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Reclassified statement of cash flows

The reclassified statement of cash flows set out below summarises the legally required format. It shows the connection between 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).

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RECLASSIFIED STATEMENT OF CASH FLOWS

 

 

 

(€ million)

2013

2014

Net profit

705

470

Adjusted for:

 

 

- Amortisation, depreciation and other non-monetary components

4

6

- Dividends, interest and income taxes

(770)

(538)

Change in working capital due to operating activities

45

15

Dividends, interest and income taxes collected (paid)

943

588

Net cash flow from operating activities

927

541

Technical investments

(7)

(7)

Equity investments (*)

(597)

(23)

Divestments

9

7

Change in financial receivables held for operations

(1,903)

(408)

Other changes relating to investment activities

1

 

Free cash flow

(1,570)

110

Change in financial receivables not held for operations

1,491

(213)

Change in current and non-current financial debt

920

608

Equity cash flow (**)

(841)

(505)

Net cash flow for the period

 

 

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CHANGE IN NET FINANCIAL DEBT

 

 

 

(€ million)

2013

2014

(*)

With regard to the acquisition of the equity investment in TAG from CDP Gas S.r.l. (CDP GAS) for a total contractual amount of €505 million, only the cash portion of the sum paid by Snam to CDP GAS (€3 million) is recorded in the 2014 statement of cash flows. The capital increase, including the share premium, was worth €502 million.

(**)

The dividend paid in 2014 refers to the balance of the 2013 dividend (€507 million). Snam did not pay out an interim dividend in 2014.

Free cash flow

(1,570)

110

Exchange rate differences on financial debt

5

 

Adjustment to fair value of financial debt

 

(6)

Equity cash flow (**)

(841)

(505)

Change in net financial debt

(2,406)

(401)

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