Added Value Determination
The analysis of the added value generated in 2007 shows a homogenous growth (around 11%) of sales, production volumes and investments, i.e. technological infrastructures for industrial operations (pp. 11-13) and Information & Communication Technologies (pp. 22- 23). In other words, the most relevant industrial assets of the Group have been improved.

Added Value Distribution
In 2007 Chiesi Group has been able to benefit from the increase of tax credits, due to R&D investments in France and in Italy, and from the tax incentives policy in Italy. This additional value has been largely invested in human resources policies, both for the birth of new local companies in Holland and Turkey, and for the improvement of wages, salaries and of a number of human resources procedures (pp. 20-21). The Chiesi R&D investments increased by 20% on 2006, contributing to the growth of the knowledge and to the development of the future drugs and technologies.

Environmental Indicators
Due to the increasing importance of environmental issues, a variety of projects have been planned and carried out in the last few years, in order to reduce the impact of our business on the environment.

A project of switching from CFC-based to HFA-based inhalers has been introduced, to prevent the impact of these propellants on the ozone layer. In 2008, this project is to be completed with the total substitution of the CFC propellant with the HFA.

The enterprise water discharge in 2007 has decreased by 10% compared to 2006 figures, and by 34% compared to 2003. In 2006, investments for a total amount of around Euro 1 million have been carried out to leverage energy consumption.