Amendment to IAS 23 “Borrowing Costs”, which is compulsory for financial years beginning after January 1, 2009 has not yet been
endorsed by the European Union. Expense of borrowing costs in connection to borrowing funds for the purpose of obtaining a
qualifying asset will no longer be permitted once the amendment is enforced ; borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset shall be capitalized as part of the cost of that asset. The revised standard shall be
applied to borrowing costs relating to qualifying assets for which the commencement date for capitalization is on or after January 1,
Against this background, all the necessary conditions are in place for the Group to take part in the consolidation of the European sector, while scrupulously honouring our commitments, particularly with regard to our dividend policy and a gearing ratio consistent with our medium-term goals.