To facilitate the reading of the income statement, in consideration of Snam S.p.A. as an industrial holding company, the following reclassified income statement has been prepared which “limits the intervention to the inversion of the order of the income statement items pursuant to Legislative Decree 127/1991, presenting first those which relate to the financial operations, as this is the most significant component of income for those companies (see Consob Communiqué 94001437 of 23 February 1994).
RECLASSIFIED INCOME STATEMENT
| Download XLS (17 kB) |
|
(€ million) |
Pro-forma 2011 |
2012 |
Change |
% change |
|
Financial income and expense |
|
|
|
|
|
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) |
|
|
Total financial income and expense |
285 |
380 |
95 |
33.3 |
|
Income from services rendered |
92 |
173 |
81 |
88.0 |
|
Other income |
10 |
11 |
1 |
|
|
Other operating income |
102 |
184 |
82 |
80.4 |
|
Other operating expenses |
|
|
|
|
|
For personnel |
(60) |
(59) |
1 |
(1.7) |
|
For non-financial services and other costs |
(32) |
(119) |
(87) |
|
|
Total other operating costs |
(92) |
(178) |
(86) |
93.5 |
|
Profit before taxes |
295 |
386 |
91 |
30.8 |
|
Income taxes |
(8) |
4 |
12 |
|
|
287 |
390 |
103 |
35.9 |
Net profit
The net profit for 2012 amounted to €390 million, up by €103 million, or 35.9%, compared with the previous year. The increase is primarily due to the higher income from equity investments (+€116 million), dividends distributed by subsidiaries, which were offset in part by the increase in interest expense and net financial expense (- €21 million) due to the increase in the cost of borrowing and the average debt for the period.
