Snam closes the third quarter with a net profit of 302 million euros, up 42,5% on an annual basis. In the first nine months of 2014, however, profits rose by 28% year on year, to 863 million. As for revenues, they grew by 0,9% to 866 million (+0,6% to 2,65 billion in the first nine months), while Ebit fell by 2,4% to 484 million in the third quarter and in first nine months improved by 0,8% to 1,55 billion.
In the wake of these numbers, Snam's share on the Stock Exchange gains about one and a half percentage points at the opening, to 4,24 euros.
The Board also approved the convening of the extraordinary shareholders' meeting for 10 December which will have to give the go-ahead for the 505 million capital increase to take over the participation of Cdp gas in the Austrian Tag.
“Continuous attention to the operational and financial efficiency of our management has allowed us to confirm satisfactory results also for the first nine months of this year – commented the CEO, Carlo Malacarne -. These results were achieved despite the persistence of the unfavorable economic situation and the lower quantities of gas introduced into the network. We continue to invest in Snam with the aim of strengthening the Italian gas infrastructures and promoting ever greater integration of the European networks”.
During the period, the company injected 47,19 billion cubic meters of gas into the network, 6,2% less than last year. In the meantime, the number of counters has grown by 7,8% to 6,4 million units. For this year, Snam expects the demand for gas on the Italian market to fall compared to the levels recorded in 2013, mainly as a result of the reduction in consumption.
Net financial debt at the end of September amounted to 13,73 billion euros, against 13,33 billion at the end of December. The volumes of gas moved in the Storage System in the first nine months amounted to 12,58 billion cubic meters, down by 2,74 billion (-17,9%) compared to the corresponding period last year.
