Snam results for the first quarter of 2017
San Donato Milanese, 4 May 2017 – Snam’s Board of Directors chaired by Carlo Malacarne met yesterday and approved the consolidated results for the first quarter of 2017 1.
Financial highlights 2
- EBIT: €353 million (+6.6% compared with adjusted pro-forma EBIT for the first quarter of 2016, thanks to tariff update, operating efficiency and some items with non-homogenous trend throughout the year)
- Net profit: €254 million (+19.8% compared with adjusted pro-forma net profit for the first quarter of 2016, also thanks to lower net financial expenses)
- Technical investments: €183 million (+13.7%)
- Net financial debt: €10,694 million
- Gas injected into the transportation network: 18.98 billion cubic metres (+15.1%)
- Available storage capacity: 12.0 billion cubic metres (11.5 billion cubic metres as at 31 March 2016)
- An equity linked bond for a nominal amount of €400 million was placed on 14 March 2017, with the regulation and closing of transactions on 20 March 2017. Authorisation for the Board of Directors to dispose of its treasury shares approved by the Shareholders' Meeting on 11 April 2017. From 13 April 2017, the right to convert bonds into ordinary shares of the Company could be exercised by bondholders
- In accordance with the share buyback programme launched on 7 November 2016, 82,583,084 treasury shares, equal to 2.36% of the share capital, were purchased on 31 March 2017, at a total cost of €304 million
Marco Alverà, Snam's CEO, commented:
“We achieved positive results in the first quarter, reflecting the investment made in the gas system as well as a greater focus on economic and financial efficiency, allowing us to confirm our targets for 2017.
The recovery in Italian gas consumption, which showed a quarterly increase of 8.6% and made this the ninth consecutive quarter of growth, also contributed to Snam’s results.
We are continuing to implement our strategic plan. This includes €5 billion of investments over the next five years to increase the liquidity and competitiveness of the Italian gas market which will make a decisive contribution towards a low-emission economy."
2Unless specified otherwise, the results for the first quarter of 2016 refer to continuing operations (gas transportation, regasification and storage, as well as corporate activities) and therefore exclude the contribution of distribution segment as discontinued operations, pursuant to IFRS 5 "Non-current assets held for sale and discontinued operations". See page 11 of the pdf document for the reconciliation of the reported income statement with the adjusted pro-forma income statement for the first quarter of 2016.
17 July 2017 - 16:39 CEST