Shareholders' equity and net debt
Due to the sharp €1,059 million rise in capital expenditure and financial investments coupled with the share buybacks made over the last 12 months (€186 million), net debt rose 12.9%, or €927 million, to €8.1 billion at December 31, 2011. Net debt represents 44% of consolidated equity versus 39% one year earlier. The net debt to EBITDA ratio came out at 1.6, just above the end-2010 figure (1.5).
