Cash flow statement
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|
|
First half |
|
(millions of €) |
Notes |
2015 |
2016 |
Net profit |
|
612 |
526 |
Adjustments for reconciling net profit with cash flows from operating activities: |
|
|
|
Amortisation |
(21) |
422 |
447 |
Effect of valuation using the equity method |
|
(70) |
(64) |
Net capital losses (capital gains) on asset sales, cancellations and eliminations |
|
10 |
15 |
Interest income |
|
(7) |
(3) |
Interest expense |
|
176 |
159 |
Income taxes |
(24) |
283 |
229 |
Other changes |
|
1 |
|
Changes in working capital: |
|
|
|
- Inventories |
|
37 |
8 |
- Trade receivables |
|
350 |
432 |
- Trade payables |
|
(205) |
(86) |
- Provisions for risks and charges |
|
(20) |
18 |
- Other assets and liabilities |
|
(132) |
(205) |
Working capital cash flows |
|
30 |
167 |
Change in provisions for employee benefits |
|
(2) |
(1) |
Dividends collected |
|
99 |
102 |
Interest collected |
|
4 |
1 |
Interest paid |
|
(172) |
(159) |
Income taxes paid net of reimbursed tax credits |
|
(240) |
(219) |
Net cash flow from operating activities |
|
1,146 |
1,200 |
- of which with related parties |
(27) |
1,521 |
1,321 |
Investments: |
|
|
|
- Property, plant and equipment |
(9) |
(313) |
(343) |
- Intangible assets |
(10) |
(141) |
(156) |
- Companies included in the consolidation scope and business units |
|
(45) |
|
- Financial receivables held for operations |
|
|
(69) |
- Equity investments |
|
(14) |
(26) |
- Change in payables and receivables relating to investments |
|
(133) |
(100) |
Cash flow from investments |
|
(646) |
(694) |
Divestments: |
|
|
|
- Property, plant and equipment |
|
1 |
|
- Equity investments |
|
86 |
2 |
Cash flow from divestments |
|
87 |
2 |
Net cash flow from investment activities |
|
(559) |
(692) |
- of which with related parties |
(27) |
(52) |
(79) |
Assumption of long-term financial debt |
|
591 |
370 |
Repayment of long-term financial debt |
|
(502) |
(338) |
Increase (decrease) in short-term financial debt |
|
154 |
339 |
Financial receivables not held for operations |
|
(5) |
|
|
|
238 |
371 |
Dividends paid to Snam shareholders |
|
(875) |
(875) |
Net cash flow from financing activities |
|
(637) |
(504) |
- of which with related parties |
(27) |
(9) |
(11) |
Net cash flow for the period |
|
(50) |
4 |
Cash and cash equivalents at beginning of period |
(4) |
74 |
17 |
Cash and cash equivalents at end of period |
(4) |
24 |
21 |