BAKU, Azerbaijan, March 15. Snam recorded a positive cash flow of 2.027 billion euros in 2023, Trend reports.
According to the company, this was significantly affected by the absorption of cash related to the anticipated reversal of working capital associated with balancing activities, contrasting with the situation in 2022, along with a rise in tax credits from environmental upgrading initiatives.
Taking into account the cash needed for investments (amounting to 2.231 billion euros, mainly comprised of 1.643 billion euros in technical investments and 615 million euros linked to equity investments, net of proceeds from selling 4.2 percent of Industrie De Nora S.p.A.), the free cash flow stood at a negative 2.366 billion euros.
Net financial debt, inclusive of equity cash flow (936 million euros), stemming from the distribution of the 2022 dividend to shareholders and non-monetary adjustments, rose by 3.347 billion euros compared to December 31, 2022, reaching 15.270 billion euros.
Meanwhile, Snam's total revenues in 2023, after deducting energy costs, reached 3.875 billion euros, marking an increase of 558 million euros (16.8 percent) year-on-year.