Company targets and achievements
Over the 2022-2026 period Snam plans to achieve sustainable growth in key performance indicators whilst preserving its financial solidity. Compound annual growth rate (CAGR) is expected to be:
- >5% of the RAB in 2022-2026, more than double compared to forecasts for the previous period (2021-2025) due to higher investments and to the deflator;
- around 7% of EBITDA, compared to 4.5% in the 2021-2025 plan, mainly due to RAB growth (80%), higher remuneration due to the regulatory framework, the increasing contribution of output-based incentives and energy transition businesses. Together, these factors will contribute to the expected Group EBITDA growth of approx. 2.85 billion euros by 2026, of which approx. 140 million euros will be related to energy transition businesses.
- 3% of net profit due to increased profitability of the business and to efficiency measures, offset by an increase in financial costs due to higher interest rates, expected to increase to an average of 2% over the period covered by the plan, compared to a forecast of 1.1% in the 2021-2025 plan.
Guidance on net profit for 2022 at least equal to 1.13 billion euros with a projection of 1.27 billion euros at the end of 2026.
|€||FY 2021 - ACTUAL||GUIDANCE FY 2022||GUIDANCE FY 2023|
|INVESTMENTS||1,270 mln||1.9 bn (1.6* bn in gas infrastructure, 0.3 bn for the energy transition)||2.1 bn (1.9** bn in gas infrastructure, 0.2 bn for the energy transition)|
|TARIFF RAB||21 bn||21.4 bn||22.4 bn|
|NET INCOME||1,222 mln||≥1.13 bn||~1.1 bn|
*Including €0.4 bn for the acquisition of Golar Tundra and other LNG infrastructure investments.
**Including € 0.5 bn for the acquisition of BW Singapore and other LNG infrastructure investments.
|NET PROFIT||~3% CAGR|
|DIVIDEND||+5% in 2022 and +2.5% min. CAGR by 2026|
|€||FY 2021 - ACTUAL||GUIDANCE 2021||FY 2020 - ACTUAL||FY 2021 VS
|INVESTMENTS||1,270 mln*||~1.4 bn||1,189 mln||+6.8%|
|TARIFF RAB||21 bn √||~ 21 bn||20.6 bn||+1.9%|
|NET INCOME||1,222 mln ↑||1,170 mln (including De Nora)||1,164 mln||+5%|
|NET DEBT||14,021 mln √||ca. 14 bn (including De Nora)||12,892 mln||+8.7%|
* Delay in the delivery of investments in new businesses.
INVESTMENTS (€ Mln)
* Investments post separation of gas distribution activity (Italgas)
DIVIDEND PER SHARE (€ cent)
Snam confirms its commitment to guarantee to shareholders an attractive and sustainable remuneration and the payment of an interim dividend. The growth of the dividend per share of 5% in 2022 is confirmed, with a minimum growth of 2.5% in 2022-2025, extended to 2026.
In 2023, Snam is expected to pay a total dividend of 0.2751 euros per share for the 2022 financial year of which 40% as an interim dividend to be paid on January 25th, 2023 (record date: January 24th, 2023), with an ex-dividend date of January 23rd, 2023 as approved by the Board of Directors on November 9th, 2022, and the remaining 60% to be paid on June 21st, 2023 (record date: June 20th, 2023) with an ex-dividend date of June 19th, 2023, to be submitted to the Shareholders’ Meeting who will approve the financial statements for the year 2022.
19 January 2023 - 12:35 CET