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Statement of cash flows

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(€ million)

Notes

2012

2013

Net profit

 

779

917

Adjustments for reconciling net profit with cash flows from operating activities:

 

 

 

Amortisation and depreciation

(32)

702

759

Net impairment losses (revaluations) on property, plant and equipment and intangible assets

(32)

4

10

Equity method valuation effect

(34)

(55)

(45)

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

 

(13)

3

Interest income

 

(8)

(8)

Interest expense

 

374

412

Income taxes

(35)

593

690

Changes in working capital:

 

 

 

- Inventories

 

77

1

- Trade receivables

 

(554)

(343)

- Trade payables

 

208

283

- Provisions for risks and charges

 

54

30

- Other assets and liabilities

 

(144)

216

Working capital cash flows

 

(359)

187

Change in provisions for employee benefits

 

1

1

Dividends collected

 

34

70

Interest collected

 

3

1

Interest paid

 

(372)

(399)

Income taxes paid net of reimbursed tax credits

 

(863)

(759)

Net cash flow from operating activities

 

820

1,839

- of which with related parties

(38)

1,684

2,338

Investments:

 

 

 

- Property, plant and equipment

(13)

(874)

(839)

- Intangible assets

(15)

(341)

(348)

- Change in scope of consolidation and business units

 

(905)

(14)

- Equity investments

 

(135)

(599)

- Change in payables and receivables relating to investments

 

(59)

(22)

Cash flows from investment activities

 

(2,314)

(1,822)

Divestments:

 

 

 

- Property, plant and equipment

 

13

3

- Intangible assets

 

950

17

- Equity investments

 

 

9

- Change in payables and receivables relating to divestments

 

 

3

Cash flows from divestments

 

963

32

Net cash flows from investment activities

 

(1,351)

(1,790)

- of which with related parties

(38)

(211)

(674)

Taking on long-term financial debt

 

11,749

3,808

Repaying long-term financial debt

 

(8,112)

(4,471)

Increase (decrease) in short-term financial debt

 

(2,282)

1,442

 

 

1,355

779

Net equity capital injections

 

 

4

Dividends paid to Snam shareholders

 

(811)

(845)

Net cash flows from financing activities

 

544

(62)

- of which with related parties

(38)

(10,788)

(455)

Net cash flow for the period

 

13

(13)

Cash and cash equivalents at the beginning of the period

(8)

2

15

Cash and cash equivalents at the end of the period

(8)

15

2

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