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Financial data

Net capital employed

Net capital employed, including net assets held for sale of €11 million, amounted to €90,128 million at December 31, 2016 and was financed by equity pertaining to shareholders of the Parent Company and non-controlling interests of €52,575 million and net financial debt of €37,553 million. At December 31, 2016, the debt/equity ratio came to 0.71 (0.73 at December 31, 2015).

Net financial debt came to €37,553 million, an increase of €8 million on December 31, 2015.

Cash flows from operations

Cash flows from operations

Cash flows from operations amounted to €9,847 million in 2016, an increase of €275 million on the previous year.

Capital expenditure

Capital expenditure

Capital expenditure amounted to €8,552 million in 2016 (of which €7,637 million in respect of property, plant and equipment), an increase of €1,439 million on 2015, mainly concentrated in renewable energy plants in North America and Mexico.

Millions of euro    
 20162015 restatedChange
Italy1,8831,843 (1)402.2%
Iberia1,1471,00114614.6%
Latin America3,0692,9371324.5%
Europe and North Africa265 (2)249 (3)166.4%
North and Central America1,8327201.112-
Sub-Saharan Africa and Asia304311(7)-2.3%
Other, eliminations and adjustments52 (4)52--
Total8,5527,1131.43920.2%

(1) Does not include €1 million regarding units classified as “held for sale”.
(2) Does not include €283 million regarding units classified as “held for sale”.
(3) Does not include €648 million regarding units classified as “held for sale”.
(4) Does not include €7 million regarding units classified as “held for sale”.