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 transactions 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.
There are no transactions qualifying as atypical and/or unusual.
Commencing 2011, the application of the revised IAS 24 affected only disclosures of related parties and the change of the comparison data presented in the statements to reflect related parties which are companies subject to the control or significant influence of the Italian Ministry for Economy and Finance (MEF).
Below are the amounts of transactions with related parties (a breakdown is shown in Notes 13 and 14) at 31 December 2011 and 2010.

31.12.2011 (K€) Parent company Unconsolidated subsidiaries Associates Joint Ventures (*) Consortiums (**) Other Group MEF Total
Non-current receivables                
-financial - - - - - - - -
-other - - 1,540 1,225 - - - 2,765
Current receivables                
-financial 2,531 - - - - - - 2,531
-trade 365 1,237 13,606 13,513 32,596 15,040 56,773 133,130
-other 145 - - - 1,364 - - 1,509
Non-current payables                
-financial - - - - - - - -
-other - - - - - - - -
Current payables                
-financial - - - - - - - -
-trade 470 729   5,969 1,176 974 36,262 404 45,984
-other 70 3 - - 24 - - 97
31.12.2011 (K€) Parent company Unconsolidated subsidiaries Associates Joint Ventures (*) Consortiums (**) Other Group MEF Total
Revenue - 763 16,095 12,042 13,760 18,913 149,361 210,934
Other operating revenues - - 103 - 49 - - 152
Costs 3,218 1,945 41,332 70 2,754 35,842 1,864 87,025
Finance income 7 - - - - 641 - 648
Finance costs 105 - - (105) - - - -
Other operating costs - - - - - 100 - 100
(*) amounts refer to the portion not eliminated for proportionate consolidation. (**) consortiums over which the Group exercises considerable influence or which are subject to joint control.
31.12.2010 (K€) Parent company Unconsolidated subsidiaries Associates Joint Ventures (*) Consortiums (**) Other Group MEF Total
Non-current receivables                
-financial - - - - - - - -
-other - - 1,006 - - - - 1,006
Current receivables                
-financial 635 - - - - 148,515 - 149,150
-trade 27 5,700 29,129 - 39,964 10,187 46,716 131,723
-other 145 - - - 1,365 54 - 1,564
Non-current payables                
-financial - - - - - - - -
-other - - - - - - - -
Current payables                
-financial - - - - - - - -
-trade 468 6,003 2,822 5,454 1,092 38,280 475 54,594
-other - 3 - - 24 - - 27
31.12.2010 (K€) Parent company Unconsolidated subsidiaries Associates Joint Ventures (*) Consortiums (**) Other Group MEF Total
Revenue - 5,599 30,139 2,854 36,139 14,481 174,008 263,220
Other operating revenues - 3 7 - - 41 - 51
Costs 2,565 9,904 48,575 10 2.840 54,182 2,701 120,777
Finance income 1 - - - - 718 - 719
Finance costs 124 - - 727 - - - 851
Other operating costs - - - - - 59 - 59
(*) amounts refer to the portion not eliminated for proportionate consolidation. (**) consortiums over which the Group exercises considerable influence or which are subject to joint control.

Within the Group rules of corporate governance, specific conduct guidelines were identified to ensure that transactions with related parties are carried out in compliance with methods of procedural and substantial fairness.
All the transactions made with the Parent Company and the related parties were at arm’s length.

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 70,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company