Balance sheet

The abridged balance sheet as at 31 December 2019 is shown below.

The following notes explain the significant changes in the balance sheet as at 31 December 2019 relative to the situation as at 31 December 2018. Detailed information on balance sheet items is given in the financial statements.

• The non-current assets increased by €451 million compared to the position at year-end 2018. This increase is mainly explained by the high level of investment, in particular in the networks and meters. Furthermore, IFRS 16 Leases applied from 1 January 2019, resulting in an increase in non-current assets of €63 million.

• Equity increased by €95 million as a result of the profit achieved in 2019 (€253 million) on the one hand and the dividend paid in 2018 (€150 million) on the other. A summary of the movements can be found in note [12] of the financial statements.

• The increase in non-current assets has been financed, in part, through external loans.

• Furthermore, debts have increased as a result of IFRS 16, which has led to an increase of €64 million in the finance lease obligations. Please see page 124 for further information.