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Change Report

Cash flow statement

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First half

(€ millions)

Notes

2016 (*)

2017

(*)

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). Net cash flows from operating activities, investment activities and financing activities attributable to discontinued operations stand at +€292 million, -€185 million and -€108 million, respectively.

(**)

The cash flow for the first half of 2017 takes into account different timing relating to the payment of the additional tariff items to be paid to the CSEA with reference to the transportation segment. In this regard, from 1 January 2017, these items are subject to settlement based on the volumes invoiced in the two-month reference period rather than the volumes pertaining to the two-month period. It is expected that this matter will be normalised during the year.

Net Profit - continuing operations

 

364

504

Net Profit - discontinued operations

 

162

 

Net profit

 

526

504

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

 

 

 

Amortisation and depreciation - continuing operations

(21)

305

319

Amortisation and depreciation - discontinued operations

 

142

 

Impairment losses

 

 

2

Equity method valuation effect

 

(64)

(88)

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

 

15

1

Interest income

 

(3)

(3)

Interest expense

 

159

105

Income tax - continuing operations

(24)

185

183

Income tax - discontinued operations

 

44

 

Changes in working capital (**):

 

 

 

- Inventories

 

8

(39)

- Trade receivables

 

432

330

- Trade payables

 

(86)

(104)

- Provisions for risks and charges

 

18

3

- Other assets and liabilities

 

(205)

305

Working capital cash flow

 

167

495

Change in provisions for employee benefits

 

(1)

2

Dividends collected

 

102

121

Interest collected

 

1

 

Interest paid

 

(159)

(105)

Income taxes paid net of reimbursed tax credits

 

(219)

(135)

Net cash flow from operating activities

 

1,200

1,401

- of which with related parties

(27)

1,321

954

Investments:

 

 

 

- Property, plant and equipment

(9)

(343)

(399)

- Intangible assets

(10)

(156)

(25)

- Financial receivables held for operations

 

(69)

(93)

- Equity investments

 

(26)

(33)

- Change in payables and receivables relating to investments

 

(100)

(77)

Cash flow from investments

 

(694)

(627)

Divestments:

 

 

 

- Property, plant and equipment

 

 

1

- Equity investments

 

2

18

Cash flow from divestments

 

2

19

Net cash flow from investment activities

 

(692)

(608)

- of which with related parties

(27)

(79)

(122)

Assumption of long-term financial debt

 

370

1,265

Repayment of long-term financial debt

 

(338)

(832)

Increase (decrease) in short-term financial debt

 

339

(312)

 

 

371

121

Purchase of treasury shares

 

 

(202)

Dividends paid to Snam shareholders

 

(875)

(718)

Net cash flow from financing activities

 

(504)

(799)

- of which with related parties

(27)

(11)

(10)

Net cash flow for the period

 

4

(6)

Cash and cash equivalents at start of period

(4)

17

34

Cash and cash equivalents at end of period

(4)

21

28
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