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Reclassified statement of cash flows

The reclassified statement of cash flows below summarises the legally required financial reporting format. It shows the connection between opening and closing cash and cash equivalents and the change in net financial debt during the period. The two statements are reconciled through the free cash flow, i.e. the cash surplus or deficit left over after servicing capital expenditure. The free cash flow closes either:(i) with the change in cash for the period, after adding/deducting all cash flows related to financial liabilities/assets (taking out/repaying financial receivables/payables) and equity (payment of dividends/capital injections); or (ii) with the change in net financial debt for the period, after adding/deducting the debt flows related to equity (payment of dividends/capital injections).

 Download XLS (21 kB)
Reclassified statement of cash flows (*)

(€ million)

2015 (**)

2016 (**)

2017

Net Profit – continuing operations

796

591

 

Net Profit – discontinued operations

442

270

 

Net profit

1,238

861

897

Adjusted for:

 

 

 

- Amortisation, depreciation and other non-monetary components

744

757

511

- Net capital losses (capital gains) on asset sales and eliminations

32

36

4

- Interest and income taxes

804

884

585

Change in working capital due to operating activities

40

(176)

334

Dividends, interest and income taxes collected (paid)

(804)

(735)

(467)

Net cash flow from operating activities

2,054

1,627

1,864

Technical investments

(1,186)

(1,145)

(1,016)

Technical disinvestments

6

2

3

Companies (entering) leaving the scope of consolidation (a)

(46)

1,502

(166)

Equity investments

3

(168)

(75)

Change in financial credits instrumental to operating activities

(78)

(133)

(154)

Other changes relating to investment activities

18

22

(33)

Free cash flow

771

1,707

423

Change in financial receivables not held for operating activities

216

 

(350)

Financial credits in companies leaving the scope of consolidation

 

1,585

 

Change in short- and long-term financial debt

(169)

(2,297)

1,540

Equity cash flow (b)

(875)

(978)

(928)

Net cash flow for the period

(57)

17

685
 Download XLS (19 kB)
Change in net financial debt

(€ million)

2015

2016

2017

(*)

For the reconciliation of the reclassified statement of cash flows with the compulsory format, please see the paragraph “Reconciliation of the reclassified financial statements with the compulsory formats” below.

(**)

Cash flow pertained to the Snam Group and consequently includes financial flows from both continuing operations (natural gas transportation, regasification and storage, as well as Corporate activities) and discontinued operations (natural gas distribution).With reference to 2016, the net cash flows from operating activities, investment activities and financing activities attributable to discontinued operations amounted respectively to +€413 million, -€298 million and -€116 million.

(a)

The amount relating to 2017 refers to the consideration for the acquisition from Edison of 100% of the share capital of Infrastrutture Trasporto Gas - ITG (€166 million, including the repayment of the intercompany loan between ITG and Edison and net of liquid assets acquired). The amount for 2016 refers to the receipt of the sum deriving from the transfer of 38.87% of the Snam S.p.A. share in Italgas Reti S.p.A.(€1,502 million, net available liquidity transferred).

(b)

The value relating to 2016 and 2017 includes the payment of the dividend to shareholders as well as the cost incurred to purchase treasury shares (respectively €103 million and €210 million).

(c)

Include the effects of adjustment to the year-end exchange rate of financial payables in foreign currency.

Free cash flow

771

1,707

423

Financial credits in companies leaving the scope of consolidation

 

2,009

 

Equity cash flow

(875)

(978)

(928)

Other changes (c)

(23)

(15)

11

Change in net financial debt

(127)

2,723

(494)
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