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Snam sees increase in net financial debt

Oil&Gas Materials 13 May 2021 10:01 (UTC +04:00)
Snam sees increase in net financial debt

BAKU, Azerbaijan, May 13

By Leman Zeynalova – Trend:

Italian Snam company saw an increase in net financial debt by 822 million euros in Q1 2021, Trend reports citing the company.

It is due to: (i) an increase in bonds (+499 million euros), mainly due to the dual-tranche issuance of the Transition Bond in February 2021, for a total nominal amount of 750 million euros, partly absorbed by the repayment of a bond loan that reached its natural maturity with a nominal value of 259 million euros; (ii) lower cash and cash equivalents (+388 million euros). This effect was partially offset by the reduction in bank loans (-66 million euros) mainly as a result of the repayment of Term Loans for a total nominal value of 700 million euros, partly offset by higher net utilisations of uncommitted credit lines (+650 million euros).

Fixed Capital (20.870 million euros) increased by 610 million euros with respect to 31st December 2020, essentially due to: (i) the increase in the contribution from associate companies accounted for using the equity method (+570 million euros) mainly due to the acquisition of 37.47 percent of Industrie De Nora S.p.a. on 8th January 2021, as well as to profits earned in the first quarter of 2021 by associate companies; (ii) the increase in tangible and intangible assets (+50 million euros), including the change in net payables related to investment activities.

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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