Snam’s technical investments up by almost 17%
Baku, Azerbaijan, Aug.2
By Leman Zeynalova – Trend:
Technical investments of Italy’s Snam company for the first half of 2019 stood at Euro 408 million, a rise of Euro 59 million (16.9 percent) compared with the first half of 2018, and refer essentially to the transportation (Euro 340 million) and storage (Euro 60 million) segments, Trend reports citing the company.
The report released by Snam on H1 2019 shows that investments relating to Snamtec, the new project launched by Snam focussed on innovation and the energy transition, amount to Euro 89 million in the first half of 2019.
This is while net financial debt was Euro 11,523 million as at 30 June 20193 (Euro 11,548 million as at 31 December 2018).
“The positive net cash flow from operating activities (Euro 1,221 million) allowed us to fully cover the financial requirements associated with net investments for the period (Euro 427 million) and to generate a free cash flow of Euro 794 million. Net financial debt, after equity cash flow (Euro 743 million) essentially resulting from the payment of the 2018 dividend to shareholders (Euro 746 million) was reduced by Euro 25 million on 31 December 2018, despite the increase generated by non-monetary components related to financial indebtedness (Euro 26 million),” 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.
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