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Snam Rete Gas 2007 Annual Report

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  • Preliminary results confirmed
  • Dividend of €0.21 per share proposed
 

San Donato Milanese, 13 marzo 2008 - The board of directors of Snam Rete Gas S.p.A. today approved the consolidated financial statements, reporting a profit of €594 million, and the draft separate financial statements, showing a profit of €596 million1 . The board resolved to propose that the shareholders approve the distribution of a dividend of €0.21 per share, €0.08 per share of which was already distributed as an interim dividend in October 2007. The balance of €0.13 per share will be paid from 22 May 2008 with an ex-dividend date of 19 May 2008.

The board of directors also resolved to request the shareholders approval of an insurance policy to cover the management liabilities of the company’s directors and statutory auditors.

The board of directors called an ordinary meeting of the shareholders to take place on 18 and 21 April 2008, on first and second call respectively.

The consolidated financial statements and draft separate financial statements of Snam Rete Gas S.p.A. have been made available to the board of statutory auditors and the independent auditors. The reclassified income statement, balance sheet and cash flow statement taken from the group’s consolidated financial statements and the parent’s separate financial statements as at 31 December 2007 are attached.

The report on compliance with the Code of Conduct encouraged by Borsa Italiana S.p.A. and compliance with the related commitments is available to the market at the company’s registered office and in the Corporate governance section of its website.

The board of directors also approved the Sustainability report which sets out the company’s commitment to sustainable development.

Pursuant to paragraph 2, article 154-bis of the Consolidated Finance Act, the manager in charge of financial reporting, Antonio Paccioretti, states that the financial information included in this press release complies with the ledgers, accounting records and entries. Data and information included below has been extracted from Snam Rete Gas’s 2007 Annual report which has been published along with this press release. The 2007 Annual report includes the certifications rendered by the company CEO and manager responsible for the preparation of the company’s financial reports - pursuant to Article 154-bis, paragraph 5 of Legislative Decree No. 58/1998, in accordance with the format set by the Italian market regulatory body (CONSOB).

1The actual figures match the preliminary figures for 2007; reference should be made to the press release of 13 February 2008.

 

Reclassified consolidated income statement, balance sheet and cash flow statement (*)

Consolidated income statement

           

(€m)

 

2006

2007

Var. ass.

Var.%

Core business revenue

1.760

 

1.790

 

30

1,7

Other revenue and income

29

 

78

 

49

 

including: non-recurring

 

20

 

71

51

 

Total revenue

1.789

 

1.868

 

79

4,4

Operating costs

(395)

 

(357)

 

38

(9,6)

including: non-recurring

 

(14)

 

5

19

 

EBITDA

1.394

 

1.511

 

117

8,4

Amortisation, depreciation and impairment losses

(483)

 

(489)

 

(6)

1,2

EBIT

911

 

1.022

 

111

12,2

Adjusted EBIT

 

905

 

946

41

4,5

Net financial expense

(168)

 

(200)

 

(32)

19,0

including: non-recurring

     

10

10

 

Profit before tax

743

 

822

 

79

10,6

Income taxes

(295)

 

(228)

 

67

(22,7)

including: non-recurring and other special items

 

(3)

 

66

69

 

Profit (**)

448

 

594

 

146

32,6

Adjusted profit (**)

 

445

 

442

(3)

(0,7)

(**)The profit is totally attributable to the shareholders of Snam Rete Gas

  

Consolidated balance sheet

(€m)

31.12.2006

31.12.2007

Var. ass.

Property, plant and equipment

9.715

9.957

242

Intangible assets

48

41

(7)

Net payables for investments

(236)

(212)

24

Non-current assets

9.527

9.786

259

Net working capital

(539)

(368)

171

Provisions for employee benefits

(34)

(29)

5

NET INVESTED CAPITAL

8.954

9.389

435

 

 

 

 

Equity

3.699

3.507

(192)

Net financial debt

5.255

5.882

627

COVERAGE

8.954

9.389

435

  

Consolidated cash flow statement

 

2006

2007

Profit

448

594

Adjusted by:

   

