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|
(€ million) |
Notes |
2010 |
2011 |
|
|
1,106 |
790 | |
|
Adjustments for reconciling net profit for the year with cash flows from operating activities: |
|
|
|
|
Amortisation and depreciation |
(30) |
668 |
663 |
|
Net impairment losses (Recovery of value) of property, plant and equipment and intangible assets |
(30) |
10 |
(9) |
|
Equity method valuation effect |
(32) |
(47) |
(45) |
|
Net capital losses on asset sales, cancellations and eliminations |
|
8 |
6 |
|
|
|
(2) | |
|
Interest income |
|
(4) |
(3) |
|
Interest expense |
|
260 |
304 |
|
Income taxes |
(33) |
532 |
906 |
|
|
|
|
|
|
Changes in working capital: |
|
|
|
|
- Inventories |
|
(7) |
(22) |
|
- Trade receivables |
|
(39) |
(590) |
|
- Trade payables |
|
(3) |
88 |
|
- Provisions for risks and charges |
|
18 |
8 |
|
- Other assets and liabilities |
|
65 |
394 |
|
Working capital cash flows |
|
34 |
(122) |
|
Change in provisions for employee benefits |
|
(1) |
2 |
|
Dividends collected |
|
34 |
44 |
|
Interest collected |
|
4 |
5 |
|
Interest paid |
|
(258) |
(305) |
|
Income taxes paid net of reimbursed tax credits |
|
(571) |
(697) |
|
Net cash flows from operating activities |
|
1,775 |
1,537 |
|
- of which with related parties |
(36) |
1,663 |
1,718 |
|
|
|
| |
|
- Property, plant and equipment |
(11) |
(1,056) |
(1,160) |
|
- Intangible assets |
(13) |
(366) |
(416) |
|
- Change in scope of consolidation and business units |
|
(137) |
10 |
|
- Equity investments |
|
|
(1) |
|
- Change in payables and receivables relating to investments |
|
152 |
(74) |
|
Cash flows from investment activities |
|
(1,407) |
(1,641) |
|
Divestments: |
|
|
|
|
- Property, plant and equipment |
|
4 |
1 |
|
- Intangible assets |
|
10 |
44 |
|
- Equity investments |
|
|
7 |
|
- Financial receivables not held for operations |
|
|
1 |
|
Cash flows from divestments |
|
14 |
53 |
|
Net cash flows from investment activities |
|
(1,393) |
(1,588) |
|
- of which with related parties |
(36) |
(220) |
(348) |
|
Taking on long-term financial debt |
|
1,020 |
1,226 |
|
Repaying long-term financial debt |
|
(915) |
(1,320) |
|
Increase (decrease) in short-term financial debt |
|
259 |
943 |
|
|
|
364 |
849 |
|
Net equity capital injections |
|
2 |
7 |
|
Dividends paid to Snam shareholders |
|
(776) |
(811) |
|
Net cash flows from financing activities |
|
(410) |
45 |
|
- of which with related parties |
(36) |
(66) |
399 |
|
Net cash flow for the year |
|
(28) |
(6) |
|
Cash and cash equivalents at the beginning of the year |
(6) |
36 |
8 |
|
Cash and cash equivalents at the end of the year |
(6) |
8 |
2 |
