2009 Annual consolidated

financial statements

Notes

ACCOUNTING RULES

1. Consolidation principles

Subsidiaries
Subsidiaries are entities over which the company exercises control. Control exists when the company has the power, directly or indirectly, to guide the financial and operational management of an entity for the purpose of gaining advantage out of its activities. The annual accounts of the subsidiaries are taken up into the consolidation from the date of acquisition up to the end of the control.

The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the Group.

Joint Ventures
Joint ventures are the companies over which the Group has joint authority, specified by contractual agreement. Such joint authority is applicable when the strategic financial and operational decisions with respect to the activities require unanimous agreement from the parties that share the authority (the shareholders in the joint venture). The consolidation of a joint venture proceeds according to the proportional method. This is applicable from the date on which the joint control is exercised up to the date on which it finishes.

Transactions eliminated from consolidation
All transactions between the group companies, balances and unrealized profits and losses on transactions between companies of the group are eliminated in the making up of the consolidated annual accounts.

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