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Key figures

To improve the economic and financial review, in addition to conventional IAS/IFRS indicators and financial statements, the interim directors’ report also contains reclassified financial statements and several alternative performance indicators such as EBITDA, EBIT and net financial debt. The following tables, the explanatory notes thereto and the reclassified financial statements report these amounts; see the glossary for a definition of the terms used, where these are not specified.

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Key financial figures

 

 

 

 

 

 

Financial year

 

First half

 

% Change

2013

(€ million)

2013

2014

Change

(a)

As of 1 January 2014 and purely for the purposes of the reclassified income statement, revenue relating to building and upgrading distribution infrastructures recorded pursuant to IFRIC 12, which is recorded in equal measure alongside the relevant costs incurred (€130 and €140 million respectively in the first half of 2013 and of 2014), is stated as a direct reduction in the respective cost items. The corresponding amounts for 2013 were reclassified accordingly.

(b)

Net profit is attributable to Snam.

3,529

Total revenue (a)

1,775

1,782

7

0.4

3,491

- of which revenue from regulated activities

1,755

1,748

(7)

(0.4)

726

Operating costs (a)

379

354

(25)

(6.6)

2,803

EBITDA

1,396

1,428

32

2.3

2,034

EBIT

1,020

1,044

24

2.4

917

Net profit (b)

462

561

99

21.4
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Key balance sheet and cash flow figures

 

 

 

 

 

 

Financial year

 

First half

 

% Change

2013

(€ million)

2013

2014

Change

1.290

Technical investments

490

526

36

7.3

19.320

Net invested capital at period end

18,426

19,786

1,360

7.4

5.994

Shareholders’ equity including minority interests at period end

5,866

6,056

190

3.2

5.993

Shareholders’ equity attributable to the Group at period end

5,865

6,055

190

3.2

13.326

Net financial debt at period end

12,560

13,730

1,170

9.3

(92)

Free cash flow

342

104

(238)

(69.6)
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Key share figures

 

 

 

 

 

 

 

Financial year

 

 

First half

 

% Change

2013

 

 

2013

2014

Change

3,381.6

Number of shares in share capital

(millions)

3,381.6

3,381.6

 

 

3,380.0

Number of shares outstanding at period end

(millions)

3,379.7

3,380.5

0.8

 

3,379.5

Average number of shares outstanding during the period

(millions)

3,379.1

3,380.3

1.2

 

4.04

Official share price at period end

(€)

3.48

4.41

0.93

26.7
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Key profit indicators (a)

 

 

 

 

 

 

Financial year

 

First half

 

% Change

2013

 

2013

2014

Change

(a)

Calculated based on the average number of shares in issue during the period.

0.602

EBIT per share

0.302

0.309

0.007

2.3

0.271

Net profit per share

0.137

0.166

0.029

21.2
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Key operating figures (a)

 

 

 

 

 

 

Financial year

 

First half

 

% Change

2013

 

2013

2014

Change

(a)

The changes indicated in the table, as well as those below in this press release, must be considered changes from the first half of 2013 to the first half of 2014. Percentage changes, unless otherwise specified, are calculated in relation to the data indicated in the related tables.

(b)

With regard to the first half of 2014, gas volumes are expressed in standard cubic metres (SCM) with an average higher heating value (HHV) of 38.1 and 39.2 MJ/SCM respectively for the businesses of natural gas transportation, regasification and storage.

(c)

Data for the first half of 2014 are current as at 2 July 2014. 2013 data have been aligned with data from the national transportation network report.

(d)

Working gas capacity for modulation, mining and balancing services. The available capacity at 30 June 2014 is that declared to the Electricity, Gas and Water Authority (hereinafter “the Authority”) at the start of the 2014-2015 thermal year, in compliance with Resolution ARG/gas 119/10.

(e)

This figure refers to the kilometres of network operated by Italgas.

(f)

Fully consolidated companies.

 

Natural gas transportation (b)

 

 

 

 

69.00

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

34.49

32.78

(1.71)

(5.0)

32,306

Gas transportation network (kilometres in use)

32,229

32,303

74

0.2

867

Installed power in the compression stations (MW)

867

890

23

2.7

 

Liquefied Natural Gas (LNG) regasification (b)

 

 

 

 

0.055

LNG regasification (billions of cubic metres)

0.049

0.002

(0.047)

(95.9)

 

Natural gas storage (b)

 

 

 

 

11.4

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

11.4

11.4

 

 

18.42

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

11.24

9.51

(1.73)

(15.4)

 

Natural gas distribution

 

 

 

 

5.928

Active meters (millions)

5.915

5.911

(0.004)

(0.1)

1,435

Gas distribution concessions (number)

1,435

1,435

 

 

52,993

Distribution network (kilometres) (e)

52,677

53,308

631

1.2

6,045

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

6,021

6,035

14

0.2

 

by business segment:

 

 

 

 

1,952

- Transportation

1,949

1,941

(8)

(0.4)

79

- Regasification

77

80

3

3.9

303

- Storage

299

308

9

3.0

3,008

- Distribution

3,003

3,001

(2)

(0.1)

703

- Corporate

693

705

12

1.7

Snam and the financial markets

Snam – Comparison of prices of Snam shares, FTSE MIB and STOXX EURO 600 Utilities
(1 January 2014 – 30 June 2014)

Snam – Comparison of prices of Snam shares, FTSE MIB and STOXX EURO 600 Utilities (Line- and bar chart)

Snam – Comparison of Snam’s performance with the main stock market indices
(1 January 2014 – 30 June 2014)

Snam – Comparison of Snam’s performance with the main stock market indices (Bar chart)

Snam ownership structure by type of investor

Snam ownership structure by type of investor (Pie chart)

Snam ownership structure by region

Snam ownership structure by region (Pie chart)
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