BAKU, Azerbaijan, November 10. The adjusted net profit of Italian Snam company for the first nine months of 2023 reached 942 million euros, marking a commendable increase of 10 million euros, equivalent to a growth of 1.1 percent, when compared to the same period in 2022, Trend reports citing the company.
This growth is attributed to robust operating performance, partially offset by an uptick in financial expenses and income taxes.
In alignment with the results for the first nine months and the anticipated outcomes for the entire year 2023, the Board of Directors of Snam has approved the distribution of an interim dividend for 2023. The dividend stands at 0.1128 euros per share, with payment scheduled to commence on January 24th, 2024. The ex-dividend date is set for January 22nd, and the record date is January 23rd, adhering to the company's dividend policy.
Cash flow from operating activities was notably impacted by cash absorption related to anticipated developments in working capital associated with balancing activities and an increase in tax credits under environmental upgrading schemes. With cash requirements for investments totaling 1,439 million euros (including 1,182 million euros in capital expenditure and 257 million euros connected with equity investments, net of proceeds from the sale of 4.2 percent of Industrie De Nora S.p.A.), the free cash flow was reported as a negative 1,430 million euros.
Net financial debt, encompassing equity cash flow (933 million euros), increased by 2,413 million euros compared to December 31st, 2022. This rise is attributed to the payment of the 2022 dividend to shareholders and non-monetary changes, bringing the total net financial debt to 14,336 million euros.
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