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Change Report

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

% change

2014

(€ million)

2014

2015

(a)

Net profit is attributable to Snam.

3,566

Total revenue

1,782

1,837

55

3.1

3,506

- of which regulated

1,748

1,796

48

2.7

790

Operating costs

354

403

49

13.8

2,776

EBITDA

1,428

1,434

6

0.4

1,973

EBIT

1,044

1,012

(32)

(3.1)

1,198

Net profit (a)

561

612

51

9.1
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Key balance sheet and cash flow figures

 

 

 

 

 

 

Financial
year

 

First half

Change

% change

2014

(€ million)

2014

2015

1,313

Technical investments

526

487

(39)

(7.4)

20,824

Net invested capital at period end

19,786

20,889

1,103

5.6

7,172

Shareholders’ equity including minority interests at period end

6,056

6,953

897

14.8

7,171

Shareholders’ equity attributable to the Group at period end

6,055

6,952

897

14.8

13,652

Net financial debt at period end

13,730

13,936

206

1.5

297

Free cash flow

104

587

483

 
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Key share figures

 

 

 

 

 

 

 

Financial
year

 

 

First half

Change

% change

2014

 

 

2014

2015

3,500.6

Number of shares in share capital

(millions)

3,381.6

3,500.6

119.0

3.5

3,499.5

Number of shares outstanding at period end

(millions)

3,380.5

3,499.5

119.0

3.5

3,384.7

Average number of shares outstanding during the period

(millions)

3,380.3

3,499.5

119.2

3.5

4.11

Official share price at period end

(€)

4.41

4.30

(0.11)

(2.5)
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Key profit indicators (a)

 

 

 

 

 

 

Financial
year

 

First half

Change

% change

2014

 

2014

2015

(a)

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

0.583

EBIT per share

0.309

0.289

(0.020)

(6.5)

0.354

Net profit per share

0.166

0.175

0.009

5.4
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Key operating figures (a)

 

 

 

 

 

 

Financial
year

 

First half

Change

% change

2014

 

2014

2015

(a)

The changes indicated in the table, as well as those below in this report, must be considered changes from the first half of 2015 compared with 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 2015, gas volumes are expressed in standard cubic metres (SCM) with an average higher heating value (HHV) of 38.1 and 39.1 MJ/SCM respectively for the businesses of natural gas transportation, regasification and storage.

(c)

Data for the first half of 2015 are correct as at 2 July 2015. Data for 2014 have been aligned with the data from the national transportation network report.

(d)

Working gas capacity for modulation, mining and balancing services. The available capacity at 30 June 2015 is that declared to the Electricity, Gas and Water Authority (hereinafter also “the Authority”) at the start of the 2015-2016 thermal year, in compliance with Resolution ARG/gas 119/10.

(e)

Data for the first half of 2015 include Acam Gas S.p.A. and AES S.p.A., which were fully consolidated as at 1 April 2015 and 1 July 2014 respectively, and Metano Arcore S.p.A. and SETEAP S.p.A., which merged into Italgas S.p.A. and Napoletanagas S.p.A. respectively, with effect from 1 January 2015.

(f)

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

(g)

Fully consolidated companies.

 

Natural gas transportation (b)

 

 

 

 

62.28

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

32.78

32.77

(0.01)

(0.03)

32,339

Gas transportation network (kilometres in use)

32,303

32,354

51

0.2

893.9

Installed power in the compression stations (MW)

890

853

(37)

(4.2)

 

Liquefied Natural Gas (LNG) regasification (b)

 

 

 

 

0.01

LNG regasification (billions of cubic metres)

0.002

0.020

0.018

 

 

Natural gas storage (b)

 

 

 

 

11.4

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

11.4

11.4

 

 

15.70

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

9.51

11.96

2.45

25.8

 

Natural gas distribution (e)

 

 

 

 

6.408

Active meters (millions)

5.911

6.518

0.607

10.3

1,437

Gas distribution concessions (number)

1,435

1,472

37

2.6

55,278

Distribution network (kilometres) (f)

53,308

56,636

3,328

6.2

6,072

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

6,035

6,219

184

3.0

 

by business segment:

 

 

 

 

1,874

- Transportation

1,941

1,912

(29)

(1.5)

77

- Regasification

80

75

(5)

(6.3)

291

- Storage

308

287

(21)

(6.8)

3,124

- Distribution (e)

3,001

3,221

220

7.3

706

- Corporate and other activities

705

724

19

2.7

Snam and the financial markets

SNAM - COMPARISON OF PRICES OF SNAM SHARES, FTSE MIB AND STOXX EURO 600 UTILITIES
(1 JANUARY 2015 - 30 JUNE 2015)

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 2015 - 30 JUNE 2015)

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)

* The percentage for Italy includes the combined share of retail investors (9.54%) and treasury shares (0.03%), as well as the shareholdings of CDP RETI (28.98%), CDP GAS (1.12%) and eni (8.25%).

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