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Statement of changes in shareholders’ equity

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Attributable to Snam’s shareholders

 

 

(€ million)

Share capital

Negative re­serve for treasury shares in the port­folio (*)

Share premium re­serve

Legal re­serve

Reserve for fair value of cash flow hedging deri­vatives net of tax effect

Reserve for defined-benefit plans for employees net of tax effect

Consoli­dation re­serve

Other re­serves

Re­tained earnings

Net profit for the year

Total

Minority in­terests

Total share­holders’ equity

Balance at 31 December 2015 (a)

3,697

(5)

1,603

739

(3)

(16)

(1,701)

46

1,987

1,238

7,585

1

7,586

Profit for 2016

 

 

 

 

 

 

 

 

 

861

861

 

861

Other components of comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Components that can be reclassified to the income statement:

 

 

 

 

 

 

 

 

 

 

 

 

 

- Portion of equity-accounted investments pertaining to “other components of comprehensive income”

 

 

 

 

 

 

 

(15)

 

 

(15)

 

(15)

- Change in fair value of cash flow hedge derivatives

 

 

 

 

1

 

 

 

 

 

1

 

1

 

 

 

 

 

1

 

 

(15)

 

 

(14)

 

(14)

Components that cannot be reclassified to the income statement:

 

 

 

 

 

 

 

 

 

 

 

 

 

- Actuarial gains (losses) on remeasurement of defined-benefit plans for employees for employees

 

 

 

 

 

(5)

 

 

 

 

(5)

 

(5)

- Share of remeasurements of defined benefit plans for employees of investments accounted for using the equity method

 

 

 

 

 

 

 

1

 

 

1

 

1

 

 

 

 

 

 

(5)

 

1

 

 

(4)

 

(4)

Total comprehensive income for 2016 (b)

 

 

 

 

1

(5)

 

(14)

 

861

843

 

843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

- Allocation of dividend for 2015 (€0.25 per share)

 

 

(50)

 

 

 

 

 

 

(825)

(875)

 

(875)

- Allocation of 2015 residual net profit

 

 

 

 

 

 

 

 

413

(413)

 

 

 

- Acquisition of treasury shares

 

(103)

 

 

 

 

 

 

 

 

(103)

 

(103)

- Effects of the separation of Italgas Reti S.p.A. from Snam S.p.A.

(961)

 

(416)

(192)

 

14

1,006

 

(433)

 

(982)

(1)

(983)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total transactions with shareholders (c)

(961)

(103)

(466)

(192)

 

14

1,006

 

(20)

(1,238)

(1,960)

(1)

(1,961)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other changes in shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

- Effect of Stogit acquisition price adjustment

 

 

 

 

 

 

21

 

 

 

21

 

21

- Reclassification of reserve for purchase of treasury shares

 

 

3

 

 

 

 

(5)

2

 

 

 

 

- Other changes

 

 

 

 

 

 

 

8

 

 

8

 

8

Total other changes in shareholders’ equity (d)

 

 

3

 

 

 

21

3

2

 

29

 

29

Balance at 31 December 2016 (e=a+b+c+d)
(Note 22)

2,736

(108)

1,140

547

(2)

(7)

(674)

35

1,969

861

6,497

 

6,497
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Equity attributable to Snam’s shareholders

(€ million)

Share capi­tal

Negative reserve for treasury shares in the portfolio (*)

Interim dividend

Share pre­mium re­serve

Legal re­serve

Re­serve for fair value of cash flow hedging deri­vatives net of tax effect

Reserve for defined-benefit plans for em­ployees net of tax effect

Con­soli­dation re­serve

Other re­serves

Re­tained earn­ings

Net profit for the year

Total

Minor­ity in­terests

Total share­hol­ders’ equity

(a)

Cash flow pertaining to the Snam Group which, consequently includes cash flows from both continuing operations (natural gas transportation, regasification and storage, as well as Corporate activities) and discontinued operations (natural gas distribution). The net cash flow from operating activities, investments and financing activities attributable to discontinued operations total respectively +€413 million, - €298 million and - €116 million.

(b)

The cash flow for 2017 takes into account the differing timing relative to the settlement of the additional tariff components payable to the CSEA and for the transport sector. From 1 January 2017, these components are settled based on the volumes invoiced in the two month reference period instead of the volumes applicable to the period.

(c)

The amount refers to the acquisition of ITG (€166 million, including the repayment of the intercompany loan between ITG and Edison net of the cash and cash equivalents acquired).

(d)

The amount relates to the collection of the consideration from the sale of 38.87% of Snam S.p.A.’s equity investment in Italgas Reti S.p.A. (€1,502 million, net of the liquidity transferred).

(e)

The amount relates to the repayment to Snam S.p.A. of intercompany financial receivables from the Italgas Group, net of the debt to the EIB (€424 million) for loans provided by this latter to Snam to finance Italgas S.p.A. projects, which has been assumed by the Italgas Group.

Balance at 31 December 2016 (a)

2,736

(108)

 

1,140

547

(2)

(7)

(674)

35

1,969

861

6,497

 

6,497

Profit for 2017

 

 

 

 

 

 

 

 

 

 

897

897

 

897

Other components of comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Components that can be reclassified to the income statement:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portion of equity-accounted investments pertaining to “other components of comprehensive income”

 

 

 

 

 

 

 

 

(3)

 

 

(3)

 

(3)

- Change in fair value of cash flow hedge derivatives

 

 

 

 

 

(6)

 

 

 

 

 

(6)

 

(6)

 

 

 

 

 

 

(6)

 

 

(3)

 

 

(9)

 

(9)

Components that cannot be reclassified to the income statement:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Actuarial gains (losses) on remeasurement of defined-benefit plans for employees

 

 

 

 

 

 

(1)

 

 

 

 

(1)

 

(1)

- Share of remeasurements of defined benefit plans for employees of investments accounted for using the equity method

 

 

 

 

 

 

 

 

1

 

 

1

 

1

 

 

 

 

 

 

 

(1)

 

1

 

 

 

 

 

Total comprehensive income for 2017 (b)

 

 

 

 

 

(6)

(1)

 

(2)

 

897

888

 

888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Allocation of dividend for 2016 (€0.21 per share)

 

 

 

 

 

 

 

 

 

 

(718)

(718)

 

(718)

- Allocation of 2016 residual net profit

 

 

 

 

 

 

 

 

 

143

(143)

 

 

 

- Allocation of dividend for 2017 (€0.0862 per share)

 

 

(294)

 

 

 

 

 

 

 

 

(294)

 

(294)

-2017-2019 Share-based Incentive Plan

 

 

 

 

 

 

 

 

1

 

 

1

 

1

- Acquisition of treasury shares

 

(210)

 

 

 

 

 

 

 

 

 

(210)

 

(210)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total transactions with shareholders (c)

 

(210)

(294)

 

 

 

 

 

1

143

(861)

(1,221)

 

(1,221)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other changes in shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- Equity component of the convertible bond

 

 

 

 

 

 

 

 

17

 

 

17

 

17

- Other changes

 

 

 

 

 

 

 

 

7

 

 

7

 

7

Total other changes in shareholders’ equity (d)

 

 

 

 

 

 

 

 

24

 

 

24

 

24

Balance at 31 December 2017 (e=a+b+c+d)
(Note 22)

2,736

(318)

(294)

1,140

547

(8)

(8)

(674)

58

2,112

897

6,188

 

6,188
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