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Snam results for the first quarter of 2018

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San Donato Milanese, 8 May 2018 - The Board of Directors of Snam, meeting today under the chairmanship of Carlo Malacarne, has approved the consolidated results for the first quarter of 2018 (unaudited).

 

Financial highlights

  • Total revenue: €616 million [1] (+€15 million; +2.5% compared with the first quarter of 2017 thanks to continuation of the investment plan)
  • EBIT: €355 million (+€2 million; +0.6% compared with the first quarter of 2017)
  • Net profit: €254 million (unchanged compared to the first quarter of 2017)
  • Technical investments: €156 million (€183 million in the first quarter of 2017)
  • Free cash flow: €535 million
  • Net financial debt: € 11,440 million (€ 11,550 million at the end of 2017)
 

Operating highlights

  • Demand for natural gas: 26.05 billion cubic metres (+1.3% compared with the first quarter of 2017, thanks to the on-going recovery in industrial output)
  • Gas injected into the transportation network: 18.76 billion cubic metres (-1.1% compared with the first quarter of 2017 following greater withdrawals from storage)
  • Available storage capacity: 12.2 billion cubic metres (+0.2 billion cubic metres compared with 31 March 2017) almost entirely allocated for the 2017-2018 thermal year (99.9%)
 

Significant events

  • Confirmation of the award of the contract for the purchase of 66% of DESFA to the European consortium set up by Snam (the main shareholder with a 60% stake), Enagás (20%) and Fluxys (20%). The transaction is expected to be concluded in the second part of 2018, following the necessary authorisations, including antitrust clearance;
  • Go ahead from the Antitrust Authority (AGCM) for the acquisition by Snam of 82% of TEP Energy Solution (TEP), one of the leading Italian companies active in the energy efficiency sector. 
 

Marco Alverà, Snam CEO, commented:

 

“The positive results achieved in the first quarter are in line with the plan objectives and confirm our commitment to delivering increasing and sustainable returns for shareholders. The growth in revenue reflects the value created through our activities. Cash generation was particularly significant, which allowed us to reduce net financial debt by €110 million, despite the payment of the interim dividend and the ongoing share buyback activity.

We have continued our investment activity throughout Italy and, with the award to our consortium of the tender for the privatization of DESFA, the Greek gas infrastructure operator, extended our presence in strategic areas for the development of natural gas flows. Snam’s strategic objective is to strengthen its presence in Europe and the Mediterranean and support the central role of natural gas for security, competitiveness of supply and for decarbonization.”


 


[1] Excluding pass-through items.

 
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01 August 2018 - 11:03 CEST