Snam closes the first six months of 2015 with a net profit of 612 million, up by 51 million (+9,1%), compared to the first half of 2014. In the second quarter of 2015, net profit was 287 million (+6,7%) compared to the second quarter of 2014.
The growth in profit, explains the company in a note, is above all due to: the reduction in net financial expenses (18 million in the half-year and 12 million in the quarter), mainly attributable to the lower average cost of debt thanks also to the optimization of the structure financial group put in place by Snam; higher net income from equity investments (20 million euros; 1 million euros in the quarter), thanks to the contribution of recently acquired assets; the reduction in income taxes (45 million euros; 5 million euros in the quarter), essentially deriving from the absence, following the declaration of constitutional illegitimacy, of the IRES surcharge (the so-called “Robin Hood Tax”). These effects were partially absorbed by the reduction in operating profit (-32 million euros).
They also grow revenues of 3,1% to 1.837 million euros. Net financial debt at June 30, 2015 amounted to 13.936 million euros (13.652 million euros at December 31, 2014).
Technical investments in the first half of 2015 amounted to 487 million euros (526 million euros in the first half of 2014) and mainly refer to the natural gas transportation (278 million euros), distribution (142 million euros) and natural gas storage ( 62 million euros).
As regards the foreseeable evolution of management, "Snam continues its commitment to the development of natural gas transport, storage and distribution infrastructures, through the significant investment program for 2015".
“Net income growth of 9,1% in the first half of 2015 reflects sound operational management, rigorous financial discipline and the growing contribution of our investee companies. We are continuing our selective investment plan focused on upgrading Italian gas infrastructures and increasing the integration of European networks", commented Carlo Malacarne, CEO of Snam who after the results will hold a conference call with analysts at 15 pm today.
