Reclassified balance sheet
| (in thousands of Euro) | at December 31, 2016 | at December 31, 2015 | change |
|---|---|---|---|
| Intangible Assets | 1,011,111 | 1,004,432 | 6,679 |
| Tangible assets | 190,276 | 190,925 | (649) |
| Investment property | 3,398 | 3,412 | (14) |
| Investments in associates | 51,597 | 47,387 | 4,210 |
| Available-for-sale-investments | 26 | 26 | 0 |
| Deferred tax assets | 43,665 | 42,282 | 1,383 |
| Other non-current financial assets | 16,776 | 16,776 | 0 |
| Other non-current receivables | 308 | 1,692 | (1,384) |
| Fixed assets (A) | 1,317,157 | 1,306,932 | 10,225 |
| Inventories | 4,141 | 4,865 | (724) |
| Trade receivables | 86,968 | 90,527 | (3,559) |
| Tax receivables | 14,800 | 12,751 | 2,049 |
| Other receivables | 18,563 | 13,286 | 5,277 |
| Other current financial assets | 7,190 | 7,190 | 0 |
| Current assets | 131,662 | 128,619 | 3,043 |
| Discontinued operations | 10,732 | 11,502 | (770) |
| Trade payables | 161,530 | 164,486 | (2,956) |
| Other payables | 160,327 | 145,131 | 15,196 |
| Income tax payables | 6,841 | 24,784 | (17,943) |
| Current liabilities | 328,698 | 334,401 | (5,703) |
| Liabilities related to discontinued operations | 2,379 | 3,019 | (640) |
| Working capital (B) | (188,683) | (197,299) | 8,616 |
| Provision for risks and charges (C) | (174,061) | (177,902) | 3,841 |
| Employee provisions (D) | (49,220) | (48,239) | (981) |
| Net capital employed (A+B+C+D) | 905,193 | 883,492 | 21,701 |
| Group Shareholders' equity | (375,264) | (344,668) | (30,596) |
| Minority interests | (566) | (541) | (25) |
| Net Debt | (529,363) | (538,283) | 8,920 |
| Total sources of financing | (905,193) | (883,492) | (21,701) |
All fixed assets, including those falling within IFRIC 12 scope, are shown net of fixed assets financed by State and European Community grants. At December 31, 2016 the latter amounted to Euro 503,601 thousand and Euro 5,517 thousand respectively (at December 31, 2015 they amounted to Euro 498,553 thousand and Euro 5,517 thousand respectively).
Net capital employed at December 31, 2016 amounted to Euro 905,193 thousand, an increase of Euro 21,701 thousand on December 31, 2015.
Fixed assets totalling Euro 1,317,157 thousand, reported an increase of Euro 10,225 thousand compared to December 31, 2015, mainly due to i) net investments for the year for Euro 69,487 thousand (net of use of the restoration provision), partly absorbed by amortisation for the year totalling Euro 61,714 thousand; ii) increase in net deferred tax assets of Euro 1,383 thousand; iii) increase in financial fixed assets following the equity valuation of the associated companies for Euro 4,210 thousand.
Net working capital, totalling Euro -188,683 thousand, increased by Euro 8,616 thousand compared to December 31, 2015. This change is primarily attributed to the other receivables/payables item which includes higher receivables due from GSE for green certificates and lower tax liabilities partly offset by higher liabilities for surtaxes.
The following table illustrates the main components of Net Working Capital:
| (in thousands of Euro) | at December 31, 2016 | at December 31, 2015 | change |
|---|---|---|---|
| Inventories | 4,141 | 4,865 | (724) |
| Trade receivables | 86,968 | 90,527 | (3,559) |
| Trade payables | (161,530) | (164,486) | 2,956 |
| Other receivables/(payables) | (133,805) | (143,878) | 10,073 |
| Other current financial assets | 7,190 | 7,190 | 0 |
| Discontinued operations | 10,732 | 11,502 | (770) |
| Liabilities related to discontinued operations | (2,379) | (3,019) | 640 |
| Total net working capital | (188,683) | (197,299) | 8,616 |