Note 18 - Cash and Cash equivalents

Cash and cash equivalents are concentrated in the Group’s financial companies, holding and sub-holding companies. They are used essentially on the market for short-term maturity deposits with major banking counterparties at interest rates in line with the prevailing market terms.

In the statement of cash flows, the balance of cash and cash equivalents was indicated net of bank overdrafts, totalling euro 17,955 thousand at December 31, 2010 and euro 21,334 thousand at December 31, 2009.