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Change Report

Reclassified income statement

To facilitate the reading of the income statement, in view of the fact that Snam S.p.A. is an industrial holding company, the following reclassified income statement has been prepared, which “inverts the order of the income statement items pursuant to Legislative Decree 127/1991, presenting first those which relate to the financial operations, as this is the most significant component of income for those companies” (see Consob Communication 94001437 of 23 February 1994).

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RECLASSIFIED INCOME STATEMENT

 

 

 

 

 

 

(€ million)

2012

2013

2014

Change

% Change

(*)

In order to provide as accurate a representation of “Financial income (expense)” as possible, the economic effects attributable to the effective portion of hedging derivatives are recorded under the same item as those of the hedged elements. Any economic effects attributable to the ineffective portion of hedging derivatives are recorded under “(Expense) income on derivatives”. The values for the comparison years have been reclassified accordingly.

Financial income and expense

 

 

 

 

 

Income from equity investments

407

757

536

(221)

(29.2)

Interest income and other financial income (*)

206

446

385

(61)

(13.7)

Interest expense and other financial expense (*)

(233)

(490)

(435)

55

(11.2)

Total financial income and expense

380

713

486

(227)

(31.8)

Income from services rendered

173

170

185

15

8.8

Other income

11

13

12

(1)

(7.7)

Other operating income

184

183

197

14

7.7

Other operating expenses

 

 

 

 

 

For personnel

(59)

(65)

(68)

(3)

4.6

For non-financial services and other costs

(119)

(126)

(147)

(21)

16.7

Total other operating expenses

(178)

(191)

(215)

(24)

12.6

Pre-tax profit

386

705

468

(237)

(33.6)

Income taxes

4

 

2

2

 

Net profit

390

705

470

(235)

(33.3)

Net profit for 2014 amounted to €470 million, down by €235 million, or 33.3%, compared with the previous year. The decrease was due to lower income from equity investments (−€221 million), primarily as a result of fewer dividends paid out by subsidiaries (−€242 million).

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