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Cash flow statement

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(€ million)

Notes

2014

2015

Net profit

 

1,198

1,238

Adjustments for reconciling net profit with cash flows from operating activities:

 

 

 

Depreciation and amortisation

(27)

797

846

Impairment losses

(27)

6

3

Effect of valuation using the equity method

(14)

(79)

(126)

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

 

20

32

Interest income

 

(19)

(8)

Interest expense

 

350

345

Income taxes

(30)

509

467

Other changes

 

(52)

(9)

Changes in working capital:

 

 

 

- Inventories

 

(18)

55

- Trade receivables

 

65

(9)

- Trade payables

 

(154)

(128)

- Provisions for risks and charges

 

23

(14)

- Other assets and liabilities

 

(4)

136

Working capital cash flows

 

(88)

40

Change in provisions for employee benefits

 

(2)

30

Dividends collected

 

99

141

Interest collected

 

2

5

Interest paid

 

(347)

(345)

Income taxes paid net of reimbursed tax credits

 

(865)

(605)

Net cash flow from operating activities

 

1,529

2,054

- of which with related parties

(33)

2,023

2,450

Investments:

 

 

 

- Property, plant and equipment

(12)

(917)

(793)

- Intangible assets

(13)

(366)

(393)

- Change in scope of consolidation and business units

 

(10)

(46)

- Equity investments

 

(5)

(144)

- Financial receivables held for operations

 

 

(78)

- Change in payables and receivables relating to investments

 

54

18

Cash flow from investments

 

(1,244)

(1,436)

Divestments:

 

 

 

- Property, plant and equipment

 

3

6

- Equity investments

 

7

147

- Change in receivables relating to divestments

 

2

 

Cash flow from divestments

 

12

153

Net cash flow from investment activities

 

(1,232)

(1,283)

- of which with related parties

(33)

(73)

(157)

Assumption of long-term financial debt

 

2,971

1,167

Repayment of long-term financial debt

 

(1,474)

(1,620)

Increase (decrease) in short-term financial debt

 

(1,007)

284

Financial receivables not held for operations

 

(216)

216

 

 

274

47

Sale of treasury shares

 

2

 

Dividends paid to Snam shareholders

 

(507)

(875)

Net cash flow from financing activities

 

(231)

(828)

- of which with related parties

(33)

(314)

222

Effect of the change in scope of consolidation

 

6

 

Net cash flow for the period

 

72

(57)

Cash and cash equivalents at the beginning of the period

(7)

2

74

Cash and cash equivalents at the end of the period

(7)

74

17

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