FINANCIAL REVIEW

Consolidated Statements of Financial Position

(EUR Million)	DEC-24	DEC-23
NON-CURRENT ASSETS	21,327	19,328
Goodwill	500	475
Intangible assets	128	122
Fixed assets in infrastructure projects	14,147	13,495
Intangible asset model	13,989	13,333
Financial asset model	158	162
Investment property	0	0
Property, plant and equipment	772	594
Right-of-use assets	238	196
Investments in associates	3,023	2,038
Non-current financial assets	1,139	1,148
Loans granted to associates	101	262
Non-current restricted cash	401	628
Other non-current receivables	637	258
Deferred tax assets	1,159	1,006
Long-term financial derivatives at fair value	221	254

CURRENT ASSETS	7,672	6,990
Inventories	492	458
Current income tax assets	48	35
Short-term trade and other receivables	2,228	1,677
Trade receivable for sales and services	1,625	1,353
Other short-term receivables	603	324
Other short term financial assets	0	0
Cash and cash equivalents	4,828	4,789
Infrastructure project companies	175	204
Restricted Cash	18	31
Other cash and equivalents	157	173
Ex-infrastructure project companies	4,653	4,585
Short-term financial derivatives at fair value	20	31
Assets held for sale	56	0
TOTAL ASSETS	28,999	26,318

(EUR Million)	DEC-24	DEC-23
EQUITY	8,120	5,879
Equity attributable to shareholders	6,075	3,766
Equity attributable to non-controlling interests	2,045	2,113

NON-CURRENT LIABILITIES	14,578	14,664
Deferred Income	1,375	1,334
Employee benefit plans	4	3
Long-term provisions	353	268
Long-term lease liabilities	165	141
Borrowings	10,092	10,423
Debentures and borrowings of infrastructure project companies	8,256	7,852
Debentures and borrowings of ex-infrastructure project companies	1,836	2,571
Other payables	1,279	1,310
Deferred taxes	1,239	1,086
Long-term financial derivatives at fair value	71	99

CURRENT LIABILITIES	6,301	5,775
Short-term lease liabilities	80	59
Borrowings	1,196	942
Debentures and borrowings of infrastructure project companies	143	63
Debentures and borrowings of ex-infrastructure project companies	1,053	879
Financial derivatives at fair value	61	34
Current income tax liabilities	80	83
Short-term trade and other payables	3,902	3,646
Trade payables	1,781	1,698
Advance payments from customers and work certified in advance	1,619	1,529
Other short-term payables	502	419
Short-term provisions	958	1,011
Liabilities held for sale	24	0
TOTAL LIABILITIES & EQUITY	28,999	26,318