Reconciliation of the reclassified financial statements with the compulsory formats

Property, plant and equipment

14,851

14,969

Compulsory inventories

363

363

Intangible assets

4,710

4,735

Equity-accounted investments

1,024

1,008

Financial receivables held for operating activities

(see Note 5)

2

Net payables for investments, consisting of:

(367)

(329)

- Payables for investment activities

(see Note 14)

(379)

(341)

- Receivables from investment/ divestment activities

(see Note 5)

12

12

Total fixed capital

20,583

20,746

Trade Receivables

(see Note 5)

2,268

1,766

Inventories

156

162

Tax receivables, consisting of:

53

68

- Current income tax assets

15

28

- IRES receivables for the national tax consolidation scheme

(see Note 5)

30

32

- Other current tax assets

8

8

Trade payables

(see Note 14)

(1,047)

(627)

Tax payables, consisting of:

(143)

(102)

- Current income tax liabilities

(95)

(53)

- Other current tax liabilities

(47)

(48)

- IRES payables for the national tax consolidation scheme

(see Note 14)

(1)

(1)

Deferred tax liabilities

(727)

(687)

Provisions for risks and charges

(837)

(842)

Derivatives

(see Notes 16 and 20)

(7)

(6)

Other assets, consisting of:

231

347

- Other receivables

(see Note 5)

130

257

- Other current assets

(see Note 7)

34

34

- Other non-current assets

(see Note 11)

67

56

Accruals and deferrals from regulated activities, consisting of:

(203)

(201)

- Accrued income from regulated activities

(see Notes 7 and 11)

141

126

- Prepaid income from regulated activities

(see Notes 16 and 20)

(344)

(327)

Other liabilities, consisting of:

(899)

(728)

- Other payables

(see Note 14)

(471)

(305)

- Other current liabilities

(see Note 16)

(29)

(18)

- Other non-current liabilities

(see Note 20)

(399)

(405)

Total net working capital

(1,155)

(850)

Provisions for employee benefits

(124)

(126)

Assets held for sale and directly related liabilities, consisting of:

16

16

- Assets held for sale

23

23

- Liabilities directly associated with assets held for sale

(7)

(7)

NET INVESTED CAPITAL

19,320

19,786

Shareholders’ equity including minority interests

5,994

6,056

Financial liabilities, consisting of:

13,328

13,732

- Long-term financial liabilities

11,078

12,047

- Current share of long-term financial liabilities

303

182

- Short-term financial liabilities

1,947

1,503

Cash and cash equivalents

(2)

(2)

Total net financial debt

13,326

13,730

COVERAGE

19,320

19,786

Net profit

462

561

Amortisation, depreciation and other non-monetary components:

342

337

- Amortisation and depreciation

376

384

- Equity method valuation effect

(35)

(49)

- Change in provisions for employee benefits

1

2

Net capital losses (capital gains) on asset sales and eliminations

(2)

5

- Interest and income taxes

553

495

- Interest income

(3)

(11)

- Interest expense

225

178

- Income taxes

331

328

Change in working capital due to operating activities:

102

(194)

- Inventories

47

21

- Trade receivables

(56)

509

- Trade payables

133

(420)

- Change in provisions for risks and charges

1

(16)

- Other assets and liabilities

118

(288)

- Reclassification: derivative liabilities

(141)

Dividends, interest and income taxes collected (paid):

(538)

(557)

- Dividends collected

1

39

- Interest collected

1

4

- Interest paid

(215)

(176)

- Income taxes (paid) received

(325)

(424)

Net cash flow from operating activities

919

647

Technical investments:

(438)

(512)

- Property, plant and equipment

(304)

(363)

- Intangible assets

(134)

(149)

Investments in companies joining the scope of consolidation and business units:

(10)

Divestments:

10

7

- Property, plant and equipment

1

- Intangible assets

9

- Equity investments

7

Other changes relating to investment activities:

(139)

(38)

- Change in net payables relating to investment activities

(139)

(38)

Free cash flow

342

104

Change in financial payables:

151

401

- Reclassification: derivative liabilities

141

- 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)

Equity cash flow

(504)

(505)

- Transfer of treasury shares for stock options

3

2

- Dividends paid to Snam shareholders

(507)

(507)

Net cash flow for the period

(11)

0