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Statement of cash flows

 Download XLS (25 kB)

(€ million)

Notes

2016

2017

(a)

Cash flow pertaining to the Snam Group which, consequently includes cash flows from both continuing operations (natural gas transportation, regasification and storage, as well as Corporate activities) and discontinued operations (natural gas distribution). The net cash flow from operating activities, investments and financing activities attributable to discontinued operations total respectively +€413 million, - €298 million and - €116 million.

(b)

The cash flow for 2017 takes into account the differing timing relative to the settlement of the additional tariff components payable to the CSEA and for the transport sector. From 1 January 2017, these components are settled based on the volumes invoiced in the two month reference period instead of the volumes applicable to the period.

(c)

The amount refers to the acquisition of ITG (€166 million, including the repayment of the intercompany loan between ITG and Edison net of the cash and cash equivalents acquired).

(d)

The amount relates to the collection of the consideration from the sale of 38.87% of Snam S.p.A.’s equity investment in Italgas Reti S.p.A. (€1,502 million, net of the liquidity transferred).

(e)

The amount relates to the repayment to Snam S.p.A. of intercompany financial receivables from the Italgas Group, net of the debt to the EIB (€424 million) for loans provided by this latter to Snam to finance Italgas S.p.A. projects, which has been assumed by the Italgas Group.

Net Profit – continuing operations

 

591

 

Net Profit – discontinued operations

 

270

 

Net profit

 

861

897

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

 

 

 

Amortisation and depreciation

(27)

859

646

- of which continuing operations

 

616

 

Impairment losses on tangible and intangible fixed assets

(27)

35

13

Effect of valuation using the equity method

(14)

(133)

(161)

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

 

36

4

Interest income

 

(126)

(9)

Interest expense

 

615

265

Income tax

(30)

395

329

- of which continuing operations

 

308

 

Changes in working capital (b):

 

 

 

- Inventories

 

15

(42)

- Trade receivables

 

34

1

- Trade payables

 

(148)

(26)

- Provisions for risks and charges

 

24

16

- Other assets and liabilities

 

(101)

385

Working capital cash flow

 

(176)

334

Change in provisions for employee benefits

 

(4)

13

Dividends collected

 

148

149

Interest collected

 

122

2

Interest paid

 

(615)

(265)

Income taxes paid net of reimbursed tax credits

 

(390)

(353)

Net cash flow from operating activities

 

1,627

1,864

- of which with related parties

(33)

2,343

1,641

Investments:

 

 

 

- Property, plant and equipment

(12)

(832)

(950)

- Intangible assets

(13)

(313)

(66)

- Change in scope of consolidation and business units (c)

 

 

(166)

- Equity investments

 

(170)

(111)

- Financial receivables held for operations

 

(133)

(154)

- Change in payables and receivables relating to investments

 

 

(33)

Cash flow from investments

 

(1,448)

(1,480)

Divestments:

 

 

 

- Property, plant and equipment

 

2

3

- Change in receivables relating to divestment activities

 

22

 

- Companies leaving the scope of consolidation and business units (d)

 

1,502

 

- Equity investments

 

2

36

Cash flow from divestments

 

1,528

39

Net cash flow from investment activities

 

80

(1,441)

- of which with related parties

(33)

1,326

(204)

Assumption of long-term financial debt

 

2,039

3,129

Repayment of long-term financial debt

 

(4,479)

(1,465)

Increase (decrease) in short-term financial debt

 

143

(124)

Change in financial receivables not held for operating activities

 

 

(350)

Financial receivables of companies leaving the scope of consolidation (e)

 

1,585

 

 

 

(712)

1,190

Purchase of treasury shares

 

(103)

(210)

Dividends paid to Snam shareholders

 

(875)

(718)

Net cash flow from financing activities

 

(1,690)

262

- of which with related parties

(33)

1,584

(3)

Net cash flow for the period

 

17

685

Cash and cash equivalents at the beginning of the period

(7)

17

34

Cash and cash equivalents at the end of the period

(7)

34

719
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