Discover the Acea Group online 2019 Consolidated Report

Summary of Results: trends in financial position and cash flows

Consolidated balance sheet data

€ million31/12/201931/12/2018Change% Change
Non-current assets and liabilities5,825.85,114.2711.513.9%
Net working capital(656.2)(642.7)(13.5)2.1%
Invested capital5,169.54,471.5698.015.6%
Net debt(3,062.8)(2,568.0)(494.8)19.3%
Total shareholders' equity(2,106.7)(1,903.5)(203.2)10.7%
Total sources of financing5,169.54,471.5698.015.6%

Compared to 31 December 2018, non-current assets and liabilities increased by € 711.5 million (+ 13.9%) mainly due to the growth in fixed assets (+ € 774.3 million), the provision for risks (+ € 14.8 million) and the increase in other non-current liabilities (+ € 42.9 million).

€ million31/12/201931/12/2018Change% Change
Tangible/intangible fixed assets5,565.14,790.7774.316.2%
Equity investments270.8281.7(10.9)(3.9)%
Other non-current assets637.0630.66.51.0%
Employee severance indemnity and other defined benefit plans(104.6)(103.9)(0.7)0.7%
Provisions for risks and charges(151.4)(136.7)(14.8)10.8%
Other non-current liabilities(391.1)(348.2)(42.9)12.3%
Non-current assets and liabilities5,825.85,114.2711.513.9%

The change in intangible fixed assets is due to the investments, which reached € 792.8 million (+ € 161.9 million), and amortisa- tions and value reductions, totalling € 409.6 million (+ € 42.7 million). The change in the consolidation area (gross of changes in the period) affected the increase of € 363.8 million. Finally, it should be noted that the item “tangible/intangible fixed assets” includes the increase resulting from the application of the new international standard IFRS 16 from 1 January 2019, which resulted in the recognition of fixed assets with a net book value at 31 December 2019 of € 63.4 million (for further details, see the section entitled “Effects deriving from the introduction of new ac- counting standards”).

Investments increased by € 161.9 million (+ 25.7%)

The net working capital is negative for € 656.2 million and dropped € 13.5 million compared to the end of 2018

Roma Capitale: net balance is positive for € 33.7 million

Current payables increased by € 75.4 million

Shareholders' equity amounted to € 2.1 billion

Net financial debt increased by € 494.8 million compared to the end of 2018

The short-term component was positive for € 460.5 million, a reduction of € 312.8 million

The Acea rating