Group financial position and cash flows

STATEMENT OF FINANCIAL POSITION 31.12.2012 31.12.2011 Increase/ (Decrease) Increase/ (Decrease)
  (a) (b) (a) - (b) %
NET WORKING CAPITAL 112.2 89.3 22.9 25.7%
Current receivables 1,477.2 1,510.0 (32.8) -2.2%
- due from end users/customers 1,346.8 1,304.7 42.2 3.2%
- due from the municipality of Rome 94.3 160.1 (65.7) -41.1%
Inventories 42.0 66.1 (24.1) -36.5%
Other current assets 221.3 246.6 (25.3) -10.2%
Current payables (1,267.2) (1,344.8) 77.6 -5.8%
- due to Suppliers (1,193.1) (1,185.0) (8.1) 0.7%
- due to the municipality of Rome (60.7) (132.8) 72.1 -54.3%
Other current liabilities (361.2) (388.7) 27.5 -7.1%
         
NON-CURRENT ASSETS AND LIABILITIES 3,715.7 3,548.0 167.7 4.7%
Property, plant equipment and intangible assets 4,031.5 3,844.6 186.9 4.9%
Investments 21.1 19.5 1.7 8.5%
Other non-current assets 416.6 416.8 (0.2) 0.0%
Staff termination benefits and other defined-benefit plans (105.3) (104.8) (0.5) 0.5%
Provisions for liabilities and charges (272.4) (250.9) (21.5) 8.6%
Other non-current liabilities (375.9) (377.2) 1.4 -0.4%
         
INVESTED CAPITAL 3,827.9 3,637.3 190.6 5.2%
         
NET DEBT (2,495.5) (2,325.8) (169.6) 7.3%
Medium/long-term loans and receivables 33.0 19.9 13.0 65.3%
Medium/long-term borrowings (2,211.6) (2,298.9) 87.3 -3.8%
Short-term loans and receivables 152.2 172.8 (20.5) -11.9%
Cash and cash equivalents 423.7 321.0 102.7 32.0%
Short-term borrowings (892.8) (540.6) (352.1) 65.1%
         
SHAREHOLDERS’ EQUITY (1,332.4) (1,311.5) (21.0) 1.6%
         
COVERAGE (3,827.9) (3,637.3) (190.6) 5.2%

The above statement of financial position has been reclassified to show the components of invested capital and the corresponding funding.

In particular, the net carrying amounts of non-current assets and net working capital, consisting of current receivables, other receivables, inventories, current payables and the short-term portion of long-term debt have been added together.

The figure obtained for invested capital is then compared with the corresponding amounts for shareholders’ equity and the net debt, thereby showing the proportions of equity and debt used.

As mentioned previously, the financial position and cash flow are affected by the deconsolidation of the photovoltaic business unit at the end of 2012.

The ACEA Group’s statement of financial position reports an increase in invested capital of 190.6 million euros compared to 31 December 2011 (+5.2%). This is the result of the increase in net working capital (22.9 million euros), and net fixed assets (167.7 million euros).

 

Non-current assets and liabilities - 3,715.7 million euros

The balance of non-current assets and liabilities amounted to 3,715.7 million euros (+167.7 million euros compared to 31 December 2011, equal to 4.7%).

Property, plant and equipment and intangible assets amounted to 4,031.5 million euros, and increased by 186.9 million euros over the end of the previous year.

That item is significantly influenced by the completion of the purchase of the Piazzale Ostiense registered office and the adjoining garage, in January 2012. The purchase price amounted to 110 million euros. ACEA also made investments to improve specific plants in the office building, as well as in hardware and software required for upgrading projects and for enhancement of the IT network and application systems.