Accounting policies

Exceptional items are those that, considering their peculiarities, in Management’s judgment need to be disclosed separately. In determining whether an event or transaction is exceptional, Management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence, and the potential impact on the variation in profit or loss. These items are disclosed in the income statement or separately disclosed in the notes to the financial statements. Transactions that may give rise to exceptional items are mainly restructuring activities, tax penalties and similar settlements, acquisitions or disposals of subsidiaries, impairment losses, and gains or losses on disposal of assets and investments.