Notes to the consolidated financial statements

Net cash position

Net cash position

The following table contains an analysis by segment of net cash position in order to reflect the Group's net borrowing situation. Net cash position refers to the balance of items included in cash and cash equivalents (including current restricted cash) and non-current restricted cash, less current and non-current borrowings (bank borrowings and bonds).

The presentation of the net cash position also distinguishes infrastructure projects from the Group's other companies, as follows:

 Net cash position

Infrastructure projects

Analysis of the net cash position of infrastructure projects

Set out below is an analysis of the net cash position of infrastructure projects in 2007:

 Net cash position of infrastructure projects

Cash and cash equivalents and restricted cash

As indicated in the note on financial risks, financing contracts for infrastructure projects may impose the obligation to open restricted accounts for the solely purpose of covering current or non-current obligations relating to the payment of principal or interest on debt and infrastructure maintenance and operation.

Restricted cash is classified as current or non-current depending on whether it must remain restricted for less than or more than one year. In any event, the funds are invested in highly-liquid financial products bearing variable interest. The type of financial product in which the funds may be invested is also restricted by the financing contracts.

Current balances are recognised in the balance sheet caption "Cash and cash equivalents", while non-current balances are included in "Financial assets".

Set out below is a breakdown of current and non-current balances by project:

 Breakdown of current and non-current balances

The item "Other cash and cash equivalents" relates to bank accounts and highly-liquid investments subject to interest rate risk.

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