Statement of financial position (EUR 000) 31.12.2011 31.12.2010
Non-current assets 270,047 263,747
Non-current liabilities (46,554) (46,183)
  223,493 217,564
Inventories 129,936 127,632
Contract work in progress 283,302 216,928
Trade receivables 680,069 624,808
Trade payables (431,851) (403,133)
Advances from customers (706,735) (657,150)
Working capital (45,279) (90,915)
Provisions for short-term risks and charges (23,136) (22,417)
Other net assets (liabilities) (*) (20,616) (40,921)
Net working capital (89,031) (154,253)
Net invested capital 134,462 63,311
Capital and reserves attributable to equity holders of the Company 423,014 380,411
Minority interests in equity 1,122 1,050
Shareholders’ equity 424,136 381,461
Net financial debt (liquidity) (289,674) (318,150)
Notes for reconciling the reclassified Statement of Financial Position and the Statement of Financial Position: (*) Includes “Tax receivables” and “Other current assets”, less “Tax payables” and “Other current liabilities”

Net invested capital amounted to EUR 134,462 thousand compared with EUR 63,311 thousand in the previous year. The change of EUR 71,151 thousand is due to the increase in non-current items of EUR 5,929 thousand and in net working capital of EUR 65,222 thousand.

The change in net working capital is due to the increase in inventories of work in progress and trade receivables and the rise in trade payables and advances from customers. In particular, trade receivables rose because of some receivables of the Parent company ASTS.
The net financial position (mainly financial receivables and cash and cash equivalents on borrowings) was EUR 289,674 thousand as compared with EUR 318,150 thousand in 2010, a decrease of EUR 28,476 thousand after the payment of dividends of EUR 33,592 thousand (EUR 30,982 thousand in 2010). The financial position at 31 December 2011 (EUR 289,674 thousand) includes EUR 70,643 thousand for the advance payment collected by the Russian customer Zarubezhstroytechnology for the project for the construction of signalling, automation, telecommunications, power supply, security and ticketing systems on the line linking Sirth to Benghazi in Libya.

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 70,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company