capital S.p.A., which was
completed on 1 January 2012.
As a result, at 31 March 2011, the following companies formed part of the DeA Capital Group's
basis of consolidation:
Company Registered office Currency Share capital % holding Consolidation method
DeA Capital S.p.A. Milan, Italy Euro 306,612,100 Holding
DeA Capital Investments S.A. Luxembourg Euro 515,992,516 100% Full consolidation (IAS 27)
Santè S.A. Luxembourg Euro 99,922,400 42.89% Equity accounted (IAS 28)
Sigla Luxembourg S.A. Luxembourg Euro 482,684 41.39% Equity accounted (IAS 28)
IDeA Capital Funds SGR S.p.A. Milan, Italy Euro 1,200,000 100.00% Full consolidation (IAS 27)
Soprarno SGR S.p.A. Florence, Italy Euro 2,000,000 65.00% Full consolidation (IAS 27)
IDeA SIM S.p.A. Milan, Italy Euro 120,000 65.00% Full consolidation (IAS 27)
IDeA OF I Milan, Italy Euro - 46.99% Equity accounted (IAS 28)
Atlantic Value Added Rome, Italy Euro - 27.27% Equity accounted (IAS 28)
FARE Holding S.p.A. Milan, Italy Euro 600,000 70.00% Full consolidation (IAS 27)
FARE S.p.A. Milan, Italy Euro 500,000 70.00% Full consolidation (IAS 27)
FAI S.r.l. Milan, Italy Euro 105,000 70.00% Full consolidation (IAS 27)
I.F.IM. S.r.l. Milan, Italy Euro 10,000 58.31% Full consolidation (IAS 27)
IDeA FIMIT SGR S.p.A. Rome, Italy Euro 16,757,574 40.46% Full consolidation (IAS 27)
Harvip Investimenti S.p.A. Milan, Italy Euro 3,150,000 25.00% Equity accounted (IAS 28)

to 31 March 2012 53
Notes to the Consolidated Balance Sheet
NON-CURRENT ASSETS
Non-current assets totalled approximately EUR 993.3 million at 31 March 2012, compared with
EUR 952.6 million at 31 December 2011.
This item includes goodwill (EUR 210.1 million), other intangible assets (EUR 116.0 million)
and tangible assets (EUR 1.3 million).
Goodwill chiefly relates to the goodwill booked for the acquisition of FARE Holding (both for the
controlling stake of 70% and for the options relating to the residual minority shareholding of
30%), the acquisition of up to 100% of IDeA Alternative Investments and the acquisition of
controlling interests in IFIM and FIMIT SGR.
Other intangible assets mainly relate to customer contracts, which arise from the allocation of
the merger cost for the acquisition of FARE Holding, IDeA Alternative Investments and FIMIT
SGR and are recorded separately from goodwill.
Investments in associates
This item, which totalled EUR 308.7 million at 31 March 2012 (EUR 302.1 million at 31
December 2011), relates to the assets set out below.
- the equity investment in Santé is valued at approximately EUR 237.6 million (EUR
235.2 million at 31 December 2011); the change compared with 31 December 2011
was due to profit booked in the income statement of EUR 2.2 million and other changes
totalling EUR 0.2 million
- the equity investment in Sigla Luxembourg is valued at approximately EUR 22.0
million, in line with the figure registered at 31 December 2011
- the units in IDeA OF I are valued at approximately EUR 40.4 million (EUR 36.8 million
at 31 December 2011) due to net investments of EUR +0.3 million, an increase in fair
value of EUR 0.4 million and the pro-rata share of the net profit for the period of EUR
2.9 million
- the equity investment in Harvip Investimenti is valued at approximately EUR 1.0
million, in line with the figure registered at 31 December 2011
- the units held in the AVA fund are valued at approximately EUR 7.7 million, in line
with the figure registered at 31 December 2011
The table below provides details of investments in associates at 31 March 2012, by area of
activity.
(EUR million)
Private Equity
Investment
Alternative Asset
Management
Total
Santè 237.6 0.0 237.6
Sigla 22.0 0.0 22.0
IDeA OF I 40.4 0.0 40.4
Fondo AVA 2.6 5.1 7.7
Harvip Investimenti S.p.A. 1.0 0.0 1.0
Total 303.6 5.1 308.7

