Related party transactions

Transactions with related parties relate to ordinary operations. They take place on an arm’s length basis (unless governed by specific contractual terms), as does the settlement of interest-bearing receivables and payables.
They mainly comprise the exchange of goods, the provision of services and the obtaining/granting of financing from and to the parent, associates, joint ventures, consortia and unconsolidated subsidiaries.
Moreover, the amended disclosure requirements of IAS 24 (revised) with reference to related parties entail the restatement of comparative figures shown in the financial statements to consider as related parties those entities under the control or significant influence of the Ministry of Economy and Finance (“MEF”).
The effects (including as a percentage of the relevant total balances) of related party transactions are shown in the condensed interim consolidated financial statements as at and for the six months ended 30 June 2014.
During the reporting period, no atypical and/or unusual transactions took place1.

1. As defined by CONSOB communication no. DEM/6064293 of 28 July 2006.

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