- Amortisation, depreciation and other non-monetary components

496

488

- Interest and income taxes

462

426

Cash flows from operating activities before changes in working capital

1.406

1.508

Change in working capital due to operating activities

73

2

Interest and income taxes paid

(537)

(576)

Net cash flows from operating activities

942

934

Investments in property, plant and equipment and intangible assets

(629)

(727)

Disinvestments

2

1

Net payables for investments

31

(24)

Free cash flow

346

184

Change in financial payables

436

627

Cash flows of equity

(782)

(811)

Net cash flows for the year

0

0

 

 

 

 

 

 

Free cash flow

346

184

Cash flows of equity

(782)

(811)

Change in net financial debt

(436)

(627)

 

(*)Reference should be made to the paragraph on the reconciliation of the reclassified balance sheet with the mandatory balance sheet in the 2007 financial statemenents

 

Reclassified income statement, balance sheet and cash flow statement of Snam Rete Gas S.p.A. (*)

Income statement

             
           

(€m)

 

2006

2007

Var. ass.

Var.%

Core business revenue

1.737

 

1.769

 

32

1,8

Other revenue and income

28

 

78

 

50

 

including: non-recurring

 

20

 

71

51

 

Total revenue

1.765

 

1.847

 

82

4,6

Operative costs

(389)

 

(347)

 

42

(10,8)

including: non-recurring

 

(14)

 

5

19

 

EBTDA

1.376

 

1.500

 

124

9,0

Amortisation,depreciation and impairment losses

(479)

 

(485)

 

(6)

1,3

EBIT

897

 

1.015

 

118

13,2

Adjusted EBIT

 

891

 

939

48

5,4

Net financial expense

(168)

 

(199)

 

(31)

18,5

including: non-recurring

     

10

10

 

Gains on investments

9

 

7

 

(2)

(22,2)

Profit before tax

738

 

823

 

85

11,5

Income taxes

(291)

 

(227)

 

64

(22,0)

including: non-recurring and other special items

 

(3)

 

64

67

 

Profit (**)

447

 

596

 

149

33,3

Adjusted profit(**)

 

444

 

446

2

0,5

  

Consolidated balance sheet

(€m)

31.12.2006

31.12.2007

Var. ass.

Property, plant and equipment

9.630

9.873

243

Investments

47

40

(7)

Intangible assets

43

43

 

Net payable forinvestments

(234)

(211)

23

Non-current assets

9.486

9.745

259

Net working capital

(529)

(362)

167

Provisions for employee benefits

(33)

(28)

5

NET INVESTED CAPITAL

8.924

9.355

431

 

 

 

 

Equity

3.683

3.493

(190)

Net financial debt

5.241

5.862

621

COVERAGE

8.924

9.355

431

  

Cash flow statement

   

(€m)

 

2006

2007

Profit

447

596

Adjusted by:

   

- Amortisation, depreciation and other non-monetary components

493

482

- Interest and income taxes

449

417

Cash flows from operating activities before changes in working capital

1.389

1.495

Change in working capital due to operating activities

76

8

Interest and income taxes paid

(521)

(567)

Net cash flows from operating activities

944

936

Investments in property, plant and equipment and intangible assets

(625)

(724)

Disinvestments

1

1

Net payables for investments

30

(23)

Free cash flow

350

190

Change in financial payables

432

621

Cash flows of equity

(782)

(811)

Net cash flows for the year

0

0

 

 

 

 

 

 

Free cash flow

350

190

Cash flows of equity

(782)

(811)

Change in net financial debt

(432)

(621)

 

(*) Reference should be made to the paragraph on the reconciliation of the reclassified balance sheet with the mandatory balance sheet in the 2007 separate financial statements.

Company Contacts

Snam Rete Gas Investor Relations
Phone: +39 02.520.38272 - Fax: +39 02.520.3865
E-mail: investor.relations@snamretegas.it


Snam Rete Gas External Relations
Phone: +39 02.520.58691 - Fax: +39 02.520.38227
E-mail: relazioni.esterne@snamretegas.it


Eni Press Office
Phone: +39 02.520.31875 - +39 06.5982398
E-mail: ufficio.stampa@eni.it

 
 
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