Snam: strong results in the first quarter of 2020
- Total revenue: €691 million (+8.1% compared with the first quarter of 2019);
- EBITDA: €567 million (+4.6% compared with the first quarter of 2019), due to higher revenue and operating cost control;
- Net profit: €298 million (+5.3% compared with the first quarter of 2019), following the positive operating performance and the continuous reduction in net financial expense;
- Technical investments: €220 million (€166 million in the first quarter of 2019), including investments in innovation and energy transition (SnamTec) of €24 million;
- Net financial debt: €12,256 million (€11,923 million as at 31 December 2019);
- Share buy-back: concluded in February the repurchase tranche launched at the end of 2019. Around 23 million shares worth around €111 million were repurchased in the first quarter. Snam currently owns 125 million treasury shares (3.7% of the share capital);
- Entry into the agricultural biomethane sector: agreement signed for the acquisition of 50% stake in Iniziative Biometano;
- COVID-19 emergency: allocated €20 million to support the Italian health system and the third sector and launch of the “We shape the future” fundraising campaign promoted by Snam employees.
San Donato Milanese (MI), 7 May 2020 - At its meeting yesterday, chaired by Luca Dal Fabbro, the Snam Board of Directors approved the consolidated results for the first quarter of 2020 (unaudited).
Marco Alverà, Snam’s CEO, commented as follows:
“The results of the first quarter demonstrate the solidity of Snam’s business and the significance of the development and efficiency measures launched in recent years, even in difficult market contexts.
In the past few months Snam has never stopped, continuing to operate with great commitment and with the adoption of extraordinary measures to guarantee essential energy. At the same time, we have supported the healthcare system through solidarity initiatives and by purchasing ventilators and masks, whilst also supporting the non-profit sector through Fondazione Snam and fundraising amongst employees.
In the first quarter, we made investments amounting to €220 million. Despite the context, we confirm our investment plan for 2019-2023 in support of the recovery of the territories on which we operate: we are working to relaunch our sites, adopting all the necessary measures to guarantee the safety of employees and contractors, and we are identifying possible initiatives through which to offset the impact of the interruption of works over the last two months and where possible, to accelerate it. At the same time, we continue to invest decisively on strengthening our commitment to the energy transition and on projects for decarbonisation and green gas development”.
07 May 2020 - 16:17 CEST