69 348
69
31 December
31 December
Change 31 December
2014
2013 (*)
2012 (*)
Inventories
981
881
100
866
Trade receivables
952
933
19
1,083
Trade payables
(1,415)
(1,409)
(6)
(1,416)
Other receivables/(payables)
(95)
(13)
(82)
(93)
Net operating working capital
423
392
31
440
Derivatives
(16)
(6)
(10)
(7)
Net working capital
407
386
21
433
NET WORKING CAPITAL
The following table analyses the main components of net working capital:
(*) The previously published prior year comparative figures have been restated following the introduction of IFRS 10 and IFRS 11.
Net working capital of Euro 407 million at 31 December 2014
was Euro 21 million higher than the corresponding figure of
Euro 386 million at 31 December 2013, or Euro 32 million higher
excluding the impact of the fair value change in derivatives. Net
operating working capital amounted to Euro 423 million (5.8%
of sales) at 31 December 2014, compared with Euro 392 million
(5.8% of sales) at 31 December 2013, and was affected by the
following factors:
• a significant reduction in working capital employed in
multi-year Submarine projects, linked to their stage of
completion with respect to contractual deadlines, and to
the delay and negative economic impact of the Western
HVDC Link project;
• an increase following payment of the 2011-2013 long-term
incentive plan, classified among payables to employees at
31 December 2013;
• an increase in the level of the level of inventories of finished
goods, semi-finished products and rawmaterials in view of
the expectation of growing volumes during the year, which
it had not been possible to fully absorb by year end;
• a reduction of Euro 28million in without-recourse factoring
transactions;
• an increase of Euro 13 million for exchange rate differences.
(in millions of Euro)