Snam Rete Gas 2009 Annual Report. Preliminary results confirmed: Consolidated net profit 732 million (+38.1%) Dividend of 0.20 per share proposed

Transcription

1 Snam Rete Gas 2009 Annual Report Preliminary results confirmed: Consolidated net profit 732 million (+38.1%) Dividend of 0.20 per share proposed San Donato Milanese, 11 March Yesterday the Board of Directors of Snam Rete Gas S.p.A. approved the financial year 2009 consolidated financial statements, closing with a net profit of 732 million 1, and the draft financial statements for financial year 2009 of Snam Rete Gas S.p.A, closing with a net profit of 530 million. The Board has resolved to propose a dividend of 0.20 per share at the Shareholders' Meeting, 0.06 per share of which was already distributed in October 2009 as an interim dividend. The outstanding dividend of 0.14 per share will be made payable from 27 May 2010, with an ex-dividend date of 24 May The Board of Directors of Snam Rete Gas S.p.A. has called an ordinary and extraordinary shareholders meetings for 27 April and 28 April 2010, on first and second call, respectively. The consolidated financial statements and the draft financial statements for the financial year of Snam Rete Gas S.p.A. are available to the Board of Statutory Auditors and to the independent auditors. Attached are the reclassified income statement, balance sheet, and cash flow statement for the consolidated financial statements of Snam Rete Gas and for the financial statements of Snam Rete Gas S.p.A at 31 December The Report on Corporate Governance and the Ownership Structure, including information on compliance with the Code of Conduct promoted by Borsa Italiana S.p.A. and on fulfilment of the commitments resulting from it is available to the public at the registered office and in the Corporate Governance section of the website of Snam Rete Gas. Lastly, the Board of Directors has approved the 2009 Sustainability Report, in which Snam Rete Gas demonstrates its commitment to sustainable development. 1 Net profit is attributable to Snam Rete Gas. The results match the 2009 preliminary results, described in the press release issued 10 February It is noted that the audit activities have not yet been completed. 1

2 Pursuant to paragraph 2, article 154-bis of the TUF, the manager in charge of preparing the company s financial reports, Antonio Paccioretti, states that the accounting information included in this press release corresponds to documents, accounting ledgers and other records. The data and information contained in this press release are taken from the 2009 Annual Report of Snam Rete Gas published in conjunction with this press release. The Annual Report contains the statements of the CEO and of the manager in charge of preparing the company s financial reports pursuant to paragraph 5, article 154-bis of Legislative Decree 58/1998, drafted on the basis of the standards provided for by Consob. Contacts Snam Rete Gas Investor Relations Tel Fax: investor.relations@snamretegas.it Snam Rete Gas External Relations Tel Fax: relazioni.esterne@snamretegas.it Eni Press Office Tel ufficio.stampa@eni.it This press release is also available on the Snam Rete Gas website at Other information Independent Auditors * * * Upon proposal from the Board of Statutory Auditors, the Board of Directors has resolved to propose to the ordinary shareholders meeting an early termination of the term of engagement of the independent auditors PricewaterhouseCoopers S.p.A. and, in conjunction with that, the new engagement of Reconta Ernst & Young S.p.A. as independent auditors. The reasons for the proposed termination of the engagement for objective due cause do not in any way involve the activities, conduct or undoubted professionalism of PricewaterhouseCoopers. The reasons actually relate to the structure of the Snam group following the recent acquisitions of Stogit S.p.A. and Italgas S.p.A. as well as to the specific role and function of Snam Rete Gas within Eni. More specifically, the proposed termination arises from the need to avoid inefficiencies in the auditing process that may emerge in light of the above - from the mismatch, both in objective terms as well as in terms of duration, between the audit mandates awarded by Snam Rete Gas, by its subsidiaries Italgas and Stogit and by the ultimate parent Eni following the expiry (with approval of the financial statements ending 31 December 2009) of the audit mandates awarded by latter said parties to PricewaterhouseCoopers. 2

3 Statutory changes The Board of Directors has decided to put before the shareholders meeting changes and additions to clauses in the company s bylaws. There are several reasons for the proposal. First, following the completion of the acquisitions of Italgas S.p.A. and Stogit S.p.A., it is necessary to provide further details on the activities present in the business purpose and to show how the company has taken on the role of managing and coordinating Europe s largest operator in the regulated gas sector. Second, some changes arise from the need to align the bylaws with international best practice. Finally, in order to ensure maximum transparency in the company s activities, it was decided to enact immediately in the bylaws several regulatory measures introduced by Legislative Decree no. 27 of 2010 Incorporation of Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007, relating to the exercise of certain rights of shareholders in listed companies, pursuant to article 31 of law no. 88 of 7 July 2009, published in the Gazzetta Ufficiale of 5 March

