2009 Annual consolidated

financial statements

Notes

I. CRITERIA OF THE CONSOLIDATION METHOD USED

CRITERIA FOR THE INTEGRAL CONSOLIDATION

The companies in which the group owns a direct or indirect stake of more than 50% or in which it has the power to determine the financial and operational policy in order to benefit from its activities are entirely included in the group’s annual consolidated financial statements.

This means that the group’s assets, liabilities and results are fully reflected. Inter-group transactions and profits are entirely eliminated.

CRITERIA FOR THE PROPORTIONAL CONSOLIDATION
The companies in which the group exercises joint control based on a contractual agreement (joint ventures) are recognised using the proportionate consolidation method.

All of the assets, liabilities and results are therefore included in the consolidation on a pro rata basis, according to the group’s stake in these companies. Inter-group transactions and profits are eliminated on a pro rata basis in accordance with the stake owned.

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