Condensed balance sheet *

(€m) 31.12.2008 31.12.2007 Change
A) Non-current assets
Intangible assets 127.4 120.3 7.1
Property. plant and equipment 223.1 196.7 26.4
Equity investments 616.9 893.0 (276.1)
967.4 1,210.0 (242.6)
B) Working capital
Inventories 51 .5 48.6 2.9
Trade receivables 25.0 31 .2 (6.2)
Other current assets 48.0 67.3 (19.3)
Trade payables (281 .9) (281 .9) -
Other current liabilities (94.7) (80.2) (14.5)
(252.1) (215.0) (37.1)
C) Invested capital. less current liabilities 715.3 995.0 (279.7)
D) Post-employment benefits and non-current non-financial liabilities (83.2) (131.6) 48.4
E) Net invested capital 632.1 863.4 (231.3)
financed by
F) Equity 553.0 653.7 (100.7)
G) Net non-current financial position
Non-current financial liabilities (1,629.5) (763.6) (865.9)
Non-current financial assets 1,250.3 293.4 956.9
(379.2) (470.2) 91.0
H) Net current financial position
Bank current overdrafts (4.8) (8.9) 4.1
Current financial liabilities (113.1) (22.9) (90.2)
Cash and cash equivalents 52.2 45.7 6.5
Current financial assets 365.8 246.6 119.2
300.1 260.5 39.6
Net financial position (G+H) (79.1) (209.7) 130.6
I) Total. as in E) 632.1 863.4 (231.3)

The balance sheet shows a decrease of €231.2m in net invested capital, due mainly to the sale of the investment in Alpha Group Plc. to World Duty Free Europe Ltd. as part of the Group streamlining process. There was also a decrease in working capital, mostly as a result of the dividend paid in 2008 by Autogrill International in the amount of €84m.
Assets were financed mainly by long-term bank loans, as discussed in section 1.4.2.

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