Snam S.p.A. reports 2.3% increase of its revenue in 2015

San Donato Milanese, 18-Mar-2016 — /EuropaWire/ —  The Snam Board of Directors, chaired by Lorenzo Bini Smaghi, met yesterday to approve the consolidated Group financial statements and the draft financial statements of the parent company, Snam S.p.A, for 2015, showing net profit of €1,238 million and €825 million respectively. The Board also resolved to propose a dividend of €0.25 per share to the Shareholders’ Meeting.

Financial highlights

• Total revenue: €3,649 million (+2.3%)
• Adjusted EBIT: €1,990 million (+0.9%)
• Net profit: €1,238 million (+3.3%)
• Adjusted net profit: €1,209 million (+12.2%)
• Net cash flow from operating activities: +€2,054 million
• Technical investments: €1,272 million

Operating highlights

• Gas injected into the transportation network: 67.25 billion cubic metres (+8.0%)
• Number of active meters: 6.526 million (+1.8%)
• Available storage capacity: 11.5 billion cubic metres (+0.9%), allocated in full in the 2015-2016 thermal year

Significant events

• Acquired a 20% stake in the Trans Adriatic Pipeline AG (TAP) on 17 December 2015 for a total disbursement of €208 million
• Launch of a feasibility study on a possible industrial and corporate re-organization designed to separate Italgas from Snam, which could be carried out through the partial and proportional demerger of Snam relating to its ownership in Italgas, in whole or in part
• Financial calendar changed accordingly: approval of the 2016-2019 Strategic Plan and Strategy Presentation expected by July 2016 instead of 29 and 30 March, respectively

Carlo Malacarne, Snam CEO, made the following comments on the results:

“The 2015 results confirm our sound growth strategy which is dedicated to building a network that is increasingly efficient, interconnected and capable of generating further benefits for Italy.

For the full year, we reported EBIT of around 2 billion euro, while adjusted net profit totalled 1.2 billion euro, up by 12% compared to 2014.

During the year we successfully delivered against the objectives outlined in the Strategic Plan, empowering Italy’s gas infrastructure and developing projects devoted to European network integration and diversification of supply sources. In 2015, this resulted in overall capex of 1.3 billion euro in addition to the investment in TAP.

Cash flow from operations fully financed our growth and the dividend payment to shareholders, while maintaining net financial debt below 13.8 billion euro.

Our results and sound capital structure enable us to confirm the Group dividend policy and to propose at the forthcoming Annual General Meeting a dividend of €0.25 per share, in line with 2014 level.”

Full report

Press office
Ph. secretary: +39 02.3703.7727
Fax: +39 02.3703.9227
Email: ufficio.stampa@snam.it
Piazza Santa Barbara, 7
20097 San Donato Milanese (MI) Italy