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Cash flow statement

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First half

(millions of €)

Notes

2015

2016

Net profit

 

612

526

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

 

 

 

Amortisation

(21)

422

447

Effect of valuation using the equity method

 

(70)

(64)

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

 

10

15

Interest income

 

(7)

(3)

Interest expense

 

176

159

Income taxes

(24)

283

229

Other changes

 

1

 

Changes in working capital:

 

 

 

- Inventories

 

37

8

- Trade receivables

 

350

432

- Trade payables

 

(205)

(86)

- Provisions for risks and charges

 

(20)

18

- Other assets and liabilities

 

(132)

(205)

Working capital cash flows

 

30

167

Change in provisions for employee benefits

 

(2)

(1)

Dividends collected

 

99

102

Interest collected

 

4

1

Interest paid

 

(172)

(159)

Income taxes paid net of reimbursed tax credits

 

(240)

(219)

Net cash flow from operating activities

 

1,146

1,200

- of which with related parties

(27)

1,521

1,321

Investments:

 

 

 

- Property, plant and equipment

(9)

(313)

(343)

- Intangible assets

(10)

(141)

(156)

- Companies included in the consolidation scope and business units

 

(45)

 

- Financial receivables held for operations

 

 

(69)

- Equity investments

 

(14)

(26)

- Change in payables and receivables relating to investments

 

(133)

(100)

Cash flow from investments

 

(646)

(694)

Divestments:

 

 

 

- Property, plant and equipment

 

1

 

- Equity investments

 

86

2

Cash flow from divestments

 

87

2

Net cash flow from investment activities

 

(559)

(692)

- of which with related parties

(27)

(52)

(79)

Assumption of long-term financial debt

 

591

370

Repayment of long-term financial debt

 

(502)

(338)

Increase (decrease) in short-term financial debt

 

154

339

Financial receivables not held for operations

 

(5)

 

 

 

238

371

Dividends paid to Snam shareholders

 

(875)

(875)

Net cash flow from financing activities

 

(637)

(504)

- of which with related parties

(27)

(9)

(11)

Net cash flow for the period

 

(50)

4

Cash and cash equivalents at beginning of period

(4)

74

17

Cash and cash equivalents at end of period

(4)

24

21

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