Snam.it

Reclassified consolidated statement of cash flows

The reclassified consolidated statement of cash flows set out below summarises the legally required format. It shows the opening and closing cash and cash equivalents and the change in net financial debt during the period. The two statements are reconciled through the free cash flow, i.e. the cash surplus or deficit left over after servicing capital expenditure. The free cash flow closes either: (i) with the change in cash for the period, after adding/deducting all cash flows related to financial liabilities/assets (taking out/repaying financial receivables/payables) and equity (payment of dividends/capital injections); or (ii) with the change in net financial debt for the period, after adding/deducting the debt flows related to equity (payment of dividends/capital injections).

RECLASSIFIED CONSOLIDATED STATEMENT OF CASH FLOWS (*)

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(€ million)

2009

2010

2011

(*)

Please see the paragraph below for the reconciliation of the reclassified consolidated statement of cash flows with the legally-required formats.

Net profit

732

1,106

790

Adjusted by:

 

 

 

- Amortisation, depreciation and other non-monetary components

595

630

611

- Net capital losses on asset sales and eliminations

6

8

6

- Dividends, interest and income taxes

550

788

1,205

Change in working capital due to operating activities

(117)

34

(122)

Dividends, interest and income taxes collected (paid)

(602)

(791)

(953)

Net cash flows from operating activities

1,164

1,775

1,537

Investments

(1,221)

(1,422)

(1,576)

Equity investments

 

 

(1)

Change in consolidation scope and business units

(4,478)

(137)

10

Divestments

30

14

52

Other changes relating to investment activities

16

152

(74)

Free cash flow

(4,489)

382

(52)

Changes in short- and long-term financial debt

1,530

364

849

Equity cash flows

2,995

(774)

(804)

Other changes relating to divestment activities

 

 

1

Net cash flow for the period

36

(28)

(6)

CHANGE IN NET FINANCIAL DEBT

  Download XLS (15 kB)

(€ million)

2009

2010

2011

Free cash flow

(4,489)

382

(52)

Financial payables and receivables from acquired companies

(2,219)

 

 

Equity cash flows

2,995

(774)

(804)

Change in net financial debt

(3,713)

(392)

(856)

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