to 31 March 2012 54
Available-for-sale investments
At 31 March 2012, the DeA Capital Group held a (minority) shareholding in Kenan Investments
(the indirect parent company of Migros) worth EUR 167.6 million, and other minority equity
investments worth EUR 0.3 million.
The increase of EUR 33.3 million in the fair value of the equity investment in Kenan
Investments compared with 31 December 2011 reflects the increase in the market price of
Migros shares (TRY 16.2/share at 31 March 2012, compared with approximately TRY
12.6/share at 31 December 2011), as well as the appreciation of the Turkish lira against the
Euro (TRY 2.38/EUR at 31 March 2012 versus TRY 2.44/EUR at 31 December 2011). Note that
the impact on the DeA Capital Group’s NAV of this change in fair value is partially offset by the
provisioning of estimated carried interest to be pad to lead investor BC Partners, equivalent to
approximately EUR 7.2 million (partly booked on the income statement, for EUR 3 million, and
partly to the fair value reserve, for EUR 4.2 million).
The table below provides details of equity investments in other companies at 31 March 2012
by area of activity.
(EUR million)
Private Equity
Investment
Alternative Asset
Management
Total
Kenan Investments 167.6 0.0 167.6
Investments in other companies 0.3 0.0 0.3
Total 167.9 0.0 167.9
Available-for-sale funds
This item relates to investments in units of two funds of funds (IDeA I FoF and ICF II), one
theme fund (IDeA EESS), 11 real estate funds and seven venture capital funds, totalling
approximately EUR 157.8 million in the financial statements, compared with EUR 159.7 million
at end-2011.
(Euro thousands)
Balance at
1.1.2012
Increase
(capital call)
Decrease
(Capital
Distribution)
Impairment
Fair Value
Adjustment
Translation
effect
Balance at
31.03.2012
Venture Capital Funds 12,234 0 (273) (326) (160) (117) 11,358
IDeA I FoF 96,234 694 0 0 (1,788) 0 95,140
ICF II 9,322 1,972 0 0 (434) 0 10,860
IDeA EESS 19 64 0 0 (67) 0 16
Fund - Atlantic 1 2,603 0 (8) 0 (85) 0 2,510
Fund - Atlantic 2 2,691 0 (35) (743) 0 0 1,913
Fund - Alpha Immobiliare 2,359 0 0 0 (23) 0 2,336
Fund - Gamma Immobiliare 1,059 0 0 0 0 0 1,059
Fund - Beta Immobiliare 2,150 0 0 0 (677) 0 1,473
Fund - Delta Immobiliare 1,706 0 0 0 (278) 0 1,428
Fund - Omicron Plus Immobiliare 20,699 0 (614) 0 0 0 20,085
Fund - Senior 2,107 0 0 0 0 0 2,107
Fund - Conero 6,268 0 0 0 0 0 6,268
Fund - Theta Immobiliare 222 0 0 0 0 0 222
Fund - AGRIS 0 1,000 0 0 0 0 1,000
Totale Funds 159,673 3,730 (930) (1,069) (3,512) (117) 157,775
The table below provides a breakdown of the funds in the portfolio at 31 March 2012 by area
of activity.

