Millions of euro
at Dec. 31, 2017at Dec. 31, 2016Change
Net non-current assets:
- property, plant and equipment and intangible assets 41 27 14
- equity investments 42,811 42,793 18
- net other non-current assets/(liabilities) (667) (440) (227)
Total 42,185 42,380 (195)
Net current assets:
- trade receivables 237 255 (18)
- net other current assets/(liabilities) (1,612) (1,500) (112)
- trade payables (137) (150) 13
Total (1,512) (1,395) (117)
Gross capital employed 40,673 40,985 (312)
Provisions:
- employee benefits (273) (286) 13
- provisions for risks and charges and net deferred taxes 87 56 31
Total (186) (230) 44
Net capital employed 40,487 40,755 (268)
Shareholders’ equity 27,236 26,916 320
NET FINANCIAL DEBT 13,251 13,839 (588)

Net non-current assets amounted to €42,185, a decrease of €195 million. This was attributable to:

    • an increase of €227 million in “net other non-current assets/( liabilities)”, which at December 31, 2017 showed a net liability of €667 million (net other non-current liabilities of €440 million at December 31, 2016). The change is essentially attributable to the decrease in the value of non-current derivative assets (€1,014 million) and the decrease in the value of non-current derivative liabilities (€812 million);
    • an increase of €18 million in the value of equity investments in subsidiaries, which reflected the following operations: the acquisition of Tynemouth Energy Storage Limited (€5 million) and Enel M@p (€12 million), and the formation of Enel Global Thermal Generation Srl with the subscription and payment of its entire share capital (€1 million);
    • a change of €14 million in property, plant and equipment and intangible assets as a result of investments (totaling €29 million) and depreciation and amortization (totaling €15 million) for the year.
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Net current assets came to a negative €1,512 million, an increase of €117 million on December 31, 2016. The change is attributable to:

      • an increase of €112 million in net other current liabilities, mainly reflecting the liability to shareholders for the interim dividend on 2017 earnings approved by the Board of Directors on November 8, 2017 and to be paid as from January 24, 2018 (equal to €1,068 million in 2017 and €915 million in 2016);
      • a decrease of €18 million in trade receivables, mainly in respect of Group companies for management and coordination services from Enel SpA;
      • a decrease of €13 million in trade payables.

Net capital employed at December 31, 2017 came to €40,487 million, funded by shareholders’ equity of €27,236 million and net financial debt of €13,251 million.

Shareholders’ equity came to €27,236 million at December 31, 2017, an increase of €320 million on the previous year. More specifically, the change is attributable to the recognition of net income for 2017 (€2,303 million), the distribution of the balance of the dividend for 2016 (totaling €915 million) and the interim dividend for 2017 (€1,068 million). Net financial debt amounted to €13,251 million at the end of 2017, with a debt/equity ratio of 48.7% (51.4% at the end of 2016).