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Balance sheet

Summary Balance Sheet (€m) 2010 2011 2012 2013 2014
Net working capital1 24.8 33.0 32.1 28.3 45.3
Non-current assets 21.5 36.9 55.5 71.2 82.4
Non-current liabilities (excluding financial liabilities) (0.4) (0.3) (0.3) (0.4) (0.4)
Net Invested Capital2 45.9 69.6 87.2 99.2 127.3
Shareholders’ equity 68.7 82.6 101.8 119.7 158.3
Net debt / (net financial position)3 (22.8) (12.9) (14.6) (20.5) (31.0)
Total sources of financing 45.9 69.6 87.2 99.2 127.3

Note

1 – Net working capital is current assets, net of current liabilities, with the exception of cash and cash equivalents, bank loans and borrowings and other financial payables falling due within one year and financial assets and liabilities included under other current assets and liabilities. Net working capital is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union. The measurement criterion adopted by the Company might not be consistent with that adopted by other groups. Accordingly, the balance obtained by the Company may not be comparable with the figures obtained by other groups.

2 – Net invested capital is the sum of net working capital, non-current assets and non-current liabilities net of non-current financial liabilities. Net invested capital is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union. The measurement criterion adopted by the Company might not be consistent with that adopted by other groups. Accordingly, the balance obtained by the Company may not be comparable with the figures obtained by other groups.

3 – Net debt (or net financial position) is the sum of cash and cash equivalents, other current financial assets, net of bank loans and borrowings and other financial payables falling due within one year, other current financial liabilities and non-current financial liabilities. Net debt (or net financial position) is not recognised as an accounting measure under Italian GAAP or the IFRS endorsed by the European Union. The measurement criterion adopted by the Company might not be consistent with that adopted by other groups. Accordingly, the balance obtained by the Company may not be comparable with the figures obtained by other groups. Other current financial assets are not governed in detail in CESR’s definition of net debt (or net financial position): the Group considers it appropriate to supplement this definition by including receivables from acquirers and logistics operators that have been requested to collect cash on delivery under “other current financial assets”.