Financial Review

Consolidated Balance Sheet
(EUR million) DEC-20 DEC-19
FIXED AND OTHER NON-CURRENT ASSETS 10,462 12,358
Consolidation goodwill 208 248
Intangible assets 60 62
Investments in infrastructure projects 6,200 6,880
Property 2 2
Plant and Equipment 272 299
Right-of-use assets 97 126
Equity-consolidated companies 1,710 2,557
Non-current financial assets 852 1,247
     Long term investments with associated companies 164 171
     Restricted Cash and other non-current assets 654 970
     Other receivables 34 106
Deferred taxes 586 502
Derivative financial instruments at fair value 475 434
CURRENT ASSETS 12,665 11,751
Assets classified as held for sale 4,071 4,936
Inventories 690 699
Trade & other receivables 1,292 1,256
     Trade receivable for sales and services 956 891
     Other receivables 335 364
Taxes assets on current profits 108 97
Cash and other temporary financial investments 6,432 4,735
     Infrastructure project companies 111 119
     Restricted Cash 8 6
     Other cash and equivalents 103 113
     Other companies 6,321 4,617
Derivative financial instruments at fair value 72 27
TOTAL ASSETS  23,128 24,109
(EUR million) DEC-20 DEC-19
EQUITY 3,827 5,087
Capital & reserves attrib to the Company’s equity holders 3,187 4,304
Minority interest  640 783
Deferred Income 1,245 1,347
NON-CURRENT LIABILITIES 9,320 9,054
Pension provisions 4 4
Other non current provisions 421 518
Long term lease debts 61 82
Financial borrowings 7,970 7,565
    Financial borrowings on infrastructure projects 5,078 5,471
    Financial borrowings other companies 2,892 2,094
Other borrowings 16 27
Deferred taxes 428 475
Derivative financial instruments at fair value 419  385
CURRENT LIABILITIES 8,736 8,621
Liabilities classified as held for sale 2,958 3,491
Short term lease debts 59  71
Financial borrowings 1,657 1,033
    Financial borrowings on infrastructure projects 28 23
    Financial borrowings other companies 1,630 1,010
Derivative financial instruments at fair value  49 97
Trade and other payables  3,029  3,072
    Trades and payables 1,390 1,327
    Other non commercial liabilities 1,640 1,745
Liabilities from corporate tax 91 107
Trade provisions 892 750
TOTAL LIABILITIES & EQUITY 23,128 24,109

GROSS CONSOLIDATED DEBT*

Gross debt DEC-20 EX-INFRA INFRA CONSOLIDATED
Gross debt (EUR mn) -4,640 -5,445 -10,085
% fixed 87.4% 97.8% 92.9%
% variable 12.6% 2.2% 7.1%
Average rate 1.0% 4.6% 2.9%
Average maturity (years) 3 20 12

*Includes discontinued operations

CONSOLIDATED FINANCIAL POSITION*

(EUR million) DEC-20 DEC-19
Gross financial debt -10,085 -9,244
     Gross debt ex-infrastructure -4,640 -3,433
     Gross debt infrastructure -5,445 -5,811
Gross Cash 7,544 6,287
     Gross cash ex-infrastructure 6,631 5,064
     Gross cash infrastructure 913 1,223
Total net financial position -2,541 -2,957
     Net cash ex-infrastructure 1,991 1,631
     Net debt infrastructure -4,532 -4,588
Total net financial position -2,541 -2,957

*Includes discontinued operations