to 31 March 2012 55
(EUR million)
Private Equity
Investment
Alternative Asset
Management
Total
Venture Capital Funds 11.4 0.0 11.4
IDeA I FoF 95.1 0.0 95.1
ICF II 10.8 0.1 10.9
IDeA EESS 0.0 0.0 0.0
Funds of IDeA FIMIT SGR 0.0 40.4 40.4
Total 117.3 40.5 157.8
Other available-for-sale financial assets
This item, totalling EUR 0.3 million at 31 March 2012, relates to the minority equity
investments held by FARE S.p.A..
Deferred tax assets
Deferred tax assets totalled EUR 3.6 million at 31 March 2012, compared with EUR 4.1 million
at 31 December 2011.
Loans and receivables
This item totalled EUR 1.8 million at 31 March 2012 (compared with EUR 1.6 million at 31
December 2011) and chiefly relates to loans to the senior management of GDS for the capital
increase of Santè, as part of the equity plan involving shares in the latter.
This item, valued at EUR 25.7 million at 31 March 2012, came out in line with the value at 31
December 2011, and mainly refers to the receivable from the Beta Immobiliare Fund
concerning the final variable commission. This receivable corresponds to the share of the
overperformance fee that has accrued since the fund was launched and which IDeA FIMIT SGR
expects to receive when the fund is liquidated.
CURRENT ASSETS
Current assets were approximately EUR 80.0 million at 31 March 2012, compared with EUR
80.6 million at 31 December 2011; at the end of the first quarter of 2012, the item comprised:
 EUR 51.2 million relating to cash and cash equivalents (EUR 46.8 million at 31
December 2011)
 EUR 8.2 million relating to available-for-sale financial assets, held as a temporary
investment of excess cash
 EUR 20.6 million relating to tax receivables under the tax consolidation scheme,
other receivables from tax authorities and trade receivables (EUR 20.7 million at 31
December 2011).
At 31 March 2012, group shareholders’ equity was approximately EUR 700.9 million, compared
with EUR 669.0 million at 31 December 2011. The increase (of approximately EUR 31.9
million) in group shareholders' equity in the first quarter of 2012 was chiefly due to the
reasons already discussed in the Statement of Performance - IAS 1 (EUR 34.0 million in total)
and to the effects of the share buy-back plan (EUR -2.3 million).

to 31 March 2012 56
NON-CURRENT LIABILITIES
At 31 March 2012, non-current liabilities totalled approximately EUR 203.5 million, compared
with EUR 202.7 million at 31 December 2011.
Deferred tax liabilities
This item totalled EUR 39.3 million at 31 March 2012, compared with EUR 40.5 million at 31
December 2011. It mainly included deferred tax liabilities related to the tax effects of
allocating part of the acquisition cost of the subsidiaries in the purchase price allocation (PPA)
phase.
End-of-service payment fund
The end-of-service payment fund, at EUR 2.3 million, is a defined benefit plan, and has
therefore been valued using actuarial assessments.
Non-current financial liabilities
Non-current financial liabilities totalled EUR 161.8 million (EUR 160.0 million at 31 December
2011), and mainly related to:
 EUR 80.0 million for the use of the credit line provided by Mediobanca
 EUR 13.4 million for the use of the credit line contracted by the subsidiary IDeA
FIMIT SGR
 EUR 54.0 million for the fair value estimate of payables for put options on minority
interests in subsidiaries
 EUR 11.6 million for the payment, as part of the acquisition of FARE Holding, of the
deferred acquisition price, the earn-out on 50% of any performance fees accruing on
former FARE funds and 70% of the value of units of the Atlantic 1 and Atlantic 2
funds
 EUR 0.9 million for the estimated future outlay for the DeA Capital Group for the
possible exercise of the put options on Santé shares held by the senior management
of GDS.
CURRENT LIABILITIES
At 31 March 2012, current liabilities totalled EUR 33.7 million (EUR 27.2 million at 31
December 2011) and consisted of short-term financial payables (EUR 4.1 million), trade
payables (EUR 12.0 million), payables to staff and social security institutions (EUR 8.3 million),
current tax and other tax payables (EUR 8.4 million) and other payables (EUR 0.9 million).

