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Analysis of the Group's balance sheet Analysis of the Group's balance sheet

The following table illustrates the performance of the Groupís net capital employed and the sources of financing as at 31 December 2009 with respect to the situation at the previous year-end.

Balance sheet (millions of Ä)31-Dec-2008% Inc.31-dic-09% Inc.Abs. Change% Change††
Net fixed assets3,594.5114.1%3,985.8110.9%391.3+10.9%
Net working capital(22.9)-0.7%26.80.7%49.7-217.2%
Net capital employed3,150.6100.0%3,592.5100.0%441.9+14.0%
Shareholders' equity1,579.150.1%1,700.747.3%121.6+7.7%
Long-term debt1,563.249.6%2,143.759.7%580.5+37.1%
New short-term debt8.30.3%(251.9)-7.0%(260.2)-3148.2%
Net financial position1,571.549.9%1,891.852.7%320.3+20.4%
Total sources of financing3,150.6100.0%3,592.5100.0%441.9+14.0%

Net capital employed in 2009 increased by 14.0% from Euro 3,150.6 million to Euro 3,592.6 million due to the substantial investment plan explained in more detail below, to the integration of Satcom and Acantho in the consolidation perimeter, and to the contribution of Gas and District Heating networks to corporate assets.

With regard to net fixed assets, which as at 31 December 2009 amounted to Euro 3,985.8 million, against 3,594.5 in December 2008, indicating an increase in tangible and intangible assets.

Provisions as at 31 December 2009 were broadly in line with the values of the previous year, amounting to Euro 420.0 million as at 31 December 2009 against Euro 421.0 million as at 31 December 2008.

Net working capital grew, rising from Euro -22.9 million as at 31 December 2008 to Euro 26.8 million as at 31 December 2009. This increase should be viewed in relation with the turnover growth experienced in the period.

Shareholders' equity, which rose from Euro 1,579.1 million to Euro 1,700.7 million, was impacted by the share capital increase and consolidation operations mentioned above for which further details are provided in their specific paragraphs.

Reconciliation statement between the separate financial statements of the Parent Company and the consolidated financial statements
Net profit/lossShareholders' Equity
Balances as per the Parent Company's financial statements for the year52,4121,646,376
Dividends for the year-31,349
Valuation at equity of companies recorded at cost in the financial statements3,4973,162
Book value of consolidated equity investments-581,649
Shareholders' equity and profit/loss for the year of consolidated companies48,359544,000
Assignment of differences to assets of the consolidated companies
and related amortisation/depreciation:
- Goodwill due to consolidation54.965
- Specific plants04,782
Other adjustments to cancel the effects of infragroup transactions(1,867)(29,030)
Assignment of third party quotas13,91258,125
Balances as per consolidated financial statements84,9641,700,731
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