Snam ends the first semester with revenues for 1,77 billion euros, an increase of 3,4% compared to the same period last year. L'Net income amounted to 462 million euros, down by 46 million euros (-9,1%) compared to the first half of 2012. In the second quarter of 2013 alone, net income was 220 million euros (-6% on an annual basis ). The reduction - explains a note from the company - is essentially due to higher net financial charges (-95 million euros in the half year; -55 million euros in the quarter).
Excluding the effects deriving from the early repayment of a Term Loan of 1,5 billion euro, taken out by Snam in July 2012 as part of the debt refinancing operation, net financial expenses increased by 64 million euro (24 million euros in the quarter).
The increase is due to the higher average cost of debt and the higher average debt for the period. These factors were partly offset by lower income taxes (+31 million euros in the half year; +18 million euros in the quarter) mainly following the reduction in profit before taxes.
On the basis of the results for the first half year and forecasts for the whole of 2013, the BoD approved the distribution to shareholders of an interim dividend of 0,10 euro per share (same as for 2012) with ex-dividend date on 21 October 2013 and payment starting from 24 October 2013 (record date 23 October 2013).
At the opening in Piazza Affari, the Snam share gained 0,85%.
