Acknowledgments The authors wish to thank the editor, Wolfgang Kiessling, for his valuable comments. The manuscript has benefited greatly from critical comments and suggestions by two anonymous reviewers. Fornaciari, A. Amapi 3d Free Download. Plessi and L.

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Barozzi for the assistance during fieldwork and microfacies analyses. We also thank the Cerato family for their collaboration, their useful suggestions, and great kindness. This study was funded by the Italian Ministry of Education and Research (MIUR) funds PRIN 2010–2011 (prot. 2010X3PP8J_002 and prot. 2010X3PP8J_003) project “Past ExcessCO2 worlds: biota responses to extreme warmth and ocean acidification”.

Group’s total revenue of €28,512 million (€26,268 million in 2013) benefitted from the positive contribution from Poste Vita’s premium revenue. • Postal and Business services: total revenue is down 8.5% (a reduction of €378 million) and continues to suffer from the crisis in traditional forms of communication, reflecting the growing popularity of digital technologies, and the general reduction in demand for products and services, exacerbated by tough price competition. • Financial services: total revenue, amounting to €5,358 million, is in line with the previous year (down 0.6% on 2013), having benefitted from the positive performance of other income from financial activities.

• Insurance services: the Insurance services provided by the Poste Vita Group have contributed €18,840 million to total revenue, marking growth of 16.5% on the €16,166 million of the previous year. • Other services: total revenue amounts to €240 million (€260 million in the previous year) and regards the revenue generated by the mobile telecommunications services provided by PosteMobile SpA and Consorzio per I servizi di telefonia Mobile ScpA. For the year ended 31 December (€m) 2013 2014% inc./ (dec.) Cost of goods and services 2,025 1,921 (5.1) Other expenses from financial activities 7 6 (14.3) Personnel expenses 5,755 5,972 3.8 Depreciation, amortisation and impairments 501 578 15.4 Capitalised costs and expenses (5) (6) 20. Raf Lancaster Serial Numbers. 0 Other operating costs 233 314 34.8 Total operating costs 8,516 8,785 3.2 Operating costs incurred in 2014 are up 3.2% (an increase of €269 million on 2013), primarily due to personnel expenses, as described below. A closer look shows that the cost of goods and services is down €104 million (5.1%), due primarily to a reduction in interest expense (down €102 million on 2013) paid to BancoPosta’s private customers and to major financial institutions acting as counterparties in repurchase agreements. Depreciation, amortisation and impairments, which have risen from €501 million in 2013 to €578 million in 2014, include impairment losses primarily on industrial buildings owned by the Company (buildings used in operations) and commercial buildings leased by the Company (leasehold improvements).

These impairments have been recognised following a prudent assessment of the impact on their value in use, should the future use of such assets in operations be reduced or halted. Other operating costs are up from €233 million in 2013 to €314 million in 2014, reflecting, among other things, an increase in provisions linked to the procedures and timing involved in the collection of amounts receivable from the parent.

Personnel expenses break down as follows. Personnel expenses. In addition to movements in non-current assets and working capital, the reduction in net invested capital at 31 December 2014 reflects: • a reduction of €513 million in the net balance of deferred tax assets/(liabilities), primarily due to the increase in the fair value reserve for BancoPosta’s investments in securities, which generated an increase in deferred tax liabilities; • an increase of €168 million in provisions for risks and charges, primarily due to the effect of the expected liabilities for restructuring costs. At 31 December (€m) 2013 2014 Increase/ (decrease) Inventories 145 139 (6) Trade receivables and other current receivables and assets 4,575 5,232 657 Trade payables and other current liabilities (3,390) (3,317) 73 Current tax assets and liabilities 617 634 17 Trade receivables and other non-current assets and liabilities 1,105 1,253 148 Working capital 3,052 3,941 889 Working capital at 31 December 2014 amounts to €3,941 million, up €889 million compared with the end of 2013. The increase is essentially due to the following.