BAKU, Azerbaijan, May 12
By Leman Zeynalova - Trend:
Total revenues of Italian Snam company amounted to 717 million euros, an increase of 38 million euros (+5.6 percent) compared to the first quarter of 2020 pro-forma, Trend reports citing Snam.
Regulated revenues amounted to 647 million euros, up 3 million euros (+0.5 percent). The higher revenues resulting from the increase in the RAB of the transportation segment (+10 million euros), due to the contribution from new investments and the higher amortisation/depreciation recognised, were partly absorbed by a temporary reduction in the RAB of the storage segment (-2 million euros), which is expected to increase due to the investments planned in the year, and the lower input-based incentives (-3 million euros).
Revenues from the new energy transition businesses increased by 34 million euros compared with the first quarter of 2020 due to the strong development of energy efficiency activities, particularly in the residential sector, as well as the contribution from Mieci and Evolve, two companies that have entered the consolidation scope at the end of 2020.
The positive net cash flow from operating activities (243 million euros) financed a large part of the technical investments for the period (net of payables for investments) for a total of 303 million euros.
Taking into account disbursements related to equity investments and repayments concerning financial receivables from OLT, the free cash flow was negative by 528 million euros. Net Financial Debt, after the Shareholders’ equity cash flow (291 million euros), arising from the payment to the shareholders of the 2020 interim dividend (323 million euros)4 in January 2021, increased by 822 million euros compared to 31st December 2020.
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