Eni net debt felled from €28 billion to less than €11 billion. At the same time the disposal would have a positive impact on our shareholders’ equity, which would rise from €60 billion to over €62 billion. Overall, the disposal of SNAM would therefore improve leverage from 0.46 at year-end 2011 to less than 0.20 on a pro forma basis.Looking at our profit and cash flows the consolidation of SNAM from the full year 2011 would reduce our EBITDA by 12%. However, the impact on free cash flow would be negligible as SNAM invest roughly the whole of the cash generated by its operations. In strategic terms, as accounts of the disposal of SNAM, Eni would be a much upstream business than it is today.
Eni's CEO Presents At Disposal Of Snam Conference (Transcript)
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