BAKU, Azerbaijan, March 21. Technical investments of Italian Snam company in 2021 amounted to 1,270 million euros, recording an increase on 2020 (+81 million euros; +6.8 percent), Trend reports with reference to the company.
The investments essentially relate to the transport sector (1,004 million euros) and to the natural gas storage sector (160 million euros). With regards to the regulated core business, the level of the investment plan announced for 2021 is confirmed.
The positive cash flow from operations (1,338 million euros), which was affected by the temporary cash absorption generated by the gas balancing activities, also related to the marked increase in the gas price, made it possible to finance all the requirements connected with the net technical investments (-1,237 million euros, net of investment payables).
Taking into account the net disbursements on equities and the repayments of the financial loan made to the associate company OLT, the free cash flow stood negative at 340 million euros. The net financial debt, following the equity cash flow essentially deriving from the payment to shareholders of the 2020 dividend (811 million euros, of which 326 million euros as an interim dividend and 485 million euros being the balance), increased by 1,129 million euros compared to December 31, 2020, including the nonmonetary items related to the financial debt (6 million euros).
The positive results achieved as well as solid business fundamentals allow the company to propose to the Shareholders’ Meeting called for April 27th , 2022 the distribution of a dividend of 0.2620 euros per share, of which 0.1048 euros per share has already been distributed in the month of January 2022 as an interim dividend (345 million euros), 0.1572 euros per share being the balance, with an ex-dividend date of June 22nd , 2022 (record date June 21st , 2022), the dividend being registered on June 20th , 2022. The proposed dividend, up 5 percent on 2020, in line with the dividend policy provided for 2022, confirms Snam’s commitment to ensure that shareholders receive an attractive, sustainable return over time.
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