Financial position

Balance Sheet and net financial position1

Change
(€m) 31.12.2008 31.12.2007 at current exch rate at constant exch. rate

Intangible assets

2,312.9 1,414.6 898.3 1,024.3

Property, plant and equipment

1,065.5 908.1 157.4 153.9

Non-current financial assets

29.3 23.5 5.8 6.4

A) Non-current assets

3,407.7 2,346.1 1,061.6 1,184.6

Inventories

267.0 196.8 70.2 78.3

Trade receivables

98.4 104.8 (6.4) 5.7

Other receivables

210.6 199.5 11.1 12.2

Trade payables

(711.7) (529.3) (182.4) (191.3)

Other payables

(348.4) (332.2) (16.2) (18.7)

B) Working capital

(484.2) (360.4) (123.8) (113.8)

C) Invested capital,less current liabilities

2,923.6 1,985.7 937.8 1,070.

D) Other non-current non-financial assets and liabilities

(213.6) (207.8) (5.8) (17.0)

E) Assets held for sale

1.1 5.8 (4.7) (4.7)

F) Net invested capital

2,711.1 1,783.7 927.4 1,049.1

Equity attributable to the shareholders of the Parent

486.5 563.4 (77.0) 16.5

Minority interests

56.9 58.2 (1.3) 1.2

G) Equity

543.4 621.5 (78.1) 17.8

H) Convertible bonds

0.0 40.2 (40.2) (40.2)

Non-current financial liabilities

2,143.6 1,206.3 937.3 960.8

Non-current financial assets

(5.2) (4.5) (0.7) 0.5

I) Net financial position

2,138.3 1,201.7 936.6 960.3

Current financial liabilities

261.7 144.7 117.0 112.9

Cash and cash equivalents and non-current financial assets

(232.3) (224.5) (7.8) 1.6

L) Net current financial position

29.4 (79.8) 109.2 111.3

Net financial position (H+I+L)

2,167.7 1,162.2 1,005.5 1,031.4

M) Total, as in F)

2,711.1 1,783.7 927.4 1,049.1

1 The main balance sheet figures are directly derived from the consolidated financial statements and notes