Statement of cash flows
| Download XLS (28 kB) |
|
(€ million) |
Notes |
2013 |
2014 |
||
|
|||||
|
|
917 |
1,198 |
|||
|
Adjustments for reconciling net profit with cash flows from operating activities: |
|
|
|
||
|
(27) |
759 |
797 |
|||
|
Impairment losses |
(27) |
10 |
6 |
||
|
Equity method valuation effect |
(14) |
(45) |
(79) |
||
|
Net capital losses (capital gains) on asset sales, cancellations and eliminations |
|
3 |
20 |
||
|
Interest income |
|
(8) |
(19) |
||
|
Interest expense |
|
412 |
350 |
||
|
Income taxes |
(30) |
690 |
509 |
||
|
Other changes |
|
|
(52) |
||
|
Changes in working capital: |
|
|
|
||
|
- Inventories |
|
1 |
(18) |
||
|
- Trade receivables |
|
(343) |
65 |
||
|
- Trade payables |
|
283 |
(154) |
||
|
- Provisions for risks and charges |
|
30 |
23 |
||
|
- Other assets and liabilities |
|
216 |
(4) |
||
|
Working capital cash flows |
|
187 |
(88) |
||
|
Change in provisions for employee benefits |
|
1 |
(2) |
||
|
Dividends collected |
|
70 |
99 |
||
|
Interest collected |
|
1 |
2 |
||
|
Interest paid |
|
(399) |
(347) |
||
|
Income taxes paid net of reimbursed tax credits |
|
(759) |
(865) |
||
|
Net cash flow from operating activities |
|
1,839 |
1,529 |
||
|
- of which with related parties |
(33) |
2,338 |
1,906 |
||
|
|
|
|
|||
|
- Property, plant and equipment |
(12) |
(839) |
(917) |
||
|
- Intangible assets |
(13) |
(348) |
(366) |
||
|
- Change in scope of consolidation and business units |
|
(14) |
(10) |
||
|
- Equity investments (*) |
|
(599) |
(5) |
||
|
- Change in payables and receivables relating to investments |
|
(22) |
54 |
||
|
Cash flow from investments |
|
(1,822) |
(1,244) |
||
|
Divestments: |
|
|
|
||
|
- Property, plant and equipment |
|
3 |
3 |
||
|
- Intangible assets |
|
17 |
|
||
|
- Equity investments |
|
9 |
7 |
||
|
- Change in payables and receivables relating to divestments |
|
3 |
2 |
||
|
Cash flow from divestments |
|
32 |
12 |
||
|
Net cash flow from investment activities |
|
(1,790) |
(1,232) |
||
|
- of which with related parties |
(33) |
(674) |
(73) |
||
|
Assumption of long-term financial debt |
|
3,808 |
2,971 |
||
|
Repayment of long-term financial debt |
|
(4,471) |
(1,474) |
||
|
Increase (decrease) in short-term financial debt |
|
1,442 |
(1,007) |
||
|
Financial receivables not held for operations |
|
|
(216) |
||
|
|
|
779 |
274 |
||
|
Net equity capital injections |
|
4 |
2 |
||
|
Dividends paid to Snam shareholders |
|
(845) |
(507) |
||
|
Net cash flow from financing activities |
|
(62) |
(231) |
||
|
- of which with related parties |
(33) |
(455) |
(509) |
||
|
Effect of the change in scope of consolidation |
|
|
6 |
||
|
Net cash flow for the period |
|
(13) |
72 |
||
|
Cash and cash equivalents at the beginning of the period |
(7) |
15 |
2 |
||
|
Cash and cash equivalents at the end of the period |
(7) |
2 |
74 |
||