Net invested capital

Net invested capital increased by €927.4m (€1,049.1m at constant exchange rates), due mainly to the acquisitions carried out during the year2, which affected balance sheet items as at 31 December 2008 by €944.6m.

That impact can be broken down into:

  • €78.5m for property, plant and equipment;
  • €935.8m for intangible assets and non-current financial assets, including €774.8m for goodwill;
  • €18.2m for working capital;
  • €-51.5m for other net non-current and non-financial liabilities.

2 100% of World Duty Free Europe Ltd., 49.95% of Aldeasa S.A., 100% of Air Czech Catering A.S. and the remaining 50% of Alpha Future Airport Retail Pvt