Reclassified income statement
To facilitate the reading of the income statement, in view of the fact that Snam S.p.A. is an industrial holding company, the following reclassified income statement has been prepared, which “inverts the order of the income statement items pursuant to Legislative Decree 127/1991, presenting first those which relate to the financial operations, as this is the most significant component of income for those companies” (see Consob Communication 94001437 of 23 February 1994).
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(€ million) |
2014 |
2015 |
2016 |
Change |
% change |
Financial income and expense |
|
|
|
|
|
Net income from equity investments |
536 |
875 |
806 |
(69) |
(7.9) |
Interest income and other financial income |
385 |
355 |
642 |
287 |
80.8 |
Interest expense and other financial expense |
(435) |
(395) |
(647) |
(252) |
63.8 |
Losses from derivative contracts |
|
|
(1) |
(1) |
|
Total financial income and expense |
486 |
835 |
800 |
(35) |
(4.2) |
Income from services rendered |
185 |
186 |
203 |
17 |
9.1 |
Other income |
12 |
12 |
12 |
|
|
Other operating income |
197 |
198 |
215 |
17 |
8.6 |
For personnel |
(68) |
(68) |
(79) |
(11) |
16.2 |
For non-financial services and other costs |
(147) |
(134) |
(162) |
(28) |
20.9 |
Other operating expenses |
(215) |
(202) |
(241) |
(39) |
19.3 |
Pre-tax profit |
468 |
831 |
774 |
(57) |
(6.9) |
Income tax paid |
2 |
(6) |
(13) |
(7) |
|
Net profit |
470 |
825 |
761 |
(64) |
(7.8) |
The Net Profit for 2016 totals 761 million euro, a 64 million euro reduction, equal to 7.8%, in respect to the fiscal year 2015. The reduction is principally due to lower net revenue from shares (-69 million euro) principally deriving from the dividends distributed by subsidiaries (-44 million euro) and the devaluation of the share in Gasbridge 1 B.V. and Gasbridge 2 B.V. (-25 million euro in total). The financial operations were substantially in line with the previous fiscal year. The revenue deriving from the adjustment to market value of the financial credits in existence towards the Italgas Group (119 million euro) were compensated in part by the expenses, net recharges to the subsidiary, connected to the bond buyback operation (88 million euro, net recharges to the subsidiary).