| Net debt came in at EUR 6.6 billion at end-2005, slightly up on the figure reported at December 31, 2004 (EUR 6.2 billion). Net debt represents 52% of consolidated shareholders’ equity. After the impact of BPB, net debt came in at EUR 12.9 billion at December 31, 2005, which is double the end-2004 figure of EUR 6.2 billion, due chiefly to the acquisition of BPB. Net debt after the impact of BPB represents 102.1% of consolidated shareholders’ equity. |
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