Balance sheet

The abridged balance sheet as at 31 December 2017 is shown below.

The following notes explain the significant changes in the balance sheet as at 31 December 2017 relative to the situation as at 31 December 2016. Detailed information on balance sheet items is given in the financial statements.

Non-current assets

Non-current assets as at 31 December 2017 increased by €217 million compared with 31 December 2016. This increase is mainly a consequence of the higher capital expenditure on the networks and meters in relation to the associated depreciation charges.

Current assets

Current assets rose to €517 million compared with the balance at 31 December 2016. The increase of €117 million compared with 2016 was mainly a result of an increase in net cash and cash equivalents and trade and other receivables.

Equity

Equity as at 31 December 2017 increased by €78 million compared with the level as at 31 December 2016, to €3,942 million. This increase is mainly accounted for by the net profit for 2017, amounting to €203 million, less the dividend distribution in 2017 relating to 2016 (€104 million). A summary of the movements can be found in note [12] of the financial statements.

Current and non-current liabilities

The amount of non-current liabilities was up by more than €85 million compared with 31 December 2016. The increase is due mainly to drawing €75 million of European Investment Bank (EIB) financing.

The current liabilities as at 31 December 2017 were up by over €171 million compared with the position as at year-end 2016, at €734 million, mainly as a result of the amounts drawn under the ECP programme.

Shown below is a summary of the cash flow statement for 2017.