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(€ million) |
Notes |
2011 |
2012 |
|
790 |
779 |
|
Adjustments for reconciling net profit for the year with cash flow from operating activities: |
|
|
|
Amortisation and depreciation |
663 |
702 |
|
Net impairment losses (Reversals) of property, plant and equipment and intangible assets |
(9) |
4 |
|
Equity method valuation effect |
(45) |
(55) |
|
Net capital (gains) losses on asset sales, cancellations and eliminations |
|
6 |
(13) |
|
(2) |
|
|
Interest income |
|
(3) |
(8) |
Interest expense |
|
304 |
374 |
Income taxes |
906 |
593 |
|
Changes in working capital: |
|
|
|
- Inventories |
|
(22) |
77 |
- Trade receivables |
|
(590) |
(554) |
- Trade payables |
|
88 |
208 |
- Provisions for risks and charges |
|
8 |
54 |
- Other assets and liabilities |
|
394 |
(144) |
Working capital cash flow |
|
(122) |
(359) |
Change in provisions for employee benefits |
|
2 |
1 |
Dividends collected |
|
44 |
34 |
Interest collected |
|
5 |
3 |
Interest paid |
|
(305) |
(372) |
Income taxes paid net of reimbursed tax credits |
|
(697) |
(863) |
Net cash flow from operating activities |
|
1,537 |
820 |
- of which with related parties |
1,718 |
1,684 |
|
|
|
|
|
- Property, plant and equipment |
(1,160) |
(874) |
|
- Intangible assets |
(416) |
(341) |
|
- Change in scope of consolidation and business units |
|
10 |
(905) |
- Equity investments |
|
(1) |
(135) |
- Change in payables and receivables relating to investments |
|
(74) |
(59) |
Cash flow from investment activities |
|
(1,641) |
(2,314) |
Divestments: |
|
|
|
- Property, plant and equipment |
|
1 |
13 |
- Intangible assets |
|
44 |
950 |
- Equity investments |
|
7 |
|
- Financial receivables not held for operations |
|
1 |
|
Cash flow from divestments |
|
53 |
963 |
Net cash flow from investment activities |
|
(1,588) |
(1,351) |
- of which with related parties |
(348) |
(211) |
|
Taking on long-term financial debt |
|
1,226 |
11,749 |
Repaying long-term financial debt |
|
(1,320) |
(8,112) |
Increase (decrease) in short-term financial debt |
|
943 |
(2,282) |
|
|
849 |
1,355 |
Net equity capital injections |
|
7 |
|
Dividends paid to Snam shareholders |
|
(811) |
(811) |
Net cash flow from financing activities |
|
45 |
544 |
- of which with related parties |
399 |
(10,788) |
|
Net cash flow for the period |
|
(6) |
13 |
Cash and cash equivalents at the beginning of the period |
8 |
2 |
|
Cash and cash equivalents at the end of the period |
2 |
15 |
