XV. Trade payables

Trade payables at 31 December 2008 amounted to €711,725k (€529,380k at the end of 2007). The increase of €182,345k includes €112,254k contributed by the newly consolidated entities. Net of the exchange effect, this item would have grown by €191,245k.

The rest of the difference is due mainly to higher business volumes on a like-for-like consolidation basis.