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Change Report

Key figures

Main income statement data (a)

To improve the economic and financial review, in addition to conventional IAS/IFRS indicators and financial statements, the interim directors’ report also contains reclassified financial statements and several alternative performance indicators (Non-GAAP measures) such as EBITDA, EBIT and net financial debt. The tables below, their explanatory notes and the reclassified financial statements describe how these amounts were determined. Unless otherwise specified, definitions of the terms used can be found in the glossary.

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First half

 

 

(€ millions)

Pro-forma adjusted (b) 2016

2017

Change

% Change

(a)

The changes in the income statement results indicated in the table, as well as those later in this Report, unless indicated otherwise, should be understood to be changes in the first half of 2017 compared with pro-forma adjusted results for the first half of 2016. Percentage changes are calculated in relation to the data indicated in the related tables.

(b)

The reconciliation of the reported income statement with the adjusted pro-forma one is given in section “Financial review”.

(c)

Entirely held by Snam shareholders.

Total revenue

1,243

1,268

25

2.0

- of which from regulated activities

1,195

1,219

24

2.0

Operating costs

(249)

(233)

16

(6.4)

EBITDA

994

1,035

41

4.1

EBIT

689

714

25

3.6

Net profit (c)

427

504

77

18.0
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Key balance sheet and cash flow figures

 

 

 

 

 

 

First half

 

 

(€ millions)

2016

2017

Change

% Change

(a)

The figures for the first half of 2016 include discontinued operations.

Technical investments

374

425

51

13.6

Net invested capital at period end (a)

21,427

17,276

(4,151)

(19.4)

Shareholders’ equity including minority interests at period end (a)

7,250

6,100

(1,150)

(15.9)

Shareholders’ equity attributable to the Group at period end (a)

7,249

6,100

(1,149)

(15.9)

Net financial debt at period end (a)

14,177

11,176

(3,001)

(21.2)

Free Cash Flow (a)

508

793

285

56.1
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Key share figures

 

 

 

 

 

 

 

 

First half

 

 

 

 

2016

2017

Change

% Change

(a)

According to the definitions in Borsa Italiana S.p.A.'s “Corporate action manual” following the extraordinary transactions, in order to restore the continuity and comparability of stock prices, an appropriate coefficient to adjust the historical series must be applied. Therefore, the official price of Snam stock for 2016 was adjusted using the “K adjustment factor”, established by Borsa Italiana at a value of 0.82538045.

Number of shares of share capital

(million)

3,500.6

3,500.6

 

 

Number of shares outstanding at the end of the period

(million)

3,499.5

3,416.7

(82.80)

(2.4)

Average number of shares outstanding during the period

(million)

3,499.5

3,430.1

(69.40)

(2.0)

Official share price at period end (a)

(€)

4.36

3.86

(0.50)

(11.5)
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Key profit indicators (a)

 

 

 

 

 

 

First half

 

 

(€)

2016

2017

Change

% Change

(a)

Calculated considering the average number of shares outstanding during the year.

(b)

The figures for the first half of 2016 include discontinued operations.

EBIT per share

0.189

0.208

0.019

10.1

Adjusted pro-forma EBIT per share

0.197

N/A

 

 

Net profit per share

0.104

0.147

0.043

41.3

Adjusted pro-forma net profit per share

0.122

N/A

 

 

Group net profit per share (b)

0.150

0.147

(0.003)

(2.0)
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Key operating figures

 

 

 

 

 

 

First half

 

 

 

2016

2017

Change

% Change

(a)

With regard to the first half of 2017, volumes of gas are expressed in standard cubic metres (SMC) with the average higher heating value (HHV) of 38.1 MJ/SMC (10.572 Kwh/SMC) for natural gas transportation and regasification activities and 39.4 MJ/SMC (10.930 Kwh/SMC) for natural gas storage activities for the thermal year 2017-2018 (39.3 MJ/SMC, 10.906 Kwh/SMC for the thermal year 2016-2017).

