Non-current assets, mainly consisting of goodwill and publishing rights, increased to €4,957 million in 2010 mainly as a result of acquisitions and the stronger U.S. dollar.
Shareholders’ equity benefited from the profit for the year and was positively impacted by the increase of the U.S. dollar compared to the euro at the end of the year, partly offset by actuarial losses on defined benefit plans, and dividend payments.
The net debt position of €2,035 million was materially in line with year-end 2009 (€2,007 million) due to the strong free cash flow during 2010 partly offset by the 2009 cash dividend payment in 2010 and acquisition spending. The net debt-to-EBITDA ratio improved to 2.7, consistent with the stated goal of reducing this ratio to 2.5 over the medium term.
Balance sheet |
2010 |
2009 |
Variance |
|
|
|
|
Non-current assets |
4,957 |
4,539 |
418 |
(780) |
(884) |
104 |
|
Total equity |
1,631 |
1,355 |
276 |
Net debt |
2,035 |
2,007 |
28 |
Net-debt-to-EBITDA ratio |
2.7 |
2.9 |
(0.2) |