| (Euro thousands) | At December 31 2017 | At December 31 2016 | Change |
|---|---|---|---|
| Intangible assets | 998,182 | 1,011,111 | (12,929) |
| Property, plant & equipment | 204,971 | 190,276 | 14,695 |
| Investment property | 3,394 | 3,398 | (4) |
| Investments in associates | 54,054 | 51,597 | 2,457 |
| AFS Investments | 26 | 26 | 0 |
| Deferred tax assets | 51,152 | 43,665 | 7,487 |
| Other non-current financial assets | 7,190 | 16,776 | (9,586) |
| Other non-current receivables | 280 | 308 | (28) |
| Fixed assets (A) | 1,319,249 | 1,317,157 | 2,092 |
| Inventories | 4,104 | 4,141 | (37) |
| Trade receivables | 111,077 | 86,968 | 24,109 |
| Tax receivables | 14,941 | 14,800 | 141 |
| Other receivables | 9,200 | 18,563 | (9,363) |
| Other current financial assets | 13,300 | 7,190 | 6,110 |
| Current assets | 152,622 | 131,662 | 20,960 |
| Assets held-for-sale | - | 10,732 | (10,732) |
| Trade payables | 153,497 | 161,530 | (8,033) |
| Other payables | 174,592 | 160,327 | 14,265 |
| Tax payables | 8,370 | 6,841 | 1,529 |
| Current liabilities | 336,459 | 328,698 | 7,761 |
| Liabilities related to assets held-for-sale | - | 2,379 | (2,379) |
| Net Working Capital (B) | (183,837) | (188,683) | 4,846 |
| Provisions for risks and charges (C) | (169,935) | (174,061) | 4,126 |
| Employee provisions (D) | (47,834) | (49,220) | 1,386 |
| Other non-current payables (E) | (17,588) | - | (17,588) |
| Net capital employed (A+B+C+D+E) | 900,055 | 905,193 | (5,138) |
| Group Net Equity | (391,154) | (375,264) | (15,890) |
| Minority interest net equity | (23) | (566) | 543 |
| Net financial debt | (508,878) | (529,363) | 20,485 |
| Total sources of financing | (900,055) | (905,193) | 5,138 |
All fixed assets, including those falling under IFRIC 12, are expressed net of those funded by State and European Union contributions. At December 31, 2016, these amounted to Euro 504,383 thousand and Euro 7,019 thousand respectively (at December 31, 2016, amounting to Euro 503,601 thousand and Euro 5,517 thousand respectively).
Net capital employed at December 31, 2017 amounted to Euro 900,055 thousand, with a decrease of Euro 5,138 thousand over December 31, 2016. This reduction is linked, in addition to the performance of non-current assets and net working capital described below, to the entry of the item "Other non-current payables", with reference to payables to employees and associated social security contributions, recorded as a result of the mobility procedure’s commencement on December 27, 2017. Through the mobility procedure, early retirement 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). The agreement with Trade Unions covering this procedure was signed on January 15, 2018.
Non-current assets of Euro 1,319,249 thousand increased Euro 2,092 thousand compared to December 31, 2016, mainly due to i) net investments for the year of Euro 72,130 thousand (net of the use of the recovery provision), partially offset by the depreciation for the year amounting to Euro 69,296 thousand; ii) the increase in net deferred tax assets of Euro 7,487 thousand; iii) the increase in financial assets as a result of the equity valuation of investments in associates for Euro 2,457 thousand; iv) the reclassification from non-current to current of 40% of other financial assets, the sale of which is regulated by the call option, in anticipation of the conclusion of negotiations with dnata by 2018.
Net working capital of –Euro 183,837 thousand, increased by Euro 4,846 thousand over December 31, 2016. This trend is mainly attributable to i) the increase in other receivables/payables which include lower receivables from GSE for green and white certificates, higher tax payables and higher payables for fire-fighting services, ii) the increase in trade receivables mainly as a result of higher revenues in the year under review, iii) the decrease in trade payables, almost completely offset by the change in assets/liabilities connected to assets that are to be sold and the exit of SEA Handling SpA from the consolidation scope following its liquidation; iv) the increase in other current financial assets following the reclassification of the 40% share, net of the write-down in 2017 amounting to Euro 3,476 thousand, and to be sold to dnata.
The following table illustrates the principle components of Net Working Capital.
| (Euro thousands) | At December 31 2017 | At December 31 2016 | Change |
|---|---|---|---|
| Inventories | 4,104 | 4,141 | (37) |
| Trade receivables | 111,077 | 86,968 | 24,109 |
| Trade payables | (153,497) | (161,530) | 8,033 |
| Other receivables/(payables) | (158,821) | (133,805) | (25,016) |
| Other current financial assets | 13,300 | 7,190 | 6,110 |
| Assets held-for-sale | - | 10,732 | (10,732) |
| Liabilities related to assets held-for-sale | - | (2,379) | 2,379 |
| Total net working capital | (183,837) | (188,683) | 4,846 |