Snam increases its year-end guidance on net income, bringing it from 975 million to approximately 1 billion. The half-year accounts approved by the board of directors of the energy group show total revenues of 1,24 billion (+2,3% compared to the first half of 2017), an Ebit of 729 million (+2,1%) and a net profit of 523 million (+3,8%). Technical investments amounted to 349 million euros, against a free cash flow of 1,03 billion and a net financial debt that decreased to 11,42 billion
On the basis of these numbers, Snam has updated its targets, with 2018 net profit brought to 1 billion (from 975 million), 2018 net debt confirmed at 11,5 billion "despite the acquisitions of investments for around 160 million and the repurchase of treasury shares carried out to date”, the 2018 cost of debt brought to 1,6% (from 1,8%) and the 2021 saving target (envisaged by the efficiency programme) increased from over 40 million to over 50 million euros.
Among the main operating and industrial figures, Snam highlights in the first half a demand for natural gas equal to 38,78 billion cubic meters (-1,6% compared to the first half of 2017, "following the lower consumption recorded by the thermoelectric for the return to normal electricity import flows”) and a gas injected into the transportation network of 37,93 billion cubic meters (-0,4% compared to the first half of 2017).
“The first half was very positive for Snam: all the main economic indicators are up compared to 2017 and in line with the plan objectives, confirming our development path and commitment to guaranteeing growing and sustainable returns for shareholders ” comments the CEO Marco Alverà.
The share is up by 0,57% in Piazza Affari while the FTSE Mib proceeds down by 0,55%.
