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 Italian 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 no. 94001437 of 23 February 1994).
Furthermore, in order to allow greater comparability of the economic results for 2017 with the corresponding period of the previous year, the 2016 Pro-forma and 2015 Pro-forma accounts were prepared, which take over the shareholding of Snam S.p.A. in Italgas S.p.A. equal to 13.5%. Therefore the dividends for 2015 and 2014 have been adjusted to reflect this interest.
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(€ million) |
Pro-forma 2015 |
Pro-forma 2016 |
2017 |
Change |
Change % |
Financial income and expense |
|
|
|
|
|
Net income from equity investments |
690 |
568 |
740 |
172 |
30.3 |
Interest income and other financial income |
355 |
642 |
262 |
(380) |
(59.2) |
Interest expense and other financial expense |
(395) |
(647) |
(292) |
355 |
(54.9) |
Losses from derivative contracts |
|
(1) |
(1) |
|
|
Total financial income and expense |
650 |
562 |
709 |
147 |
26.2 |
Income from services rendered |
186 |
203 |
210 |
7 |
3.4 |
Other income |
12 |
12 |
13 |
1 |
8.3 |
Other operating income |
198 |
215 |
223 |
8 |
3.7 |
For personnel |
(68) |
(79) |
(81) |
(2) |
2.5 |
For non-financial services and other costs |
(134) |
(162) |
(173) |
(11) |
6.8 |
Other operating expenses |
(202) |
(241) |
(254) |
(13) |
5.4 |
Pre-tax |
646 |
536 |
678 |
142 |
26.5 |
Income tax |
(6) |
(13) |
(1) |
12 |
(92.3) |
Net profit |
640 |
523 |
677 |
154 |
29.4 |
The Net Profit for 2017 totals €677 million, a €154 million euro increase, equal to 29.4%, in respect to the fiscal year 2016.The increase is mainly due to the higher net income from investments (+€172 million), essentially due to the higher dividends distributed by the subsidiaries Snam Rete Gas S.p.A.(+€106 million), and Stogit S.p.A.(+€77 million).