CONSENT TO USE OF COOKIES ON INITIAL ACCESS TO THE WEB SITE

Snam uses cookies as part of this site to ensure an excellent browsing experience. This site also uses third-party cookies. The cookies used cannot identify the user. For more information about the cookies used and how to delete them, click here. By continuing to browse this site, you consent to the use of cookies.

to pagetop

Cash flow statement

 Download XLS (23 kB)
CASH FLOW STATEMENT

(€ million)

Notes

2017

2018

Net profit

 

897

960

(*)

For the purposes of the Statement of Cash Flows only, the flow includes: (i) the change in inventories of pipelines and related ancillary materials used in plant construction activities, relating to the natural gas transmission sector (10 million euro and 11 million euro respectively for 2017 and 2018); (ii) private contributions recorded for investment activities involving the transportation segment so-called "rivalse" (reclamation works for third parties), 8 million euro and 22 euro million respectively for 2017 and 2018.

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

 

 

 

Total amortisation and depreciation

(27)

646

682

Impairment losses on tangible and intangible fixed assets

(27)

13

8

Equity method valuation effect

(14)

(161)

(157)

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

 

4

12

Dividends

 

 

(2)

Interest income

 

(9)

(12)

Interest expense

 

265

230

Income tax paid

(30)

329

341

Other changes

 

 

3

Changes in working capital:

 

 

 

- Inventories

 

(42)

(33)

- Trade receivables

 

1

41

- Trade payables

 

(26)

76

- Provisions for risks and charges

 

16

9

- Other assets and liabilities

 

385

92

Working capital cash flow

 

334

185

Change in provisions for employee benefits

 

13

7

Dividends collected

 

149

151

Interest collected

 

2

4

Interest paid

 

(265)

(230)

Income taxes paid net of reimbursed tax credits

 

(353)

(356)

Net cash flow from operating activities

 

1,864

1,826

- of which with related parties

(33)

1,641

1,683

Investments:

 

 

 

- Property, plant and equipment

(13)

(950)

(772)

- Intangible assets

(14)

(66)

(77)

- Change in scope of consolidation and business units

 

(166)

(32)

- Equity investments

 

(111)

(165)

- Long-term financial receivables

 

(154)

(148)

- Change in payables and receivables relating to investment activities

 

(33)

(13)

Cash flow from investments

 

(1,480)

(1,207)

Divestments:

 

 

 

- Property, plant and equipment

 

3

2

- Long-term financial receivables

 

 

519

- Equity investments

 

36

21

Cash flow from divestments

 

39

542

Net cash flow from investment activities

 

(1,441)

(665)

- of which with related parties

(33)

(204)

(188)

Assumption of long-term financial debt

 

3,129

1,810

Repaying long-term financial debt

 

(1,465)

(1,608)

Increase (decrease) in short-term financial debt

 

(124)

597

Change in short-term financial receivables

 

(350)

350

 

 

1,190

1,149

Acquisition of treasury shares

 

(210)

(426)

Dividends paid to Snam shareholders

 

(718)

(731)

Net cash flow from financing activities

 

262

(8)

- of which with related parties

(33)

(3)

(14)

Net cash flow for the period

 

685

1,153

Cash and cash equivalents at start of period

(8)

34

719

Cash and cash equivalents at end of period

(8)

719

1,872
to pagetop