Snam announces results for the first nine months and third quarter of 2012

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San Donato Milanese, 26 October 2012 – Snam's Board of Directors, convened today by the chairman Lorenzo Bini Smaghi, has approved the Company's consolidated results for the first nine months and third quarter of 2012 (unaudited).


Financial highlights

  • Total revenue: €2,536 million (+5.2%)
  • EBIT: €1,512 million (+3.1%)
  • Adjusted net profit: €726 million (-1.6%)
  • Investments: €800 million

Operating highlights

  • Gas injected into the national transportation network: 57.47 billion cubic metres (-3.3%)
  • Number of active meters: 5.89 million (+0.2%)
  • Available storage capacity allocated: 10.7 billion cubic metres (+7.0%)

Significant events

  • The sale by Eni to Cassa Depositi e Prestiti (CDP) of 30% minus one share of Snam's voting capital was completed on 15 October 2012, with the consequent cessation of Eni’s control over Snam
  • Completion of Snam's debt refinancing plan on schedule


Carlo Malacarne, Snam CEO, made the following comments on the results:

"In the first nine months of 2012 we have achieved full financial independence, comfortably within the timeframe we set out earlier in the year. Given the highly volatile state of the financial markets, this is a notable success. This ability to access the capital markets is a testament to Snam's sound business model and enables us to further strengthen our capital structure and support our sizeable investment plans. In terms of our operational achievements over the course of the first nine months of 2012, Snam's various businesses have delivered a robust performance, leading to sound growth over the period as evidenced by the 3% increase in EBIT. Adjusted net income for the period is almost in line with last year, due to the increase in interest expenses deriving also from the debt refinancing".

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