4 CONSOLIDATED INCOME STATEMENT Annexes Change % Change Core business revenue 1,902 2, Other revenue and income Total revenue 1,910 2, Operating costs (399) (581) (182) 45.6 Gross operating margin 1,511 1, Amortisation, depreciation and impairment losses (489) (613) (124) 25.4 EBIT 1,022 1, Net financial expense (226) (217) 9 (4.0) Net income from equity investments Pre-tax profit 796 1, Income taxes (266) (347) (81) 30.5 Net profit RECLASSIFIED CONSOLIDATED BALANCE SHEET ( million) Change Fixed capital 10,302 17,077 6,775 Property, plant and equipment 10,549 16,025 5,476 Compulsory inventories Intangible assets Equity investments Financial receivables held for operations 2 2 Net payables for investments (286) (397) (111) Net working capital (464) (1,332) (868) Provisions for employee benefits (29) (107) (78) Assets held for sale and directly related liabilities NET INVESTED CAPITAL 9,809 15,652 5,843 Equity (including minority interests) - attributable to Snam Rete Gas 3,573 5,702 2,129 - attributable to minority interests 1 1 3,573 5,703 2,130 Net financial debt 6,236 9,949 3,713 COVERAGE 9,809 15,652 5,843 4

5 RECLASSIFIED CONSOLIDATED CASH FLOW STATEMENT Net profit Adjusted by: - Amortisation, depreciation and other non-monetary components Interest, income taxes and other changes Cash flows from operating activities before changes in working capital 1,508 1,906 Change in working capital due to operating activities 90 (140) Interest and income taxes received (paid) (545) (602) Net cash flows from operating activities 1,053 1,164 Investments in property, plant and equipment and intangible assets (1,097) (1,225) Change in consolidation scope (4,474) Disinvestments 2 30 Net payables for investments Free cash flow 32 (4,489) Change in financial liabilities 354 1,530 Net cash flows for the year 0 36 CHANGE IN CONSOLIDATED NET FINANCIAL DEBT Free cash flow (*) 32 (4,489) Financial payables and receivables from acquired companies (2,219) Change in net financial debt (354) (3,713) (*) Includes the effect of acquired companies entering the consolidation scope. 5

6 SNAM RETE GAS S.p.A - INCOME STATEMENT Change % Change Core business revenue 1,882 1,865 (17) (0.9) Other revenue and income 8 7 (1) (12.5) Total revenue 1,890 1,872 (18) (1.0) Operating costs (388) (399) (11) 2.8 Gross operating margin 1,502 1,473 (29) (1.9) Amortisation, depreciation and impairment losses (485) (499) (14) 2.9 EBIT 1, (43) (4.2) Net financial expense (225) (187) 38 (16.9) Pre-tax profit (5) (0.6) Income taxes (264) (257) 7 (2.7) Net profit SNAM RETE GAS S.p.A - RECLASSIFIED BALANCE SHEET ( million) change Fixed capital 10,262 15,249 4,987 Property, plant and equipment 10,463 10, Intangible assets Equity investments 43 4,556 4,513 Net payables for investments (283) (286) (3) Net working capital (455) (605) (150) Provisions for employee benefits (28) (28) NET INVESTED CAPITAL 9,779 14,616 4,837 Equity 3,557 7,068 3,511 Net financial debt 6,222 7,548 1,326 COVERAGE 9,779 14,616 4,837 6

7 SNAM RETE GAS S.p.A - RECLASSIFIED CASH FLOW STATEMENT Net profit Adjusted by: - Amortisation, depreciation and other non-monetary components Interest, income taxes and other changes Cash flow s from operating activities before changes in working capital 1,498 1,488 Change in working capital due to operating activities Interest and income taxes received (paid) (549) (461) Net cash flows from operating activities 1,042 1,113 Investments in property, plant and equipment and intangible assets (1,092) (928) Equity investments (4,512) Disinvestments 4 4 Net payables for investments 72 2 Free cash flow 26 (4,321) Change in financial liabilities 360 1,343 Net cash flows for the year 0 17 CHANGE IN NET FINANCIAL DEBT Free cash flow 26 (4,321) Change in net financial debt (360) (1,326) 7