Snam: results for the first nine months in line with 2019; increased investments, both total and including SnamTec, despite impact of COVID-19
- Total revenue: Euro 2,032 million (+3.9% compared to the first nine months of 2019);
- Adjusted gross operating margin (adjusted EBITDA): Euro 1,670 million (+0.5% compared to the first nine months of 2019);
- Adjusted net profit: Euro 873 million (+0.7% compared to the first nine months of 2019, also thanks to measures taken to optimise the financial structure);
- Technical investments: Euro 762 million (+17.2%), of which Euro 185 million of SnamTec investments for innovation and energy transition (Euro +112 million compared to the first nine months of 2019, despite the slowdown caused by COVID-19);
- Net financial debt: Euro 12,805 million (Euro 11,923 million at 31 December 2019), also following acquisitions in the period, in addition to the dividend payment and the share buyback;
- Hydrogen: agreements signed with FS Italiane (the Italian State Railway) to develop and spread hydrogen-powered rail transport in Italy and with British company ITM Power for commercial and technology partnership on green hydrogen and the simultaneous entry of Snam as a shareholder;
- Energy transition: acquisitions of 70% of Mieci and Evolve (energy efficiency) and 50% of Iniziative Biometano (agricultural biomethane) were finalised;
- Rating: S&P affirmed long-term rating at BBB+, revising the outlook from negative to stable;
- Interim dividend for 2020: Euro 0.0998 per share.
San Donato Milanese (MI), 5 November 2020 - At its meeting yesterday, chaired by Nicola Bedin, the Snam Board of Directors approved the consolidated results for the first nine months of 2020 (unaudited). The Board also approved the distribution of an interim dividend for 2020 of Euro 0.0998 per share, with payment from 20 January 2021.
Marco Alverà, Snam’s CEO, commented as follows:
“Our results for the first nine months of 2020, despite the context of great uncertainty caused by the pandemic, are in line with those of the previous year thanks to the solidity of the core business, the growing contribution of new activities in the energy transition and the actions of cost containment.
We are increasingly strong in the energy transition thanks to acquisitions in biomethane and in public and private energy efficiency in Italy, and through the launch of our first green hydrogen initiative with ITM Power. We have increased investments compared to 2019 and have quickly recovered the delays in works thanks to the commitment of all our people, continuing to guarantee the essential energy security service in all the areas in which we operate. At the same time, growth in new markets has continued, in particular with the entry into the networks of the United Arab Emirates.
We continue to work to make Snam an ever more leading player in the energy transition, more international and close to all its stakeholders”.
05 November 2020 - 19:55 CET