Snam: solid performance in an uncertain environment; guidance on 2022 net profit unchanged
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Snam: solid performance in an uncertain environment; guidance on 2022 net profit unchanged

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Main Highlights

  • Total revenues: 2,400 million euros [1] (+10.3% on the first nine months of 2021)
  • Adjusted EBITDA: 1,706 million euros (-0.6%), as a result mainly of the revision of the regulatory cost of the infrastructure business (WACC equal to 95 million euros) partially offset by additional revenues and efficiency measures as well as the contribution from energy transition businesses of 19 million euros
  • Group adjusted net profit [2]: 932 million euros (-0.6%); in line with expectations, reflecting the soundness of the gas infrastructure business and the good performance of associates
  • Capital expenditure: 883 million euros (+2% on 2021). The 2022 investment plan has been confirmed
  • Net financial debt: 12,945 million euros (14,021 million euros at December 31 st, 2021), with the decline mainly reflecting a temporary variation in working capital associated with gas balancing activities
  • Guidance on 2022 net profit: still projected to amount to at least 1.13 billion euros
  • Regasification vessels: authorisation granted for the installation of the FSRUs at Piombino and Ravenna
  • Biomethane: 9 new plants acquisition recently completed, thereby bringing the company's portfolio to a total capacity of 32MW among operational and under construction plants
  • 2022 interim dividend: 0.1100 euros per share
 

San Donato Milanese (Milan), November 10 th, 2022 - The Board of Directors of Snam, meeting yesterday under the chairmanship of Monica de Virgiliis, unanimously approved and expressed its own satisfaction on the consolidated accounts for the first nine months of 2022 (not audited). The Board, having received an opinion from the audit firm [3], also approved the distribution of an interim dividend for 2022 of 0.1100 euros per share, with payment as from January 25 th, 2023.

 

Stefano Venier, Snam CEO, commented: "Performance in the first nine months of 2022 confirms the soundness of the Group's action even in an environment clouded by uncertainty. The strong performance of our entire Italian business despite the reduction in regulated rates in the gas segment, the contribution of our foreign associates and the new businesses connected with the energy transition have contributed to the stability of our profits and enable us to confirm the Group's guidance on net profit for 2022 as a whole.

Moreover, with receipt of authorisation to begin operation of our regasification vessels, we take the first step in the remodelling of our national energy security, which will soon have to be accompanied by the expansion of transport and storage infrastructure and an acceleration of initiatives for the transition, in which Snam expects to play a leading role. This is the only way we can transform the current crisis into an opportunity for the construction of our future energy paradigm".

 

[1] Net of fees covering energy costs (cost of gas needed for network operation).

[2] Excluding non-controlling interests.

[3] On November 9 th, 2022 the audit firm Deloitte & Touche S.p.A. issued the favourable opinion referred to Article 2433-bis of the Italian Civil Code. The financial statements and the report on the basis of which the Board of Directors of Snam S.p.A. approved the distribution of the interim dividend and the associated opinion of the audit firm are filed at the company offices.

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11 November 2022 - 15:04 CET