Intangible assets totalled 3,686 thousand Euro against 3,916 thousand Euro at 31 December 2009 (-5.9%). The item refers to software for 2,362 thousand Euro and goodwill for 868 thousand Euro arising from the consolidation process of the investment in IFIS Finance Sp. Z o.o.

Property, plant and equipment decreased by 0.6% to 34,309 thousand Euro.

The property included under property, plant and equipment mainly includes: the important historical building, Villa Marocco, located in Mestre and housing Banca IFIS’s Head Office and the property in Mestre-Venice, partly sub-leased to the parent company, La Scogliera S.p.A.

The carrying amount of the property above has been confirmed by specific measurement experts. Villa Marocco is not depreciated as its estimated residual value at the end of its useful life is expected to be higher than its carrying amount.

Further property of insignificant value, amongst which the representative office in Bucharest, were also recognized.