Snam.it

Key figures

To improve the economic and financial review, in addition to conventional IAS/IFRS indicators and financial statements, the directors’ report also contains reclassified financial statements and several alternative performance indicators such as EBITDA, EBIT, net profit in the adjusted configuration and net financial debt. The following tables, the explanatory notes thereto and the reclassified consolidated financial statements illustrate these amounts; see the glossary for a definition of the terms used, where these are not spescified.

MAIN INCOME STATEMENT DATA

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(€ million)

2009 (a)

2010

2011

(a)

The 2009 income statement data include the impact of consolidating Italgas and Stogit from 30 June 2009, the date the acquisition transaction was completed.

(b)

Net profit is attributable to Snam.

(c)

For a definition of net profit and reconciliation with adjusted net profit, which excludes special items, see the section “Comments on the results – Reconciliation of net profit with the adjusted figure”.

Core business revenue

2,438

3,475

3,539

Core business revenue net of the effects of IFRIC 12

2,438

3,126

3,179

Operating costs

581

968

993

Operating costs net of the effects of IFRIC 12

581

619

633

EBITDA

1,887

2,540

2,612

EBIT

1,274

1,862

1,958

Net profit (b)

732

1,106

790

Adjusted net profit (c)

732

1,106

978

KEY BALANCE SHEET AND CASH FLOW FIGURES

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(€ million)

2009

2010

2011

(a)

Investments for 2009 in the distribution and storage of natural gas segments, amounting to €172 and €149 million respectively, relate to the period 1 July 2009 - 31 December 2009.

(b)

Free cash flow for 2009 reflects the disbursement for the acquisition of Italgas and Stogit.

Investments (a)

1,254

1,540

1,585

Net invested capital at 31 December

15,652

16,257

16,989

Shareholders’ equity including minority interests at 31 December

5,703

5,916

5,792

Group Shareholders’ equity at 31 December

5,702

5,915

5,791

Net financial debt at 31 December

9,949

10,341

11,197

Free Cash Flow (b)

(4,489)

382

(52)

KEY SHARE FIGURES

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(€ million)

 

2009

2010

2011

(a)

The product of the number of shares outstanding (exact number) multiplied by the year-end official stock price.

(b)

The amount for 2011, representing the balance, was estimated on the basis of the number of shares outstanding on 31 December 2011.

Number of shares of share capital

(millions)

3,570.8

3,570.8

3,571.2

Number of shares outstanding on 31 December

(millions)

3,375.9

3,376.6

3,378.6

Average number of shares outstanding during the year

(millions)

2,579.3

3,376.2

3,378.0

Year-end official stock price

(€)

3.46

3.73

3.39

Average official share price during the year

(€)

3.22

3.59

3.75

Market capitalisation (a)

 

11,681

12,595

11,454

Dividend per share (€ per share)

 

0.20

0.23

0.24

Dividends per period (b)

 

675

777

811

Dividends paid in the year

 

450

776

811

KEY PROFIT AND FINANCIAL INDICATORS

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2009 (a)

2010

2011

(a)

Profit for 2009 in the distribution and storage of natural gas segments, relating to the period 1 July 2009 - 31 December 2009.

(b)

Calculated considering the average number of shares outstanding during the year.

(c)

Return on equity (ROE) was calculated as the ratio of net profit to the average of beginning and ending shareholders’ equity for the period.

(d)

Return on investment (ROE) was calculated as the ratio of EBIT to the average of beginning and ending net invested capital for the period.

EBIT per share (b)

(€)

0.49

0.55

0.58

Net profit per share (b)

(€)

0.28

0.33

0.23

Adjusted net profit per share (b)

(€)

0.28

0.33

0.29

Group shareholders’ equity per share (b)

(€)

2.21

1.75

1.71

ROE (c)

%

15.8

19.0

13.5

ROI (d)

%

10.0

11.7

11.8

Dividend yield (Dividend for the period/year-end official stock price) (%)

%

5.8

6.2

7.1

Price/Book value (Average official price per share/Group shareholders’ equity per share)

(€)

1.46

2.05

2.19

KEY OPERATING FIGURES (a)

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2009

2010

2011

Change

Change %

(a)

The changes indicated in the table, and in those subsequent to this Report, must be considered as changes for the year 2011 over the year 2010. The percentage changes were calculated with reference to the data indicated in the relevant tables.

(b)

Gas volumes are expressed in standard cubic metres (SCM) with an average higher heating value (HHV) of 38.1 and 39.4 MJ/SCM, respectively for the businesses of natural gas transportation, regasification and storage.

(c)

The data for 2010 have been aligned with those published in the National Transportation Network Financial Statements.

(d)

Working gas capacity for modulation, mining and balancing services. The available capacity is that declared to the Electricity and Gas Authority at the start of the thermal year 2011-2012, in compliance with Resolution ARG/gas 119/10.

(e)

Fully consolidated companies.

(f)

Employees in service in 2011 include personnel transferred following the purchase of the “ICT” and “Unbundled Companies Administrative Services” business units from Eni and Eni Adfin, respectively.

Natural gas transportation (b)

 

 

 

 

 

Natural gas injected into the national gas transportation network (billions of cubic metres) (c)

76.90

83.31

78.30

(5.01)

(6.0)

Transportation network (kilometres in use)

31,531

31,680

32,010

330

1.0

Liquefied Natural Gas (LNG) regasification (b)

 

 

 

 

 

LNG regasification (billions of cubic metres)

1.32

1.98

1.89

(0.09)

(4.5)

Natural gas storage (b)

 

 

 

 

 

Available storage capacity (billions of cubic metres) (d)

8.9

9.2

10.0

0.8

8.7

Natural gas moved through the storage system (billions of cubic metres)

16.52

15.59

15.31

(0.28)

(1.8)

Natural gas distribution

 

 

 

 

 

Active meters (millions)

5.771

5.848

5.897

0.049

0.8

Distribution concessions (number)

1,441

1,448

1,449

1

0.1

Distribution network (kilometres)

49,973

50,307

50,301

(6)

 

Employees in service at year end (number) (e)

6,187

6,104

6,112

8

0.1

by business segments:

 

 

 

 

 

- Transportation (f)

2,254

2,636

2,755

119

4.5

- Regasification

87

70

74

4

5.7

- Storage

301

279

278

(1)

(0.4)

- Distribution

3,545

3,119

3,005

(114)

(3.7)

NET PROFIT

(€ million)

ADJUSTED NET PROFIT

(€ million)

EBIT

(€ million)
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