BAKU, Azerbaijan, May 12
By Leman Zeynalova - Trend:
Technical Investments of the Italian Snam company in the first quarter of 2021 amounted to 231 million euros (220 million euros in the first quarter of 2020), up by 11 million euros (5 percent), Trend reports with reference to Snam.
Investments mainly relate to the natural gas transportation (184 million euros) and storage (31 million euros) segments.
Net financial expenses amounted to 25 million euros, down 10 million euros (-28.6 percent) compared to the first quarter of 2020 pro-forma. The reduction was mainly due to activities carried out to optimise the financial structure and to the positive market conditions, at the cost of a gross debt of 0.8 percent, despite the greater average debt for the period due to continuous investments as well as De Nora acquisition.
EBITDA for the first quarter of 2021 amounted to 559 million euros, an increase of 4 million euros (+ 0.7 percent), compared to the first quarter 2020 pro-forma, as a result of higher revenues from the core business against operating costs in line with the same period of 2020. As regards the new businesses, the positive contribution from energy efficiency activities was offset by the continuous investments in hydrogen and mobility platforms, a reduction in the contribution from Snam Global Solutions compared to strong results achieved in 2020, a year recording a high concentration of projects, and slower rump up in biomethane.
Operating income, in the first quarter of 2021, amounted to 359 million euros, down by 9 million euros (-2.4 percent) compared with the corresponding pro-forma 2020 figure, due to greater depreciation/amortisation (-13 million euros, 7 percent) resulting primarily from the entry into operation of new assets.
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