Cash flow statement
| Download XLS (27 kB) |
(€ 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 |