Snam.it

Reconciliation of the reclassified consolidated financial statements with the compulsory formats

RECLASSIFIED BALANCE SHEET

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(€ million)

 

 

 

 

 

Reclassified balance sheet items

31.12.2011

31.12.2012

(Where not expressly stated, the component is taken directly from the legally required format)

Reference to notes to consolidated financial statements

Partial amount from legally required format

Amount from reclassified format

Partial amount from legally required format

Amount from reclassified format

Fixed capital

 

 

 

 

 

Property, plant and equipment

 

 

14,053

 

14,522

Compulsory inventories

 

 

405

 

363

Intangible assets

 

 

4,444

 

4,593

Equity investments

 

 

319

 

473

Financial receivables held for operations

(see Note 7)

 

2

 

2

Net payables for investments, consisting of:

 

 

(445)

 

(386)

- Payables for investment activities

(see Note 18)

(486)

 

(406)

 

- Receivables from investment/divestment activities

(see Note 7)

41

 

20

 

Total fixed capital

 

 

18,778

 

19,567

Net working capital

 

 

 

 

 

Trade receivables

(see Note 7)

 

1,367

 

1,921

Inventories

 

 

235

 

202

Tax receivables, consisting of:

 

 

47

 

125

- Current income tax assets

 

3

 

11

 

- VAT receivables

(see Note 7)

4

 

 

 

- IRES receivables for national tax consolidation scheme

(see Note 7)

35

 

25

 

- Other current tax assets

 

5

 

89

 

Trade payables

(see Note 18)

 

(556)

 

(764)

Tax payables, consisting of:

 

 

(230)

 

(81)

- Current income tax liabilities

 

(175)

 

(46)

 

- Other current tax liabilities

 

(16)

 

(28)

 

- IRES payables for national tax consolidation scheme

(see Note 18)

(19)

 

(7)

 

- VAT payables

(see Note 18)

(20)

 

 

 

Deferred tax liabilities

 

 

(901)

 

(834)

Provisions for risks and charges

 

 

(527)

 

(757)

Derivatives

(see Notes 21, 26)

 

(266)

 

 

Other assets, consisting of:

 

 

133

 

193

- Other receivables

(see Note 7)

96

 

80

 

- Other current assets

(see Note 10)

22

 

37

 

- Other non-current assets

(see Note 15)

15

 

76

 

Accruals and deferrals from regulated activities, consisting of:

 

 

(358)

 

(309)

- Accrued income from regulated activities

(see Notes 10, 15)

77

 

132

 

- Prepaid income from regulated activities

(see Notes 21, 26)

(435)

 

(441)

 

Other liabilities, consisting of:

 

 

(642)

 

(842)

- Other payables

(see Note 18)

(263)

 

(300)

 

- Other current liabilities

(see Note 21)

(4)

 

(58)

 

- Reclassification: derivative liabilities

 

 

 

(141)

 

- Other non-current liabilities

(see Note 26)

(375)

 

(343)

 

Total net working capital

 

 

(1,698)

 

(1,146)

Provisions for employee benefits

 

 

(107)

 

(108)

Assets held for sale and directly related liabilities, consisting of:

 

 

16

 

15

- Assets held for sale

 

25

 

23

 

- Liabilities directly associated with assets held for sale

 

(9)

 

(8)

 

NET INVESTED CAPITAL

 

 

16,989

 

18,328

Shareholders' equity including minority interests

 

 

5,792

 

5,930

Net financial debt

 

 

 

 

 

Financial liabilities, consisting of:

 

 

11,199

 

12,413

- Long-term financial liabilities

 

6,800

 

11,939

 

- Current share of long-term financial liabilities

 

1,612

 

110

 

- Short-term financial liabilities

 

2,787

 

505

 

- Reclassification: derivative liabilities

 

 

 

(141)

 

Financial receivables, cash and cash equivalents, consisting of:

 

 

(2)

 

(15)

- Cash and cash equivalents

 

(2)

 

(15)

 

Total net financial debt

 

 

11,197

 

12,398

COVERAGE

 

 

16,989

 

18,328

RECLASSIFIED STATEMENT OF CASH FLOWS

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(€ million)

 

 

 

 

Items from the reclassified statement of cash flows and reconciliation with the legally required format

2011

2012

Partial amount from legally required format

Amount from reclassified format

Partial amount from legally required format

Amount from reclassified format

Net profit

 

790

 

779

Adjusted by:

 

 

 

 

Amortisation, depreciation and other non-monetary components:

 

611

 

652

- Amortisation and depreciation

663

 

702

 

- Impairment losses

(9)

 

4

 

- Equity method valuation effect

(45)

 

(55)

 

- Change in provisions for employee benefits

2

 

1

 

Net capital losses (capital gains) on asset sales and eliminations

 

6

 

(13)

Interest, income taxes and other changes:

 

1,205

 

959

- Dividends

(2)

 

 

 

- Interest income

(3)

 

(8)

 

- Interest expense

304

 

374

 

- Income taxes

906

 

593

 

Change in working capital due to operating activities:

 

(122)

 

(218)

- Inventories

(22)

 

77

 

- Trade receivables

(590)

 

(554)

 

- Trade payables

88

 

208

 

- Change in provisions for risks and charges

8

 

54

 

- Other assets and liabilities

394

 

138

 

- Reclassification: derivative liabilities

 

 

(141)

 

Dividends, interest and income taxes collected (paid):

 

(953)

 

(1,198)

- Dividends collected

44

 

34

 

- Interest collected

5

 

3

 

- Interest paid

(305)

 

(372)

 

- Income taxes (paid) received

(697)

 

(863)

 

Net cash flow from operating activities

 

1,537

 

961

Investments:

 

(1,576)

 

(1,215)

- Property, plant and equipment

(1,160)

 

(874)

 

- Intangible assets

(416)

 

(341)

 

Investments in companies joining the scope of consolidation and business units:

 

10

 

(905)

Equity investments

 

(1)

 

(135)

Divestments:

 

52

 

963

- Property, plant and equipment

1

 

13

 

- Intangible assets

44

 

950

 

- Equity investments

7

 

 

 

Other changes relating to investment activities:

 

(74)

 

(59)

- Change in net payables for investments

(74)

 

(59)

 

- Other changes relating to divestment activities

1

 

 

 

- Reclassification: other changes relating to divestment activities

(1)

 

 

 

Free cash flow

 

(52)

 

(390)

Change in financial payables:

 

850

 

1.214

- Reclassification: divestments of financial receivables not held for operations

1

 

 

 

- Taking on long-term financial debt

1,226

 

11,749

 

- Repaying long-term financial debt

(1,320)

 

(8,112)

 

- Increase (decrease) in short-term financial debt

943

 

(2,282)

 

- Reclassification: derivative liabilities

 

 

(141)

 

Equity cash flow

 

(804)

 

(811)

Net cash flow for the period

 

(6)

 

13

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