Consolidated balance sheet

€ million	Note	2025		2024
Assets
Non-current assets
Property, plant and equipment	3	12,547		11,195
Right-of-use assets	3	149		157
Intangible assets	4	382		317
Investments in associates and joint ventures	5	11		12
Other financial assets	7	45		38
Total non-current assets			13,134		11,719

Current assets
Inventories	9	198		197
Trade and other receivables	10	524		536
Cash and cash equivalents	11	307		496
Total current assets			1,029		1,229

Assets held for sale	33		-		8

Total assets			14,163		12,956

Equity and liabilities
Equity	12
Share capital		684		684
Share premium		671		671
Subordinated perpetual bond loans		991		990
Hedge reserve		2		4
Other reserves		3,566		2,713
Result for the year		289		976
Total equity			6,203		6,038

Liabilities
Long-term liabilities
Interest-bearing debt	13	4,568		3,872
Lease liabilities	19	105		115
Deferred income	14	2,092		2,050
Provisions for employee benefits	15	22		19
Deferred tax liabilities	17	18		6
Other provisions	16	26		30
Total long-term liabilities			6,831		6,092

Short-term liabilities
Trade and other payables	18	358		256
Tax liabilities	18	122		108
Interest-bearing debt	13	300		1
Lease liabilities	19	27		25
Provisions for employee benefits	15	65		51
Accruals	8, 18	257		375
Total short-term liabilities			1,129		816

Total liabilities			7,960		6,908

Liabilities held for sale	33		-		10

Total equity and liabilities			14,163		12,956