BAKU, Azerbaijan, Nov.14
By Leman Zeynalova – Trend:
Technical investments of Italy’s Snam company for the first nine months of 2019 amounted to €650 million, up by €86 million, or 15.2 percent, on the first nine months of 2018, Trend reports citing the company.
They mainly relate to the transportation (€556 million) and storage (€77 million) segments. Investments in Snamtec, Snam’s new innovation and energy transition project, amounted to €113 million in the first nine months of 2019, Snam said in its report.
This is while net working capital (-€985 million at 30 September 2019) shows a €274 million improvement on 31 December 2018.
This increase was mainly due to: (i) the reduction in other liabilities following the payment of the 2018 interim dividend on 23 January 2019, equal to €0.0905 per share (+€298 million); (ii) the payment of prior year tariff items in the transportation segment relating to 2015-2017 (+€180 million), combined with lower net liabilities for additional tariff components invoiced to users and owed to CSEA (the Italian energy and environmental fund) (+€42 million); and (iii) lower net payables for the balancing and gas settlement service (+€44 million), the report says.
These factors were partly offset by the increase in the provisions for risks and charges (-€142 million), mainly due to the adjustment of the present value of expenditure for site dismantling and restoration costs following a reduction in the expected discount rates, in addition to greater tax liabilities (-€151 million) on the recognition of the tax charge for the period, net of advances paid, according to Snam.
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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