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Snam Rete Gas: the Board of Directors approves the quarterly report as at September 30th, 2003 showing a net profit of 372 million euro (+9.7% compared to September 30th, 2002).

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The Board of Directors of Snam Rete Gas today approved the quarterly report as at September 30th, 2003 showing net profit of 372 million euro (+9.7% more compared to September 30th, 2002). The third quarter net profit totalled 113 million euro.
The company confirms its efficiency programme that will lead to 7% fixed controllable cost reduction for the year 2003 in comparison to the year 2002.
Furthermore, the company announces that the 2004/2008 capex plan foresees 3.5 billion euro expense for the period.

REPORT AS AT SEPTEMBER 30TH, 2003

Operating scenario
Gas injected into the national network in the first nine months of 2003 totalled 55.65 bcm, underlying a growth of 0.93 bcm, 1.7% more compared to last year same period. This rise is due to a recovery in domestic demand, partially offset by the lower gas injected in the storage.
The rise in the gas demand was due to higher consumption in power generation following the operational start-up of new CCGT plant and increased consumption in the domestic/commercial market as a result of colder weather condition in the winter months of 2003.


 

Income statement

(million euro)

  

Third quarter

First nine months

  

2002

2003

2002

2003

REVENUE FROM ORDINARY ACTIVITIES

411

416

1.300

1.310

OTHER REVENUE AND INCOME

15

2

26

5

TOTAL REVENUE

426

418

1.326

1.315

OPERATING COSTS

(117)

(87)

(372)

(259)

GROSS OPERATING MARGIN

309

331

954

1.056

DEPRECIATION & AMORTIZATION

(113)

(113)

(338)

(345)

OPERATING PROFIT

196

218

616

711

NET FINANCIAL INCOME (EXPENSES)

(40)

(31)

(119)

(97)

INCOME BEFORE ITEMS AND TAXES

156

187

497

614

NET EXTRAORDINARY INCOME (EXPENSES)

0

0

(6)

1

PRE-TAX INCOME

156

187

491

615

INCOME TAXES

(43)

(74)

(152)

(243)

NET PROFIT

113

113

339

372


 

Revenue from operations

(million euro)

  

Third quarter 2002

Third quarter 2003

First nine months 2002

First nine months 2003

  

 

%

 

%

 

%

 

%

Transmission

397

96,6%

404

97,1%

1.235

95,0%

1.268

96,8%

Regasification

10

2,4%

9

2,2%

32

2,5%

31

2,4%

Revenues from regulated activities

407

99,0%

413

99,3%

1.267

97,5%

1.299

99,2%

Compression services

0

0,0%

0

0,0%

20

1,5%

0

0,0%

Other revenues

4

1,0%

3

0,7%

13

1,0%

11

0,8%

Revenues from unregulated activities

4

1,0%

3

0,7%

33

2,5%

11

0,8%

Total revenues

411

100,0%

416

100,0%

1.300

100,0%

1.310

100,0%


 

Revenues from ordinary activities in the first nine months 2003 went up of 10 million euro compared to the first nine months 2002, due to the higher revenues from regulated activities partially offset by the reduction in revenues from unregulated activities.


 

Operating cost    

(million euro)

 

3Q  2002

3Q 2003

First nine months 2002

First nine months 2003

Purchase, services and other costs

86

59

285

181

Labour cost

31

28

87

78

Total operating cost

117

87

372

259


 

Operating costs in the first nine months of 2003 reached 259 million euro, with a reduction compared with the first nine months of 2002 mainly due to the absence of the Sicily tax (65 million euro) and of compression service for storage (22 million euro). These have a set-off in revenues.

Labour cost totalled 78 million in the first nine months 2003. The decrease of 9 million euro is due to headcount reduction and to a larger portion of costs attributed to investment projects.
Employees at September 30th, 2003 are 2.504 with a reduction of 142 compared to December 31st ,2002.


 

Balance sheet

(million euro)

 

31/12/02

30/06/03

30/09/03

Var.

TANGIBLE FIXED ASSET

9.313

9.250

9.235

(78)

INTANGIBLE FIXED ASSET

106

96

93

(13)

NET PAYABLES RELATING TO INVESTING ACTIVITIES

(131)

(121)

(120)

11

FIXED ASSET

9.288

9.225

9.208

(80)

NET WORKING CAPITAL

(264)

(445)

(483)

(219)

EMPLOYEES'SEVERENCE INDEMNITY

(17)

(18)

(19)

(2)

NET CAPITAL EMPLOYED

9.007

8.762

8.706

(301)

SAHREHOLDERS' EQUITY

5.451

5.397

5.510

59

NET FINANCIAL DEBT

3.556

3.365

3.196

(360)

FINANCING

9.007

8.762

8.706

(301)


 

Net capital employed at September 30th, 2003 decreased of 301 million euro compared to December 31st, 2002 mainly due to a reduction in net working capital.

In the first nine months 2003 investments reached 290 million euro of which 207 million euro (78 in the third quarter of 2003) to development plans and 83 million euro to maintenance investment (28 in the third quarter of 2003).

San Donato Milanese, November 11th, 2003

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05 August 2016 - 16:17 CEST