(b)

The figures for the first half of 2017 are up to date at 7 July 2017. The update of 2016 figures has been finalised, and figures are consistent with those published by the Ministry of Economic Development.

(c)

With working gas capacity for modulation services.

(d)

Working gas capacity for modulation, mining and balancing services. The available capacity at 30 June 2017 is that declared to the Electricity, Gas and Water Authority (hereinafter “the Authority”) at the start of the 2017-2018 thermal year, in compliance with Resolution 531/2014/R/gas.

(e)

Fully consolidated companies. The overall change of 146 employees compared with the first half of 2016 includes personnel transferred to the Italgas Group (209 people, net of personnel transferred from the Italgas Group to Snam) following the demerger transaction. Compared with 31 December 2016, the number of employees in service increased by 43.

(f)

Following the adjustment of Snam’s organisational structure, effective from 1 November 2016, part of the functions previously carried out by Snam Rete Gas were transferred to Snam.

Natural gas transportation (a)

 

 

 

 

Natural gas injected into the National Gas Transportation Network (billions of cubic metres) (b)

34.08

38.08

4.00

11.7

Gas transportation network (kilometres in use)

32,444

32,497

53

0.2

Installed power in the compression stations (MW)

877

922

45

5.1

Liquefied Natural Gas (LNG) regasification (a)

 

 

 

 

LNG regasification (billions of cubic metres)

0.092

0.169

0.077

83.7

Natural gas storage (a)

 

 

 

 

Concessions

10

10

 

 

- of which operational (c)

9

9

 

 

Available storage capacity (billions of cubic metres) (d)

11.8

12.2

0.4

3.4

Natural gas moved through the storage system (billions of cubic metres)

11.42

11.28

(0.14)

(1.2)

Employees in service at end of period (number) (e)

3,072

2,926

(146)

(4.8)

of which business segments:

 

 

 

 

- Transportation (f)

1,962

1,725

(237)

(12.1)

- Regasification

73

68

(5)

(6.8)

- Storage

310

302

(8)

(2.6)

- Corporate and other activities

727

831

104

14.3

Natural gas transportation

In the first half of 2017, 38.08 billion cubic metres of natural gas were injected into the national transportation network, an increase of 4.00 billion cubic metres (11.7%) compared with the first half of 2016 (34.08 billion cubic metres). The increase is essentially attributable to higher demand for gas in Italy (+3.46 billion cubic metres; +9.6%) recorded in all segments, specifically in the thermoelectric segment (+2.14 billion cubic metres; +21.2%), industrial segment (+0.61 billion cubic metres; +7.3%) and residential and tertiary segment (+0.50 billion cubic metres; +3.0%), as well as lower withdrawals from storage (+0.59 billion cubic metres; +33.1%).

Seasonally adjusted demand for gas was estimated at 39.92 billion cubic metres, an increase of 2.74 billion cubic metres (7.4%), compared with the corresponding figure for the first half of 2016 (37.18 billion cubic metres).

Natural gas storage

During the first half of 2017, 11.28 billion cubic metres of natural gas was moved through the storage system, a reduction of 0.14 billion cubic metres (1.2%) on the corresponding period of 2016 (11.42 billion cubic metres). The reduction was essentially attributable to lower withdrawals from storage (-0.35 billion cubic metres; -5.4%) due mainly to weather trends and the behaviour of shippers with regard to the changed market conditions.

Total storage capacity at 30 June 2017, including strategic storage, was 16.7 billion cubic metres (+0.4 billion cubic metres compared with 30 June 2016).

Liquefied natural gas (LNG) regasification

In the first half of 2017 0.169 billion cubic metres of LNG were regasified (0.092 billion cubic metres in the first half of 2016; +0.077 billion cubic metres or 83.7%), of which 0.084 billion cubic metres was under the scope of the natural gas integrated regasification and storage service.

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