to 31 March 2012 57
Notes to the Consolidated Income Statement
Alternative asset management fees
In the first quarter of 2012, Alternative Asset Management fees totalled EUR 20.1 million,
compared with EUR 8.8 million in the same period of 2011; these related mainly to
management fees paid to IDeA FIMIT SGR and to IDeA Capital Funds SGR for the funds
respectively managed by these companies.
Income from investments valued at equity
This item includes income from associates valued at equity for the period.
In the first quarter of 2012, income from equity investments valued at equity was positive at
EUR 5.0 million (negative at EUR 2.2 million in the same period of 2011), of which
approximately EUR 2.2 million relates to the equity investment in Santé and EUR 2.9 million
relates to the equity investment in IDeA OF I.
Other investment income and charges
The net income realised on investments in shareholdings and funds totalled around EUR 0.3
million in the first quarter of 2012.
Service revenues
This item, which totalled EUR 2.3 million in the first quarter of 2012 (EUR 1.8 million in the
same period of 2011), chiefly refers to services relating to real estate consultancy and
management and the sale of buildings in real estate fund portfolios.
Personnel costs
Total personnel costs amounted to EUR 7.7 million in the first quarter of 2012, compared with
EUR 4.8 million in the same three months of 2011. The latter figure did not include the
contribution from FIMIT SGR (as control was only acquired in October 2011).
Service costs
Service costs totalled EUR 8.4 million in the first quarter of 2012, compared with EUR 4.2
million for the same period a year previously. The latter figure did not include the contribution
from FIMIT SGR (as control was only acquired in October 2011).
Depreciation, amortisation and write-downs
This item totalled EUR 3.9 million in the first quarter of 2012, compared with EUR 0.6 million in
the same period of 2011, with the increase mainly relating to the new amortisation of
intangible assets from the Purchase Price Allocation (PPA) of FIMIT SGR.
Other charges
These came in at EUR 1.1 million in the first quarter of 2012, compared with EUR 0.7 million in
the same period of 2011.
Financial income (charges)
Financial income totalled EUR 0.3 million in the first quarter of 2012 (EUR 1.3 million in the
same period of 2011), and financial charges were EUR 2.5 million (EUR 1.2 million in the same
period of 2011). Financial charges include the cost of the change in put options on minority
interests in subsidiaries.
Income tax
Income tax came to EUR 3.6 million in the first quarter of 2012, compared with EUR 3.9 million
in the same three months of 2011.

to 31 March 2012 58
Significant events after the end of the period and outlook
 Significant events after the end of the period
 Dividends from Alternative Asset Management
On 12 April 2012, the shareholders' meeting of FARE Holding S.p.A. approved the company's
financial statements to 31 December 2011 and voted to pay out dividends totalling EUR 5.8
million, including approximately EUR 4.1 million to the parent company, DeA Capital S.p.A..
Subsequently, on 17 April 2012, the shareholders' meeting of IDeA Capital Funds SGR
approved the company's financial statements to 31 December 2011 and voted to pay out
dividends totalling EUR 4.8 million, to be paid entirely to the parent company, DeA Capital
S.p.A..
 Private equity funds – paid calls and distributions
On 16 April and 3 May 2012, the DeA Capital Group increased its investment in the IDeA OF I,
IDeA I FoF, ICF II and IDeA EESS funds, with total payments of EUR 13.1 million (EUR 0.2
million, EUR 9.5 million, EUR 2.6 million and EUR 0.8 million respectively).
On 16 April 2012, the DeA Capital Group also received reimbursements from the funds IDeA I
FoF and ICF II, for EUR 7.4 million and EUR 1.3 million respectively, to be used in full to
reduce the carrying value of the units.
 Share buy-back plan
On 17 April 2012, the shareholders' meeting approved a new plan to buy and sell own shares
that cancelled and replaced the previous plan approved by the shareholders' meeting on 19
April 2011 (which was due to expire on 19 October 2012). The new plan will pursue the same
objectives as the previous plan, including the purchase of own shares to be used for
extraordinary transactions and share incentive schemes, offering shareholders a means of
monetarising their investment, stabilising the share price and regulating trading within the
limits of current legislation.
The authorisation specifies that purchases may be carried out, for a maximum period of 18
months starting from 17 April 2012, in accordance with all procedures allowed by current
regulations, and that DeA Capital S.p.A. may also sell the shares purchased for the purposes of
trading. The unit price for the purchase of the shares is set by the Board of Directors, but in
any case must not be more than 20% above or below the share’s reference price on the
trading day prior to each purchase.
In contrast, the authorisation to sell own shares already held in the company’s portfolio and
any shares bought in the future was granted for an unlimited period, to be implemented using
the methods deemed most appropriate and at a price to be determined on a case-by-case
basis by the Board of Directors, which must not, however, be more than 20% below the
share's reference price on the trading day prior to the sale (apart from in certain exceptional
cases specified in the plan). Sales transactions may also be carried out for trading purposes.
Also on 17 April 2012, the company’s Board of Directors voted to initiate the plan to buy and
sell own shares authorised by the shareholders’ meeting, and to this end vested the Chairman

