Reclassified income statement
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 “inverts 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 Communication 94001437 of 23 February 1994).
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(€ million) |
Pro-forma 2011(*) |
2012 |
2013 |
Change |
% Change |
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Financial income and expense |
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|
|
|
|
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Income from equity investments |
291 |
407 |
757 |
350 |
86.0 |
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Interest income and other financial income |
|
206 |
451 |
245 |
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Interest expense and other financial expense |
(6) |
(233) |
(495) |
(262) |
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Total financial income and expense |
|
380 |
713 |
333 |
87.6 |
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Income from services rendered |
92 |
173 |
170 |
(3) |
(1.7) |
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Other income |
10 |
11 |
13 |
2 |
18.2 |
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Other operating income |
102 |
184 |
183 |
(1) |
(0.5) |
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Other operating expenses |
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For personnel |
(60) |
(59) |
(65) |
(6) |
10.2 |
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For non-financial services and other costs |
(32) |
(119) |
(126) |
(7) |
5.9 |
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Total other operating costs |
(92) |
(178) |
(191) |
(13) |
7.3 |
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Pre-tax profit |
295 |
386 |
705 |
319 |
82.6 |
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Income taxes |
(8) |
4 |
|
(4) |
(100.0) |
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287 |
390 |
705 |
315 |
80.8 |
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The net profit for 2013 amounted to €705 million, up by €315 million, or 80.8%, compared with the previous year. The increase is due to the higher income from equity investments (+€350 million), mainly as a result of dividends distributed by subsidiaries, which were offset in part by the increase in net financial expense (-€17 million) due to the increase in the average debt for the period.