Technical investments of Snam up by over 6%
Baku, Azerbaijan, May 15
By Leman Zeynalova – Trend:
Technical investments of Italy’s Snam company in the first quarter of 2019, totalling 166 million euro, up 10 million euro, 6.4 percent, compared with the first quarter of 2018, the company said in its report.
This is related mainly to the transportation (140 million euro) and storage (24 million euro) segments, Trend reports citing Snam.
Investments relating to Snamtec, the new project launched by Snam focussed on innovation and the energy transition, amounted to 25 million euro in the first quarter of 2019, said the company.
As for the company’s net financial debt, it was 11,234 million euro as at 31 March 2019 , compared with 11,548 million euro as at 31 December 2018, the report reads.
“The positive net cash flow from operating activities (836 million euro) allowed Snam to fully cover the financial requirements associated with net investments for the period (202 million euro) and to generate a free cash flow of 634 million euro. Net financial debt, after the payment to shareholders of the 2018 dividend of 0.0905 euro per share (298 million euro) and the effects of non-monetary components relating to financial debt (22 million euro), decreased by 314 million euro since 31 December 2018,” said the company.
Snam is Europe’s leading gas utility. It has been building and managing sustainable and technologically advanced infrastructure guaranteeing energy security for over 75 years. Snam operates in Italy and, through subsidiaries, Austria (TAG and GCA), France (Teréga) and the United Kingdom (Interconnector UK). It is one of the main shareholders of TAP (Trans Adriatic Pipeline) and is the company most involved in projects for the creation of the Energy Union.
Since 2001 Snam is a public company, listed in the FTSE MIB index of the Italian Stock Exchange.
Follow the author on Twitter: @Lyaman_Zeyn