Snam archives the first half of 2016 with revenues settled down by 4,5% year-on-year, not more than expected. The review of the WACC weighs heavily, the remuneration of the business determined by the new regulatory period starting in January 2016.
Also decliningEBIT (-14,3%, to 867 million) and theNet income (-14,1%, to 526 million). The technical investments, reads a note, amounted to 526 million while the free cash flow is equal to 508 million.
Furthermore, the BoD will propose to the shareholders' meeting, convened for August XNUMXst, a buyback program on a maximum of 3,5% of Snam's share capital for an outlay of up to 500 million in a period of 18 months.
“The results of the first half of 2016 are fully in line with expectations and reflect the reduction of the WACC in transportation and distribution defined by the new regulatory period”, commented Marco Alvera, CEO of Snam.
"The significant generation of cash from operating activities has also made it possible for the first six months of this year to fully finance investments in our infrastructures - he added -, as well as producing a free cash flow of over 500 million euro".
Snam will continue "in implementing the strategic plan with the aim of strengthening Italy's position within the European gas system and guaranteeing shareholders profitable and remunerative growth", concluded Alverà.
Finally, the company announces that the completion of the separation of Italgas from Snam is expected by December 31, 2016.
