Financial position

Reclassified consolidated statement of financial position1, 2

(€m)
 31.12.2010  31.12.2009 Change
      2009 At constant
exchange rates
Intangible assets 2,196.0 2,208.5 (12.5) (105.8)
Property, plants and
equipment
925.1 905.9 19.2 (22.1)
Financial assets 26.9 25.1 1.8 1.1
A) Non-current assets 3,147.9 3,139.5 8.4 (126.8)
Inventories 246.3 223.5 22.8 14.5
Trade receivables 59.7 63.0 (3.3) (3.9)
Other receivables 185.1 200.7 (15.6) (21.3)
Trade payables (674.6) (655.5) (19.1) (7.8)
Other payables (392.4) (334.4) (58.0) (45.3)
B) Working capital (575.9) (502.7) (73.2) (63.8)
C) Invested capital, less
current liabilties
2,572.0 2,636.7 (64.7) (190.6)
D) Other non-current
non-financial
assets and liabilties
(286.1) (311.5) 25.4 35.6
E) Assets held for sale 1.0 165.8 (164.7) (171.2)
F) Net invested capital 2,286.9 2,491.0 (204.1) (326.2)
Equity attributable to
owners of the parent
690.0 509.2 180.8 102.9
Equity attributable to
non-controlling interests
21.3 47.3 (26.0) (36.2)
G) Equity 711.4 556.6 154.8 66.8
Non-current
financial liabilities
1,511.7 1,876.3 (364.7) (411.8)
Non-current
financial assets
(3.1) (3.0) (0.0) 0.2
H) Non-current
financial indebtedness
1,508.6 1,873.3 (364.7) (411.6)
Current financial liabilities 258.1 267.2 (9.2) (14.4)
Cash and cash equivalents and
current financial assets
(191.1) (206.0) 14.9 26.2
I) Current net financial
indebtedness
66.9 61.2 5.7 11.8
Net financial
indebtedness (H + I)
1,575.5 1,934.5 (358.9) (399.8)
L) Total, as in F) 2,286.9 2,491.0 (204.1) (326.2)
1 The figures in the reclassified consolidated statement of financial position are directly derived from the consolidated financial statements and notes thereto, with the exception of “other receivables” and “other non-current non-financial assets and liabilities”, which include deferred tax assets (these are shown indistinctly under “Noncurrent assets” in the consolidated financial position) 2 Unlike the statement of financial position included in the consolidated financial statements (Section 2.1.1), to better highlight equity attributable to non-controlling interests for both 2010 and 2009, this figure is shown net of non-controlling interests in the Flight segment (€ 6.8m). The 2009 balances have also been modified to exclude the contribution of the Flight business, shown under letter E), to better represent the changes taking place in 2010 on a comparable basis with 2009. Balances for 2009 relating to the Flight segment are reported in Section 2.2.2 of the Notes to the financial statements

Net invested capital at 31 December 2010 stood at € 2,286.9m, a decrease of € 204.1m due primarily to the sale of the Flight business. At constant exchange rates, the reduction would have been € 326.2m.

Net financial position at 31 December 2010 was € 1,575.5m, a decrease of € 358.9m compared with the previous year-end figure of € 1,934.5m. At constant exchange rates, the reduction would have been € 399.8m.

At the close of 2010, 34% of consolidated net debt was denominated in US dollars, 24% in British pounds, and the rest in euros.

Either originally or through renegotiation, 63% of debt was fixed-rate, compared with 52% a year earlier.

Debt consists mainly of committed long-term credit lines from banks and medium/long-term bonds (private placements).
At 31 December 2010, loans had an average remaining life of two years and three months.

The fair value of interest and exchange rate hedges at 31 December 2010 was a negative € 56.6m (negative € 58.6m at the close of 2009).

The growth in EBITDA, and the reduction in debt achieved through the net generation of cash and the sale of the Flight business, continued to significantly improve the financial ratios the Group is required to uphold by the main loan contracts outstanding.

Specifically, the leverage ratio (net debt/EBITDA) fell from 2.97-3.10 at 31 December 2009 to 2.47-2.52, versus a ceiling of 3.50, while interest coverage (EBITDA/net financial expense) increased to 8.62-8.65 (from 6.93-7.24 at the close of 2009) versus a minimum threshold of 4.50. The Group therefore enjoys extensive financial flexibility.