STATEMENT OF Cash flows
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|
(€ million) |
Notes |
First half 2013 |
First half 2014 |
|
|
462 |
561 |
|
|
Adjustments for reconciling profit for the period with cash flow from operating activities: |
|
|
|
|
Amortisation and depreciation |
(24) |
376 |
384 |
|
Equity method valuation effect |
(26) |
(35) |
(49) |
|
Net capital losses (capital gains) on asset sales, cancellations and eliminations |
|
(2) |
5 |
|
Interest income |
|
(3) |
(11) |
|
Interest expense |
|
225 |
178 |
|
Income taxes |
(27) |
331 |
328 |
|
Changes in working capital: |
|
|
|
|
- Inventories |
|
47 |
21 |
|
- Trade receivables |
|
(56) |
509 |
|
- Trade payables |
|
133 |
(420) |
|
- Provisions for risks and charges |
|
1 |
(16) |
|
- Other assets and liabilities |
|
118 |
(288) |
|
Working capital cash flows |
|
243 |
(194) |
|
Change in provisions for employee benefits |
|
1 |
2 |
|
Dividends collected |
|
1 |
39 |
|
Interest collected |
|
1 |
4 |
|
Interest paid |
|
(215) |
(176) |
|
Income taxes paid net of reimbursed tax credits |
|
(325) |
(424) |
|
Net cash flow from operating activities |
|
1,060 |
647 |
|
- of which with related parties |
(30) |
1,216 |
1,219 |
|
|
|
|
|
|
- Property, plant and equipment |
(8) |
(304) |
(363) |
|
- Intangible assets |
(9) |
(134) |
(149) |
|
- Companies included in the consolidation scope and business units |
|
(10) |
|
|
- Change in payables and receivables relating to investments |
|
(139) |
(38) |
|
Cash flow from investment activities |
|
(587) |
(550) |
|
Divestments: |
|
|
|
|
- Property, plant and equipment |
|
1 |
|
|
- Intangible fixed assets |
|
9 |
|
|
- Equity investments |
|
|
7 |
|
Cash flows from divestments |
|
10 |
7 |
|
Net cash flow from investment activities |
|
(577) |
(543) |
|
- of which with related parties |
(30) |
(56) |
(10) |
|
Taking on long-term financial debt |
|
1,864 |
1,375 |
|
Repaying long-term financial debt |
|
(2,147) |
(530) |
|
Increase (decrease) in short-term financial debt |
|
293 |
(444) |
|
|
|
10 |
401 |
|
Sale of treasury shares |
|
3 |
2 |
|
Dividends paid to Snam shareholders |
|
(507) |
(507) |
|
Net cash flow from financing activities |
|
(494) |
(104) |
|
- of which with related parties |
(30) |
(330) |
(602) |
|
Net cash flow for the period |
|
(11) |
|
|
Cash and cash equivalents at start of period |
|
15 |
2 |
|
Cash and cash equivalents at end of period |
|
4 |
2 |