8.d.        FINANCIAL RECEIVABLES

“Financial receivables” rose from € 27,229 thousand at December 31 2009 to € 399,064 thousand at December 31 2010 and refer mainly for € 9,202 thousand to the accrued interest on the swap relating to the CIR International S.A. bond maturing in 2011 and for € 387,599 thousand to the fair value measurement, in the Sorgenia group, of both hedging derivatives and derivatives that do not meet the conditions for being qualified as hedges according to IAS 39 but which are entered into for hedging purposes.