Consolidated Statement of Financial Position*

 

As of 31 December 2013As of 31 December 2012Change
In millions of Euro
Statement of financial position
Net working capital(30.4)(81.1)50.7
Net tangible assets310.1321.0(10.9)
Net intangible assets654.5661.0(6.4)
Financial assets9.96.73.2
Provisions(76.4)(75.9)(0.5)
Net capital employed867.7831.736.0
Net financial debt475.6391.883.8
Shareholders’ equity392.1439.9(47.8)
Sources of funds867.7831.736.0
Minority interest capital0.91.2(0.3)
 

Net working capital as of 31 December 2013 was equal to – €30.4 million, using a cash flow of approximately €50.7 million during 2013.

Property, plant and equipment amounted to €310.1 million as of 31 December, with a decrease equal to approximately €10.9 million compared to 31 December 2012. This reduction is basically due to the devaluation of Asian currencies. The value adjustment of the balance sheet item to the exchange rate in effect at the end of the reporting period generated a decrease in the carrying amount of approximately €13.2 million. Investments for the period were all but offset by depreciation. Reclassifications of intangible assets to property, plant and equipment generated an increase of approximately €3.4 million.

Intangible assets totalled €654.5 million, down by approximately € 6.4 million compared to 31 December 2012. This downturn is mainly due to the devaluation of Asian currencies, which generated a reduction in the carrying amount of approximately €6.2 million. Investments for the period (€48.8 million) exceeded amortisation for the period by approximately €4.1 million.
The above reclassifications of intangible assets to property, plant and equipment generated a decrease of approximately €3.4 million. 

Financial assets totalled €9.9 million. The increase mainly refers to the equity valuation of the Zongshen Piaggio Foshan joint venture (€2.1 million).

Provisions totalled €76.4 million, increasing compared to 31 December 2012 (€75.9 million). 

As fully described in the next section on the “Consolidated Statement of Cash Flows”, net financial debt as of 31 December 2013 was equal to €475.6 million, compared to € 391.8 million as of 31 December 2012. The increase of approximately €83.8 million is due to the investments programme, the distribution of dividends and a lower contribution from working capital.

Shareholders' equity as of 31 December 2013 amounted to €392.1 million, down €47.8 million compared to 31 December 2012.

* For a definition of individual items, see the “Economic Glossary”.