FINANCIAL INCOME AND EXPENSE
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|
(€ million) |
Pro-forma 2011 |
2012 |
Change |
% change |
|
Income from equity investments |
291 |
407 |
116 |
39.9 |
|
Interest income and other financial income |
|
206 |
206 |
|
|
Interest expense and other financial expenses |
(6) |
(233) |
(227) |
|
|
|
285 |
380 |
95 |
33.3 |
Income from equity investments (€407 million) consists of dividends distributed by subsidiaries Italgas S.p.A. (€261 million), Stogit S.p.A. (€142 million) and GNL Italia S.p.A. (€4 million).
Interest income and other financial income (€206 million) essentially refer to interest income from the intra-group loans granted by Snam to subsidiaries.
Interest expense and other financial expenses (€233 million) refers to the costs relating to financial debt and concern the expenses on fixed-rate bonds36 (€81 million) and loans from banks and other financial institutions at floating rates (€152 million).
OTHER OPERATING INCOME
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|
(€ million) |
Pro-forma 2011 |
2012 |
Change |
% change |
|
Income from services rendered |
92 |
173 |
81 |
88.0 |
|
Other income |
10 |
11 |
1 |
10.0 |
|
Other total operating income |
102 |
184 |
82 |
80.4 |
Income from services rendered (€173 million) refers to chargebacks to subsidiaries of the costs incurred for the provision of services managed centrally by Snam S.p.A. In line with the entry into effect of the new corporate model, the services provided by Snam S.p.A. are governed by service contracts concluded between the parent company and its subsidiaries. The chargebacks refer to the following areas: ICT, personnel and organisation, planning, administration, finance and control, legal affairs, corporate secretariat, general, real estate and security services, institutional relations and communication. The increase of €81 million, which has a corresponding item under operating costs, is essentially due to the higher chargebacks of costs in the ICT area.
Other income (€11 million) essentially refers to income from renting and maintaining fibre optic telecommunications cables for third parties.
OTHER OPERATING COSTS
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|
(€ million) |
Pro-forma 2011 |
2012 |
Change |
% change |
|
For personnel |
60 |
59 |
(1) |
|
|
For non-financial services and other costs |
32 |
119 |
87 |
2.7 |
|
Other total operating costs |
92 |
178 |
86 |
93.5 |
The personnel cost amounted to €59 million, in line with last year.
The number of employees as at 31 December 2012 (672 people) is analysed below by professional status:
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|
(number) |
Pro-forma as at 31.12.2011 |
31.12.2012 |
Change |
% change |
|
Professional status |
|
|
|
|
|
Executives |
43 |
41 |
(2) |
(4.7) |
|
Managers |
175 |
181 |
6 |
3.4 |
|
Office workers |
441 |
443 |
2 |
0.5 |
|
Manual workers |
12 |
7 |
(5) |
(41.7) |
|
|
671 |
672 |
1 |
0.1 |
Costs for non-financial services and other costs (€119 million) consist mainly of costs for services provided to subsidiaries.
Income taxes
Income taxes37 decreased by €12 million compared to 2011. The reduction is due to the recognition of income (€5 million) from the IRES refund deriving from the partial IRAP deduction for the tax periods 2007-2011 (pursuant to Decree-Law 201/2011) for tax expenses (€8 million) recognised in the pro-forma income statement for 2011.
36 Details regarding the bond issues during the year and the relative terms and conditions are provided in Note to 22 of the notes to the individual financial statements of Snam S.p.A.
37 It is hereby specified that the taxes for 2011 have been redetermined by applying the ordinary IRES rate to the pro-forma income statement before taxes. The effects from the application of the additional IRES (Robin Hood Tax) have been excluded.
