8.b. TRADE RECEIVABLES

"Receivables - clients" are non-interest bearing and have an average maturity in line with market conditions. The net increase is mainly due to the increase in revenues. Trade receivables are shown net of any write-downs taking credit risk into account. During 2008 provisions were made for the write-down of receivables for the sum of € 34,542 thousand compared with € 15,963 thousand in 2007.

"Receivables - subsidiaries and joint ventures" represent intercompany receivables not eliminated because they refer to companies not fully consolidated line by line. The balance at December 31 2008 refers mainly to receivables from Tirreno Power S.p.A..