2.c. Consolidation area

The consolidated financial statements as of December 31 2008 and the consolidated financial statements for the previous year of the Group are the result of the consolidation at those dates of the Parent Company CIR and of all the companies directly or indirectly controlled, jointly controlled or associated, with the exception of any companies being wound up. Assets and liabilities scheduled for disposal are reclassified in the items of assets and liabilities that show such an eventuality.

Specifically in 2008 the assets refer to properties of the Sogefi group that are scheduled for disposal in 2009.

The list of shareholdings included in the consolidation area, with an indication of the consolidation method used, and of those not included is given in the appropriate section of this booklet.

At the end of 2007 the Group had acquired the company Société Française d'Eolienne (SFE). The business combination thus created was recognized in accordance with the terms of IFRS 3 and in particular the CIR Group availed itself of the right, as the same principle permits, to defer by one year the allocation of the price paid since at the end of the year in which the combination took place the initial accounting could only be determined provisionally. See note 25 of these financial statements for the definitive recognition of this business combination.

It should be noted that in application of Standing Interpretations Committee 12 (SIC 12), ), the securitization company Zeus Finance S.r.l. (vehicle company) and the vehicle Urania Finance S.A. have now been consolidated.