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Change Report

Reclassified statement of cash flows

The reclassified statement of cash flows set out below summarises the legally required 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).

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Reclassified statement of cash flows (*)

 

 

 

 

First half

(€ millions)

2016 (**)

2017

(*)

For the reconciliation of the reclassified statement of cash flows with the compulsory format, please see section “Reconciliation of the reclassified financial state-ments with the compulsory formats”.

(**)

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

Adjusted for:

 

 

- Amortisation, depreciation and other non-monetary components

382

235

- Net capital losses on asset sales and eliminations

15

1

- Interest and income taxes

385

285

Change in working capital due to operating activities (***)

167

495

Dividends, interest and income taxes collected (paid)

(275)

(119)

Net cash flow from operating activities

1,200

1,401

Technical investments

(499)

(424)

Equity investments

(26)

(33)

Financial receivables held for operations

(69)

(93)

Divestments

2

19

Other changes relating to investment activities

(100)

(77)

Free cash flow

508

793

Change in short- and long-term financial debt

371

121

Equity cash flow

(875)

(920)

Net cash flow for the period

4

(6)
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Change in net financial debt

 

 

 

 

First half

(€ millions)

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.

Free cash flow

508

793

Adjustment to fair value of financial debt

(11)

4

Exchange rate differences on financial debt

(20)

3

Equity cash flow

(875)

(920)

Change in net financial debt

(398)

(120)
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