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Snam Rete Gas: Board of Directors approved 2006 first quarter results:

Price sensitive
  • Gas injected into the transmission network 24.9 billion cubic metres +5.0%
  • Operating Profit 249 million Euros -5.3% 
  • Net profit 127 million Euros -13.6%
     
 

Carlo Malacarne appointed Chief Executive Officer

San Donato Milanese, 08 May 2006 - Today the Board of Directors of Snam Rete Gas S.p.A. approved 2006 first quarter results closing with a net profit of 127 million Euros.

The Board of Directors also appointed Carlo Malacarne as Chief Executive Officer and Francesco Iovane Managing Director of Operations

 
 

Primo trimestre

 

 

 

 

2005

 

2006

 

Var.

Var.%

Principali dati operativi            
Gas naturale immesso nella Rete Nazionale Gasdotti (miliardi di metri cubi) 23,70   24,89   1,19 5,0
Gassificazione di gas naturale liquefatto (GNL) (miliardi di metri cubi) 0,66   0,94   0,28 42,4

Rete dei gasdotti (chilometri in esercizio)

30.513

 

30.730

 

217

0,7

Principali dati economici e finanziari (milioni di euro)            
Utile operativo             263   249   (14) (5,3)
Utile netto             147   127   (20) (13,6)
Patrimonio netto          5.945   4.106   (1.839) (30,9)

Indebitamento finanziario netto

         2.673

 

4.617

 

1.944

72,7

 

Highlights I Quarter 2006

 

Operating highlights

  • Gas injected into the transport network; an increase of 1.19 billion cubic metres (+5.0%) was driven by the thermoelectric sector.

Financial highlights

  • Revenue from transport: 445 million Euros; a decrease of 2.8% was due to the application of the new regulatory parameters starting from the 1st October 2005

  • Net financial debt: down 202 million Euros compared to 31st December 2005.

Foreseeable evolution of operation

  • natural gas demand in Italian market will grow at around 2% in 2006, led by consumption in the thermoelectric sector

  • in 2006 Snam Rete Gas will continue to invest in order to support market growth; 2006 capital expenditure will be in line with the previous year.

Purchase of own shares
Snam Rete Gas is continuing with the implementation of the buy back plan, as authorised by the Shareholders' Meeting held on 10th November 2005, for up to a maximum of 194,737,950 Snam Rete Gas shares and for a total amount not exceeding 800 million Euros. On the 5th May 2006, 22,201,700 Snam Rete Gas ordinary shares had been purchased (corresponding to about 1.14% of share capital) at an average price of 3.619 Euros for a total amount of about 80 million Euros.

 

First Quarter 2006 Consolidated results

Net Profit (127 million Euros) a decrease by 20 million Euros, or 13.6%. This followed a reduction in the operating profit (14 million Euros) and higher financial expenditure (16 million Euros) mainly due to an increase in average financial debt affected by the payment of the Extraordinary Dividend in November 2005. The reduction of 10 million Euros in Income Tax is a result of the lower pre-tax profit.

Operating profit was 249 million Euros, 14 million Euros or 5.3% lower than first quarter 2005. The reduction was mainly due to: (i) lower transport revenues (15 million Euros) which suffered from the application of new regulatory parameters since 1st October 2005 (23 million Euros) but benefited from the growth of volumes transported (8 million Euros), and (ii) higher operating costs. The positive result of a dispute with a third-party led to a significant increase in other revenues and income (16 million Euros).

Operating costs increased by 16 million Euros mainly due to higher variable costs (5 million euros) following an increase of fuel gas cost, and the expected leaving of around 200 people within next four years (12 million Euros). This was partially offset by the reduction in controllable fixed costs (3 million euros).

Income Taxes (82 million Euros) were affected by changes in fiscal law (Article 102-bis of the Tuir – Income Tax Law) that regulates the fiscal amortisations of tangible assets used in regulated activities. In particular, the portions of amortisation of these assets are deductible for an amount that is not greater that obtained by dividing the cost of the assets by their useful life, as calculated for tariff purposes by the Electricity and Gas Authority, and reducing the result by 20%. Moreover further deductions for advanced amortisations are not allowed. Current taxes (96 million Euros) increased of 83 million Euros, while deferred taxes (+14 million Euros) dropped by 93 million Euros.

The Net financial debt came to 4,617 million Euros, a drop to 202 million Euros compared to the 31st December 2005. Long-term financial debt represented 82% of the net financial debt. The average duration of long term debt, including current portion, is around 5 years (unchanged compared to the 31st December 2005).

The leverage, or the ratio between the Net Financial debt and the net capital employed, was 52.9% (54.8% on the 31st December 2005).

Investments reached 95 million Euros, mainly related to the development of the transport network connected to improvements on the import system from North Africa and Russia. 84% of the investments will benefit from incentivised remuneration.

 

Consolidated Financial Statements and Balance Sheet

Consolidated Financial Statements

                    (milioni di €)
         

Primo trimestre

       

2005

     

 

2005

2006

 

Var. ass.

  Var.%
1.800   Ricavi della gestione caratteristica     468 454   (14)   (3,0)
6   Altri ricavi e proventi     3 19   16   533,3
1.806   Ricavi totali     471 473   2   0,4
(355)   Costi operativi     (93) (109)   (16)   17,2
1.451   Margine operativo lordo     378 364   (14)   (3,7)
(476)   Ammortamenti e svalutazioni     (115) (115)   0   0,0
975   Utile operativo     263 249   (14)   (5,3)
(104)   Oneri finanziari netti     (24) (40)   (16)   66,7

871

 

Utile prima delle imposte

 

 

239

209

 

(30)

 

(12,6)
(347)   Imposte sul reddito     (92) (82)   10   (10,9)
                     

524

 

Utile netto

 

 

147

127

 

(20)

 

(13,6)

 

Balance Sheet

       

(milioni di €)

 

31/12/2005

31/03/2006

 

Var.

Attività materiali 9.575 9.537   (38)
Attività immateriali 53 49   (4)
Debiti netti relativi all'attività di investimento (205) (168)   37
Capitale immobilizzato 9.423 9.418   (5)
Capitale di esercizio netto (601) (667)   (66)

Fondi per benefici ai dipendenti

(27)

(28)

 

(1)

Capitale investito netto

8.795

8.723

 

(72)

         
Patrimonio netto 3.976 4.106   130

Indebitamento finanziario netto

4.819

4.617

 

(202)

Coperture

8.795

8.723

 

(72)

 

Covenants

Snam Rete Gas has entered into financing agreements with banks which call for the upholding of some financial ratios generally based on the consolidated balance sheet of Eni Group. As at March 31, 2006, financial debts subjects to these covenants amounted to 17 million Euros (23 million Euros at 31st December 2005). The limits have been respected.

Riferimenti societari

Investor Relations Snam Rete Gas
Tel.: +39 02.520.38272 - Fax: +39 02.520.38650
Casella e-mail: investor.relations@snamretegas.it


Ufficio Stampa Eni
Tel.: +39 02.520.31875 - +39 06.5982398
Casella e-mail: ufficio.stampa@eni.it

 
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updated
05 August 2016 - 16:18 CEST