Snam : announces results for the first half of 2015

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San Donato Milanese, 29 July 2015 - The Snam Board of Directors, chaired by Lorenzo Bini Smaghi, yesterday approved the consolidated half-year report to 30 June 2015 (subjected to a limited audit) and the consolidated results for the second quarter of 2015 (unaudited).

Financial highlights

• Total revenue: €1,837 million (+3.1%)
• EBITDA: €1,434 million (+0.4%)
• Net profit: €612 million (+9.1%)
• Technical investments: €487 million
• Free cash flow: €587 million

Operating highlights

• Gas injected into the transportation network: 32.77 billion cubic metres, in line with the figure for the first half of 2014
• Number of active meters: 6.518 million (5.911 million at 30 June 2014)
• Available storage capacity: 11.4 billion cubic metres (unchanged compared with 30 June 2014)

Significant events

• Completed on 9 July 2015 the activities relating to the revocation of the judicial administration order imposed on the subsidiary Italgas by the Court of Palermo on 11 July 2014
• Approved on 22 June 2015 by the Snam Board of Directors the renewal of the Euro Medium Term Notes (EMTN) programme for the issuance of bonds worth a total of €12 billion, unchanged from the previous renewal of the programme

Carlo Malacarne, Snam CEO, made the following comments on the results:

"The 9.1% growth in net profit in the first half of 2015 reflects the robustness of our operations and our strict financial discipline, as well as the growing contribution of our associates. We are continuing our selective programme of investment focused on upgrading Italian gas infrastructure and promoting closer integration of the European networks".

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