Reclassified financial position

The reclassified statement of financial position of Terna S.p.A. at 31 December 2010 and 31 December 2009 is shown below.

In millions of euros at 31 Dec. 2010 at 31 Dec. 2009 Change
Net non-current assets      
Intangible assets and goodwill 362.6 350.2 12.4
Property, plant and equipment 6,687.7 5,890.9 796.8
Financial assets (1) 590.0 581.2 8.8
Total 7,640.3 6,822.3 818.0
Net working capital      
Trade receivables (2) 511.3 379.8 131.5
Inventories 11.4 11.7 -0.3
Other assets (3) 17.6 12.1 5.5
Trade payables (4) 491.2 386.9 104.3
Net payable for pass-through energy-related items (5) 77.3 303.4 -226.1
Tax liabilities, net (6) 54.4 -8.2 62.6
Other liabilities (7) 287.9 265.4 22.5
Total -370.5 -543.9 173.4
Gross invested capital 7,269.8 6,278.4 991.4
Other provisions (8) 536.3 549.3 -13.0
Net invested capital in continuing operations 6,733.5 5,729.1 1,004.4
Net invested capital in discontinued operations and assets held for sale (9) 4.6 0.1 4.5
Total net invested capital 6,738.1 5,729.2 1,008.9
Equity 2,534.3 2,468.3 66.0
Net financial debt of continuing operations (10) 4,458.4 3,260.9 1,197.5
Net financial debt of discontinued operations
and assets held for sale (11)
- 254.6 0.0 -254.6
Total net financial debt 4,203.8 3,260.9 942.9
Total 6,738.1 5,729.2 1,008.9
(1) “Other non-current assets” and “Non-current financial assets” for the value of equity investments (€ 583.8 million);
(2) “Trade receivables” net of the receivables for energy-related pass-through revenue (€ 984.3 million);
(3) “Other current assets” net of other tax assets (€ 3.9 million) and “Current financial assets”;
(4) “Trade payables” net of the payables for energy-related pass-through costs (€ 1,061.6 million);
(5) the receivables for energy-related pass-through revenue (€ 984.3 million) element of “Trade receivables” and the payables for energy-related pass-through costs (€1,061.6 million) element of “Trade payables”;
(6) “Tax assets”, the other tax assets element (€ 3.9 million) of “Other current assets”, the other tax liabilities element (€ 6.0 million) of “Other current liabilities” and “Tax liabilities”;
(7) “Other non-current liabilities”, “Current financial liabilities” and “Other current liabilities” net of other tax liabilities (€ 6.0 million);
(8) “Employee benefits”, “Provisions for contingencies and charges” and “Deferred tax liabilities”;
(9) “Invested capital in discontinued operations and assets held for sale” (€ 4.6 million);
(10) “Long-term loans”, “Current portion of long-term loans”, “Short-term loans”, “Non-current financial liabilities”, “Cash and cash equivalents” and “Non-current financial assets” for the value of the loan to TELAT and FVH derivatives (respectively € 500.0 and € 200.3 million).
(11) “Invested capital in discontinued operations and assets held for sale” (€ 500 million) and “Debt from discontinued operations and assets held for sale” (€ 245,4 million).