Snam closes the 9 months of 2023 with growing revenues and a net profit of almost one billion and will distribute a interim dividend 2023 equal to 0,1128 euros per share. THE revenues of the energy infrastructure company, saw growth of 17% to 2,81 billion euros. The Gross operating margin grew by 9,1% to 1,86 billion and the net profit was close to 1 billion (+1,1% to 0,94 billion), while the technical investments to 1,15 billion, out of a total of 1,23 billion invested. In the first 9 months of 2022, a total of 1,2 billion had been invested, which included the purchase of GolarTundra, the floating regasifier in Piomibino (Livorno). “The energy system is stronger because of the regasifier of Piombino and the record filling of the storage over 99%” says the company.
At Piazza Affari the title share of 4,401 euros up by 0,55%.
Venier: supplies are adequate to face the winter, stocks at 99%
Italy records “record gas stocks for approximately 99% of storage capacityCEO Stefano Venier stated, underlining that over pressure has been authorized on 2 additional warehouses and that "in November the reverse flow started again", which allows the storage to be filled even with withdrawals in progress.
"We face winter 2023 in a better position compared to the past, even if there is uncertainty regarding the current geopolitical context, with a gas market that remains in a situation of fragility and volatility. Energy planning and strengthening the energy system remain crucial to avoid new supply crises – he added – as it is It is important to continue investing in infrastructure".
According to the manager, the first 9 months of the year closed with “results that show the solidity of the group and the leading role played in ensuring the safety of supplies in an uncertain and constantly evolving global scenario." The group "has increased technical investments in fundamental infrastructure projects to contribute to the resilience and transition of the country's energy system"
2023 objectives confirmed
The financial objectives for 2023 are confirmed: investments of 2,1 billion euros (of which 1,9 billion euros in the gas infrastructure sector and 0,2 billion euros in the energy transition sector), up 10% compared to the 2022; a tariff RAB equal to approximately 22,4 billion euros, up 5% compared to 2022; an adjusted net profit level of at least 1,1 billion euros; a net debt level of 15,5 billion euros, depending on the performance of working capital linked to regulated activities.
“Our strategy is aimed at one just and credible energy transition sees us committed to making important investments, over 50% aligned with the SDGs of the European Union, and to developing relevant projects such as that of SoutH2Corridor and for Carbon Capture and Storage, in Ravenna, whose key role has also been recognized in the National Plan Integrated for Energy and Climate – added Venier.
An interim dividend approved for 2023 starting from January
Based on the results of the first nine months and the forecasts for the entire 2023 financial year, and in line with the dividend policy, the Snam Board of Directors has resolved the distribution to shareholders of an interim dividend for 2023, equal to 0,1128, 24 euros per share, with payment starting from January 2024, 22, with ex-dividend date on January 23nd and record date on January XNUMXrd.
Venier: “We are not standing still on M&A: we are evaluating Adriatic Lang and Edison Stoccaggio”
On the acquisition front “we are not standing still. There are opportunities coming. Exxon and Qartar Energy are negotiating the exit from Adriatic LNG and we have a right of first refusal. We don't yet know the contracts between the parties but we are interested", explained Venier during the conference call presenting the accounts. The other dossier that Snam is looking at is Edison Stoccaggio. “It is of our interest and opportunity depending on the price,” he added.
“In general, we are always looking around anyway. Now we have a focus on investments, but we monitor every occasion for a rotation of assets, therefore the evaluation of opportunities is always among the priorities of management".
The use of sustainable finance instruments continues
To support the plan, the commitment to using tools continues sustainable and innovative finance “such as the first EU Taxonomy-aligned Transition Bond convertible successfully placed in September, which allowed us to reach the objective of 80% sustainable finance on the Group's available financing sources three years early” adds Venier. Sustainable finance represents around 80% of the total and ESG investors over 47% of institutional investors. L'net financial debt is equal to 14.336 million euros (+2.413 million euros compared to 31 December 2022), increasing mainly due to the expected evolution of working capital connected to the balancing activity, for financial investments and for the payment of the 2022 dividend.
(Last update at: 12.24pm on 9 November).
