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Reclassified statement of financial position

(Euro thousands) December 31, 2018 December 31, 2017Change
Intangible assets 986,469 998,182 (11,713)
Property, plant & equipment 205,483 204,971 512
Investment property 3,408 3,394 14
Investments in associates 67,914 54,054 13,860
Other investments 26 26 0
Deferred tax assets 54,185 51,152 3,033
Other non-current financial assets   7,190 (7,190)
Other non-current receivables 188 280 (92)
Fixed assets (A) 1,317,673 1,319,249 (1,576)
Inventories 1,934 4,104 (2,170)
Trade receivables 121,005 111,077 9,928
Tax receivables 1,048 14,941 (13,893)
Other receivables 9,527 9,200 327
Other current financial assets 0 13,300 (13,300)
Current assets 133,514 152,622 (19,108)
Trade payables 153,394 153,497 (103)
Other payables 192,476 174,592 17,884
Tax payables 18,541 8,370 10,171
Current liabilities 364,411 336,459 27,952
Net Working Capital (B) (230,897) (183,837) (47,060)
Provisions for risks and charges (C) (167,861) (169,935) 2,074
Employee provisions (D) (46,214) (47,834) 1,620
Other non-current payables (E) (13,964) (17,588) 3,624
Net capital employed (A+B+C+D+E) 858,737 900,055 (41,318)
Group Net Equity (459,101) (391,154) (67,947)
Minority interest net equity (25) (23) (2)
Net financial debt (399,611) (508,878) 109,267
Total sources of financing (858,737) (900,055) 41,318

All fixed assets, including those falling under IFRIC 12, are expressed net of those funded by State and European Union contributions. At December 31, 2018, they amounted to Euro 505,226 thousand and Euro 7,019 thousand respectively (at December 31, 2017, Euro 504,383 thousand and Euro 7,019 thousand respectively).

Fixed assets of Euro 1,317,673 thousand decreased by Euro 1,576 thousand over December 31, 2017.

This was primarily due to net investments for the year of Euro 63,980 thousand (net of the use of the restoration provision), which were more than offset by depreciation and amortization of Euro 73,601 thousand; the increase in the value of equity investments in associated companies (Euro 13,860 thousand), which includes the measurement at equity of associated companies and the reclassification of the instruments representing 30% of the capital of Airport Handling SpA, previously classified among other non-current financial assets and, finally, the increase in net deferred tax assets of Euro 3,033 thousand.

Net working capital of Euro -230,897 thousand decreased Euro 47,060 thousand over December 31, 2017.

This movement is mainly due to the decrease in short-term assets, as a result of the increase in trade receivables, principally as a result of higher revenues in the reporting period, more than offset by the reduction in tax receivables following the collection in April 2018 of the IRES receivable relating to the deductibility of IRAP from IRES for annual periods 2007 to 2011 (“click day”) and the reduction in other current financial assets following the elimination of the financial receivable associated with the sale of 40% of the equity investment held by the trust in Airport Handling SpA, already subject to an impairment loss of Euro 3,476 thousand in 2017.

Current liabilities also contributed positively to working capital dynamics as a result of the increase in tax payables, surtaxes payable in connection with the increase in turnover and the increase in the amount payable for fire prevention services.

Other non-current payables refer mainly to payables to employees recorded as a result of the mobility procedure’s commencement on December 27, 2017. Through the mobility procedure, leaving incentive payments were established for a pre-determined number of workers who will qualify for pension benefits by August 2023 (early retirement or old age pension). Such payables decreased on December 31, 2017 due to the achievement by some workers of the requirements for the settlement of the payable or the reclassification from non-current to current payables.

Net capital employed at December 31, 2018 amounted to Euro 858,737 thousand, with a decrease of Euro 41,318 thousand over December 31, 2017.

The following table illustrates the principal components of Net Working Capital.

(Euro thousands) December 31, 2018 December 31, 2017 Change
Inventories 1.934 4.104 (2.170)
Trade receivables 121.005 111.077 9.928
Trade payables (153.394) (153.497) 103
Other receivables/(payables) (200.442) (158.821) (41.621)
Other current financial assets 0 13.300 (13.300)
Total net working capital (230.897) (183.837) (47.060)