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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 (20 kB)
Reclassified statement of cash flows (*)

2016 (**)

 

(€ million)

2017

2018

(*)

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

(**)

With reference to FY 2016, the flows indicated refer to the Snam Group and therefore include cash flow relating to discontinued operations (natural gas distribution). More specifically, the net cash flow from operating activities, investments and financing activities attributable to discontinued operations total respectively +413 million euro, -298 million euro and -116 million euro.

(***)

With reference to FY 2016, net income is attributable for 591 million euro to continuing operations and 270 million euro to discontinuing operations.

(a)

Includes cash flow deriving from the purchase of treasury shares and payment to shareholders of the dividend.

861

 

Net profit (***)

897

960

 

 

Adjusted for:

 

 

757

 

- Amortisation, depreciation and other non-monetary components

511

543

36

 

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

4

12

884

 

- Dividends, interest and income taxes

585

557

(176)

 

Change in working capital due to operating activities

334

185

(735)

 

Dividends, interest and income taxes collected (paid)

(467)

(431)

1,627

 

Net cash flow from operating activities

1,864

1,826

(1,145)

 

Technical investments

(1,016)

(849)

2

 

Technical disinvestments

3

2

1,502

 

Companies (entering) leaving the scope of consolidation and business units

(166)

(32)

(168)

 

Equity investments

(75)

(144)

(133)

 

Change in long-term financial receivables

(154)

371

22

 

Other changes relating to investment activities

(33)

(13)

1,707

 

Free cash flow

423

1,161

1,585

 

Financial credits in companies leaving the scope of consolidation

 

 

 

 

Change in short-term financial receivables

(350)

350

(2,297)

 

Change in short- and long-term financial debt

1,540

799

(978)

 

Equity cash flow (a)

(928)

(1,157)

17

 

Net cash flow for the period

685

1,153
 Download XLS (17 kB)
Change in net financial debt

2016 (*)

 

(€ million)

2017

2018

(*)

With reference to FY 2016, the flows indicated refer to the Snam Group and therefore include cash flow relating to discontinued operations (natural gas distribution). More specifically, the net cash flow from operating activities, investments and financing activities attributable to discontinued operations total respectively +413 million euro, -298 million euro and -116 million euro.

(a)

Includes cash flow deriving from the purchase of treasury shares and payment to shareholders of the dividend.

(b)

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

1,707

 

Free cash flow

423

1,161

 

 

Effect of the first time adoption of the provisions of IFRS 9

 

10

2,009

 

Financial debts and credits from companies entering the area of consolidation

 

(6)

(978)

 

Equity cash flow (a)

(928)

(1,157)

(15)

 

Other changes (b)

11

(6)

2,723

 

Change in net financial debt

(494)

2
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