to 31 March 2012 59
of the Board of Directors and the Chief Executive Officer with all the necessary powers, to be
exercised jointly or severally and with full power of delegation.
 Stock option and performance share plans
On 17 April 2012, the shareholders’ meeting approved the DeA Capital stock option plan for
2012–2014. To implement the resolution of the shareholders' meeting, the Board of Directors
of DeA Capital S.p.A. allocated a total of 1,350,000 options to certain employees of the
company and its subsidiaries and of the parent company, De Agostini S.p.A., who carry out
important roles.
In line with the criteria specified in the regulations governing the DeA Capital stock option plan
for 2012–2014, the Board of Directors also set the exercise price for the options allocated at
EUR 1.3363, which is the arithmetic mean of the official prices of ordinary DeA Capital shares
on the Mercato Telematico Azionario, the Italian screen-based trading system organised and
managed by Borsa Italiana S.p.A., on the trading days between 17 March 2012 and 16 April
2012.
The shareholders’ meeting also approved a paid capital increase, in divisible form, without
option rights, via the issue of a maximum of 1,350,000 ordinary shares to service the DeA
Capital stock option plan for 2012-2014.
The shareholders’ meeting also approved the performance share plan for 2012–2014. To
implement the resolution of the shareholders' meeting, the Board of Directors allocated a total
of 302,500 units (representing the right to receive shares of the company, free of charge,
under the terms and conditions of the plan) to certain employees of the company and its
subsidiaries and of the parent company, De Agostini S.p.A., who perform important roles for
the company.
The shares allocated due to the vesting of units will be drawn from the own shares already
held by the company.
In accordance with the Borsa Italian Code of Conduct, both the DeA Capital 2012-14 Stock
Option Plan and the 2012-14 Performance Share Plan provide for a minimum holding period for
the beneficiaries on the shares acquired following the exercise of the options and the vesting of
the units respectively.
The terms and conditions of the DeA Capital stock option plan for 2012–2014 and the
performance share plan for 2012-2014 are described in the Information Prospectus prepared in
accordance with art. 84-bis of Consob Resolution 11971 of 14 May 1999, available to the
public at the registered office of DeA Capital S.p.A., as well as in the Corporate Governance –
Incentive Plans section of the website www.deacapital.it.
 Remuneration report, amendments to the articles of association and reduction
in the number of directors
The shareholders’ meeting of 17 April 2012 also approved the company’s remuneration policy
and, finally:
a. the amendments to articles 11 and 18 of the company’s articles of association and the
introduction of the new article 27 on the issue of “Gender equality in the composition of
boards of directors and statutory auditors” (the “pink quotas”)
b. the reduction of the number of directors from eleven to ten, following the resignation of
Andrea Guerra

DA Capital resoconto intermedio al 31 03 2012 eng

DA Capital resoconto intermedio al 31 03 2012 eng

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DA Capital resoconto intermedio al 31 03 2012 eng