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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 Groups net capital employed and the sources of financing as at 31 December 2010 with respect to the situation at the previous year-end.

Capital employed and sources of financing (millions of )31-dic-09% Inc.31-dic-10% Inc.Abs. Change% Change
Net fixed assets3,986.8111.0%4,142.3111.0%155.53.9%
Net working capital25.80.7%(29.1)-0.8%(54.9)-213.1%
(Provisions)(420.0)-11.7%(382.8)-10.3%37.2-8.9%
Net capital employed3,592.5100.0%3,730.4100.0%137.93.8%
Shareholders' equity1,700.747.3%1,870.250.1%169.510.0%
Long-term financial debts2,143.759.7%2,292.161.4%148.46.9%
Net short-term position(251.9)-7.0%(431.9)-11.6%(180.0)71.4%
Net financial position1,891.852.7%1,860.249.9%(31.6)-1.7%
Total sources of financing3,592.5100.0%3,730.4100.0%137.93.8%

The net capital employed in 2010 increased by 3.8%, passing from Euro 3,592.5 million to Euro 3,730.4 million due to the significant investment plan.

With regard to net fixed assets, which as at 31 December 2010 amounted to Euro 4,142.3 million, against 3,986.8 in December 2009, indicating an increase in tangible and intangible assets.

Provisions at the end of 2010 amounted to Euro 382.8 million against Euro 420.0 million in December 2009. The reduction is mainly due to the provisions for deferred taxes, partially offset by an increase in the provisions for various risks.

The net working capital is down from Euro 25.8 million as at 31 December 2009 to Euro -29.1 million as at 31 December 2010. The reduction is mainly to do with the higher debt due for both the tax on consumables and the substitute tax related to the redemption of the additional value accounted for when transferring the assets of Area Asset, Con.Ami and Hera Reti Modena.

The shareholders equity rose from Euro 1,700.7 million in 2009 to 1,870.2 million in 2010, with the debt to equity ratio improving significantly, falling from 111.2% in 2009 to 99.5% in 2010.

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