Millions of euro    
                                 at Dec. 31, 2017at Dec. 31, 2016Change
Net non-current assets:        
- property, plant and equipment and intangible assets 91,738 92,318 (580) -0.6%
- goodwill 13,746 13,556 190 1.4%
- equity investments accounted for using the equity method 1,598 1,558 40 2.6%
- other net non-current assets/(liabilities) (1,677) (802) (875) -
Total net non-current assets 105,405 106,630 (1,225) -1.1%
Net current assets:        
- trade receivables 14,529 13,506 1,023 7.6%
- inventories 2,722 2,564 158 6.2%
- net receivables due from institutional market operators (3,912) (3,592) (320) -8.9%
- other net current assets/(liabilities) (6,311) (5,201) (1,110) -21.3%
- trade payables (12,671) (12,688) 17 0.1%
Total net current assets (5,643) (5,411) (232) -4.3%
Gross capital employed 99,762 101,219 (1,457) -1.4%
Sundry provisions:        
- employee benefits (2,407) (2,585) 178 6.9%
- provisions for risks and charges and net deferred taxes (8,025) (8,517) 492 5.8%
Total provisions (10,432) (11,102) 670 6.0%
Net assets held for sale 241 11 230 -
Net capital employed 89,571 90,128 (557) -0.6%
Total shareholders’ equity 52,161 52,575 (414) -0.8%
Net financial debt 37,410 37,553 (143) -0.4%

Property, plant and equipment and intangible assets, (including investment property) amounted to €91,738 million at December 31, 2017, a decrease of €580 million. The decline mainly reflects the negative impact of translating financial statements denominated in foreign currencies (€3,824 million, with the largest losses coming in respect of the US dollar, the Colombian peso and the Chilean peso), depreciation, amortization and impairment losses totaling €5,021 million and the reclassification to asset held for sale of the “Kino” renewables projects in Mexico in application of IFRS 5 (€1,207 million).

These factors were partly offset by investments in the period (€8,130 million) and the change in the scope of consolidation (a positive €1,758 million), mainly attributable to the acquisition of Enel Distribuição Goiás (including the concession rights for the distribution of electricity in the region of Goiás), EnerNOC and eMotorWerks.

Goodwill amounted to €13,746 million, an increase of €190 million on December 31, 2016.

In addition to exchange losses, the net change mainly reflects:

  • the recognition of goodwill of €289 million in respect of: (i) the acquisition of EnerNOC, a US company that is leader in demand response and energy services for industrial, commercial and government customers and (ii) the subsequent acquisition of eMotorWerks by EnerNOC;
  • the reclassification of €38 million to assets held for sale of the goodwill of the Central America CGU associated with the “Kino” wind farms in Mexico, for which the conditions established in IFRS 5 for recognition in that category were met during the year.

Equity investments accounted for using the equity method amounted to €1,598 million, an increase of €40 million on December 31, 2016.

This mainly reflects the recognition of net income pertaining to the Group, net of dividends paid. In addition to this factor and exchange differences, other factors included the changes in the scope of consolidation due to the disposal of the Chilean company Electrogas and the recognition of the residual portion attributable to the Group following the disposal of 80% of the Caney River and Rocky Ridge wind farms in the United States.

Other net non-current assets/(liabilities) showed net liabilities of €1,677 million at December 31, 2017, an increase of €875 million on December 31, 2016 (€802 million). The change is mainly attributable to:

  • the decrease of €1,398 million in net assets in respect of cash flow hedge derivatives (especially those hedging exchange risk);
  • the decrease of €138 million in other equity investments, mainly associated with the sale of the 10% interest in Bayan Resources;
  • an increase of €455 million in financial assets in respect of service concession arrangements, mainly attributable to the award of a 30-year concession for the Volta Grande hydroelectric facility in south-eastern Brazil;
  • an increase of €106 million from the consolidation of Enel Distribuição Goiás;
  • an increase of €94 million in long-term receivables from institutional market operators in Spain and Italy.

Net current assets were a negative €5,643 million at December 31, 2017, an increase of €232 million on December 31, 2016. The change reflects the following factors:

  • an increase of €1,023 million in trade receivables, mainly: (i) in South America, where unfavorable exchange effects were more than offset by the change in the scope of consolidation with Enel Distribuição Goiás (€336 million), the increase in quantities sold and transported and rate increases, notably in Argentina and (ii) in Italy in respect of traders;
  • an increase of €158 million in inventories, mainly in Italy and reflecting the purchase of second-generation meters as part of the Open Meter plan, the purchase of materials for the maintenance and operation of medium- and lowvoltage grids and an increase in CO2 emissions allowances and stocks of gas and other fuels;
  • a decrease of €320 million in net receivables due from institutional market operators, mainly in Italy in respect of white certificates and electricity equalization on the regulated market, as well as the effects in South America of the consolidation of Enel Distribuição Goiás and the increase in system charges in Argentina as a result of rate increases;
  • a decrease of €1,110 million in other current assets net of associated liabilities. The change reflected the following factors:
    • a decrease of €541 million in net current financial assets, essentially reflecting the decrease in the fair value of derivatives, mainly cash flow hedges on exchange rates and commodity prices;
    • a decrease of €227 million in net income tax receivables. This was largely attributable to payments of income tax in the amount of €1,579 million, down €380 million on the previous year, partly offset by the recognition of the current tax liability (net of adjustments for prior years) in the amount of €1,867 million, an increase of €171 million;
    • a decrease of €94 million in other net current liabilities. More specifically, the reduction in liabilities for the purchase of equity investments (attributable to the payment of the put option that enabled the acquisition of an additional 13.6% of Enel Distributie Muntenia and Enel Energie Muntenia for €401 million) was only partly offset by the increase in liabilities for dividends to be paid, which reflects the larger interim dividend approved by Enel SpA for its shareholders and by the increase in liabilities in respect of customers for reimbursements to be paid, mainly in Italy;
  • a decrease of €17 million in trade payables. More specifically, the decline in payables in Italy was almost entirely offset by an increase in Spain and South America.

Sundry provisions, amounted to €10,432 million, a decrease of €670 million compared with the previous year. The change essentially reflects the following factors:

  • a decrease of €178 million in provisions for employee benefits, mainly due to developments in exchange rates;
  • a reduction of €384 million in provisions for risks and charges, mainly associated with the provision for early retirement incentives (largely in Italy and Spain);
  • a decrease of €159 million in net deferred tax liabilities, mainly due to exchange differences on the net deferred tax liabilities of companies with a currency other than the euro.

Net assets held for sale amounted to €241 million at December 31, 2017 (€11 million at December 31, 2016).

The change mainly reflects the reclassification to assets held for sale of:

  • eight Mexican project companies, which own three plants in operation and five under construction, for which Enel Green Power has signed agreements for the sale of 80% of their share capital (the “Kino Project”);
  • project companies associated with the Kafireas wind project, for which Enel Green Power Hellas has signed a Joint Venture Agreement with a partner that governs the terms and management of 100% of the projects linked to that wind farm.

Net capital employed at December 31, 2017 amounted to €89,571 million and was funded by shareholders’ equity attributable to the shareholders of the Parent Company and non-controlling interests in the amount of €52,161 million and net financial debt of €37,410 million. At December 31, 2017, the debt/equity ratio was 0.72 (0.71 at December 31, 2016).