Snam.it

Key figures

To improve the economic and financial review, in addition to conventional IAS/IFRS indicators and financial statements, the Directors’ Report also contains reclassified financial statements and several alternative performance indicators including, in particular, EBITDA, EBIT, net profit in the adjusted configuration and net financial debt. The tables below, their explanatory notes and the reclassified financial statements describe how these amounts were determined. Unless otherwise specified, definitions of the terms used can be found in the glossary.

KEY FINANCIAL FIGURES

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(€ million)

2010

2011

2012

(a)

Net profit is attributable to Snam.

(b)

For a definition of net profit and reconciliation with adjusted net profit, which excludes special items, see the section “Financial review – Reconciliation of net profit with the adjusted figure”.

Core business revenue

3,475

3,539

3,730

Core business revenue net of the effects of IFRIC 12

3,126

3,179

3,405

Operating costs

968

993

1,129

Operating costs net of the effects of IFRIC 12

619

633

804

EBITDA

2,540

2,612

2,817

EBIT

1,862

1,958

2,111

Net profit (a)

1,106

790

779

Adjusted net profit (b)

1,106

978

992

KEY BALANCE SHEET AND CASH FLOW FIGURES

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(€ million)

2010

2011

2012

Investments

1,540

1,585

1,300

Net invested capital at 31 December

16,257

16,989

18,328

Shareholders’ equity including minority interests at 31 December

5,916

5,792

5,930

Group shareholders’ equity at 31 December

5,915

5,791

5,929

Net financial debt at 31 December

10,341

11,197

12,398

Free Cash Flow

382

(52)

(390)

KEY SHARE FIGURES

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(€ million)

 

2010

2011

2012

(a)

The product of the number of shares outstanding (exact number) multiplied by the year-end official stock price.

(b)

The amount for 2012, representing the balance, was estimated on the basis of the number of shares outstanding on 31 December 2012.

Number of shares of share capital

(millions)

3,570.8

3,571.2

3,381.6

Number of shares outstanding on 31 December

(millions)

3,376.6

3,378.6

3,378.7

Average number of shares outstanding during the year

(millions)

3,376.2

3,378.0

3,378.7

Year-end official share price

(€)

3.73

3.39

3.52

Average official share price during the period

(€)

3.59

3.75

3.43

Market capitalisation (a)

 

12,595

11,454

11,893

Dividend per share

 (€ per share)

0.23

0.24

0.25

Dividends per period (b)

 

777

811

845

Dividends paid in the period

 

776

811

811

KEY PROFIT AND FINANCIAL INDICATORS

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2010

2011

2012

(a)

Calculated considering the average number of shares outstanding during the year.

(b)

Return on equity (ROE) was calculated as the ratio of net profit to the average of beginning and end shareholders’ equity for the period.

(c)

Return on investment (ROI) was calculated as the ratio of EBIT to the average of beginning and end net invested capital for the period.

EBIT per share (a)

(€)

0.552

0.580

0.625

Net profit per share (a)

(€)

0.328

0.234

0.231

Adjusted net profit per share (a)

(€)

0.328

0.290

0.294

Group shareholders’ equity per share (a)

(€)

1.75

1.71

1.75

Pay-out (Dividends per period/Net profit)

%

70.3

102.7

108.5

Adjusted pay-out (Dividends per period/Adjusted net profit)

%

70.3

82.9

85.2

ROE (b)

%

19.0

13.5

13.3

ROI (c)

%

11.7

11.8

12.0

Dividend yield (Dividend for the period/year-end official share price) (%)

%

6.2

7.1

7.1

Price/Book value (Average official price per share/Group shareholders’ equity per share)

(€)

2.05

2.19

1.95

KEY OPERATING FIGURES (a)

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2010

2011

2012

Change

% change

(a)

The changes indicated in the table, as well as those below in this Report, must be considered changes from 2011 to 2012. Percentage changes, unless otherwise specified, are calculated in relation to the data indicated in the related tables.

(b)

Gas volumes are expressed in standard cubic metres (SCM) with an average higher heating value (HHV) of 38.1 and 39.4 MJ/SCM respectively for the businesses of natural gas transportation and regasification and natural gas storage.

(c)

The data for 2011 have been aligned with those published in the National Transportation Network Financial Statements.

(d)

Working gas capacity for modulation, mining and balancing services.

(e)

As of 2012, the figure refers to the kilometres of network managed by Italgas. The corresponding values for previous periods have been restated accordingly.

(f)

Fully consolidated companies.

(g)

2011 data for the “Transportation” segment also include personnel assigned to services provided centrally by the parent company, based on activities carried out until 31 December 2011 by the former Snam Rete Gas S.p.A. (Snam S.p.A. since 1 January 2012). Since 1 January 2012, with the adoption of the new Snam Group ownership structure, the corresponding resources have been allocated to the corporate segment, to reflect the activities carried out by parent company Snam S.p.A.

Natural gas transportation (b)

 

 

 

 

 

Natural gas injected into the national gas transportation network (billions of cubic metres) (c)

83.31

78.30

75.78

(2.52)

(3.2)

Transportation network (kilometres in use)

31,680

32,010

32,245

235

0.7

Liquefied natural gas (LNG) regasification (b)

 

 

 

 

 

LNG regasification (billions of cubic metres)

1.98

1.89

1.12

(0.77)

(40.7)

Natural gas storage (b)

 

 

 

 

 

Available storage capacity (billions of cubic metres) (d)

9.2

10.0

10.7

0.7

7.0

Natural gas moved through the storage system (billions of cubic metres)

15.59

15.31

15.63

0.32

2.1

Natural gas distribution

 

 

 

 

 

Active meters (millions)

5.848

5.897

5.907

0.010

0.2

Distribution concessions (number)

1,448

1,449

1,435

(14)

(1.0)

Distribution network (kilometres) (e)

52,530

52,516

52,586

70

0.1

Employees in service at period end (number) (f)

6,104

6,112

6,051

(61)

(1.0)

by business segment:

 

 

 

 

 

- Transportation (g)

2,636

2,755

1,978

(777)

(28.2)

- Regasification

70

74

78

4

5.4

- Storage

279

278

307

29

10.4

- Distribution

3,119

3,005

3,016

11

0.4

- Corporate (g)

 

 

672

672

 

NET PROFIT (€ million)

Enlarge image
Net profit (bar chart)

ADJUSTED NET PROFIT (€ million)

Enlarge image
Adjusted net profit (bar chart)

EBIT (€ million)

Enlarge image
EBIT (bar chart)
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