Reclassified income statement

In order to facilitate the reading of the Income Statement, taking into consideration the nature of Snam S.p.A. as an industrial holding company, the Reclassified Income Statement was prepared by presenting items relating to financial management first, because they represent the most important component of an income nature40.

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Reclassified income statement

2018

 

(million of €)

2019

2020

Var, ass

% change

 

 

Income and financial expenses

 

 

 

 

775

 

Income from equity investments

898

1,124

226

25.2

213

 

Interest receivable and other financial income

159

151

(8)

(5.0)

(249)

 

Interest payable and other financial expenses

(211)

(178)

33

(15.6)

(2)

 

Losses from derivative contracts

(1)

(10)

(9)

 

737

 

Total financial income and expenses

845

1,087

242

28.6

213

 

Revenues from the provision of services

227

260

33

14.5

14

 

Other income

15

15

 

 

227

 

Other business income

242

275

33

13.6

 

 

Other management costs

 

 

 

 

(94)

 

For personnel

(88)

(90)

(2)

2.3

(146)

 

For the provision of non-financial services and other costs

(186)

(253)

(67)

36.0

(240)

 

Total other management costs

(274)

(343)

(69)

25.2

724

 

Pre-tax profit

813

1,019

206

25.3

(3)

 

Income tax

4

(4)

(8)

 

721

 

Net profit

817

1,015

198

24.2

Net profit in 2020 amounted to 1,015 million euros, up by 198 million euros or 24.2% compared with 2019. The increase is due mainly to the greater financial income and expense (+242 million euros or +28.6%) essentially following the greater income from equity investments (+226 million euros or +25.2%), partly offset by the increase in other management costs (-69 million euros or 25.2%), mainly attributable to greater financial expense for the provision of non financial services and other costs (-67 million euros or 36%).

40 This statement was prepared on the basis of the suggestions reported in Consob Communication no. 94001437 of 23 February 1994.

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