Snam results for 2022: Adjusted net profit at 1,163 million euros, above guidance; investments increased by over 50%

Snam results for 2022: Adjusted net profit at 1,163 million euros, above guidance; investments increased by over 50%

Main highlights

  • Total revenues: 3,317 million euros  [1] (+11.1% compared to 2021), driven by growth in the energy transition businesses
  • Adjusted EBITDA: 2,237 million euros (-0.6%). The decline in regulated revenues, which was related to the reduction in WACC (by 130 million euros), and the increase in utility costs were largely offset by additional revenues as well as the greater contribution from energy transition businesses
  • Group adjusted net profit  [2] : 1,163 million euros (-4.5%), due to the change in adjusted EBITDA, higher depreciation and amortisation and the increase in net financial expenses, partially offset by the positive performance of associates
  • Total investments: 1,926 million euros (+52%) of which 1,351 million euros in technical investments (+6.4% compared to 2021)
  • Net financial debt: 11,923 million euros (14,021 million euros as of December 31 st, 2021). The significant decrease was mainly due to the change in working capital related to gas balancing activities
  • SeaCorridor: the partnership agreement between Eni and Snam on gas pipelines between Algeria and Italy was finalised in January 2023
  • Dividend: 0.2751 euros per share (up 5%, in line with the dividend policy of the 2022-2026 Strategic Plan)

San Donato Milanese (Milan), March 16 th, 2023 - The Board of Directors of Snam met yesterday under the chairmanship of Monica de Virgiliis and unanimously approved the consolidated financial statements, the draft statutory financial statements for 2022 and the 2022 Consolidated Non-Financial Statement (NFS) prepared in accordance with Law Decree No. 254/2016. The Board also resolved to propose to Shareholders at the next meeting the distribution of a dividend of 0.2751 euros per share, of which 0.1100 euros per share have already been distributed as an interim dividend in January 2023.

Stefano Venier , CEO of Snam, commented: "We are releasing the results for 2022 with satisfaction and a hint of pride, but at the same time we are aware that the path we must follow to provide Italy with the infrastructure it needs to ensure full energy security has only just begun. Over the past 12 months, we have been confronted with an extremely volatile scenario that has wrought deep changes in the energy markets and in the structure of the national system. This forced us to react quickly and effectively to ensure the availability of gas in the short and medium term. Today we have presented solid financial results to the Board of Directors. At the same time, we made investments that were 50% higher than in the previous year, mostly aligned to the European Taxonomy and to Sustainable Development Goals. In 2022 we also made significant progress on key operational and ESG performance indicators concerning both the gas infrastructure and the energy transition businesses. Snam's commitment to help solve the energy Trilemma was outlined in the latest Strategic Plan and the year 2022 ended with a significant step in that direction."


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

[2]    Excluding non-controlling interests.

Page Alert
16 March 2023 - 15:14 CET