Reclassified balance sheet

Reclassified balance sheet

(in thousands of Euro)at December 31, 2016at December 31, 2015change
Intangible Assets1,011,1111,004,4326,679
Tangible assets190,276190,925(649)
Investment property3,3983,412(14)
Investments in associates51,59747,3874,210
Deferred tax assets43,66542,2821,383
Other non-current financial assets16,77616,7760
Other non-current receivables3081,692(1,384)
Fixed assets (A)1,317,1571,306,93210,225
Trade receivables86,96890,527(3,559)
Tax receivables14,80012,7512,049
Other receivables18,56313,2865,277
Other current financial assets7,1907,1900
Current assets131,662128,6193,043
Discontinued operations10,73211,502(770)
Trade payables161,530164,486(2,956)
Other payables160,327145,13115,196
Income tax payables6,84124,784(17,943)
Current liabilities328,698334,401(5,703)
Liabilities related to discontinued operations2,3793,019(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)905,193883,49221,701
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
Trade receivables86,96890,527(3,559)
Trade payables(161,530)(164,486)2,956
Other receivables/(payables)(133,805)(143,878)10,073
Other current financial assets7,1907,1900
Discontinued operations10,73211,502(770)
Liabilities related to discontinued operations(2,379)(3,019)640
Total net working capital(188,683)(197,299)8,616