Snam announces results for the first half of 2019
San Donato Milanese, 01 August 2019 - The Snam Board of Directors, which met yesterday chaired by Luca Dal Fabbro, approved the Consolidated Half Year Report as at 30 June 2019 (subject to a limited audit).
- Net profit: Euro 581 million (Euro +58 million; +11.1% on the first half of 2018), against the positive operating performance, the reduction of financial charges and greater net income on equity Investments
- EBIT: Euro 756 million (Euro +27 million; +3.7% on the first half of 2018), also thanks to the tariff update mechanisms
- Technical investments: Euro 408 million (Euro 349 million in the first half of 2018), including investments in innovation and the energy transition (Snamtec) of Euro 89 million
- Free cash flow: Euro 794 million
- Net financial debt: Euro 11,523 million (Euro 11,548 million at 31 December 2018)
- 2019 net profit guidance: +6-7% compared to 2018 (versus the previous guidance of +5%)
- EIB loan for sustainable mobility projects: on 6 June 2019, Snam signed a loan agreement for Euro 25 million with the European Investment Bank (EIB) for the development of projects regarding natural gas and biomethane sustainable mobility for light and heavy vehicles, developed by the subsidiary Snam4Mobility, with maturity December 2031 and fixed rate of circa 0.55%
- Collaboration agreements for the energy requalification of condominiums: collaboration agreements have been signed, through the subsidiary Tep Energy Solution, on 10 April and 5 June 2019, respectively with Unicredit and Intesa San Paolo, to promote energy efficiency drives linked to the Ecobonus and Sismabonus mechanism
- Snam and IP agreement for 26 new natural gas refuelling plants in Italy: on 26 July 2019, Snam and IP have agreed to construct an initial 26 new natural gas refuelling plants, which will open across IP’s distribution network in Italy in 2020
- EIB loan for transport infrastructure projects: on 31 July 2019, Snam signed a loan agreement for Euro 105 million with the EIB for the construction of infrastructure projects in the natural gas transmission sector, with a duration of 20 years (maturity 30 June 2039) and a fixed rate of circa 0.64%
Marco Alverà, Snam's CEO, commented on the results:
“In the first half of the year we achieved growing results, in line with the objectives of our plan, laying the foundations for another year of value creation for all our stakeholders.
Our investments in Italy have increased by over 15% compared to the first half of 2018 and we expect to reach 1 billion by the full year, including the contribution of the Snamtec project initiatives.
Gas infrastructure has confirmed its central role in the decarbonisation process, guaranteeing flexibility and security of supply in the context of a 17% increase in volumes in the thermoelectric sector, resulting in a decreasing proportion of coal-fired power generation.
Our network is continually modernising, sustainable and fit for the future, as shown by the start of hydrogen experimentation during the semester. Snam therefore continues to confirm its role as a leader in the energy transition, serving the territories where it operates”.
01 August 2019 - 16:26 CEST