Reclassified income statement
In order to facilitate the reading of the Income Statement, taking into consideration the nature of Snam S.p.A. as an industrial holding company, the Reclassified Income Statement was prepared by presenting items relating to financial management first, because they represent the most important component of an income nature33. With reference to the other management costs, in addition to components of a non financial nature, the item also includes the depreciation, amortisation and write-down of assets.
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2017 |
|
(million of €) |
2018 |
2019 |
Change |
% change |
|---|---|---|---|---|---|---|
|
|
Financial income and expense |
|
|
|
|
740 |
|
Income from equity investments |
775 |
898 |
123 |
15.9 |
262 |
|
Interest income and other financial income |
213 |
159 |
(54) |
(25.4) |
(292) |
|
Interest expense and other financial expense |
(249) |
(211) |
38 |
(15.3) |
(1) |
|
Losses from derivative contracts |
(2) |
(1) |
1 |
(50.0) |
709 |
|
Total financial income and expense |
737 |
845 |
108 |
14.7 |
210 |
|
Income from services rendered |
213 |
227 |
14 |
6.6 |
13 |
|
Other income |
14 |
15 |
1 |
7.1 |
223 |
|
Other operating income |
227 |
242 |
15 |
6.6 |
(81) |
|
For personnel |
(94) |
(88) |
6 |
(6.4) |
(173) |
|
For non-financial services and other costs |
(146) |
(186) |
(40) |
27.4 |
(254) |
|
Other operating expenses |
(240) |
(274) |
(34) |
14.2 |
678 |
|
Pre-tax profit |
724 |
813 |
89 |
12.3 |
(1) |
|
Income tax |
(3) |
4 |
7 |
|
677 |
|
Net profit |
721 |
817 |
96 |
13.3 |
Net profit in 2019 stood at €817 million, an increase of €96 million or 13.3% compared with 2018. The increase is due mainly to the greater financial income and expense (+€108 million or +14.7%) essentially following the greater income from equity investments (+€123 million or +15.9%), partly offset by the increase in other management costs (-€34 million or 14.2%), mainly attributable to greater financial expense for the provision of non financial services and other costs (-€40 million or 27.4%).
33 This statement was prepared on the basis of the suggestions reported in Consob Communication no. 94001437 of 23 February 1994.