Transactions with related parties

Transactions with related parties concern activities in the ordinary course of business and are carried out at arm’s length (where they are not governed by specific contractual conditions), as is the settlement of interest-bearing payables and receivables.
These mainly relate to the exchange of goods, the performance of services and the generation and use of net cash from and to associated companies, held under common control (joint ventures), consortia, and unconsolidated subsidiaries.
Moreover, the application of revised IAS 24affected related party disclosure and caused the change of the comparative data presented in the statements in order that related parties reflect the companies subject to the control or significant influence of the Ministry for Economy and Finance (MEF).
The relevant section of the “Condensed consolidated half-year financial statements at 30 June 2011” summarises the transactions from related parties and provide the percentage incidence of these transactions on the respective total amount.
There are no transactions qualifying as atypical and/or unusual1.

1 as defined in CONSOB Communication no. DEM/6064293 of 28 July 2006