20. CASH AND CASH EQUIVALENTS

Cash and cash equivalents are concentrated in the Group’s holding companies and at companies that generate cash and invest it locally. 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 of euro 14,540 thousand at December 31, 2011 and euro 17,955 thousand at December 31, 2010.